Reliance Monthly Income Plan An Open ended Fund. Monthly Income is not assured & is subject to the availability of distributable surplus

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1 Reliance Nippon Life Asset Management Limited (formerly Reliance Capital Asset Management Limited) A Reliance Capital Company Reliance Centre, 7th Floor South Wing, Off Western Express Highway, Santacruz (East), Mumbai Abridged Annual Report An Open ended Fund. Monthly Income is not assured & is subject to the availability of distributable surplus Reliance Mutual Fund (A Trust under the Indian Trust Act, 1882) SPONSOR Reliance Capital Limited (Incorporated under the Companies Act, 1956) Regd. Office : H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairane, Navi Mumbai Tel.: , Fax: Nippon Life Insurance Company (Co-sponsor) Regd. Office: , Imabashi, Chuo-ku, Osaka , Japan. TRUSTEE Reliance Capital Trustee Co. Limited [CIN - U65910MH1995PLC220528] (Incorporated under the Companies Act, 1956) Corporate Office : Regd. Office : Reliance Centre, 7th Floor South Wing, H Block, 1st Floor, Off Western Express Highway, Dhirubhai Ambani Knowledge City, Santacruz (East), Koparkhairane, Mumbai Navi Mumbai Tel No Fax: Website : DIRECTORS OF RELIANCE CAPITAL TRUSTEE CO. LIMITED Mr. A. N. Shanbhag Mr. P. P. Vora Mr. S. Santhanakrishnan CA. Uttam Prakash Agarwal INVESTMENT MANAGER Reliance Nippon Life Asset Management Limited (RNLAM) (formerly Reliance Capital Asset Management Limited) [CIN - U65910MH1995PLC220793] (Incorporated under the Companies Act, 1956) Corporate Office : Reliance Centre, 7th Floor South Wing, Off Western Express Highway, Santacruz (East), Mumbai Tel No Fax: Website : Regd. Office : H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairane, Navi Mumbai DIRECTORS OF RELIANCE NIPPON LIFE ASSET MANAGEMENT LIMITED (formerly Reliance Capital Asset Management Limited) Mr. Soumen Ghosh Mr. Kanu Doshi Mr. S. C. Tripathi Ms. Ameeta Chatterjee Mr. Kazuhide Toda* Mr. Tomonao Gotoda* Mr. Sundeep Sikka* General Ved Prakash Malik (Retd.)* (*appointed on the Board of RNLAM w.e.f April 22, 2016) AUDITOR Haribhakti & Co. LLP Chartered Accountants 705, Leela Business Park, Andheri Kurla Road, Andheri (E), Mumbai , INDIA CUSTODIAN Deutsche Bank A.G. Deutsche Bank House, Hazarimal Somani Marg, Fort, Mumbai , INDIA REGISTRAR Karvy Computershare Private Limited Karvy Selenium Tower B, Plot number 31 & 32, Financial District, Nanakramguda, Serilingampally Mandal, Hyderabad , India. Ph : Fax : INTERNAL AUDITOR for Financial Year Price Waterhouse 252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

2 Trustee Report 1. Scheme Performance, Future Outlook and Operations of the Scheme Name of the Scheme / Benchmarks Date of Inception Compounded Annualised Returns as on (in %) Since 1 year 3 years 5 years Inception Direct - Growth 1-Jan NA Crisil MIP Blended Fund Index NA 8.97 Growth 29-Dec Crisil MIP Blended Fund Index Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Calculation assume that all payouts during the period have been re-invested in the units of the scheme at the then prevailing NAV. All the returns are of Growth Option of both Direct and Other than Direct Plans. Returns less than 1 year are calculated on absolute basis and more than or equal one year are calculated on compounded annualized basis. Debt Overview Debt Market Update: April Relatively Stable month for Indian Bonds and FX market. Indian sovereign bonds traded in a very narrow range in April, after they had their best March run in last 17 years. The month started on a cautious note, as April was a heavy supply month for GSecs while market awaited the forward guidance in the US Fed policy. Yields rose in the first half of the month but RBIs permanent liquidity injection tool (Open Market Operations) provided much respite to bond yields. Further the Federal Reserve s decision to scale back expectations for the path of interest-rate increases added fuel to the rally. Sharp retracement in commodities prices (esp. Oil) continued to worry GSecs market hence market saw a narrow range trading throughout the month. 5 year GSec hit a new low as yields dropped by 5 bps to close the months at 7.38% vis-à-vis 7.43% in March, while 10year GSec dropped 2 bps this month to close at new lows of 7.43%. GSec yields continued their buying momentum as yields headed further southward on high volumes, while Corporate bonds also followed GSecs as yields dropped by further 5 bps across the curve. 