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Trustee Report for Website_Equity Schmes

Trustee Report for Website_Equity Schmes

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Annual Report 2009 - 2010 Annual Report 2009 - 2010
11th oor & 12th oor, One Indiabulls Centre, Tower 1, Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013.11th oor & 12th oor, One Indiabulls Centre, Tower 1, Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013.
Trustee ReportReliance Growth Fund:
1. Scheme Perormance, Future Outlook and Operations o the SchemeName o theScheme /BenchmarksDate oInceptionCompounded Annualised Returns (%) ason 31.03.20101 year 3 years 5 years SinceInception
Reliance GrowthFund - RetailPlan112.0619.1329.7229.83BSE 100 88.1712.1621.7012.7308-Oct-95RelianceGrowth Fund -Institutional Plan112.46N.AN.A13.93BSE 100 08-Oct-07 88.17N.AN.A6.63
Past performance may or may not be sustained in future.
Calculation assume that all payouts during the period have been re-invested inthe units o the scheme at the then prevailing NAV.All the returns are o Growth Plan - Growth Option.Reliance Growth has outperormed the benchmark since inception by almost17% in Retail Plan and 7% in Institutional Plan. The portolio o this undhas quality stocks which have been instrumental in this out perormance involatile market conditions. Going ahead the und manager intends to maintainappropriate cash levels and churn the portolio depending on the marketcondition.
Future Outlook
- The Indian Mutual Fund Industry is one o the astest growingsectors in the Indian capital and fnancial markets with 38 Asset ManagementCompanies currently operating in the country (as on 31st March 10). Over thelast 5 years(31st Mar 05-31st Mar 10), the mutual und industry has grown ata remarkable pace o 38 per cent CAGR per annum. The Total Average IndustryAsset under Management (AUM) is Rs 7,47,525.15 crores as on 31st March2010. (Source – AMFI). The mutual und industry in India has seen dramaticimprovements in quantity as well as quality o product and service oerings inrecent years.According to KPMG India’s recent report released in June 09 industry AUM islikely to continue to grow in the range o 15 to 25 percent rom the period2010 to 2015 based on the pace o economic growth. In the event o quickrevival and positive reinorcement o growth drivers identifed, KPMG in India iso the view that the Indian mutual und industry may grow in the range o 15to 18 percent in the period rom 2010 to 2015, resulting in AUM o Rs 15 lakhto 17 lakh crores in 2015.
2. Brie background o Sponsors, Trust, Trustee Co. and AMC.a. Reliance Capital Limited – Sponsor
Reliance Mutual Fund is sponsored by Reliance Capital Limited (RCL). TheSponsor is the Settler o the Mutual Fund Trust. Reliance Capital AssetManagement Limited (RCAM) is a subsidiary o RCL. RCL holds 93.37%o the paid-up capital o RCAM, the balance paid up capital being held byminority shareholders. RCL has interest in asset management and mutualunds, lie and non-lie insurance, private equity and proprietary investments,stock broking, and other activities in the fnancial services sector.
b. Reliance Mutual Fund
Reliance Mutual Fund (RMF) was set up as a Trust by the Settler i.e.Reliance Capital Limited, on April 25, 1995 with Reliance Capital TrusteeCo. Limited as a Trustee in accordance with the provisions o the Indian TrustAct, 1882 and is duly registered under the Indian Registration Act, 1908.The Trustee has entered into an Investment Management Agreement datedMay 12, 1995 with Reliance Capital Asset Management Ltd. to unction asthe Investment Manager or all the Schemes o RMF. The agreement wasamended on August 12, 1997 in line with SEBI (Mutual Funds) Regulations,1996. RMF was registered with SEBI on June 30, 1995.
c. Reliance Capital Trustee Company Limited
The Trustee is the exclusive owner o the Trust Fund and holds the same in trustor the beneft o the unitholders. The Trustee has been discharging its dutiesand carrying out the responsibilities as provided in the Regulations and theTrust Deed. The Trustee seeks to ensure that the Fund and the Schemes oatedthere under are managed by the AMC in accordance with the Trust Deed, theRegulations, directions and guidelines issued by the SEBI, the Stock Exchanges,the Association o Mutual Funds in India and other regulatory agencies.
d. Reliance Capital Asset Management Limited
Reliance Capital Asset Management Limited (RCAM) is a Public Limited Companyincorporated under the Companies Act, 1956 on February 24, 1995, havingits registered ofce at “Reliance House”, Near. Mardia Plaza, O. C.G. Road,Ahmedabad, 380 006 and its Corporate Ofce at “One Indiabulls Centre – TowerOne, 11
th
and 12
th
oor, Jupiter Mills Compound, Elphinstone Road, Mumbai –400 013. RCAM has been appointed as the Asset Management Company o Reliance Mutual Fund by The Trustee vide Investment Management Agreement(IMA) dated May 12, 1995 and executed between Reliance Capital Trustee Co.Limited and RCTC and amended on August 12, 1997 in line with SEBI (MutualFunds) Regulations, 1996.
