The Mutual Funds Industry

Introduction to Mutual Funds

A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciations realized are shared by its unit holders in proportion to the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. The Mutual Fund is a safer and less risk instrument used in the market. Investors who do not wish to withstand high market risk would opt for the mutual fund.

The diagram shows how a person gains out of a Mutual Fund. An investor pools his money into a fund lets say Tata Income Growth Fund which has a fund manager who invests the money. This is invested in securities like the money market; the stock exchange and debt market which helps generate a particular return. The return is then transferred back to the investor. The Fund gains an entry load which is payments at the start of the process and an exit load which is a commission when an investor

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removes his money from this cycle. Apart from this for conducting this process the fund takes a commission from the investor which becomes their profit.

A mutual fund has therefore much lesser risk than the open market and gives higher return than the debt or bank avenues of investing money.

Organisation of Mutual Funds

The chart shows the organisation of mutual funds in India.

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History and Evolution of Mutual Funds

The advent of the mutual fund is unknown but many would say it was formulated in Europe. One researcher credits a Dutch merchant with creating the first mutual fund in 1774. The first mutual fund outside the Netherlands was the Foreign & Colonial Government Trust, which was established in London in 1868. It is now the Foreign and Colonial Investment Trust and trades on the London stock exchange.
Mutual funds were introduced into the United States in the 1890s. They became popular during the 1920s. These early funds were generally of the closed-end type with a fixed number of shares which often traded at prices above the value of the portfolio.

The first open-end mutual fund with redeemable shares was established on March 21, 1924. This fund, the Massachusetts Investors Trust, is now part of the MFS Family of Funds. However, closed-end funds remained more popular than open-end funds throughout the 1920s. By 1929, open-end funds accounted for only 5% of the industry's $27 billion in total assets. After stock market crash of 1929 in the United States, The United States Congress passed a series of acts regulating the securities markets in general and mutual funds in particular. Securities Act of 1933 requires that all investments sold to the public, including mutual funds, be registered with the Securities Exchange Commission of America (SEC) and that they provide prospective investors with a prospectus that discloses essential facts about the investment. The growth of the mutual fund industry was stagnated in from the early 1920s to the 1940s as the market crash of 1930 and the financial crisis looming was a big threat to the growing investment avenue. The Mutual Fund industry heavily depends on how the market does as it is an indirect investment avenue into the open market with an asset or fund manager who takes care of investments. When confidence in the stock market returned in the 1950s, the mutual fund industry began to grow again. By 1970, there were approximately 360 funds with $48 billion in assets. The introduction of money market funds in the high interest rate environment of the late 1970s boosted industry growth dramatically. The first

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retail index fund, First Index Investment Trust, was formed in 1976 by The Vanguard Group, headed by John Bogle; it is now called the Vanguard 500 Index Fund and is one of the world's largest mutual funds, with more than $100 billion in assets as of January 31, 2011. One of the most interesting financial phenomena of the 1990s was the explosive growth of mutual funds. This was particularly true in the United States where total net assets of mutual funds grew from USD 1.6 trillion in 1992 to 5.5 trillion in 1998, equivalent to an average annual rate of growth of 22.4 percept. With the exception of some East Asian countries (including Japan), it was also true of most other countries around the world.

The 15 countries that are members of the European Union witnessed an increase in their total mutual fund assets from USD 1 trillion in 1992 to 2.6 trillion in 1998 (average annual growth rate of 17.7 percent). Among EU member countries, Greece recorded the highest growthrate at 78 percent, followed by Italy at 48 percent and Belgium, Denmark, Finland and Ireland, all with growth rates of around 35 percent. Some developing countries, such as for example Morocco, registered even higher growth rates, but from much smaller starting points. In the United States, not only did mutual fund assets grow explosively over this period, but household ownership of mutual funds also experienced rapid growth.

Fund industry growth continued into the 1980s and 1990s, as a result of these factors: A bullish market (a growing market) for stocks and bonds, new product introductions and wider distribution of fund shares. Among the new distribution channels were retirement plans. Mutual funds are now the preferred investment option in certain types of fast-growing retirement plans, specifically in developed economic scenarios and other defined plans, specific plans and small investment opportunities, all of which surged in popularity in the 1980s. Mutual funds offer investors the advantages of portfolio

diversification and professional management at low cost. These advantages are particularly important in the case of equity funds where

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both diversification and professional management have the potential to add value.

At the end of 2010, there were 7,581 mutual funds in the United States with combined assets of $11.8 trillion, according to Investment Company Institute which maintains statistical data about the mutual funds industry. The global growth of mutual funds was fuelled by the increasing globalization of finance and expanding presence of large multinational financial groups in a large number of countries and by the strong performance of equity and bond markets throughout most of the 1990s.

A factor was probably the demographic aging that characterizes the populations of most high and middle-income countries and the search of financial instruments that are safe and liquid but also promise high long-term returns by growing numbers of investors. It is also important to note that this growth occurred contemporaneously with a period of high growth in market capitalizations around the world, fuelled in part by the technology/internet boom.

For example, at the height of the bubble in March 2000, the market capitalization of U.S. publicly traded internet stocks was estimated to be U.S.$1.3 trillion (as compared to a valuation of U.S.$843 billion in June 2000).

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TYPES OF MUTUAL FUNDS The industry has now diversified to a very large extent and there are various types of mutual funds in the market today but these are the fundamentals to the mutual funds. It is though not necessary that all the various types of funds stated here are available in the Indian Mutual Funds Market, funds available in the Indian mutual funds scenario shall be discussed in detail later. The funds described here are available in the United States of America, The European Unions and other countries, with many applicable to India also, these are also sometimes considered a hybrid of the three basic kinds of mutual funds namely Open Ended Mutual Funds Close Ended Mutual Funds Hybrid Mutual Funds

The various types of mutual funds being

1. Value stocks Stocks from firms with relative low Price to Earning (P/E) Ratio, usually pay good dividends. The investor is looking for income rather than capital gains.

2. Growth stock Stocks from firms with higher low Price to Earning (P/E) Ratio, usually pay small dividends. The investor is looking for capital gains rather than income.

3. Based on company size, large, mid, and small cap Stocks from firms with various asset levels such as over $2 Billion for large; in between $2 and $1 Billion for mid and below $1 Billion for small.

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4. Income stock The investor is looking for income which usually comes from dividends or interest. These stocks are from firms which pay relative high dividends. This fund may include bonds which pay high dividends. This fund is much like the value stock fund, but accepts a little more risk and is not limited to stocks.

5. Index funds The securities in this fund are the same as in an Index fund such as the Dow Jones Average or Standard and Poor's. The number and ratios or securities are maintained by the fund manager to mimic the Index fund it is following.

6. Enhanced index This is an index fund which has been modified by either adding value or reducing volatility through selective stock-picking.

7. Stock market sector The securities in this fund are chosen from a particular marked sector such as Aerospace, retail, utilities, etc.

8. Defensive stock The securities in this fund are chosen from a stock which usually is not impacted by economic down turns. 9. International Where the fund invests in stocks from international companies

10. Real estate Stocks from firms involved in real estate such as builder, supplier, architects and engineers, financial lenders, etc.

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11. Socially responsible This fund would invest according to non-economic guidelines. Funds may make investments based on such issues as

environmental responsibility, human rights, or religious views. For example, socially responsible funds may take a proactive stance by selectively investing in environmentally-friendly companies or firms with good employee relations. Therefore the fund would avoid securities from firms who profit from alcohol, tobacco, gambling, pornography etc.

12. Balanced funds The investor may wish to balance his risk between various sectors such as asset size, income or growth. Therefore the fund is a balance between various attributes desired.

13. Tax efficient Aims to minimize tax bills, such as keeping turnover levels low or shying away from companies that provide dividends, which are regular pay-outs in cash or stock that, are taxable in the year that they are received. These funds still shoot for solid returns; they just want less of them showing up on the tax returns. 14. Convertible Funds invest in Bonds or Preferred stock which may be converted into common stock.

15. Junk bond Bonds which pay higher than market interest but carry higher risk for failure and are rated below AAA

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16. Mutual funds of mutual funds This type of mutual funds rather than buying shares, bonds and debentures from the market buys stakes in other running mutual funds in the market

17. Closed end This fund has a fixed number of shares. The value of the shares fluctuates with the market, but fund manager has less influence because the price of the underlining owned securities has greater influence.

18. Exchange traded funds (ETFs) Baskets of securities (stocks or bonds) that track highly recognized indexes. Similar to mutual funds, except that they trade the same way that a stock trades, on a stock exchange.

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Mutual Fund Industry in India

Mutual funds go back to the times of the Egyptians and Phoenicians when they sold shares in caravans and vessels to spread the risk of these ventures. The foreign and colonial government Trust of London of 1868 is considered to be the fore-runner of the modern concept of mutual funds. The USA is, however, considered to be the mecca of modern mutual funds. By the early - 1930s quite a large number of close ended mutual funds were in operation in the U.S.A. Much latter in 1954, the committee on finance for the private sector recommended mobilisation of savings of the middle class investors through unit trusts.

Finally in July 1964, the concept took root in India when Unit Trust of India was set up with the twin objective of mobilising household savings and investing the funds in the capital market for industrial growth. Household sector accounted for about 80 percent of nations savings and only about one third of such savings was available to the corporate sector, It was felt that UTI could be an effective vehicle for channelizing progressively larger shares of household savings to productive investments in the corporate sector. The process of economic liberalization in the eighties not only brought in dramatic changes in the environment for Indian industries, Corporate sector and the capital market but also led to the emergence of demand for newer financial services such as issue management, corporate counselling, capital restructuring and loan syndication. After two decades of UTI monopoly, recently some other public sector organisations like LIC (1989), GIC (1991 ), SBI (1987), Can Bank (1987), Indian Bank (1990), Bank of India (1990), Punjab National Bank (1990) have been permitted to set up mutual funds.

Mr. M.R. Mayya the Executive Director of Bombay Stock Exchange opined recently that the decade of nineties will belong to mutual funds because the ordinary investor does not have the time, experience and patience to take independent investment decisions on his own.

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The Indian Mutual Funds Industry has been categorised into a four phases First Phase 1964-87

Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up by the Reserve Bank of India and functioned under the Regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of assets under management.

Second

Phase

1987-1993

(Entry

of

Public

Sector

Funds)

Entry of non-UTI mutual funds. SBI Mutual Fund was the first followed by Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC in 1989 and GIC in 1990. The end of 1993 marked Rs.47,004 as assets under management.

Third

Phase

1993-2003

(Entry

of

Private

Sector

Funds)

With the entry of private sector funds in 1993, a new era started in the Indian mutual fund industry, giving the Indian investors a wider choice of fund families. Also, 1993 was the year in which the first Mutual Fund Regulations came into being, under which all mutual funds, except UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund registered in July 1993.

The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI (Mutual Fund) Regulations 1996.

The number of mutual fund houses went on increasing, with many foreign mutual

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funds setting up funds in India and also the industry has witnessed several mergers and acquisitions. As at the end of January 2003, there were 33 mutual funds with total assets of Rs. 1,21,805 crores. The Unit Trust of India with Rs.44,541 crores of assets under management was way ahead of other mutual funds.

Fourth

Phase

since

February

2003

This phase had bitter experience for UTI. It was bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of India with AUM of Rs.29,835 crores (as on January 2003). The Specified Undertaking of Unit Trust of India, functioning under an administrator and under the rules framed by Government of India and does not come under the purview of the Mutual Fund Regulations.

The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is registered with SEBI and functions under the Mutual Fund Regulations. With the bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76,000 crores of AUM and with the setting up of a UTI Mutual Fund, conforming to the SEBI Mutual Fund Regulations, and with recent mergers taking place among different private sector funds, the mutual fund industry has entered its current phase of consolidation and growth. As at the end of September, 2004, there were 29 funds, which manage assets of Rs.153108 crores under 421 schemes.

The importance of Mutual Funds specifically for India

Small investors face a lot of problems in the share market, limited resources, lack of professional advice, lack of information etc. Mutual funds have come as a much needed help to these investors. It is a special type of institutional device or an investment vehicle through which the investors pool their savings which are to be invested under the guidance of a team of experts in wide variety of portfolios of corporate securities in such a way, so as to minimise risk, while ensuring safety and steady return on investment. It forms an important part of the capital market, providing the benefits of a diversified portfolio and expert fund management to a

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large number, particularly small investors. Now days, mutual fund is gaining its popularity due to the following reasons:

1. With the emphasis on increase in domestic savings and improvement in deployment of investment through markets, the need and scope for mutual fund operation has increased tremendously. The basic purpose of reforms in the financial sector was to enhance the generation of domestic resources by reducing the dependence on outside funds. This calls for a market based institution which can tap the vast potential of domestic savings and channelize them for profitable investments. Mutual funds are not only best suited for the purpose but also capable of meeting this challenge.

2. An ordinary investor who applies for share in a public issue of any company is not assured of any firm allotment. But mutual funds who subscribe to the capital issue made by companies get firm allotment of shares. Mutual fund latter sell these shares in the same market and to the Promoters of the company at a much higher price. Hence, mutual fund creates the investors confidence. 3. The phyche of the typical Indian investor has been summed up by Mr. S.A. Dave, Chairman of UTI, in three words; Yield, Liquidity and Security. The mutual funds, being set up in the public sector, have given the impression of being as safe a conduit for investment as bank deposits. Besides, the assured returns promised by them have investors had great appeal for the typical Indian investor. 4. As mutual funds are managed by professionals, they are considered to have a better knowledge of market behaviours. Besides, they bring a certain competence to their job. They also maximise gains by proper selection and timing of investment. 5. Another important thing is that the dividends and capital gains are reinvested automatically in mutual funds and hence are not fritted away. The automatic reinvestment feature of a mutual fund is a form of forced saving and can make a big difference in the long run.

