RELIANCE MUTUAL FUND

OFFER DOCUMENT
RELIANCE LIQUIDITY FUND
AN OPEN-ENDED LIQUID SCHEME

Purchase and Redemption of units on an ongoing basis at applicable NAV based prices

SPONSOR
Reliance Capital Limited
Corporate Office: H Block, 1st Floor,
Dhirubhai Ambani Knowledge City,
Koparkhairne, Navi Mumbai - 400 710.
Tel. 022 – 30327000, Fax. 022 – 30327202

TRUSTEE
Reliance Capital Trustee Co. Limited
Corporate Office: Express Building (4th & 6th Floor),
14, 'E' Road, Churchgate,
Opp. Churchgate Station, Mumbai 400 020.
Tel. 022 – 3041 4800, Fax. 022 – 3041 4899

INVESTMENT MANAGER
Reliance Capital Asset Management Limited
Corporate Office: Express Building (4th & 6th Floor),
14, 'E' Road, Churchgate,
Opp. Churchgate Station, Mumbai 400 020.
Tel. 022 – 3041 4800, Fax. 022 – 3041 4899

REGISTRAR
Karvy Computershare (P) Limited
Karvy Plaza, 21, Road No.4, Street No.1,
Banjara Hills, Hyderabad – 500 034
Tel: 040- 2331 2454, Fax: 040 –2331 1968
CUSTODIAN:
Deutsche Bank
Kodak House, Ground Floor, Mumbai – 400 001
AUDITORS TO THE SCHEME
Haribhakti & Co.
42, Free Press House, Nariman Point, Mumbai - 400 021
INVESTORS SHOULD NOTE THAT

This Offer Document sets forth concisely the information that a prospective investor ought to know before
investing. Investors should carefully read the Offer Document before making an investment decision.

This Offer Document remains effective until a ‘material change’ (other than a change in Fundamental Attributes
and within the purview of the offer document) occurs. Material changes will be filed with Securities and Exchange
Board of India (SEBI) and circulated to the Unitholders or may be publicly notified by advertisements in the
newspapers, subject to the applicable Regulations.

The Scheme particulars have been prepared in accordance with the Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996, as amended till date and the Offer Document has been filed with SEBI. The
Units being offered for public subscription have neither been approved nor disapproved by SEBI, nor has SEBI
certified the accuracy or adequacy of this Offer Document.

No person has been authorized to give any information or to make any representations not confirmed in this Offer
Document, in connection with the Offer Document or the issue of Units, and any information or representations
not contained herein must not be relied upon as having been authorized by the Mutual Fund or the Asset
Management Company.

This Offer Document has been updated up to June 5, 2007.

PLEASE RETAIN THIS OFFER DOCUMENT FOR FUTURE REFERENCE.

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 I. HIGHLIGHTS, RISK FACTORS AND DUE DILIGENCE

HIGHLIGHTS
1. The sponsor of the Fund is Reliance Capital Limited (RCL) having a net worth of over Rs. 5161.23 Crores as
on March 31, 2007

2. Choice of Investment options:

¾ Growth Option
¾ Daily Dividend Reinvestment Option
¾ Weekly Dividend Reinvestment Option
¾ Monthly Dividend Payout Option
¾ Monthly Dividend Reinvestment Option
¾ Quarterly Dividend Payout Option
¾ Quarterly Dividend Reinvestment Option
¾ Bonus Option

3. Investment Objective - The investment objective of the Scheme is to generate optimal returns consistent with
moderate levels of risk and high liquidity. Accordingly, investments shall predominantly be made in Debt and
Money Market Instruments.

4. Transparency

ƒ The NAV will be calculated and disclosed at the close of every Working Day which shall be published in
at least two daily newspapers and also uploaded on the AMFI website by 9.00 pm on every working day.
and Reliance Mutual Fund website i.e. www.reliancemutual.com.
ƒ Publication of Abridged Half-yearly Financial Extracts in the Publications or as may be prescribed under
the Regulations from time to time.
ƒ Communication of Portfolio on a half-yearly basis to the Unit holders directly or through the Publications
or as may be prescribed under the Regulations from time to time.
ƒ Despatch of the Annual Reports of the respective Schemes within the stipulated period as required under
the Regulations.

5. Liquidity
As per SEBI Regulations, the Mutual Fund shall despatch Redemption proceeds within 10 Working Days of
receiving a valid Redemption request. A penal interest of 15% per annum or such other rate as may be prescribed
by SEBI from time to time, will be paid in case the Redemption proceeds are not made within 10 Working Days of
the date of receipt of a valid Redemption request.

6. Flexibility
Unitholders will have the flexibility to alter the allocation of their investments among the scheme(s) offered by the
Mutual Fund, in order to suit their changing investment needs, by easily switching between the scheme(s) /
plans/options of the Mutual Fund.
7. Repatriation
Full Repatriation benefits would be available to NRIs and FIIs, subject to applicable conditions / Regulations.

RISK FACTORS AND SPECIAL CONSIDERATIONS

GENERAL RISK FACTORS
1. Mutual Funds and securities investments are subject to market risks and there is no assurance or
guarantee that the objectives of the Scheme will be achieved.

2. As with any investment in securities, the NAV of the Units issued under the Scheme can go up or down
depending on the factors and forces affecting the capital markets.

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3. Past performance of the Sponsor/ AMC/ Mutual Fund does not indicate the future performance of the
Scheme.

4. Reliance Liquidity Fund is only the name of the Scheme and does not in any manner indicate either the
quality of the Scheme, its future prospects or returns.

5. The Sponsor is not responsible or liable for any loss resulting from the operation of the Scheme beyond
their initial contribution of Rs.1 lakh towards the setting up of the Mutual Fund and such other accretions
and additions to the corpus.

6. The Mutual Fund is not guaranteeing or assuring any dividend. The Mutual Fund is also not assuring that
it will make periodical dividend distributions, though it has every intention of doing so. All dividend
distributions are subject to the availability of distributable surplus in the Scheme.

SCHEME SPECIFIC RISK FACTORS

1. Trading volumes and settlement periods may restrict liquidity in equity and debt investments.

2. Investment in Debt is subject to price, credit, and interest rate risk.

3. The NAV of the Scheme may be affected, inter alia, by changes in the market conditions, interest rates,
trading volumes, settlement periods and transfer procedures.

4. Although, the objective of the Fund is to generate optimal returns, the objective may or may not be
achieved. The investors may note that if the AMC/Investment Manager is not able to make right decision
regarding the timing of increasing exposure in debt securities in times of falling equity market, it may
result in negative returns. Given the nature of scheme, the portfolio turnover ratio may be on the higher
side commensurate with the investment decisions and Asset Allocation of the Scheme. At times, such
churning of portfolio may lead to losses due to subsequent negative or unfavorable market movements.

5. The liquidity of the Scheme’s investments may be inherently restricted by trading volumes, settlement
periods and transfer procedures. In the event of an inordinately large number of redemption requests, or
of a re-structuring of the Scheme’s investment portfolio, these periods may become significant. Please
read the Sections of this Offer Document entitled “Special Considerations” and “Right to Limit
Redemptions”.

6. RISK FACTOR ASSOCIATED WITH OVERSEAS INVESTMENT:

The Fund may invest in overseas equities / ADR's / GDR's with the approval of RBI/SEBI, subject to such
guidelines as may be issued by RBI/SEBI. The net assets, distributions and income of the scheme may be
affected adversely by fluctuations in the value of certain foreign currencies relative to the Indian Rupee to
the extent of investments in these securities. Repatriation of such investment may also be affected by
changes in the regulatory and political environments. The scheme's NAV may also be affected by a
fluctuation in the general and specific level of interest rates internationally, or the change in the credit
profiles of the issuers.

7. The Mutual Fund is not assuring or guaranteeing that it will be able to make regular periodical
distributions/distribute bonus units to its Unit holders though it has every intention to manage the portfolio
so as to make periodical income/bonus distributions to Unit holders.
Periodical distributions will be dependent on the returns achieved by the Asset Management Company
through the active management of the portfolio. Periodical distributions may therefore vary from period to
period, based on investment results of the portfolio.

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8. Risks attached with the use of derivatives:
a. Derivatives are high risk, high return instruments as they may be highly leveraged. A small price
movement in the underlying security could have a large impact on their value and may also result in a loss.
b. Use of derivatives require an understanding of not only the underlying instrument but also of the
derivative itself.
c. Other risks include, the risk of mis-pricing or improper valuation and the inability of derivatives to
correlate perfectly with underlying assets, rates and indices.
d. As and when the Scheme trades in the derivatives market there are risk factors and issues concerning
the use of derivatives that investors should understand. Derivative products are specialized instruments
that require investment techniques and risk analysis different from those associated with stocks and bonds.
The use of a derivative requires an understanding not only of the underlying instrument but of the
derivative itself. Derivatives require the maintenance of adequate controls to monitor the transactions
entered into, the ability to assess the risk that a derivative adds to the portfolio and the ability to forecast
price or interest rate movements correctly. There is a possibility that a loss may be sustained by the
portfolio as a result of the failure of another party (usually referred to as the “counterparty”) to comply with
the terms of the derivatives contract. Other risks in using derivatives include the risk of mispricing or
improper valuation of derivatives and the inability of derivatives to correlate perfectly with underlying
assets, rates and indices.
e. Derivative products are leveraged instruments and can provide disproportionate gains as well as
disproportionate losses to the investor.
Execution of such strategies depends upon the ability of he fund manager to identify such opportunities.
Identification and execution of the strategies to be pursued by the fund manager involve uncertainty and
decision of fund manager may not always be profitable.
No assurance can be given that the fund manager will be able to identify or execute such strategies.
f. The risks associated with the use of derivatives are different from or possibly greater than, the risks
associated with investing directly in securities and other traditional investments.

9. A Unitholder in Reliance Liquidity Fund should be aware of the risks generally associated with
investments in the fixed income and money market instruments. Given below are some of the common
risks associated with investments in fixed income and money market securities. These risks include but
are not restricted to:
Interest Rate Risk: As with all debt securities, changes in interest rates will affect the Scheme’s Net
Asset Value; as the prices of securities generally increase as interest rates decline and generally
decrease as interest rates rise. Prices of longer-term securities generally fluctuate more in response to
interest rate changes than in the case of shorter-term securities. Interest rate movements in the Indian
debt markets can be volatile leading to the possibility of large price movements up or down in debt and
money market securities and thereby to possibly large movements in the NAV.
Liquidity or Marketability Risk: This refers to the ease at which a security can be sold at or near its true
value. The primary measure of liquidity risk is the spread between the bid price and the offer price quoted
by a dealer. Liquidity risk is characteristic of the Indian fixed income market.
Credit Risk: Credit risk or default risk refers to the risk which may arise due to default on the part of the
issuer of the fixed income security (i.e. will be unable to make timely principal and interest payments on
the security). Because of this risk debentures are sold at a yield spread above those offered on Treasury
securities which are sovereign obligations and generally considered to be free of credit risk. Normally, the
value of a
fixed income security will fluctuate depending upon the actual changes in the perceived level of credit risk
as well as the actual event of default.
Reinvestment Risk: This risk refers to the interest rate levels at which cash flows received from the
securities in the Scheme or from maturities in the Scheme are reinvested. The additional income from
reinvestment is the “interest on interest” component. The risk refers to the fall in the rate for reinvestment
of interim cashflows.

10. Different types of securities in which the scheme would invest as given in the offer document carry
different levels and types of risk. Accordingly, the scheme’s risk may increase or decrease depending
upon its investment pattern e.g. corporate bonds carry a higher level of risk than Government securities.

5
 Further even among corporate bonds, bonds which are AAA rated are comparatively less risky than
bonds which are AA rated.

Domestic Securitised debt can have different underlying assets and these assets have different risk
characteristics. These may be as given in the following example:

Security1 -Backed by receivables of personal loans originated by XYZ Bank

Specific Risk Factors:
Loss due to default and/or payment delay on Receivables, Premature Termination of Facility Agreements,
Limited loss cover, Delinquency and Credit Risk, Limited Liquidity and Price Risk, Originator/Collection
Agent Risk, Bankruptcy of the Originator, Co-mingling of funds

Security2 - Senior Series Pass Through Certificates backed by commercial vehicles and two-wheeler
loan and loan receivables from ABC Bank Limited
Specific Risk Factors - Credit And Rating Downgrade Risk, Prepayment And Foreclosures Risk for Senior
PTC Series , Prepayment And Foreclosures Risk for Senior PTC Series, Servicing Agent Risk, Co-
mingling Risk, Bankruptcy of the Seller.

Minimum number of investors and Limit of holding by a single investor

As per SEBI circular dated December 12, 2003 ref SEBI/IMD/CIR No.10/22701/03 and dated June 14, 2005 ref
SEBI/IMD/CIR NO.1/42529/05, each scheme and individual plan(s) under the schemes should have a minimum
of 20 investors and no single investor should account for more than 25% of the corpus of such scheme/ plan(s) at
portfolio level within a period of three months or at the end of the succeeding calendar quarter. After the 3 months
balancing period, in each subsequent quarter thereafter, on an average basis, the scheme shall meet with both
the conditions of minimum number of investor and holding as a percentage of the corpus. Determining the breach
of 25% limit - The average net assets of the scheme would be calculated daily and any breach of the 25%
holding limit by an investor would be determined. At the end of the quarter, the average of daily holding by each
such investor is computed to determine whether that investor has breached the 25% limit over the quarter. If there
is a breach of limit by any investor over the quarter, a rebalancing period of one month would be allowed and
thereafter the investor who is in breach of the rule shall be given 15 days notice to redeem his exposure over the
25 % limit. Failure on the part of the said investor to redeem his exposure over the 25 % limit within the aforesaid
15 days would lead to automatic redemption by the Mutual Fund on the applicable Net Asset Value on the 15th
day of the notice period.

Tax Benefits
The tax benefits described in this Offer Document are as available under the present taxation laws and are
available subject to relevant conditions. The information given is included only for general purpose and is based
on advise received by the AMC regarding the law and practice currently in force in India and the Unit holders
should be aware that the relevant fiscal rules or their interpretation may change. As is the case with any
investment, there can be no guarantee that the tax position or the proposed tax position prevailing at the time of
an investment in the Scheme will endure indefinitely. In view of the individual nature of tax consequences, each
Unit holder is advised to consult his / her own professional tax advisor.

Investors should study this Offer Document carefully in its entirety and should not construe the contents
hereof as advise relating to legal, taxation, investment or any other matters. Investors are advised to
consult their legal, tax, investment and other professional advisors to determine possible legal, tax,
financial or other considerations of subscribing to or redeeming units, before making a decision to invest
/ redeem Units. Investors are urged to study the terms of the Offer carefully before investing in this
Scheme, and to retain this Offer Document for future reference.

6
 DUE DILIGENCE CERTIFICATE
It is confirmed that:

¾ This Offer Document of Reliance Liquidity Fund has been updated upto June 5, 2007 and is in
accordance with the SEBI (Mutual Funds) Regulations, 1996 and the guidelines and directives issued by
SEBI from time to time.
¾ All the legal requirements in connection with the launch of the Scheme as also the guidelines, instructions
etc., issued by the Government and any other competent authority in this behalf, have been duly
complied with.
¾ The disclosures made in the Offer Document are true, fair and adequate to enable the investors to make
a well-informed decision regarding investment in the Scheme.
¾ The intermediaries named in the offer document are registered with SEBI, and till the date, such
registrations are valid.
¾ The contents of the Offer Document including figures, data, yields etc. have been checked and are
factually correct.

Place: Mumbai
Date: June 5, 2007 Designation: Compliance Officer

7
 II. DEFINITIONS AND ABBREVIATIONS

In this Offer Document, the following words and expressions shall have the meaning specified below, unless the
context otherwise requires:

Applicable NAV Applicable NAV is the Net Asset Value per Unit at the close of
the Working Day on which the application for purchase or
redemption is received at the designated investor service
centre and is considered accepted on that day. An application
is considered accepted on that day, subject to it being
complete in all respects and received prior to the cut-off time
on that Working Day.

Asset Management Company/ AMC/ Reliance Capital Asset Management Limited, the Asset
Investment Manager/RCAM Management Company incorporated under the Companies
Act,1956, and authorized by SEBI to act as the Investment
Manager to the Schemes of Reliance Mutual Fund (RMF)

Bonus Unit Bonus Unit means and includes, where the context so
requires, a unit issued as fully paid-up bonus unit by
capitalising a part of the amount standing to the credit of the
account of the reserves formed or otherwise in respect of this
scheme.

CDSC Contingent Deferred Sales Charge, a charge imposed when

the units are redeemed within the first four years of unit
ownership. The SEBI (Mutual Fund) Regulations, 1996
provides that a CDSC may be charged only for the first four
years after purchase and mandates the maximum amount that
can be charged in each year.

Collecting Bank Branches of Banks for the time being authorized to receive
application(s) for units, as mentioned in this document.

Continuous Offer Offer of the Units when the Scheme becomes open ended, after
closure of the new fund offer. The units of the scheme are currently
sold under the Continuous Offer.

Custodian Deutsche Bank, NV Mumbai, acting as Custodian to the

Scheme, or any other custodian who is appointed by the
Trustee.

Designated Investor Service Centres Any location as may be defined by the Asset Management
(DISC / Official point of acceptance Company from time to time, where investors can tender the
for transaction) request for subscription, redemption or switching of units, etc.

Entry Load Load on subscriptions / switch in.

Exit Load Load on redemptions / switch out.

FII Foreign Institutional Investors, registered with SEBI under the

8
 Securities and Exchange Board of India (Foreign Institutional
Investors) Regulations, 1995.

Investment Management Agreement The Agreement entered into between Reliance Capital Trustee
(IMA) Co. Limited and Reliance Capital Asset Management Limited
by which RCAM has been appointed the Investment Manager
for managing the funds raised by RMF under the various
Schemes and all amendments thereof.

Load A charge that may be levied as a percentage of NAV at the

time of entry into the scheme/plans or at the time of exiting
from the scheme/ plans.

Local Cheque A Cheque handled locally and drawn on any bank, which is a
member of the banker’s clearing house located at the place
where the application form is submitted.

Mutual Fund Regulations/ Securities and Exchange Board of India (Mutual Funds)
Regulations Regulations as amended from time to time and such other
regulations as may be in force from time to time to regulate the
activities of Mutual Funds.

Net Asset Value/NAV Net Asset Value / NAV of the Units in each plan of the Scheme
is calculated in the manner provided in this Offer Document or
as may be prescribed by Regulations from time to time. The
NAV will be computed upto four decimal places.

NRI Non-Resident Indian.

Offer Document The document issued by Reliance Mutual Fund, offering units
of Reliance Liquidity Fund, an open-ended liquid scheme.

PIO Person of Indian Origin.

Purchase Price Purchase Price to the investor of Units of any of the plans
computed in the manner indicated in this offer document.

RBI / Reserve Bank of India Reserve Bank of India, established under the Reserve Bank of
India Act, 1934.

RMF/Mutual Fund/the Fund Reliance Mutual Fund (formerly known as Reliance Capital
Mutual Fund), a Trust under Indian Trust Act, 1882 and
registered with SEBI vide registration number MF/022/95/1
dated June 30, 1995.

RCTC/Trustee/Trustee Company Reliance Capital Trustee Co. Limited, a Company incorporated

under the Companies Act, 1956, and authorized by SEBI and
by the Trust Deed to act as the Trustee of Reliance Mutual
Fund.

RCL/Sponsor/Settlor Reliance Capital Limited

Redemption Price Redemption Price to the investor of Units of any of the plans
computed in the manner indicated in this offer document.

9
Registrar /Karvy Karvy Computershare Pvt. Ltd., who have been appointed as
the Registrar or any other Registrar who is appointed by
RCAM.

Scheme Reliance Liquidity Fund, an open-ended Liquid Scheme.

SEBI The Securities and Exchange Board of India.

Plans The Scheme offers two Plans, Growth Plan and Dividend Plan

Trust Deed The Trust Deed entered into on April 24, 1995 between the
Sponsor and the Trustee, and all amendments thereof.

Trust Fund The corpus of the Trust, unit capital and all property belonging
to and/or vested in the Trustee.

Unit The interest of the investors in any of the plans, of the scheme
which consists of each Unit representing one undivided share
in the assets of the corresponding plan of the scheme.

Unitholder A person who holds Unit(s) under the scheme.

Unitholders of Record Unitholders whose names appear on the unitholders register of

the concerned plan/(s) on the date of determination of
Dividend/Bonus, subject to realisation of the cheque.

Working Day Any day other than (1) Saturday; (2) Sunday or (3) a day on
which The Stock Exchange, Mumbai or National Stock
Exchange of India Limited or Reserve Bank of India or banks
in Mumbai are closed or (4) a day on which there is no RBI
clearing / settlement of securities or (5) a day on which the
sale and / or redemption and / or switches of Units is
suspended by the Trustees / AMC or (6) a book closure period
as may be announced by the Trustees / AMC. Provided that
the days when the banks in any location where the AMC's
Investor Service Centres are located, are closed due to a local
holiday, such days will be treated as non Business Days at
such centres for the purposes of accepting fresh subscriptions.
However, if the Investor Service Centre in such locations is
open on such local holidays, then redemption and switch
requests will be accepted at those Centres, provided it is a
Business Day for the Scheme on an overall basis.
Notwithstanding the above, the AMC may declare any day as
a Business Day. It is clarified that the day(s) on which the
money markets are closed / not accessible, shall not be
treated as business day(s). Working day shall mean business
day and vice versa, wherever used.

Words and Expressions used in this Same meaning as in Regulations

Offer Document and not defined

10
 III. SUMMARY OF THE SCHEME
Scheme
Type
Investment Pattern
Investment Objective
Net Asset Value
Choice of Plans/Options
Application Amount
Additional Subscription/Investment
Amount
Portfolio Disclosures
Entry Load/ Exit Load
Reliance Liquidity Fund
An Open-ended Liquid Scheme
Instruments % of portfolio
Repo and Reverse Repo 0– 35%
Money Market Instruments (Mibor linked
instruments, CPs, T-Bills, CDs) and/or 65-100%
other Short Term debt instruments
(Floating Rate Notes, Short Tenor NCDs,
PTCs) and /or Less than 1 year maturity
GSecs.
The above investment pattern is indicative. For details on
investment allocation, please refer to Section V of the Offer
Document.
The investment objective of the Scheme is to generate
optimal returns consistent with moderate levels of risk and
high liquidity. Accordingly, investments shall predominantly
be made in Debt and Money Market Instruments.
Calculated & declared every working day
¾ Growth Option
¾ Daily Dividend Reinvestment Option
¾ Weekly Dividend Reinvestment Option
¾ Monthly Dividend Payout Option
¾ Monthly Dividend Reinvestment Option
¾ Quarterly Dividend Payout Option
¾ Quarterly Dividend Reinvestment Option
¾ Bonus Option
RCAM, in consultation with the Trustees reserves the right
to discontinue/ add more plans/ options at a later date
subject to complying with the prevailing SEBI guidelines
and Regulations.
Rs. 5 crores for all investors and in multiples of Re. 1
thereafter
Any amount
Half-yearly
Nil
RCAM, in consultation with the Trustees, reserves the
right to change the Load structure if it so deems fit in the
interest of smooth and efficient functioning of the Scheme
on a prospective basis.
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Contingent Deferred Sales
Charge
Inter-Scheme Switch
Inter Plan/Intern Option Switch
Redemption Cheques Issued
Minimum Redemption
Cut off time
Nomination Facility
Mode of Holding
Benchmark Index
Systematic Investment Plan (SIP)/
Systematic Transfer Plan (STP)/
Dividend Transfer Plan (DTP)/
Systematic Withdrawal Plan
(SWP)
Regular Investment Option for
Corporate Employees (RICE)
Switching Option
New Fund Offer Expenses
Recurring Expenses of
Scheme
Allotment of Units
Applicable NAV for Subscription
incl Switch ins
Nil
At the applicable loads in the respective Scheme/s
Nil
Within 1 working day from the receipt of redemption
request
Any amount or any number of units
Purchases and Switch in Transactions : 12.00 noon on
working days as defined in the Offer Document
Redemptions and Switch out Transactions: 3:00 p.m. on
working days as defined in the Offer Document
Available
Single, Joint or Anyone or Survivor
Crisil Liquid Fund Index
Available
Available
Available
Investors may opt to switch Units between the Dividend
Plan and Growth Plan of the Scheme at NAV based prices
after completion of lock in period, if any. Switching will
also be allowed into/from any other eligible open-ended
Schemes of the Fund either currently in existence or a
Scheme(s) that may be launched / managed in future, as
per the features of the respective scheme.
The New Fund Offer expenses incurred during NFO were
debited to the scheme to the extent of 6% of the funds
raised during the New Fund Offer and the same will be
amortized over a period of 5 years. However, as per SEBI
(Mutual Fund) Regulations any expense more than 6% of
the initial net assets shall be borne by the AMC
the Investment Management Fee 0.25%
Marketing Expenses 0.05%
Operational Expenses 0.10%
Total 0.40%
For Subscriptions received at the DISC’s within the cut-off
timings and considered accepted for that day, the units will
be allotted on the T day.
Where the T day is the transaction day, provided the
application is received within the cut-off timings for the
transaction day.
Where the application is rexceived upto 12.00 noon on a
working day and the funds are available for utilization on
the same day, the applicable NAV shall be the closing
12
 NAV of the day immediately preceding the day of receipt
of application.

Where the application is received after 12.00 noon on a

working day and the funds are available for utilization on
the same day, the applicable NAV of the day immediately
preceeding the next business day.

Where the funds are not available for utilization on the

day of application, te applicable NAV shall be – the closing
NAV of the day immediately preceding the day on which
the funds are available for utilization, irrespective of the
time of receipt of application.
Where the application is rexceived upto 3.00 pm on a
working day and the funds are available for utilization on
the same day, the applicable NAV shall be the closing
NAV of the day immediately preceding the day of receipt
of application.
Applicable NAV for Redemption
and switch outs
Where the application is received after 3.00 pm on a
working day and the funds are available for utilization on
the same day, the applicable NAV of the day immediately
preceeding the next business day.

V. INVESTMENT FOCUS, OBJECTIVES, POLICIES & LIMITATIONS OF THE SCHEME

1. Investment Objectives & Policies
The investment objective of the Scheme is to generate optimal returns consistent with moderate levels of risk and
high liquidity. Accordingly, investments shall predominantly be made in Debt and Money Market Instruments.
2. Asset allocation and investment policies
Reliance Liquidity Fund is a liquid scheme with a low to medium risk profile. Considering this, funds would
normally be invested in corporate debt, preference shares, treasury bills, government securities, call money,
commercial papers, usance bills, trade / commercial bills accepted / co-accepted by banks, certificates of deposit,
deposits in banks and other instruments that may be allowed for investments by Mutual Funds by RBI and SEBI
from time to time. The Fund may employ derivatives as and when permitted by concerned regulatory authorities.
Short term debt considerations for this open ended Scheme includes maintaining an adequate float to meet the
anticipated levels of redemptions, expenses and other liquidity needs.
Investments may be in listed or unlisted debt instruments, as permitted under SEBI Regulations. These would
cover secondary market purchases, initial public offers (IPOs), other public offers, private placements, rights
offers, negotiated deals etc.

Investments in debentures and bonds will usually be in instruments which have been assigned investment grade
ratings by an approved rating agency. The instruments may be rated / unrated or listed / unlisted. Investments in
unrated securities will be made with the approval of the Investment Committee of RCAM, within the parameters
laid down by the Board of Directors of the AMC & Trustee.
Investment policies of the Fund shall reflect restrictions for Mutual Fund investments established by SEBI. Under
normal circumstances, the asset allocation shall be as follows:
Instrument Allocation Risk Profile
Repo and Reverse Repo 0-35% Low
Money Market Instruments (Mibor linked
instruments, CPs, T-Bills, CDs) and/or other Short 65-100% Low
Term debt instruments (Floating Rate Notes, Short
Tenor NCDs, PTCs) and /or Less than 1 year
maturity GSecs.

13
Securitised debt upto 40% of the corpus

Derivatives may be used up to 50% of Scheme’s net assets to hedge, in order to protect the interests of the Unit
Holders under the Scheme.

Further, as per SEBI Circular dated March 19, 2004 and March 25, 2004, the scheme will have the following
characteristics with regard to its portfolio:
A. Mark-to-market component of the fund on a weekly average basis is less than 10%.
(Mark-to-market would mean the valuation of an asset [e.g. marketable securities, derivatives and other financial
contracts] using a traded price or a derived price from the corresponding yield curve).
And
B. Maximum re-pricing tenor of 1 year reckoned as under:
i. For a fixed rate asset, the remaining tenor is 1 year or less.
ii. For a floating rate asset, the interest reset frequency is 1 year or less
iii. For a fixed/ floating rate asset where the principal is paid in a staggered and /or on amortizing basis
(e.g. securitised papers), the average maturity of such an asset is 1 year or less.
iv. For a portfolio using Interest Rate Swaps.
a. The composite floating rate asset (underlying fixed rate asset and Interest
rate swap, paying fixed and receiving floating) has interest reset frequency
upto 1 year.
b. If Interest Rate Swaps (receiving fixed and paying floating), have been used to convert
a floating rate asset into a fixed rate asset, the fixed leg of the Interest Rate Swap
having remaining tenor upto 1 year.
v. For a portfolio using Forward Rate Agreements, the summation of the beginning and end dates of the
period covered is 1 year or less.
C. If there are positions in Interest Rate Futures and Bond Futures, the re-pricing risk is 1 year or less.

It is clarified that for the purpose of calculating the mark to market component of the portfolio of the liquid
scheme(s)/plan(s), money market instruments shall be excluded. Further, the repricing tenor of each of the
securities included in the portfolio of the liquid scheme(s)/ plan(s) shall be 1 year or less.
However, the above asset allocation is only indicative and may change from time to time, keeping in view the
market conditions and opportunities, applicable Regulations and politico economic factors. Such changes in the
investment pattern will be short term and based on defensive considerations.

The Fund may also enter into “Repo”, hedging or such other transactions as may be allowed to Mutual Funds
from time to time. Securitised Debt can be a part of the debt securities, and the Fund will normally endeavour to
keep it upto 40 percent of corpus of the Scheme. The fund can invest in Money Market Instruments (Mibor linked
instruments, CPs, T-Bills, CDs) and/or other Short Term debt instruments (Floating Rate Notes, Short Tenor
NCDs, PTCs) and /or Less than 1 year maturity GSecs.
Investment Strategy
The fund management team will endeavor to maintain a consistent performance in the scheme by maintaining a
balance between safety, profitability and high liquidity aspects of various investments. The fund manager will try
to achieve an optimal risk return balance for management of the fixed income portfolios.

The investments in debt instruments carry various risks like interest rate risk, liquidity risk, default risk, purchasing
power risk etc. While they cannot be done away with, they can me minimized by diversification and effective use
of hedging techniques. No investment shall be made in foreign debt securities including foreign securitised debt.

The fund management team will take an active view of the interest rate movement by keeping a close watch on
various parameters of the Indian economy, as well as developments in global markets.
Investment views / decisions will be taken on the basis of the following parameters:
1. Prevailing interest rate scenario
2. Quality of the security / instrument (including the financial health of the issuer)
3. Maturity profile of the instrument
4. Liquidity of the security

14
5. Growth prospects of the company / industry
6. Any other factors in the opinion of the fund management team
The Fund Management team proposes to use analytical risk management tools like VAR / convexity/ modified
duration for effective portfolio management.
3. Debt Market in India: Poised for a Major Growth
Debt Market in India: The Indian Debt market is facing major shift in the recent times. The substantial growth in
Mutual Fund collections in the past few years have provided an easy route for the investors to channelise their
savings into the debt market, which otherwise is largely dominated by Banks and other Institutional investors.
At present, the Indian debt market is dominated by issues of Central Government bonds, Coporate Debentures
and PSU Bonds. The new Securitised instruments are also very attractive in the primary market. The other
instruments available for investment are Commercial Papers, Certificate of Deposits, Government guaranteed
bonds, etc. Brief details about the instruments are given below as on February 28, 2005:
Brief details about the instruments are given below as on May 18, 2007:

Instruments Listed/ Current Yield Range Liquidity Risk profile

Unlisted
As on May 18, 2007
Central Government Listed 7.90%-8.18% High Low
Securities
Corporate Debentures / Listed 7.30%-10.25% Moderate Low
PSU Bonds
CPs/CDs (short term) Unlisted 8.40%-10.37% High Low
Call Money Unlisted 7.50-7.75% High Low
Mibor linked Papers Listed 80 to 200 bps Low Low

A brief description about yields presently available on Central Govt. Securities /Bonds & Debentures of various
maturities is as follows:

Annualised yields (as on May 18, 2007) are:

11-20 yrs
Yrs < 1yr 2-7yrs 7-11yrs
8.22%-8.57%
Central Government 7.75%-7.90% 8.06%-8.18% 8.15%-8.21%
securities/ Treasury Bills
10.10%-10.25%
Debentures/ Bonds (AAA 10%-10.10% 10.10%- 10%-10.25%
rated) 10.30%

The price and yield on various debt instruments fluctuate from time to time depending upon the macro economic
situation, inflation rate, overall liquidity position, foreign exchange scenario, etc. Also, the price and yield varies
according to maturity profile, credit risk etc.

4. Derivatives and hedging products

Trading in Derivatives:

The scheme may use derivative instruments like Interest rate swaps, Forward rate agreements or such other
derivative instruments as may be introduced from time to time for the purpose of hedging and portfolio balancing
as may be permitted under the Regulations and Guidelines.

The sum total of derivative contracts outstanding shall not exceed 50% of the net assets of the scheme.

15
An interest rate swap is a financial contract between two parties exchanging a stream of interest payments for a
notional principal amount on multiple occasions during a specified period.
Typically, one party receives a pre-determined fixed rate of interest while the other party, receives a floating rate,
which is linked to a mutually agreed benchmark with provision for mutually agreed periodic resets.

The fund intends to use derivatives for hedging & portfolio balancing as permitted under the SEBI Regulations &
Guidelines.

To hedge & balance the portfolio derivative instruments like interest rate swaps & forward rate agreements would
be used to create synthetic fixed rate bonds/ floating rate bonds. We wish to submit that, creation of synthetic
fixed rate bonds/floating rate bonds is a hedging and portfolio rebalancing technique.

An example is stated below to explain the said proposition.

Swaps can be used to create synthetic fixed rate instruments.

Let us take the example of a 3 Yr floating rate bond with a spread of 50 bps (basis points) over a benchmark.
Ordinarily, this fetches the investor a yield of the benchmark (which is floating) plus 50 bps on an annualized
basis. However, by receiving the 3 yr fixed rate on the swap side, what happens is that the bond gets converted
into a fixed rate bond. Let us assume that the 3 yr swap on the same benchmark is received for the same
principal amount at the rate 7.25%. Broadly then, the investor receives fixed cash flows of 7.25%, pays the
floating benchmark rate, and receives the floating rate of the bond (which comprise the benchmark rate and the
“spread” of 50 bps). The floating cash flows of the benchmark cancel each other out and the investor is left with a
synthetic fixed rate bond yielding him 7.75% (7.25% plus the ‘spread’ of 50bps). Thus through the swap, the
floating rate bond gets converted ‘synthetically’ into a fixed rate bond.

Accounts are generally settled on a net basis on predetermined settlement dates. Accordingly, on each agreed
payment date, amounts owed by each party is calculated by applying the agreed rate i.e. fixed in one case and
floating in the other, on the notional amount. The party who owes the higher amount i.e. the difference between
the interest rate amount and the floating interest rate amount or vice versa, makes a payment of the net amount.
No principal amount is exchanged.

Generally, interest rate swaps involve exchange of a fixed rate to a floating rate of interest or vice versa. These
are known as Plain Vanilla Swaps. The RBI has currently allowed only these swaps in the Indian market.

Example:

The most common type of swaps is where one party agrees to pay a fixed rate of interest ( fixed-rate payer) to the
other party who agrees to pay a floating rate of interest ( floating-rate
payer). The payments are exchanged on designated dates during the life of the contract at agreed rates.

Suppose, the view on interest rate is that they would come down over the next three months if a particular
investment is yielding a rate of return at 10% p.a. currently, the Fund Manager would like to lock-in this rate of
return which in a downward interest rate scenario would appear attractive.
He, then, enters into a swap transaction with a counterparty who is willing to pay a fixed rate of 10% p.a. and
accept a floating rate linked to say, MIBOR which would vary everyday but is currently at 7% p.a. The transaction
would be represented thus:
Receives fixed rate@10% p.a.
RMF Counterparty B
Pays Floating Rate MIBOR
Note:
1. No principal amount is exchanged. A notional principal amount is agreed upon for interest calculation purposes.
2. Only the difference between the two rates is exchanged at agreed intervals or payment dates. When fixed
interest rate amount is higher, the fixed rate payer pays the difference amount i.e. fixed interest rate amount
minus the floating interest rate amount or vice-versa.