3. Investment Objective o the Scheme
The primary investment objective o the scheme is to achieve long term growtho capital by investing in equity and equity related securities through a researchbased investment approach.
4. Signifcant Accounting Policies:
Accounting policies ollowed by Reliance Mutual Fund are in accordance withSecurities Exchange Board o India (Mutual Fund) Regulations 1996.
5. Unclaimed Dividend & Redemptions:Unclaimed DividendUnclaimed RedemptionsNo. oinvestorsAmount(Rs)No. o investorsAmount(Rs.)
5,82437,675,417.00NilNil
6. Statutory Inormation:
a. The Sponsors are not responsible or liable or any loss resulting rom theoperation o the Schemes o the Fund beyond their initial contribution (tothe extent contributed) o Rs. 1 Lakh or setting up the Fund, and such otheraccretions / additions to the same.b. The price and redemption value o the units, and income rom them, can goup as well as down with uctuations in the market value o its underlyinginvestments.c. Full Annual Report shall be disclosed on the website (www.reliancemutual.com) and shall be available or inspection at the Head Ofce o the mutualund. Present and prospective unit holder can obtain copy o the trust deed,the ull Annual Report o the Fund / AMC at a price.For and on behal o the Board o Trustee
Reliance Capital Trustee Co. Limited
Place: Mumbai
A.N. Shanbhag P.P. Vora
Date: June 30, 2010 Director Director
Trustees ReportReliance Vision Fund1. Scheme Perormance, Future Outlook and Operations o the SchemeName o the Scheme /BenchmarksDate oInceptionCompounded Annualised Returns(%) as on 31.03.20101 year 3years5yearsSinceInception
Reliance Vision Fund -Retail Plan88.4414.0923.7824.95BSE 100 88.1712.1621.7012.7308-Oct-95 Reliance Vision Fund -Institutional Plan88.78N.AN.A6.06BSE 10088.17N.AN.A6.6308-Aug-07 
Past performance may or may not be sustained in future.
Calculation assume that all payouts during the period have been re-investedin the units o the scheme at the then prevailing NAV.All the returns are o Growth Plan - Growth Option.Reliance Vision’s perormance was better than the benchmark despite theextreme volatile conditions. The und is invested in stocks which would havea signifcant part to play in India growth story over next ew years. The undmanager intends to maintain appropriate cash levels and take stock callsdepending on the market conditions. 
Future Outlook -
The Indian Mutual Fund Industry is one o the astest growingsectors in the Indian capital and fnancial markets with 38 Asset ManagementCompanies currently operating in the country (as on 31st March 09). Over thelast ew years, the mutual und industry has grown at a remarkable pace o 30per cent CAGR per annum. The Total Average Industry Asset under Management(AUM) is Rs 4, 93,194.77 crores as on 31st March 2009. (Source – AMFI).The mutual und industry in India has seen dramatic improvements in quantityas well as quality o product and service oerings in recent years.According to KPMG India’s recent report released in June 09 industry AUM islikely to continue to grow in the range o 15 to 25 percent rom the period2010 to 2015 based on the pace o economic growth. In the event o quickrevival and positive reinorcement o growth drivers identifed, KPMG in India iso the view that the Indian mutual und industry may grow in the range o 15to 18 percent in the period rom 2010 to 2015, resulting in AUM o Rs 15 lakhto 17 lakh crores in 2015.
2. Brie background o Sponsors, Trust, Trustee Co. and AMC.a. Reliance Capital Limited – Sponsor
Reliance Mutual Fund is sponsored by Reliance Capital Limited (RCL). TheSponsor is the Settler o the Mutual Fund Trust. Reliance Capital AssetManagement Limited (RCAM) is a subsidiary o RCL. RCL holds 93.37%o the paid-up capital o RCAM, the balance paid up capital being held byminority shareholders. RCL has interest in asset management and mutualunds, lie and non-lie insurance, private equity and proprietary investments,stock broking, and other activities in the fnancial services sector.
b. Reliance Mutual Fund
Reliance Mutual Fund (RMF) was set up as a Trust by the Settler i.e.Reliance Capital Limited, on April 25, 1995 with Reliance Capital TrusteeCo. Limited as a Trustee in accordance with the provisions o the Indian TrustAct, 1882 and is duly registered under the Indian Registration Act, 1908.The Trustee has entered into an Investment Management Agreement datedMay 12, 1995 with Reliance Capital Asset Management Ltd. to unction asthe Investment Manager or all the Schemes o RMF. The agreement wasamended on August 12, 1997 in line with SEBI (Mutual Funds) Regulations,1996. RMF was registered with SEBI on June 30, 1995.