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6. The mutual fund operation provides a reasonable protection to investors. Besides, presently all Schemes of mutual funds provide tax relief under Section 80 L of the Income Tax Act and in addition, some schemes provide tax relief under Section 88 of the Income Tax Act lead to the growth of importance of mutual fund in the minds of the investors.

7. As mutual funds creates awareness among urban and rural middle class people about the benefits of investment in capital market, through profitable and safe avenues, mutual fund could be able to make up a large amount of the surplus funds available with these people.

8. The mutual fund attracts foreign capital flow in the country and secures profitable investment avenues abroad for domestic savings through the opening of off shore funds in various foreign investors. Lastly another notable thing is that mutual funds are controlled and regulated by S E B I and hence are considered safe. Due to all these benefits the importance of mutual fund has been increasing.

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Growth of Mutual Funds in India

Opening of the mutual fund industry to the public sector banks and insurance companies, led to the launching of more and more of new schemes. The mutual fund industry in India has grown fast in the recent period. The performance is encouraging especially because the emphasis in India has been on individual investors rather in contrast to advanced countries where mutual funds depend largely on institutional investors, In general, it appears that the mutual fund in India have given a good account of themselves so far. UTI's annual sale of units crossed Rs.1000 crores mark in 1986 to 87, 2000 crores mark in 1987-88 and reached Rs.5500 crores mark in 1989 to 90. During 1990 to 91 on account of decline of corporate interest,, sales declined to Rs.4100 crores though individual sales increased over its preceeding year. LICMF has concentrated on funds which includes life and accident cover. GICMF provide home insurance policy. The bank sponsored mutual fund floated regular income, growth and tax incentives schemes. Together the eight mutual fund service more than 15 million investors with UTI alone holds for 13 million unit holding accounts. Magnum Regular Income Scheme 1987 assured a return of 12 percent but gave 20 percent dividend in 1993, UTI record 26 percent dividend for 1992 to 93 under the unit 1964 scheme.

The following table shows the amount of assets that are under management in India (2005-2009) Courtesy: KPMG Consultancy

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It is noticed that there has been a slight fall in the amount invested in Mutual Funds in India due to global financial crisis but a KPMG study states it is bound to recover in the years to come.

The tables on top show the Assets under management of various countries we notice that in the developing countries India stands 2nd in growth of amount of assets under management. While the second table shows how much the AUM to GDP ratio has grown in the given period of time (2005-2009).

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This shows how profitable Mutual Funds have been for the companies that deal in the sector.

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Market Share of Players in the Industry (as of 2009)

IDFC Mutual Fund DSP Black Rock Tata Mutual Fund 15 3 3 3 Kotak Mahindra Mutual Fund Franklin Templeton 5 16 5 10 12 10 10 LIC MF SBI MF Birla SunLife UTI MF ICICI Prudential HDFC MF Reliance MF 23 other funds

4 4

Growth Rate of the Mutual Funds Industry

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The Major Players in the Industry Player Industrial Development Finance Corporation Mutual Fund(IDFC MF) DSP Black Rock Mutual Fund Tata Mutual Fund Kotak Mahindra Mutual Fund Franklin Templeton Mutual Fund Life Insurance Corporation Mutual Fund State Bank of India Mutual Fund Unit Trust of India Asset Management Company Birla Sunlife Mutual Fund Industrial Credit and Investment Corporation of India Prudential Mutual Fund (ICICI) Housing Development Finance Corporation of India Mutual Fund (HDFC MF) Reliance Mutual Fund

These players hold major share in the market (85%) while the remaining goes to smaller players like The Aditya Birla Group Funds, Open RCW Funds and F&L funds.

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TATA ASSET MANAGEMNET COMPANY

Company Profile Tata Investment Corporation (TIC) is a non-banking financial company. Earlier named the Investment Corporation of India, the company is primarily involved in investing in long-term investments such as equity shares and equity-related securities. Tata Investment Corporation Limited was promoted by Tata Sons Ltd., in 1937, under the name The Investment Corporation of India Limited. The Company remained a closely held company till 1959, when it became one of the few publicly held investment companies listed on the Stock Exchange, Mumbai. During the 1960s and 1970s the Companys activities underwent a gradual transformation from assisting in the establishment of new ventures, to acting as an investment company with a diversified portfolio of investments. The original inspiration for launching Tata Investment Corporation Limited (TICL) was to help set up and nurture small and medium-sized entrepreneurs and their companies. For many years after its inception, the Company played a role of a catalyst in promoting long term investments in the country and was instrumental in the promotion of projects with new Indian entrepreneurs and foreign collaborators whilst simultaneously taking minority equity stakes in such new projects. This promotional role of TICL resulted in the formation of many companies which were well known a few decades ago such as, Associated Bearing Co Ltd.

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(now SKF Bearings (India) Ltd.), Ceat Tyres Ltd. (now Ceat Ltd), National Rayon Corporation, companies promoted by the Ghia family and others, some of which are even today listed on the stock exchange. In the earlier years, TICL also had a subsidiary company by the name of Investor Machine Tools Ltd. whose plant located near Pune was subsequently taken over by Tata Motors Ltd. (which was then known as Telco) for building up the machine tools division. Apart from growing its own investment activities, TICL also expanded inorganically by merging the investment activities of Investa Ltd., Varuna Investments Ltd. (investment subsidiary of Tata Chemical Ltd.) and Bambino Investments Ltd. (an investment subsidiary of Tata Tea Ltd.). TICL has an exemplary dividend record having declared dividend every year since inception, barring the first year - i.e. for the last 72 years. In the last 3 years TICL has declared 150% dividend. TICL can thus rightly claim to be one of the largest widely-held investment companies in India. The Company became a subsidiary of Tata Sons Ltd. in February, 2008. Tata Sons, together with other Tata companies, holds approximately 70% of the paid-up capital of Tata Investment Corporation Limited. as on 31th March, 2010. The Company is managed by a well-qualified Board of Directors, Chaired by Mr Noel Tata and Mr F. N. Subedar as Vice Chairmen, with knowledge and expertise in the field of finance, investment, administration and management, and is supported by an experienced team of professional managers.

Tata Investment has been rated by CRISIL since 1994, and has been assigned their highest rating of AAA (pronounced triple A) representing highest safety in payment of interest and principal amount, which rating has been re-affirmed from year to year and is valid to date. Tata Investment jointly with Tata Sons were among the first companies to receive an inprinciple approval to incorporate, and become the sponsors of the Tata Mutual Fund.

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TATA AMC Ltd. TICL co-promoted TATA Asset Management Company Ltd. with TATA Sons Ltd. in 1994. TATA Sons holds 68% while TICL holds 32% of TATA AMC Ltd. Tata Asset Management (TAM) is one of the first fund management companies in the Indian private sector. The company's principal activity is to act as investment manager to the Tata Mutual Funds. It has a client base of over 1 million people. The total assets under management of TATA AMC are Rs.22,000 crores as on 31st May 2010 in the domestic market.

TAM offers a range of innovative investment solutions to facilitate wealth creation for its investors. The company manages funds across the entire risk-return continuum. These include equity funds, balanced funds and debt funds. Tata Mutual Fund manages around 25,006.00 crores (average AUM for the quarter of AprilJune 2011) worth of assets across its varied offerings. Tata Mutual Fund offers an investment option for everyone, whether you are a businessman or salaried professional, a retired person or housewife, an aggressive investor or a conservative capital builder. The Tata Asset Management philosophy is centred on seeking consistent, long-term results. Tata Asset Management aims at overall excellence, within the framework of transparent and rigorous risk controls. Consistency : TMF strive to deliver consistent results through our value-based investing methodology, keeping alive the credo of the late doyen of the Tata Group, Mr. J.R.D. Tata, that money received from the people should go back to them several times over. Flexibility : Tata Mutual Fund offers investors a broad range of managed investment products in various asset classes and risk parameters, with operational flexibility to suit their varied investment needs. Stability: TMF commitment to the highest quality of service and integrity is the foundation upon which we build trust with our clients. Service: TMF offer a wide range of services to assist investors has a fulfilling and rewarding

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financial planning experience with us. We have designed our services keeping in mind the needs of our investors, giving them a smooth and hassle-free financial planning process. It is difficult to determine market shares in the mutual funds industry but approximately the market share of TATA Mutual Fund in 2009 was 3% of the market.

Board of Directors

Mr F K Kavarna (Chairman) Mr A R Gandhi Mr A Hasib Mr M L Apte Mr Apy D Cooper

Products of Tata Mutual Fund Equity Products

1. Tata Capital Builder Fund 2. Tata Contra Fund 3. Tata Dividend Yield Fund 4. Tata Equity Management Fund 5. Tata Equity Opportunities Fund 6. Tata Equity P/E Fund 7. Tata Growing Economies Infrastructure Fund 8. Tata Growth Fund 9. Tata Index Fund 10.Tata Indo-Global Infrastructure Fund 11.Tata Infrastructure Fund pg. 23

12.Tata Infrastructure Tax Saving Fund 13.Tata Life Sciences & Technology Fund 14.Tata Mid Cap Fund 15.Tata Pure Equity Fund 16.Tata Select Equity Fund 17.Tata Service Industries Fund 18.Tata Tax Advantage Fund 1 19.Tata Tax Saving Fund

Balanced Products

1. Tata Balanced Fund 2. Tata Smart Investment Plan -1 3. Tata Young Citizens' Fund

Debt Products

1. Tata Dynamic Bond Fund 2. Tata Fixed Income Portfolio Fund 3. Tata Fixed Maturity Plan Series 26 4. Tata Fixed Maturity Plan Series 27 5. Tata Fixed Maturity Plan Series 28 6. Tata Fixed Maturity Plan Series 29 7. Tata Fixed Maturity Plan Series 30 8. Tata Fixed Maturity Plan Series 31 9. Tata Fixed Maturity Plan Series 32 10.Tata Fixed Maturity Plan Series 33 11.Tata Fixed Maturity Plan Series 34 12.Tata Fixed Maturity Plan Series 35 pg. 24

13.Tata Fixed Maturity Plan Series 36 14.Tata Fixed Maturity Plan Series 38 15.Tata Fixed Tenure Fund 16.Tata Floater Fund 17.Tata Floating Rate Fund 18.Tata Gilt Mid Term Fund 19.Tata Gilt Securities Fund 20.Tata Income Fund 21.Tata Income Plus Fund 22.Tata Liquid Fund 23.Tata Liquidity Management Fund 24.Tata MIP Plus Fund 25.Tata Money Market Fund 26.Tata Monthly Income Fund 27.Tata Short Term Bond Fund
28. Tata Treasury Manager Fund

FINANCIALS OF TATA ASSET MANAGEMENT COMPANY Latest Available Net Asset Value of Tata AMC funds Scheme Name Tata Balanced Fund - Dividend Option Tata Balanced Fund - Growth Tata Balanced Fund - Monthly Dividend Tata Capital Builder Fund - Div Tata Capital Builder Fund - Growth Tata Contra Fund - Dividend Tata Contra Fund - Growth Tata Dividend Yield Fund ( Div) NAV Price 49.7832 78.9267 43.6361 12.4519 13.3366 14.6444 16.6441 17.1472 Date 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24

Aug Aug Aug Aug Aug Aug Aug Aug

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Tata Dividend Yield Fund (App) Tata Dynamic Bond Fund A - Dividend Tata Dynamic Bond Fund A - Growth Tata Dynamic Bond Fund B - Dividend Tata Dynamic Bond Fund B - Growth Tata Equity Management Fund - Div Tata Equity Management Fund - Growth Tata Equity Opportunities Fund - A Dividend Tata Equity Opportunities Fund - B Growth Tata Equity P/E Fund (Growth Option) Tata Equity P/E Fund Dividend Trigger Option A (5%) Tata Equity P/E Fund Dividend Trigger Option B (10%) Tata Fixed Income Portfolio Fund - Scheme A1 Regular Plan - Growth Tata Fixed Income Portfolio Fund - Scheme A1 Regular Plan - Monthly Dividend Tata Fixed Income Portfolio Fund - Scheme A2 Institutional Plan - Monthly Dividend Tata Fixed Income Portfolio Fund - Scheme A2 Regular Plan - Growth Tata Fixed Income Portfolio Fund - Scheme A2 Regular Plan - Monthly Dividend Tata Fixed Income Portfolio Fund - Scheme A3 Institutional Plan - Growth Tata Fixed Income Portfolio Fund - Scheme A3 Institutional Plan - Monthly Dividend Tata Fixed Income Portfolio Fund - Scheme A3 Regular Plan - Growth Tata Fixed Income Portfolio Fund - Scheme A3 Regular Plan - Monthly Dividend Tata Fixed Income Portfolio Fund - Scheme B2 Institutional Plan - Growth Tata Fixed Income Portfolio Fund - Scheme B2 Institutional Plan - Monthly Dividend Tata Fixed Income Portfolio Fund - Scheme B2 -

31.4830 11.3962 15.1896 10.3120 15.1975 11.5112 13.3190 18.7227 73.0151 42.5242 29.4016 30.8527 11.5946 10.1773 10.0496 12.6247 10.1739 10.9877 10.0171 12.1917 10.2138 10.4967 10.0803 10.2517