16
Forward Rate Agreements (FRAs):
A FRA is a financial contract between parties agreeing to exchange interest payments for a notional principal
amount on settlement dates for a specified period from start date to maturity date.
A FRA enables parties to fix interest cost on a future borrowing or fix an interest rate for a future investment.
Hedging a future asset:
Example: Suppose, RMF has funds to invest after two months for a period of three months. The Fund Manager
expects interest rates to soften in the next two months. He, therefore, would like to lock-in the interest rate today
for his investment to be made after two months. The instrument in which he wishes to invest is a 91-day Treasury
Bill at 8.25% p.a. He, therefore, enters into
an agreement where he sells a 2 x 5 FRA for a notional principal amount. 2 represents the start date of the FRA
and 5 represents the maturity date or end date.
The details will be as under:
Asset : 91-day T’ Bill
Tenor : 3 months commencing from 2 months from date of agreement.
Indicative 2 x 5 : 8.25% p.a.
Benchmark : 91-day T’ Bill cut-off yield on the last auction preceding settlement date
So RMF receives 8.25% p.a. on the notional amount on settlement date. Counterparty will receive 91-day T’ Bill
cut-off rate on the 91-day T’ Bill auction, on the auction just preceding
the settlement date.
Both, IRS and FRAs can be thus effectively used as hedging products for interest rate risks.

Risk Factors:
Derivatives products carry the credit risk (risk of default by counterparty), market risk (due to market movements)
and liquidity risk (due to lack of liquidity in derivatives).
3. No principal amount is exchanged. A notional principal amount is agreed upon for interest calculation purposes.
4. Only the difference between the two rates is exchanged at agreed intervals or payment dates. When fixed
interest rate amount is higher, the fixed rate payer pays the difference amount i.e. fixed interest rate amount
minus the floating interest rate amount or vice-versa.

6. Portfolio Turnover
It is presently anticipated that the portfolio turnover rate will be low. However, trading opportunities may emerge
from time to time due to inefficiencies in the market causing the portfolio turnover rate to rise. A high portfolio
turnover rate may be representative of arbitrage opportunities that exist for securities in the portfolio rather than
an indication of the Investment Manager’s view on a sector or security.
7. Investment Limitations :

The investment policy of the scheme comply with the rules, regulations and guidelines laid out in SEBI (Mutual
Funds) Regulations, 1996. As per the Regulations, specifically the Seventh Schedule, the following investment
limitations are currently applicable:

1. The Scheme shall not invest more than 15% of its NAV in debt instruments issued by a single issuer, which are
rated not below investment grade by a credit rating agency. This investment limit may be extended to 20% of the
NAV of the Scheme with the approval of the of the Investment Committee based on the parameter set by the
Board of Trustees and the AMC. Provided that this limit shall not be applicable to investments in money market
instruments. Provided further that investment within such limit can be made in mortgaged backed securitised debt
which are rated not below investment grade by a credit rating agency registered with SEBI.

2. The Scheme shall not invest more than 10% of its NAV in unrated debt instruments issued by a single issuer
and the total of such instruments shall not exceed 25% of the NAV of the Scheme. All such investments will be
made with the prior approval of the Investment Committee of RCAM.

Note: Debentures, irrespective of any residual maturity period (above or below one year), shall attract the
investment restrictions as applicable for debt instruments as specified under clause 1 and 2 above. Further, it is
clarified that the investment limits mentioned in (1) and (2) above are applicable to all debt securities which are
issued by public bodies/institutions such as electricity boards, municipal corporations, state transport corporations

17
etc. guaranteed by either central or state government. Government securities issued by central/state government
or on its behalf by RBI are exempt from the above referred investment limits.

3. The Mutual Fund under all its schemes taken together will not own more than 10% of any companies paid up
capital carrying voting rights.

4. Transfers of investments from one scheme to another scheme in the Mutual Fund shall be allowed only if:

a) Such transfers are done at the prevailing market price for quoted instruments on "spot basis";

Explanation: "spot basis" shall have the same meaning as specified by the stock exchange for spot
transactions: and

b) The securities so transferred shall be in conformity with the investment objectives & policies of the
Scheme to which such transfer has been made.

5. As per the SEBI Regulations, the Mutual Fund is entitled to charge New Fund Offer Expenses up to a
maximum of 6% of initial resources raised under the Scheme. The New Fund Offer expenses for the Scheme
would be amortized over a period of 10 years i.e. tenure of the scheme and would be included in the NAV. Any
expenditure in excess of this shall be borne by the AMC.

6. The scheme may invest in another scheme under the same asset management company or any other mutual
fund without charging any fees, provided that aggregate interscheme investment made by all schemes under the
same management or in schemes under the management of any other asset management company shall not
exceed 5% of the net asset value of the mutual fund. [Provided that this clause shall not apply to any fund of
funds scheme.]

7. The fund may buy and sell securities on the basis of deliveries and will not make any short sales or engage in
carry forward transactions or badla finance or use funds in option trading.

Provided that mutual funds shall enter into derivative transactions in a recognised stock exchange for the purpose
of hedging and portfolio balancing, in accordance with the guidelines issued by SEBI.

8. The Fund shall get the securities purchased transferred in the name of the Fund on account of the concerned
scheme, wherever investments are intended to be of a long-term nature.

9. The Mutual Fund scheme shall not make any investment in:

• Any unlisted security of an associate or group company of the sponsor

• Any security issued by way of private placement by an associate or group company of the sponsor

• The listed securities of group companies of the sponsor which is in excess of 25% of the net assets of the
scheme.

10 Pending deployment of funds of the scheme in gold and Gold Related Instruments in terms of the investment
objectives and policies of the scheme, the Mutual Fund can invest the funds received in the Scheme in short term
deposits of scheduled commercial banks subject to the guidelines contained in SEBI Circular SEBI/IMD/CIR No.
1/ 91171 /07 dated April 16, 2007 or such other guidelines that SEBI may issue from time to time.

18
The investments in short term deposits of scheduled commercial banks will be reported to the
trustees along with the reasons for the investment which, interalia, would include comparison
with the interest rates offered by other scheduled commercial banks.

Further, the RCAM will ensure that the reasons for such investments are recorded in the manner
prescribed in SEBI Circular MFD/CIR/6/73/2000 dated July 27, 2000.

11. No term loans for any purpose will be advanced by the Scheme.

13. The Fund shall not invest more than 5% of its NAV in the unlisted equity shares or equity related instruments.

14. The AMC may invest in the Scheme either in the new fund offer or subsequently. However, it shall not charge
any investment management fee on such amounts invested by it.

15. In case any company has invested more than 5% of the net asset value of a scheme, the investment made by
that scheme or by any other scheme of the same mutual fund in that company or its subsidiaries, if any, shall be
brought to the notice of the Trustees by RCAM and be disclosed in the half-yearly and annual accounts with
justification for such investment provided that the latter investment has been made within one year of the date of
the former investment calculated on either side.

16. The Scheme shall not invest more than 10% of its NAV in equity shares/equity related instruments of any
company.

Provided that, the limit of 10% shall not be applicable for investments in index fund or sector/industry specific
scheme.

However, the Scheme at any point of time will not invest more than 10% of the NAV of the Scheme in a single
company.

17. RCAM shall not undertake any other business except that permitted under the Regulations. RCAM shall meet
with the capital adequacy requirements, if any, separately for each of the separate activity, if any undertaken by
the AMC and obtain separate approval, if necessary under the Regulations.

18. The Scheme will not invest in a fund of funds Scheme.

19. The Mutual Fund shall not invest more than 10% of its Net Assets as on March 31st of each relevant year and
subject to a maximum of US$200 mn. in ADRs/GDRs/foreign equity securities. (SEBI Circular dated May 14,
2007).

All the Schemes investment will be in transferable securities (whether in capital markets or money markets or in
privately placed debentures or securitised debts or bank deposits or money at call).

All investment restrictions stated above shall be applicable at the time of making investment.

The Scheme will not enter into any transaction, which exposes it to unlimited liabilities or results in the
encumbering of its assets in any way so as to expose them to unlimited liability.

These investment limitations / parameters as expressed / linked to the net asset / net asset value / capital, shall in
the ordinary course, apply as at the date of the most recent transaction or commitment to invest. Changes do not
have to be effected merely because of appreciation or depreciation in value or by reason of the receipt of any
rights, bonuses or benefits in the nature of capital or of any scheme of arrangement or for amalgamation,
reconstruction or exchange, or at any repayment or redemption or other reason outside the control of the Fund,

19
any such limits would thereby be breached. If these limits are exceeded for reasons beyond its control, AMC shall
adopt as a priority objective the remedying of that situation, taking due account of the interests of the Unitholders.

The Trustee Company in consultation with AMC may alter these above stated limitations from time to time, and
also to the extent the Regulations change, so as to permit the Scheme to make its investments in the full
spectrum of permitted investments in order to achieve its investment objectives & policies. As such, all
investments of the Scheme will be made in accordance with the Regulations including Schedule VII thereof and
the Fundamental Attributes of this Scheme.

The investment in Foreign equity Securities shall be in accordance with SEBI Regulations.

At RMF, to ensure robust risk management and adequate portfolio diversification internal Investment policy for
various debt schemes has been framed. The investment policy at RMF specifies limits both on overall basis
(across all schemes) as well as on individual scheme level. Guidelines for following parameters for liquid as well
as non liquid schemes has been specified in the policy:

1. Eligible Instruments: Defines the eligible instruments where the scheme can invest

2. Minimum Liquidity: Defines the instruments considered as liquid instruments and the minimum investments in
these instruments as a percentage of total net assets

3. Maximum Illiquid component: Defines the instruments considered as illiquid and the maximum investment that
can be made in these instruments as a percentage of net assets.

4. Rating: Defines minimum and/ or maximum investment in a particular rating as a percentage of total portfolio.

5. Maturity: Defined the weighted average maturity of a portfolio. Also defines the weighted average maturity,
maximum and maturity for certain asset types like corporate bond, PTCs, Gilts etc

The Scheme will not enter into any transaction, which exposes it to unlimited liabilities or results in the
encumbering of its assets in any way so as to expose them to unlimited liability.

These investment limitations / parameters as expressed / linked to the net asset / net asset value / capital, shall in
the ordinary course, apply as at the date of the most recent transaction or commitment to invest. Changes do not
have to be effected merely because of appreciation or depreciation in value or by reason of the receipt of any
rights, bonuses or benefits in the nature of capital or of any scheme of arrangement or for amalgamation,
reconstruction or exchange, or at any repayment or redemption or other reason outside the control of the Fund,
any such limits would thereby be breached. If these limits are exceeded for reasons beyond its control, AMC shall
adopt as a priority objective the remedying of that situation, taking due account of the interests of the Unit holders.

The Trustee Company in consultation with AMC may alter these above stated limitations from time to time, and
also to the extent the Regulations change, so as to permit the Scheme to make its investments in the full
spectrum of permitted investments in order to achieve its investment objectives & policies, in conformity with RBI
Regulations applicable for availing liquidity support from RBI. As such, all investments of the Scheme will be
made in accordance with the Regulations including Schedule VII thereof and the Fundamental Attributes of this
Scheme.

8. Fundamental Attributes
Notwithstanding the above, the Trustees, in accordance with regulation 18(15)(A) of the SEBI (MF) Regulations,
1996, ensure that no change in the fundamental attributes of any Scheme or the Trust or fees and expenses
payable or any other change which would modify the Scheme and affect the interest of the unitholders, shall be
carried out unless:-

20
i) A written communication about the proposed change is sent to each unitholder and an advertisement is
given in one English daily newspaper having nationwide circulation as well as in the newspaper
published in the language of the region where the Head Office of the Asset Management Company is situated, and
ii) The unitholders are given an option to exit at the prevailing Net Asset Value without any exit load.
For the purposes of this section, “fundamental attributes” of the scheme shall mean:
(i) Type of scheme
Open-ended liquid scheme
(ii) Investment Objectives & Policies
Primary objective is to generate optimal returns consistent with moderate levels of risk and high liquidity.
Investment Pattern is as indicated in section V point no.1 Investment Objectives & Policies.
(iii) Terms of Issue
Repurchase/redemption of units as defined in ‘Redemption of Units’.
Fees and expenses as stated in section VII point no. C-2 “Recurring Expenses of the Scheme“ (As % of Average
daily Net Assets) / as permitted by the Regulations.

Fundamental Attributes will not cover such actions of the Trustees of the Mutual Fund or the Board of Directors of
the Asset Management Company, made in order to conduct the business of the Trust, the Scheme or the Asset
Management Company, where such business is in the nature of discharging the duties and responsibilities with
which they have been charged. Nor will it include changes to the Scheme made in order to comply with changes
in regulation with which the Scheme has been required to comply. None of the actions of the Trustees of the
Mutual Fund or the Board of Directors of the Asset Management Company shall amount to a change in the
fundamental attributes of the Scheme as described herein.
9. Underwriting by the Scheme
Subject to SEBI Regulations, the Scheme may also undertake underwriting activities in order to augment it’s
income, after the Mutual Fund obtains a certificate of registration in terms of the Securities and Exchange Board
of India (Underwriters) Rules and Securities and Exchange Board of India (Underwriters) Regulations 1993
authorising it to carry on activities as underwriters. The total underwriting obligations of the Scheme, at any time,
shall not exceed the total value of the corpus of the Scheme together with undistributed profits lying to the credit
of the Scheme. The decision to take up any underwriting commitment shall be made as if the Scheme is actually
investing in that particular security. As such, all investment restrictions and prudential guidelines relating to
investments, individually and in aggregate as mentioned in SEBI regulations shall, in so far as may be applicable,
apply to underwriting commitments which may be undertaken under the Scheme.
10. Borrowing by the Mutual Fund
To meet the temporary liquidity needs of the Scheme for the purpose of repurchase, redemption, or payment of
income / dividend to the unit holders, the Scheme may borrow upto 20% of its net assets for a period of upto six
months or as may be permitted by the pertinent rules and regulations. Loans may be obtained from any entity /
organisation which are not specifically debarred to give loans to Mutual Funds and also loan is available from
such entity / organisation at competitive terms. However, if loan is obtained from any associates such loans will
be obtained only at extremely competitive terms at equal to or lower than market rates. These loans may be
secured by securities or assets of the Scheme pledged to such entity / organisation. Borrowing by the Mutual
Fund on account of the Scheme will tend to increase the impact of investment gains and losses on the NAVof the
Scheme. There were no borrowings for the financial year ended March 31, 2002, March 31, 2003 and March 31,
2004 under any of the schemes of RMF.

11. Computation of Net Asset Value

The Net Asset Value (NAV) of the Units will be determined as of every working day and for such other days as
may be required for the purpose for transaction of units. The NAV shall be calculated in accordance with the
following formula, or such other formula as may be prescribed by SEBI from time to time.

Market/Fair Value of Scheme’s Investments + Receivables + Accrued

Income + Other Assets - Accrued Expenses- Payables- Other Liabilities
NAV =
Number of Units Outstanding

21
NAV Information : The NAV of the Scheme will be calculated and declared by the Fund on every Working Day.
The information on NAV may be obtained by the Unitholders, on any day from the office of the AMC / the office of
the Registrar in Hyderabad or any of the other Designated Investor Service Centres.

The NAV shall be published in two daily newspapers on a daily basis.

Investors may also obtain information on the purchase /sale price for a given day on any Working Day from the
office of the AMC / the office of the Registrar in Hyderabad/ any of the other Designated Investor Service Centres.

For any NAV information, investor may also call our Touchbase customer service centre at 3030 1111, callers
outside India, please dial 91-40-30301111.

12. VALUATION OF ASSETS : The NAV of the Units of the Scheme will be computed by dividing the net assets
of the Scheme by the number of Units outstanding on the valuation date. The Fund shall value its investments
according to the valuation norms, as specified in Schedule VIII of the Regulations, or such norms as may be
prescribed by SEBI from time to time.
1. Traded Securities:
(i) The securities shall be valued at the last quoted closing price on the stock exchange.
(ii) When the securities are traded on more than one recognised stock exchange, the securities shall be valued at
the last quoted closing price on the stock exchange where the security is principally traded.
(iii) When on a particular valuation day, a security has not been traded on the Principal stock exchange, the value
at which it is traded on another stock exchange may be used.
(iv) When a security (other than debt securities) is not traded on any stock exchange on a particular valuation day,
the value at which it was traded on the selected stock exchange, as the case may be, on the earliest previous day
may be used provided such date is not more than thirty days prior to valuation date.
When a debt security (other than Government Securities) is not traded on any stock exchange on any particular
valuation day, the value at which it was traded on the principal stock exchange or any other stock exchange, as
the case may be, on the earliest previous day may be used provided such date is not more than fifteen days prior
to valuation date. When a debt security (other than Government Securities) is purchased by way of private
placement, the value at which it was bought may be used for a period of fifteen days beginning from the date of
purchase.
2. Thinly Traded Securities:
(i) Thinly Traded Equity/Equity Related Securities: “When trading in an equity/equity related security (such as
convertible debentures, equity warrants, etc.) in a month is both less than Rs. 5 lacs and the total volume is less
than 50,000 shares, it shall be considered as a thinly traded security and valued accordingly”.
For example, if the volume of trade is 100,000 and value is Rs. 400,000, the share does not qualify as thinly
traded.
Also if the volume traded is 40,000, but the value of trades is Rs. 600,000, the share does not qualify as thinly
traded.
In order to determine whether a security is thinly traded or not, the volumes traded in all recognised stock
exchanges in India may be taken into account.
(ii) Thinly Traded Debt Securities: A debt security (other than Government Securities) shall be considered as a
thinly traded security if on the valuation date, there are no individual trades in that security in marketable lots
(currently Rs 5 crore) on the principal stock exchange or any other stock exchange.
A thinly traded debt security as defined above would be valued as per the norms set for non-traded debt security.
3. Non Traded Securities: When a security (other than Government Securities) is not traded on any stock
exchange for a period of thirty days prior to the valuation date, the scrip must be treated as a ‘non traded’
security.
Valuation Of Non-Traded / Thinly Traded Securities Non traded/ thinly traded securities shall be valued “in good
faith” by the AMC on the basis of the valuation principles laid down below:
(i) Non-traded / thinly traded equity securities:
(a) Based on the latest available Balance Sheet, net worth shall be calculated as follows:
(b) Net Worth per share = [share capital + reserves (excluding revaluation reserves) – Misc. expenditure and
Debit Balance in P&L A/c] Divided by number of Paid up Shares.
(c) Average capitalisation rate (P/E ratio) for the industry based upon either BSE or NSE data (which should be
followed consistently and changes, if any noted with proper justification thereof) shall be taken and discounted by

22
75% i.e. only 25% of the Industry average P/E shall be taken as capitalisation rate (P/E ratio). Earnings per share
of the latest audited annual accounts will be considered for this purpose.
(d) The value as per the net worth value per share and the capital earning value calculated as above shall be
averaged and further discounted by 10% for ill-liquidity so as to arrive at the fair value per share.
(e) In case the EPS is negative, EPS value for that year shall be taken as zero for arriving at capitalised earning.
(f) In case where the latest balance sheet of the company is not available within nine months from the close of the
year, unless the accounting year is changed, the shares of such companies shall be valued at zero.
(g) In case an individual security accounts for more than 5% of the total assets of the scheme, an independent
valuer shall be appointed for the valuation of the said security.
To determine if a security accounts for more than 5% of the total assets of the scheme, it should be valued by the
procedure above and the proportion which it bears to the total net assets of the scheme to which it belongs would
be compared on the date of valuation.
(ii) (a) Non Traded /Thinly Traded Debt Securities of Upto 182 Days to Maturity: As the money market securities
are valued on the basis of amortization (cost plus accrued interest till the beginning of the day plus the difference
between the redemption value and the cost spread uniformly over the remaining maturity period of the
instruments) a similar process should be adopted for non-traded debt securities with residual maturity of upto 182
days, in the absence of any other standard benchmarks in the market. Debt securities purchased with residual
maturity of upto 182 days are to be valued at cost (including accrued interest till the beginning of the day) plus the
difference between the redemption value (inclusive of interest) and cost spread uniformly over the remaining
maturity period of the instrument. In case of a debt security with maturity greater than 182 days at the time of
purchase, the last valuation price plus accrued interest should be used instead of purchase cost. All other non-
traded Non Government debt instruments shall be valued using the method suggested in (ii)(b).
(ii) (b) Non Traded/ Thinly Traded Debt Securities of Over 182 Days to Maturity.
For the purpose of valuation, all Non Traded Debt Securities would be classified into “Investment grade” and “Non
Investment grade” securities based on their credit ratings. The non-investment grade securities would further be
classified as “Performing” and “Non Performing” assets.
• All Non Government investment grade debt securities, classified as not traded, shall be valued on yield to
maturity basis as described in the applicable SEBI circular.
• All Non Government non-investment grade performing debt securities would be valued at a discount of 25% to
the face value.
• All Non Government non-investment grade non-performing debt securities would be valued based on the
provisioning norms.
Valuation of securities with Put/Call Options: The option embedded securities would be valued as follows:
Securities with call option: The securities with call option shall be valued at the lower of the value as obtained by
valuing the security to final maturity and valuing the security to call option.
In case there are multiple call options, the lowest value obtained by valuing to the various call dates and valuing
to the maturity date is to be taken as the value of the instrument.
Securities with Put option: The securities with put option shall be valued at the higher of the value as obtained by
valuing the security to final maturity and valuing the security to put option.
In case there are multiple put options, the highest value obtained by valuing to the various put dates and valuing
to the maturity date is to be taken as the value of the instruments.
Securities with both Put and Call option on the same day: The securities with both Put and Call option on the
same day would be deemed to mature on the Put/Call day and would be valued accordingly.
(iii) Government securities : Government securities will be valued as per SEBI Guidelines (Crisil GILT valuer).
(iv) Illiquid Securities:
(a) Aggregate value of “illiquid securities” of scheme, which are defined as non-traded, thinly traded and unlisted
equity shares, shall not exceed 15% of the total assets of the scheme and any illiquid securities held above 15%
of the total assets shall be assigned zero value.
Provided that in case any scheme has illiquid securities in excess of 15% of total assets as on September 30,
2000 then such a scheme shall within a period of two years bring down the ratio of illiquid securities within the
prescribed limit of 15% in the following time frame:
(i) all the illiquid securities above 20% of total assets of the scheme shall be assigned zero value on September
30, 2001.
(ii) All the illiquid securities above 15% of total assets of the scheme shall be assigned zero value on September
30, 2002.

23
(b) All funds shall disclose as on March 31 and September 30 the scheme-wise total illiquid securities in value
and percentage of the net assets while making disclosures of half yearly portfolios to the Unitholders. In the list of
investments, an asterisk mark shall also be given against all such investments, which are recognised as illiquid
securities.
(c) Mutual Funds shall not be allowed to transfer illiquid securities among their schemes w.e.f. October 1, 2000.
(d) In respect of closed ended funds, for the purposes of valuation of illiquid securities, the limits of 15% and 20%
applicable to open-ended funds should be increased to 20% and 25% respectively.
(e) Where a scheme has illiquid securities as at September 30, 2001 not exceeding 15% in the case of an open-
ended fund and 20% in the case of closed fund, the concessions of giving time period for reducing the illiquid
security to the prescribed limits would not be applicable and at all time the excess over 15% or 20% shall be
assigned nil value.
v) Value of “Rights” entitlement
a) Until they are traded, the value of the “rights” entitlement would be calculated as: Vr = n/m x (P ex – P of )
where Vr = Value of rights n = no. of rights Offered m = no. of original shares held P ex = Ex-Rights price P of =
Rights Offer price
b) Where the rights are not traded pari-passu with the existing shares, suitable adjustments would be made to the
value of rights. Where it is decided not to subscribe for the rights but to renounce them and renunciations are
being traded, the rights would be valued at the renunciation value.
vi) Expenses and Incomes Accrued : All expenses and incomes accrued up to the valuation date shall be
considered for computation of NAV. For this purpose, major expenses like management fees and other periodic
expenses would be accrued on a day-to-day basis. The minor expenses and income will be accrued on a periodic
basis, provided the non-daily accrual does not affect the NAV calculations by more than 1%.
vii) Changes in securities and in number of units: Any changes in securities and in the number of units will be
recorded in the books not later than the first valuation date following the date of transaction. If this is not possible,
given the frequency of NAV disclosure, the recording may be 42 delayed up to a period of seven days following
the date of the transaction, provided as a result of such non recording, the NAV calculation shall not be affected
by more than 1%.
The valuation guidelines as outlined above are as per prevailing Regulations and are subject to change from time
to time in conformity with changes made by SEBI.
Valuation of Derivative Products:
i. The traded derivatives shall be valued at market price in conformity with the stipulations of sub clauses (i) to (v)
of clause 1 of the Eighth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations,
1996, as amended from time to time.
ii. The valuation of untraded derivatives shall be done in accordance with the valuation method for untraded
investments prescribed in sub clauses (i) and (ii) of clause 2 of the Eighth Schedule to the Securities and
Exchange Board of India (Mutual Funds) Regulations, 1996 as amended from time to time.
13. ACCOUNTING POLICIES AND STANDARDS: In accordance with the Regulations, the AMC will follow the
accounting policies and standards, as detailed below:
a) The AMC, for each Scheme and its Plans, shall keep and maintain proper books of account, records and
documents, so as to explain its transactions and to disclose at any point of time the financial position of the
Scheme and, in particular, give a true and fair view of the state of affairs of the Fund.
b) For the purposes of the financial statements, the Scheme and its Plans shall mark all investments to market
and carry investments in the balance sheet at market value. However, since the unrealized gain arising out of
appreciation on investments cannot be distributed, provision shall be made for exclusion of this item when arriving
at distributable income.
c) Dividend income earned by the Scheme and its Plans shall be recognized, not on the date the dividend is
declared, but on the date the share is quoted on an ex-dividend basis. For investments, which are not quoted on
the stock exchange, dividend income would be recognized on the date of declaration of dividend.
d) In respect of all interest-bearing investments, income shall be accrued on a day to day basis as it is earned.
Therefore, when such investments are purchased, interest paid for the period from the last interest due date up to
the date of purchase should not be treated as a cost of purchase but shall be debited to Interest Recoverable
Account. Similarly, interest received at the time of sale for the period from the last interest due date up to the date
of sale must not be treated as an addition to sale value but shall be credited to Interest Recoverable Account.
e) In determining the holding cost of investments and the gains or loss on sale of investments, the “average cost”
method shall be followed for each security.

24
f) Transactions for purchase or sale of investments shall be recognized as of the trade date and not as of the
settlement date, so that the effect of all investments traded during a financial year are recorded and reflected in
the financial statements for that year. Where investment transactions take place outside the stock market, for
example, acquisition through private placement or purchases or sales through private treaty, the transaction
would be recorded, in the event of a purchase, as of the date on which the Scheme obtains an enforceable
obligation to pay the price or, in the event of a sale, when the Scheme obtains an enforceable right to collect the
proceeds of sale or an enforceable obligation to deliver the instruments sold.
g) Bonus shares to which the Scheme and the Plans thereunder becomes entitled shall be recognized only when
the original shares on which the bonus entitlement accrues are traded on the stock exchange on an ex-bonus
basis. Similarly, rights entitlements shall be recognized only when the original shares on which the right
entitlement accrues are traded on the stock exchange on an ex-right basis.
h) Where income receivable on investments has accrued but has not been received for the period specified in the
guidelines issued by the Board, provision shall be made by debiting to the revenue account the income so
accrued in the manner specified by guidelines issued by the Board.
i) When units are sold in the Scheme, an appropriate part of the sale proceeds shall be credited to an
Equalization Account and when units are repurchased an appropriate amount shall be debited to Equalization
Account. The net balance on this account shall be credited or debited to the Revenue Account. The balance on
the Equalization Account debited or credited to the Revenue Account shall not decrease or increase the net
income of the Fund but is only an adjustment to the distributable surplus. It shall therefore be reflected in the
Revenue Account only after the net income of the Fund is determined.
j) When units are sold, after considering the equalization as above, the difference between the sale price and the
face value of the Unit, if positive, shall be credited to reserves and if negative, shall be debited to reserve, the face
value being credited to Capital Account. Similarly, when the Units are repurchased, after considering the
equalization as above, the difference between the purchase price and face value of the Unit, if positive, shall be
debited to reserves and, if negative, shall be credited to reserves, the face value being debited to the Capital
Account.
k) The cost of investments acquired or purchased shall include brokerage, stamp charges and any charge
customarily included in the broker’s bought note. In respect of privately placed debt instruments any front-end
discount offered shall be reduced from the cost of the investment.
l) Underwriting commission shall be recognized as revenue only when there is no devolvement on the Scheme
and its Plans. Where there is devolvement on the Scheme and the Plans thereunder, the full underwriting
commission received and not merely the portion applicable to the devolvement shall be reduced from the cost of
the investment.
The accounting policies and standards outlined above are as per the existing Regulations and are subject to
change as per changes in the Regulations.
Guidelines for Identification and Provisioning for Non Performing Assets (Debt Securities) For Mutual Funds:
(A) Definition of a Non Performing Asset (NPA) : An ‘asset’ shall be classified as non performing, if the interest
and/or principal amount have not been received or remained outstanding for one quarter from the day such
income / installment has fallen due.
(B) Effective date for classification and provisioning of NPAs : The definition of NPA may be applied after a
quarter past due date of the interest. For e.g. if the due date for interest is 31.12.2002, it will be classified as NPA
from 01.04.2003.
(C) Treatment of income accrued on the NPA and further accruals : After the expiry of the 1 st quarter from the
date the income has fallen due, there will be no further interest accrual on the asset i.e. if the due date for interest
falls on 31.12.2002 and if the interest is not received, accrual will continue till 31.03.2003 after which there will be
no further accrual of income. In short, taking the above example, from the beginning of the 2nd quarter there will
be no further accrual on income.
On classification of the asset as NPA from a quarter past due date of interest, all interest accrued and recognized
in the books of accounts of the Fund till the date, should be provided for. For e.g. if interest income falls due on
31.12.2002, accrual will continue till 31.03.2003 even if the income as on 31.12.2002 has not been received.
Further, no accrual will be done from 01.04.2003 onwards. Full provision will also be made for interest accrued
and outstanding as on 31.12.2002.
(D) Provision for NPAs – Debt Securities : Both secured and unsecured investments once they are recognized as
NPAs call for provisioning in the same manner and where these are related to close ended scheme the phasing
would be such that to ensure full provisioning prior to the closure of the scheme or the scheduled phasing which
ever is earlier.

25
The value of the asset must be provided in the following manner or earlier at the discretion of the fund. Fund will
not have discretion to extend the period of provisioning. The provisioning against the principal amount or
installments should be made at the following rates irrespective of whether the principal is due for repayment or
not.
• 10% of the book value of the asset should be provided for after 6 months past due date of interest i.e. 3 months
form the date of classification of the asset as NPA.
• 20% of the book value of the asset should be provided for after 9 months past due date of interest i.e. 6 months
from the date of classification of the asset as NPA.
• Another 20% of the book value of the assets should be provided for after 12 months past due date of interest i.e.
9 months form the date of classification of the asset as NPA.
• Another 25% of the book value of the assets should be provided for after 15 months past due date of interest i.e.
12 months from the date of classification of the asset as NPA.
• The balance 25% of the book value of the asset should be provided for after 18 months past due date of the
interest i.e. 15 months form the date of classification of the assets as NPA.
Book value for the purpose of provisioning for NPAs shall be taken as a value determined as per the prescribed
valuation method.
(E) Reclassification of assets: Upon reclassification of assets as ‘performing assets’:
1. In case a company has fully cleared all the arrears of interest, the interest provisions can be written back in full.
2. The asset will be reclassified as performing on clearance of all interest arrears and if the debt is regularly
serviced over the next two quarters.
3. In case the company has fully cleared all the arrears of interest, the interest not credited on accrual basis would
be credited at the time of receipt.
4. The provision made for the principal amount can be written back in the following manner: -
• 100% of the asset provided for in the books will be written back at the end of the 2 nd quarter where the
provision of principal was made due to the interest defaults only.
• 50% of the asset provided for in the books will be written back at the end of the 2 nd quarter and 25% after every
subsequent quarter where both installments and interest were in default earlier.
5. An asset is reclassified as ‘standard asset’ only when both overdue interest and overdue installments are paid
in full and there is satisfactory performance for a subsequent period of 6 months.
(F) Receipt of past dues: When the fund has received income/principal amount after their classifications as NPAs;
For the next 2 quarters, income should be recognized on cash basis and thereafter on accrual basis. The asset
will be continued to be classified as NPA for these two quarters.
During this period of two quarters although the asset is classified as NPA no provision needs to be made for the
principal if the same is not due and outstanding
If part payment is received towards principal, the asset continues to be classified as NPA and provisions are
continued as per the norms set at (D) above. Any excess provision will be written back.
Some of the investments made by mutual funds may become non-performing (NPAs) or illiquid at the time of
maturity/ closure of schemes. In due course of time, these NPAs and illiquid securities may be realised by the
mutual funds i.e. after the winding up of the schemes. Such amount would be distributed, if it is substantial and is
realised within two years, to the old investors. In case the amount is not substantial or it is realised after two
years, it may be transferred to the Investor Education Fund maintained by each mutual fund as specified in SEBI
circular MFD/CIR/9/120/2000 dated November 24, 2000. The decision as to the determination of substantial
amount shall be taken by the Trustee of mutual funds after considering the relevant factors.
(G) Classification of Deep Discount Bonds as NPAs: Investments in Deep Discount Bonds can be classified as
NPAs, if any two of the following conditions are satisfied:
• If the rating of the Bond comes down to grade ‘BB’ or below.
• If the company is defaulting in their commitments in respect of other assets, if available.
• Full Net worth erosion.
Provision should be made as per the norms set at (D) above as soon as the asset is classified as
NPA.
Full provision can be made if the rating comes down to grade ‘D’
(H) Reschedulement of an asset: In case any company defaults either interest or principal
amount and the fund has accepted a re-schedulement of the schedule of payments, then the
following practice may be adhered to:

26
(i) In case it is a first re-schedulement and only interest is in default, the status of the asset namely, ‘NPA’ may be
continued and existing provisions should not be written back. This practice should be continued for two quarters
of regular servicing of the debt. Thereafter, this be classified as ‘performing asset’ and the interest provided may
be written back.
(ii) If the re-schedulement is done due to default in interest and principal amount, the asset should be continued
as non-performing for a period of 4 quarters, even though the asset is continued to be serviced during these 4
quarters regularly. Thereafter, this can be classified as ‘performing asset’ and all the interest provided till such
date should be written back.
(iii) If the re-schedulement is done for a second/third time or thereafter, the characteristic of NPA should be
continued for eight quarters of regular servicing of the debt. The provision should be written back only after it is
reclassified as ‘performing asset’.
(I) Disclosure in the Half Yearly Portfolio Reports: The mutual funds shall make scripwise disclosures of NPAs on
half yearly basis along with the half yearly portfolio disclosure.
The total amount of provisions made against the NPAs shall be disclosed in addition to the total quantum of NPAs
and their proportion of the assets of the mutual fund scheme.
In the list of investments an asterisk mark shall be given against such investments which are recognized as
NPAs. Where the date of redemption of an investment has lapsed, the amount not redeemed shall be shown as
‘Sundry Debtors’ and not investment provided that where an investment is redeemable by installments that will be
shown as an investment until all installments have become overdue
14. INVESTMENT BY THE AMC IN THE FUND: RCAM reserves the right to invest its own funds in the Scheme
upto a maximum extent of its networth. As per SEBI Regulations, such investments are permitted, subject to
disclosure being made in the Offer _Document. Further, RCAM shall not charge any fees on its investment in the
Scheme, unless allowed to do so under SEBI Regulations in the future.
15. DEPOSITORY : If the Securities are held in dematerialised form the rules of the Securities and Exchange
Board of India (Depositories Participants) Regulations, 1996 will apply.
16. POLICY FOR INTER-SCHEME TRANSFERS : The scheme may purchase / sell securities under the scheme
through the mode of inter-scheme transfers, if such a security is under the buy / sell list of this Scheme and is on
the sell / buy list of another scheme under the Fund. Under such circumstances, the transactions will be effected
based on the prevailing market price on spot basis and in conformity with regulations. The valuation of untraded /
unquoted securities and debt instruments shall be done in accordance with the general valuation policies of the
Fund.

VI. UNITS AND OFFER

1. Who can Invest?

The following persons (subject, wherever relevant, to purchase of units being permitted under their respective
constitutions and relevant State regulations) are eligible to subscribe to the units of Reliance Liquidity Fund:
_ Resident Indian Adult Individuals, either single or jointly (not exceeding three)
_ Non-Resident Indians, Overseas Corporate Bodies, Persons of Indian Origin residing abroad and Foreign
Institutional Investors (registered with SEBI)*, on a full repatriation/nonrepatriation basis
_ Parents / Lawful guardians on behalf of Minors
_ Hindu Undivided Families (HUFs) in the sole name of the Karta
_ Companies (including Public Sector Undertakings), Bodies Corporate, Association of Persons, Body of
Individuals and Co-operative Societies
_ Banks (including Regional Rural Banks) and Financial Institutions
_ Religious and Charitable Trusts (through Trustees), Private Trusts authorised to invest in Mutual Fund
schemes under their Trust Deeds
_ Special Purpose Vehicles (SPVs) approved by appropriate authority (subject to RBI approval)
_ International Multilateral Agencies approved by the Government of India
_ Army/Navy/Air Force, Para Military Units and other eligible institutions
_ Unincorporated body of persons as may be accepted by RCTC
_ Partnership Firms
_ Scientific and Industrial Research Organisations
_ Trustee, AMC or Sponsor or their associates may subscribe to Units under the Schemes

27
RCAM reserves the right to invest its own funds in the Scheme(s) upto a maximum extent of its networth. As per
SEBI Regulations, such investments are permitted, subject to disclosure being made in the respective Scheme
Offer Document(s). Further, RCAM shall not charge any fees on its investment in the Scheme(s), unless allowed
to do so under SEBI Regulations in the future.
It is expressly understood that at the time of investment, the investor/unitholder has the express authority to invest
in units of the Scheme and the AMC / Trustee / Mutual Fund will not be responsible if such investment is ultravires
the relevant constitution.