c. Reliance Capital Trustee Company Limited
The Trustee is the exclusive owner o the Trust Fund and holds the same intrust or the beneft o the unitholders. The Trustee has been discharging itsduties and carrying out the responsibilities as provided in the Regulationsand the Trust Deed. The Trustee seeks to ensure that the Fund and theSchemes oated there under are managed by the AMC in accordance withthe Trust Deed, the Regulations, directions and guidelines issued by theSEBI, the Stock Exchanges, the Association o Mutual Funds in India andother regulatory agencies.
d. Reliance Capital Asset Management Limited
Reliance Capital Asset Management Limited (RCAM) is a Public LimitedCompany incorporated under the Companies Act, 1956 on February 24,1995, having its registered ofce at “Reliance House”, Near. Mardia Plaza,O. C.G. Road, Ahmedabad, 380 006 and its Corporate Ofce at “OneIndiabulls Centre – Tower One, 11
th
and 12
th
oor, Jupiter Mills Compound,Elphinstone Road, Mumbai – 400 013. RCAM has been appointed as theAsset Management Company o Reliance Mutual Fund by The Trusteevide Investment Management Agreement (IMA) dated May 12, 1995and executed between Reliance Capital Trustee Co. Limited and RCTC andamended on August 12, 1997 in line with SEBI (Mutual Funds) Regulations,1996.
3. Investment Objective o the SchemeReliance Vision Fund (An Open-ended Equity Growth Scheme):
The primaryinvestment objective o the scheme is to achieve long-term growth o capitalby investment in equity and equity related securities through a research basedinvestment approach.
4. Signifcant Accounting Policies:
Accounting policies ollowed by Reliance Mutual Fund are in accordance withSecurities Exchange Board o India (Mutual Fund) Regulations 1996.
5. Unclaimed Dividend & Redemptions:Unclaimed DividendUnclaimed RedemptionsNo. o investorsAmount (Rs)No. o investorsAmount (Rs.)
1,1234,446,664.97NILNIL
6. Statutory Inormation:
a. The Sponsors are not responsible or liable or any loss resulting rom theoperation o the Schemes o the Fund beyond their initial contribution (tothe extent contributed) o Rs. 1 Lakh or setting up the Fund, and suchother accretions / additions to the same.b. The price and redemption value o the units, and income rom them, can goup as well as down with uctuations in the market value o its underlyinginvestments.c. Full Annual Report shall be disclosed on the website (www.reliancemutual.com) and shall be available or inspection at the Head Ofce o the mutualund. Present and prospective unit holder can obtain copy o the trust deed,the ull Annual Report o the Fund / AMC at a price.For and on behal o the Board o Trustees
Reliance Capital Trustee Co. Limited
Place: Mumbai
A.N. Shanbhag P.P. Vora
Date: June 30, 2010 Director Director
 
Annual Report 2009 - 2010 Annual Report 2009 - 2010
11th oor & 12th oor, One Indiabulls Centre, Tower 1, Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013.11th oor & 12th oor, One Indiabulls Centre, Tower 1, Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013.
Trustees Report
Reliance Tax Saver (ELSS) Fund:1. Scheme Perormance, Future Outlook and Operations o the Scheme
Name o the Scheme /BenchmarksDate oInceptionCompounded Annualised Returns (%) ason 31.03.20101 year 3 years 5 years SinceInception
Reliance Tax Saver (ELSS)Fund92.7512.08N.A15.00BSE 100 88.1712.16N.A18.2922-Sep-05
Past performance may or may not be sustained in future. 
Calculation assume that all payouts during the period have been re-investedin the units o the scheme at the then prevailing NAV.All the returns are o Growth Plan - Growth Option.Reliance Tax Saver (ELSS) Fund is a tax saving investment with an aim togenerate better returns over three year tenure. This is a und with 3 year lockin so the portolio has quality stocks majority rom BSE 100 index and othersquality mid cap stocks which require a longer investment horizon. Since theinvestor has a lock in period o three years, this gives the und manager libertyto take more o long term calls.