2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24

Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug

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Institutional Plan - Quarterly Dividend Tata Fixed Income Portfolio Fund - Scheme B2 Regular Plan - Growth Tata Fixed Income Portfolio Fund - Scheme B2 Regular Plan - Monthly Dividend Tata Fixed Income Portfolio Fund - Scheme B2 Regular Plan - Quarterly Dividend Tata Fixed Income Portfolio Fund - Scheme B3 Institutional Plan - Growth Tata Fixed Income Portfolio Fund - Scheme B3 Institutional Plan - Quarterly Dividend Tata Fixed Income Portfolio Fund - Scheme B3 Regular Plan - Growth Tata Fixed Income Portfolio Fund - Scheme B3 Regular Plan - Monthly Dividend Tata Fixed Income Portfolio Fund - Scheme B3 Regular Plan - Quarterly Dividend Tata Fixed Income Portfolio Fund - Scheme C2 Institutional Plan - Growth Tata Fixed Income Portfolio Fund - Scheme C2 Institutional Plan - Half Yearly Dividend Tata Fixed Income Portfolio Fund - Scheme C2 Institutional Plan - Monthly Dividend Tata Fixed Income Portfolio Fund - Scheme C2 Regular Plan - Growth Tata Fixed Income Portfolio Fund - Scheme C2 Regular Plan - Half Yearly Dividend Tata Fixed Income Portfolio Fund - Scheme C2 Regular Plan - Monthly Dividend Tata Fixed Income Portfolio Fund - Scheme C3 Institutional Plan - Growth Tata Fixed Income Portfolio Fund - Scheme C3 Institutional Plan - Half Yearly Dividend Tata Fixed Income Portfolio Fund - Scheme C3 Regular Plan - Growth Tata Fixed Income Portfolio Fund - Scheme C3 Regular Plan - Half Yearly Dividend Tata Fixed Income Portfolio Fund - Scheme C3 Regular Plan - Monthly Dividend Tata Fixed Maturity Plan Series 27- Scheme A Growth Option Tata Fixed Maturity Plan Series 27- Scheme A Periodic Dividend Tata Fixed Maturity Plan Series 27- Scheme A Quarterly Dividend Tata Fixed Maturity Plan Series 27- Scheme B Growth Option Tata Fixed Maturity Plan Series 27- Scheme B

12.8462 10.1482 10.2796 10.8388 10.1352 13.7424 10.0758 10.3378 10.3159 10.2979 10.0759 12.1303 10.3035 10.1593 10.2652 10.2654 13.3714 10.5206 10.3007 10.7833 10.2469 10.1539 10.7586 10.2524

2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24

Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug

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Periodic Dividend Tata Fixed Maturity Plan Series 27- Scheme B Quarterly Dividend Tata Fixed Maturity Plan Series 29 Scheme A Growth Tata Fixed Maturity Plan Series 29 Scheme A Periodic Dividend Tata Fixed Maturity Plan Series 29 Scheme B Growth Tata Fixed Maturity Plan Series 29 Scheme B Periodic Dividend Tata Fixed Maturity Plan Series 29 Scheme C Growth Tata Fixed Maturity Plan Series 29 Scheme C Periodic Dividend Tata Fixed Maturity Plan Series 30 Scheme AGrowth Tata Fixed Maturity Plan Series 30 Scheme APeriodic Dividend Tata Fixed Maturity Plan Series 30 Scheme CGrowth Option Tata Fixed Maturity Plan Series 30 Scheme CPeriodic Dividend Payout Option Tata Fixed Maturity Plan Series 31 Scheme A Growth Option Tata Fixed Maturity Plan Series 31 Scheme A Periodic Dividend Tata Fixed Maturity Plan Series 31 Scheme B Growth Option Tata Fixed Maturity Plan Series 31 Scheme B Periodic Dividend (Payout) option Tata Fixed Maturity Plan Series 31 Scheme CGrowth Option Tata Fixed Maturity Plan Series 31 Scheme CPeriodic Dividend Payout Option Tata Fixed Maturity Plan Series 32-Growth Option Tata Fixed Maturity Plan Series 32-Periodic Dividend Tata Fixed Maturity Plan Series 33 Scheme C Growth Option Tata Fixed Maturity Plan Series 33 Scheme C Periodic Dividend Payout Tata Fixed Maturity Plan Series 34 Scheme BGrowth Option Tata Fixed Maturity Plan Series 34 Scheme BPeriodic Dividend Option Tata Fixed Maturity Plan Series 34 Scheme C-

10.1515 10.6733 10.2464 10.6277 10.2584 10.6095 10.2552 10.5759 10.2660 10.3473 10.2709 10.5092 10.2655 10.4857 10.2769 10.4464 10.2773 10.1247 10.1247 10.2735 10.2735 10.2882 10.2882 10.2774

2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24

Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug

pg. 28

Growth option Tata Fixed Maturity Plan Series 34 Scheme CPeriodic Dividend Option Tata Fixed Maturity Plan Series 35 Scheme A Growth Tata Fixed Maturity Plan Series 35 Scheme A Periodic Dividend Payout Tata Fixed Maturity Plan Series 35 Scheme BGrowth Option Tata Fixed Maturity Plan Series 35 Scheme BPeriodic Dividend Payout Option Tata Fixed Maturity Plan Series 35 Scheme C Growth Option Tata Fixed Maturity Plan Series 35 Scheme C Periodic Dividend Tata Fixed Maturity Plan Series 36 Scheme A Growth Option Tata Fixed Maturity Plan Series 36 Scheme A Periodic Dividend Tata Fixed Maturity Plan-Series 26 Scheme CGrowth Tata Fixed Maturity Plan-Series 26 Scheme CPeriodic Dividend Tata Fixed Maturity Plan-Series 26 Scheme CQuarterly Dividend Tata Fixed Tenure Fund Series 1 - Dividend Option Tata Fixed Tenure Fund Series 1 - Growth Option Tata Fixed Tenure Fund Series 2 Scheme ADividend Option Tata Fixed Tenure Fund Series 2 Scheme A-Growth Option Tata Floater Fund Daily Dividend Tata Floater Fund Growth Tata Floater Fund Weekly Dividend Tata Floating Rate Fund - Long Term Growth Tata Floating Rate Fund - Long Term Option Bonus/ Dividend Tata Gilt Mid Term Fund - Growth Tata Gilt Mid Term Fund - Periodic Dividend Tata Gilt Mid Term Fund - Quarterly Dividend

10.2774 10.2757 10.2757 10.2212 10.2212 10.1536 10.1535 10.1659 10.1660 10.7809 10.2412 10.1521 10.1998 10.1998 10.0775 10.0775 10.0356 15.1988 10.0834 14.8151 11.4207 10.5062 10.5245 10.5076

2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24

Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug

pg. 29

Tata Gilt Retirement Plan (28-2-13) Dividend Tata Gilt Retirement Plan (28-2-13) Growth Tata Gilt Retirement Plan 28/2/25 Growth Option Tata Gilt Retirement Plan28/2/25 Dividend Option Tata Gilt Securities Fund - DIvidend Tata Gilt Securities Fund - Growth Tata Gilt Securities Fund High Fund - Dividend Opt Tata Gilt Securities Fund High Fund - Growth Tata Gilt Securities Fund RIP ( Bonus) Tata Gilt Securities Short Maturity Fund DIvidend Tata Gilt Securities Short Maturity Fund - Growth Tata Growing Economies Infrastructure A - Dividend Tata Growing Economies Infrastructure A - Growth Tata Growing Economies Infrastructure B - Dividend Tata Growing Economies Infrastructure B - Growth Tata Growth Fund - Bonus Tata Growth Fund - Dividend Tata Growth Fund - Growth Tata Income Fund - Div Qtrly Tata Income Fund - Div Semi Tata Income Fund - Growth Tata Income Fund - Growth Bonus Option Tata Income Fund Appreciation - Per Dividend Tata Income Plus Fund A - Growth Option Fund Plan Fund Plan Fund Plan Fund Plan

13.3679 13.2851 13.0997 13.0690 11.9554 28.9035 12.3770 17.7758 14.4956 10.9662 15.9193 11.3764 11.3785 10.6812 10.6821 36.9180 16.2498 40.6249 10.4664 11.5411 30.8266 15.4281 17.8709 15.8609

2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24

Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug

pg. 30

Tata Income Plus Fund A - Income / Bonus Option Tata Income Plus Fund B - Growth Option Tata Income Plus Fund B - Income / Bonus Option Tata Index Fund - Nifty A Tata Index Fund - Sensex A Tata Index Fund - Sensex B Tata Indo-Global Infrastructure Fund - Dividend Tata Indo-Global Infrastructure Fund - Growth Tata Infrastructure Fund - Dividend Tata Infrastructure Fund - Growth Tata Infrastructure Tax Saving Fund - Dividend Tata Infrastructure Tax Saving Fund - Growth Tata Life Sciences & Technology Fund - Dividend Option Tata Life Sciences & Technology Fund - Growth Tata Liquid Fund High Investment Plan - Daily Tata Liquid Fund High Investment Plan - Growth Tata Liquid Fund High Investment Plan - Monthly Tata Liquid Fund High Investment Plan - Weekly Tata Liquid Fund Retail Investment PLan - Daily Tata Liquid Fund Retail Investment Plan Fortnightly Tata Liquid Fund Retail Investment Plan - Growth Tata Liquid Fund Super High Investment Plan Appreciation Tata Liquid Fund Super High Investment Plan Daily Tata Liquid Fund Super High Investment Plan -

11.4598 15.9042 11.4747 29.1559 39.6911 12.9821 7.0189 7.0143 18.5411 28.1353 12.7190 13.4396 32.0776 63.8256 1,114.3379 1,677.4732 1,025.6511 1,146.7752 1,116.8143 1,146.9724 2,316.5106 1,873.7147 1,114.5200 1,009.7802

2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24

Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug

pg. 31

Monthly Tata Liquid Fund Super High Investment Plan Weekly Tata Liquidity Management Fund - Daily Div Tata Liquidity Management Fund - Growth Tata Liquidity Management Fund - Weekly Div Tata M I P Plus Fund - Half Yearly Dividend Tata M I P Plus Fund - Monthly Dividend Tata M I P Plus Fund - Quarterly Dividend Tata Mid Cap Fund - Dividend Tata Mid Cap Fund - Growth Tata MIP Plus Fund - Growth Tata Money Market Fund Institutional Plan (Dividend) Tata Money Market Fund Institutional Plan (Growth) Tata Money Market Fund Regular (Bonus / Dividend) Tata Money Market Fund Regular (Growth) Tata Monthly Income Fund - Qrtly Option Tata Monthly Income Fund - Regular Tata Monthly Income Fund Growth Tata Pure Equity Fund - Dividend Option Tata Pure Equity Fund - Growth Tata Select Equity Fund - Dividend Tata Select Equity Fund - Growth Option Tata Service Industries Fund - Appreciation Tata Service Industries Fund - Dividend Tata Short Term Bond Fund - App Option

1,000.2796 1,002.6089 1,366.3828 1,005.7180 11.8883 10.9694 11.0198 13.9634 16.2655 16.1214 10.0152 15.9282 10.1510 16.2041 12.2181 11.9764 18.9171 33.4469 88.8931 40.2135 62.2487 20.8468 15.5499 18.7725

2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24 2011 24

Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug

pg. 32

Tata Short Term Bond Fund - Reg Income Option Tata Smart Investment Plan Dividend Tata Smart Investment Plan Growth Tata Smart Investment Plan Dividend Tata Smart Investment Plan Growth Tata Tax Advantage Fund -1 Tata Tax Saving Fund Tata Treasury Manager Fund High Investment Plan Daily Dividend Tata Treasury Manager Fund High Investment Plan Growth Tata Treasury Manager Fund High Investment Plan Monthly Dividend Tata Treasury Manager Fund High Investment Plan Weekly Dividend Tata Treasury Manager Fund Retail Investment Plan Growth Tata Treasury Manager Fund Retail Investment Plan Monthly Dividend Tata Treasury Manager Fund Super High Investment Plan Daily Dividend Tata Treasury Manager Fund Super High Investment Plan Growth Tata Treasury Manager Fund Super High Investment Plan Monthly Dividend Tata Treasury Manager Fund Super High Investment Plan Weekly Dividend Tata Young Citizen [After 7 years] Tata Young Citizen Fund [>3 years upto 7 years] Tata Young Citizen Fund [Upto 3 years] Tata Fixed Maturity Plan Series 33 Scheme BGrowth Option Tata Fixed Maturity Plan Series 33 Scheme BPeriodic Dividend Option Tata Fixed Maturity Plan Series 33 Scheme A Growth Option Tata Fixed Maturity Plan Series 33 Scheme A - 1 - Scheme A - 1 - Scheme A - 1 - Scheme B - 1 - Scheme B -

12.2824 9.8538 9.8536 9.6317 9.6317 15.3850 43.3592 1,009.4394 1,349.3099 1,007.6975 1,010.9764 1,346.0683 1,008.0114 1,010.3171 1,158.5155 1,006.6463 1,000.6135 14.9360 14.9360 14.9360 10.2206 10.0000 10.2347 10.0000

2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 24 Aug 2011 10 Aug 2011 10 Aug 2011 8 Aug 2011 8 Aug 2011

pg. 33

Periodic Dividend Payout Option Tata Floater Fund-Periodic Dividend Option Tata Fixed Income Portfolio Fund - Scheme B3 Institutional Plan - Monthly Dividend

10.0011 10.0034

5 Jul 2011 29 Jun 2011

pg. 34

Unit Trust of India Asset Management Company (UTI AMC)

Company Profile

Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up by the Reserve Bank of India and functioned under the Regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of assets under management. The erstwhile UTI Mutual Funds India was superseded by UTI Asset Management Company which now runs UTI Mutual Funds and other market related business. UTI Asset Management Co. Ltd. (UTIAMC) is a company incorporated under The Companies Act, 1956.

UTIAMC was appointed as the Asset Management Company of the UTI Mutual Fund in terms of the Investment Management Agreement executed between UTI Trustee Co. Pvt. Ltd. and UTIAMC on December 9, 2002. UTIAMC was registered by SEBI to act as the asset management company for UTI Mutual Fund vide its letter of January 14, 2003.

The paid up capital of UTIAMC has been subscribed by four sponsors: State Bank of India, Life Insurance Corporation of India, Bank of Baroda and Punjab National Bank. UTIAMC, apart from managing the schemes of UTI Mutual Fund, also manages the

pg. 35

schemes transferred/migrated from the erstwhile Unit Trust of India, in accordance with the provisions of the Investment Management Agreement, the Trust Deed, the SEBI (Mutual Funds) Regulations and the objectives of the schemes. T Rowe Price Group Inc (TRP Group) through its wholly owned subsidiary T Rowe Price Global Investment Services Ltd. (TRP) has acquired a 26% stake in UTI Asset Management Company Limited (UTI AMC) and UTI Trustee Company Pvt. Ltd. TRP has acquired 6.5% stake from each of the existing four sponsors of UTI AMC State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India. Consequent to this stake sale, the existing sponsors will now retain a stake of 18.5% each in UTI AMC.