5yr GSecs & 5yr Corporate bonds spreads have narrowed and are now currently at bps. Global Macro Update: Crude Oil Prices: The global crude oil prices have accelerated since end March. Brent crude moved up from US$38 per barrel at the end March to US$49 by mid May on supply disruptions and pick-up in demand from emerging economies like India. Unscheduled supply disruptions in Venezuela, Nigeria (either due to rising political and social unrest or terrorist attack on oil-fields) and Canada (due to forest fires near oil fields), lower shell gas production for last couple of months and demand pickup from emerging economies like India have led to firming up of crude oil prices in recent times. Global Manufacturing Purchasing Managers Index: April 2016 Global manufacturing PMI numbers indicate that the production growth remained sluggish in April. The PMI registered sizable decline in the indexes of output, new orders and employment. However, one important positive development was the slide in the inventory index, which is a strong signal that inventory growth has fallen to quite a low level. Once companies have realigned the level of inventory with sales, this source of drag on production should abate. Faster growth in final goods demand would speed this process up. Strong US Macro-data: Latest hi-frequency economic data like monthly CPI inflation, industrial production, housing starts have shown strong pick-up indicating that the US economic growth is on the strong footing. This has led to rising concerns about further US Fed rate hikes. Domestic Macro Update: Industrial Production: March 2016 IIP grew by +0.1% y/y as against +1.9% y/y in February The moderation in IIP growth was due to sharp decline in mining and manufacturing. Similarly, the capital goods sector continued to contract by 15% y/y for fifth consecutive month, while consumer goods sector registered flat growth. Sequentially, the IIP grew at +7.4% m/m against five year average of +10.7% m/m and last year +9.4% m/m. IIP grew at 2.4%y/y in FY (last year: 2.8% y/y), indicating muted pickup in industrial activities. Inflation: April 2016 CPI inflation rose to 5.39%y/y (Mar 2016: 4.83% y/y) on increase in food, housing and services prices. Headline number was higher than consensus expectation (around 5.10%). Sequentially, Headline CPI showed +0.95% m/m growth - (average for last five years: +0.65% m/m) due to higher growth in food prices (Read: vegetables, fruits, pulses, sugar, milk), rise in housing prices and services prices (especially transportation). Core CPI (key indicator for RBI policy actions) rose to 4.76% from 4.54% in previous month on rise in housing and services prices (Read: transportation, education and personal care prices). Similarly, India s headline WPI inflation for April 2016 rose to +0.34% y/y (March 2016: -0.85%; Apr 2015: -2.43%y/y) much higher than the consensus expectation of -0.23% y/y. The increase in headline numbers was due to broadbased increase in primary articles (food articles, non-food articles and mineral), fuel and manufactured products. Sequentially, headline inflation rose by +1.37%, mainly due to sharp increase in primary articles, fuel and uptick in manufacturing products prices. Core inflation continued to remain in negative territory for 14th consecutive month and stood at -0.75%y/y against -1.09% in March Trade Balance: April 2016 Trade deficit eased for fourth month in a row to US$4.84 bn (Mar 2016: 5.1 bn; Apr 2015: 11.0 bn) on sharp decline in imports and lower deceleration in exports. Deceleration in Exports (April 2016: -6.7% y/y) continued for 17th consecutive months, albeit at lower level on pick-up in global demand. Similarly, the imports (April 2016: -23% y/y) continued to contract for 17th consecutive month, on lower oil, gold and non oil and non gold imports. On sequential basis, exports as well as imports showed negative growth. (Seasonally, April month shows deceleration post robust growth in March). Gold imports, however, showed sharp pick-up in the festival season and lifting of Jewelers strike in mid-april. Market View: We continue with our constructive view on GSecs following the government s decision to keep the fiscal deficit at 3.5% (of GDP) for FY17 and RBI maintaining accommodative monetary policy stance. We reiterate that, Steepener and Roll-Down are the best strategy in the current market dynamics and remains the best defensive strategy to generate stable returns over next 06 to 12 months.the shift in the RBI s stance on liquidity is a big positive and support our Bull Steepener view. The change in the liquidity framework has increased market expectations of the magnitude and frequency of OMOs. With the RBI stating that it will supply permanent liquidity via aggressive bond purchases, our OMO estimate for FY17 stands at INR 80,000 crs 1, 00,000 crs. This additional demand for G-Secs from RBI will help in filling in the gap for the demand supply mismatches for FY17. Also, the narrowing of the policy rate corridor to +/-50bps from +/-100bps means lower volatility in overnight call money rates. The combination of better liquidity conditions, continued FPI flows, increased RBI demand for G-Secs, and more stable overnight rates is a positive development for the rates market. This should support G-Secs and bull steepen the rates curves. We expect the 10-year yield to inch lower