Future Outlook -
The Indian Mutual Fund Industry is one o the astestgrowing sectors in the Indian capital and fnancial markets with 38 AssetManagement Companies currently operating in the country (as on 31st March10). Over the last 5 years(31st Mar 05-31st Mar 10), the mutual undindustry has grown at a remarkable pace o 38 per cent CAGR per annum. TheTotal Average Industry Asset under Management (AUM) is Rs 7,47,525.15crores as on 31st March 2010. (Source – AMFI). The mutual und industryin India has seen dramatic improvements in quantity as well as quality o product and service oerings in recent years.According to KPMG India’s recent report released in June 09 industry AUM islikely to continue to grow in the range o 15 to 25 percent rom the period2010 to 2015 based on the pace o economic growth. In the event o quickrevival and positive reinorcement o growth drivers identifed, KPMG in Indiais o the view that the Indian mutual und industry may grow in the range o 15 to 18 percent in the period rom 2010 to 2015, resulting in AUM o Rs15 lakh to 17 lakh crores in 2015.
2. Brie background o Sponsors, Trust, Trustee Co. and AMC.a. Reliance Capital Limited Sponsor
Reliance Mutual Fund is sponsored by Reliance Capital Limited (RCL). TheSponsor is the Settler o the Mutual Fund Trust. Reliance Capital AssetManagement Limited (RCAM) is a subsidiary o RCL. RCL holds 93.37%o the paid-up capital o RCAM, the balance paid up capital being heldby minority shareholders. RCL has interest in asset management andmutual unds, lie and non-lie insurance, private equity and proprietaryinvestments, stock broking, and other activities in the fnancial servicessector.
b. Reliance Mutual Fund
Reliance Mutual Fund (RMF) was set up as a Trust by the Settler i.e.Reliance Capital Limited, on April 25, 1995 with Reliance CapitalTrustee Co. Limited as a Trustee in accordance with the provisions o the Indian Trust Act, 1882 and is duly registered under the IndianRegistration Act, 1908. The Trustee has entered into an InvestmentManagement Agreement dated May 12, 1995 with Reliance CapitalAsset Management Ltd. to unction as the Investment Manager orall the Schemes o RMF. The agreement was amended on August 12,1997 in line with SEBI (Mutual Funds) Regulations, 1996. RMF wasregistered with SEBI on June 30, 1995.
c. Reliance Capital Trustee Company Limited
The Trustee is the exclusive owner o the Trust Fund and holds thesame in trust or the beneft o the unitholders. The Trustee has beendischarging its duties and carrying out the responsibilities as provided inthe Regulations and the Trust Deed. The Trustee seeks to ensure thatthe Fund and the Schemes oated there under are managed by theAMC in accordance with the Trust Deed, the Regulations, directions andguidelines issued by the SEBI, the Stock Exchanges, the Association o Mutual Funds in India and other regulatory agencies.
d. Reliance Capital Asset Management Limited
Reliance Capital Asset Management Limited (RCAM) is a Public LimitedCompany incorporated under the Companies Act, 1956 on February24, 1995, having its registered ofce at “Reliance House”, Near. MardiaPlaza, O. C.G. Road, Ahmedabad, 380 006 and its Corporate Ofceat “One Indiabulls Centre – Tower One, 11
th
and 12
th
oor, Jupiter MillsCompound, Elphinstone Road, Mumbai – 400 013. RCAM has beenappointed as the Asset Management Company o Reliance Mutual Fundby The Trustee vide Investment Management Agreement (IMA) datedMay 12, 1995 and executed between Reliance Capital Trustee Co.Limited and RCTC and amended on August 12, 1997 in line with SEBI(Mutual Funds) Regulations, 1996.
3. Investment Objective o the SchemeReliance Tax Saver (ELSS) Fund (An Open-ended Equity Linked SavingsScheme):
The primary objective o the scheme is to generate long-termcapital appreciation rom a portolio that is invested predominantly in equityand equity related instruments.
4. Signifcant Accounting Policies: 
Accounting policies ollowed by Reliance Mutual Fund are in accordance withSecurities Exchange Board o India (Mutual Fund) Regulations 1996.
5. Unclaimed Dividend & Redemptions:Unclaimed DividendUnclaimed RedemptionsNo. o investorsAmount (Rs)No. o investorsAmount (Rs.)
251557,930.23NilNil
6. Statutory Inormation:
a. The Sponsors are not responsible or liable or any loss resulting rom theoperation o the Schemes o the Fund beyond their initial contribution(to the extent contributed) o Rs. 1 Lakh or setting up the Fund, andsuch other accretions / additions to the same.b. The price and redemption value o the units, and income rom them,can go up as well as down with uctuations in the market value o itsunderlying investments.c. Full Annual Report shall be disclosed on the website www.reliancemutual.com) and shall be available or inspection at the Head Ofce o themutual und. Present and prospective unit holder can obtain copy o thetrust deed, the ull Annual Report o the Fund / AMC at a price.For and on behal o the Board o Trustees
Reliance Capital Trustee Co. Limited
Place: Mumbai
A.N. Shanbhag P.P. Vora
Date: June 30, 2010 Director Director
Trustees Report
Reliance Long Term Equity Fund:1. Scheme Perormance, Future Outlook and Operations o the SchemeName o the Scheme / BenchmarksDate oInceptionCompounded Annualised Returns(%) as on 31.03.20101 year 3 years 5 years SinceInception
Reliance Long TermEquity Fund94.8611.80N.A9.87BSE 200 92.8712.19N.A9.1127-Dec-06
Past performance may or may not be sustained in future. 