UTIAMC has also entered into a service agreement with the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) to provide them with back office support for business processes.

UTIAMC is also a registered Portfolio Manager under the SEBI (Portfolio Managers) Regulations, 1993 since February 3, 2004 for undertaking portfolio management services.

Subsidiaries

UTI International Ltd. (UTIIL) is a 100% subsidiary of UTIAMC, registered in Guernsey, Channel Islands, which acts as the manager to offshore funds and markets these offshore funds abroad. Towards expansion of its activities, UTIIL has signed a joint venture agreement with Shinsei Bank Ltd. of Japan to set up UTI International (Singapore) Pvt. Ltd.

UTIIL is focussed on investment management and distribution of financial products in the South East Asian region. UTIIL also manages funds investing in other jurisdictions.

UTI Retirement Solutions Ltd. (UTIRSL), is a 100% subsidiary of UTIAMC which was incorporated in December, 2007 and started operations w.e.f. March, 2008.

pg. 36

UTIRSL has been set up to carry out the operations as a Pension Fund Manager under the New Pension System set up by Pension Fund Regulatory and Development Authority (PFRDA).

UTIRSL was initially appointed by the NPS to manage the pension funds of the government employees. In March, 2009, the Company has also been appointed by NPS for management of pension funds for non-government employees.

UTI Ventures is a 100% subsidiary of UTI AMC, UTI Ventures is a leading Indian private equity firm. Focused on growth capital, we propel the ambitions of passionate Indian entrepreneurs, while unlocking superior returns for our investors. Our demonstrated track record of successful investments, led by an experienced management team, positions our funds among top performers in India. January 14, 2003 is when UTI Mutual Fund started to pave its path following the vision of UTI Asset Management Co. Ltd. (UTIAMC), which was appointed by UTI Trustee Co, Pvt. Ltd. for managing the schemes of UTI Mutual Fund and the schemes transferred/migrated from the erstwhile Unit Trust of India.

UTIAMC provides professionally managed back office support for all business services of UTI Mutual Fund in accordance with the provisions of the Investment Management Agreement, the Trust Deed, the SEBI (Mutual Funds) Regulations and the objectives of the schemes. State-of-the-art systems and communications are in place to ensure a seamless flow across the various activities undertaken by UTIMF. Since February 3, 2004, UTIAMC is also a registered portfolio manager under the SEBI (Portfolio Managers) Regulations, 1993 for undertaking portfolio management services. UTIAMC also acts as the manager and marketer to offshore funds through its 100 % subsidiary, UTI International Limited, registered in Guernsey, Channel Islands.

Assets

Under

Management

UTIAMC presently manages a corpus of over Rs. 69,10,509.45 lakhs as on 30th June 2011 UTI Mutual Fund has a track record of managing a variety of schemes catering to the needs of every class of citizens. It has a nationwide network consisting 148 UTI Financial Centres (UFCs) and UTI International offices in London, Dubai and

pg. 37

Bahrain. UTIAMC has a well-qualified, professional fund management team, which has been fully empowered to manage funds with greater efficiency and accountability in the sole interest of the unit holders. The fund managers are ably supported by a strong inhouse securities research department. To ensure investors interests, management department is also in operation. a risk

Reliability UTIMF has consistently reset and upgraded transparency standards. All the branches, UFCs and registrar offices are connected on a robust IT network to ensure costeffective quick and efficient service. All these have evolved UTIMF to position as a dynamic, responsive, restructured, efficient and transparent entity, fully compliant with SEBI regulations.

Investment Philosophy UTI Mutual Funds investment philosophy is to deliver consistent and stable returns in the medium to long term with a fairly lower volatility of fund returns compared to the broad market. It believes in having a balanced and well-diversified portfolio for all the funds and a rigorous in-house research based approach to all its investments. It is committed to adopt and maintain good fund management practices and a process based investment management. UTI Mutual Fund follows an investment approach of giving as equal an importance to asset allocation and sectoral allocation, as is given to security selection while managing any fund. It combines top-down and bottom-up approaches to enable the portfolios/funds to adapt to different market conditions so as to prevent missing an investment opportunity. In terms of its funds performance, UTI Mutual Fund aims to consistently remain in the top quartile vis--vis the funds in the peer group.

Board of Directors Mr. Prithvi Haldea Ms. Anita Ramachandran

pg. 38

Mr. Pradeep Gupta Mr. James Sellers Riepe Mr Sanchit Jain Mr Flemming Madsen Shri P R Khanna

Fund Managers & Key People Mr. Anoop Bhaskar Mr Sanjay Ramdas Dongre Mr V Srivastsa Mr K Mukundan Mr Ajay Tyagi Mr Ranjan Kumar Biswal Mr Smardeep Chopra Ms. Swati Kulkarni Ms. Shilpita Guha Mr. Kaushik Basu Mr Puneet Pal Mr. Lalit Nambiar Mr. Anjaneya Guha

Products of UTI Asset Management Company Scheme Name UTI - Mahila Unit Scheme (MUS) UTI - MIS-Growth UTI - MIS-Income UTI - Retirement Benefit Pension Fund

pg. 39

UTI - Unit Linked Insurance Plan UTI Bond Fund-Growth (for rep. After 6 months- No Load) UTI Bond Fund-Income (for rep. Within 3 months) UTI C C BALANCED FUND UTI - Equity Fund-Growth Option UTI - Equity Fund-Income Option UTI - GROWTH & VALUE FUND-ANNUAL DIVIDEND UTI - GROWTH & VALUE FUND-GROWTH UTI - GROWTH & VALUE FUND-SEMI ANNUAL DIVIDEND UTI - INDEX SELECT FUND-Growth Option UTI - INDEX SELECT FUND-Income Option UTI - INDIA ADVANTAGE EQUITY FUND-DIVIDEND UTI - INDIA ADVANTAGE EQUITY FUND-GROWTH UTI - TOP 100 Fund- Growth Option UTI - TOP 100 Fund-Income Option UTI - Master Index Fund-Growth Option UTI - Master Index Fund-Income Option UTI - Master Plus Unit Scheme-Growth Option UTI - Master Plus Unit Scheme-Income Option UTI - Master Value Fund-Growth Option UTI - Master Value Fund-Income Option UTI - MNC Fund (UGS 10000)-Growth Option UTI - MNC Fund (UGS 10000)-Income Option UTI - NIFTY Index Fund-Growth Option UTI - NIFTY Index Fund-Income Option

pg. 40

UTI Banking Sector Fund-Growth Option UTI Banking Sector Fund-Income Option UTI Contra Fund-Growth-Growth Option UTI Contra Fund-Income-Dividend Option UTI Growth Sector Funds-UTI - GSF - Brand Value-Growth Option UTI Growth Sector Funds-UTI - GSF - Brand Value-Income Option UTI Energy Fund-Growth Option UTI Energy Fund-Income Option UTI Pharma & Healthcare Fund-Growth Option UTI Pharma & Healthcare Fund-Income Option UTI Services Industries Fund-Growth Option UTI Services Industries Fund-Income Option UTI Software Fund-Growth Option UTI Software Fund-Income Option UTI Infrastructure Fund-Growth Option UTI Infrastructure Fund-Income Option UTI Large Cap Fund-Growth Option UTI Large Cap Fund-Income Option UTI Leadership Equity Fund-Dividend-Dividend Option UTI Leadership Equity Fund-Growth-Growth option UTI Mid Cap Fund-Growth Option UTI Mid Cap Fund-Income Option UTI Opportunities Fund-Dividend Option UTI Opportunities Fund-Growth Option UTI PSU Fund-Growth Option

pg. 41

UTI PSU Fund-Income Option UTI Spread Fund - Dividend Option UTI Spread Fund - Growth Option UTI Sunder UTI-Transportation and Logistics Fund-Growth Option UTI-Transportation and Logistics Fund-Income Option UTI-Dividend Yield Fund.-Growth UTI-Dividend Yield Fund.-Income UTI - Variable Investment Scheme-Growth Option UTI - Variable Investment Scheme-Income Option UTI Balanced Fund-Growth UTI Balanced Fund-Income UTI- Liquid Fund-Short Term Plan-Growth UTI- Liquid Fund-Short Term Plan-Income UTI MMF-Daily Dividend UTI MMF-Growth UTI - ETSP-Growth Option UTI - ETSP-Income Option UTI - FLOATING RATE STP-DIVIDEND UTI - FLOATING RATE STP-GROWTH UTI Wealth Builder Fund - Dividend Option UTI Wealth Builder Fund - Growth Option UTI - Master Equity Plan Unit Scheme

Achievements of UTI Asset Management Company

pg. 42

1. Mahila Unit Scheme has been ranked as the Best Fund over a period of five UTI years and has won Lipper Fund Awards 2011- India under the category of Mixed Asset INR Conservative UTI Childrens Career Balanced Plan has been ranked as the Best Fund over a period of ten years and has won Lipper Fund Awards 2011- India under the category of Mixed Asset INR Conservative UTI AMC 's CMO has won MYKM Stars of   Industry Youth Icon Award from 94.3 Radio FM. The Best Large Cap Fund by Morningstar Fund   Awards (India) 2011. UTI MF has won the Financial Leadership Awards 2011 for Most Innovative Investor Education Initiative Swatantra from Bloomberg UTV Mr Amandeep Chopra and Mr Manish Joshi have been adjudicated as the Best Debt Fund Managers of the Year 2010 by Business Standard Source Business Standard - 25th March 2011 UTI CCP Advantage Fund has won the Business World Best Mutual Fund Awards as the Best Hybrid Equity Oriented Fund for the year 2010. Second time in a row, UTI Mutual Fund has been awarded the Most InvestorFriendly Fund House of the Year by CNBC-TV18-CRISIL Mutual Fund Awards 2011. Mr Jaideep Bhattacharya, Chief Marketing Officer, UTI AMC 's CMO has won MYKM Stars of Industry Youth Icon Award from 94.3 Radio FM UTI Dividend Yield Fund has been adjudged the The Best Large Cap Fund by Morningstar Fund Awards (India) -2011. UTI AMC has won the Golden Peacock Innovation Award 2011 for its Investor Education initiative Swatantra. UTI AMC has won the Customer and Brand Loyalty Award 2011 for its Investor Education initiative Swatantra. UTI MF wins 2 CNBC TV 18- CRISIL Mutual Funds Awards 2010 UTI Mutual Fund wins 7 ICRA Mutual Funds Awards 2010 UTI Mutual Fund has won three International Best of the Best Awards-2010 from Asia Asset Management Harsha Upadhyaya has received an Award from Outlook Money Awards -2010 as the Best Fund Manager (Equity) Runner Up UTI MF wins CNBC TV18-CRISIL Award 2010 UTI MF wins CNBC TV18-CRISIL Award 2010 Lipper Fund Awards09-UTI Mahila Unit-5 yrs 2010 Lipper Fund Awards09-UTI Mahila Unit-3 yrs 2010 UTI MF sweeps ICRA mutual fund Award 2009

pg. 43

Loyalty Awards - 2009 UTI MF sweeps ICRA mutual fund Award 2009 UTI MF wins the Best Debt Fund House Award 2009 UTI AMC gets 3 International Awards 2009 UTI MF CNBC Award 2009 UTI Mutual Fund sweeps ICRA mutual fund Award 2009 Loyalty Awards - 2009 UTI MF wins the Best Debt Fund House Award. 2009 Top Performing Infrastructure Fund - Income. 2009 UTI MF wins the Best Debt Fund House Award 2009 Golden Peacock Innovative Award-2008 Golden Peacock Innovative Product/Service Award-2008 Lipper Fund Awards09-UTI Mahila Unit-5 yrs 2008 Lipper Fund Awards09-UTI Mahila Unit-3 yrs 2008 Readers Digest Trusted Brand 2008. Lipper Fund Awards - Gulf 2008 Readers Digest Trusted Brand 2008. Lipper Fund Awards - Gulf 2008 Top Performing Infrastructure Fund - Income 2008 Brand loyalty Awards 2008. Brand loyalty Awards 2008. Four ICRA 7 Star Gold Award 2008 Four ICRA 5 Star Award. 2008 ICRA Mutual Fund Award 2007. Lipper Fund Awards 2007. CRISIL-CNBC-TV18-Mutual Fund of the year Award 2007. ICRA Mutual Fund Award 2006. Lipper Fund Awards.2005 CNBC-TV18-BNP Par-ibas Mutual Fund of the year Award 2006. CNBC-TV18-BNP Par-ibas Mutual Fund of the year Award..2005 ICRA online Mutual Fund Award: UTI NIFTY INDEX FUND won the award for the year 2004. CNBC India Mutual Fund of the Year Award. 2003

pg. 44

UTI Nifty Index Fund wins Gold at ICRA Online. 2003 UTI Dynamic Equity Fund wins Silver at ICRA Online. 2003 UTI Growth Value Fund has been ranked by CRISIL. 2003