RCAM reserves the right to include / exclude new / existing categories of investors to invest in this Scheme from
time to time, subject to SEBI Regulations, if any

Right to Review Applications

RCAM reserves the right to scrutinise, review and reject any application received during the initial subscription
period or on an ongoing basis, at its discretion, without assigning any reason, in cases where, according to
RCAM, accepting the same would not be in the best interests of the Fund.

2. Joint Applications:

If an Account has more than one holder, the first-named holder (as determined by the records of the Registrar)
only will receive all notices and correspondence with respect to such Account, as well as the proceeds of any
redemption request or dividend or other distributions. In addition, such holder will have the voting rights,
associated with such Units as permitted. In the case of death of any joint holder, the survivor(s) shall be the only
person(s) recognised by RMF as having any title to or interest in the units.

In the case of holdings specified as ‘jointly’, all requests will have to be signed by all the joint holders in sequence
of their holdings. However, in the case of holdings specified as ‘Any one
or survivor’ or ‘Either or survivor’, any one of the joint holders may sign such requests.

If an Account has more than one holder and the mode of operation is not specified i.e whether it is a ‘Jointly’ or
‘Either or survivor’ or ‘Anyone or survivor’ then it will be considered as ‘Jointly’.

3. Applicable NAV
Purchases incl Switch ins
Where the application is rexceived upto 12.00 noon on a working day and the funds are available for utilization on
the same day, the applicable NAV shall be the closing NAV of the day immediately preceding the day of receipt of
application.

Where the application is received after 12.00 noon on a working day and the funds are available for utilization on
the same day, the applicable NAV of the day immediately preceeding the next business day.

Where the funds are not available for utilization on the day of application, te applicable NAV shall be – the closing
NAV of the day immediately preceding the day on which the funds are available for utilization, irrespective of the
time of receipt of application.
Redemptions incl Switch outs :
Where the application is rexceived upto 3.00 pm on a working day and the funds are available for utilization on
the same day, the applicable NAV shall be the closing NAV of the day immediately preceding the day of receipt of
application.

Where the application is received after 3.00 pm on a working day and the funds are available for utilization on the
same day, the applicable NAV of the day immediately preceeding the next business day.
.
4. Listing and Transfer

28
Reliance Liquidity Fund is an open ended liquid Scheme under which sale and repurchase will be made on a
continuous basis and therefore listing on stock exchanges is not envisaged. However, the Trustee reserves the
right to list the units as and when open-end Schemes are permitted to be listed under the Regulations, and the
Trustee considers it necessary in the interest of Unitholders of the Fund.
As the Fund will be repurchasing and issuing the Units on an ongoing basis, no transfer facility is required.
However, if a transferee becomes a holder of the Units by operation of law, then RCAM shall, subject to
production of such evidence, which in its opinion is sufficient, effect the transfer, if the intended transferee is
otherwise eligible to hold the Units, within 30 days from the date of receipt of all relevant documents, as specified
in Regulation 37(2). A person becoming entitled to hold the Units in consequence of the death, insolvency, or
winding up of a sole holder or the last survivor of the joint holders, upon producing evidence to the satisfaction of
the Fund shall be registered as the holder.
Account Statement / Unit Certificate
Upon allotment, an Account Statement will be sent to each Unitholder stating the number of Units allotted. The
Account Statement shall be non transferable. The Trustees may issue a Unit Certificate in lieu of the Account
Statement in respect of RLF units held, to such unitholders who request for the same, after receipt of a specific
request from the Unitholder, within six weeks of the receipt of a request for the certificates. The Trustees reserve
the right to make the Units transferable at a later date, subject to Regulations issued from time to time. Further,
the Trustee also reserves the right to issue transaction confirmation slips on an ongoing basis in lieu of Account
Statements, indicating the price, and the units debited or credited to the account of the Investor, along with the
closing balance of their Account.
All Units will rank pari passu amongst Units within the same Scheme / Plan as to assets, earnings and the receipt
of dividend distribution, if any.
On an ongoing basis, the date of transaction shall be the date of allotment for all transactions in the Scheme.
5. Purchase of Units: Investors can purchase units under the Scheme at the purchase price. The unit holder
can request for purchase of units by amount and not by number of units.
a. Minimum Investment
Rs. 5 crores for all investors and in multiples of Re. 1 thereafter

ii) Additional purchases thereafter can be made for any amount for all categories of investors under all the
Plans/ Options.
RCAM may revise the minimum / maximum amounts and the methodology for new/additional subscriptions, as
and when necessary. Such change may be brought about after taking into account the cost structure for a
transaction/account and /or Market practices and/or the interest of existing unitholders.
Further, such changes shall only be applicable to transactions from the date of such a change, on a prospective
basis.
Allotment of units for subsequent purchases by NRIs / OCBs / FIIs / SPVs / International Multilateral Agencies /
PIOs shall be in accordance with RBI rules in force.
b) Purchase Price:
1. The Purchase Price will be calculated on the basis of the entry load, if any. It is calculated in the following
manner:
Purchase Price = Applicable NAV x (1 + Entry Load)
For detailed explanation on loads, please refer the Section VII on “Loads and Recurring Expenses”
The Purchase Price will be published in two daily newspapers on a daily basis.
After every subscription transaction a fresh Account statement / Transaction confirmation Slip will be despatched,
reflecting the updated holding of the unitholder, subject to realisation of the payment. Under normal
circumstances, this will be dispatched within one working day from the date of receipt of the application form /
transaction slip at the Designated Investor Service Centre.

However, RCAM reserves the right to provide the account statement / transaction confirmation slip to investor
through an alternative mechanism as may be decided by the Fund, from time to time, subject to unitholders
consent. The alternative mechanism may include electronic means of communication such as e-mail etc. For
example, if an investor in future, redeems or switch his/ her units to another scheme / plan/option on the internet,
then an online account statement / transaction confirmation may be provided to the investor or the same may be
sent to his email address.

29
6. Transmission
In case of death of the unitholder, Units shall be transmitted in favour of the second-named joint holder or
nominee, as the case may be, on production of a certified copy of the death certificate or such other document /s
to the satisfaction of the Fund.

7. Investment Plans/options
Reliance Liquidity Fund has the following plans/options:

Growth Option: Under the Growth Plan, there will be no distribution of income and the returns to the investor is
only by way of capital gains/ appreciation, if any, through redemption at applicable NAV of the units held by them

Bonus Option: The scheme has a Bonus option.

The Fund, however, does not assure any targeted annual return/ income nor any capitalization ratio.
Accumulation of earnings and/ or capitalization of bonus units and the consequent determination of NAV, may be
suspended temporarily or indefinitely under any of the circumstances as stated under the para on ‘Suspension of
Purchases and/or Redemption of units’ of the Offer Document.
Capitalization and issue of bonus units:
RCAM, in consultation with the Trustees, may utilise any sums from reserves including the amount of distributable
surpluses of the scheme to the extent of such amounts attributable to unitholders under Bonus Plan for issue of
Bonus units.
Bonus units may be declared under the plan of the scheme, as may be decided by RCAM, in consultation with the
Trustees, from time to time.
Eligibility and Treatment of Bonus Units:
Bonus units, as and when issued, will be in proportion to the holdings of the unitholder under the concerned plan
as on the record date, to be fixed for the purpose of Bonus declaration.
RCAM may accordingly make appropriations and applications of the sum decided by it to be so capitalised by
allotment and issue of fully paid-up units as bonus units, and generally do all such acts and things required to give
effect thereto.
The Bonus Units so allotted and issued as aforesaid will as regards rights and entitlements rank pari passu with
the units in existence on the record date in respect of which they are allotted and issued.
Interest created / options exercised by a member on the units under a folio by way of nomination, if any, will
automatically apply to the bonus units.
Please note that pursuant to allotment of Bonus Units, the NAV of the scheme would fall in proportion to the
bonus units allotted. As a result, the total value of units held by the unitholder would remain the same.
For eg. 1) Value of investors unitholding of 100 units prior-to issuance of bonus units at NAV of Rs. 20 per unit =
Rs. 2,000. If the Scheme declares a bonus of say 1:1 (i.e. one bonus unit for every one unit held in the option on
the record date), the value of the investors unitholding post issuance of bonus units = NAV of Rs. 10 * 200 units =
Rs. 2,000
2) Value of investors unitholding of 100 units prior-to issuance of bonus units at NAV of Rs. 20 per unit = Rs.
2,000. If the Scheme declares a bonus of say 4:1 (i.e. one bonus unit for every four units held in the option on the
record date), the value of the investors unitholding post issuance of bonus units = NAV of Rs. 16 * 125 units = Rs.
2,000.
(The statistics given above in the examples are only for understanding the logic of issuance of bonus units and
should not be considered as indicative of any bonus likely to be issued under the Plan)

30
"Unit" means and includes, where the context so requires, a unit issued as fully paid-up bonus unit by capitalising
a part of the amount standing to the credit of the account of the reserves formed or otherwise in respect of this
scheme.
Allotment & Despatch Of Account Statement:
The Bonus units will be added to the existing folio. An Account statement reflecting the accretion to the
unitholders through issuance of bonus units will be despatched to the unitholders within ten working days or within
SEBI prescribed limits from the date of allotment of the bonus units.

2. Weekly Dividend (Reinvestment) option: In the Weekly Dividend (Reinvestment) option, the fund will
endeavour to declare regular dividends on a weekly basis. The dividend declared under this option would be re-
invested to the credit of the unitholder’s account at the ex-dividend NAV and no dividend payout will take place.
Dividends will be declared on every Friday or on the next working day if the Friday is a holiday. There is no
assurance or guarantee to Unitholders as to the rate of dividend distribution nor that the dividends will be regularly
paid, though it is the intention of the Mutual Fund to make regular dividend distribution under the Dividend Plan.

3. Daily Dividend (Re-investment) option: In the Daily Dividend (Reinvestment) option, the fund will endeavour
to declare regular dividends on a daily basis. The dividend declared under this option would be re-invested to the
credit of the unitholder’s account at the ex-dividend NAV and no dividend payout will take place. Please note that
the dividend is subject to distributable surplus, if any. There is no assurance or guarantee to Unitholders as to the
rate of dividend distribution nor that the dividends will be regularly paid, though it is the intention of the Mutual
Fund to make regular dividend distribution under the Dividend plan.
Following additional options have been introduced under the dividend option of the scheme.
¾ Monthly Dividend Reinvestment Option
¾ Quarterly Dividend Reinvestment Option
4. Dividend Payout Option:
¾ Monthly Dividend Payout Option
¾ Quarterly Dividend Payout Option

Dividends declared under the above options will be paid to eligible unitholders, within 30 days of the declaration
of dividend. The actual date of declaration of dividend will be notified by display at the designated investor service
centres
Please note that if no option is mentioned / indicated in the Application form, the units will, by default, be allotted
under Growth option. Thereafter the unitholder is free to switch units to any other plan/option in the scheme.

Dividend will be distributed from the available distributable surplus after the deduction of TDS and applicable
surcharge, if any.

NOTE
ƒ For all tax related matters referred above, please read the Section of this Offer Document on ‘Tax
Benefits’. In view of the individual nature of tax benefits, each investor is advised to consult his or her own
tax consultant with respect to the specific tax implications arising out of his or her participation in the
scheme.

Effect of Dividends
When dividends are declared with respect to the Scheme, the net assets attributable to Unitholders in the
respective Plan/option will stand reduced by an amount equivalent to the product of the number of units eligible
for dividend and the gross amount of dividend per unit declared on the record date. The NAV of the Unitholders in
the Growth option will remain unaffected by the payment of dividends.

RCAM, in consultation with the Trustees reserves the right to discontinue/ add more plans/ options at a later date
subject to complying with the prevailing SEBI guidelines and Regulations.

Mode of Payment of Dividends

31
The Fund proposes to pay dividend in the following manner:

a) Direct credit to the bank account of unitholders: The Fund is arranging with select bankers to enable direct
credits into the bank accounts of the investors at these banks. If an investor has an account with a bank with
whom the fund has a tie up for direct credit, the dividend amount or redemption proceeds will be credited directly
to the bank account, under intimation to the unit holder by post/email. As per the directive issued by SEBI, it is
mandatory for an investor to declare his / her bank account number and accordingly, investors are requested to
give their bank account details in the application form.

The Mutual Fund, on a best effort basis, and after scrutinising the names of the banks where unitholders have
their accounts, will allow direct credit to the unitholders’ bank accounts.

b) Unitholders who do not wish to avail the above mentioned direct credit facility will receive dividend payments
through payable at par cheques / DDs. In locations where payable at par facility is not available, dividend
payments will be made through demand drafts.

All the dividend payments shall be in accordance and compliance with SEBI circular no. SEBI/IMD/CIR
No.1/64057/06 dated April 4, 2006 or any amendment thereto from time to time

The relevant paragraph of the said circular is reproduced herein below

Dividend Distribution Procedure for Mutual Funds
Regulation 53(a) of SEBI (Mutual Funds) Regulations, 1996 permit the mutual funds to distribute returns including
dividend.
Unlisted Schemes/Plans
a. Quantum of dividend and the record date shall be fixed by the trustees in their meeting. Dividend so decided
shall be paid, subject to availability of distributable surplus.
b. Record date shall be the date which will be considered for the purpose of determining the eligibility of investors
whose names appear on the register of unit holders for receiving dividends. Further, the NAV shall be adjusted to
the extent of dividend distribution and statutory levy, if any, at the close of business hours on record date.
c. Within one calendar day of the decision by the trustees, AMC shall issue notice to the public communicating the
decision including the record date. The record date shall be 5 calendar days from the issue of notice.
d. Such notice shall be given in one English daily newspaper having nationwide circulation as well as in a
newspaper published in the language of the region where the head office of the mutual fund is situated.
e. Before the issue of such notice, no communication indicating the probable date of dividend declaration in any
manner whatsoever, may be issued by any mutual fund or distributors of its products.

8. Policy on unclaimed redemption amounts

As per SEBI guidelines, the unclaimed redemption amounts shall be deployed in call money market or money
market instruments only or such other instruments, as permitted under Regulations. The investors who claim such
amounts during the period of three years from the due date shall be paid at the prevailing Net Asset Value. After a
period of three years, this amount will be transferred to a pool account and the investors can claim the amount at
NAV prevailing at the end of the third year. The income earned on such funds shall be used for the purpose of
investor education.
The Fund will make continuous efforts to remind the investors through letters to take their unclaimed amounts.
Further, the investment management fee charged by AMC for managing
unclaimed amounts shall not exceed 50 basis points.

9. How to Apply / Purchase?

New Account:
A Single Application Form shall be utilised to open an account in the Scheme by both Resident and Non Resident
Investors, and submitted / mailed along with the payment instrument / instructions at the Designated Investor
Service Centre. After due processing of the Application Form, the Registrars shall allot a folio and units to the
investor and despatch an account statement to the investor. The unitholder should quote the folio number in all
future transactions / correspondence.
The investors can register the transactions for purchase, redemptions, Switch ins/outs on the website of Reliance
Mutual Fund i.e. reliancermutual.com.

32
RCAM, however, reserves the right to provide the facility of purchasing units of the Scheme through an alternative
mechanism as may be decided by the Fund from time to time.
The alternative mechanism may include electronic means of communication such as purchasing units online
through the website(s) etc.
Investment of Rs. 50,000/- and above: As per the SEBI guidelines, it is mandatory to provide each Applicant’s
Permanent Account Number (PAN) allotted by the Income Tax Authorities and the I.T Circle/ Ward/ District, if the
amount invested is Rs. 50,000/- or more. To verify the PAN, a self attested photocopy of the PAN card or Income
Tax Order Assessment Order or any Notice issued by the IT Dept., wherein PAN of the investor is mentioned
should be submitted.
If the investment is in the name of the minor, the PAN of the minor or his father or mother or guardian, who
represents the minor should be quoted.
In case PAN is not allotted, the investor will be required to furnish a declaration in form No. 60 (or Form 61)
prescribed by the Income Tax Department, in duplicate, duly supported with a copy of the proof of address, which
are specified in Form 60/61.
PAN or Form 60/61 is required to be furnished by each applicant, for each purchase transaction.
Applicants need to mention one of the following (whichever is applicable) in the space provided for the application
for PAN:
a) PAN b) “Applied for/Not allotted” c) “Not applicable” d) “Not an Assessee”
Permanent Account Number (PAN)
As per SEBI circular number MRD/DoP/Cir- 05/2007 dated April 27, 2007, PAN shall be the sole identification
number for all participants transacting in the securities market, irrespective of the amount of transaction w.e.f. July
2, 2007.
The application will be rejected in the absence of the above.

PREVENTION OF MONEY LAUNDERING

In terms of the Prevention of Money Laundering Act, 2002, the Rules issued thereunder and the guidelines issued
by SEBI regarding the Anti Money Laundering (AML Laws), all intermediaries, including Mutual Funds, have to
formulate and implement a Client Identification Process, commonly referred to as Know Your Customer or KYC
Process, verify and maintain the record of identity and address (es) of investors.

Pursuant to the above, RCAM has adopted certain policies to ensure KYC and AML considered appropriate for its
line of business, being committed to prevent money launderers using Reliance Mutual Fund as a vehicle for any
such illegal activity. Accordingly, RCAM may seek information or obtain and retain documentation used to
establish Customers' identity. It may re-verify identity and obtain any missing or additional information for this
purpose.
RCAM, under powers delegated by the Trustee, shall have absolute discretion to reject any application, prevent
further transactions by a Unit Holder, if after due diligence, the investor / Unit Holder / a person making the
payment on behalf of the investor does not fulfil the requirements of the "Know Your Customer" Process or if
RCAM believes that the transaction is suspicious in nature from AML perspective.
In this regard, RCAM reserves the right to reject any application and effect a mandatory Redemption of Units
allotted at any time prior to the expiry of 21 Business Days from the date of the application / allotment. If the
payment for purchase of units are made by a third party (e.g. a power of attorney holder, a financing agency, a
guardian etc.), the Unit Holder may be required to give such details of such transaction so as to satisfy the AMC
of the source and/or consideration underlying the transaction.

10. Additional Purchases/ Inter Scheme Switch / Inter Plan Switch / Inter Option Switch
The transaction slip can be used by the investor to make additional purchases / Inter Scheme Switches / Inter
Plan Switches or Inter Option Switches by entering the requisite details in the transaction slip and submitting the
same along with the payment instrument (wherever applicable) at the Designated Investor Service Centre. The
transaction slip is attached at the bottom of the Account Statement or can also be obtained from any of the
Designated Investor ServiceCentres. Alternatively, the investor can quote his existing folio number and use an
account opening form to make additional purchases under the same plan/option in the Scheme.
Unitholders may switch their repurchaseable holdings (which are not under any lien) in Reliance Liquidity Fund to
any other eligible RMF Scheme and vice versa. The transfer would be done at the applicable NAV based prices.

33
The difference in the applicable net asset values of the two schemes / plans / options will be reflected in the
number of Units allotted.
RCAM may charge an appropriate load equivalent to the difference between the entry load into the scheme and
the prevailing entry load of the Scheme from where units are being transferred. However, RCAM, in consultation
with the Trustees, reserves the right to modify this structure, in accordance with SEBI Regulations. However, any
such change shall be applicable only to units transacted pursuant to such change. As per the directives issued
by SEBI, it is mandatory for an investor to declare his/her bank account number in the application form.
This is to safeguard the interest of unitholders from loss or theft of their redemption cheques / DDs.
Investors are requested to provide their bank details in the Application Form failing which the same will
be rejected as per current Regulations.
RCAM reserves the right to change the procedures in respect of subscriptions or Inter-Scheme Switches or Inter-
Plan/option Switches, from time to time.
11. Mode of payment
a) Resident Investors
Investors can make payment for Units of the Scheme through any of the following means:
1. By local cheques drawn in favour of “Reliance Liquidity Fund” and crossed “A/c payee only”
2. By a demand draft payable locally in the city of the DISC where the application form / transaction slip is
submitted and drawn on a bank which is a member of the banker’s clearing house of that city and drawn in favour
of “Reliance Liquidity Fund” and crossed “A/c payee only”. The Demand Draft charges will be borne by the
investor.

List of Documents required to be submitted alongwith the application forms :

Companies / Body Corporate
_ Certified copy of the Board Resolution authorising investments/ disinvestments in Mutual Funds Schemes,
certified by the Company Secretary.
_ List containing names and signatures of the signatories, authorised as per the above Board Resolution, duly
attested by the bankers/ Company Secretary on the Company’s letterhead.
_ Copy of the Memorandum and Articles of Association of the Company duly attested by the Company Secretary
or any other authorised signatory
_ Other relevant documents governing the statute (in case of Body Corporate not covered under the Companies
Act, 1956)
Partnership Firms
_ Copy of the Partnership Deed duly attested by any of the partners. Signature of the partners attested by their
bankers
_ Copy of the Resolution, signed by the partners, authorising investments/disinvestments in the Fund and
corresponding operational procedures
Trusts
_ Copy of the Trust Deed attested by the Trustees/ Secretary
_ Copy of the Resolution passed by the Trustees authorising investments/disinvestments in Mutual fund
Schemes,
duly certified by the Trustees/ Secretary
_ List of the Trustees and signatures, authorised as per the above resolution, duly attested by the bankers/
Secretary of the Trust on the Trust’s letterhead Co-operative _ Copy of the Registration Certificate attested
Societies by the Secretary / office bearer of the society
_ Copy of the Resolution authorizing investments/ disinvestments in the Fund and corresponding operational
procedures, duly attested by the Secretary / office bearer of the society
_ List of members and their signatures, attested by the bankers

b) Non Resident Investors

_ Mode of Payment on a Repatriation basis
In case of NRIs, OCBs and Persons of Indian Origin residing abroad, payment may be made by way of Indian
Rupee drafts purchased abroad and payable locally at any of the Designated Investor Service Centres or by way
of cheques drawn on Non- Resident (External) (NRE) Account payable at par at any of the Designated Investor
Service Centre.
Payments can also be made through rupee drafts payable locally at any of the Designated Investor Service
Centre and purchased out of funds held in NRE Accounts / FCNR Accounts.

34
In case of FIIs, the amount representing the investment is received by debit to the Non Resident (Special Rupee)
(NRSR) Account of the FII maintained with a designated bank, approved by RBI.
Documents required to be submitted by NRIs alongwith the Application Forms:
In case Indian Rupee drafts are purchased abroad or from FCNR/ NRE A/c. an account debit certificate from the
Bank issuing the draft confirming the debit shall also be enclosed alongwith the Application form.
For subscriptions amounts remitted out of debit to NRE Accounts/ FCNR Accounts, the application forms must be
accompanied with a Foreign Inward Remittance Certificate (FIRC), issued by the investor’s banker(s).
Mode of payment on a Non-Repatriation basis
In case of NRIs/OCBs/persons of Indian origin applying for Units on a non-repatriation basis, payments may be
made by cheques/ demand drafts drawn out of Non-Resident Ordinary (NRO) accounts payable locally at the
Designated Investor Service Centre where the Application Form is submitted.

PLEASE NOTE THAT THE FOLLOWING WILL NOT BE ACCEPTED:

Cash
Stockinvests
Outstation Cheques
RCAM may specify various other modes of payments from time to time.
Returned cheques will not be presented again for collection and the accompanying application shall not be
considered for allotment.

12. Where to submit Application forms/Transaction slips

Investors may submit / mail the completed application forms / transaction slips for fresh / additional subscriptions
at any of the Designated Investor Service Centres or any other location designated as such by RCAM, at a later
date. The addresses of the Designated Investor Service Centres of the Asset Management Company are given at
the end of this Offer Document.Investors in cities other than where the Designated Investor Service Centres are
located, may send their application forms to any of the offices of RCAM, accompanied by Demand Drafts payable
locally at such locations.

13. Non-individual Applications / Applications made by under Power of Attorney

In the case of applications made under a Power of Attorney, the application forms must be accompanied with the
original Power of Attorney or a duly certified copy thereof duly notarised or the relevant resolution or authority to
make the application, as the case may be.
If any of the documents cannot be submitted alongwith the application form, the same must be lodged along with
a photocopy of the Application form within 5 days of the Date of Subscription at any of the Designated Investor
Service Centres, as mentioned at the end of this Offer Document. However, in cases where such documents are
not received by the Fund / Registrar within the prescribed time. RCAM reserves right to act as deemed fit, on a
case to case basis.
Purchase of Units: Units can be purchased at the applicable sale price for the respective plans under the
scheme, after the scheme opens for ongoing transactions.

14. Additional Facilities:

(i) Systematic Transfer Plan (STP):
Units holders can transfer their investments from the following schemes of Reliance Mutual Fund to Reliance
Liquidity Fund and vice versa, as detailed herein:
1. Reliance Growth Fund 2. Reliance Vision Fund
3. Reliance Income Fund 4. Reliance Liquid Fund
5. Reliance Medium Term Fund 6. Reliance Short Term Fund
7. Reliance Banking Fund 8. RelianceGilt Securities Fund
9. Reliance Monthly Income Plan 10. Reliance Diversified Power Sector Fund
11. Reliance Pharma Fund 12. Reliance Floating Rate Fund
13. Reliance Media & Entertainment Fund

Plans Offered

An investor can choose between the following plans based on their preference:

35
 (i) Fixed Systematic Transfer Plan – Only the Unit holders in the Growth Plan of above-
mentioned schemes will be eligible to transfer a fixed amount to any plan of the open-ended
schemes of Reliance Mutual Fund on a) 1st or b) 15th or c) 1st and 15th of each month under
monthly transfer option and a) 1st or b) 15th of starting month of the quarter under quarterly
transfer option. A minimum of Rs. 1000 on each execution date in case of monthly option and Rs.
3000 on each execution date in case of quarterly option and in multiples of Rs 100 thereof can be
transferred. The minimum balance required to opt for this plan is Rs. 25,000 for non - liquid
Schemes and Rs. 1 lakh for liquid Schemes. There will be no exit Load in Transferor Scheme and
no entry load in the transferee scheme. However, in case of Transferee schemes, the following
exit load shall be applicable:

¾ If the Transferee scheme is an Equity oriented scheme viz: Reliance Banking Fund, Reliance
Diversified Power Sector Fund, Reliance Pharma Fund, Reliance Vision Fund, Reliance Growth
Fund, Reliance Media and Entertainment Fund an exit load as shown below shall be charged:

• For subscription below Rs. 2 crores – 1%, if redeemed before 1 year of allotment in the
transferee scheme.
• For subscription of Rs. 2 crores & above and below Rs. 5 crores – 0.5% if redeemed
before 1 year of allotment in the transferee scheme.
• For subscriptions of Rs. 5 crores and above- Nil

¾ In rest all other cases viz, Reliance Monthly Income Plan, Reliance Income Fund, Reliance
Medium Term Fund, Reliance Liquid Fund, Reliance Short Term Fund, Reliance Gilt Securities
Fund, Reliance Floating Rate Fund an exit load as applicable in their respective schemes shall be
applicable.

(ii) Capital Appreciation Systematic Transfer Plan- Only the Units in the Growth Plan of
above-mentioned schemes will be eligible to transfer the capital appreciation on the 1st of every
month or every quarter, subject to a minimum transfer amount of Rs. 500/-. The minimum
balance required to opt for this plan is Rs. 25,000 for non - liquid transferor scheme and Rs. 1
lakh for liquid transferor scheme. There will be no exit Load in Transferor Scheme and no entry
load in the transferee scheme. However, in case of Transferee schemes, the following structure
shall be applicable:

¾ If the Transferee scheme is an Equity oriented scheme viz: Reliance Banking Fund, Reliance
Diversified Power Sector Fund, Reliance Pharma Fund, Reliance Vision Fund, Reliance Growth
Fund, Reliance Media and Entertainment Fund an exit load as shown below shall be charged:

• For subscription below Rs. 2 crores – 1%, if redeemed before 1 year of allotment in the
transferee scheme.
• For subscription of Rs. 2 crores & above and below Rs. 5 crores – 0.5% if redeemed
before 1 year of allotment in the transferee scheme.
• For subscriptions of Rs. 5 crores and above- Nil

¾ In rest all other cases viz, Reliance Monthly Income Plan, Reliance Income Fund, Reliance
Medium Term Fund, Reliance Liquid Fund, Reliance Short Term Fund, Reliance Gilt Securities
Fund, Reliance Floating Rate Fund an exit load as applicable in their respective schemes shall be
applicable.

Notes

(i) All valid transfer requisitions would be treated as switch-out / redemption for the transferor scheme and
switch-in/ subscription transactions for the transferee scheme and would be processed at the

36
 applicable NAV of the respective schemes. The difference between the NAVs of the two
Schemes/ Plans will be reflected in the number of units allotted.

(ii) These plans are not available for units which are under any Lien/Pledged or any lock-in period.
(iii) RCAM in consultation with the Trustees, reserves the right to modify the procedure, load structure
in accordance with the SEBI Regulations and any such change shall be applicable only to units
transacted pursuant to such change on a prospective basis.
(iv) The unit holders may approach/ consult their tax consultants in regard to the treatment of the
transfer of units from the tax point of view.

(v) An investor cannot simultaneously participate in an SIP and STP or SWP and STP in the same
scheme.

B. Dividend Transfer Plan (DTP)

All the unit holders in the Dividend Plans (except Daily and Weekly frequencies in the Dividend
Plans) of all open-ended schemes mentioned above can transfer their dividend to any other plans
of all non liquid open-ended schemes/ plans of Reliance Mutual Fund by availing the facility of
Dividend Transfer Plan (DTP). The minimum balance required to opt for this plan is Rs. 25,000
for non - liquid transferor scheme and Rs. 1 lakh for liquid transferor scheme. There will be no
entry load in the transferee scheme. If the investor redeems from the Transferee scheme within 1
year of allotment, then an Exit Load equivalent to the Entry Load of that scheme will be levied.

Notes

(i) The amount to the extent of the distribution will be automatically invested on ex-dividend date
into RMF schemes selected by the investor at the NAV of the scheme and equivalent units will
be allotted, subject to the terms and conditions of the scheme and after deduction of applicable
taxes.

(ii) In respect of DTP, it is clarified that the dividend amount proposed to be transferred would be
treated as subscription transaction in the transferee scheme and would be processed at the
applicable NAV of the respective schemes.

The Trustee/AMC reserves the right to modify the facilities at any time in future on a prospective basis. This
addendum form an integral part of the Offer Documents issued for respective schemes.

The above cam be explained with the help of the following illustrations:
Suppose an investor invests Rs 10000/- in scheme A (Transferor scheme) at NAV of Rs 10 on 01/01/2005. Then
Units allotted to him in scheme A would be 1000.

Fixed Amount STP

If he chooses for a Fixed Monthly Systematic Transfer Plan to transfer, say Rs 5000 to scheme B on 15/01/2005
on 15th of every month.

Then under Fixed Transfer STP on 15/01/2005 Rs 5000 will be redeemed from this scheme and the same would
be invested in scheme B at applicable NAV.

Capital Appreciation STP

On 15/01/05, the NAV in scheme A (transferor scheme) appreciates to Rs 12.

Under Capital Appreciation STP, Rs 2000 (which is the difference between the original NAV and appreciated NAV
multiplied by the original units allotted in the scheme A) would be transferred to scheme B.

37
Dividend Transfer Plan

In case of Dividend Transfer Plan whenever the dividend is declared it would be invested in another scheme, as
selected by an investor. Suppose scheme A under its dividend plan declares a dividend of Rs 1/ per unit. Then an
investor can transfer his dividend to another scheme of his choice.

To be eligible for DTP, an investor should have invested his initial amount in the dividend option of that scheme.

(ii) Nomination by unitholders

Pursuant to Regulation 29A of the SEBI Regulations, the AMC is providing an option to the Unit holder to
nominate (in the manner prescribed under the SEBI Regulations), a person in whom the Units held by him shall
vest in the event of his death. Where the Units are held by more then one person jointly, the joint Unit holders
may together nominate a person in whom all the rights in the Units shall vest in the event of death of all the joint
Unit holders. By provision of this facility the AMC is not in any way attempting to grant any rights other than those
granted by law to the nominee. A nomination in respect of the Units does not create an interest in the property
after the death of the Unit holder. The nominee shall receive the Units only as an agent and trustee for the legal
heirs or legatees as the case may be. It is hereby clarified that the nominees under the nomination facility
provided herein shall not necessarily acquire any title or beneficial interest in the property by virtue of this
nomination, if decided otherwise by a competent court of appropriate jurisdiction.

Non-individuals including society, trust, body corporate, partnership firm, Karta of Hindu Undivided Family, holder
of Power of Attorney cannot nominate. The Nominee shall not be a trust society, body corporate, partnership firm,
Karta of Hindu Undivided Family or a Power of Attorney holder. A non-resident Indian, can be a Nominee subject
to the exchange controls in force from time to time.

A minor can be nominated and in that event, the name and address of the guardian of the minor nominee shall be
provided by the Unit holder. Nomination can also be in favour of the Central Government, State Government, a
local authority, any person designated by virtue of his office or a religious or charitable trust. Nomination in
respect of the Units stands rescinded upon the Redemption of Units. Cancellation of nomination can be made
only by those individuals who hold Units on their own behalf singly or jointly and who made the original
nomination. On cancellation of the nomination the nomination shall stand rescinded and the Mutual Fund / AMC
shall not be under any obligation to transfer the Units in favour of the nominee. The nomination facility extended
under the Scheme is subject to existing laws. The AMC shall, subject to production of such evidence which in
their opinion is sufficient, proceed to effect the payment to the Nominee. Transfer of Units / payment to the
nominee of the sums shall discharge the Mutual Fund / AMC of all liability towards the estate of the deceased Unit
holder and his/her/their successors/legal heirs.

Persons applying on behalf of a minor being either a parent or lawful guardian, HUF, non-individual applicant
such as banks, companies, and eligible institution, societies, bodies corporate, partnership firms, etc. shall have
no right to make any nomination. Payment to the nominee of the sums payable against redemption / dividends
shall fully discharge the Fund of all liabilities towards the estate of the unitholder and their successors and legal
heirs.
(iii) Switching Option
Unitholders will have the option to switch all or part of their investments in the scheme to another eligible Scheme,
which is available for investment at that time or from one option to another option, if any, under the same plan.
Switching may be allowed for a Scheme which is either currently in existence or a Scheme that may be launched /
managed in future. The switch would be effected at the applicable NAV based prices, after considering the load
applicable and completion of lock-in period, if any. The list of eligible Schemes to and from which switch would be
allowed would be decided by the Fund. RCAM, in consultation with the Trustees, reserves the right to make
changes to the same from time to time and the same will be applicable on a prospective basis.
The switching will be effected by redeeming Units from the Scheme / Plan/option in which the units are held and
investing the net proceeds in other eligible Scheme / Plan, subject to the minimum balance applicable to the
respective Scheme / Plan. The switch to or from the Schemes / Plans shall be effected at the NAV based
purchase / redemption prices available, at the cut – off time by which the Switch request is received.
(iv) How to Switch ?

38
Unitholders may switch their repurchaseable holdings (which are not under any lien) in Reliance Liquidity Fund to
any other eligible RMF Scheme and vice versa. The switch would be done at the applicable NAV based prices.
The difference in the applicable net asset values of the two schemes / plans / options will be reflected in the
number of Units allotted. RCAM may any charge an appropriate load equivalent to the difference between the
entry load into the scheme and the prevailing entry load of the Scheme from where units are being transferred.
However, RCAM, in consultation with the Trustees, reserves the right to modify this structure, in accordance with
SEBI Regulations. However, any such change shall be applicable only to units transacted pursuant to such
change. The request for a switch can be either in terms of amount or in terms of the number of units. Instructions
for switching may be provided by completing a transaction slip and submitting the same at the Designated
Investor Service Centre. Investors are requested to mention the name of the Scheme, Plan and option from and
into which the switch is being made. If the applicant does not mention the choice of plan / option of the Scheme
into which the switch is being effected, the Fund will treat the switch application as having been received under
the default plan /option of the Scheme. An Account Statement reflecting the updated Unit balance in the Scheme
will be despatched to the Unitholder. RCAM may, in consultation with the Trustees, from time to time, charge a
load on switching on units, on a prospective basis.
(v) Lien on Units
On an ongoing basis, when subscriptions are made by existing and new investors, a lien on units allotted on the
day of transaction will be created, and such units shall not be available for redemption until the payment proceeds
are realised by the Fund. In case a unitholder redeems units soon after making purchases, the redemption
cheque will not be despatched until sufficient time has elapsed to provide reasonable assurance that cheques or
drafts for units purchased have been cleared. In case the cheque / draft is dishonoured by the bank, the
transaction shall be reversed and the units allotted earlier shall be cancelled, and a fresh Account Statement /
Confirmation slip shall be despatched to the Unitholder. For non-individuals and NRIs, the Fund may mark a lien
on units in case documents which need to be submitted are not given in addition to the application form and
before the submission
of the redemption request.