Calculation assume that all payouts during the period have been re-invested inthe units o the scheme at the then prevailing NAV.All the returns are o Growth Plan - Growth Option.Reliance Long Term Equity Fund is an open ended diversifed equity schemewhich ocuses on small & mid cap stocks with investment horizon o minimum3 years. This und has stocks which have long term potential and ability tooutperorm. The und manager has taken a longer term view in constructing thisportolio.
Future Outlook -
The Indian Mutual Fund Industry is one o the astest growingsectors in the Indian capital and fnancial markets with 38 Asset ManagementCompanies currently operating in the country (as on 31st March 10). Over thelast 5 years(31st Mar 05-31st Mar 10), the mutual und industry has grown ata remarkable pace o 38 per cent CAGR per annum. The Total Average IndustryAsset under Management (AUM) is Rs 7,47,525.15 crores as on 31st March2010. (Source - AMFI). The mutual und industry in India has seen dramaticimprovements in quantity as well as quality o product and service oerings inrecent years.According to KPMG India’s recent report released in June 09 industry AUM islikely to continue to grow in the range o 15 to 25 percent rom the period2010 to 2015 based on the pace o economic growth. In the event o quickrevival and positive reinorcement o growth drivers identifed, KPMG in India iso the view that the Indian mutual und industry may grow in the range o 15to 18 percent in the period rom 2010 to 2015, resulting in AUM o Rs 15lakh to 17 lakh crores in 2015.
2. Brie background o Sponsors, Trust, Trustee Co. and AMC.a. Reliance Capital Limited – Sponsor
Reliance Mutual Fund is sponsored by Reliance Capital Limited (RCL). TheSponsor is the Settler o the Mutual Fund Trust. Reliance Capital AssetManagement Limited (RCAM) is a subsidiary o RCL. RCL holds 93.37%o the paid-up capital o RCAM, the balance paid up capital being held byminority shareholders. RCL has interest in asset management and mutualunds, lie and non-lie insurance, private equity and proprietary investments,stock broking, and other activities in the fnancial services sector.
b. Reliance Mutual Fund
Reliance Mutual Fund (RMF) was set up as a Trust by the Settler i.e.Reliance Capital Limited, on April 25, 1995 with Reliance Capital TrusteeCo. Limited as a Trustee in accordance with the provisions o the Indian TrustAct, 1882 and is duly registered under the Indian Registration Act, 1908.The Trustee has entered into an Investment Management Agreement datedMay 12, 1995 with Reliance Capital Asset Management Ltd. to unctionas the Investment Manager or all the Schemes o RMF. The agreementwas amended on August 12, 1997 in line with SEBI (Mutual Funds)Regulations, 1996. RMF was registered with SEBI on June 30, 1995.
c. Reliance Capital Trustee Company Limited
The Trustee is the exclusive owner o the Trust Fund and holds the same intrust or the beneft o the unitholders. The Trustee has been discharging itsduties and carrying out the responsibilities as provided in the Regulationsand the Trust Deed. The Trustee seeks to ensure that the Fund and theSchemes oated there under are managed by the AMC in accordance withthe Trust Deed, the Regulations, directions and guidelines issued by theSEBI, the Stock Exchanges, the Association o Mutual Funds in India andother regulatory agencies.
d. Reliance Capital Asset Management Limited 
Reliance Capital Asset Management Limited (RCAM) is a Public LimitedCompany incorporated under the Companies Act, 1956 on February 24,1995, having its registered ofce at “Reliance House”, Near. Mardia Plaza,O. C.G. Road, Ahmedabad, 380 006 and its Corporate Ofce at “OneIndiabulls Centre – Tower One, 11
th
and 12
th
oor, Jupiter Mills Compound,Elphinstone Road, Mumbai – 400 013. RCAM has been appointed as theAsset Management Company o Reliance Mutual Fund by The Trusteevide Investment Management Agreement (IMA) dated May 12, 1995and executed between Reliance Capital Trustee Co. Limited and RCTC andamended on August 12, 1997 in line with SEBI (Mutual Funds) Regulations,1996.