LATEST UTI Mutual Fund Net Asset Values of Open Ended UTI Funds Open Ended UTI Funds Amounts in crores UTI - CRTS 81 - Dividend Option UTI - CRTS 81 - Growth Option UTI - MIS-Growth UTI - MIS-Income UTI - MIS-ADVANTAGE-FLEXI DIVIDEND UTI - MIS-ADVANTAGE-GROWTH UTI - MIS-ADVANTAGE-MONTHLY DIVIDEND UTI - MIS-ADVANTAGE-MONTHLY PAYMENT UTI - Retirement Benefit Pension Fund UTI - Short Term Income Fund - Dividend Option UTI - Short Term Income Fund - Growth Option UTI - Short Term Income Fund -Institutional Dividend Option UTI - Short Term Income Fund -Institutional Growth Option UTI - Unit Linked Insurance Plan UTI Bond Fund-Growth (for rep. After 6 months- No Load) UTI Bond Fund-Income (for rep. Within 3 months) UTI C C BALANCED FUND UTI CC-BOND-Growth UTI CC-BOND-Income UTI Dynamic Bond Fund Dividend Option UTI Dynamic Bond Fund Growth Option UTI Mahila Unit Scheme - Dividend Option UTI Mahila Unit Scheme - Growth Option UTI - Treasury Advantage Fund - Institutional Monthly Dividend Option UTI - Treasury Advantage Fund - Retail Weekly Dividend Option UTI - Treasury Advantage Fund - Instn Quarterly Dividend Option

125.4982 172.5896 20.0232 11.7139 20.3168 20.3149 12.7199 20.3243 17.4142 12.7431 17.4588 10.6959 11.8395 16.5962 29.6831 11.8994 13.857 15.1992 15.1993 10.1251 10.9338 20.5188 20.5188 1029.2797 1058.4654 1000.2426

pg. 45

UTI - Treasury Advantage Fund - Quarterly Dividend Option UTI - Treasury Advantage Fund - Annaul Dividend Option UTI - Treasury Advantage Fund - Bonus Option UTI - Treasury Advantage Fund - Growth Option UTI - Treasury Advantage Fund - Institutional-Bonus Option UTI - Treasury Advantage Fund - Institutional-Daily Dividend UTI - Treasury Advantage Fund - Institutional-Growth UTI - Treasury Advantage Fund - Institutional-weekly Dividend UTI - Treasury Advantage Fund - Retail Monthly Dividend Option UTI - Treasury Advantage Fund- Daily Dividend Option UTI - Equity Fund-Growth Option UTI - Equity Fund-Income Option UTI - INDEX SELECT FUND-Growth Option UTI - INDEX SELECT FUND-Income Option UTI - Master Index Fund-Growth Option UTI - Master Index Fund-Income Option UTI - Master Plus Unit Scheme-Growth Option UTI - Master Plus Unit Scheme-Income Option UTI - Master Share-Growth Option UTI - Master Share-Income Option UTI - Master Value Fund-Growth Option UTI - Master Value Fund-Income Option UTI - MNC Fund (UGS 10000)-Growth Option UTI - MNC Fund (UGS 10000)-Income Option UTI - NIFTY Index Fund-Growth Option UTI - NIFTY Index Fund-Income Option UTI - TOP 100 Fund- Growth Option UTI - TOP 100 Fund-Income Option UTI - Wealth Builder Fund - Series II - Dividend Option UTI - Wealth Builder Fund - Series II - Growth Option UTI - Wealth Builder Fund - Series II - Instn Dividend Option UTI - Wealth Builder Fund - Series II - Instn Growth Option UTI Banking Sector Fund-Growth Option UTI Banking Sector Fund-Income Option UTI Contra Fund-Growth-Growth Option UTI Contra Fund-Income-Dividend Option

1333.4162 1381.6261 1714.0194 2571.3165 1601.7737 1000.2141 1368.8891 1005.4756 1041.8004 1045.8742 49.89 44.09 35.58 15.56 50.396 50.396 75.51 54.44 49.28 26.49 48.83 20.48 60.04 38.77 30.1847 15.3663 25.97 20.17 15.53 19.31 10.99 10.11 35.57 16.39 11.32 10.45

pg. 46

UTI Energy Fund-Growth Option UTI Energy Fund-Income Option UTI Pharma & Healthcare Fund-Growth Option UTI Pharma & Healthcare Fund-Income Option UTI Services Industries Fund-Growth Option UTI Services Industries Fund-Income Option UTI Software Fund-Growth Option UTI Software Fund-Income Option UTI Infrastructure Fund-Growth Option UTI Infrastructure Fund-Income Option UTI Leadership Equity Fund-Dividend-Dividend Option UTI Leadership Equity Fund-Growth-Growth option UTI Mid Cap Fund-Growth Option UTI Mid Cap Fund-Income Option UTI Opportunities Fund-Dividend Option UTI Opportunities Fund-Growth Option UTI Spread Fund - Dividend Option UTI Spread Fund - Growth Option UTI-Dividend Yield Fund.-Growth UTI-Dividend Yield Fund.-Income UTI-Transportation and Logistics Fund-Income Option UTI-Transpotation and Logistics Fund-Growth Option UTI - Variable Investment Scheme-Growth Option UTI - Variable Investment Scheme-Income Option UTI Balanced Fund-Growth UTI Balanced Fund-Income

9.77 11.06 38.42 29.7 49.61 21.33 17.12 14.43 27.46 15.61 12.62 13.61 29.48 20.1 13.04 25.83 12.0539 14.6534 30.02 13.3 12.75 25.48 17.3822 13.0672 73.93 20.95

The market share of the company as of 2010 is 4% of the entire market.

pg. 47

Reliance Mutual Fund

Reliance Mutual Fund ('RMF'/ 'Mutual Fund') is one of Indias leading Mutual Funds, with Average Assets Under Management (AAUM) of Rs. 1,01,577 Crores and an investor count of over 66.71 Lakh folios. (AAUM and investor count Jan-Mar 2011) Reliance Mutual Fund, a part of the Reliance Group, is one of the fastest growing mutual funds in India. RMF offers investors a well-rounded portfolio of products to meet varying investor requirements and has presence in 159 cities across the country. Reliance Mutual Fund constantly endeavors to launch innovative products and customer service initiatives to increase value to investors. Reliance Capital Asset Management Limited (RCAM) is the asset manager of Reliance Mutual Fund. RCAM a subsidiary of Reliance Capital Limited, which holds 93.37% of the paid-up capital of RCAM, the balance paid up capital being held by minority shareholders. Reliance Capital Ltd. is one of Indias leading and fastest growing private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital Ltd. has interests in asset management, life and general insurance, private equity and proprietary investments, stock broking and other financial services.

Sponsor Trustee

: Reliance Capital Limited : Reliance Capital Trustee Co. Limited

Investment Manager / : Reliance Capital Asset Management Limited

pg. 48

AMC Statutory Details : The Sponsor, the Trustee and the Investment Manager are incorporated under the Companies Act 1956. Latest Net Asset Values Net Asset Value

Scheme NAV Name Reliance Mutual Fund Open Ended Schemes (Income) Reliance Dynamic Bond Fund-Dividend Plan-Dividend Option Reliance Dynamic Bond-Growth PlanGrowth Option

Repurchase Price

Sale Price

Da

13.3006

13.1676

13.3006

13.2992

13.1662

13.2992

Reliance Floating Rate Fund - Short Term Plan - Dividend Plan-Daily Dividend Option Reliance Floating Rate Fund - Short Term Plan - Dividend Plan-Monthly Dividend Option Reliance Floating Rate Fund - Short Term Plan - Dividend Plan-Quarterly Dividend Option Reliance Floating Rate Fund - Short Term Plan - Dividend Plan-Weekly Dividend Option Reliance Floating Rate Fund - Short Term Plan - Growth-Growth Option Reliance Income Fund-Retail Plan - Annual Dividend Plan Reliance Income Fund-Retail Plan - Growth Plan Bonus Option Reliance Income Fund-Retail Plan - Growth Plan Growth Option Reliance Income Fund-Retail Plan - Half Yearly Dividend Plan Reliance Income Fund-Retail Plan - Monthly Dividend Plan Reliance Income Fund-Retail Plan Quarterly Dividend Plan

10.0665

10.0413

10.0665

10.1452

10.1198

10.1452

10.2269

10.2013

10.2269

10.0814

10.0562

10.0814

16.0422

16.0021

16.0422

12.6473

12.5208

12.6473

15.6671

15.5104

15.6671

33.2399

32.9075

33.2399

12.4442

12.3198

12.4442

10.2703

10.1676

10.2703

13.5023

13.3673

13.5023

3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20

pg. 49

Reliance Interval Fund Annual Interval Fund Series-I-Institutional Plan Growth Option Reliance Interval Fund Annual Interval Fund Series-I-Institutional Plan-Dividend Option Reliance Interval Fund Annual Interval Fund Series-I-Retail Plan Growth Option Reliance Interval Fund Annual Interval Fund Series-I-Retail Plan-Dividend Option Reliance Interval Fund-Monthly Interval Fund-Series-I-Institutional Plan-Dividend Option Reliance Interval Fund-Monthly Interval Fund-Series-I-Institutional Plan-Growth Option Reliance Interval Fund-Monthly Interval Fund-Series-I-Retail Plan Growth Option Reliance Interval Fund-Monthly Interval Fund-Series-I-Retail Plan-Dividend Option Reliance Interval Fund-Monthly Interval Fund-Series-II-Institutional Plan-Dividend Option Reliance Interval Fund-Monthly Interval Fund-Series-II-Institutional Plan-Growth Option Reliance Interval Fund-Monthly Interval Fund-Series-II-Retail Plan Growth Option Reliance Interval Fund-Monthly Interval Fund-Series-II-Retail Plan-Dividend Option Reliance Interval Fund-Quarterly Interval Fund Serie-II-Institutional Plan -Dividend Option Reliance Interval Fund-Quarterly Interval Fund Serie-II-Institutional Plan Growth Option Reliance Interval Fund-Quarterly Interval Fund Serie-II-Retail Plan Growth Option Reliance Interval Fund-Quarterly Interval Fund Serie-II-Retail Plan-Dividend Option Reliance Interval Fund-Quarterly Interval Fund-Series-I-Institutional Plan-Dividend

10.2736

10.2736

10.2736

10.2736

10.2736

10.2736

13.9292

13.9292

13.9292

10.2785

10.2785

10.2785

10.0371

10.0371

10.0371

13.7793

13.7793

13.7793

13.7412

13.7412

13.7412

10.0363

10.0363

10.0363

10.0044

10.0044

10.0044

13.7937

13.7937

13.7937

13.7552

13.7552

13.7552

10.0044

10.0044

10.0044

10.0573

10.0573

10.0573

13.9459

13.9459

13.9459

13.8430

13.8430

13.8430

10.0561

10.0561

10.0561

10.1504

10.1504

10.1504

3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au

pg. 50

Option Reliance Interval Fund-Quarterly Interval Fund-Series-I-Institutional Plan-Growth Option Reliance Interval Fund-Quarterly Interval Fund-Series-I-Retail Plan Growth Option Reliance Interval Fund-Quarterly Interval Fund-Series-I-Retail Plan-Dividend Option Reliance Interval Fund-Quarterly Interval Fund-Series-III-Institutional Plan-Dividend Option Reliance Interval Fund-Quarterly Interval Fund-Series-III-Institutional Plan-Growth Option Reliance Interval Fund-Quarterly Interval Fund-Series-III-Retail Plan Dividend Option Reliance Interval Fund-Quarterly Interval Fund-Series-III-Retail Plan Growth Option Reliance Medium Term Fund- Daily Dividend Plan Reliance Medium Term Fund- Weekly Dividend Plan Reliance Medium Term Fund-Retail Plan Growth Plan Bonus Option Reliance Medium Term Fund-Retail Plan Growth Plan Growth Option Reliance Medium Term Fund-Retail Plan Monthly Dividend Plan Reliance Medium Term Fund-Retail Plan Quarterly Dividend Plan Reliance Money Manager Fund-Institutional Plan Growth Option Reliance Money Manager Fund-Institutional Plan-Bonus Option Reliance Money Manager Fund-Institutional Plan-Daily Dividend Option Reliance Money Manager Fund-Institutional

11.1061

11.1061

11.1061

13.9881

13.9881

13.9881

10.1471

10.1471

10.1471

10.2249

10.2249

10.2249

13.8231

13.8231

13.8231

10.2202

10.2202

10.2202

13.7835

13.7835

13.7835

17.0959

17.0959

17.0959

17.0959

17.0959

17.0959

15.0777

15.0777

15.0777

21.1116

21.1116

21.1116

10.4132

10.4132

10.4132

10.9176

10.9176

10.9176

1389.2002

1389.2002 1389.2002

1254.8797

1254.8797 1254.8797

1001.3715

1001.3715 1001.3715

1008.9992

1008.9992 1008.9992

20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Ma 20 3 Au 20 3

pg. 51

Plan-Monthly Dividend Option Reliance Money Manager Fund-Institutional Plan-Quarterly Dividend Option Reliance Money Manager Fund-Institutional Plan-Weekly Dividend Option Reliance Money Manager Fund-Retail Plan Bonus Option Reliance Money Manager Fund-Retail Plan Growth Option Reliance Money Manager Fund-Retail PlanDaily Dividend Option Reliance Money Manager Fund-Retail PlanMonthly Dividend Option Reliance Money Manager Fund-Retail PlanQuarterly Dividend Option Reliance Money Manager Fund-Retail PlanWeekly Dividend option Reliance Monthly Income Plan-Growth Plan 1254.8797 1254.8797 1254.8797

1001.8698

1001.8698 1001.8698

1363.0385

1363.0385 1363.0385

1372.0661

1372.0661 1372.0661

1001.1218

1001.1218 1001.1218

1010.0940

1010.0940 1010.0940

1039.5821

1039.5821 1039.5821

1002.9398

1002.9398 1002.9398

21.8201

21.6019

21.8201

Reliance Monthly Income Plan-Monthly Dividend Plan Reliance Monthly Income Plan-Quarterly Diviend Plan Reliance Regular Savings Fund - Debt Option - Institutional Growth Reliance Regular Savings Fund - Debt Option - Institutional Quarterly Dividend Reliance Regular Savings Fund - Debt Option - Retail Growth Reliance Regular Savings Fund - Debt Option - Retail Quarterly Dividend Reliance Short Term Fund-Dividend Reinvestment Plan