towards 7.00% % by end-fy2017 on the back of further monetary easing by RBI, inflation remaining below RBI s trajectory, OMO purchases for RBIs balance sheet expansion and quarterly increases in FPI debt limit. The increase in bond supply is expected to be much more modest in our view and is likely to be easily absorbed by the market given the additional demand from foreign portfolio investors (FPI) as well as the RBI s bond buybacks/omos. Also HTM status for banks for UDAY bonds will boost demands for these bonds as these will not be subject to MTM hence, will have low volatility. With the demand-supply problem of UDAY bonds solved in the short term, focus has shifted to adding duration across portfolios. Thus while we reiterate that, Steepener Abridged Annual Report

3 and Roll-Down are the best defensive strategy to generate stable returns over next 06 to 12 months, in the short run curve would flatten and hence duration assets would add to the alpha. Common Source: Bloomberg, RMF Internal Research. Future Outlook - The Indian Mutual Fund industry is one of the fastest growing industries in the financial services sector with 43 AMCs currently operating in the country. The industry quarterly AAUM has changed with an absolute growth rate of 16% over last year with Rs. 13,53,443 crore of quarterly average assets as on March 31, Your Company intends to aggressively pursue growth opportunities in the mutual fund industry both domestic and international and therefore be the most preferred investment choice for investors. Your Company expects that an emerging market like India would experience a sustained higher growth rate. Given the country s high household savings rate along with the current low levels of investments by retail investors where only less than 3% of the household savings is channeled into capital markets, your Company believes that the Mutual Fund Industry is still in a nascent stage and has a huge opportunity for growth and expansion. Being one of the large players in the Industry, your Company will continue investing in growing the market size, achieving product innovation, educating the investors, increasing the distribution reach, enhancing customer service infrastructure with aggressive expansion strategies. 2. Brief background of Sponsors, Trust, Trustee Co. and AMC. a. Reliance Capital Limited [Sponsor] RCL is sponsor & settler of RMF. RCL is a RBI registered Non-Banking Finance Company (NBFC) and has its business interests in Asset Management, Life Insurance, General Insurance, Private Equity, Proprietary Investments, Stock Broking and other activities in the banking and financial services sector. b. Nippon Life Insurance Company [Co-Sponsor] NLI is co-sponsor of RMF. NLI is Japan s leading private life insurer and offers a wide range of financial products, including individual and group life and annuity policies through various distribution channels, mainly using face-to-face sales channels for its traditional insurance products. It primarily operates in Japan, North America, Europe and Asia, and is headquartered in Osaka, Japan. NLI conducts asset management operations in Asia, through its subsidiary Nissay Asset Management Corporation ( Nissay ), which manages assets globally. As sponsors, RCL and NLI are responsible for discharging its functions and responsibilities towards the Fund in accordance with the Securities and Exchange Board of India (Mutual Fund) Regulations, c. Reliance Mutual Fund [Trust] Reliance Mutual Fund (RMF) has been set up as a Trust in accordance with the provisions of the Indian Trust Act, 1882 by RCL acting as its Settlor / Sponsor. The Trust came into being vide Trust Deed dated April 25, 1995 (the Original Trust Deed ), which was duly registered under the Indian Registration Act, The Original Trust Deed has also been subsequently amended from time to time. In order to consolidate all amendments to the Original Trust Deed, an Amended and Restated Trust Deed was executed on March 15, 2011 (the Amended and Restated Trust Deed ), which was then duly registered under the Indian Registration Act, 1908 and also submitted with the Securities & Exchange Board of India (SEBI). d. Reliance Capital Trustee Co Limited [Trustee] Reliance Capital Trustee Co. Limited (RCTC) is an unlisted Public Limited Company incorporated under the Companies Act, 1956 on February 24, 1995, having its registered office at H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairane, Navi Mumbai and its Corporate Office at Reliance Centre, 7th Floor (South Wing), Off Western Express Highway, Santacruz (East), Mumbai RCTC is a subsidiary of RCL. RCTC has been appointed as the Trustee of RMF vide Trust Deed dated April 25, 1995 and which Trust Deed has been amended from time to time. As Trustee to RMF, RCTC is discharging its duties and carrying out its responsibilities in terms of the applicable SEBI Regulations and as more particularly provided