3. Investment Objective o the SchemeReliance Long Term Equity Fund (An open ended Diversifed Equity Scheme):
The primary investment objective o the scheme is to seek to generate longterm capital appreciation & provide long-term growth opportunities by investingin a portolio constituted o equity & equity related securities and Derivativesand the secondary objective is to generate consistent returns by investing indebt and money market securities.
4. Signifcant Accounting Policies:
Accounting policies ollowed by Reliance Mutual Fund are in accordance withSecurities Exchange Board o India (Mutual Fund) Regulations 1996.
5. Unclaimed Dividend & Redemptions:Unclaimed DividendUnclaimed RedemptionsNo. o investorsAmount (Rs)No. o investorsAmount (Rs.)
NilNilNilNil
6. Statutory Inormation:
a. The Sponsors are not responsible or liable or any loss resulting rom theoperation o the Schemes o the Fund beyond their initial contribution (tothe extent contributed) o Rs. 1 Lakh or setting up the Fund, and suchother accretions / additions to the same.b. The price and redemption value o the units, and income rom them, can goup as well as down with uctuations in the market value o its underlyinginvestments.c. Full Annual Report shall be disclosed on the website (www.reliancemutuaL.com) and shall be available or inspection at the Head Ofce o themutual und. Present and prospective unit holder can obtain copy o thetrust deed, the ull Annual Report o the Fund / AMC at a price.For and on behal o the Board o Trustees
Reliance Capital Trustee Co. Limited
Place: Mumbai
A.N. Shanbhag P.P. Vora
Date: June 30, 2010 Director Director
 
Annual Report 2009 - 2010 Annual Report 2009 - 2010
11th oor & 12th oor, One Indiabulls Centre, Tower 1, Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013.11th oor & 12th oor, One Indiabulls Centre, Tower 1, Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013.
Trustees Report
Reliance Diversifed Power Sector Fund:1. Scheme Perormance, Future Outlook and Operations o the SchemeName o the Scheme / BenchmarksDate oInceptionCompounded Annualised Returns (%)as on 31.03.20101 year 3 years 5 years SinceInception
Reliance DiversifedPower Sector Fund -Retail Plan96.0632.0340.7841.97India Power Index 51.2415.6823.0121.9610-May-04Reliance DiversifedPower Sector Fund -Institutional Plan96.32N.AN.A4.16India Power Index51.24N.AN.A-3.8014-Feb-08
Past performance may or may not be sustained in future.
Returns are o Growth Option. Calculation assume that all payouts duringthe period have been re-invested in the units o the scheme at the thenprevailing NAV.Reliance Diversifed Power Sector Fund aims to capitalise on the opportunity inpower sector, the und manager is positive on the prospects o this sector andaims to outperorm the perormance vis-a-vis the benchmark .
Future Outlook -
The Indian Mutual Fund Industry is one o the astest growingsectors in the Indian capital and fnancial markets with 38 Asset ManagementCompanies currently operating in the country (as on 31st March 10). Over thelast 5 years(31st Mar 05-31st Mar 10), the mutual und industry has grown ata remarkable pace o 38 per cent CAGR per annum. The Total Average IndustryAsset under Management (AUM) is Rs 7,47,525.15 crores as on 31st March2010. (Source – AMFI). The mutual und industry in India has seen dramaticimprovements in quantity as well as quality o product and service oerings inrecent years.According to KPMG India’s recent report released in June 09 industry AUM islikely to continue to grow in the range o 15 to 25 percent rom the period2010 to 2015 based on the pace o economic growth. In the event o quickrevival and positive reinorcement o growth drivers identifed, KPMG in India iso the view that the Indian mutual und industry may grow in the range o 15to 18 percent in the period rom 2010 to 2015, resulting in AUM o Rs 15 lakhto 17 lakh crores in 2015.
2. Brie background o Sponsors, Trust, Trustee Co. and AMC.a. Reliance Capital Limited – Sponsor
Reliance Mutual Fund is sponsored by Reliance Capital Limited (RCL). TheSponsor is the Settler o the Mutual Fund Trust. Reliance Capital AssetManagement Limited (RCAM) is a subsidiary o RCL. RCL holds 93.37%o the paid-up capital o RCAM, the balance paid up capital being held byminority shareholders. RCL has interest in asset management and mutualunds, lie and non-lie insurance, private equity and proprietary investments,stock broking, and other activities in the fnancial services sector.
b. Reliance Mutual Fund
Reliance Mutual Fund (RMF) was set up as a Trust by the Settler i.e.Reliance Capital Limited, on April 25, 1995 with Reliance Capital TrusteeCo. Limited as a Trustee in accordance with the provisions o the Indian TrustAct, 1882 and is duly registered under the Indian Registration Act, 1908.The Trustee has entered into an Investment Management Agreement datedMay 12, 1995 with Reliance Capital Asset Management Ltd. to unction asthe Investment Manager or all the Schemes o RMF. The agreement wasamended on August 12, 1997 in line with SEBI (Mutual Funds) Regulations,1996. RMF was registered with SEBI on June 30, 1995.