10.6026

10.4966

10.6026

11.3618

11.2482

11.3618

13.9236

13.6451

13.9236

12.5749

12.3234

12.5749

13.7448

13.4699

13.7448

12.4872

12.2375

12.4872

10.6379

10.6379

10.6379

Au 20 3 Ma 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20

pg. 52

Reliance Short Term Fund-Growth Plan

18.9526

18.9526

18.9526

Reliance Short Term Fund-Quarterly Dividend Plan Open Ended Schemes (Growth) Reliance Arbitrage Advantage Fund Dividend Plan - Dividend Option Reliance Arbitrage Advantage Fund Growth Plan - Growth Option Reliance Banking Fund - Institutional Plan Bonus Option Reliance Banking Fund - Institutional Plan Dividend Option Reliance Banking Fund - Institutional Plan Growth Option Reliance Banking Fund-Dividend PlanDividend Option Reliance Banking Fund-Growth Plan-Bonus Option Reliance Banking Fund-Growth Plan-Growth Option Reliance Diversified Power Sector Fund Institutional Plan -Dividend Option Reliance Diversified Power Sector Fund Institutional Plan Growth Plan Bonus Option Reliance Diversified Power Sector Fund Institutional Plan Growth Plan Growth Option Reliance Diversified Power Sector FundDividend Plan-Dividend Reliance Diversified Power Sector FundGrowth-Bonus Reliance Diversified Power Sector FundGrowth-Growth

13.6559

13.6559

13.6559

3 Au 20 3 Au 20

10.7675

10.6598

10.7675

10.7675

10.6598

10.7675

10.0000

9.9000

10.0000

108.4580

107.3734

108.4580

7.9552

7.8756

7.9552

33.0710

32.7403

33.0710

88.4680

87.5833

88.4680

88.4678

87.5831

88.4678

78.6263

77.8400

78.6263

10.0000

9.9000

10.0000

0.0000

0.0000

0.0000

33.0358

32.7054

33.0358

58.1810

57.5992

58.1810

58.1810

57.5992

58.1810

3 Au 20 3 Au 20 0 Ap 20 2 Se 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 0 Au 20 0 Ap 20 1 Fe 20 3 Au 20 3 Au 20 3 Au 20

pg. 53

Reliance Equity Fund Institutional Plan Dividend Option Reliance Equity Fund Institutional Plan Growth Plan Bonus Option Reliance Equity Fund Institutional Plan Growth Plan Growth Option Reliance Equity Fund-Dividend PlanDividend Option Reliance Equity Fund-Growth Plan-Bonus Option Reliance Equity Fund-Growth Plan-Growth Option Reliance Equity Opportunities Fund Institutional Plan Dividend Option Reliance Equity Opportunities Fund Institutional Plan Growth Plan Bonus Option Reliance Equity Opportunities Fund Institutional Plan Growth Plan Growth Option Reliance Equity Opportunities FundDividend Plan-Dividend Option Reliance Equity Opportunities Fund-Growth Plan-Bonus Option Reliance Equity Opportunities Fund-Growth Plan-Growth Option Reliance Growth Fund Institutional Plan Dividend Option Reliance Growth Fund Institutional Plan Growth Plan Bonus Option Reliance Growth Fund Institutional Plan Growth Plan Growth Option Reliance Growth Fund-Dividend Plan-(D)

10.0000

9.9000

10.0000

10.0000

9.9000

10.0000

10.0000

9.9000

10.0000

12.0775

11.9567

12.0775

12.0775

11.9567

12.0775

12.0774

11.9566

12.0774

31.6606

31.3440

31.6606

10.0000

9.9000

10.0000

8.8326

8.7443

8.8326

21.6967

21.4797

21.6967

33.5569

33.2213

33.5569

33.5575

33.2219

33.5575

390.3864

386.4825

390.3864

10.0000

9.9000

10.0000

407.2534

403.1809

407.2534

45.8463

45.3878

45.8463

Reliance Growth Fund-Growth Plan-Bonus Option

66.9282

66.2589

66.9282

0 Ap 20 0 Ap 20 0 Ap 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 0 Ap 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 0 Ap 20 3 Au 20 3 Au 20 3 Au

pg. 54

Reliance Growth Fund-Growth Plan-Growth Option Reliance Index Fund - Nifty Plan - Dividend Plan - Annual Dividend Payout Option Reliance Index Fund - Nifty Plan - Dividend Plan - Half Yearly Dividend Payout Option Reliance Index Fund - Nifty Plan - Dividend Plan - Quarterly Dividend Payout Option Reliance Index Fund - Nifty Plan - Growth Plan - Bonus Option Reliance Index Fund - Nifty Plan - Growth Plan - Growth Option Reliance Index Fund - Sensex Plan - Annual Dividend Payout Option Reliance Index Fund - Sensex Plan Dividend Plan - Half Yearly Dividend Payout Option Reliance Index Fund - Sensex Plan Dividend Plan - Quarterly Dividend Payout Option Reliance Index Fund - Sensex Plan - Growth Plan - Bonus Option Reliance Index Fund - Sensex Plan - Growth Plan - Growth Option Reliance Infrastructure Fund- Institutional Plan-Bonus Option Reliance Infrastructure Fund- Institutional Plan-Dividend Option Reliance Infrastructure Fund- Institutional Plan-Growth Option Reliance Infrastructure Fund- Retail PlanBonus Option Reliance Infrastructure Fund- Retail PlanDividend Option Reliance Infrastructure Fund- Retail Plan-

403.5741

399.5384

403.5741

8.1936

8.1117

8.1936

8.1936

8.1117

8.1936

8.1936

8.1117

8.1936

8.1936

8.1117

8.1936

8.1936

8.1117

8.1936

8.0996

8.0186

8.0996

8.0996

8.0186

8.0996

8.0996

8.0186

8.0996

8.0996

8.0186

8.0996

8.0996

8.0186

8.0996

10.0000

9.9000

10.0000

7.2015

7.1295

7.2015

7.2012

7.1292

7.2012

7.1836

7.1118

7.1836

7.1836

7.1118

7.1836

7.1836

7.1118

7.1836

20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 0 Ap 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3

pg. 55

Growth Option Reliance Long Term Equity Fund -Dividend Plan Dividend Option Reliance Long Term Equity Fund -Growth Plan -Growth Option Reliance Media & Entertainment FundDividend Plan-Dividend Option Reliance Media & Entertainment FundGrowth Plan-Bonus Option Reliance Media & Entertainment FundGrowth Plan-Growth Option Reliance Natural Resources Fund Institutional Plan - Bonus Option Reliance Natural Resources Fund Institutional Plan - Dividend Option Reliance Natural Resources Fund Institutional Plan - Growth Option Reliance Natural Resources Fund-Dividend Plan-Dividend Option Reliance Natural Resources Fund-Growth Plan-Bonus Option Reliance Natural Resources Fund-Growth Plan-Growth Option Reliance NRI Equity Fund-Dividend PlanDividend Option Reliance NRI Equity Fund-Growth PlanBonus Option Reliance NRI Equity Fund-Growth PlanGrowth Option Reliance Pharma Fund-Dividend-Dividend 12.7511 12.6236 12.7511

14.2087

14.0666

14.2087

15.8353

15.6769

15.8353

25.5968

25.3408

25.5968

25.5968

25.3408

25.5968

10.0000

9.9000

10.0000

10.0000

9.9000

10.0000

10.0000

9.9000

10.0000

9.8230

9.7248

9.8230

9.8230

9.7248

9.8230

9.8230

9.7248

9.8230

18.4786

18.2938

18.4786

34.8448

34.4964

34.8448

34.8448

34.4964

34.8448

37.5488

37.1733

37.5488

Reliance Pharma Fund-Growth Plan-Bonus

53.9898

53.4499

53.9898

Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 0 Ap 20 0 Ap 20 0 Ap 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20

pg. 56

Reliance Pharma Fund-Growth Plan-Growth

53.9880

53.4481

53.9880

Reliance Quant Plus Fund- Institutional PlanBonus Option Reliance Quant Plus Fund- Institutional PlanDividend Option Reliance Quant Plus Fund- Institutional PlanGrowth Option Reliance Quant Plus Fund- Retail PlanBonus Option Reliance Quant Plus Fund- Retail PlanDividend Option Reliance Quant Plus Fund- Retail PlanGrowth Option Reliance Regular Savings Fund-EQUITY OPTION-Dividend Option Reliance Regular Savings Fund-EQUITY OPTION-Growth Option Reliance Small Cap Fund - Dividend Plan Dividend Option Reliance Small Cap Fund - Growth Plan Bonus Option Reliance Small Cap Fund - Growth Plan Growth Option Reliance Top 200 Fund-Institutional Plan Dividend Option Reliance Top 200 Fund-Institutional Plan Growth Plan Bonus Option Reliance Top 200 Fund-Institutional Plan Growth Plan Growth Option Reliance Top 200 Fund-Retail Plan Dividend Option Reliance Top 200 Fund-Retail Plan Growth Plan Bonus Option

10.0000

10.0000

10.0000

10.0000

10.0000

10.0000

10.9510

10.8415

10.9510

11.9882

11.8683

11.9882

9.7901

9.6922

9.7901

11.9882

11.8683

11.9882

19.1074

18.9163

19.1074

26.9268

26.6575

26.9268

8.9526

8.7735

8.9526

8.9526

8.7735

8.9526

8.9526

8.7735

8.9526

10.8515

10.7430

10.8515

11.7678

11.6501

11.7678

12.9474

12.8179

12.9474

10.6340

10.5277

10.6340

11.5497

11.4342

11.5497

3 Au 20 0 Ap 20 0 Ap 20 2 Ap 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 2 Au 20 3 Au 20 3 Au

pg. 57

Reliance Top 200 Fund-Retail Plan Growth Plan Growth Option Reliance Vision Fund Institutional Plan Dividend Option Reliance Vision Fund Institutional Plan Growth Plan Bonus Option Reliance Vision Fund Institutional Plan Growth Plan Growth Option Reliance Vision Fund-DIVIDEND PLAN-D

11.5497

11.4342

11.5497

218.6098

216.4237

218.6098

10.0000

9.9000

10.0000

242.2624

239.8398

242.2624

35.5945

35.2386

35.5945

Reliance Vision Fund-GROWTH PLANBonus Option Reliance Vision Fund-GROWTH PLANGrowth Option Open Ended Schemes (Balanced) Reliance Regular Savings Fund - Balanced Option - Dividend Plan Reliance Regular Savings Fund - Balanced Option - Growth Plan Open Ended Schemes (Liquid) Reliance Liquid Cash Plan-Bonus Option

40.7076

40.3005

40.7076

241.8547

239.4362

241.8547

20 3 Au 20 3 Au 20 0 Ap 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20

12.4254

12.3011

12.4254

20.4441

20.2397

20.4441

3 Au 20 3 Au 20

13.9018

13.9018

13.9018

Reliance Liquid Fund-Cash Plan-Bonus Plan (Growth) Reliance Liquid Fund-Cash Plan-Daily Dividend Option Reliance Liquid Fund-Cash Plan-Growth

14.1641

14.1641

14.1641

11.1415

11.1415

11.1415

16.4845

16.4845

16.4845

Reliance Liquid Fund-Cash Plan-Monthly Dividend Option Reliance Liquid Fund-Cash Plan-Quarterly Dividend Option Reliance Liquid Fund-Cash Plan-Weekly Dividend Option

10.0448

10.0448

10.0448

10.2062

10.2062

10.2062

10.9327

10.9327

10.9327

2 Ma 20 2 Au 20 0 Se 20 0 Se 20 0 Se 20 0 Se 20 0 Se

pg. 58

Reliance Liquid Fund-Institutional PlanDaily Dividend Option Reliance Liquid Fund-Institutional PlanGrowth Option Reliance Liquid Fund-Institutional PlanMonthly Dividend Reliance Liquid Fund-Institutional PlanWeekly Dividend Reliance Liquid Fund-Treasury PlanInstitutional Plan Quarterly Dividend Option Reliance Liquid Fund-Treasury Plan-Retail Option - Daily Dividend Option Reliance Liquid Fund-Treasury Plan-Retail Option - Growth Option Growth Plan Reliance Liquid Fund-Treasury Plan-Retail Option - Weekly Dividend Reliance Liquid Fund-Treasury Plan-Retail Plan Monthly Dividend Reliance Liquid Fund-Treasury Plan-Retail Plan Quarterly Dividend Option Reliance Liquidity Fund-Bonus Plan-Bonus Option Reliance Liquidity Fund-Dividend PlanDaily Dividend Reinvestment Reliance Liquidity Fund-Dividend PlanMonthly Dividend Plan Reliance Liquidity Fund-Dividend PlanQuarterly Dividend Plan Reliance Liquidity Fund-Dividend PlanWeekly Dividend Reinvesment Reliance Liquidity Fund-Growth PlanGrowth Option

15.2874

15.2874

15.2874

24.7598

24.7598

24.7598

21.7800

21.7800

21.7800

15.3249

15.3249

15.3249

10.0000

10.0000

10.0000

15.2428

15.2428

15.2428

24.2585

24.2585

24.2585

10.3560

10.3560

10.3560

13.3304

13.3304

13.3304

12.3609

12.3609

12.3609

10.0000

10.0000

10.0000

10.0051

10.0051

10.0051

10.0000

10.0000

10.0000

10.0000

10.0000

10.0000

10.0179

10.0179

10.0179

15.3142

15.3142

15.3142

20 0 Se 20 0 Se 20 0 Se 20 0 Se 20 0 Ap 20 0 Se 20 0 Se 20 0 Se 20 0 Se 20 0 Se 20 0 Ap 20 0 Se 20 0 Ap 20 0 Ap 20 0 Se 20 0 Se 20

pg. 59

Open Ended Schemes (Gilt) Reliance Gilt Securities Fund - Institutional Plan-Dividend Option Reliance Gilt Securities Fund - Institutional Plan-Growth Option Reliance Gilt Securities Fund - Retail PlanDividend Option Reliance Gilt Securities Fund - Retail PlanGrowth Option Reliance Gilt Securities Fund-Institutional Plan-P F Option-Automatic Annual Reinvest Option Reliance Gilt Securities Fund-Institutional Plan-P F Option-Automatic Capital Appreciation Payout Option Reliance Gilt Securities Fund-Institutional Plan-P F Option-Defined Maturity Date Option Reliance Gilt Securities Fund-Retail Plan-P F Option-Automatic Annual Reinvest Option Reliance Gilt Securities Fund-Retail Plan-P F Option-Automatic Capital Appreciation Payout Option Reliance Gilt Securities Fund-Retail Plan-P F Option-Defined Maturity Date Option Open Ended Schemes (ELSS) Reliance Tax Saver (ELSS) Fund-Dividend Plan-Dividend Option Reliance Tax Saver (ELSS) Fund-Growth Plan-Growth Option Open Ended Schemes (Fund of Funds - Domestic) Reliance Gold Savings Fund-Dividend PlanDividend Option Reliance Gold Savings Fund-Growth planGrowth Option Open Ended Schemes (GOLD ETFs) Reliance Gold Exchange Traded Fund2522.5070 2522.5070 2522.5070 12.8079 12.5517 12.8079 13.5198 13.5198 13.5198 10.0758 10.0758 10.0758