in the Trust Deed. e. Reliance Nippon Life Asset Management Limited (formerly Reliance Capital Asset Management Limited) [Asset Manager] Reliance Nippon Life Asset Management Limited (RNLAM) is an unlisted Public Limited Company incorporated under the Companies Act, 1956 on February 24, 1995, having its registered office at H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairane, Navi Mumbai and its Corporate Office at Reliance Centre, 7th Floor (South Wing), Off Western Express Highway, Santacruz (East), Mumbai RNLAM is a subsidiary of RCL. RNLAM has been appointed as an Asset Manager of Reliance Mutual Fund by the Trustee i.e. RCTC, vide Investment Management Agreement (IMA) dated May 12, The IMA has been executed between RCTC and RNLAM and has since been amended on August 12, 1997, on January 20, 2004 and then on February 17, Investment Objective of the Scheme (An Open Ended Fund. Monthly Income is not assure & is subject to the availability of distributable surplus): The primary investment objective of the Scheme is to generate regular income in order to make regular dividend payments to unit holders and the secondary objective is growth of capital. 4. Significant Accounting Policies: Accounting policies followed by Reliance Mutual Fund are in accordance with Securities Exchange Board of India (Mutual Funds) Regulations, Unclaimed Dividend & Redemptions Name of the Scheme Reliance Monthly Income Plan An Open Ended Fund. Monthly Income is not assure & is subject to the availability of distributable surplus) Unclaimed Redemption No. of Amount investors (Rs) Unclaimed Dividend No. of Amount investors (Rs.) ,76,610 7,318 69,99, Details of Investor Complaints: The Statement on Status of Redressal of Complaints received against Reliance Mutual Fund during the financial year is annexed as Annexure A and forms part of the Trustee Report. 7. Role of Mutual Funds In Corporate Governance Of Public Listed Companies: In terms of the circular no. SEBI/ IMD/ CIR No. 18/198647/ 2010 dated March15, 2010 & circular no. CIR/IMD/DF/05/2014 dated March 24, 2014 issued by SEBI, Reliance Nippon Life Asset Management Limited ( RNLAM ) (formerly Reliance Capital Asset Management Limited) has framed a Voting Policy and relevant procedures ( Voting Policy ) for the purposes of exercising the voting rights in respect of shares held by the Schemes of Reliance Mutual Fund. This Voting Policy has also been adopted & approved by the Board of Directors of Reliance Capital Trustee Co. Limited. As required in terms of the regulatory requirements, RNLAM has voted on all material resolutions, keeping in view the interests of the investors. For the financial year , the Voting Policy along with the details of proxy votes exercised at the meetings of the investee companies and the required certificate from the Auditor have been appropriately disclosed on RNLAM s website i.e. In case any investor desires to have a physical copy of the Voting Policy and other relevant details, then the same will be available at request at the corporate office of the Company at Reliance Centre, 7th Floor South Wing, Off Western Express Highway, Santacruz (East), Mumbai Tel No Statutory Information: a. The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes of the Fund beyond their initial contribution (to the extent contributed) of Rs. 1 Lakh for setting up the Fund, and such other accretions / additions to the same. b. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments. c. Full Annual Report shall be disclosed on the website ( com) and shall be available for inspection at the Head Office of the mutual fund. Present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund / AMC at a price. For and on behalf of Reliance Capital Trustee Co. Limited Place: Mumbai A.N. Shanbhag P.P. Vora Date: June 27, 2016 Director Director Abridged Annual Report

4 Annexure to Trustee Report Redressal of Complaints received during Name of the Mutual Fund : Reliance Mutual Fund Total Number of Folios : (as on 31 st March, 2016) Annexure - A Complaint code Type of complaint# (a) No. of complaints pending at the beginning of the year (b) No of complaints received during the year Within 30 days days Resolved days Action on (a) and (b) Beyond 180 days Non Actionable* I A Non receipt of Dividend on Units I B Interest on delayed payment of Dividend I C Non receipt of Redemption Proceeds I D Interest on delayed payment of Redemption II A Non receipt of Statement of Account/Unit Certificate II B Discrepancy in Statement of Account II C Data corrections in Investor details II D Non receipt of Annual Report/ Abridged Summary III A Wrong switch between Schemes III B Unauthorized switch between Schemes III C Deviation from Scheme attributes III D Wrong or excess charges/load III E Non updation of changes viz address, PAN, bank details, nomination, etc IV Others ** V SIP Related VI Purchase related Total Particulars Count Total