However, RCAM reserves the right to change operational guidelines for lien on units from time to time.

(vi) Pledge of Units

The Units under the Scheme may be offered by the unitholder as security by way of a pledge in favour of
scheduled banks, financial institutions or any other body, all specifically approved by the Mutual Fund. Upon a
specific authorisation request made by a unitholder and upon completing necessary formalities by the unitholder,
the Fund will instruct the Registrar to mark a lien for a specific period on the Units standing to the credit of the
unitholder’s account in consideration of the unitholder availing of any special service offered by the AMC or any
other body. However, the disbursement of such loans will be at the entire discretion of the concerned
bank/financial institution/ any other body and the Mutual Fund assumes no responsibility thereof. If by enforcing
the pledge /charge, the scheduled bank/financial institution any other approved body seeks to transfer the units
and have them registered in its name, then the AMC shall comply with the request, if the necessary documentary
evidence is made available. No Pledge or charge shall be recognised by the AMC unless it is registered with the
Registrar and the acknowledgement has been received. However, RCAM reserves the right to change operational
guidelines for pledge on units, from time to time.

15. REDEMPTION OF UNITS

The Units can be redeemed (sold back to the Fund) at the Redemption Price on any working day. The
redemption request in the prescribed format should be submitted or mailed to any of the Designated Investor
Service Centres or any other Centre designated as such by RCAM, at a later date. Currently, Redemption
requests in any other format shall not be acceptable. The redemption request can be made for any amount or any
number of units, subject to the minimum balance in Rupees which is required to be maintained in the account at
the time
of redemption or as may be specified by the Fund, from time to time. The investor can also withdraw the entire
balance in the account and close the account. RCAM may revise the minimum/ maximum amounts and
methodology for redemption as and when necessary. Such change may be brought about after taking into
account

39
the cost structure for a transaction / account and / or Market practices and/or the interest of existing Unitholders.
Further, such changes shall only be applicable to transactions from the date of such change, on a prospective
basis. If an investor has purchased Units on more than one working day, the Unitholder shall need to advise the
fund as to which of his units he is redeeming. In the absence of any such advice, it shall be redeemed on a first-
in-first-out basis (FIFO), i.e. the units allotted first shall be redeemed first. Units allotted against remittance of
cheques/ DDs will not be eligible for redemption until the realisation of proceeds of the said cheques / DDs.
16. Redemption Price
The Redemption Price will be calculated in the following way:
Redemption Price = Applicable NAV x (1 - Exit Load)
For detailed explanation on loads, please refer the Section VII on “Loads and Recurring Expenses”
The Redemption Price will be published in two daily newspapers on a daily basis.
Currently redemptions shall be effected at applicable NAV based prices as mentioned in section II on “Defenitions
and Abbreviations” on Page 3. However, RCAM may revise the above pricing structure and transaction timings
from time to time. However, any such revision shall be in accordance with SEBI Regulations and would be
applicable only to units subscribed to after the initial date of such notification on a prospective basis.
The fund will also ensure that the Redemption Price is not lower than 93% of the NAV and the Purchase Price is
not higher than 107% of the NAV provided that the difference between the Redemption Price and Purchase Price
of the Units shall not exceed the permissible limit of 7% of the Sale Price, as provided for under the current
Regulations. After every redemption transaction a fresh Account Statement / Transaction confirmation Slip will be
despatched, reflecting the updated holding of the unitholder.
RCAM reserves the right to provide the account statement / transaction confirmation slip to investors through
alternative mechanisms, for time to time with the consent of the unitholder. The alternative mechanism may
include electronic means of communication such as e-mail etc.
For example, if an investor in future, redeems or switches his units to another scheme / plan on the internet, then
an online account statement / transaction confirmation may be provided to the investor or the same may be sent
to his email address.
17. Minimum Account Balance
Redemptions can be for any amount or any number of units, subject to the minimum balance in Rupees, which is
required to be maintained in the account, at the time of the redemption. RCAM reserves the right to close an
investor’s account if the value of the unit balance in the account falls below Rs.5 Crores in the scheme. In such an
event, RCAM reserves the right to compulsorily redeem the balance units in the account completely at the
applicable redemption price with or without giving him the option to invest sufficient funds to bring the value of the
unit balance in the account to the required limits, within 30 days after the date of such shortfall. The Fund may
revise the minimum/maximum amounts and methodology for redemptions as and when necessary. Such change
may be brought about after taking into account the cost structure for a transaction account and / or Market
practices and / or the interest of the unitholders. Further such changes shall be carried out on a prospective basis
from the date of notification of such change and would not, in any manner, be prejudicial to the interests of the
investors who have joined the scheme before such notification. Any changes would be informed to unitholders by
way of an advertisement.
18. How to Redeem?
The transaction slip can be used by the investor to make a redemption or Inter scheme Switch or Inter plan
Switch or Inter Option Switch by entering the requisite details in the transaction slip and submitting the same at
the Designated Investor Service Centre. Transaction slips can be obtained from any of the Designated Investor
Service Centres.
The unitholder, while redeeming units, may either request that the redemption proceeds be mailed to the address
or ask for it to be retained at the Designated Investor Service Centre for collection by them. However, RCAM
reserves the right to provide the facility of redeeming units of the Scheme through an alternative mechanism as
may be decided by the Fund from time to time. The alternative mechanism may include electronic means of
communication such as redeeming units online through the website(s) etc.
19. Where to submit the Redemption request
The unitholder should submit the transaction slip for a redemption / switch or request for closure of his / her
account at any of the Designated Investor Service Centres.

20. Payment of Proceeds

a) Resident Investors
The Fund proposes to pay redemption proceeds in the following manner:

40
1) Direct credit of redemption proceeds to the bank account of unitholders: The Fund is arranging with selected
banks to enable direct credits of redemption proceeds, amounting to Rupees one lac and above, into the bank
accounts of the investors at these banks. Such facility of direct credit will be available only with select bankers
with whom the Mutual Fund currently has a CMS tie-up in place or will tie-up for such a facility at a later date. As
per the directive issued by SEBI, it is mandatory for an investor to declare his / her bank account number and
accordingly, investors are requested to give their bank account details in the application form.
The Mutual Fund, on a best effort basis, and after scrutinizing the names of the banks where unitholders have
their accounts, will instruct the bank for the direct credit of redemption proceeds to the unitholder’s bank account.
2) For cases not covered above, Unitholders will receive redemption proceeds by cheques, marked “A/c. Payee
only” and drawn in the name of the sole holder / first-named holder (as determined by the records of the
Registrar). The Bank Name and Bank Account No., as specified in the Registrar’s records, will be mentioned in
the cheque. In case any investor does not give his bank details, for any reason whatsoever, the Fund shall in no
way be responsible for any loss, on payment made without the Payee Bank details in the instrument. The cheque
will be payable at par in all the cities where such facility is available with the specified bankers. For other cities,
Demand Drafts will be issued payable at the city of his residence after deducting the Demand Draft charges.

b) Non Resident Investors

In case of non-resident investors, redemption proceeds will be remitted depending upon the source of investment
as follows:
(i) Repatriation Basis
When units have been purchased through remittance in foreign exchange from abroad by cheque / draft issued
from proceeds of the unitholders’ FCNR deposit or from funds held in the unitholders’ Non Resident (External)
account kept in India, the proceeds can be remitted to the unitholder in foreign currency (any exchange rate
fluctuation will be borne by the unitholder).The proceeds can also be sent to his Indian address for crediting to his
NRE / FCNR / non-resident (Ordinary) account or NRSR account, if desired by the unitholder.
(ii) Non Repatriation Basis
a) When units have been purchased from funds held in the unitholders’ Non-Resident (Ordinary) Account,
the proceeds will be sent to the unitholders’ Indian address for crediting to the unitholders’ non-resident
(Ordinary) account / NRSR account.
b) When units have been purchased from funds held in the unitholders’ NRSR account, the proceeds will be
sent to the Indian address for crediting to the unitholders’ NRSR account.
The Fund may make other arrangements for effecting payment of redemption proceeds in future.
21. Despatch of Proceeds
As per SEBI Regulations, the Mutual Fund shall despatch the redemption proceeds within the maximum period
allowed, which is currently 10 working days from the date of receipt of the redemption request at the Designated
Investor Service Centres.
However, under normal circumstances, the Mutual Fund shall endeavour to despatch/ transfer the redemption
proceeds to the unitholders bank account within one working day from the date of receipt of the redemption
request at the Designated Investor Service Centres. A Transaction Confirmation Slip / Fresh Account Statement
will also be sent to the Unitholders reflecting the new unit balance in his Account. For payments made other than
through direct transfers, the redemption proceeds shall be despatched through ordinary mail (with or without
UCP) or Registered Post or by Courier, unless otherwise required under the Regulations, at the risk of the
unitholder.
The unitholder while redeeming units may either request that the redemption proceeds be mailed to the address
or ask for it to be retained at the Designated Investor Service Centre for collection by them.

22. Effect of Redemptions

(i) On the Fund
The Unit capital and Reserves of the Scheme will stand reduced by an amount equivalent to the product of the
number of Units redeemed and the Applicable NAV as on the date of redemption.
(ii) On the unitholder’s account
The balances in the unitholder’s account will stand reduced by the number of Units redeemed.
23. Right to Limit Redemption
RCAM may, in consultation with the Trustees, in the larger interest of the Unit holders of the Scheme under this
Offer Document and keeping in view the unforeseen circumstances /unusual market conditions, limit the total

41
number of Units which may be redeemed on any Working Day, to 5% of the total number of Units then issued and
outstanding under any Scheme / Plan/option or such other percentage as the AMC may determine.
RCAM may, in consultation with the Trustees, in response to unforeseen circumstances or unusual market
conditions including, but not limited to, extreme volatility of the stock, fixed income and money markets, natural
calamities, communication breakdowns, internal system breakdowns, strikes, bandhs, riots or other situations,
where it considers that such suspension is necessary, limit the total number of Units which may be redeemed on
any working day to 5% of the total number of Units then issued or such higher percentage as RCAM may
determine, on a case to case basis.
Any Units, which by virtue of these limitations are not redeemed on a particular Working Day, will be carried
forward for redemption to the next Working Day, in the order of receipt. Redemptions so carried forward will be
priced on the basis of the Redemption Price of the Working Day on which redemption is made. Under such
circumstances, to the extent multiple redemption requests are received at the same time on a single Working
Day, redemptions will be made on pro-rata basis, based on the size of each redemption request, the balance
amount
being carried forward for redemption to the next Working Day(s).
24. Suspension of Purchase and / or Redemption of Units
The purchase and / or redemption of Units may be suspended, temporarily or indefinitely, by RCAM, in
consultation with the Trustees, when any of the following conditions exist at one/more Designated Investor
Service Centres:
_ The stock market stops functioning or trading is restricted
_ Periods of extreme volatility in the stock market, fixed income or money market, which, in the opinion of the
Investment Manager, are prejudicial or detrimental to the interest of the investors
_ Natural calamity
_ For any bulk processing like dividend, mergers, etc.
_ If banks do not carry-out any of the normal banking activities at one or more Designated Investor Service
Centres
_ SEBI, by order, so directs.
The normal time taken to process redemption and/ or purchase requests, as mentioned earlier, may not be
applicable during such extraordinary circumstances.
RCAM, in consultation with the Trustees, also reserves the right to withdraw sale of Units in the Scheme
temporarily or idenfinitely, if the AMC views that increasing the Scheme’s size further may prove detrimental to
the existing unitholders of the Scheme.
An order / request to purchase Units is not binding on and may be rejected by the Trustees, the AMC or their
respective agents, unless it has been confirmed in writing by the AMC or its agents and / or payment has been
received.

25. Contingent Deferred Sales Charge (CDSC)

Currently there is no CDSC chargeable under the Scheme. However, in accordance with SEBI Regulations,
RCAM, in consultation with the Trustees, reserves the right to charge CDSC on units redeemed. However, as and
when this CDSC is implemented, it shall be applicable only to units subscribed to after the date of such
notification on a prospective basis. Accordingly, as and when the CDSC is charged, a communication shall be
given to this effect either to transacting investors, or to all investors in the form of a mailer, or in any other manner.
The maximum CDSC that may be charged on redemption transactions, if any, shall be as provided under SEBI
Regulations.
26. Accounting of Units on Flexible / First In First Out (FIFO)
Basis
Should a unitholder, who holds Units allotted during the Initial Offer or on an ongoing basis, buy more Units
subsequently and later opt for redemption, the unitholder shall need to advise the Fund as to which of his units he
is redeeming. In the absence of any such advise, it shall be redeemed on a first in-first out basis, i.e. the Units
allotted first shall be redeemed first.
27. Fractional Units
Allotment of units against subsequent purchases / redemption of Units on an ongoing basis shall be done in
fractional units, rounded off upto three decimal places.
28. Duration of the Scheme
The duration of the Scheme is perpetual. However, the Scheme may be wound up if : -

42
_ There are changes in the capital market, fiscal laws or any event or series of events occur, which, in the opinion
of the Trustee, requires the Scheme to be wound up; or
_ 75% of the unitholders of the Scheme pass a resolution that
the Scheme be wound up; or
_ SEBI directs the Scheme to be wound up in the interests of the unitholders.
_If the Scheme/Plan fails to meet the criteria for minimum number of investors and maximum holding by a single
investor as mentioned above.

VII. LOADS AND RECURRING EXPENSES

A. LOAD STRUCTURE OF THE SCHEME

The Load structure shall be as indicated in para B below on the ‘Applicable Load Structure”. Under the Scheme,
RCAM, in consultation with the Trustees, reserves the right to change the Load structure if it so deems fit in the
interest of smooth and efficient functioning of the Scheme on the investment on a prospective basis. The same
will be notified to the unitholders. The Load Structure would comprise of an Entry Load and /or an Exit Load /
CDSC, as may be permissible under the Regulations. The load collected from the investors will be credited to a
separate account in the Scheme accounts. Such loads will be utilised towards meeting selling and distribution
expenses as permitted under the Regulations. Any surplus in this account will be credited back to the scheme on
a periodic basis.
B. APPLICABLE LOAD STRUCTURE
The following Load Structure is applicable in the scheme till further notice.

Entry (Sales) Load imposed on purchase of units Nil

Contingent Deferred Sales Charge (CDSC) Nil

Exit (Redemption) Load Nil

Switchover / Exchange Fee Nil

Inter Scheme Switch At the applicable loads in the

respective Schemes
Inter Plan/option Switch Nil

Any imposition or enhancement of load in future shall be applicable on prospective investments only. At the time
of changing the Load Structure:
(i) The addendum detailing the changes will be attached to Offer Document and Abridged Offer
Document. The addendum will be circulated to all the distributors/brokers so that the same can be
attached to all Offer Documents and Abridged Offer Documents already in stock. The addendum will
be sent along with the newsletter sent to the Unitholders immediately after the changes.
(ii) Arrangements will be made to display the changes/modifications in the Offer Document in the form of
a notice in all the Investor Service Centres and distributors/brokers office.
(iii) The introduction of the Exit Load alongwith the details will be stamped in the acknowledgement slip
issued to the investors on submission of the application form and will also be disclosed in the Account
Statement or in the covering letter issued to the Unitholders after the introduction of such Load.
C. FEES AND EXPENSES OF THE SCHEME
For Schemes launched during the last Fiscal Year
Reliance Fixed Horizon Fund - III - Annual Plan - Series I - The scheme was launched on March 21, 2007.
Actual amount mobilized - Rs. 762.79 crores. Actual Initial Issue Expenses - 0.1219% of the amount mobilized.

43
As mentioned in the Offer Document of the scheme, actual initial issue expenses were debited to the scheme and
will be amortized over the tenure of the scheme.
Reliance Fixed Horizon Fund - III - Annual Plan - Series II - The scheme was launched on March 23, 2007.
Actual amount mobilized - Rs. 117.28 crores. Actual Initial Issue Expenses - 0.3514%of the amount mobilized. As
mentioned in the Offer Document of the scheme, actual initial issue expenses were debited to the scheme and
will be amortized over the tenure of the scheme.
Reliance Fixed Horizon Fund - II - Annual Plan - Series IV - The scheme was launched on January 22, 2007.
Actual amount mobilized - Rs. 186.18 crores, Actual Initial Issue Expenses - 0.27778%of the amount mobilized.
As mentioned in the Offer Document of the scheme, actual initial issue expenses were debited to the scheme and
will be amortized over the tenure of the scheme.
Reliance Fixed Horizon Fund - II - Annual Plan - Series VI - The scheme was launched on March 14, 2007.
Actual amount mobilized - Rs. 1038.39 crores, Actual Initial Issue Expenses - 0.1418%of the amount mobilized.
As mentioned in the Offer Document of the scheme, actual initial issue expenses were debited to the scheme and
will be amortized over the tenure of the scheme.

The Initial Issue expenses for Reliance Fixed Horizon Fund – II – Annual Plan – Series V, Reliance Fixed
Horizon Fund – II – Quarterly Plan – Series I to Series VI, Reliance Fixed Horizon Fund III – Annual Plan –
Series III to Series V, Reliance Interval Fund and Reliance Liquid Plus Fund were borne by AMC.

Reliance Long Term Equity Fund - The scheme was launched on November 14, 2006. Actual amount mobilized
– Rs. 2091.62 crores. Actual Initial Issue Expenses - 5.7520%of the amount mobilized. As mentioned in the Offer
Document of the scheme, actual initial issue expenses were debited to the scheme and will be amortized over the
tenure of the scheme.
Reliance Fixed Horizon Fund I - Annual Plan - Series II - The scheme was launched on September 26, 2006.
Actual amount mobilized - Rs. 330.72 crores, Actual Initial Issue Expenses - 0.1030% of the amount mobilized.
As mentioned in the Offer Document of the scheme, actual initial issue expenses were debited to the scheme and
will be amortized over the tenure of the scheme.
Reliance Fixed Horizon Fund – Plan A: The scheme was launched on April 7, 2006. As mentioned in the Offer
Document, actual initial issue expenses were borne by the AMC.
Reliance Fixed Horizon Fund – Plan B: The scheme was launched on May 25, 2006. As mentioned in the Offer
Document, actual initial issue expenses were borne by the AMC.
Reliance Equity Fund: The scheme was launched on March 28, 2006. Actual amount mobilized was approx.
5752crores. Actual Initial Issue Expenses – 4.0664 %. As mentioned in the Offer Document, actual initial issue
expenses were debited to the scheme and will be amortized over a period of 5 years.
Reliance Fixed Tenor Fund - Plan B: The scheme was launched on December 27, 2005. Actual amount
mobilized in Plan B - Rs. 163.15 crores.Actual Initial Issue Expenses - 0.9584 %. As mentioned in the Offer
Document, actual initial issue expenses were debited to the scheme and will beamortized on a weekly basis over
the period of the scheme.
Reliance Fixed Tenor Fund – Plan A: The scheme was launched on November 25, 2005. Actual amount
mobilized in Plan A - Rs. 506.04 crores. Actual Initial Issue Expenses – 0.9584 %. As mentioned in the Offer
Document, actual initial issue expenses were debited to the scheme and will be amortized on a weekly basis over
the period of the scheme.
Reliance Tax Saver (ELSS) Fund: The Scheme was launched on July 25, 2005. Actual amount mobilized –
670.09 crores. Actual Initial Issue Expenses – 4.7009%. As mentioned in the Offer Document, actual initial issue
expenses were debited to the scheme and will be amortized over a period of 5 years.
Reliance Liquidity Fund: The scheme was launched on June 15, 2005. Actual amount mobilized - Rs. 462.68
crores. Actual Initial Issue Expenses– 0.0001%. As mentioned in the Offer Document, actual initial issue
expenses were debited to the scheme and will be amortized over a period of 5 years.
Reliance Regular Savings Fund: The scheme was launched on May 10, 2005. Actual amount mobilized - Rs.
2.035 lakhs. Actual Initial Issue Expenses– 2.457%. As mentioned in the Offer Document, actual initial issue
expenses were debited to the scheme and will be amortized over a period of 5 years.
Reliance Fixed Maturity Fund – Series II: The scheme was launched on April 25, 2005. Actual amount
mobilized –530. 46 crores. Actual Initial Issue Expenses– 0.0001%. As mentioned in the OfferDocument, actual
initial issue expenses were debited to the scheme and will be amortized over a period of 5 years.

44
Reliance Index Fund - The scheme was launched on January 29, 2005. Actual amount mobilized Reliance Index
Fund - Nifty Plan – Rs. 15.80 crores and in Sensex Plan – Rs. 3.72 crores. Actual Initial Issue Expenses –Nifty
Plan – 0.79% and Sensex Plan – 0.81% of the amount mobilized in the respective plans. As mentioned in the
Offer Document of the Reliance Index Fund, actual initial issue expenses were debited to the scheme and will be
amortized over a period of 5 years.
Reliance Fixed Maturity Fund Series I - The scheme was launched on March 29, 2005. Actual amount
mobilized - Rs. 201.69 crores. Actual Initial Issue Expenses – Nil.
Reliance Equity Opportunities Fund - The scheme was launched on February 14, 2005. Actual amount
mobilized - Rs. 1772.68 crores. Actual Initial Issue Expenses - 3.1026% of the amount mobilized. As mentioned in
the Offer Document of the Reliance Equity Opportunities Fund, actual initial issue expenses were debited to the
scheme and will be amortized over a period of 5 years.
Reliance NRI Equity Fund - The scheme was launched on October 16, 2004. Actual amount mobilized - Rs.
92.96 crores. Actual Initial Issue Expenses - 3.39% of the amount mobilized. As mentioned in the Offer Document
of the Reliance NRI Equity Fund, actual initial issue expenses were debited to the scheme and will be amortized
over a period of 5 years.
Reliance NRI Income Fund - The scheme was launched on October 16, 2004. Actual amount mobilized -
Rs. 2.03 crores. Actual Initial Issue Expenses - 2.45% of the amount mobilized. As mentioned in the Offer
Document of the Reliance NRI Income Fund, actual initial issue expenses were debited to the scheme and will be
amortized over a period of 5 years.
Reliance Media & Entertainment Fund - The scheme was launched on September 16, 2004.Actual
amount mobilized - Rs. 81.32 crores, Actual Initial Issue Expenses - 0.86% of the amount mobilized. As
mentioned in the Offer Document of the scheme, actual initial issue expenses were debited to the scheme and
will be amortized over a period of 5 years.
Reliance Floating Rate Fund - The scheme was launched on August 23, 2004. Actual amount mobilized -
Rs. 590.59 crores, Actual Initial Issue Expenses - 0.02% of the amount mobilized As mentioned in the Offer
Document of the scheme, initial issue expenses were debited to the scheme and will be amortized over a period
of 5 years.

C. FEES AND EXPENSES OF THE SCHEME: As per the provisions of the Regulations (as amended up to date),
the following fees and expenses will be chargeable to the Scheme:
2. Recurring Expenses of the Scheme: The ongoing fees and expenses of operating the Scheme on an

Recurring Expenses of the Scheme:

The ongoing fees and expenses of operating the Scheme on an annual basis, expressed as a percentage of the
amount of the Scheme’s average weekly net assets, are estimated as follows:

Recurring Expenses Estimated:

Investment Management Fee 0.25%

Marketing Expenses 0.05%
Operational Expenses 0.10%
Total 0.40%

The above expenses are estimates only and are subject to change as per actuals, within the limits specified
above.
The purpose of the above table is to assist the investor in understanding the various costs and expenses that an
investor in the scheme will bear directly or indirectly.
Investment management fees charged by RCAM shall be @1.25% of the average weekly net assets for net
assets upto Rs.100 crores and 1% on the balance amount above Rs.100 crores, calculated on a daily basis.

45
However, as provided by SEBI Regulations, no AMC fees shall be chargeable on RCAM’s investment in the
Scheme.
The Trustee Company, RCTC, shall be entitled to receive a sum computed @0.05% of the Unit Capital of the
Scheme on 1st April each year or a sum of Rs.5,00,000/- which ever is lower or such other sum as may be
agreed upon between the Settlor (RCL)
and the Trustee (RCTC) from time to time in accordance with the SEBI Regulations or any other authority, from
time to time.
The above estimates have been made in good faith as per the information available to RCAM and are subject to
change as per actuals. Expenses on an ongoing basis will not exceed the following percentage of the weekly
average net assets or such maximum limits as may be specified by SEBI Regulations from time to time.

Net Assets Maximum Expenses %

Upto Rs.100 crores 2.25%
Next Rs. 300 crores 2.00%
Next Rs.300 crores 1.75%
Balance 1.50%
The Fund will strive to reduce the level of these expenses so as to keep them well within the maximum limits
allowed by SEBI.

VIII. UNITHOLDER’S RIGHTS AND SERVICES

A. UNITHOLDERS’ RIGHTS
1) Unit holders under the Scheme have a proportionate right in the beneficial ownership of the assets of the Plan
of the Scheme in which they have invested in, and to the dividend/ bonus declared, if any, by the Fund under the
Plan in which they have invested.
2) The Trustee shall be bound to make such disclosures to the unit holders as are essential in order to keep them
informed about any relevant information, especially that which may have an adverse bearing on their investments.
3) a) If the Mutual Fund declares a dividend under the Scheme, the unit holders are entitled to receive dividend
warrants within 30 days of the date of declaration of the dividend.
b) Unit holders are entitled to receive Redemption cheques within 10 working days from the date of redemption.
4) The appointment of RCAM for the Fund may, with the prior approval of SEBI, be terminated by 75% of the unit
holders or by a majority of the Board of Directors of the Trustee.
5) Unitholders shall also have the following rights:
(i) To inspect all the documents listed under the heading "Documents Available for Inspection".
ii) To receive an abridged scheme-wise annual report which shall be mailed to all unitholders not later than six
months from the date of closure of the relevant accounting year and the full annual report shall be available for
inspection at the head office of the fund and a copy shall be made available to the unitholders on request on
payment of nominal fees if any,
iii) Before expiry of one month from the close of each half year that is on 31/3 and 30/9, the Fund shall publish its
unaudited financial results in one national English daily newspaper and in a newspaper in the language of the
region where the Head Office of the fund is situated. These shall also be displayed on the web site of the
Reliance Mutual Fund that is www.reliancemutual.com and that of AMFI. Full portfolio in the prescribed format
shall also be disclosed either by publishing it in the newspapers or by sending to the unitholders within one month
from the end of each half-year and it shall also be displayed on the web site of mutual funds
iv) The trustees shall ensure that no change in the fundamental attributes of any scheme or the trust or fees and
expenses payable or any other change which would modify the scheme and affects the interest of the unitholders,
shall be carried out unless, (i) a written communication about the proposed change is sent to each unitholder and
an advertisement is given in one English daily newspaper having nationwide circulation as well as in a newspaper
published in the language of the region where the Head Office of the mutual fund is situated; and (ii) the
unitholders are given an option to exit at the prevailing Net Asset Value without any exit load
(v) Suspension or restriction of repurchase/ redemption facility under any scheme of the Mutual Fund shall be
made applicable only after the approval from the Board of Directors of the Asset Management Company and the
Trustee Company. The approval from the AMC Board and the Trustees giving details of circumstances and
justification for the proposed action shall also be informed to SEBI in advance.

46
vi) The statement of accounts will be dispatched to the unitholders who subscribe to the units when the scheme is
open for continuous subscription after the initial public offer within 10 working days or within SEBI prescribed
limits.
vii) Policy for Unclaimed Redemption and Dividend Amount.
As per SEBI guidelines, the unclaimed redemption and dividend amounts shall be deployed in call money market
or money market instruments only or such other instruments, as permitted under Regulations. The investors who
claim such amounts during the period of three years from the due date shall be paid at the prevailing Net Asset
Value. After a period of three years, this amount will be transferred to a pool account and the investors can claim
the amount at NAV prevailing at the end of the third year. The income earned on such funds shall be used for the
purpose of investor education.
The Fund will make continuous efforts to remind the investors through letters to take their unclaimed amounts.
Further, the investment management fee charged by RCAM for managing unclaimed amounts shall not exceed
50 basis points.
viii) The Trust Deed shall not be amended without obtaining the prior approval of SEBI, and the unitholders
approval would be obtained where it affects the interest of unitholders
6) 75% of the unit holders can pass a resolution to wind-up the Scheme
7) The Trustee is obliged to convene a meeting on a requisition of 75% of the unit holders of a Scheme
8) The Trustee is obliged to obtain the consent of the unit holders -
(a) Whenever required to do so by SEBI in the interest of the unit-holders; or
(b) Whenever required to do so on the requisition made by three-fourths of the unit holders of the Scheme; or
(c) When the majority of the Board of Directors of the Trustee decides to wind up or prematurely
redeem the units.
B. Register of Unitholders
A Register of Unitholders shall be maintained at the office of RCAM and / or at the office of the Registrars and at
such other places as the Trustee may decide and the register shall contain particulars as follows :
a) The names and addresses of Unitholders
b) The number of units held by each such holder
C. VOTING RIGHTS OF THE UNITHOLDERS
Subject to the provisions of the Regulations as amended from time to time, the consent of the unitholders shall be
obtained, entirely at the option of the Trustee, either at the meeting of the unitholders. Only one Unit holder in
respect of each folio or account representing a holding shall vote and he shall have one vote per unit in respect of
each resolution to be passed.
D. ACCOUNT STATEMENTS
The Account Statement issued in lieu of the Unit Certificate under the Scheme shall be non-transferable. This
Account Statement shall not be construed as a proof of title and is only a computer printed statement indicating
the details of the last 10 transactions under the Scheme and giving their closing balance of units for the
information of the unitholder. Further, it is not compulsory for the Account Statement to be signed by any
Authorised Signatory. The Trustee may issue a Unit Certificate in lieu of the Account Statement in respect of the
units held, to such unitholders who request for the same, after receipt of a specific request from the unitholder.
Further, the Trustee also reserves right to issue Transaction Confirmation Slips on an ongoing basis in lieu of
Account Statements, indicating the price and the units debited or credited to the Account of the unitholder /
investor, alongwith the closing balance of his/her/ their Account.
E. NAV INFORMATION
The NAV of the Scheme will be calculated and declared by the Fund on a daily basis The information on NAV
may be obtained by the Unitholders, on any day from the office of the AMC / the office of the Registrar in
Hyderabad or any of the other Designated Investor Service Centres.
The NAV shall be published in two daily newspapers on a daily basis.
Investors may also obtain information on the purchase /sale price for a given day on any Working Day from the
office of the AMC / the office of the Registrar in Hyderabad/ any of the other Designated Investor Service Centres.
For any NAV information, investor may also call our Touchbase customer service centre at 3030 1111, callers
outside India, please dial 91-40-30301111.

F. DISCLOSURE OF INFORMATION UNDER THE REGULATIONS

47
The Scheme-wise Annual Report of RMF will be prepared and an abridged summary of the Annual Report will be
published through an advertisement or mailed to all unitholders as soon as may be but not later than six months
from the date of the closure of the relevant financial year.

The Unaudited financial results will be published through an advertisement in one English daily newspaper
circulating in the whole of India and in a newspaper published in the language of the region where the Head
Office of the Mutual Fund is situated before the expiry of one months from the close of each half year, that is on
31st March and on 30th September or as may required by the Regulations from time to time.The scheme’s
portfolio in the prescribed format as per SEBI guidelines, will be published through an advertisement in one
English daily newspaper circulating in the whole of India and in a newspaper published in the language of the
region where the H.O. of Mutual Fund is situated before the expiry of one month from the close of each half year
i.e. 31st March and 30th September or send a copy of the same to all eligible unitholders.

Investor may also call our Touchbase customer service centre at 3030 1111, callers outside India, please dial 91-
40-30301111.

G. SERVICES TO UNITHOLDERS
1. Investor Services
It is the endeavour of the Fund to provide consistently high quality service to its investors. This would encompass
all interactions by the unitholder / Investor with the Fund. The Fund will strive to upgrade the quality of services
through implementation of technology, through ensuring quality consciousness amongst its service personnel and
agencies associated with it. The Fund will endeavour to provide a high degree of convenience for the investors’
dealings with itself. The Fund will strive to constantly increase this level of convenience.
2. Facilitating Enquiries and Transactions
Unitholders’ enquiries and transactions will be entertained at the offices of the AMC / the office of the Registrar in
Hyderabad or any of the other Designated Investor Service Centre during their working hours, as may be
specified by the Fund from time to time.
3. Finding Solutions to Problems
The Fund will follow up with the Registrar on complaints and enquiries received from investors. The Fund will
strive to speedily resolve investor grievances.
4. Unitholder Grievances Redressal Mechanism:
Investor grievances will normally be received at the Corporate Office of the AMC or at the head office of the
Registrar. All grievances received at the AMC, will then be forwarded to the Registrar, if required, for necessary
action. The complaints will be closely followed up with the Registrar to ensure timely redressal and prompt
investor service.
Mr. Prashanth Dominic Pereira is the Investor Relations Officer for the Fund. All related queries should be
addressed to him at the following address:
Mr. Prashanth Dominic Pereira
Reliance Capital Asset Management Limited
Express Building (4 & 6th Floor), 14, 'E' Road, Opp. Churchgate Station, Churchgate, Mumbai - 400 020.
Tel. 022-3041 4800 Fax. 022-3041 4899 Email:prashanth.pereira@relianceada.com

48
5. Correspondence :

All correspondence, including change in the name, address, designated bank account number and bank branch,
loss of Account Statement / Unit Certificates, etc. should be addressed to M/s. Karvy Computershare Private
Limited - UNIT RMF , Karvy Plaza, 21, Road No. 4, Street No.1, Banjara Hills, Hyderabad 500 034. (Tel No. 040-
23394828). For any further information, you may send us an E-mail to : customer_care@reliancemutual.com or
contact Touchbase our customer service centre at 30301111, callers outside India, Please dial 91-40-30301111.

