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					                                                                                                                     Debt: Floating Rate


(FORMERLY KNOWN AS IL&FS FLOATING RATE FUND)

INCOME FUND INCOME FUND INCOME FUND INCOME FUND INCOME FUND INCOME FUND INCOME FUND INCOME FUND INCOME FUND
Investment Objective
To generate regular income through investment in a portfolio comprising substantially of floating rate debt /                                                 Launch Date
money market instruments and fixed rate debt / money market instruments.                                                                                      29th August, 2003

 Portfolio as on April 30, 2005
                                                                          Central Bank Of India***                        1509.78       1.21     AAA          Fund Manager
 Name of the Instruments                     Mkt. Value % to NAV Rating                                                                                       Mr. Amandeep S. Chopra
                                                                          Finolex Industries Ltd.                         1390.85       1.11     AA+
                                             (Rs. lakhs)
                                                                                                                                                              B.Sc. MBA (FMS-Delhi)
 ICICI Bank Ltd                               12762.49   10.19    AAA     Panatone Finvest Ltd.                           1003.90       0.80     AAA
                                                                                                                                                              Mr. Sanjeev Bhasin
                                                                          Kotak Mahindra Primus Ltd.                      997.29        0.80      AA          B.Com, Chartered Accountant
 Industrial Development Bank Of India Ltd. 10233.00       8.17   AA+
                                                                          Citicorp Maruti Finance Ltd                     1000.00       0.80     AAA
 HDFC Ltd.                                    9025.94     7.20    AAA
                                                                                                                                                              Fund Size
                                                                          Kotak Mahindra Investment Ltd.                  1000.02       0.80     AAA
 Jammu & Kashmir Bank Ltd.                    6338.35     5.06    P1+                                                                                         Rs. 1252.78 Crores
                                                                          Rabo India Finance Pvt Ltd                      1000.84       0.80     AAA
 HDFC Bank Limited                            5712.20     4.56 AAA(SO)
                                                                          Grasim Industries Ltd.                          1000.00       0.80     AAA          NAV per unit as on April 30, 2005
 Housing And Urban Development Corpn          5500.00     4.39    AAA
                                                                                                                                                              Rs. 10.8441
                                                                          Karnataka Bank Ltd.                             846.70        0.68     P1+
 UTI Bank Ltd.                                5020.84     4.01   AA+
                                                                          Canbank Factors Ltd.                            600.00        0.48     AAA          High/Low of NAV in the month
 GE Capital Services Ltd.                     4610.54     3.68    AAA
                                                                          Standard Chartered Bank                         258.93        0.21     AAA          High                                 :     Rs. 10.8441
 Cholamandalam Invest & Fin. Co. Ltd          3506.75     2.80   AA+
                                                                                                                                                              Low                                  :     Rs. 10.7960
                                                                          State Bank Of Patiala                           2000.00       1.60      FD
 Mahindra & Mahindra Fin. Ser. Ltd.           3500.00     2.79   AA+
                                                                          Oriental Bank Of Commerce                       2000.00       1.60      FD          Weighted Average Maturity
 Citicorp Finance India Ltd.                  3048.06     2.43    AAA
                                                                          State Bank Of Hyderabad                         2000.00       1.60      FD          61 days
 UCO Bank                                     2359.37     1.88   A1+
                                                                          UCO Bank                                        1500.00       1.20      FD
 National Housing Bank                        2016.97     1.61    AAA                                                                                         Expense Ratio
                                                                          Vijaya Bank                                     1000.00       0.80      FD
 Philips (India) Ltd.                         2000.00     1.60    P1+                                                                                         0.65%
                                                                          Syndicate Bank                                  200.00        0.16      FD
 LIC Housing Finance Ltd.                     2000.96     1.60    AAA
                                                                          Net Current Asset                              24809.05      19.80                  Minimum Investment Amount
 Kotak Mahindra Bank Ltd.                     1885.49     1.51    P1+                                                                                         Rs. 5,000/-
                                                                          Total                                         125278.32      100.00
 Citifinancial Consumer Finance India Ltd.    1640.00     1.31    AAA
                                                                          All figures given are provisional and unaudited.                                    Load Structure
                                                                                                                                                              Entry Load              : Nil
  Portfolio Asset Profile                                                 Fund Performance as on April 30, 2005
                                                                                                                                                              Exit Load               : Nil
                                                                          Compounded Annualised                 Growth              Crisil Comp.
                                                                          Returns                                Plan               Bond Index
                                                                                                                                                              Registrar
                                                                          Last one year                          5.08%                 4.25%
                                                                                                                                                              M/s. Karvy Computershare Pvt. Ltd.
                                                                          Since Launch                           4.96%                 4.22%
                                                                          Past performance may or may not be sustained in future.
                                                                                                                                                              No. of Unit Holding Accounts
                                                                                                                                                              2,065


                                                                          Fund Manager’s Comments
                                                                          The UTI Floating Rate Fund aims at generating regular income through investment in a portfolio comprising substantially of floating rate debt / money market
                                                                          instrument, fixed rate debt. This Fund also offers a moderate level of defense against volatile debt markets.
  Credit Profile
                                                                          The RBI Annual Policy Statement announced on April 28 has spelled doom for the Indian bond markets. During the month ended April 29, 2005, the yield on
                                                                          the benchmark 2015, 7.38 per cent GOI bond rose to 7.34%.
                                                                          The hike in the reverse repo rate, as announced in the credit policy, came in as a surprise for the bond markets, thus contributing to the negative sentiments.
                                                                          The short-term benchmark rate has been hiked by 25 basis points to 5 per cent from the earlier 4.75 per cent. The move comes as the second successive hike
                                                                          after an increase of 25 basis points which was made on October 27, 2005. The measure has been taken to contain the inflation. However, the bank rate and the
                                                                          cash reserve ratio have been kept unchanged at 6 per cent and 5 per cent, respectively.
                                                                          Inflation continued its upward trend to touch a four-month high of 5.64 per cent for the 12-month ending April 16, 2005, higher than 5.48 per cent recorded in the
                                                                          previous week. The rise was mainly due to higher prices of food products, manufactured items and energy.
                                                                          However, there was some good news on the oil front, the oil prices eased to close at 50 $ USD per barrel.
                                                                          Given the concerns raised by RBI on Inflation and Global Interest Rate Scenario we would continue maintaining a conservative stance.




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