c. Reliance Capital Trustee Company Limited
The Trustee is the exclusive owner o the Trust Fund and holds the same intrust or the beneft o the unitholders. The Trustee has been discharging itsduties and carrying out the responsibilities as provided in the Regulationsand the Trust Deed. The Trustee seeks to ensure that the Fund and theSchemes oated there under are managed by the AMC in accordance withthe Trust Deed, the Regulations, directions and guidelines issued by theSEBI, the Stock Exchanges, the Association o Mutual Funds in India andother regulatory agencies.
d. Reliance Capital Asset Management Limited
Reliance Capital Asset Management Limited (RCAM) is a Public LimitedCompany incorporated under the Companies Act, 1956 on February 24,1995, having its registered ofce at “Reliance House”, Near. Mardia Plaza,O. C.G. Road, Ahmedabad, 380 006 and its Corporate Ofce at “OneIndiabulls Centre – Tower One, 11
th
and 12
th
oor, Jupiter Mills Compound,Elphinstone Road, Mumbai – 400 013. RCAM has been appointed as theAsset Management Company o Reliance Mutual Fund by The Trusteevide Investment Management Agreement (IMA) dated May 12, 1995and executed between Reliance Capital Trustee Co. Limited and RCTC andamended on August 12, 1997 in line with SEBI (Mutual Funds) Regulations,1996.
3. Investment Objective o the SchemeReliance Diversifed Power Sector Fund (An Open-ended Power SectorScheme):
The primary investment objective o the scheme is to seek togenerate continuous returns by actively investing in equity and equity related orfxed income securities o Power and other associated companies.
4. Signifcant Accounting Policies:
Accounting policies ollowed by Reliance Mutual Fund are in accordance withSecurities Exchange Board o India (Mutual Fund) Regulations 1996.
5. Unclaimed Dividend & Redemptions:Unclaimed DividendUnclaimed RedemptionsNo. oinvestorsAmount (Rs)No. oinvestorsAmount (Rs.)
1,2564,137,839.78NilNil
6. Statutory Inormation:
a. The Sponsors are not responsible or liable or any loss resulting rom theoperation o the Schemes o the Fund beyond their initial contribution (tothe extent contributed) o Rs. 1 Lakh or setting up the Fund, and suchother accretions / additions to the same.b. The price and redemption value o the units, and income rom them, can goup as well as down with uctuations in the market value o its underlyinginvestments.c. Full Annual Report shall be disclosed on the website (www.reliancemutual)and shall be available or inspection at the Head Ofce o the mutual und.Present and prospective unit holder can obtain copy o the trust deed, theull Annual Report o the Fund / AMC at a price.For and on behal o the Board o Trustees
Reliance Capital Trustee Co. Limited
Place: Mumbai
A.N. Shanbhag P.P. Vora
Date: June 30,2010 Director Director 
Trustees ReportReliance Equity Advantage Fund:
1. Scheme Perormance, Future Outlook and Operations o the SchemeName o the Scheme /BenchmarksDate oInceptionCompounded Annualised Returns(%) as on 31.03.20101 year 3 years 5yearsSinceInception
Reliance EquityAdvantage Fund - RetailPlan69.06N.AN.A6.75S & P CNX Nity 73.76N.AN.A6.8709-Aug-07Reliance EquityAdvantage Fund -Institutional Plan69.45N.AN.A6.42S&P CNX Nity 73.76N.AN.A6.8709-Aug-07
Past performance may or may not be sustained in future. 
Calculation assume that all payouts during the period have been re-invested inthe units o the scheme at the then prevailing NAV.All the returns are o Growth Plan - Growth Option.Reliance Equity Advantage Fund has a sector neutral approach & endeavors togive Index plus returns. Sector weightage o the und would mirror exactly thato Nity on monthly basis. Minimum 80% o stocks within each sector would beconstituents o Nity, though not necessarily with their Nity weights. Maximum20% o stocks could be Non-Nity in each sector to provide the additionalalpha possibilities & opportunities. 
Future Outlook -
The Indian Mutual Fund Industry is one o the astest growingsectors in the Indian capital and fnancial markets with 38 Asset ManagementCompanies currently operating in the country (as on 31st March 09). Over thelast ew years, the mutual und industry has grown at a remarkable pace o 30per cent CAGR per annum. The Total Average Industry Asset under Management(AUM) is Rs 4, 93,194.77 crores as on 31st March 2009. (Source – AMFI).The mutual und industry in India has seen dramatic improvements in quantityas well as quality o product and service oerings in recent years.According to KPMG India’s recent report released in June 09 industry AUM islikely to continue to grow in the range o 15 to 25 percent rom the period2010 to 2015 based on the pace o economic growth. In the event o quickrevival and positive reinorcement o growth drivers identifed, KPMG in India iso the view that the Indian mutual und industry may grow in the range o 15to 18 percent in the period rom 2010 to 2015, resulting in AUM o Rs 15 lakhto 17 lakh crores in 2015.