12.5196

12.5196

12.5196

9.9901

9.9901

9.9901

12.4918

12.4918

12.4918

11.7836

11.7836

11.7836

12.5196

12.5196

12.5196

11.7836

11.7836

11.7836

10.4705

10.4705

10.4705

12.4918

12.4918

12.4918

12.4918

12.4918

12.4918

1 Ma 20 3 Au 20 3 Au 20 3 Au 20 3 Ma 20 3 Au 20 3 Ma 20 3 Au 20 3 Au 20 3 Au 20

19.2194

19.2194

19.2194

3 Au 20 3 Au 20

12.8082

12.5520

12.8082

3 Au 20 3 Au 20

pg. 60

Dividend Payout Option Open Ended Schemes (Other ETFs) Reliance Banking Exchange Traded FundDividend Option Close Ended Schemes (Income) Reliance Dual Advantage Fixed Tenure Fund - I - Plan I - Dividend Payout Option Reliance Dual Advantage Fixed Tenure Fund - I - Plan I - Growth Option Reliance Dual Advantage Fixed Tenure Fund - I - Plan J - Dividend Payout Option Option Reliance Dual Advantage Fixed Tenure Fund - I - Plan J - Growth Option Reliance Dual Advantage Fixed Tenure Fund - I - Plan K - Dividend Payout Option Reliance Dual Advantage Fixed Tenure Fund - I - Plan K - Growth Option Reliance Dual Advantage Fixed Tenure Fund - I - Plan L - Dividend Payout Option Reliance Dual Advantage Fixed Tenure Fund - I - Plan L - Growth Option Reliance Dual Advantage Fixed Tenure Fund - Plan A - Dividend Payout option Reliance Dual Advantage Fixed Tenure Fund - Plan A - Growth option Reliance Dual Advantage Fixed Tenure Fund - Plan B - Dividend Payout Option Reliance Dual Advantage Fixed Tenure Fund - Plan B - Growth Option Reliance Dual Advantage Fixed Tenure Fund - Plan I - Dividend Payout Option Reliance Dual Advantage Fixed Tenure Fund - Plan I - Growth Option 10.0280 10.0280 10.0280 988.8138 988.8138 988.8138

Au 20

3 Au 20

10.0280

10.0280

10.0280

10.0671

10.0671

10.0671

10.0671

10.0671

10.0671

10.1438

10.1438

10.1438

10.1438

10.1438

10.1438

9.9766

9.9766

9.9766

9.9766

9.9766

9.9766

10.0392

10.0392

10.0392

10.6158

10.6158

10.6158

10.0243

10.0243

10.0243

10.0243

10.0243

10.0243

10.1129

10.1129

10.1129

10.2418

10.2418

10.2418

3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20

pg. 61

Reliance Fixed Horizon Fund - XIII - Series 5 - Dividend Payout Option Reliance Fixed Horizon Fund - XIII - Series 5 - Growth Option Reliance Fixed Horizon Fund - XIII - Series 6 - Dividend Payout Reliance Fixed Horizon Fund - XIII - Series 6 - Growth Reliance Fixed Horizon Fund - XIV - Series 10 - Dividend Payout Option Reliance Fixed Horizon Fund - XIV - Series 10 - Growth Option Reliance Fixed Horizon Fund - XIV - Series 2 - Dividend Payout Reliance Fixed Horizon Fund - XIV - Series 2- Growth Option Reliance Fixed Horizon Fund - XIV - Series 3 - Growth Option Reliance Fixed Horizon Fund - XIV - Series 3 Dividend Payout Reliance Fixed Horizon Fund - XIV - Series 5 - Dividend Payout Option Reliance Fixed Horizon Fund - XIV - Series 5 - Growth Option Reliance Fixed Horizon Fund - XIV - Series 7 - Dividend Payout Option Reliance Fixed Horizon Fund - XIV - Series 7 - Growth Option Reliance Fixed Horizon Fund - XIV - Series 8 - Dividend Payout Option Reliance Fixed Horizon Fund - XIV - Series 8 - Growth Option Reliance Fixed Horizon Fund - XIV - Series 9 - Dividend Payout Option

10.0000

10.0000

10.0000

11.1969

11.1969

11.1969

10.0000

10.0000

10.0000

11.2299

11.2299

11.2299

10.2735

10.2735

10.2735

10.8306

10.8306

10.8306

10.0000

10.0000

10.0000

11.0178

11.0178

11.0178

11.0572

11.0572

11.0572

10.2396

10.2396

10.2396

10.0086

10.0086

10.0086

10.8759

10.8759

10.8759

10.2645

10.2645

10.2645

11.0221

11.0221

11.0221

10.0096

10.0096

10.0096

11.0191

11.0191

11.0191

10.2683

10.2683

10.2683

2 Ju 20 2 Ju 20 2 Au 20 2 Au 20 3 Au 20 3 Au 20 2 Ju 20 2 Ju 20 3 Au 20 3 Au 20 3 Ma 20 1 Ju 20 3 Au 20 3 Au 20 3 Ma 20 3 Au 20 3 Au

pg. 62

Reliance Fixed Horizon Fund - XIV - Series 9 - Growth Option Reliance Fixed Horizon Fund - XIV-Series 4 - Dividend Payout Option Reliance Fixed Horizon Fund - XIV-Series 4 - Growth Option Reliance Fixed Horizon Fund - XIX - Series 1 - Dividend Payout Otpion Reliance Fixed Horizon Fund - XIX - Series 1 - Growth Otpion Reliance Fixed Horizon Fund - XIX - Series 10 - Dividend Payout Option Reliance Fixed Horizon Fund - XIX - Series 10 - Growth Option Reliance Fixed Horizon Fund - XIX - Series 11 - Dividend Payout Option Reliance Fixed Horizon Fund - XIX - Series 11 - Growth Option Reliance Fixed Horizon Fund - XIX - Series 12 - Dividend payout Option Reliance Fixed Horizon Fund - XIX - Series 12 - Growth Option Reliance Fixed Horizon Fund - XIX - Series 13 - Dividend Payout Option Reliance Fixed Horizon Fund - XIX - Series 13 - Growth Option Reliance Fixed Horizon Fund - XIX - Series 19 - Dividend payout Option Reliance Fixed Horizon Fund - XIX - Series 19 - Growth Option Reliance Fixed Horizon Fund - XIX - Series 2 - Dividend Payout Option Reliance Fixed Horizon Fund - XIX - Series

10.8939

10.8939

10.8939

10.2011

10.2011

10.2011

10.9804

10.9804

10.9804

10.2819

10.2819

10.2819

10.5096

10.5096

10.5096

10.2919

10.2919

10.2919

10.4310

10.4310

10.4310

10.2826

10.2826

10.2826

10.4494

10.4494

10.4494

10.2835

10.2835

10.2835

10.3390

10.3390

10.3390

10.2899

10.2899

10.2899

10.4506

10.4506

10.4506

10.3107

10.3107

10.3107

10.3107

10.3107

10.3107

10.2738

10.2738

10.2738

10.4728

10.4728

10.4728

20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3

pg. 63

2 - Growth Option Reliance Fixed Horizon Fund - XIX - Series 20 - Dividend payout Option Reliance Fixed Horizon Fund - XIX - Series 20 - Growth Option Reliance Fixed Horizon Fund - XIX - Series 21 - Dividend Payout Option Reliance Fixed Horizon Fund - XIX - Series 21 - Growth Option Reliance Fixed Horizon Fund - XIX - Series 22 - Dividend Payout Option Reliance Fixed Horizon Fund - XIX - Series 22 - Growth Option Reliance Fixed Horizon Fund - XIX - Series 3 - Dividend payout Option Reliance Fixed Horizon Fund - XIX - Series 3 - Growth Option Reliance Fixed Horizon Fund - XIX - Series 4 - Dividend Payout Option Reliance Fixed Horizon Fund - XIX - Series 4 - Growth Option Reliance Fixed Horizon Fund - XIX - Series 5 - Dividend payout Option Reliance Fixed Horizon Fund - XIX - Series 5 - Growth Option Reliance Fixed Horizon Fund - XIX - Series 6 - Dividend Payout Option Reliance Fixed Horizon Fund - XIX - Series 6 - Growth Option Reliance Fixed Horizon Fund - XIX - Series 7 - Dividend Payout Option Reliance FIxed Horizon Fund - XIX - Series 7 - Growth Option 10.2644 10.2644 10.2644

10.2644

10.2644

10.2644

10.1568

10.1568

10.1568

10.1568

10.1568

10.1568

10.1064

10.1064

10.1064

10.1064

10.1064

10.1064

10.2667

10.2667

10.2667

10.3193

10.3193

10.3193

10.2882

10.2882

10.2882

10.3212

10.3212

10.3212

10.2600

10.2600

10.2600

10.2600

10.2600

10.2600

10.1765

10.1765

10.1765

10.1765

10.1765

10.1765

10.2946

10.2946

10.2946

10.4865

10.4865

10.4865

Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20

pg. 64

Reliance Fixed Horizon Fund - XIX - Series 8 - Dividend Payout Option Reliance Fixed Horizon Fund - XIX - Series 8 - Growth Option Reliance Fixed Horizon Fund - XIX - Series 9 - Dividend Payout Option Reliance Fixed Horizon Fund - XIX - Series 9 - Growth Option Reliance Fixed Horizon Fund - XV - Series 6 - Dividend Payout Option Reliance Fixed Horizon Fund - XV - Series 6 - Growth Option Reliance Fixed Horizon Fund - XV - Series 7 - Dividend Payout Option Reliance Fixed Horizon Fund - XV - Series 7 - Growth Option Reliance Fixed Horizon Fund - XV - Series 8 - Dividend Payout Option Reliance Fixed Horizon Fund - XV - Series 8 - Growth Option Reliance Fixed Horizon Fund - XV - Series 9 - Dividend Payout Option Reliance Fixed Horizon Fund - XV - Series 9 - Growth Option Reliance Fixed Horizon Fund - XVI - Series 1 - Dividend Payout Option Reliance Fixed Horizon Fund - XVI - Series 1 - Growth Option Reliance Fixed Horizon Fund - XVI - Series 2 - Dividend Payout Option Reliance Fixed Horizon Fund - XVI - Series 2 - Growth Option Reliance Fixed Horizon Fund - XVI - Series 3 - Dividend Payout Option

10.2817

10.2817

10.2817

10.4843

10.4843

10.4843

10.2783

10.2783

10.2783

10.4534

10.4534

10.4534

10.0000

10.0000

10.0000

10.6878

10.6878

10.6878

10.0000

10.0000

10.0000

10.7835

10.7835

10.7835

10.2403

10.2403

10.2403

10.8149

10.8149

10.8149

10.2509

10.2509

10.2509

10.7366

10.7366

10.7366

10.2597

10.2597

10.2597

10.7343

10.7343

10.7343

10.2655

10.2655

10.2655

10.6626

10.6626

10.6626

10.2600

10.2600

10.2600

3 Au 20 3 Au 20 3 Au 20 3 Au 20 0 Ju 20 0 Ju 20 2 Au 20 2 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au

pg. 65

Reliance Fixed Horizon Fund - XVI - Series 3 - Growth Option Reliance Fixed Horizon Fund - XVI - Series - 4 - Dividend Payout Option Reliance Fixed Horizon Fund - XVI - Series - 4 - Growth Option Reliance Fixed Horizon Fund - XVI - Series 5 - Dividend Payout Option Reliance Fixed Horizon Fund - XVI - Series 5 - Growth Option Reliance Fixed Horizon Fund - XVI - Series 6 - Dividend Payout Option Reliance Fixed Horizon Fund - XVI - Series 6 - Growth Option Reliance Fixed Horizon Fund - XVI - Series 7 - Dividend Payout Option Reliance Fixed Horizon Fund - XVI - Series 7 - Growth Option Reliance Fixed Horizon Fund - XVI - Series 8 - Dividend Payout Option Reliance Fixed Horizon Fund - XVI - Series 8 - Growth Option Reliance Fixed Horizon Fund - XVII - Series 1 - Dividend Payout Option Reliance Fixed Horizon Fund - XVII - Series 1 - Growth Option Reliance Fixed Horizon Fund - XVII - Series 13 - Dividend Payout Option Reliance Fixed Horizon Fund - XVII - Series 13 - Growth Option Reliance Fixed Horizon Fund - XVII - Series 2 - Dividend Payout Option Reliance Fixed Horizon Fund - XVII - Series