6. Investors’ Complaints History

RMF works closely with its Registrar to provide prompt service to its Investors and has been able to attend to
most standard complaints within normal response times. The status of complaints relating to RMF
Schemes received upto May 20, 2007 is given below:

Schemes Period Complaints Complaints Complaints

Received Redressed Pending
Reliance 2002-2003 29 29 Nil
Growth Fund 2003-2004 118 118 Nil
2004-2005 693 693 Nil
2005-2006 1970 1970 Nil
2006-2007 3378 3378 Nil
1st April 07 to 20th May 07 813 813 Nil
Reliance 2002-2003 27 27 Nil
Vision Fund 2003-2004 283 283 Nil
2004-2005 1033 1033 Nil
2005-2006 1405 1405 Nil
2006-2007 2826 2826 Nil
1st April 07 to 20th May 07 467 467 Nil
Reliance 2002-2003 58 58 Nil
Income Fund 2003-2004 203 203 Nil
2004-2005 392 392 Nil
2005-2006 157 157 Nil
2006-2007 96 96 Nil
1st April 07 to 20th May 07 12 12 Nil
Reliance 2002-2003 2 2 Nil
Liquid Fund 2003-2004 26 26 Nil
2004-2005 110 110 Nil
2005-2006 59 56 Nil
2006-2007 117 117 Nil
1st April 07 to 20th May 07 40 40 Nil
Reliance 2002-2003 60 60 Nil
Medium Term 2003-2004 51 51 Nil
Fund 2004-2005 322 322 Nil
2005-2006 68 68 Nil
2006-2007 55 55 Nil
1st April 07 to 20th May 07 2 2 Nil
Reliance Short Dec 2002- Mar 2003 Nil Nil Nil
Term Fund 2003-2004 74 74 Nil
2004-2005 41 41 Nil
2005-2006 7 7 Nil
2006-2007 26 26 Nil

49
 1st April 07 to 20th May 07 2 2 Nil

Reliance Fixed Mar 2003 Nil Nil Nil

Term scheme 2003-2004 1 1 Nil
2004-2005 11 11 Nil
2005-2006 135 135 Nil
2006-2007 16 16 Nil
1st April 07 to 20th May 07 Nil Nil Nil

Reliance May 03- 31 March, 2004 1 1 Nil

Banking Fund 2004-2005 23 23 Nil
2005-2006 372 372 Nil
2006-2007 488 488 Nil
1st April 07 to 20th May 07 91 91 Nil

Reliance Gilt June 03- 31 March, 2004 4 4 Nil

Securities 2004-2005 4 4 Nil
Fund 2005-2006 Nil Nil Nil
2006-2007 2 2 Nil
1st April 07 to 20th May 07 Nil Nil Nil
Reliance Jan 04 - 31 March, 2004 475 475 Nil
Monthly 2004-2005 815 815 Nil
Income Plan 2005-2006 422 422 Nil
2006-2007 470 470 Nil
1st April 07 to 20th May 07 58 58 Nil
Reliance March 04 - 2005 917 917 Nil
Diversified 2005-2006 1285 1285 Nil
Power Sector 2006-2007 1367 1367 Nil
Fund 1st April 07 to 20th May 07 276 276 Nil
Reliance May 04 – 31 March, 2005 352 352 Nil
Pharma Fund 2005-2006 305 305 Nil
2006-2007 211 211 Nil
1st April 07 to 20th May 07 41 41 Nil
Reliance August 04 – 31 March, 2005 11 11 Nil
Floating Rate 2005-2006 40 40 Nil
Fund 2006-2007 132 132 Nil
1st April 07 to 20th May 07 31 31 Nil
Reliance September 04 – 31 March, 2005 50 50 Nil
Media & 2005-2006 51 51 Nil
Entertainment 2006-2007 83 83 Nil
Fund 1st April 07 to 20th May 07 22 22 Nil

Reliance Feb05 – 31,March, 2005 Nil Nil Nil

Equity 2005-2006 4915 4915 Nil
Opportunities 2006-2007 3770 3770 Nil
Fund 1st April 07 to 20th May 07 601 601 Nil

50
Reliance NRI November 04 – 31 March, 2005 110 110 Nil
Equity Fund 2005-2006 35 35 Nil
2006-2007 791 791 Nil
1st April 07 to 20th May 07 6 6 Nil
Reliance NRI November 04 – 31 March, 2005 16 16 Nil
Income Fund 2005-2006 Nil Nil Nil
2006-2007 Nil Nil Nil
1st April 07 to 20th May 07 Nil Nil Nil
Reliance Index Jan2005 – 31,march2005 1 1 Nil
Fund – Nifty 2005-2006 2 2 Nil
Plan 2006-2007 8 8 Nil
1st April 07 to 20th May 07 3 3 Nil
Reliance Index 2006-2007 9 9 Nil
Fund – Sensex 1st April 07 to 20th May 07 3 3 Nil
Plan
Reliance Fixed 2005-2006 3 3 Nil
Maturity Fund 2006-2007 12 12 Nil
– Series II 1st April 07 to 20th May 07 Nil Nil Nil
Reliance Tax 2005-2006 2430 2430 Nil
Saver Fund 2006-2007 3428 3428 Nil
1st April 07 to 20th May 07 1287 1287 Nil

Reliance 2005-2006 122 122 Nil

Regular 2006-2007 505 505 Nil
Saving Equity 1st April 07 to 20th May 07 65 65 Nil
Fund
Reliance 2005-2006 Nil Nil Nil
Liquidity Fund 2006-2007 1 1 Nil
1st April 07 to 20th May 07 Nil Nil Nil

Reliance 2005-2006 1 1 Nil

Regular 2006-2007 15 15 Nil
Saving Debt 1st April 07 to 20th May 07 1 1 Nil
Fund
Reliance 2005-2006 6 6 Nil
Regular 2006-2007 21 21 Nil
Saving Fund- 1st April 07 to 20th May 07 4 4 Nil
Balanced
option
Reliance Fixed 2005-2006 10 10 Nil
Tenor Fund – 2006-2007 28 28 Nil
Plan A 1st April 07 to 20th May 07 4 4 Nil

Reliance Fixed 2005-2006 1 1 Nil

Tenor Fund- 2006-2007 5 5 Nil
Plan B 1st April 07 to 20th May 07 Nil Nil Nil

Reliance 2005-2006 Nil Nil Nil

Equity Fund 2006-2007 12470 12470 Nil

51
 1st April 07 to 20th May 07 587 587 Nil
Reliance Fixed 2005-2006 Nil Nil Nil
Horizon Fund 2006-2007 35 35 Nil
1st April 07 to 20th May 07 15 15 Nil

Reliance Fixed 2006-2007 9 9 Nil

Horizon Fund- 1st April 07 to 20th May 07 1 1 Nil
1
Reliance Fixed 2006-2007 6 6 Nil
Horizon Fund- 1st April 07 to 20th May 07 26 26 Nil
II
Reliance Fixed 2006-2007 Nil Nil Nil
Horizon Fund- 1st April 07 to 20th May 07 7 7 Nil
III
Reliance Long 2006-2007 2140 2140 Nil
Term Fund 1st April 07 to 20th May 07 466 466 Nil

Reliance 2006-2007 Nil Nil Nil

Liquid Plus
Fund 1st April 07 to 20th May 07 2 2 Nil

Reliance 2006-2007 Nil Nil Nil

Interval Fund
1st April 07 to 20th May 07 7 7 Nil

Please note that 292 complaints were received through SEBI from April 1, 2003 to May 20, 2007 and the same
were duly redressed.

IX. TAX BENEFITS OF INVESTING IN THE MUTUAL FUND:

The certain tax benefits are available to the Mutual Fund and the Unit holders as mentioned
hereinafter.
It may however be noted that the information given hereinafter is only for general
information purposes and is based on the advice received by the AMC regarding the law
and practice currently in force in India and the Investors/ Unit holders should be aware that
the relevant fiscal rules or their interpretation may change or it may not be acceptable to
the tax authorities. As is the case with any interpretation of any law , there can be no
guarantee that the tax position or the proposed tax position prevailing at the time of an
investment in the Scheme will be accepted by the tax authorities or will continue to
accepted by them indefinitely.

Further statements with regard to tax benefits mentioned herein below are mere
expressions of opinion and are not representations of the Mutual Fund to induce any
investor to acquire units whether directly from the Mutual Fund or indirectly from any other
persons by the secondary market operations. In view of the above, and since the individual
nature of tax consequences may differ in each case on its merits and facts, each Investor /
Unit holder is advised to consult his / her or its own professional tax advisor with respect
to the specific tax implications arising out of its participation in the Scheme, as a unit
holders.

52
In view of the above, it is advised that the unit holders appropriately consult their
investment / tax advisors in this regard.
Tax Benefits to the Mutual Fund : Reliance Mutual Fund is a Mutual Fund registered with the
Securities & Exchange Board of India and hence the entire income of the Mutual Fund will be
exempt from income tax in accordance with the provisions of Section 10(23D) of the Income-tax
Act, 1961, (the Act). The Mutual Fund will receive all income without any deduction of tax at
source under the provisions of Section 196(iv) of the Act.
Effective from 9 July 2004, income distribution, if any, made by the Mutual Fund will attract
distribution tax under Section 115R of the Act, calculated at the rate of 13.06875 per cent
(inclusive of surcharge on income-tax at 2.5 per cent and an additional surcharge by way of
education cess at the rate of 2 per cent on the amount of tax inclusive of surcharge) in case
income is distributed to individuals and Hindu Undivided Families (HUFs), and calculated at the
rate of 20.91 per cent (inclusive of surcharge on income-tax at 2.5 per cent and an additional
surcharge by way of education cess at the rate of 2 per cent on the amount of tax inclusive of
surcharge as per the Act) in case income is distributed to persons other than individuals and
HUFs.
An exemption has been granted under the Finance (No.2) Act, 2004 to open ended equity
oriented mutual funds from paying distribution tax on income distributed without any time limit,
effective from 1 April 2004.
Tax Benefits to Unit holders
(i). Income-tax
Tax on Income distribution
Income distributed by the Mutual Fund
All Unit holders
Income received by unit holders in respect of the units of the Mutual Fund, is exempt from tax
under Section 10(35) of the Act.
Tax Deduction at Source
All Unit holders
In view of the exemption of income in the hands of the Unit holders, no income tax is deductible
at source, on income distribution by the Mutual Fund on or after April 1, 2003, under the
provisions of Sections 194K and 196A of the Act.
As per section 196B of the Act, tax is required to be deducted at the rate of 10.455 per cent
(inclusive of surcharge on income-tax at the rate of 2.5 per cent and an additional surcharge by
way of education cess at the rate of 2 per cent on the amount of tax inclusive of surcharge) from
income payable in respect of units purchased in foreign currency to approved overseas financial
organizations.
(ii) Tax on Capital Gains
Tax on Long-term Capital Gain on Units : Section 10(38) of the Act grants exemption to any
income arising from the transfer of a long term capital asset, being units of an equity oriented
fund provided the transaction giving rise to the capital gains, attracts securities transaction tax
and is made after 1st October 2004 i.e the date on which Chapter VII of the Finance (No. 2) Act,
2004 has come into force. For this purpose "equity oriented fund" means where the investible
funds are invested by the Mutual Fund in equity shares in domestic companies to the extent of
more than fifty percent of the total proceeds of such fund set up under a scheme of a Mutual
Fund specified under clause 10(23D) of the Act.
Tax on short-term capital gains.

53
Where the total income of an assessee includes any income chargeable under the head "Capital
Gains", arising from the transfer of a short-term capital asset, being a unit of an equity oriented
fund and
(a) the transaction of sale of such unit is entered into on or after 1st October 2004, i.e. the date
on which Chapter VII of the Finance (No. 2) Act, 2004 has come into force; and
(b) such transaction is chargeable to securities transaction tax under that Chapter, the tax
payable by the assessee on such short-term capital gains is at the rate of ten per cent.
Provided that in the case of an individual or a hindu undivided family, being a resident, where the
total income as reduced by such short-term capital gains on units is below the maximum amount
which is not chargeable to income-tax, then, such short-term capital gains shall be reduced by
the amount by which the total income as so reduced falls short of the maximum amount which is
not chargeable to income-tax and the tax on the balance of such short-term capital gains shall be
computed at the rate of ten per cent.
The said tax rate would be increased by applicable surcharge of 10 per cent in case of non-
corporate Unit holders, where the total income exceeds Rs.850,000 and 2.5 per cent surcharge in
case of corporate Unit holders irrespective of the amount of taxable income. Further, an
additional surcharge of 2 per cent by way of education cess would be charged on amount of tax
inclusive of surcharge.
Where the total income of an assessee includes any short-term capital gains on units the rebate
under section 88 shall be allowed from the income tax on the total income as reduced by such
short term capital gains.
As per the Finance (No.2) Act, 2004 , Securities transaction tax will be levied at the rate of
0.15% of the value of the securities purchased on a recognized stock exchange in India from 1st
October 2004 i.e. the date notified in the official gazette. For this purpose securities
transactions on which the transaction tax is leviable are
(a) purchase or sale of an equity share in a company or a derivative or a Unit of an equity
oriented fund, entered into in a recognized stock exchange; or
(b) sale of a Unit of an equity oriented fund to the Mutual Fund;
Tax Treaty : In the case of a non-resident unit holder who is resident of a country with which
India has signed a Double Taxation Avoidance Agreement (which is in force) income tax is
payable at the rate provided in the Act or at the rate provided in the such agreement, whichever
is more beneficial to such non resident unit holder.
Foreign Institutional Investors: Long-term capital gains arising on sale/repurchase of units,
held for a period of more than twelve months, would be taxed at the rate of 10 per cent under
Section 115AD of the Act. The said tax rate would be increased by surcharge of 2.5 per cent
surcharge. Further, an additional surcharge of 2 per cent by way of education cess would be
charged on amount of tax inclusive of surcharge. Such gains would be calculated without inflation
index and currency fluctuations.
Short-term capital gains arising on sale/repurchase of units would be taxed at 30 per cent and
10% if such short term capital gains is of the nature referred in section 111A of the Act. The said
applicable tax rate would be increased by 2.5 per cent surcharge. Further, an additional
surcharge of 2 per cent by way of education cess would be charged on amount of tax inclusive of
surcharge.
Specified overseas financial organizations: As per the provisions of section 115AB of the Act,
long-term capital gains arising on sale/repurchase of units purchased in foreign currency shall be
liable to tax at the rate of 10 per cent. The said tax rate would be increased by 2.5 per cent
surcharge. Further, an additional surcharge of 2 per cent by way of education cess would be
charged on amount of tax inclusive of surcharge. However, such gains shall be computed without
the benefit of cost indexation.

54
Short-term capital gains arising on sale/repurchase of units would be taxed at 40 per cent in case
of foreign companies and 30 per cent in case of others. The said tax rate would be increased by
applicable surcharge of 10 per cent in case of non-corporate Unit holders, where the total income
exceeds Rs.850,000 and 2.5 per cent surcharge in case of corporate Unit holders irrespective of
the amount of taxable income. Further, an additional surcharge of 2 per cent by way of education
cess would be charged on amount of tax inclusive of surcharge.
Other Unit holders: Long-term capital gains arising on sale/repurchase of units, held for a
period of more than twelve months, will be chargeable under Section 112 of the Act, at the rate
of 10 per cent. The said tax would be increased by surcharge of 10 per cent in case of non-
corporate Unit holders, where the total income exceeds Rs.850,000 and 2.5 per cent surcharge in
the case of corporate Unit holders irrespective of the amount of taxable income. Further, an
additional surcharge of 2 per cent by way of education cess would be charged on amount of tax
inclusive of surcharge.
Short-term capital gains other than referred in section 111A of the Act, arising on
sale/repurchase of units would be taxed at the applicable tax rate and the tax would be increased
by surcharge of 10 percent in the case of non-corporate unit holders and at 35 per cent plus 2.5
per cent surcharge in case of corporate Unit holders irrespective of the amount of taxable
income. Further, an additional surcharge of 2 per cent by way of education cess would be
charged on amount of tax inclusive of surcharge.
Dividend Stripping
All Unit holders : As per Section 94(7) of the Act, loss arising on sale of Units, which are bought
within 3 months prior to the record date (i.e. the date fixed by the Mutual Fund for the purposes
of entitlement of the Unit holders to receive the income) and sold within 9 months after the
record date, shall be ignored for the purpose of computing income chargeable to tax to the extent
of exempt income received or receivable on such Units.
Bonus stripping
All Unit holders : As per section 94 (8) of the Act wherein in case of units purchased within a
period of three months prior to the record date for entitlement of bonus and sold within nine
months after the record date, the loss arising on transfer of original units shall be ignored for the
purpose of computing the income chargeable to tax. The amount of loss so ignored shall be
deemed to be the cost of acquisition/purchase of such bonus units as are held by it/him on the
date of such sale/transfer.
Tax Deduction at Source on Capital Gains
Domestic Unit holders: No income tax is deductible at source from income by way of capital
gains under the provisions of the Act.
Foreign Institutional Investors : Under Section 196D of the Act, no deduction shall be made
from any income by way of capital gains, in respect of transfer of units referred to in Section
115AD of the Act.
Specified overseas financial organizations : As per section 196B of the Act, income tax is
deductible on long-term capital gains arising on repurchase of unlisted units purchased in foreign
currency, at the rate of 10 per cent. The said tax rate would be increased by applicable surcharge
of 2.5 per cent surcharge in case of corporate Unit holders irrespective of the amount of taxable
income. Income tax is deductible on short-term capital gains arising on sale / repurchase of units
at the rate of 40 per cent plus applicable surcharge at the rate of 2.5 per cent in case of foreign
companies. Further, an additional surcharge of 2 per cent by way of education cess would be
deducted on amount of tax inclusive of surcharge
Other Non-resident Unit holders : Part II of the First Schedule to the Finance Act, 2004,
provides for deduction of tax at source from capital gains at the rate of 20 per cent, where they
relate to long-term capital gains arising on sale/ repurchase of units at the marginal rates, viz. at

55
30 per cent in case of non-corporate holders and at 40 per cent in case of corporate Unit holders.
Surcharge on income tax will be levied at 10 per cent on such tax in respect of all Unit holders,
other than corporate Unit holders, where the total income exceeds Rs. 850,000 and in respect of
all corporate Unit holders at 2.5 per cent of such tax.
Further, an additional surcharge of 2 per cent by way of education cess would be charged on
amount of tax inclusive of surcharge.
In accordance with the provisions of Circular no.728 dated October 30, 1995 issued by the
Central Board of Direct Taxes ('CBDT'), in case of a non resident unit holder who is a resident of
a country with which India has signed a Double Taxation Avoidance Agreement (which is in force)
the tax should be deducted at source under section 195 of the Act at the rate provided in the
Finance Act of the relevant year or the rate provided in the said agreement, whichever is more
beneficial to such non-resident unit holder. However, such a non-resident unit holder will be
required to provide appropriate documents to the Fund, to be entitled to a beneficial rate under
such agreement.
Exemptions from long-term capital gains
(i) As per the provisions of section 54EC of the Act, long-term capital gains arising on repurchase
or sale of unlisted units shall be exempt from tax to the extent such capital gains are invested,
within a period of six months of such transfer, in acquiring specified bonds and remain so
invested as specified.
(ii) As per the provisions of section 54ED of the Act, long-term capital gains arising on
repurchase or sale of unlisted units shall be exempt from tax to the extent such capital gains are
invested, within a period of six months of such transfer, in acquiring the equity shares forming
part of a public issue of an Indian public company and remain so invested as specified.
Other Benefits : Investments in Units of the Mutual Fund will rank as an eligible form of
investment under Section 11 (5) of the Act read with Rule 17C of the Income-tax Rules, 1962, for
Religious and Charitable Trusts.
(ii). Wealth-tax: Units held under the respective Plans are not treated as assets as defined
under Section 2(ea) of the Wealth-tax Act, 1957 and thereof would not liable to wealth-tax.
(iii). Gift-tax: The Gift-tax Act, 1958 has ceased to apply to gifts made on or after October 1,
1998. Gifts of Units, purchased under the respective Plans, would therefore, be exempt from gift-
tax. Where however the gifts, exceeding Rs. 25,000, made on after 1-9-04, the same is to be
included as income in the hands of donee under new sub-clause (xiii) inserted in section 2(24)
read with new section 56(v) by the Finance (No.2) Act, 2004.
The tax benefits to the Mutual Fund and Unit Holders is in accordance with the prevailing tax
laws.
EACH INVESTOR IS ADVISED TO CONSULT HIS OR HER OWN TAX CONSULTANT WITH
RESPECT TO THE SPECIFIC TAX IMPLICATIONS ARISING OUT OF HIS OR HER
PARTICIPATION IN THE SCHEME.

56
 X. CONDENSED FINANCIAL INFORMATION

Historical
Per Unit
Statistic Reliance Floating Rate Fund
Date of
allotment 2-Sep-04
Sept 2, 2004 April 01,2007
to Mar. 31, 2005-2006 2006-2007 to May
2005 18,2007
NAV At
The
Beginning
of the
period
Growth Plan 10.0044 10.2963 10.8775 11.6816
Bonus Plan 10.0044 N.A N.A N.A
Dividend
Plan 10.0044 N.A N.A N.A
Daily
Dividend
Plan N.A 10.0447 10.0635 10.0662
Weekly
Dividend
Plan N.A 10.0668 10.0782 10.0793
Monthly
Dividend
Plan N.A 10.0687 10.1138 10.1504
Quarterly
Dividend
Plan N.A N.A. N.A. N.A.
Net
Income
Per Unit 0.45 1.34 0.67 0.10
Dividends:
Monthly
Dividend
plan 0.15 0.51 0.69 0.09
Quarterly
Dividend
Plan N.A N.A N.A N.A
Daily
Dividend
Plan N.A 0.53 0.73 0.12
Weekly
Dividend
Plan N.A 0.52 0.72 0.13
Dividend N.A N.A N.A N.A

57
(Re
Investment)
Plan
Institutional
Monthly
Dividend
Plan N.A N.A N.A N.A
Transfer To
Reserve (if
Any) Nil Nil Nil Nil
NAV at the
End of the
Period
Growth Plan 10.2963 10.8757 11.6816 11.8339
Monthly 10.1504
Dividend
plan 10.0687 10.1121 10.1961
Quarterly N.A N.A N.A N.A
Dividend
Plan
Bonus Plan N.A N.A N.A N.A
Dividend
Re-
Investment
Plan N.A N.A N.A N.A
Daily
Dividend
Plan 10.0447 10.0636 10.0662 10.0680
Weekly
Dividend
Plan 10.0668 10.0894 10.0793 10.0800
Dividend N.A N.A N.A N.A
Plan
Institutional N.A N.A N.A N.A
– Dividend
Institutional N.A N.A N.A N.A
– Growth
Returns in
(%) 2.96% 5.56% 6.54% 6.77%
Benchmark
Returns in
(%) 2.39%
Crisil Liquid Fund Index
Net Assets
at the end
of the
period (Rs.
In Crs.) 557.96 306.69 937.52 1,614.61
Ratio of
Recurring
expenses 0.53% 0.55% 0.55% 0.55%

58
 to Net
Assets
(%)

Historical
Cost Per RELIANCE
Unit RELIANCE REGULAR REGULAR SAVING RELIANCE REGULAR SAVING FUND
Statistic SAVING FUND - DEBT FUND - EQUITY BALANCED
Date of
allotment 6/9/2005
April April April
2005- 2006- 01,2007 2005- 2006- 01,2007 2005- 2006- 01,200
2006 2007 to May 2006 2007 to May 2006 2007 to Ma
18,2007 18,2007 18,200
NAV At
The
Beginning
of the
period
Growth 10.27 10.02 10.026 10.304
Option 10.0275 99 10.5926 42 11.8612 14.4445 9 9 11.139
Net
Income
Per Unit 0.09 0.33 0.05 1.09 1.24 (0.02) 0.06 0.16 (0.04)
Dividend:
Dividend
Plan NIL NIL NIL NIL NIL NIL NIL NIL N
Transfer to
Reserve (if
any) NIL NIL NIL NIL NIL NIL NIL NIL N
NAV at the
End of
period
Growth 10.59 11.86 10.304 11.139
Option 10.2787 26 10.6452 19 14.4445 16.1069 0 6 12.049
Returns 2.79 3.28 18.62
in (%) % % 3.33% % 24.62% 31.48% 3.04% 6.31% 10.57
Benchmar
k Returns
in (%)
Net Assets
at the end
of the
period (Rs
in Crs.) 0.57 1.21 1.28 30.20 186.39 214.77 1.82 20.34 24.76
Ratio of
Recurring
expenses
to Net
Assets 1.75 1.75 2.50
(%) % % 1.75% % 2.46% 2.37% 2.25% 2.25% 2.25

59
Historical
Per Unit
Statistic RELIANCE LIQUIDITY FUND
Date of
allotment 16-Jun-05
June 16, 2005 to April 01,2006 to April 01,2007 to
March 31,2006 March 30,2007 May 18,2007
NAV At
The
Beginning
of the
period
Growth
Plan 10.0014 10.4599 11.2339
Bonus Plan NA NA NA
Daily
Dividend
Plan 10.0000 10.0049 10.0031
Weekly
Dividend
Plan 10.0014 10.0037 10.0019
Monthly
Dividend
Plan 10.6663
Net
Income
Per Unit 0.28 0.72 0.10
Dividends:
Daily
Dividend
Plan 0.48 0.72 0.12
Weekly
Dividend
Plan 0.49 0.72 0.13
Monthly
Dividend
Plan 0.17 0.55 0.10
Transfer To
Reserve (if
Any) Nil Nil Nil
NAV at
the End of
the Period
Growth
Plan 10.4581 11.2339 11.3788
Bonus Plan NA NA NA
Daily
Dividend
Plan 10.0031 10.0031 10.0031
Weekly
Dividend 10.0019 10.0019 10.0019

60
Plan
Monthly
Dividend
Plan NA 10.6663 10.7072
Returns in
(%) 4.58% 6.91% 7.18%
Benchmark
Returns in
(%)
Crisil Liquid Fund Index
Net Assets
at the end
of the
period (Rs.
In Crs.) 3,003.41 5,590.10 9,163.83
Ratio of
Recurring
expenses
to Net
Assets (%) 0.40% 0.40% 0.40%

61
Historical Reliance Diversified Reliance Pharma Fund Reliance Media &
Cost Per Power Sector Fund Entertainment Fund
Unit Statistic
Date of
allotment 30-Apr-04 6-Jun-04 7-Oct-04
Apri
April
01,2
01,20 April
2006 007
2005- 07 to 2005- 2006- 01,2007 2005- 2006-
- to
2006 May 2006 2007 to May 2006 2007
2007 May
18,20 18,2007
18,2
07
007
NAV At The
Beginning of
the period
Growth 30.07 34.38 19.969 24.3
Option 14.3074 13 35 12.1514 8 19.7196 10.3457 18.9787 7
30.07 34.38 19.969 24.3
Bonus Option 14.3079 13 35 12.1513 8 19.7196 10.2461 18.9787 7
24.87 26.08 18.789 20.3
Dividend Plan 14.3085 03 02 12.1515 0 17.0998 10.3469 17.7748 5
Net Income
Per Unit 3.64 3.38 0.14 4.41 3.45 -0.12 6.82 3.14 -0.0

Dividend:
Dividend Plan 4.00 2.50 NIL 1.00 1.50 NIL 1.00 2.50 NI
Transfer to
Reserve (if
any) NIL NIL NIL NIL NIL NIL NIL NIL NI
NAV at the
End of
period
Growth 34.38 39.92 19.719 28.5
Option 30.0716 35 43 19.9708 6 21.9093 18.9796 24.3873 5
34.38 39.92 19.719 28.5
Bonus Option 30.0716 35 43 19.9708 6 21.9093 18.9796 24.3873 5
26.08 30.28 17.099 23.8
Dividend Plan 24.8706 02 15 18.7899 8 18.9981 17.7756 20.3653 9
Returns in 83.65 98.13 34.54 70.9
(%) 104.66% % % 54.89% % 40.40% 60.70% 58.09% %
Benchmark
Returns in
(%)
India Power Index BSE Health Care Index S&P CNX Media &
Entertainment Index
Net Assets
at the end of
the period 702. 1,002. 125.6 38.0
(Rs in Crs.) 14 827.76 87 146.19 114.96 7 0 78.41 108.2

62
Ratio of
Recurring
expenses to
Net Assets 2.03 1.83 2.20 2.23 2.24
(%) % 1.92% % 2.17% 2.21% % % % 2.24%

Historic
al Cost
Reliance NRI Equity Fund Reliance NRI Income Fund
Per Unit
Statistic
Date of
allotme
nt 16-Nov-04 16-Nov-04
Nov April Nov April
2006
2004 to 2005- 2006- 01,2007 to 2004 to 2005- 01,2007 t
-
Mar 31, 2006 2007 May Mar 31, 2006 May
2007
2005 18,2007 2005 18,2007
NAV At
The
Beginni
ng of
the
period
Growth 11.338 10.6
Option 10.0295 1 18.7857 23.3558 10.0234 10.1701 211 11.392
Bonus 11.338
Option 10.0295 1 18.7857 23.3558 10.0234 N.A N.A N.A
Dividend 11.338 10.6
Plan 10.0295 1 18.7857 19.8337 10.0234 10.1942 211 11.392
Net
Income
Per Unit 1.15 7.12 5.90 0.05 1.00 0.62 1.00 0.0
Dividen
d:
Dividend
Plan NIL NIL 3.50 NIL NIL NIL NIL NI
Transfer
to
Reserve
(if any) NIL NIL NIL NIL NIL NIL NIL NI
NAV at
the End
of
period
Growth 18.786 11.3
Option 11.3381 8 23.3558 25.6496 10.1701 10.6196 927 11.457
Bonus 18.786
Option 11.3381 8 23.3558 25.6496 N.A N.A N.A N.A
Dividend 18.786 11.3
Plan 11.3381 8 19.8337 21.7788 10.1942 10.6196 927 11.457

63
 Returns 64.14 5.88
in (%) 13.38% % 56.42% 62.56% 1.94% 4.52% % 5.83%
Benchm
ark
Returns
in (%) 9.23% 3.12%
BSE 200 Index Composite Bond Fund Index
Net
Assets
at the
end of
the
period
(Rs in
Crs.) 88.88 104.80 126.28 140.13 2.29 1.35 0.90 0.9
Ratio of
Recurrin
g
expense
s to Net
Assets 1.49
(%) 2.50% 2.47% 2.45% 2.43% 1.53% 1.49% % 1.48%

Historical
Cost Per
Reliance Index Fund – Sensex Plan Reliance Index Fund – Nifty
Unit
Statistic
Date of
allotment 8-Feb-05 8-Feb-05
April Feb
Feb 2005 to
2005- 2006- 01,2007 2005 to 2005- 2006- 0
Mar 31,
2006 2007 to May Mar 31, 2006 2007
2005
18,2007 2005 1
NAV At
The
Beginning
of the
period
Growth
Option 9.9807 9.8194 17.1036 19.2949 9.9827 9.8834 14.3658
Bonus
Option 9.9807 9.8194 17.1036 19.2949 9.9827 9.8834 14.3658
Dividend
Plan 9.9807 9.8194 17.1036 19.2949 9.9827 9.8834 14.3658
Net
Income
Per Unit 0.30 1.15 2.83 0.17 0.29 5.23 0.20
Dividend:
Dividend
Plan NIL NIL NIL NIL NIL NIL NIL

64
Transfer to
Reserve (if
any) NIL NIL NIL NIL NIL NIL NIL
NAV at the
End of
period
Growth
Option 9.8194 17.1036 19.2949 21.0397 9.8834 14.3671 15.4053
Bonus
Option 9.8194 17.1036 19.2949 21.0397 9.8834 14.3671 15.4053
Dividend
Plan 9.8194 17.1036 19.2949 21.0397 9.8834 14.3671 15.4053
Returns in
(%) -1.99% 62.33% 43.50% 48.61% -1.17% 38.32% 25.29%
Benchmark
Returns in
(%) -0.0156 -1.93%
BSE Index NSE Index
Net Assets
at the end
of the
period (Rs
in Crs.) 0.85 1.57 4.01 4.01 2.15 1.20 1.98
Ratio of
Recurring
expenses
to Net
Assets
(%) 1.50% 1.47% 1.50% 1.50% 1.50% 1.43% 1.33%

Historical
Cost Per
Reliance Equity Opportunity Fund Reliance Tax Saver (ELSS
Unit
Statistic
Date of
allotment 31-Mar-05 22-Sep-05
April
Sep 22,2005
2005- 2006- 01,2007 2006- 0
Mar-05 to March
2006 2007 to May 2007
31,2006
18,2007
NAV At
The
Beginning
of the
period
Growth
Option 9.9382 9.9382 18.4769 20.3459 9.95 13.34
Bonus
Option 9.9382 9.9382 18.4769 20.3459 NA NA
Dividend 9.9382 9.9382 18.4769 17.7232 9.95 13.34

65
 Plan
Net
Income
Per Unit 0.02 2.83 3.32 0.33 0.86 0.90
Dividend:
Dividend
Plan NIL NIL 2.50 NIL NIL 1.00
Transfer to
Reserve (if
any) NIL NIL NIL NIL NIL NIL
NAV at the
End of
period
Growth
Option 9.9382 18.4779 20.3459 22.2960 13.34 13.29
Bonus
Option 9.9382 18.4779 20.3459 22.2960 NA NA
Dividend
Plan 9.9382 18.4779 17.7232 19.4207 13.34 12.38
Returns in
(%) -2.53% 84.78% 51.80% 57.69% 33.40% 21.64%
Benchmark
Returns in
(%)
BSE 200 Index
Net Assets
at the end
of the
period (Rs
in Crs.) 1761.59 2,338.80 2,385.65 2,641.35 1,196.31 1,510.78
Ratio of
Recurring
expenses
to Net
Assets
(%) 1.92% 1.89% 1.88% 1.85% 2.06% 1.96%

Historical
Reliance Long term Equity
Cost Per Unit Reliance Equity Fund
Fund
Statistic
Date of
allotment 28-Mar-06 26-Dec-06
April
Mar 28,2006 April
01,2007
to March 2006-2007 2006-2007 01,2007 to
to May
31,2006 May 18,2007
18,2007
NAV At The
Beginning of
the period

66
Growth Option 10.10 10.16 11.04 10.1273 9.8730
Bonus Option 10.10 10.16 11.04 NA NA
Dividend Plan 10.10 10.16 11.04 10.1273 9.8730
Net Income
Per Unit 0.02 0.63 0.01 0.23 0.02
Dividend:
Dividend Plan NIL NIL NIL NIL NIL
Transfer to
Reserve (if
any) NIL NIL NIL NIL NIL
NAV at the
End of period
Growth Option 11.39 11.04 12.09 9.8730 10.7405
Bonus Option NA 11.04 12.09 NA NA
Dividend Plan 11.39 11.04 12.09 9.8730 10.7405
Returns in
(%) 5.73% 10.34% 18.34% -1.27% 7.41%
Benchmark
Returns in
(%)

Net Assets at
the end of
the period
(Rs in Crs.) 5,820.10 4,358.59 3,961.56 2,064.74 2,246.12
Ratio of
Recurring
expenses to
Net Assets
(%) 1.76% 1.77% 1.78% 1.84% 1.84%

Historical
Cost Per Reliance Fixed Tenor Fund PLAN
Reliance Fixed Tenor Fund PLAN A
Unit B
Statistic
Date of
allotment 23-Dec-05 3-Feb-06
Dec 23, April Feb April
2005 to 01,2007 03,2006 2006- 01,2007
2006-2007
March to May to March 2007 to May
31,2005 18,2007 31 2006 18,2007
NAV at the
beginning
of the
period (Rs.)

Growth Plan 10.0142 9.9876 10.6723 10.0012 9.9762 10.6190

67
Dividend Plan 10.0142 9.9876 10.0877 10.0012 9.9762 10.4130
Retail Growth
Plan N.A N.A N.A N.A N.A N.A
Retail
Dividend Plan N.A N.A N.A N.A N.A N.A
Institutional
Growth N.A N.A N.A N.A N.A N.A
Institutional
Dividend N.A N.A N.A N.A N.A N.A
Transfer to
Reserve (If
Any)
Net Income
Per Unit 0.19 0.70 0.10 0.08 0.72 0.11
Total
Dividends
paid per
unit during
the period *
(Rs.)
Dividend Plan N.A 0.58 N.A N.A 0.20 N.A
Retail
Dividend Plan N.A N.A N.A N.A N.A N.A
Institutional
Dividend N.A N.A N.A N.A N.A N.A
NAV at the
end of the
period
Growth Plan 9.9855 10.6723 10.8132 9.9741 10.6190 10.7517
Dividend Plan 9.9855 10.0877 10.2208 9.9741 10.4130 10.5431
Retail Growth
Plan N.A N.A N.A N.A N.A N.A
Retail
Dividend Plan N.A N.A N.A N.A N.A N.A
Institutional
Growth N.A N.A N.A N.A N.A N.A
Institutional
Dividend N.A N.A N.A N.A N.A N.A
Returns in
(%) -
Growth -0.15% 5.31% 5.81% -0.26% 5.38% 5.85%
- Retail
Growth
-
Institutional
Growth
Benchmark
Returns in
(%) N.A N.A

68
 Net Assets
at end of
the period
(Rs. Cr.) 503.33 503.42 474.28 161.68 164.85 160.99
Ratio of
Recurring
Expenses to
Net Assets
(%) 0.15% 0.15% 0.15% 0.20% 0.20% 0.20%

Reliance Fixed
Historical Cost Per Unit Reliance Fixed Horizon Fund
Horizon Fund I AP
Statistic Plan C SR I
SR I
Date of allotment 30-Aug-06 30-Aug-06
August August April
30,2006 to April 01,2007 to 30,2006 01,2007
March May 18,2007 to March to May
31,2007 31,2007 18,2007
NAV at the beginning of
the period (Rs.)

Growth Plan N.A N.A N.A N.A

Dividend Plan N.A N.A N.A N.A
Retail Growth Plan 9.9213 10.2644 10.0017 10.4092
Retail Dividend Plan 9.9213 10.0015 10.0017 10.0027
Institutional Growth 9.9813 10.3254 10.0017 10.4092
Institutional Dividend 9.9813 10.0031 10.0017 10.0027
Transfer to Reserve (If
Any)
Net Income Per Unit 0.53 0.12 0.49 0.11
Total Dividends paid
per unit during the
period * (Rs.)
Dividend Plan N.A N.A N.A N.A
Retail Dividend Plan 0.26 N.A 0.41 N.A
Institutional Dividend 0.32 N.A 0.41 N.A
NAV at the end of the
period
Growth Plan N.A N.A N.A N.A
Dividend Plan N.A N.A N.A N.A
Retail Growth Plan 10.2644 10.3923 10.4092 10.5436
Retail Dividend Plan 10.0015 10.1261 10.0027 10.1319
Institutional Growth 10.3254 10.4540 10.4092 10.5436
Institutional Dividend 10.0031 10.1277 10.0027 10.1319

69
Returns in (%) -
Growth
- Retail Growth 2.64% 3.92% 4.09% 5.44%
- Institutional Growth 3.25% 4.54% 4.09% 5.44%
Benchmark Returns in
(%)
Net Assets at end of the
period (Rs. Cr.) 543.68 545.79 327.65 331.74
Ratio of Recurring
Expenses to Net Assets
(%) 0.15% 0.15% 0.10% 0.10%

RELIANCE FIXED
Historical Cost Per Unit RELIANCE FIXED HORIZON
HORIZON FUND -
Statistic FUND 1 AP SER 2
PLAN C - SR 3
Date of allotment 27-Sep-06 30-Oct-06
September October April
April 01,2007
27,2006 to 30,2006 01,2007
to May
March to March to May
18,2007
31,2007 31,2007 18,2007
NAV at the beginning of
the period (Rs.)

Growth Plan N.A N.A N.A N.