2. Brie background o Sponsors, Trust, Trustee Co. and AMC.a. Reliance Capital Limited – Sponsor
Reliance Mutual Fund is sponsored by Reliance Capital Limited (RCL). TheSponsor is the Settler o the Mutual Fund Trust. Reliance Capital AssetManagement Limited (RCAM) is a subsidiary o RCL. RCL holds 93.37%o the paid-up capital o RCAM, the balance paid up capital being held byminority shareholders. RCL has interest in asset management and mutualunds, lie and non-lie insurance, private equity and proprietary investments,stock broking, and other activities in the fnancial services sector.
b. Reliance Mutual Fund
Reliance Mutual Fund (RMF) was set up as a Trust by the Settler i.e.Reliance Capital Limited, on April 25, 1995 with Reliance Capital TrusteeCo. Limited as a Trustee in accordance with the provisions o the Indian TrustAct, 1882 and is duly registered under the Indian Registration Act, 1908.The Trustee has entered into an Investment Management Agreement datedMay 12, 1995 with Reliance Capital Asset Management Ltd. to unction asthe Investment Manager or all the Schemes o RMF. The agreement wasamended on August 12, 1997 in line with SEBI (Mutual Funds) Regulations,1996. RMF was registered with SEBI on June 30, 1995.
c. Reliance Capital Trustee Company Limited
The Trustee is the exclusive owner o the Trust Fund and holds the same intrust or the beneft o the unitholders. The Trustee has been discharging itsduties and carrying out the responsibilities as provided in the Regulationsand the Trust Deed. The Trustee seeks to ensure that the Fund and theSchemes oated there under are managed by the AMC in accordance withthe Trust Deed, the Regulations, directions and guidelines issued by theSEBI, the Stock Exchanges, the Association o Mutual Funds in India andother regulatory agencies.
d. Reliance Capital Asset Management Limited 
Reliance Capital Asset Management Limited (RCAM) is a Public LimitedCompany incorporated under the Companies Act, 1956 on February 24,1995, having its registered ofce at “Reliance House”, Near. Mardia Plaza,O. C.G. Road, Ahmedabad, 380 006 and its Corporate Ofce at “OneIndiabulls Centre – Tower One, 11
th
and 12
th
oor, Jupiter Mills Compound,Elphinstone Road, Mumbai – 400 013. RCAM has been appointed as theAsset Management Company o Reliance Mutual Fund by The Trusteevide Investment Management Agreement (IMA) dated May 12, 1995and executed between Reliance Capital Trustee Co. Limited and RCTC andamended on August 12, 1997 in line with SEBI (Mutual Funds) Regulations,1996.
3. Investment Objective o the SchemeReliance Equity Advantage Fund (An Open ended Diversifed Equity Scheme):
 The primary investment objective o the scheme is to seek to generate capitalappreciation & provide long-term growth opportunities by investing in aportolio predominately o equity & equity related instruments with investmentsgenerally in S & P CNX Nity stocks and the secondary objective is to generateconsistent returns by investing in debt and money market securities.
4. Signifcant Accounting Policies:
Accounting policies ollowed by Reliance Mutual Fund are in accordance withSecurities Exchange Board o India (Mutual Fund) Regulations 1996.
5. Unclaimed Dividend & Redemptions:Unclaimed DividendUnclaimed RedemptionsNo. o investorsAmount (Rs)No. o investorsAmount(Rs.)
NilNilNilNil
6. Statutory Inormation:
a. The Sponsors are not responsible or liable or any loss resulting rom theoperation o the Schemes o the Fund beyond their initial contribution (tothe extent contributed) o Rs. 1 Lakh or setting up the Fund, and suchother accretions / additions to the same.b. The price and redemption value o the units, and income rom them, can goup as well as down with uctuations in the market value o its underlyinginvestments.c. Full Annual Report shall be disclosed on the website (www.reliancemutual.com) and shall be available or inspection at the Head Ofce o the mutualund. Present and prospective unit holder can obtain copy o the trust deed,the ull Annual Report o the Fund / AMC at a price.For and on behal o the Board o Trustees
Reliance Capital Trustee Co. Limited
Place: Mumbai
A.N. Shanbhag P.P. Vora
Date: June 30, 2010 Director Director

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