10.6297

10.6297

10.6297

10.2559

10.2559

10.2559

10.6291

10.6291

10.6291

10.2634

10.2634

10.2634

10.6313

10.6313

10.6313

10.2632

10.2632

10.2632

10.6360

10.6360

10.6360

10.2676

10.2676

10.2676

10.7202

10.7202

10.7202

10.2688

10.2688

10.2688

10.6775

10.6775

10.6775

10.2632

10.2632

10.2632

10.6293

10.6293

10.6293

10.2948

10.2948

10.2948

10.5571

10.5571

10.5571

10.2688

10.2688

10.2688

10.5864

10.5864

10.5864

20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3

pg. 66

2 - Growth Option Reliance Fixed Horizon Fund - XVII - Series 3 - Dividend Payout Option Reliance Fixed Horizon Fund - XVII - Series 3 - Growth Option Reliance Fixed Horizon Fund - XVII - Series 4 - Dividend Payout Option Reliance Fixed Horizon Fund - XVII - Series 4 - Growth Option Reliance Fixed Horizon Fund - XVII - Series 5 - Dividend Payout Option Reliance Fixed Horizon Fund - XVII - Series 5 - Growth Option Reliance Fixed Horizon Fund - XVII - Series 6 - Dividend Payout Option Reliance Fixed Horizon Fund - XVII - Series 6 - Growth Option Reliance Fixed Horizon Fund - XVII - Series 7 - Dividend Payout Option Reliance Fixed Horizon Fund - XVII - Series 7 - Growth Option Reliance Fixed Horizon Fund - XVIII Series 1 - Dividend Payout Option Reliance Fixed Horizon Fund - XVIII Series 1 - Growth Option Reliance Fixed Horizon Fund - XVIII Series 10 - Dividend payout Option Reliance Fixed Horizon Fund - XVIII Series 10 - Growth Option Reliance Fixed Horizon Fund - XVIII Series 11 - Dividend payout Option Reliance Fixed Horizon Fund - XVIII Series 11 - Growth Option 10.2482 10.2482 10.2482

10.5365

10.5365

10.5365

10.2684

10.2684

10.2684

10.5827

10.5827

10.5827

10.2630

10.2630

10.2630

10.5647

10.5647

10.5647

10.2616

10.2616

10.2616

10.5560

10.5560

10.5560

10.2702

10.2702

10.2702

10.5369

10.5369

10.5369

10.0000

10.0000

10.0000

10.4633

10.4633

10.4633

10.0000

10.0000

10.0000

10.2292

10.2292

10.2292

10.2370

10.2370

10.2370

10.2370

10.2370

10.2370

Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 1 Ju 20 1 Ju 20 2 Ju 20 2 Ju 20 3 Au 20 3 Au 20

pg. 67

Reliance Fixed Horizon Fund - XVIII Series 12 - Dividend payout Option Reliance Fixed Horizon Fund - XVIII Series 12 - Growth Option Reliance Fixed Horizon Fund - XVIII Series 3 -Dividend Payout Option Reliance Fixed Horizon Fund -XVIII - Series 3-Growth Option Reliance Fixed Horizon Fund - XVIII Series 7 - Dividend Payout Option Reliance Fixed Horizon Fund - XVIII Series 7 - Growth Option Reliance Fixed Horizon Fund - XVIII Series 8 - Dividend payout Option Reliance Fixed Horizon Fund - XVIII Series 8 - Growth Option Reliance Fixed Horizon Fund - XVIII Series 9 - Dividend payout Option Reliance Fixed Horizon Fund - XVIII Series 9 - Growth Option Reliance Fixed Horizon Fund - XX - Series 1 - Dividend Payout Option Reliance Fixed Horizon Fund - XX - Series 1 - Growth Option Reliance Fixed Horizon Fund - XX - Series 19 - Dividend payout Option Reliance Fixed Horizon Fund - XX - Series 19 - Growth Option Reliance Fixed Horizon Fund - XX - Series 2 - Dividend Payout Option Reliance Fixed Horizon Fund - XX - Series 2 - Growth Option Reliance Fixed Horizon Fund - XX - Series 20 - Dividend Payout Option

10.2696

10.2696

10.2696

10.2696

10.2696

10.2696

10.0000

10.0000

10.0000

10.4920

10.4920

10.4920

10.2636

10.2636

10.2636

10.4310

10.4310

10.4310

10.2590

10.2590

10.2590

10.3373

10.3373

10.3373

10.0000

10.0000

10.0000

10.2121

10.2121

10.2121

10.1924

10.1924

10.1924

10.1924

10.1924

10.1924

10.2225

10.2225

10.2225

10.2225

10.2225

10.2225

10.1754

10.1754

10.1754

10.1754

10.1754

10.1754

10.1722

10.1722

10.1722

3 Au 20 3 Au 20 2 Au 20 2 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 2 Ju 20 2 Ju 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au

pg. 68

Reliance Fixed Horizon Fund - XX - Series 20 - Growth Option Reliance Fixed Horizon Fund - XX - Series 21 - Dividend Payout Option Reliance Fixed Horizon Fund - XX - Series 21 - Growth Option Reliance Fixed Horizon Fund - XX - Series 22 - Dividend Payout Option Reliance Fixed Horizon Fund - XX - Series 22 - Growth Option Reliance Fixed Horizon Fund - XX - Series 23 - Dividend Payout Option Reliance Fixed Horizon Fund - XX - Series 23 - Growth Option Reliance Fixed Horizon Fund - XX - Series 24 - Dividend Payout Option Reliance Fixed Horizon Fund - XX - Series 24 - Growth Option Reliance Fixed Horizon Fund - XX - Series 3 - Dividend Payout Option Reliance Fixed Horizon Fund - XX - Series 3 - Growth Option Reliance Fixed Horizon Fund - XX - Series 4 - Dividend Payout Option Reliance Fixed Horizon Fund - XX - Series 4 - Growth Option Close Ended Schemes (ELSS) Reliance Equity Linked Saving Fund - Series I - Dividend Plan - Dividend Option Reliance Equity Linked Saving Fund - Series I - Growth Plan - Growth Option

10.1722

10.1722

10.1722

10.1785

10.1785

10.1785

10.1785

10.1785

10.1785

10.1391

10.1391

10.1391

10.1391

10.1391

10.1391

10.0623

10.0623

10.0623

10.0623

10.0623

10.0623

10.0362

10.0362

10.0362

10.0362

10.0362

10.0362

10.0998

10.0998

10.0998

10.0998

10.0998

10.0998

10.0109

10.0109

10.0109

10.0109

10.0109

10.0109

20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20 3 Au 20

12.9803

12.5880

12.9803

12.9803

12.5880

12.9803

3 Au 20 3 Au 20

pg. 69

SPONSOR Reliance Capital Limited Corporate Office Fosbery Road, Opposite REAY Road Station (E), Mumbai 400 033. TRUSTEE Reliance Capital Trustee Co. Limited Registered Office EO1, Reliance Greens, Village Motikhavdi, District Jamnagar 361 140, Gujarat. Corporate Office: Kamala Mills Compound, Trade World, B Wing, 7th Floor, S.B.Marg, Lower Parel (W), Mumbai 400 013. ASSET MANAGEMENT COMPANY Reliance Capital Asset Management Limited Registered Office EO1, Reliance Greens, Village Motikhavdi, District Jamnagar 361 140, Gujarat. Corporate Office: Kamala Mills Compound, Trade World, B Wing, 7th Floor, S.B.Marg, Lower Parel (W), Mumbai 400 013. REGISTRAR AND TRANSFER AGENT Karvy Computershare Private Ltd (Formerly known as Karvy Consultants Ltd.) 21, Road No. 4, Street No.1, Banjara Hills, Hyderabad 500 034 CUSTODIAN Deutsche Bank, Mumbai Kodak House, Ground Floor, 222, Dr. D.N.Road, Fort, Mumbai 400001 AUDITORS TO THE FUND Haribhakti & Co. Chartered Accountants 42, Free Press House Nariman Point, Mumbai 400 021. LEGAL ADVISORS Amarchand & Mangaldas & Suresh A. Shroff & Co. Peninsula Chambers, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400 013.

S P O N S O R C O M P A NY

pg. 70

Reliance Capital Limited Reliance Capital Asset Management Limited is a wholly owned subsidiary of Reliance Capital Limited, the sponsor. The entire paid-up capital (100%) of Reliance Capital Asset Management Limited is held by Reliance Capital Limited. Reliance Mutual Fund (RMF) has been sponsored by Reliance Capital Ltd. (RCL). RCL has been promoted by Reliance Industries Limited (RIL), one of India's largest private sector enterprise and AAA Enterprises (P) Limited. RIL has a net worth of Rs.40,483 crores as on March 31, 2005 and currently has a large family of shareholders. Reliance Capital Limited is a Non Banking Finance Company engaged in leasing, investment and other fund based activities. The net worth of RCL is Rs. 1,437.92 crores as on March 31, 2005. Given below is a summary of RCL's financials:

Research Methodology Title A comparative analysis on products and market of the mutual funds industry through three companies.

Objectives To study the current growth of mutual fund industry industry. To study and analyze the major players prominent in the mutual funds

industry. To compare the product differentiation, segmentation of all the three

companies. To compare the process and productivity, strategic management techniques

and competitive strategies adopted by the companies prevalent in the stationery industry Scope To study the companies penetrating in the mutual funds industry. The study is based mainly on Indian market but having an idea of the international market also. To throw light on risks and uncertainties ventured by the mutual funds industry.

pg. 71

Methodology of Data Collection Method

Newspapers, magazines, and the company websites include some of the secondary sources of information. Websites

Table of Sources used to do gather secondary data Sn. No 1. Source Mutual Funds in India: A Financial Service in the Capital Market by Nalini Prava Thripathi Source: Finance India Vol X No. 1 March 1996 (Pages 8591) 2. Development of Mutual Funds around the world by Leora Klapper, Victor Sulla and Dimitri Vittas 3. The Evolution of Mutual Funds Industry by A P Kurian Source : Association of Mutual Funds in India presentation made in the XXII IIFA Conference in Montreal, Canada 6th to 9th Oct 3008 4. KPMG analysis of the Indian Mutual Funds market Source:

http://www.in.kpmg.com/tl_files/pictures/mutual-fund-web.pdf 5. KPMG analysis of the UTI Mutual Fund Source

http://www.in.kpmg.com/tl_files/tiutis/tual-fund-web.pdf 6. 7. 8. 9. Introduction to Mutual Funds Source: www.appuonline.com http://www.mutualfundsindia.com http://indiabudget.nic.in/es2001-02/chapt2002/chap45.pdf The Mutual Funds Journal of India

pg. 72

10.

Mutual Funds in India - PSU & Private - Market Share Trends - June 2009 in the Social Science Research Network :

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1752067 by Jaganathan Thunglta 11. http://en.wikipedia.org/wiki/Mutual_fund#History preliminary research 12. 13. 14. 15. 16. 17. 18. Securities and Exchange Board of India for guidelines UTI Asset Management Company website Tata Asset Management Company website Reliance Asset Management Company website www.moneycontrol.com for present financial positions KPMG research on mutual funds for graphs and diagrams Ernst and Young research on the failure of Indian Mutual Fund market for present market share. 19. The Association of Mutual Funds, printing of net asset values. All values taken here are from the Association of Mutual Funds in India 20. 21. 22. The Economic Times, January 2011 to March 2011 The Financial Times Outlook Money Feb 2010 issue Wikipedia for

Limitations The information is only secondary.

The mutual funds industry is one of the most monitored industries in India due to the huge amount of monetary assets involved and therefore financial statements of the companies isnt easily available. The Net Asset Values change every week and therefor the NAVs as applicable are on the date written next to it and does not necessarily define the current position of the company

The Mutual Funds industry is extremely volatile and is undergoing a down phase in the Indian economy and therefore the market share of companies may not remain the same and the market share given is only an approximation given as per as KPMG study.

pg. 73

pg. 74

Comparative Analysis

S.W.O.T Analysis (Strengths Weaknesses Opportunities and Threats Analysis)

Strengths UTI Mutual Fund Oldest Mutual Reliance Mutual Fund One of the biggest players market Highest amount of government backing therefore safe and Highly innovative products leading to mass acceptance Systematic Functioning leading to higher returns Experienced Largest number of products Best growth funds in the industry due to the experience the company has. The Women Most amount of and benefit in the Tata Mutual Fund Branded and Tata backing makes the company the most trusted management company industry Clean systematic huge variety Focus on specific growth plans which attracts young plans, and in asset

Fund Company in India.

retirement growth plans

investors leading to a very stable base of customers High expertise and professional in its approach.

specific plans have been a big hit for the company

pg. 75

Weakness As they had a for a Crisis in promoters company and the Reliance name may affect the company Lacks experience Volatile Investments invites higher needed risk but than also Narrow investment portfolio even

monopoly many decades

though they have many schemes A very structured plan leading process to

laid back attitude has reduced their market minimal Unprofessional and sluggish approach till off late has not clicked for them at all creating share to

investments made only for Tata

brings in younger investors

companies. Heavy backing of promoters of other Tata makes open all companies offering market

financial problems Lacks variety

funds difficult Opportunities Due to government backing, they can easily buck up with better products in the portfolio The industry sluggish also The company infrastructure heavy holdings provides a parent has and Investment funds

for healthcare and gender specific

industry which new

funds like the UTI Mahila Funds Creation of growth funds for the Udyog

avenue of fundsInvestment in Infra development The possibility of bringing sector about specific

means that UTI MF is one of the only companies that can sustain in the

evergreen education sector. Investments in out of Tata companies to start expanding its base With the available

market due to the public backing Use experience to sector

funds like the Tata Mutual Fund Higher private

pg. 76

bring effective in

about changes of

participation provides more

goodwill and name it would be advised that TATA AMC open up for other more risky funds like dividend and open ended infra funds

the types

stable free flowing monetary which can base help

funds they offer in the market today Growth funds on education

expand operations of the AMC

Threats The slow fade of the mutual funds industry The RBI crunching of money for The slow fade of the mutual funds industry The RBI crunching of money for The slow fade of the mutual funds industry The RBI crunching of money for

inflation control Sluggish operations and private players can doom UTI Lack of effective and touchy funds

inflation control

inflation control

pg. 77