Dividend Plan N.A N.A N.A N.
Retail Growth Plan 9.9912 10.3272 9.7645 10.068
Retail Dividend Plan 9.9912 10.0026 9.7645 10.002
Institutional Growth 9.9912 10.3272 9.9527 10.147
Institutional Dividend N.A N.A N.A N.
Transfer to Reserve (If
Any)
Net Income Per Unit 0.42 0.11 0.37 0.1
Total Dividends paid per
unit during the period *
(Rs.)
Dividend Plan N.A N.A N.A N.
Retail Dividend Plan 0.32 N.A 0.07 N.
Institutional Dividend N.A N.A N.A N.
NAV at the end of the
period
Growth Plan N.A N.A N.A N.
Dividend Plan N.A N.A N.A N.
Retail Growth Plan 10.3272 10.4581 10.0683 10.189

70
Retail Dividend Plan 10.0026 10.1294 10.0021 10.122
Institutional Growth 10.3272 10.4581 10.1470 10.269
Institutional Dividend N.A N.A N.A N.
Returns in (%) -
Growth
- Retail Growth 3.27% 4.58% 0.68% 1.90%
- Institutional Growth 3.27% 4.58% 1.47% 2.70%
Benchmark Returns in
(%)
Net Assets at end of the
period (Rs. Cr.) 339.64 338.49 105.41 106.1
Ratio of Recurring
Expenses to Net Assets
(%) 0.07% 0.07% 0.23% 0.23%

Historical
Cost Per RELIANCE FIXED HORIZON RELIANCE FIXED HORIZON FU
Unit FUND 1 AP SER 3 1 AP SER 4
Statistic
Date of
allotment 30-Oct-06 31-Oct-06
October
October
30,2006 to April 01,2007 to April 01,2007
31,2006 to
March May 18,2007 May 18,200
March 31,2007
31,2007
NAV at the
beginning
of the
period (Rs.)

Growth Plan N.A N.A N.A

Dividend Plan N.A N.A N.A
Retail Growth
Plan 9.9905 10.2616 10.0019 10.3
Retail
Dividend Plan 9.9905 10.0026 10.0019 10.0
Institutional
Growth 9.9905 10.2616 10.0019 10.3
Institutional
Dividend 9.9905 10.0026 N.A
Transfer to
Reserve (If
Any)
Net Income
Per Unit 0.34 0.10 0.33 0
Total
Dividends
paid per

71
 unit during
the period *
(Rs.)
Dividend Plan N.A N.A N.A
Retail
Dividend Plan 0.26 N.A 0.31
Institutional
Dividend 0.26 N.A N.A
NAV at the
end of the
period
Growth Plan N.A N.A N.A
Dividend Plan N.A N.A N.A
Retail Growth
Plan 10.2616 10.3862 10.3139 10.4
Retail
Dividend Plan 10.0026 10.1240 10.0022 10.1
Institutional
Growth 10.2616 10.3862 10.3139 10.4
Institutional
Dividend 10.0026 10.1240 N.A
Returns in
(%) -
Growth
- Retail
Growth 2.62% 3.86% 3.14% 4.2
-
Institutional
Growth 2.62% 3.86% 3.14% 4
Benchmark
Returns in
(%)
Net Assets
at end of
the period
(Rs. Cr.) 792.47 800.87 3,101.25 3,1
Ratio of
Recurring
Expenses to
Net Assets
(%) 0.05% 0.05% 0.00% 0

RELIANCE FIXD
Historical Cost Per Unit RELIANCE FIXED
HORIZON FUND 2 AP
Statistic HORIZON FUND II AP SR I
SER II
Date of allotment 24-Nov-06 29-Nov-06

72
 November April November April
24,2006 to 01,2007 to 29,2006 01,2007
March May to March to May
31,2007 18,2007 31,2007 18,2007
NAV at the beginning of
the period (Rs.)

Growth Plan N.A N.A N.A N.A

Dividend Plan N.A N.A N.A N.A
Retail Growth Plan 10.0019 10.2858 9.9488 10.0797
Retail Dividend Plan 10.0019 10.0023 9.9488 10.0025
Institutional Growth 10.0019 N.A 9.9826 10.1173
Institutional Dividend N.A 10.0023 9.9826 10.0025
Transfer to Reserve (If Any)
Net Income Per Unit 0.30 0.11 0.25 0.11
Total Dividends paid per
unit during the period *
(Rs.)
Dividend Plan N.A N.A N.A N.A
Retail Dividend Plan 0.28 N.A 0.08 N.A
Institutional Dividend 0.28 N.A 0.11 N.A
NAV at the end of the
period
Growth Plan N.A N.A N.A N.A
Dividend Plan N.A N.A N.A N.A
Retail Growth Plan 10.2858 10.3869 10.0797 10.2096
Retail Dividend Plan 10.0023 10.1006 10.0025 10.1314
Institutional Growth N.A N.A 10.1173 10.2490
Institutional Dividend 10.0023 10.1006 10.0025 10.1327
Returns in (%) - Growth 2.86% 3.87%
- Retail Growth 0.80% 2.10%
- Institutional Growth 1.17% 2.49%
Benchmark Returns in
(%)
Net Assets at end of the
period (Rs. Cr.) 1,001.69 1,011.31 278.97 282.53
Ratio of Recurring
Expenses to Net Assets
(%) 0.00% 0.00% 0.06% 0.06%

Historical Cost Per Unit RELIANCE FIXED RELIANCE FIXED

Statistic HORIZON FUND - PLAN HORIZON FUND II AP

73
 C - SR 2 SR III

Date of allotment 8-Jan-07 28-Dec-06

January April December April
08,2007 to 01,2007 28,2006 to 01,2007 to
March to May March May
31,2007 18,2007 31,2007 18,2007
NAV at the beginning of
the period (Rs.)

Growth Plan N.A N.A N.A N.A

Dividend Plan N.A N.A N.A N.A
Retail Growth Plan 9.8966 9.9122 10.0021 10.1026
Retail Dividend Plan 9.8966 9.9122 10.0021 10.0024
Institutional Growth 9.9782 9.9949 10.0021 10.1026
Institutional Dividend N.A N.A 10.0021 10.0024
Transfer to Reserve (If Any)
Net Income Per Unit 0.21 0.11 0.21 0.11
Total Dividends paid per
unit during the period *
(Rs.)
Dividend Plan N.A N.A N.A N.A
Retail Dividend Plan N.A N.A 0.10 N.A
Institutional Dividend N.A N.A 0.10 N.A
NAV at the end of the
period
Growth Plan N.A N.A N.A N.A
Dividend Plan N.A N.A N.A N.A
Retail Growth Plan 9.9122 10.0452 10.1026 10.2290
Retail Dividend Plan 9.9122 10.0452 10.0024 10.1276
Institutional Growth 9.9949 10.1297 10.1026 10.2290
Institutional Dividend N.A N.A 10.0024 10.1276
Returns in (%) - Growth
- Retail Growth -0.88% 0.45% 1.03% 2.29%
- Institutional Growth -0.05% 1.30% 1.03% 2.29%
Benchmark Returns in
(%)
Net Assets at end of the
period (Rs. Cr.) 54.99 55.71 402.78 407.72
Ratio of Recurring
Expenses to Net Assets
(%) 0.18% 0.18% 0.10% 0.10%

74
 RELIANCE FIXED RELIANCE FIXED
Historical Cost Per
HORIZON FUND II HORIZON FUND 2
Unit Statistic
AP SR IV AP SER 5
Date of allotment 23-Jan-07 23-Feb-07
January April February April
23,2007 01,2007 23,2007 01,2007
to March to May to March to May
31,2007 18,2007 31,2007 18,2007
NAV at the beginning
of the period (Rs.)

Growth Plan N.A N.A N.A N.A

Dividend Plan N.A N.A N.A N.A
Retail Growth Plan 9.9509 10.0299 9.9522 10.0126
Retail Dividend Plan 9.9509 10.0299 9.9522 10.0126
Institutional Growth 9.9857 10.0674 9.9876 10.0472
Institutional Dividend N.A N.A 9.9876 10.0472
Transfer to Reserve (If
Any)
Net Income Per Unit 0.12 0.12 0.09 0.11
Total Dividends paid
per unit during the
period * (Rs.)
Dividend Plan N.A N.A N.A N.A
Retail Dividend Plan N.A N.A N.A N.A
Institutional Dividend N.A N.A N.A N.A
NAV at the end of the
period
Growth Plan N.A N.A N.A N.A
Dividend Plan N.A N.A N.A N.A
Retail Growth Plan 10.0299 10.1686 10.0126 10.1438
Retail Dividend Plan 10.0299 10.1686 10.0126 10.1438
Institutional Growth 10.0674 10.2084 10.0472 10.1789
Institutional Dividend N.A N.A 10.0472 10.1789
Returns in (%) -
Growth
- Retail Growth 0.30% 1.69% 0.13% 1.44%
- Institutional
Growth 0.67% 2.08% 0.47% 1.79%
Benchmark Returns in
(%)
Net Assets at end of
the period (Rs. Cr.) 186.95 189.44 321.93 327.06

75
 Ratio of Recurring
Expenses to Net
Assets (%) 0.13% 0.13% 0.03% 0.03%

Historical Cost RELIANCE FIXED

RELIANCE FIXED HORIZON FUND
Per Unit HORIZON FUND 2 -
2 - QP - SR V
Statistic QP - SR IV
Date of
allotment 28-Feb-07 8-Mar-07
February April
March 08,2007
28,2007 to 01,2007 April 01,2007 to
to March
March to May May 18,2007
31,2007
31,2007 18,2007
NAV at the
beginning of
the period (Rs.)

Growth Plan N.A N.A N.A N.A

Dividend Plan N.A N.A N.A N.A
Retail Growth
Plan 10.0019 10.0846 10.0012 10.0602
Retail Dividend
Plan 10.0019 10.0045 10.0012 10.0042
Institutional
Growth 10.0019 10.0863 10.0012 10.0603
Institutional
Dividend 10.0019 10.0028 10.0012 10.0042
Transfer to
Reserve (If Any)
Net Income Per
Unit 0.09 0.14 0.06 0.14
Total Dividends
paid per unit
during the
period * (Rs.)
Dividend Plan N.A N.A N.A N.A
Retail Dividend
Plan 0.08 N.A 0.06 N.A
Institutional
Dividend 0.08 N.A 0.06 N.A
NAV at the end
of the period
Growth Plan N.A N.A N.A N.A
Dividend Plan N.A N.A N.A N.A
Retail Growth
Plan 10.0846 10.2252 10.0602 10.1976
Retail Dividend
Plan 10.0045 10.1434 10.0042 10.1408

76
Institutional
Growth 10.0863 10.2269 10.0603 10.1976
Institutional
Dividend 10.0028 10.1423 10.0042 10.1408
Returns in (%)
- Growth
- Retail Growth 0.85% 2.25% 0.60% 1.98%
- Institutional
Growth 0.86% 2.27% 0.60% 1.98%
Benchmark
Returns in (%)
Net Assets at
end of the
period (Rs. Cr.) 439.91 443.19 533.38 540.39
Ratio of
Recurring
Expenses to Net
Assets (%) 0.15% 0.15% 0.10% 0.10%

RELIANCE FIXED
Historical Cost Per RELIANCE INTERVAL FUND -
HORIZON FUND 2 AP
Unit Statistic MP-SR I
SER 6
Date of allotment 15-Mar-07 16-Mar-07
April March April
March 15,2007
01,2007 to 16,2007 to 01,2007 to
to March
May March May
31,2007
18,2007 31,2007 18,2007
NAV at the
beginning of the
period (Rs.)

Growth Plan N.A N.A N.A N.A

Dividend Plan N.A N.A N.A N.A
Retail Growth Plan 10.0013 10.0352 9.9746 10.0114
Retail Dividend Plan 10.0013 10.0352 9.9746 10.0114
Institutional Growth 10.0013 10.0356 9.9907 10.0276
Institutional Dividend 10.0013 10.0356 9.9907 10.0276
Transfer to Reserve (If
Any)
Net Income Per Unit 0.04 0.10 0.04 0.12
Total Dividends paid
per unit during the
period * (Rs.)
Dividend Plan N.A N.A N.A N.A
Retail Dividend Plan N.A 0.15 N.A N.A
Institutional Dividend N.A 0.15 N.A N.A

77
NAV at the end of
the period
Growth Plan N.A N.A N.A N.A
Dividend Plan N.A N.A N.A N.A
Retail Growth Plan 10.0352 10.1798 10.0114 10.1410
Retail Dividend Plan 10.0352 10.0264 10.0114 10.1410
Institutional Growth 10.0356 10.1808 10.0276 10.1573
Institutional Dividend 10.0356 10.0258 10.0276 10.1573
Returns in (%) -
Growth
- Retail Growth 0.35% 1.80% 0.11% 1.41%
- Institutional
Growth 0.36% 1.81% 0.28% 1.57%
Benchmark Returns
in (%)
Net Assets at end of
the period (Rs. Cr.) 1,299.89 1,855.10 1,041.20 1,054.10
Ratio of Recurring
Expenses to Net
Assets (%) 0.88% 0.04% 0.00% 0.00%

RELIANCE FIXED RELIANCE FIXED

Historical Cost Per
HORIZON FUND 3 AP HORIZON FUND - II -
Unit Statistic
Ser 1 QP SR VI
Date of allotment 23-Mar-07 26-Mar-07
March April March April
23,2007 to 01,2007 to 26,2007 to 01,2007
March May March to May
31,2007 18,2007 31,2007 18,2007
NAV at the beginning
of the period (Rs.)

Growth Plan N.A N.A N.A N.A

Dividend Plan N.A N.A N.A N.A
Retail Growth Plan 10.0017 10.0188 10.0016 10.0131
Retail Dividend Plan 10.0017 10.0188 10.0016 10.0131
Institutional Growth 10.0018 10.0195 10.0017 10.0131
Institutional Dividend 10.0018 10.0195 10.0017 10.0131
Transfer to Reserve (If
Any)
Net Income Per Unit 0.02 0.12 0.02 0.14

78
Total Dividends paid
per unit during the
period * (Rs.)
Dividend Plan N.A N.A N.A N.A
Retail Dividend Plan N.A N.A N.A N.A
Institutional Dividend N.A N.A N.A N.A
NAV at the end of the
period
Growth Plan N.A N.A N.A N.A
Dividend Plan N.A N.A N.A N.A
Retail Growth Plan 10.0188 10.1514 10.0131 10.1582
Retail Dividend Plan 10.0188 10.1514 10.0131 10.1582
Institutional Growth 10.0195 10.1551 10.0131 10.1588
Institutional Dividend 10.0195 10.1551 10.0131 10.1588
Returns in (%) -
Growth
- Retail Growth 0.19% 1.51% 0.13% 1.58%
- Institutional Growth 0.20% 1.55% 0.13% 1.59%
Benchmark Returns in
(%)
Net Assets at end of
the period (Rs. Cr.) 764.49 774.83 346.18 347.09
Ratio of Recurring
Expenses to Net
Assets (%) 0.00% 0.00% 0.13% 0.13%

Historical Cost RELIANCE FIXED

RELIANCE FIXED HORIZON
Per Unit HORIZON FUND- III -
FUND- III - AP SR III
Statistic AP SR II
Date of
allotment 29-Mar-07 29-Mar-07
March April March
29,2007 01,2007 29,2007 April 01,2007
to March to May to March to May 18,2007
31,2007 18,2007 31,2007
NAV at the
beginning of
the period
(Rs.)

Growth Plan N.A N.A N.A N.A

Dividend Plan N.A N.A N.A N.A
Retail Growth
Plan 10.0016 9.9986 10.0020 10.0048
Retail Dividend
Plan 10.0016 9.9986 10.0020 10.0048

79
Institutional
Growth 10.0016 9.9988 10.0020 10.0048
Institutional
Dividend N.A N.A N.A N.A
Transfer to
Reserve (If Any)
Net Income
Per Unit 0.02 0.14 0.01 0.14
Total
Dividends paid
per unit
during the
period * (Rs.)
Dividend Plan N.A N.A N.A N.A
Retail Dividend
Plan N.A N.A N.A N.A
Institutional
Dividend N.A N.A N.A N.A
NAV at the
end of the
period
Growth Plan N.A N.A N.A N.A
Dividend Plan N.A N.A N.A N.A
Retail Growth
Plan 9.9986 10.2077 10.0048 10.1622
Retail Dividend
Plan 9.9986 N.A 10.0048 10.1622
Institutional
Growth 9.9988 10.2106 10.0048 10.1622
Institutional
Dividend N.A N.A N.A N.A
Returns in
(%) - Growth
- Retail
Growth -0.01% 2.08% 0.05% 1.62%
- Institutional
Growth -0.01% 2.11% 0.05% 1.62%
Benchmark
Returns in
(%)
Net Assets at
end of the
period (Rs.
Cr.) 117.35 119.01 2,492.94 2,531.47
Ratio of
Recurring
Expenses to
Net Assets
(%) 0.08% 0.08% 0.00% 0.00%

80
 RELIANCE FIXED
Historical Cost RELIANCE INTERVAL
HORIZON FUND-III - AP
Per Unit Statistic FUND - MP-SR II
Ser IV
Date of allotment 29-Mar-07 30-Mar-07
March April March
April
29,2007 to 01,2007 30,2007
01,2007 to
March to May to March
May 18,2007
31,2007 18,2007 31,2007
NAV at the
beginning of the
period (Rs.)

Growth Plan N.A N.A N.A N.A

Dividend Plan N.A N.A N.A N.A
Retail Growth Plan 10.0008 10.0058 10.0020 10.0020
Retail Dividend Plan 10.0008 10.0058 10.0020 10.0020
Institutional Growth 10.0009 10.0059 10.0020 10.0020
Institutional
Dividend 10.0009 10.0059 10.0020 10.0020
Transfer to Reserve
(If Any)
Net Income Per
Unit 0.01 0.12 0.00 0.12
Total Dividends
paid per unit
during the period
* (Rs.)
Dividend Plan N.A N.A N.A N.A
Retail Dividend Plan N.A 0.10 N.A N.A
Institutional
Dividend N.A 0.10 N.A N.A
NAV at the end of
the period
Growth Plan N.A N.A N.A N.A
Dividend Plan N.A N.A N.A N.A
Retail Growth Plan 10.0058 10.1528 10.0020 10.1345
Retail Dividend Plan 10.0058 10.0537 10.0020 10.1345
Institutional Growth 10.0059 10.1530 10.0020 10.1334
Institutional
Dividend 10.0059 10.0530 10.0020 10.1334
Returns in (%) -
Growth
- Retail Growth 0.06% 1.53% 0.02% 1.34%
- Institutional
Growth 0.06% 1.53% 0.02% 1.33%
Benchmark

81
Returns in (%)
Net Assets at end
of the period (Rs.
Cr.) 683.55 941.48 1,054.26 1,053.12
Ratio of Recurring
Expenses to Net
Assets (%) 0.89% 0.25% 0.00% 0.00%

RELIANCE RELIANCE
RELIANCE RELIANCE
FIXED INTERVAL
Historical Cost Per INTERVAL INTERVAL
HORIZON FUND -
Unit Statistic FUND - FUND -
FUND-III - QP II-SR
QP-SR I AP-SR I
AP Ser V II
Date of allotment 3-Apr-07 27-Apr-07 3-May-07 7-May-07
April April May May
03,2007 27,2007 to 03,2007 07,2007
to May May to May to May
18,2007 18,2007 18,2007 18,2007
NAV at the
beginning of the
period (Rs.)

Growth Plan N.A N.A N.A N.A

Dividend Plan N.A N.A N.A N.A
Retail Growth Plan 10.0015 10.0026 10.0001 10.0021
Retail Dividend Plan 10.0015 10.0026 10.0001 10.0021
Institutional Growth 10.0015 10.0026 10.0002 10.0021
Institutional Dividend 10.0015 N.A 10.0002 10.0021
Transfer to Reserve
(If Any)
Net Income Per
Unit 0.12 0.07 0.04 0.03
Total Dividends
paid per unit during
the period * (Rs.)
Dividend Plan N.A N.A N.A N.A
Retail Dividend Plan N.A N.A N.A N.A
Institutional Dividend N.A N.A N.A N.A
NAV at the end of
the period
Growth Plan N.A N.A N.A N.A
Dividend Plan N.A N.A N.A N.A
Retail Growth Plan 10.1167 10.0992 10.0527 10.0307
Retail Dividend Plan 10.1167 10.0992 10.0527 10.0307

82
Institutional Growth 10.1165 10.0992 10.0542 10.0308
Institutional Dividend 10.1165 N.A 10.0542 10.0308
Returns in (%) -
Growth
- Retail Growth 1.17% 0.99% 0.53% 0.31%
- Institutional
Growth 1.17% 0.99% 0.54% 0.31%
Benchmark Returns
in (%)
Net Assets at end of
the period (Rs. Cr.) 209.59 1,278.61 158.62 973.65
Ratio of Recurring
Expenses to Net
Assets (%) 0.15% 0.08% 0.49% 0.15%

83
Historical Per Unit
Statistic RELIANCE LIQUID PLUS FUND
Date of allotment 21-Mar-07
March
21,2007 to April 01,2007 to
March May 18,2007
31,2007
NAV At The
Beginning of the
period
Retail Growth 1000.6084 1004.1345
Retail Daily Dividend 1000.0000 1000.2632
Retail Weekly
Dividend 1000.6084 1000.7349
Retail Monthly
Dividend 1000.6084 1003.8808
Institutional Growth 1000.6139 1003.8479
Institutional Daily
Dividend 1000.0000 1000.3894
Institutional Weekly
Dividend 1000.6139 1000.2622
Institutional Monthly
Dividend N.A 1003.5735

Net Income Per Unit 3.07 7.03

Dividends:
Retail Daily Dividend 4.1925 13.0757
Retail Weekly
Dividend 3.3832 12.8512
Retail Monthly
Dividend N.A 9.7512
Institutional Daily
Dividend 4.1190 13.6427
Institutional Weekly
Dividend 4.0945 13.7428
Institutional Monthly
Dividend N.A 7.8182
Transfer To Reserve
(if Any)
NAV at the End of
the Period
Retail Growth 1004.1345 1017.5653
Retail Bonus N.A 1010.0986
Retail Daily Dividend 1000.2632 1001.0905
Retail Weekly
Dividend 1000.7349 1004.4658

84
 Retail Monthly
Dividend 1003.8808 1007.3380
Institutional Growth 1003.8479 1017.9100
Institutional Daily
Dividend 1000.3894 1001.3555
Institutional Weekly
Dividend 1000.2622 1003.0119
Institutional Monthly
Dividend 1003.5735 1009.5140
Returns in (%)
- Retail Growth 0.41% 1.76%
- Institutional
Growth 0.38% 1.79%
Benchmark Returns in
(%)
Net Assets at the end
of the period (Rs. In
Crs.) 303.60 2,494.11
Ratio of Recurring
expenses to Net
Assets (%) 0.84% 0.49%

XI. OTHER MATTERS

A. POWER TO MAKE RULES
Subject to the prior approval of SEBI / other applicable regulatory authorities, wherever necessary, RCAM may,
from time to time, in consultation with the Trustees, prescribe such terms and make such rules for giving effect to
the provisions of the scheme. Further, RCAM may in consultation with the Trustees, add to, alter and / or amend
from time to time, all or any of the terms and conditions of the scheme, and the same will be in line with the then
prevalent regulations of SEBI / other applicable regulatory authorities.
B. POWER TO REMOVE DIFFICULTIES
If any difficulties arise in giving effect to the provisions of this Scheme, RCAM may, in consultation with the
Trustees, do anything not inconsistent with such provisions, which appear to them to be necessary, desirable or
expedient, for the purpose of removing such difficulty.
C. SCHEME TO BE BINDING ON UNITHOLDERS
RCAM may, from time to time, in consultation with the Trustees, add to or otherwise vary or alter all or any of the
features, investment options and terms of this Scheme after obtaining the prior approval of SEBI / Other
applicable regulatory authorities and / or the unitholders where necessary, in accordance with the then prevalent
Regulations and the same shall be binding on each unitholder.
D. BOOKS AND RECORDS
The books and records of the Mutual Fund will be maintained at the office of the Mutual Fund. The fiscal year of
the Mutual Fund ends on 31st March in each year.
E. TRANSACTIONS WITH ASSOCIATE COMPANIES
The AMC may, from time to time, for the purpose of conducting its normal business use the services of its
Associates. AMC does not have any separate policy for investment in securities of the group companies. If at any
time such investments are made, it will be done on pure commercial consideration for the benefit of the fund. As
per the current regulations, no investment will be made in any unlisted security of an associate or group company
of the sponsor and in any security issued by way of private placement by an associate or group company of the
sponsor. Further, no investment will be made in listed securities of the group company of the sponsor which is in
excess of 25% of the net assets of the Scheme of the fund. Investment in group companies will be done only in
the interest of the fund and as per the Regulations. The AMC from time to time, for the purpose of conducting its
normal business, use the services of the Sponsor and the subsidiaries. The AMC from time to time, for the
purpose of conducting its normal business may use the services of the Associates of the Sponsor / AMC, in

85
existence or to be established at a later date, in case such an associate is in a position to provide the requisite
services to the AMC. The AMC will conduct its business with the aforesaid companies on commercial terms and
on an arms length basis and at the then prevailing market prices to the extent permitted under the applicable laws
including the Regulations, after an evaluation of the competitiveness of the pricing offered by the associate
companies and services to be provided by them. Should the Fund enter into any transaction with / through
associates / group companies of Sponsor/ AMC, it shall do so as may be permitted by the Regulations and will
disclose details of such investments or transactions in the manner required by the Regulations.
1. Underwriting obligations with respect to issues of
Group/Associate Companies.
Reliance Mutual Fund under all its Scheme, has till date not entered into any underwriting contracts in respect
of any public issue made by any of the group/associate companies of the Sponsor.
2. Subscription to issues lead managed by Group/
Associate Companies. No scheme of Reliance Mutual Fund has till date invested in any public issue lead
managed by any Group/Associate company of the Sponsor.
Business Given Brokerage paid % of Brokerage
Year
(Rs. in lacs) (Rs. in lacs) Commission

2001 – 2002 5.32 0.005 0.01

2002 - 2003 27,842.63 1.01 0.0036

2003 - 2004 37,249.65 1.50 0.0040

2004 - 2005 NIL NIL NIL

2005 - 2006 NIL NIL NIL

April 1, 2006 to May

NIL NIL NIL
20, 2007

4. Distribution of Units : Mutual Fund has availed services of associate companies of the Sponsor/AMC
and paid the following brokerage for distribution of Units.

Name of the Entity Year Brokerage paid (Rs.)

Reliance Securities Limited 2006 -2007 110,592.71

Reliance Money Limited 2006 -2007 52,608,721.01

5. Investments in Group Companies : The total investment in securities of Group companies

under all the Schemes is disclosed below. Most of the equity shares, debentures, etc. were purchased
from the open secondary market at relevant market prices over a period of time, based on the approved
investment strategy

86
 (At cost) (Rs.in lakhs)
April 01, 2007
2005 -
Name of Scheme 2003-04 2004-05 to May 18,
2006
2007
Reliance Growth Fund (RGF) 1889.35 1301.20 6584.81 2,128.81
Reliance Vision Fund (RVF) 12082.71 5545.49 8074.15 Nil
Reliance Income Fund (RIF) NIL 2153.29 Nil 4.48
Reliance Liquid Fund (RLF) NIL 1047.23 137.59 Nil
Reliance Medium Term Fund (RMTF) NIL NIL Nil Nil
Reliance Short Term Fund (RSTF) NIL 6295.93 Nil Nil
Reliance Banking Fund (RBF) NIL NIL 380.78 -
Reliance Gilt Securities Fund (RGSF) NIL NIL NIL NIL

Reliance Monthly Income Plan (RMIP) NIL 7251.31 Nil Nil

1,076
Reliance Diversified Power Sector Fund N.A. 3488.32 4,495.02
(RDPSF)
Reliance Pharma Fund (RPF) N.A. NIL NIL Nil
Reliance Floating Rate Fund (RFRF) N.A. 4057.47 Nil Nil
Reliance Media & Entertainment Fund N.A. NIL 299.20 Nil
(RMEF)
Reliance NRI Income Fund (RNIF) N.A. NIL Nil Nil
Reliance Index Fund (RInF) N.A. 141.47 3.69 23.60
Reliance NRI Equity Fund (RNEF) N.A. 873.82 733.98 Nil
Reliance Equity Opportunities Fund N.A. 11,648.9 10,294.30 Nil
(REOF) 6
Reliance Liquidity Fund (RLiF) N.A. N.A. NIL Nil
Reliance Tax Saver (ELSS) Fund N.A. N.A. 2,478.83 Nil
(RTSF)
Reliance Fixed Tenor Fund (RFTF) N.A. N.A. NIL Nil
826.82
Reliance Regular Savings Fund Nil Nil NIL
Reliance Equity Fund N.A. N.A. 22,709.63 Nil
Reliance Fixed Horizon Fund N.A. N.A. NIL Nil
Reliance Long Term Equity Fund N.A. N.A. NIL Nil

As on May 18, 2007 the aggregate market value of the holding in group companies of the Sponsor/ AMC by
schemes of Reliance Mutual Fund was as follows

Value of Holding (At % of Net Assets

Name of Scheme
cost) (Rs.in lakhs)

87
 9998.00 2.69%
Reliance Growth Fund (RGF)
16604.94 5.68%
Reliance Vision Fund (RVF)
Nil Nil
Reliance Income Fund (RIF)
Nil Nil
Reliance Liquid Fund (RLF)
Nil Nil
Reliance Medium Term Fund (RMTF)
Nil Nil
Reliance Short Term Fund (RSTF)
Nil Nil
Reliance Fixed Term Scheme (RFTS)
Nil Nil
Reliance Banking Fund (RBF)
Nil Nil
Reliance Gilt Securities Fund (RGSF)
Nil Nil
Reliance Monthly Income Plan (RMIP)
10719.50 10.69%
Reliance Diversified Power Sector Fund (RDPSF)
Nil Nil
Reliance Pharma Fund (RPF)
Nil Nil
Reliance Floating Rate Fund (RFRF)
525.70 4.86%
Reliance Media & Entertainment Fund (RMEF)
Nil Nil
Reliance NRI Income Fund (RNIF)
30.90 4.74%
Reliance Index Fund (RInF)
Nil Nil
Reliance NRI Equity Fund (RNEF)
6,945.40 2.63%
Reliance Equity Opportunities Fund (REOF)
Nil Nil
Reliance Liquidity Fund (RLiF)
Nil Nil
Reliance Tax Saver (ELSS) Fund (RTSF)
Nil Nil
Reliance Fixed Tenor Fund (RFTF)
Nil Nil
Reliance Fixed Horizon Fund
992.20 4.62%
Reliance Regular Savings Fund (Equity)
51.13 2.07%
Reliance Regular Savings Fund (Balanced)
41015.92 10.35%
Reliance Equity Fund
12793.06 5.70%
Reliance Long Term Equity Fund

6. Disclosure under Regulation 25(11)

This refers to the investment in Companies that hold more than 5% of NAV of any scheme managed by the AMC
as defined under Regulation 25(11) of SEBI Regulations.

Disclosure under Regulation 25(11) of SEBI (Mutual Funds) Regulations, 1996

( Rs. In lacs )

Name of the Name of Invetsments Holding as on

company Scheme in during period 20.05.2007
which Co.has ended
invested more 20.05.2007

88
 than 5%
Name of Type of Quantity Cost Quantity Market
scheme Security Value

ADITYA RELIANCE RELIANCE DEBT 500 499.66 -

BIRLA FIXED FIXED -
NUVO MATURITY HORIZON
LIMITED FUND - FUND 1
ANNUAL MONTHLY
PLAN - 3 PLAN SERIES
(Series 2) 4
RELIANCE RELIANCE DEBT 5000 4,963.75 -
LIQUID FUND FIXED -
- CASH PLAN HORIZON
FUND 2
MONTHLY
PLAN SERIES
1
RELIANCE RELIANCE DEBT 1000 998.09 -
FIXED FLOATING -
HORIZON RATE FUND
FUND II -
QUARTERLY
PLAN -
SERIES II
RELIANCE RELIANCE DEBT 9000 8,918.95 -
MONTHLY INTERVAL -
INTERVAL FUND
FUND - MONTHLY
SERIES I PLAN SERIES
1
RELIANCE DEBT 5000 4,960.27 -
LIQUIDITY -
FUND
RELIANCE DEBT 9000 8,992.09 -
VISION FUND -

ASHOK RELIANCE RELIANCE EQUITY 1000000 4,429.93 10000000 3,730.00

LEYLAND FLOATING EQUITY 0
LTD RATE FUND OPPORTUNITI
ES FUND
RELIANCE EQUITY 261771 87.74 -
GROWTH -
FUND
RELIANCE EQUITY 6505000 2,820.66 6505000 2,426.37
LONG TERM
EQUITY FUND
RELIANCE EQUITY 7885637 3,183.94 4885637 1,822.34
MONTHLY
INCOME PLAN
RELIANCE EQUITY 4005500 1,536.10 2000000 746.00
NRI EQUITY
FUND
RELIANCE EQUITY 2200000 909.80 1500000 559.50

89
 REGULAR
SAVING FUND
EQUITY
OPTION
RELIANCE EQUITY 110000 47.16 100000 37.30
REGULAR
SAVING FUND
HYBRID
OPTION

BANK OF RELIANCE RELIANCE EQUITY 400013 966.73 4090534

BARODA SHORT TERM EQUITY FUND 11,516.90
FUND
RELIANCE EQUITY 1285870 3,132.75 1285870
EQUITY 3,620.37
OPPORTUNITI
ES FUND
RELIANCE EQUITY 500000 1,262.43 500000
LONG TERM 1,407.75
EQUITY FUND
RELIANCE EQUITY 298800 829.83 -
NRI EQUITY -
FUND
RELIANCE EQUITY 1203400 3,001.86 -
VISION FUND -

BANK OF RELIANCE RELIANCE FIXED 12500 12,500.00 -

INDIA FLOATING EQUITY FUND DEPOSI -
RATE FUND T
RELIANCE RELIANCE FIXED 20000 20,000.00 -
LIQUIDITY FIXED DEPOSI -
FUND HORIZON T
FUND PLAN A
SERIES 6
RELIANCE FIXED 2000 2,000.00 -
FLOATING DEPOSI -
RATE FUND T
RELIANCE FIXED 5000 5,000.00 -
LIQUID FUND DEPOSI -
TREASURY T
PLAN
RELIANCE FIXED 55500 55,500.00 -
LIQUIDITY DEPOSI -
FUND T
RELIANCE FIXED 2500 2,500.00 -
MONTHLY DEPOSI -
INCOME PLAN T

BHARAT RELIANCE RELIANCE DEBT 1000 1,000.00 -

ALUMINIUM LIQUID FUND FLOATING -
CO LTD - CASH PLAN RATE FUND
RELIANCE DEBT 1500 1,500.00 -
GROWTH -
FUND
RELIANCE DEBT 1000 1,000.00 -

90
 LIQUID FUND -
CASH PLAN
RELIANCE DEBT 4000 4,000.00 -
LIQUID FUND -
TREASURY
PLAN
RELIANCE DEBT 7000 7,000.00 -
LIQUIDITY -
FUND

BHARTI RELIANCE RELIANCE EQUITY 1411000 6,503.18 -

AIRTEL SHORT TERM EQUITY FUND -
LIMITED FUND
RELIANCE EQUITY 200000 1,606.50 200000
EQUITY 1,704.00
OPPORTUNITI
ES FUND
RELIANCE EQUITY 2170 13.66 1939
INDEX FUND 16.52
NIFTY PLAN
RELIANCE EQUITY 6455 32.86 2872
INDEX FUND 24.49
SENSEX
PLAN
RELIANCE EQUITY 250000 1,112.94 -
MONTHLY -
INCOME PLAN
RELIANCE EQUITY 10000 69.51 10000 85.20
REGULAR
SAVING FUND
HYBRID
OPTION

CANARA RELIANCE RELIANCE CERTIFI 10000 9,247.10 10000 9,258.96

BANK LIQUIDITY FIXED CATE
FUND HORIZON OF
FUND 1 DEPOSI
ANNUAL T
PLAN SERIES
3
RELIANCE FIXED 11000 11,006.86 3500 3,500.00
FIXED DEPOSI
HORIZON T
FUND 2
ANNUAL
PLAN SERIES
5
RELIANCE FIXED 25000 25,024.49 12500 12,500.00
FIXED DEPOSI
HORIZON T
FUND 2
ANNUAL
PLAN SERIES
6

91
RELIANCE FIXED 26500 26,517.63 9000 9,000.00
FIXED DEPOSI
HORIZON T
FUND 3
ANNUAL
PLAN SERIES
1
RELIANCE CERTIFI 2500 2,273.46 -
FIXED CATE -
HORIZON OF
FUND 3 DEPOSI
ANNUAL T
PLAN SERIES
4
RELIANCE CERTIFI 10700 9,695.35 2700
FLOATING CATE 2,499.92
RATE FUND OF
DEPOSI
T
RELIANCE CERTIFI 7200 6,540.97 -
GROWTH CATE -
FUND OF
DEPOSI
T
RELIANCE CERTIFI 1000 903.70 -
INCOME CATE -
FUND OF
DEPOSI
T
RELIANCE CERTIFI 5000 4,518.72 -
LIQUID FUND CATE -
TREASURY OF
PLAN DEPOSI
T
RELIANCE CERTIFI 7300 6,661.45 6650 6,145.17
LIQUID PLUS CATE
FUND OF
DEPOSI
T
RELIANCE CERTIFI 53000 48,195.20 30000 27,751.30
LIQUIDITY CATE
FUND OF
DEPOSI
T
RELIANCE CERTIFI 17000 15,479.34 -
LONG TERM CATE -
EQUITY FUND OF
DEPOSI
T
RELIANCE EQUITY 300000 650.16 300000 758.40
REGULAR
SAVING FUND
EQUITY
OPTION
RELIANCE CERTIFI 2150 1,950.76 650
SHORT TERM CATE 601.83

92
 FUND OF
DEPOSI
T

CORPORATI RELIANCE RELIANCE CERTIFI 2000 1,970.42 -

ON BANK SHORT TERM FIXED CATE -
FUND HORIZON OF
FUND PLAN A DEPOSI
SERIES 2 T
RELIANCE CERTIFI 4000 3,946.42 -
FIXED CATE -
HORIZON OF
FUND PLAN A DEPOSI
SERIES 3 T
RELIANCE CERTIFI 4100 4,040.08 -
FIXED CATE -
MATURITY OF
FUND SERIES DEPOSI
II ANNUAL T
PLAN III
RELIANCE CERTIFI 2500 2,371.18 -
LIQUID FUND CATE -
TREASURY OF
PLAN DEPOSI
T
RELIANCE CERTIFI 10000 9,845.16 -
LIQUIDITY CATE -
FUND OF
DEPOSI
T

DSP ML RELIANCE RELIANCE DEBT 22500 22,500.00 -

CAPITAL LIQUID FUND EQUITY FUND -
LTD - CASH PLAN
RELIANCE RELIANCE DEBT 2500 2,500.00 -
LIQUIDITY EQUITY -
FUND OPPORTUNITI
ES FUND
RELIANCE DEBT 5350 5,350.12 1950
FIXED 1,929.07
HORIZON
FUND 1
ANNUAL
PLAN SERIES
1
RELIANCE DEBT 3550 3,551.62 3550
FIXED 3,511.90
HORIZON
FUND 1
ANNUAL
PLAN SERIES
2
RELIANCE DEBT 15460 14,947.08 1960
FIXED 1,938.96
HORIZON

93
FUND 1
ANNUAL
PLAN SERIES
3
RELIANCE DEBT 3000 3,000.00 -
FIXED -
HORIZON
FUND 1
ANNUAL
PLAN SERIES
4
RELIANCE DEBT 5000 5,000.00 -
FIXED -
HORIZON
FUND 1
MONTHLY
PLAN 1
SERIES 1
RELIANCE DEBT 19500 19,500.00 -
FIXED -
HORIZON
FUND 1
MONTHLY
PLAN SERIES
2
RELIANCE DEBT 11700 11,700.00 -
FIXED -
HORIZON
FUND 1
MONTHLY
PLAN SERIES
3
RELIANCE DEBT 6500 6,500.00 -
FIXED -
HORIZON
FUND 1
MONTHLY
PLAN SERIES
4
RELIANCE DEBT 8300 8,300.00 -
FIXED -
HORIZON
FUND 1
QUARTERLY
PLAN SERIES
2
RELIANCE DEBT 2650 2,649.76 -
FIXED -
HORIZON
FUND 1
QUARTERLY
PLAN SERIES
4
RELIANCE DEBT 3140 3,130.31 2540
FIXED 2,512.74
HORIZON

94
FUND 2
ANNUAL
PLAN SERIES
2
RELIANCE DEBT 6000 6,000.00 6000
FIXED 5,937.16
HORIZON
FUND 2
ANNUAL
PLAN SERIES
3
RELIANCE DEBT 1300 1,300.00 -
FIXED -
HORIZON
FUND 2
ANNUAL
PLAN SERIES
4
RELIANCE DEBT 9000 8,999.82 -
FIXED -
HORIZON
FUND 2
ANNUAL
PLAN SERIES
6
RELIANCE DEBT 4000 4,000.00 -
FIXED -
HORIZON
FUND 2
MONTHLY
PLAN SERIES
1
RELIANCE DEBT 10500 10,499.56 -
FIXED -
HORIZON
FUND 2
QUARTERLY
PLAN SERIES
1
RELIANCE DEBT 7900 7,896.12 -
FIXED -
HORIZON
FUND 2
QUARTERLY
PLAN SERIES
2
RELIANCE DEBT 2500 2,420.77 -
FIXED -
HORIZON
FUND 2
QUARTERLY
PLAN SERIES
3
RELIANCE DEBT 2500 2,404.61 -
FIXED -
HORIZON

95
FUND 2
QUARTERLY
PLAN SERIES
4
RELIANCE DEBT 3000 3,007.58 3000
FIXED 3,003.37
HORIZON
FUND 3
ANNUAL
PLAN SERIES
1
RELIANCE DEBT 24000 24,015.43 24000
FIXED 24,020.61
HORIZON
FUND 3
ANNUAL
PLAN SERIES
3
RELIANCE DEBT 5000 5,000.00 -
FIXED -
HORIZON
FUND 3
ANNUAL
PLAN SERIES
4
RELIANCE DEBT 5000 5,039.49 5000
FIXED 5,006.63
HORIZON
FUND 3
ANNUAL
PLAN SERIES
5
RELIANCE DEBT 1500 1,492.20 -
FIXED -
HORIZON
FUND PLAN A
SERIES 2
RELIANCE DEBT 12500 12,441.49 -
FIXED -
HORIZON
FUND PLAN A
SERIES 3
RELIANCE DEBT 15000 14,744.78 -
FIXED -
HORIZON
FUND PLAN A
SERIES 4
RELIANCE DEBT 33500 33,192.58 -
FIXED -
HORIZON
FUND PLAN A
SERIES 5
RELIANCE DEBT 26000 25,848.36 -
FIXED -
HORIZON
FUND PLAN A

96
SERIES 6
RELIANCE DEBT 5000 4,931.18 -
FIXED -
HORIZON
FUND PLAN B
SERIES 2
RELIANCE DEBT 6000 5,927.13 -
FIXED -
HORIZON
FUND PLAN B
SERIES 4
RELIANCE DEBT 5400 5,383.61 -
FIXED -
HORIZON
FUND PLAN C
SERIES 1
RELIANCE DEBT 100 94.32 -
FIXED -
HORIZON
FUND PLAN C
SERIES 3
RELIANCE DEBT 2950 2,945.75 -
FIXED TENOR -
FUND PLAN A
RELIANCE DEBT 1640 1,641.01 -
FIXED TENOR -
FUND PLAN B
RELIANCE DEBT 40700 40,576.55 5500
FLOATING 5,512.97
RATE FUND
RELIANCE DEBT 24600 24,637.45 6600
GROWTH 6,597.51
FUND
RELIANCE DEBT 3350 3,289.80 -
INCOME -
FUND
RELIANCE DEBT 2500 2,449.59 2500
INTERVAL 2,451.38
FUND
MONTHLY
PLAN SERIES
1
RELIANCE DEBT 100 97.61 -
INTERVAL -
FUND
QUARTERLY
PLAN SERIES
2
RELIANCE DEBT 4300 4,383.85 -
INTERVAL -
FUND
QUARTERLY
PLAN SERIES
2
RELIANCE DEBT 45300 45,305.38 -

97
 LIQUID FUND -
CASH PLAN
RELIANCE DEBT 80350 79,931.66 4650
LIQUID FUND 4,666.34
TREASURY
PLAN
RELIANCE DEBT 344900 343,238.7 33050
LIQUIDITY 6 32,670.24
FUND
RELIANCE DEBT 2650 2,680.88 150
LIQUID PLUS 149.99
FUND
RELIANCE DEBT 5800 5,800.00 -
LONG TERM -
EQUITY FUND
RELIANCE DEBT 100 100.06 1000
MEDIUM 1,000.00
TERM FUND
RELIANCE DEBT 5010 4,992.93 -
MONTHLY -
INCOME PLAN
RELIANCE DEBT 11650 11,641.20 2550
SHORT TERM 2,557.10
FUND

GLOBAL RELIANCE RELIANCE DEBT 150 150.00 -

TRADE LIQUID FUND FIXED -
FINANCE - CASH PLAN HORIZON
PRIVATE FUND 1
LIMITED MONTHLY
PLAN SERIES
4
RELIANCE DEBT 10000 10,000.00 -
FIXED -
HORIZON
FUND 1
QUARTERLY
PLAN SERIES
2
RELIANCE DEBT 350 350.00 -
FIXED -
HORIZON
FUND 1
QUARTERLY
PLAN SERIES
3
RELIANCE DEBT 100 100.00 -
FIXED -
HORIZON
FUND 1
QUARTERLY
PLAN SERIES
4
RELIANCE DEBT 10000 10,000.00 -
FIXED -

98
HORIZON
FUND 2
ANNUAL
PLAN SERIES
1
RELIANCE DEBT 300 300.00 -
FIXED -
HORIZON
FUND 2
ANNUAL
PLAN SERIES
2
RELIANCE DEBT 5000 5,000.00 -
FIXED -
HORIZON
FUND 2
ANNUAL
PLAN SERIES
6
RELIANCE DEBT 5000 5,000.00 -
FIXED -
HORIZON
FUND 2
MONTHLY
PLAN SERIES
1
RELIANCE DEBT 500 500.00 -
FIXED -
HORIZON
FUND 2
QUARTERLY
PLAN SERIES
1
RELIANCE DEBT 900 900.00 -
FIXED -
HORIZON
FUND 2
QUARTERLY
PLAN SERIES
6
RELIANCE DEBT 3500 3,500.86 -
FIXED -
HORIZON
FUND 3
ANNUAL
PLAN SERIES
5
RELIANCE DEBT 16500 16,471.79 -
FLOATING -
RATE FUND
RELIANCE DEBT 4500 4,500.00 -
GROWTH -
FUND
RELIANCE DEBT 7500 7,497.09 -
INTERVAL -
FUND

99
 MONTHLY
PLAN SERIES
1
RELIANCE DEBT 41950 41,975.90 -
LIQUID FUND -
CASH PLAN
RELIANCE DEBT 20000 19,971.79 -
LIQUID FUND -
TREASURY
PLAN
RELIANCE DEBT 113800 113,812.3 10000
LIQUIDITY 5 10,000.00
FUND
RELIANCE DEBT 8100 8,212.03 -
LIQUID PLUS -
FUND
RELIANCE DEBT 5000 5,000.00 -
LONG TERM -
EQUITY FUND
RELIANCE DEBT 500 500.00 -
SHORT TERM -
FUND
RELIANCE DEBT 9000 9,000.00 -
VISION FUND -

GRASIM RELIANCE RELIANCE EQUITY 309980 5,738.84 741349

INDUSTRIES FIXED EQUITY FUND 18,628.25
LIMITED HORIZON
FUND
ANNUAL
PLAN 1
SERIES 1
RELIANCE RELIANCE EQUITY 50000 926.83 -
FIXED EQUITY -
HORIZON OPPORTUNITI
FUND II - ES FUND
QUARTERLY
PLAN -
SERIES I
RELIANCE RELIANCE DEBT 10800 10,800.00 4000
FIXED FLOATING 4,000.00
HORIZON RATE FUND
FUND II -
QUARTERLY
PLAN -
SERIES II
RELIANCE RELIANCE EQUITY 106 2.44 96
FIXED INDEX FUND 2.41
HORIZON NIFTY PLAN
FUND II -
QUARTERLY
PLAN -
SERIES III
RELIANCE RELIANCE EQUITY 673 15.50 294
FIXED INDEX FUND 7.38

100
 HORIZON SENSEX
FUND PLAN
QUATERLY
PLAN B
SERIES 2
RELIANCE RELIANCE DEBT 6100 6,100.00 -
FIXED LIQUID FUND -
HORIZON CASH PLAN
FUND
QUATERLY
PLAN B
SERIES 4
RELIANCE DEBT 6000 6,000.00 -
LIQUID FUND -
TREASURY
PLAN
RELIANCE DEBT 46600 46,600.68 6000
LIQUIDITY 6,000.00
FUND
RELIANCE DEBT 10000 10,000.00 -
LONG TERM -
EQUITY FUND
RELIANCE EQUITY 54925 1,123.69 -
NRI EQUITY -
FUND
RELIANCE EQUITY 300 6.70 -
REGULAR -
SAVING FUND
HYBRID
OPTION
RELIANCE DEBT 1900 1,900.00 -
SHORT TERM -
FUND
RELIANCE EQUITY 145784 4,016.33 118837
TAX SAVER 2,986.08
(ELSS) FUND
RELIANCE DEBT 5000 5,013.17 -
TAX SAVER -
(ELSS) FUND
RELIANCE EQUITY 507398 13,173.51 350000
VISION FUND 8,794.63

GUJARAT RELIANCE RELIANCE EQUITY 2409300 2,999.12 -

AMBUJA FIXED EQUITY FUND -
CEMENTS HORIZON
LTD FUND II -
QUARTERLY
PLAN -
SERIES IV
RELIANCE EQUITY 1652 1.94 1601
INDEX FUND 1.91
NIFTY PLAN
RELIANCE EQUITY 10314 11.89 4440
INDEX FUND 5.29
SENSEX

101
 PLAN
RELIANCE EQUITY 1500500 1,625.83 1500500
LONG TERM 1,789.35
EQUITY FUND
RELIANCE EQUITY 1658240 1,652.30 500000
MONTHLY 596.25
INCOME PLAN
RELIANCE EQUITY 797000 871.59 -
NRI EQUITY -
FUND
RELIANCE EQUITY 1100000 1,108.12 -
REGULAR -
SAVING FUND
EQUITY
OPTION
RELIANCE EQUITY 2494977 2,770.47 -
TAX SAVER -
(ELSS) FUND
RELIANCE EQUITY 3500996 3,765.12 3500996
VISION FUND 4,174.94

HCL RELIANCE RELIANCE EQUITY 5151465 15,420.55 5000000

TECHNOLO FIXED EQUITY FUND 17,670.00
GIES LTD MATURITY
FUND -
ANNUAL
PLAN - 1
RELIANCE RELIANCE EQUITY 1504056 887.16 2703390
LIQUID FUND EQUITY 9,553.78
- CASH PLAN OPPORTUNITI
ES FUND
RELIANCE RELIANCE EQUITY 1100000 877.55 1800000
SHORT TERM GROWTH 6,361.20
FUND FUND
RELIANCE EQUITY 806 2.21 663
INDEX FUND 2.34
NIFTY PLAN
RELIANCE EQUITY 1428318 4,268.35 1428318
LONG TERM 5,047.68
EQUITY FUND
RELIANCE EQUITY 220000 754.32 200000
NRI EQUITY 706.80
FUND
RELIANCE EQUITY 220000 684.21 220000
REGULAR 777.48
SAVING FUND
EQUITY
OPTION
RELIANCE EQUITY 1000000 622.00 1800000
VISION FUND 6,361.20

HDFC BANK RELIANCE RELIANCE CERTIFI 3200 3,186.04 -

LTD LIQUID FUND EQUITY FUND CATE -
- TREASURY OF
PLAN DEPOSI

102
 T
RELIANCE RELIANCE FIXED 8490 8,493.51 -
LIQUIDITY EQUITY FUND DEPOSI -
FUND T
RELIANCE EQUITY 500000 5,166.74 500000
EQUITY 5,351.50
OPPORTUNITI
ES FUND
RELIANCE FIXED 2500 2,500.00 -
FIXED DEPOSI -
HORIZON T
FUND 1
ANNUAL
PLAN SERIES
3
RELIANCE CERTIFI 30000 27,776.25 30000
FIXED CATE 28,949.52
HORIZON OF
FUND 1 DEPOSI
ANNUAL T
PLAN SERIES
4
RELIANCE FIXED 5000 5,000.00 -
FIXED DEPOSI -
HORIZON T
FUND 1
ANNUAL
PLAN SERIES
4
RELIANCE CERTIFI 5000 4,960.41 -
FIXED CATE -
HORIZON OF
FUND 1 DEPOSI
MONTHLY T
PLAN SERIES
4
RELIANCE CERTIFI 4500 4,429.25 -
FIXED CATE -
HORIZON OF
FUND 1 DEPOSI
QUARTERLY T
PLAN SERIES
2
RELIANCE FIXED 1100 1,100.00 -
FIXED DEPOSI -
HORIZON T
FUND 2
ANNUAL
PLAN SERIES
6
RELIANCE CERTIFI 9000 8,934.14 -
FIXED CATE -
HORIZON OF
FUND 2 DEPOSI
MONTHLY T
PLAN SERIES

103
1
RELIANCE FIXED 12500 12,500.00 -
FIXED DEPOSI -
HORIZON T
FUND 2
QUARTERLY
PLAN SERIES
5
RELIANCE FIXED 27500 27,500.00 -
FIXED DEPOSI -
HORIZON T
FUND 3
ANNUAL
PLAN SERIES
4
RELIANCE CERTIFI 1600 1,574.95 -
FIXED CATE -
HORIZON OF
FUND PLAN B DEPOSI
SERIES 3 T
RELIANCE CERTIFI 500 497.15 -
FIXED CATE -
HORIZON OF
FUND PLAN B DEPOSI
SERIES 5 T
RELIANCE CERTIFI 10700 10,485.04 -
FIXED CATE -
MATURITY OF
FUND SERIES DEPOSI
II ANNUAL T
PLAN I
RELIANCE CERTIFI 700 689.42 -
FIXED CATE -
MATURITY OF
FUND SERIES DEPOSI
II ANNUAL T
PLAN III
RELIANCE CERTIFI 500 475.30 -
FLOATING CATE -
RATE FUND OF
DEPOSI
T
RELIANCE FIXED 1100 1,100.00 -
FLOATING DEPOSI -
RATE FUND T
RELIANCE CERTIFI 500 492.98 500
GROWTH CATE 497.11
FUND OF
DEPOSI
T
RELIANCE FIXED 31200 31,205.34 -
GROWTH DEPOSI -
FUND T
RELIANCE EQUITY 362 3.51 328
INDEX FUND 3.51

104
NIFTY PLAN
RELIANCE EQUITY 2461 22.20 1094
INDEX FUND 11.73
SENSEX
PLAN
RELIANCE CERTIFI 27000 26,396.15 27000
INTERVAL CATE 26,418.19
FUND OF
MONTHLY DEPOSI
PLAN SERIES T
1
RELIANCE CERTIFI 8000 7,813.92 8000
INTERVAL CATE 7,836.15
FUND OF
MONTHLY DEPOSI
PLAN SERIES T
2
RELIANCE FIXED 7990 7,990.00 -
LIQUID FUND DEPOSI -
CASH PLAN T
RELIANCE CERTIFI 9600 9,108.99 -
LIQUID FUND CATE -
TREASURY OF
PLAN DEPOSI
T
RELIANCE FIXED 6900 6,900.00 -
LIQUID FUND DEPOSI -
TREASURY T
PLAN
RELIANCE CERTIFI 77600 75,735.65 -
LIQUIDITY CATE -
FUND OF
DEPOSI
T
RELIANCE FIXED 147260 147,284.6 2000
LIQUIDITY DEPOSI 6 2,000.00
FUND T
RELIANCE CERTIFI 22500 21,994.44 22500
LIQUID PLUS CATE 22,125.55
FUND OF
DEPOSI
T
RELIANCE CERTIFI 4500 4,428.28 -
LONG TERM CATE -
EQUITY FUND OF
DEPOSI
T
RELIANCE FIXED 33509 33,513.73 509.35
LONG TERM DEPOSI 509.35
EQUITY FUND T
RELIANCE EQUITY 50000 481.76 50000
NRI EQUITY 535.15
FUND
RELIANCE EQUITY 100000 1,018.30 100000
REGULAR 1,070.30

105
 SAVING FUND
EQUITY
OPTION
RELIANCE EQUITY 500000 5,091.49 500000
VISION FUND 5,351.50

HERO RELIANCE RELIANCE EQUITY 768800 5,935.92 -

HONDA FIXED EQUITY FUND -
MOTORS HORIZON
LTD FUND I -
QUARTERLY
PLAN -
SERIES II
RELIANCE RELIANCE EQUITY 325000 2,601.55 -
FIXED EQUITY -
HORIZON OPPORTUNITI
FUND I- ES FUND
ANNUAL
PLAN -
SERIES III
RELIANCE RELIANCE EQUITY 240 1.65 211
FIXED INDEX FUND 1.45
HORIZON NIFTY PLAN
FUND I-
ANNUAL
PLAN -
SERIES IV
RELIANCE RELIANCE EQUITY 980 7.17 434
FIXED INDEX FUND 2.98
HORIZON SENSEX
FUND II - PLAN
ANNUAL
PLAN -
SERIES II
RELIANCE RELIANCE EQUITY 650836 4,650.01 -
FIXED TAX SAVER -
HORIZON (ELSS) FUND
FUND II -
QUARTERLY
PLAN -
SERIES I
RELIANCE RELIANCE EQUITY 1338218 10,236.69 -
FIXED VISION FUND -
HORIZON
FUND II -
QUARTERLY
PLAN -
SERIES II
RELIANCE
FIXED
HORIZON
FUND PLAN A
SERIES 2
RELIANCE
FIXED
HORIZON

106
 FUND PLAN A
SERIES 3
RELIANCE
FIXED
HORIZON
FUND PLAN A
SERIES 4
RELIANCE
FIXED
HORIZON
FUND PLAN A
SERIES 5
RELIANCE
FIXED
HORIZON
FUND
QUATERLY
PLAN B
SERIES 1
RELIANCE
FIXED
HORIZON
FUND
QUATERLY
PLAN B
SERIES 2
RELIANCE
FIXED
HORIZON
FUND
QUATERLY
PLAN B
SERIES 3
RELIANCE
FIXED
MATURITY
FUND -
ANNUAL
PLAN - 1
(Series 2)
RELIANCE
FIXED TENOR
FUND
RELIANCE
INCOME
FUND
RELIANCE
SHORT TERM
FUND

HEXAWARE RELIANCE RELIANCE EQUITY 100000 134.90 -

TECHNOLO FIXED MONTHLY -
GIES LTD HORIZON INCOME PLAN
FUND I -
QUARTERLY

107
 PLAN -
SERIES II
RELIANCE
FIXED
HORIZON
FUND II -
QUARTERLY
PLAN -
SERIES II
RELIANCE
FIXED
HORIZON
FUND
QUATERLY
PLAN B
SERIES 2
RELIANCE
FIXED
HORIZON
FUND
QUATERLY
PLAN B
SERIES 3
RELIANCE
FIXED
HORIZON
FUND
QUATERLY
PLAN B
SERIES 4
RELIANCE
FIXED
HORIZON
FUND1
QUARTERLY
PLAN SERIES
1
RELIANCE
FIXED
HORIZON
FUND1
QUARTERLY
PLAN SERIES
4
RELIANCE
INTERVAL
FUND -
QUARTERLY
PLAN -
SERIES - I

HINDALCO RELIANCE RELIANCE EQUITY 473,000. 1,054.07 -

INDUSTRIES FIXED EQUITY FUND 00 -
LIMITED HORIZON
FUND
QUATERLY

108
PLAN B
SERIES 1
RELIANCE RELIANCE EQUITY 1323 2.02 1187
FIXED INDEX FUND 1.74
MATURITY NIFTY PLAN
FUND -
ANNUAL
PLAN - 3
(Series 2)
RELIANCE RELIANCE EQUITY 8538 14.32 3775
SHORT TERM INDEX FUND 5.54
FUND SENSEX
PLAN
RELIANCE RELIANCE EQUITY 2500000 4,273.48 2000765
FIXED LONG TERM 2,939.12
HORIZON EQUITY FUND
FUND
ANNUAL
PLAN 1
SERIES 1
RELIANCE RELIANCE EQUITY 1824550 3,209.85 -
FIXED TAX SAVER -
HORIZON (ELSS) FUND
FUND I -
QUARTERLY
PLAN -
SERIES II
RELIANCE RELIANCE EQUITY 3000000 5,275.94 -
FIXED VISION FUND -
HORIZON
FUND I-
ANNUAL
PLAN -
SERIES III
RELIANCE
FIXED
HORIZON
FUND I-
ANNUAL
PLAN -
SERIES IV
RELIANCE
FIXED
HORIZON
FUND II -
ANNUAL
PLAN -
SERIES II
RELIANCE
FIXED
HORIZON
FUND
QUATERLY
PLAN B
SERIES 3
RELIANCE

109
 FIXED
HORIZON
FUND1
QUARTERLY
PLAN SERIES
1
RELIANCE
LIQUID FUND
- CASH PLAN
RELIANCE
LIQUID PLUS
FUND
RELIANCE
MONTHLY
INTERVAL
FUND -
SERIES I

HINDUJA RELIANCE RELIANCE EQUITY 1301410 7,467.02 633741

TMT FIXED EQUITY 3,626.90
LIMITED HORIZON OPPORTUNITI
FUND II - ES FUND
QUARTERLY
PLAN -
SERIES VI
RELIANCE EQUITY 233412 1,272.23 150000
MEDIA & 858.45
ENTERTAINM
ENT FUND
RELIANCE EQUITY 250000 1,513.26 150000
REGULAR 858.45
SAVING FUND
EQUITY
OPTION
RELIANCE EQUITY 30000 168.93 20000
REGULAR 114.46
SAVING FUND
HYBRID
OPTION
RELIANCE EQUITY 226266 1,322.03 -
TAX SAVER -
(ELSS) FUND

HINDUSTAN RELIANCE RELIANCE EQUITY 5053534 11,185.36 4169264

LEVER LIQUID FUND EQUITY FUND 8,071.70
LIMITED - CASH PLAN
RELIANCE EQUITY 1153056 2,549.01 -
GROWTH -
FUND
RELIANCE EQUITY 2528 5.38 2313
INDEX FUND 4.48
NIFTY PLAN
RELIANCE EQUITY 10823 24.78 4782
INDEX FUND 9.25
SENSEX

110
 PLAN
RELIANCE EQUITY 1818069 3,571.46 1818069
LONG TERM 3,519.78
EQUITY FUND
RELIANCE EQUITY 800000 1,704.20 400000
MONTHLY 774.40
INCOME PLAN
RELIANCE EQUITY 400000 927.04 -
NRI EQUITY -
FUND
RELIANCE EQUITY 300000 722.31 -
REGULAR -
SAVING FUND
EQUITY
OPTION
RELIANCE EQUITY 1000000 2,328.19 -
TAX SAVER -
(ELSS) FUND
RELIANCE EQUITY 5138109 12,115.60 -
VISION FUND -

HINDUSTAN RELIANCE RELIANCE EQUITY 100000 561.25 -

ZINC LTD FIXED GROWTH -
HORIZON FUND
FUND
ANNUAL
PLAN 1
SERIES 1
RELIANCE RELIANCE EQUITY 60000 479.67 -
FIXED NRI EQUITY -
HORIZON FUND
FUND - II -
ANNUAL
PLAN -
SERIES IV
RELIANCE RELIANCE EQUITY 100000 654.49 -
FIXED REGULAR -
HORIZON SAVING FUND
FUND - II - EQUITY
ANNUAL OPTION
PLAN -
SERIES V
RELIANCE
FIXED
HORIZON
FUND- 1 -
MONTHLY
PLAN -SERIES
1
RELIANCE
FIXED
HORIZON
FUND I -
MONTHLY
PLAN -

111
SERIES II
RELIANCE
FIXED
HORIZON
FUND I -
MONTHLY
PLAN -
SERIES IV
RELIANCE
FIXED
HORIZON
FUND II -
ANNUAL
PLAN -
SERIES VI
RELIANCE
FIXED
HORIZON
FUND II -
MONTHLY
PLAN -
SERIES I
RELIANCE
FIXED
HORIZON
FUND -III
ANNUAL
PLAN SERIES
- III
RELIANCE
FIXED
HORIZON
FUND -III
ANNUAL
PLAN SERIES
- IV
RELIANCE
FIXED
HORIZON
FUND -III
ANNUAL
PLAN SERIES
-1
RELIANCE
FIXED
HORIZON
FUND PLAN A
SERIES 5
RELIANCE
FIXED
HORIZON
FUND
QUATERLY
PLAN B
SERIES V

112
 RELIANCE
FIXED
HORIZON
FUND1
ANNUAL
PLAN SERIES
2
RELIANCE
FIXED
HORIZON
FUND1
QUARTERLY
PLAN SERIES
1
RELIANCE
FIXED
MATURITY
FUND -
ANNUAL
PLAN - 1
RELIANCE
FIXED
MATURITY
FUND -
ANNUAL
PLAN - 1
(Series 2)
RELIANCE
FIXED
MATURITY
FUND -
ANNUAL
PLAN - 3
(Series 2)
RELIANCE
FLOATING
RATE FUND
RELIANCE
INTERVAL
FUND -
QUARTERLY
PLAN -
SERIES - I
RELIANCE
LIQUID FUND
- CASH PLAN

ICICI BANK RELIANCE RELIANCE FIXED 2000 2,000.00 500

LTD LIQUID FUND DIVERSIFIED DEPOSI 500.00
- TREASURY POWER T
PLAN SECTOR
FUND
RELIANCE RELIANCE CERTIFI 3000 2,918.45 -
LIQUIDITY EQUITY FUND CATE -
FUND OF
DEPOSI

113
 T
RELIANCE EQUITY 206949 1,772.94 -
EQUITY FUND -
RELIANCE FIXED 129000 129,000.0 23500
EQUITY FUND DEPOSI 0 23,500.00
T
RELIANCE EQUITY 103655 905.87 -
EQUITY -
OPPORTUNITI
ES FUND
RELIANCE FIXED 6000 6,000.00 1000
EQUITY DEPOSI 1,000.00
OPPORTUNITI T
ES FUND
RELIANCE CERTIFI 100 93.53 100
FIXED CATE 94.51
HORIZON OF
FUND 1 DEPOSI
ANNUAL T
PLAN SERIES
2
RELIANCE CERTIFI 15350 14,099.18 7850
FIXED CATE 7,424.54
HORIZON OF
FUND 1 DEPOSI
ANNUAL T
PLAN SERIES
3
RELIANCE CERTIFI 10000 9,178.06 -
FIXED CATE -
HORIZON OF
FUND 1 DEPOSI
ANNUAL T
PLAN SERIES
4
RELIANCE CERTIFI 600 597.45 -
FIXED CATE -
HORIZON OF
FUND 1 DEPOSI
MONTHLY T
PLAN 1
SERIES 1
RELIANCE CERTIFI 7500 7,383.16 -
FIXED CATE -
HORIZON OF
FUND 1 DEPOSI
MONTHLY T
PLAN SERIES
3
RELIANCE CERTIFI 12500 12,375.91 -
FIXED CATE -
HORIZON OF
FUND 1 DEPOSI
MONTHLY T
PLAN SERIES
4

114
RELIANCE CERTIFI 10000 9,798.68 -
FIXED CATE -
HORIZON OF
FUND 1 DEPOSI
QUARTERLY T
PLAN 1
SERIES 1
RELIANCE CERTIFI 13650 13,223.10 -
FIXED CATE -
HORIZON OF
FUND 1 DEPOSI
QUARTERLY T
PLAN SERIES
2
RELIANCE CERTIFI 12800 12,595.22 -
FIXED CATE -
HORIZON OF
FUND 1 DEPOSI
QUARTERLY T
PLAN SERIES
3
RELIANCE CERTIFI 8950 8,810.25 -
FIXED CATE -
HORIZON OF
FUND 1 DEPOSI
QUARTERLY T
PLAN SERIES
4
RELIANCE CERTIFI 34600 32,081.40 10100
FIXED CATE 9,291.50
HORIZON OF
FUND 2 DEPOSI
ANNUAL T
PLAN SERIES
1
RELIANCE CERTIFI 100 93.53 100
FIXED CATE 94.51
HORIZON OF
FUND 2 DEPOSI
ANNUAL T
PLAN SERIES
2
RELIANCE CERTIFI 13600 12,714.30 -
FIXED CATE -
HORIZON OF
FUND 2 DEPOSI
ANNUAL T
PLAN SERIES
3
RELIANCE CERTIFI 11000 10,962.19 -
FIXED CATE -
HORIZON OF
FUND 2 DEPOSI
ANNUAL T
PLAN SERIES
6

115
RELIANCE CERTIFI 13000 12,930.53 -
FIXED CATE -
HORIZON OF
FUND 2 DEPOSI
MONTHLY T
PLAN SERIES
1
RELIANCE CERTIFI 9000 8,697.06 -
FIXED CATE -
HORIZON OF
FUND 2 DEPOSI
QUARTERLY T
PLAN SERIES
1
RELIANCE CERTIFI 13000 12,395.76 -
FIXED CATE -
HORIZON OF
FUND 2 DEPOSI
QUARTERLY T
PLAN SERIES
2
RELIANCE CERTIFI 7500 7,132.18 -
FIXED CATE -
HORIZON OF
FUND 2 DEPOSI
QUARTERLY T
PLAN SERIES
3
RELIANCE CERTIFI 9500 9,095.92 7500
FIXED CATE 7,283.49
HORIZON OF
FUND 2 DEPOSI
QUARTERLY T
PLAN SERIES
4
RELIANCE CERTIFI 10000 9,497.53 10000
FIXED CATE 9,693.12
HORIZON OF
FUND 2 DEPOSI
QUARTERLY T
PLAN SERIES
5
RELIANCE FIXED 2500 2,503.00 2500
FIXED DEPOSI 2,500.00
HORIZON T
FUND 3
ANNUAL
PLAN SERIES
2
RELIANCE CERTIFI 13550 12,235.27 250
FIXED CATE 228.84
HORIZON OF
FUND 3 DEPOSI
ANNUAL T
PLAN SERIES
3

116
RELIANCE FIXED 37500 37,500.00 32500
FIXED DEPOSI 32,500.00
HORIZON T
FUND 3
ANNUAL
PLAN SERIES
3
RELIANCE CERTIFI 15550 14,051.43 2500
FIXED CATE 2,288.35
HORIZON OF
FUND 3 DEPOSI
ANNUAL T
PLAN SERIES
4
RELIANCE FIXED 2500 2,503.00 2500
FIXED DEPOSI 2,500.00
HORIZON T
FUND 3
ANNUAL
PLAN SERIES
4
RELIANCE CERTIFI 26100 24,033.06 19100
FIXED CATE 17,360.57
HORIZON OF
FUND 3 DEPOSI
ANNUAL T
PLAN SERIES
5
RELIANCE CERTIFI 16600 16,464.73 -
FIXED CATE -
HORIZON OF
FUND PLAN A DEPOSI
SERIES 3 T
RELIANCE CERTIFI 4600 4,543.54 -
FIXED CATE -
HORIZON OF
FUND PLAN A DEPOSI
SERIES 4 T
RELIANCE CERTIFI 4500 4,471.49 -
FIXED CATE -
HORIZON OF
FUND PLAN A DEPOSI
SERIES 5 T
RELIANCE CERTIFI 1400 1,383.98 -
FIXED CATE -
HORIZON OF
FUND PLAN A DEPOSI
SERIES 6 T
RELIANCE CERTIFI 5000 4,876.83 -
FIXED CATE -
HORIZON OF
FUND PLAN B DEPOSI
SERIES 1 T
RELIANCE CERTIFI 5600 5,542.77 -
FIXED CATE -
HORIZON OF

117
FUND PLAN B DEPOSI
SERIES 2 T
RELIANCE CERTIFI 5000 4,910.66 -
FIXED CATE -
HORIZON OF
FUND PLAN B DEPOSI
SERIES 3 T
RELIANCE CERTIFI 4100 4,062.31 -
FIXED CATE -
HORIZON OF
FUND PLAN B DEPOSI
SERIES 4 T
RELIANCE CERTIFI 13400 13,172.66 -
FIXED CATE -
HORIZON OF
FUND PLAN B DEPOSI
SERIES 5 T
RELIANCE CERTIFI 150 140.49 -
FIXED TENOR CATE -
FUND PLAN A OF
DEPOSI
T
RELIANCE CERTIFI 79100 75,061.23 28900
FLOATING CATE 27,585.31
RATE FUND OF
DEPOSI
T
RELIANCE DEBT 500 504.00 -
FLOATING -
RATE FUND
RELIANCE FIXED 8001 8,001.00 2000
GROWTH DEPOSI 2,000.00
FUND T
RELIANCE CERTIFI 2200 2,097.13 -
INCOME CATE -
FUND OF
DEPOSI
T
RELIANCE EQUITY 1035 8.28 919
INDEX FUND 8.74
NIFTY PLAN
RELIANCE EQUITY 8832 60.81 3867
INDEX FUND 36.76
SENSEX
PLAN
RELIANCE CERTIFI 25500 25,110.52 5900
INTERVAL CATE 5,847.11
FUND OF
MONTHLY DEPOSI
PLAN SERIES T
1
RELIANCE CERTIFI 13800 13,629.83 300
INTERVAL CATE 298.49
FUND OF
MONTHLY DEPOSI
PLAN SERIES T

118
2
RELIANCE CERTIFI 2500 2,397.38 2500
INTERVAL CATE 2,427.83
FUND OF
QUARTERLY DEPOSI
PLAN SERIES T
1
RELIANCE CERTIFI 7500 7,133.63 7500
INTERVAL CATE 7,139.37
FUND OF
QUARTERLY DEPOSI
PLAN SERIES T
2
RELIANCE CERTIFI 126000 120,383.1 29500
LIQUID FUND CATE 7 27,630.39
TREASURY OF
PLAN DEPOSI
T
RELIANCE CERTIFI 34250 32,292.37 28250
LIQUID PLUS CATE 26,996.62
FUND OF
DEPOSI
T
RELIANCE CERTIFI 447250 430,000.5 79950
LIQUIDITY CATE 3 75,406.12
FUND OF
DEPOSI
T
RELIANCE FIXED 140000 140,000.0 -
LIQUIDITY DEPOSI 0 -
FUND T
RELIANCE CERTIFI 7000 6,947.08 4500
LONG TERM CATE 4,497.99
EQUITY FUND OF
DEPOSI
T
RELIANCE FIXED 8500 8,500.00 4500
LONG TERM DEPOSI 4,500.00
EQUITY FUND T
RELIANCE CERTIFI 200 195.77 -
MEDIUM CATE -
TERM FUND OF
DEPOSI
T
RELIANCE CERTIFI 3700 3,590.29 -
MONTHLY CATE -
INCOME PLAN OF
DEPOSI
T
RELIANCE DEBT 80 81.17 -
MONTHLY -
INCOME PLAN
RELIANCE FIXED 1001 1,001.00 -
MONTHLY DEPOSI -
INCOME PLAN T

119
 RELIANCE FIXED 901 901.00 -
NRI EQUITY DEPOSI -
FUND T
RELIANCE CERTIFI 50 48.17 -
NRI INCOME CATE -
FUND OF
DEPOSI
T
RELIANCE FIXED 1300 1,300.00 -
REGULAR DEPOSI -
SAVING FUND T
EQUITY
OPTION
RELIANCE EQUITY 20000 175.40 10000
REGULAR 95.12
SAVING FUND
HYBRID
OPTION
RELIANCE CERTIFI 13600 12,710.90 900
SHORT TERM CATE 825.63
FUND OF
DEPOSI
T
RELIANCE FIXED 12500 12,500.00 1000
TAX SAVER DEPOSI 1,000.00
(ELSS) FUND T
RELIANCE CERTIFI 5500 5,364.70 2500
VISION FUND CATE 2,457.12
OF
DEPOSI
T
RELIANCE FIXED 13502 13,502.00 3000
VISION FUND DEPOSI 3,000.00
T

INDIABULLS RELIANCE RELIANCE EQUITY 1400000 4,225.02 925000

REAL LIQUIDITY EQUITY FUND 3,559.40
ESTATE FUND
LIMITED
RELIANCE EQUITY 1000000 3,201.10 675000
EQUITY 2,597.40
OPPORTUNITI
ES FUND

INDIAN RELIANCE RELIANCE EQUITY 414000 497.33 -

OVERSEAS FIXED LONG TERM -
BANK HORIZON EQUITY FUND
FUND - II -
QUARTERLY
PLAN -
SERIES V
RELIANCE EQUITY 200000 230.27 -
MONTHLY -
INCOME PLAN
RELIANCE EQUITY 635700 722.48 -

120
 NRI EQUITY -
FUND

INFOSYS RELIANCE RELIANCE EQUITY 1200000 11,929.11 788822

TECHNOLO LIQUIDITY EQUITY FUND 15,633.66
GIES LTD FUND
RELIANCE EQUITY 340000 4,728.08 200362
EQUITY 3,970.97
OPPORTUNITI
ES FUND
RELIANCE EQUITY 26272 850.07 -
GROWTH -
FUND
RELIANCE EQUITY 731 12.85 589
INDEX FUND 11.67
NIFTY PLAN
RELIANCE EQUITY 4773 84.65 2042
INDEX FUND 40.48
SENSEX
PLAN
RELIANCE EQUITY 100000 2,024.34 100000
LONG TERM 1,981.90
EQUITY FUND
RELIANCE EQUITY 104964 2,136.35 50000
MONTHLY 990.95
INCOME PLAN
RELIANCE EQUITY 60000 1,034.42 30000
NRI EQUITY 594.57
FUND
RELIANCE EQUITY 22000 221.84 30000
REGULAR 594.57
SAVING FUND
EQUITY
OPTION
RELIANCE EQUITY 4878 98.41 3648
REGULAR 72.30
SAVING FUND
HYBRID
OPTION
RELIANCE EQUITY 612046 8,861.12 600000
VISION FUND 11,891.40

INFRASTRU RELIANCE RELIANCE EQUITY 2500000 1,796.31 -

CTURE FIXED DIVERSIFIED -
DEVELOPM HORIZON POWER
ENT FUND PLAN A SECTOR
FINANCE SERIES 2 FUND
COMPANY
LIMITED
RELIANCE RELIANCE EQUITY 885923 491.80 -
FIXED EQUITY FUND -
HORIZON
FUND PLAN A
SERIES 5
RELIANCE RELIANCE DEBT 3590 3,589.17 3590

121
FIXED FIXED 3,556.65
HORIZON HORIZON
FUND FUND 1
QUATERLY ANNUAL
PLAN B PLAN SERIES
SERIES 2 1
RELIANCE RELIANCE DEBT 610 610.38 310
INCOME FIXED 307.12
FUND HORIZON
FUND 1
ANNUAL
PLAN SERIES
2
RELIANCE DEBT 1500 1,489.86 -
FIXED -
HORIZON
FUND 1
MONTHLY
PLAN 1
SERIES 1
RELIANCE DEBT 2500 2,490.80 -
FIXED -
HORIZON
FUND 1
MONTHLY
PLAN SERIES
2
RELIANCE DEBT 10000 9,675.38 -
FIXED -
HORIZON
FUND 1
QUARTERLY
PLAN SERIES
2
RELIANCE DEBT 90 93.85 90
FIXED 89.16
HORIZON
FUND 2
ANNUAL
PLAN SERIES
2
RELIANCE DEBT 4000 3,455.81 -
FIXED -
HORIZON
FUND 2
ANNUAL
PLAN SERIES
5
RELIANCE DEBT 10000 9,834.49 -
FIXED -
HORIZON
FUND 2
QUARTERLY
PLAN SERIES
1
RELIANCE DEBT 4500 3,905.56 2800

122
FIXED 2,470.70
HORIZON
FUND 3
ANNUAL
PLAN SERIES
1
RELIANCE DEBT 1700 1,477.30 1200
FIXED 1,058.87
HORIZON
FUND 3
ANNUAL
PLAN SERIES
2
RELIANCE DEBT 2500 2,490.45 -
FIXED -
HORIZON
FUND PLAN B
SERIES 4
RELIANCE DEBT 330 329.38 10
FIXED TENOR 9.91
FUND PLAN A
RELIANCE DEBT 100 100.00 -
FIXED TENOR -
FUND PLAN B
RELIANCE DEBT 1200 1,163.48 -
INCOME -
FUND
RELIANCE DEBT 5000 4,905.75 -
INTERVAL -
FUND
MONTHLY
PLAN SERIES
1
RELIANCE DEBT 100 98.40 -
INTERVAL -
FUND
MONTHLY
PLAN SERIES
2
RELIANCE DEBT 3000 2,861.05 -
LIQUID FUND -
TREASURY
PLAN
RELIANCE DEBT 25050 24,436.49 5000
LIQUIDITY 4,977.97
FUND
RELIANCE DEBT 100 100.00 -
MEDIUM -
TERM FUND
RELIANCE DEBT 6500 6,432.76 150
MONTHLY 150.13
INCOME PLAN
RELIANCE EQUITY 500000 415.29 -
NRI EQUITY -
FUND

123
 RELIANCE DEBT 4900 4,700.52 -
SHORT TERM -
FUND

ITC LTD RELIANCE RELIANCE EQUITY 3169962 5,275.40 2249125

FIXED EQUITY FUND 3,758.29
HORIZON
FUND I-
QUARTERLY
PLAN B
SERIES III
RELIANCE RELIANCE EQUITY 1630500 3,051.36 3002910
FIXED EQUITY 5,017.86
HORIZON OPPORTUNITI
FUND II - ES FUND
QUARTERLY
PLAN -
SERIES IV
RELIANCE RELIANCE EQUITY 4441 7.41 3865
FIXED INDEX FUND 6.46
HORIZON NIFTY PLAN
FUND1
QUARTERLY
PLAN SERIES
4
RELIANCE RELIANCE EQUITY 25717 45.48 11351
FLOATING INDEX FUND 18.96
RATE FUND SENSEX
PLAN
RELIANCE EQUITY 617039 1,007.62 617039
LONG TERM 1,031.07
EQUITY FUND
RELIANCE RELIANCE EQUITY 200000 316.70 -
LIQUID FUND MONTHLY -
- TREASURY INCOME PLAN
PLAN
RELIANCE RELIANCE EQUITY 999328 1,730.76 -
SHORT TERM NRI EQUITY -
FUND FUND
RELIANCE EQUITY 2500 4.68 -
REGULAR -
SAVING FUND
HYBRID
OPTION
RELIANCE EQUITY 2000000 3,232.10 2000000
TAX SAVER 3,342.00
(ELSS) FUND
RELIANCE EQUITY 1257940 2,194.18 -
VISION FUND -

JINDAL RELIANCE RELIANCE EQUITY 437249 569.67 -

STAINLESS LIQUID FUND REGULAR -
LIMITED - CASH PLAN SAVING FUND
EQUITY
OPTION

124
 RELIANCE EQUITY 7194140 8,930.12 -
LONG TERM -
EQUITY FUND
-
-
LARSEN & RELIANCE RELIANCE EQUITY 59348 1,585.88 -
TOUBRO FIXED EQUITY FUND -
LIMITED HORIZON
FUND- 1 -
MONTHLY
PLAN -SERIES
1
RELIANCE RELIANCE DEBT 1000 1,009.73 -
FIXED FIXED -
HORIZON HORIZON
FUND I - FUND 1
MONTHLY MONTHLY
PLAN - PLAN 1
SERIES III SERIES 1
RELIANCE RELIANCE DEBT 1000 1,006.14 -
FIXED FIXED -
HORIZON HORIZON
FUND I - FUND 1
MONTHLY MONTHLY
PLAN - PLAN SERIES
SERIES IV 2
RELIANCE RELIANCE DEBT 1000 1,002.43 -
FIXED FIXED -
HORIZON HORIZON
FUND II - FUND 1
MONTHLY MONTHLY
PLAN - PLAN SERIES
SERIES I 3
RELIANCE RELIANCE DEBT 1000 1,009.97 -
LIQUID PLUS FIXED -
FUND HORIZON
FUND PLAN A
SERIES 6
RELIANCE EQUITY 355 4.50 290
INDEX FUND 5.02
NIFTY PLAN
RELIANCE EQUITY 2376 31.54 1091
INDEX FUND 18.84
SENSEX
PLAN
RELIANCE DEBT 1000 1,014.97 -
LIQUID FUND -
TREASURY
PLAN
RELIANCE EQUITY 28020 361.59 -
MONTHLY -
INCOME PLAN
RELIANCE EQUITY 80000 1,407.67 50000
NRI EQUITY 865.88
FUND

125
 RELIANCE EQUITY 125000 1,795.47 75000
REGULAR 1,298.81
SAVING FUND
EQUITY
OPTION
RELIANCE EQUITY 654 10.53 -
REGULAR -
SAVING FUND
HYBRID
OPTION
RELIANCE EQUITY 100000 1,436.18 -
TAX SAVER -
(ELSS) FUND
RELIANCE EQUITY 1266000 17,630.78 700000
VISION FUND 12,122.25

MAHINDRA RELIANCE RELIANCE EQUITY 50000 325.80 -

& LIQUID FUND EQUITY -
MAHINDRA - CASH PLAN OPPORTUNITI
LIMITED ES FUND
RELIANCE EQUITY 279 2.05 256
INDEX FUND 1.88
NIFTY PLAN
RELIANCE EQUITY 68274 513.72 -
LONG TERM -
EQUITY FUND

MARUTI RELIANCE RELIANCE EQUITY 694472 5,239.34 1148382

UDYOG FIXED EQUITY FUND 9,303.04
LIMITED HORIZON
FUND I -
QUARTERLY
PLAN -
SERIES II
RELIANCE RELIANCE EQUITY 499000 3,940.49 499000
FIXED EQUITY 4,042.40
HORIZON OPPORTUNITI
FUND II - ES FUND
QUARTERLY
PLAN -
SERIES I
RELIANCE RELIANCE EQUITY 926042 7,168.09 926042
FIXED GROWTH 7,501.87
HORIZON FUND
FUND II -
QUARTERLY
PLAN -
SERIES II
RELIANCE RELIANCE EQUITY 332 2.75 302
FIXED INDEX FUND 2.45
HORIZON NIFTY PLAN
FUND -III
ANNUAL
PLAN SERIES
-1

126
 RELIANCE RELIANCE EQUITY 1203 10.31 499
FIXED INDEX FUND 4.03
HORIZON SENSEX
FUND PLAN
QUATERLY
PLAN B
SERIES 4
RELIANCE EQUITY 370000 2,923.00 370000
LONG TERM 2,997.37
EQUITY FUND
RELIANCE RELIANCE EQUITY 50000 352.98 -
FIXED MONTHLY -
HORIZON INCOME PLAN
FUND1
QUARTERLY
PLAN SERIES
4
RELIANCE RELIANCE EQUITY 80036 647.11 -
FLOATING NRI EQUITY -
RATE FUND FUND
RELIANCE RELIANCE EQUITY 130000 1,058.14 -
LIQUID PLUS REGULAR -
FUND SAVING FUND
EQUITY
OPTION
RELIANCE RELIANCE EQUITY 10521 85.60 10000
LIQUIDITY REGULAR 81.01
FUND SAVING FUND
HYBRID
OPTION
RELIANCE EQUITY 100000 795.93 -
TAX SAVER -
(ELSS) FUND
RELIANCE EQUITY 1764176 14,398.58 1000000
VISION FUND 8,101.00

RAYMOND RELIANCE RELIANCE DEBT 2900 2,900.00 -

LIMITED FIXED EQUITY FUND -
MATURITY
FUND -
ANNUAL
PLAN - 3
(Series 2)
RELIANCE EQUITY 1675000 6,043.35 1350000
EQUITY 4,553.55
OPPORTUNITI
ES FUND
RELIANCE DEBT 500 500.00 -
FIXED -
HORIZON
FUND 1
QUARTERLY
PLAN SERIES
4
RELIANCE DEBT 100 100.00 -

127
 FIXED TENOR -
FUND PLAN A
RELIANCE DEBT 4300 4,300.00 3000
FLOATING 3,000.00
RATE FUND
RELIANCE DEBT 400 400.00 -
INCOME -
FUND
RELIANCE DEBT 36300 36,305.08 -
LIQUID FUND -
CASH PLAN
RELIANCE DEBT 27800 27,800.00 -
LIQUID FUND -
TREASURY
PLAN
RELIANCE DEBT 40200 40,202.58 -
LIQUIDITY -
FUND
RELIANCE DEBT 300 300.00 -
MONTHLY -
INCOME PLAN
RELIANCE EQUITY 50000 152.96 -
MONTHLY -
INCOME PLAN
RELIANCE DEBT 3000 3,000.00 -
VISION FUND -

RELIANCE RELIANCE RELIANCE EQUITY 150000 733.69 -

CAPITAL BANKING GROWTH -
LIMITED FUND FUND

RELIANCE RELIANCE RELIANCE EQUITY 3322964 10,310.35 6464053

COMMUNIC LIQUIDITY EQUITY FUND 32,068.17
ATIONS FUND
LIMITED
RELIANCE EQUITY 250000 1,059.09 1400000
EQUITY 6,945.40
OPPORTUNITI
ES FUND
RELIANCE EQUITY 1500000 6,083.81 1500000
GROWTH 7,441.50
FUND
RELIANCE EQUITY 3371 11.23 2123
INDEX FUND 10.53
NIFTY PLAN
RELIANCE EQUITY 9081 28.97 3103
INDEX FUND 15.39
SENSEX
PLAN
RELIANCE EQUITY 600000 1,256.24 -
MONTHLY -
INCOME PLAN
RELIANCE EQUITY 300000 669.09 -
NRI EQUITY -
FUND

128
 RELIANCE EQUITY 200000 826.82 200000
REGULAR 992.20
SAVING FUND
EQUITY
OPTION
RELIANCE EQUITY 500000 1,850.94 2700000
VISION FUND 13,394.70

RELIANCE RELIANCE RELIANCE EQUITY 638098 3,304.52 1500000

ENERGY FIXED DIVERSIFIED 7,669.50
LIMITED HORIZON POWER
FUND I- SECTOR
ANNUAL FUND
PLAN -
SERIES III
RELIANCE RELIANCE EQUITY 500000 2,382.31 500000
FIXED GROWTH 2,556.50
HORIZON FUND
FUND I-
ANNUAL
PLAN -
SERIES IV
RELIANCE RELIANCE EQUITY 255 1.26 234
FIXED INDEX FUND 1.20
HORIZON NIFTY PLAN
FUND II -
ANNUAL
PLAN SERIES
I
RELIANCE RELIANCE EQUITY 1755 8.60 741
FIXED INDEX FUND 3.79
HORIZON SENSEX
FUND II - PLAN
ANNUAL
PLAN -
SERIES II
RELIANCE RELIANCE EQUITY 2250696 11,834.38 2250696
FIXED LONG TERM 11,507.81
HORIZON EQUITY FUND
FUND1
ANNUAL
PLAN SERIES
2
RELIANCE RELIANCE EQUITY 10000 52.45 10000
FLOATING REGULAR 51.13
RATE FUND SAVING FUND
HYBRID
OPTION
RELIANCE
GILT
SECURITIES
FUND - LONG
TERM GILT
PLAN
RELIANCE
INCOME

129
 FUND
RELIANCE
LIQUID FUND
- CASH PLAN
RELIANCE
LIQUID FUND
- TREASURY
PLAN
RELIANCE
LIQUIDITY
FUND

RELIANCE RELIANCE RELIANCE EQUITY 1050000 3,113.13 -

NATURAL FLOATING DIVERSIFIED 0 -
RESOURCE RATE FUND POWER
S LTD SECTOR
FUND
RELIANCE
INCOME
FUND
RELIANCE
LIQUID FUND
- CASH PLAN
RELIANCE
LIQUID PLUS
FUND
RELIANCE
LIQUIDITY
FUND

SESA GOA RELIANCE RELIANCE EQUITY 30000 389.05 -

LIMITED FIXED NRI EQUITY -
HORIZON FUND
FUND- 1 -
MONTHLY
PLAN -SERIES
1
RELIANCE RELIANCE EQUITY 41643 570.51 -
FIXED TAX SAVER -
HORIZON (ELSS) FUND
FUND I -
MONTHLY
PLAN -
SERIES II
RELIANCE
FIXED
HORIZON
FUND I -
MONTHLY
PLAN -
SERIES III
RELIANCE
FIXED
HORIZON
FUND I -

130
MONTHLY
PLAN -
SERIES IV
RELIANCE
FIXED
HORIZON
FUND II -
MONTHLY
PLAN -
SERIES I
RELIANCE
FIXED
HORIZON
FUND II -
QUARTERLY
PLAN -
SERIES I
RELIANCE
FIXED
HORIZON
FUND -III
ANNUAL
PLAN SERIES
-1
RELIANCE
FIXED
HORIZON
FUND PLAN A
SERIES 1
RELIANCE
FIXED
HORIZON
FUND PLAN A
SERIES 2
RELIANCE
FIXED
HORIZON
FUND PLAN A
SERIES 3
RELIANCE
FIXED
HORIZON
FUND PLAN A
SERIES 4
RELIANCE
FIXED
HORIZON
FUND PLAN A
SERIES 5
RELIANCE
FIXED
HORIZON
FUND PLAN A
SERIES 6
RELIANCE
MONTHLY

131
 INTERVAL
FUND -
SERIES I

SICAL RELIANCE RELIANCE EQUITY 2450 9.03 -

LOGISTICS LIQUID FUND EQUITY -
LIMITED - CASH PLAN OPPORTUNITI
ES FUND

SMALL RELIANCE RELIANCE DEBT 5000 4,988.06 -

INDUSTRIES LIQUID FUND FIXED -
DEVELOPM - CASH PLAN HORIZON
ENT BANK FUND 1
OF INDIA MONTHLY
PLAN 1
SERIES 1
RELIANCE DEBT 5000 4,977.44 -
FIXED -
HORIZON
FUND PLAN A
SERIES 6
RELIANCE DEBT 7500 7,459.19 -
FIXED -
HORIZON
FUND PLAN B
SERIES 5
RELIANCE DEBT 17500 17,430.32 -
LIQUIDITY -
FUND

SOBHA RELIANCE RELIANCE EQUITY 121025 1,218.09 -

DEVELOPE LIQUID FUND EQUITY FUND -
RS LIMITED - CASH PLAN
RELIANCE EQUITY 16708 106.93 -
EQUITY -
OPPORTUNITI
ES FUND
RELIANCE EQUITY 25072 160.46 -
GROWTH -
FUND
RELIANCE EQUITY 16708 106.93 -
VISION FUND -

STERLITE RELIANCE RELIANCE DEBT 6000 6,000.00 -

INDUSTRIES FIXED EQUITY FUND -
INDIA LTD HORIZON
FUND PLAN A
SERIES 1
RELIANCE RELIANCE EQUITY 585071 2,293.70 -
FIXED EQUITY FUND -
HORIZON
FUND PLAN A
SERIES 6
RELIANCE RELIANCE EQUITY 875375 0.00 1450000
LIQUID FUND EQUITY 7,940.20

132
- CASH PLAN OPPORTUNITI
ES FUND
RELIANCE RELIANCE DEBT 3000 3,000.00 -
LIQUIDITY FIXED -
FUND HORIZON
FUND 1
MONTHLY
PLAN SERIES
4
RELIANCE DEBT 2000 2,000.00 -
FIXED -
HORIZON
FUND 1
QUARTERLY
PLAN SERIES
3
RELIANCE DEBT 4500 4,500.00 -
FIXED -
HORIZON
FUND PLAN A
SERIES 2
RELIANCE DEBT 4500 4,500.00 -
FIXED -
HORIZON
FUND PLAN A
SERIES 3
RELIANCE DEBT 5000 5,000.00 -
FIXED -
HORIZON
FUND PLAN B
SERIES 4
RELIANCE DEBT 5600 5,600.00 -
FLOATING -
RATE FUND
RELIANCE EQUITY 300000 1,621.72 -
GROWTH -
FUND
RELIANCE DEBT 34200 34,200.00 -
LIQUID FUND -
CASH PLAN
RELIANCE DEBT 25800 25,800.00 -
LIQUID FUND -
TREASURY
PLAN
RELIANCE DEBT 76900 76,900.00 5000
LIQUIDITY 5,000.00
FUND
RELIANCE EQUITY 534815 2,809.40 534815
LONG TERM 2,928.65
EQUITY FUND
RELIANCE EQUITY 583 2.72 557
INDEX FUND 3.05
NIFTY PLAN
RELIANCE EQUITY 100000 550.86 -
REGULAR -
SAVING FUND

133
 EQUITY
OPTION
RELIANCE EQUITY 51125 264.09 501125
VISION FUND 2,744.16

TATA RELIANCE RELIANCE EQUITY 678221 5,233.15 200000

CONSULTA FIXED EQUITY FUND 2,505.70
NCY HORIZON
SERVICES FUND
LTD QUATERLY
PLAN B
SERIES 4
RELIANCE RELIANCE EQUITY 411453 3,107.96 386453
FLOATING EQUITY 4,841.68
RATE FUND OPPORTUNITI
ES FUND
RELIANCE RELIANCE EQUITY 1463 14.28 1021
LIQUID FUND INDEX FUND 12.79
- CASH PLAN NIFTY PLAN
RELIANCE EQUITY 1894 18.68 848
INDEX FUND 10.61
SENSEX
PLAN
RELIANCE EQUITY 110000 1,314.21 60000
NRI EQUITY 751.71
FUND
RELIANCE EQUITY 120000 1,302.66 -
REGULAR -
SAVING FUND
EQUITY
OPTION
RELIANCE EQUITY 10000 125.11 10000
REGULAR 125.29
SAVING FUND
HYBRID
OPTION
RELIANCE EQUITY 970761 11,073.09 600000
TAX SAVER 7,517.10
(ELSS) FUND
RELIANCE EQUITY 755443 9,727.05 755443
VISION FUND 9,464.57

TATA RELIANCE RELIANCE EQUITY 3064171 15,105.69 -

STEEL LIQUIDITY EQUITY FUND -
LIMITED FUND
RELIANCE EQUITY 400000 1,936.64 -
EQUITY -
OPPORTUNITI
ES FUND
RELIANCE EQUITY 670 3.15 600
INDEX FUND 3.55
NIFTY PLAN
RELIANCE EQUITY 4074 20.19 1763
INDEX FUND 10.42
SENSEX

134
 PLAN
RELIANCE EQUITY 300000 1,457.34 -
MONTHLY -
INCOME PLAN
RELIANCE EQUITY 141769 679.90 -
NRI EQUITY -
FUND
RELIANCE EQUITY 100000 483.82 -
REGULAR -
SAVING FUND
EQUITY
OPTION
RELIANCE EQUITY 775 4.06 -
REGULAR -
SAVING FUND
HYBRID
OPTION
RELIANCE EQUITY 1000000 5,157.58 -
TAX SAVER -
(ELSS) FUND
RELIANCE EQUITY 4125000 20,382.89 1000000
VISION FUND 5,914.00

TECH RELIANCE RELIANCE EQUITY 134754 491.85 -

MAHINDRA SHORT TERM EQUITY FUND -
LIMITED FUND
RELIANCE EQUITY 100000 1,354.53 -
EQUITY -
OPPORTUNITI
ES FUND
RELIANCE EQUITY 800000 4,449.29 -
VISION FUND -

THE RELIANCE RELIANCE EQUITY 636443 4,994.34 -

ASSOCIATE LIQUID FUND EQUITY FUND -
D CEMENT - CASH PLAN
COMPANIES
LTD
RELIANCE DEBT 500 502.54 -
FLOATING -
RATE FUND
RELIANCE EQUITY 215 1.90 196
INDEX FUND 1.72
NIFTY PLAN
RELIANCE EQUITY 1182 10.73 512
INDEX FUND 4.48
SENSEX
PLAN
RELIANCE DEBT 500 502.64 -
LIQUID FUND -
TREASURY
PLAN
RELIANCE EQUITY 100000 929.23 100000
MONTHLY 876.45
INCOME PLAN

135
 RELIANCE EQUITY 50000 523.90 -
NRI EQUITY -
FUND
RELIANCE EQUITY 100000 882.71 -
REGULAR -
SAVING FUND
EQUITY
OPTION
RELIANCE EQUITY 10000 87.17 -
REGULAR -
SAVING FUND
HYBRID
OPTION
RELIANCE EQUITY 451250 4,433.10 351250
TAX SAVER 3,078.53
(ELSS) FUND

THE GREAT RELIANCE RELIANCE EQUITY 200000 406.88 -

EASTERN FIXED TENOR NRI EQUITY -
SHIPPING FUND FUND
CO. LTD
RELIANCE EQUITY 5000 10.45 -
REGULAR -
SAVING FUND
HYBRID
OPTION

ULTRATECH RELIANCE RELIANCE EQUITY 34600 274.35 846650

CEMENT FIXED EQUITY 6,948.88
LIMITED HORIZON OPPORTUNITI
FUND II - ES FUND
QUARTERLY
PLAN -
SERIES III
RELIANCE RELIANCE EQUITY 60000 523.98 60000
FIXED NRI EQUITY 492.45
HORIZON FUND
FUND
QUATERLY
PLAN B
SERIES 3
RELIANCE EQUITY 35075 207.64 385842
TAX SAVER 3,166.80
(ELSS) FUND

VIDESH RELIANCE RELIANCE EQUITY 965925 4,367.42 -

SANCHAR FIXED EQUITY FUND -
NIGAM HORIZON
LIMITED FUND II -
ANNUAL
PLAN -
SERIES II
RELIANCE RELIANCE EQUITY 328 1.33 294
LIQUID PLUS INDEX FUND 1.33
FUND NIFTY PLAN

136
WIPRO RELIANCE RELIANCE EQUITY 1654 9.01 1490
LIMITED FIXED INDEX FUND 8.10
HORIZON NIFTY PLAN
FUND - II -
ANNUAL
PLAN -
SERIES IV
RELIANCE RELIANCE EQUITY 2839 14.98 1247
FIXED INDEX FUND 6.78
HORIZON SENSEX
FUND I- PLAN
QUARTERLY
PLAN B
SERIES III
RELIANCE RELIANCE EQUITY 150000 842.12 150000
FIXED REGULAR 814.95
HORIZON SAVING FUND
FUND II - EQUITY
QUARTERLY OPTION
PLAN -
SERIES I
RELIANCE
FIXED
HORIZON
FUND II -
QUARTERLY
PLAN -
SERIES IV
RELIANCE
FIXED
HORIZON
FUND
QUATERLY
PLAN B
SERIES 3
RELIANCE
FIXED
HORIZON
FUND1
QUARTERLY
PLAN SERIES
4

7. Investments by associates in the Schemes

The value of unit holding by associates and group companies in the schemes of Reliance Mutual Fund as on May
20, 2007 is as follows.
Name of the scheme Total Investments (Rs. In lakhs)

Reliance Income Fund 51.04

Reliance Liquid Fund 2,188.70

137
Reliance Short Term Fund 441.86
Reliance Growth Fund 787.23
Reliance Gilt Securities Fund - LTP 4.69
Reliance Vision Fund 1,186.27
Reliance Banking Fund 26.20
Reliance Floating Rate Fund 60,236.63
Reliance Index Fund 27.32
Reliance Equity Opportunities Fund 253.86
Reliance Liquidity Fund 2,94,010.54
Reliance Liquid Plus Fund 25,148.49
Reliance Tax Saver (ELSS) Fund 315.26

Reliance Equity Fund 357.22

Reliance Fixed Horizon Fund – Plan C – Series II 2,025.94

Reliance Fixed Horizon Fund – I – Annual Plan – Series II 5,229.05

Reliance Fixed Horizon Fund – I – Annual Plan – Series III 15,579.30

Reliance Fixed Horizon Fund – I – Annual Plan – Series IV 20,844.40

Reliance Fixed Horizon Fund – II – Annual Plan – Series I 20,201.20

Reliance Fixed Horizon Fund – II – Annual Plan – Series III 20,255.20

Reliance Fixed Horizon Fund – III – Annual Plan – Series I 25,387.75

Reliance Fixed Horizon Fund – III – Annual Plan – Series III 1,10,767.98

Reliance Fixed Horizon Fund – II – Annual Plan – Series VI 17,775.28

Reliance Interval Fund – Quarterly Series – II 2,507.70

F. PROCEDURE AND MANNER OF WINDING UP: As per Regulation 39 (2), a scheme of a mutual fund may be
wound up, after repaying the amount due to the unitholders,-
(a) on the happening of any event which, in the opinion of the trustees, requires the scheme to be wound up; or
(b) if seventy five per cent of the unit holders of a scheme pass a resolution that the scheme be wound up; or
(c) if the Board so directs in the interest of the unit-holders.
Where a Scheme is to be wound up pursuant to the above Regulations, the Trustee shall give notice of the
circumstances leading to the winding up of the Scheme:-
To SEBI; and in two daily newspapers having circulation all over India and also in a vernacular newspaper
circulating at the place where the Mutual Fund is established.
The Trustee shall call a meeting of the unit holders to consider and pass necessary resolutions by simple majority
of the unit holders present and voting at the meeting for authorising the Trustee or any other person to take steps
for winding up the Scheme.

138
i) The Trustee or the person authorised as above, shall dispose of the assets of the Scheme concerned in the
best interest of the unit holders of that Scheme.
The proceeds of the Sale made in pursuance of the above, shall, in the first instance be utilised towards
discharge of such liabilities as are properly due under the Scheme and after making appropriate provision for
meeting the expenses connected with such winding up, the balance shall be paid to the unit holders in proportion
to their respective interest in the assets of the Scheme as on the date when the decision for the winding up was
taken.
ii) On the completion of the winding up, the Trustee shall forward to the Board and the unit holders, a report on
the winding up containing particulars such as circumstances leading to the winding up, the steps taken for
disposal of assets of the Fund before winding up, expenses of the Fund for winding up, net assets available for
distribution to the unit holders and a certificate from the Auditors of the Scheme.
iii) Notwithstanding anything contained herein, the application of the provisions of the Mutual Fund Regulations in
respect of disclosures of half-yearly reports and annual reports shall continue to apply.
After the receipt of the report referred to above under 'Procedure and Manner of Winding Up', if SEBI is satisfied
that all measures for winding up of the Scheme have been completed, the Scheme shall cease to exist.

G. PENALTIES & PENDING LITIGATION

Penalties, pending litigation’s or proceedings, findings of inspection or investigation for which action may have
been taken or is in process of being taken by any regulatory authority.

1.Cases of penalties awarded by SEBI under the SEBI Act or any of its regulations against the Sponsor of the
Mutual Fund or anycompany associated with the Sponsor in any capacity including the AMC, Trustee Company/
Board of Trustees, or any of the directors or key personnel (specifically the Fund Managers) of the AMC and
Trustee Company. Cases of penalties awarded by any financial regulatory body, including stock exchanges, for
defaults in respect of hareholders, debenture holders and depositors and penalties awarded for any economic
offence and violation of any securities laws, against the Sponsors and its associates.

Reliance Mutual Fund:

SEBI had issued a show cause notice to Reliance Mutual Fund on February 12, 2003 regarding violation of
investment restrictions for exceeding the investment limit in unrated debt securities (9.80% UTI Bank Bonds,
2007) beyond the permissible limit of 10% specified under the Regulations in one of the Schemes namely
Reliance Medium Term Fund.

(a) Reliance Mutual Fund had submitted reply on February 26, 2003 in this regard and also attended the
adjudication proceedings held by SEBI on March 11, 2003 and a total fine of Rs.6 lacs was imposed by SEBI on
both Reliance Capital Asset Management Limited and Reliance Mutual Fund. The said fine was borne by the
AMC.

(b) The Clearing Corporation of (I) Ltd. had levied penal charges to Reliance Mutual Fund on account of margin
default on 14.03.03 of Rs. 35,996, on 17.03.03 of Rs. 26,030, on 6.11.03 of Rs. 5,000 the said charges were
borne by the AMC.

For details of other penalties besides the above please refer below.

2. Pending material litigation proceedings incidental to the business of the Mutual Fund to which the Sponsor of
the Mutual Fund or any company associated with the Sponsor in any capacity including the AMC, Board of
Trustees/ Trustee Company or any of the directors or key personnel is a party. NIL

3. Pending criminal cases against the Sponsor or any company associated with the Sponsor in any capacity
including the AMC, Board of Trustees/ Trustee Company or any of the directors or key personnel.

Reliance Capital Limited: There are 57 cases pertaining to equity shares of Reliance Capital Limited pending in
various Civil/Criminal courts and other forums. The total amount involved in the above mentioned cases is

139
approximately Rs.7,02,500/-. Similarly, 2 cases are pending in the High Court of Mumbai amounting to
Rs.5,82,41,649/-, in relation to business operations of the company.

Reliance Share & Stock Brokers Private Limited: SEBI vide order dated 11.12.2006 had imposed penalty of
Suspension of Registration of Reliance Share & Stock Brokers Private Limited (RSSBPL), a group Company of
RCAM for a period of 4 months. Thereafter RSSBPL filed an Appeal with Securities Appellate Tribunal (SAT) and
the SAT vide its order dated 27.12.2006 has stayed the order of SEBI till such time the matter is disposed off.

Reliance General Insurance Co. Ltd: During the Financial year 2006-07 the Company had paid fines and
penalty amounting to Rs.5,03,000/- imposed by IRDA on account of coinsurance breach by leader and predatory
pricing.

There are usual third party liability cases filed by various parties (1811) for Rs.33 Crores in various Motor
Accident Claims Tribunals against various insureds under our Motor policies and impleading RGICL also in terms
of provisions of Motor Vehicle Act. Though Awards are passed against insured/Driver/Insurance Co., insurance
company is directed to satisfy the same.

J. AMENDMENTS TO THE OFFER DOCUMENT : Necessary amendments shall be made to the Offer Document
of the Scheme by RCAM, subject (if and as required) to approval of SEBI / Unitholder. Further, RCAM reserves
the right to issue operational procedures for implementing marketing / service plans from time to time.
K. DOCUMENTS AVAILABLE FOR INSPECTION : Copies of the following documents will be available for
inspection by the unitholders between 11.00 a.m. and 1.00 p.m. on any working day at the head office of the
Mutual Fund: -
1. Memorandum and Articles of Association of RCAM and RCTC.
2. The Custodial Agreement between RMF and Deutsche Bank
3. Trust Deed and subsequent amendments thereto
4. Mutual Fund Registration Certificate from SEBI
5. The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.
6. Registrar's consent letter
7. Investment Management Agreement.
8. Auditor's consent letter
9. Indian Trusts Act, 1882.
10. Offer Document of this Scheme and subsequents amendments thereto

Notwithstanding anything contained in the Offer Document, the provisions of the SEBI (Mutual Funds)
Regulations, 1996 and the guidelines thereunder, shall be applicable.

For and behalf of the Board of Directors of

RELIANCE CAPITAL ASSET MANAGEMENT LIMITED
[Asset Management Company for Reliance Mutual Fund]

Place : Mumbai (Vikrant Gugnani)

Date: June 5, 2007 President

140