Complaints Received During Total Number of Folios Percentage Complaints Against Folios 0.02 ** If others include a type of complaint which is more than 10% of overall complaint, provide that reason separately. # including against its authorized persons/ distributors/ employees. etc. *Non actionable means the complaint that are incomplete / outside the scope of the mutual fund. Classification of complaints Type of Complaint TYPE I Delay/Non-receipt of money TYPE III Service related I A Dividend on Units III A Wrong switch between Schemes I B Interest on delayed payment of Dividend III B Unauthorized switch between Schemes I C Redemption Proceeds III C Deviation from Scheme attributes I D Interest on delayed payment of Redemption III D Wrong or excess charges/load TYPE II Statement of Account/Unit Certificate/Annual Report III E Non updation of changes viz. address, PAN, bank details, nomination, etc II A Non receipt of Statement of Account/Unit Certificate TYPE IV Others II B Discrepancy in Statement of Account II C Data corrections in Investor details II D Non receipt of Annual Report/Abridged Summary 0-3 months 3-6 months Pending 6-9 months 9-12 months Abridged Annual Report

5 INDEPENDENT AUDITORS REPORT To The Trustees of Reliance Mutual Fund Report on the Financial Statements We have audited the accompanying financial statements of the Reliance Monthly Income Plan ( the Scheme ), which comprises the Balance Sheet as at March 31, 2016, the Revenue Account, the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements The Trustee of Reliance Mutual Fund and Reliance Nippon Life Asset Management Limited (Formerly Reliance Capital Asset Management Limited), the Scheme Investment Manager are responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Scheme in accordance with the accounting principles generally accepted in India, including the accounting policies as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto ( the Regulations ). This responsibility also includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements of the Scheme that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Scheme internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Regulations as applicable in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a) In the case of balance sheet, of the state of affairs of the Scheme as at March 31, 2016; b) In the case of revenue account of the surplus as applicable of the Scheme, for the year ended on that date; and c) In the case of the cash flow statement, of the cash flow of the Scheme for the year ended on that date. Report on Other Legal and Regulatory Requirements As required under the Regulations, we report that: 1. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit; 2. The Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account of the Scheme; 3. In our opinion, the Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this report have been prepared in accordance with the accounting policies and standards as specified in the Ninth Schedule of the Regulations. 4. The methods used to value non traded securities, as determined by Reliance Nippon Life Asset Management Limited (Formerly Reliance Capital Asset Management Limited) and as approved by the Trustee of Reliance Mutual Fund are in good faith and in accordance with the guidelines for valuation of securities for mutual funds as mentioned in the Eighth Schedule of the Regulations issued by the Securities and Exchange Board of India, and are fair and reasonable. For HARIBHAKTI & CO. LLP Chartered Accountants ICAI Firm Registration No W CHETAN DESAI (Partner) Membership No Place: Mumbai Date: 27 th June, 2016 Abridged Annual Report

6 Abridged Balance Sheet as at March 31, 2016 Rupees in Lakhs RELIANCE MONTHLY INCOME PLAN As at As at LIABILITIES 1 Unit Capital 1,06, ,17, Reserves & Surplus 1,45, ,50, Unit Premium Reserves 1, , Unrealised Appreciation Reserve 10, , Other Reserves 1,33, ,24, Loans & Borrowings Current Liabilities & Provisions 5, , Provision for doubtful Income/ - - Deposits 4.2 Other Current Liabilities & Provisions 5, , TOTAL 2,58, ,70, ASSETS 1 Investments 1.1. Listed Securities: 1,57, ,66, Equity Shares 50, , Preference Shares Equity Linked Debentures Other Debentures & Bonds 1,07, ,14, Securitised Debt securities Derivatives Others Securities Awaited Listing: 2, , Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds 2, , Securitised Debt securities Unlisted Securities 5, , Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds 5, , Securitised Debt securities Interest Rate Swaps Government Securities 71, , Treasury Bills Commercial Paper Certificate of Deposits 7, , Bill Rediscounting Units of Domestic Mutual Fund Foreign Securities - - Total Investments 2,44, ,56, Deposits Other Current Assets 13, , Cash & Bank Balance CBLO/ Reverse Repo Lending , Others 12, , Deferred Revenue Expenditure - - (to the extent not written off) TOTAL 2,58, ,70, Notes to Accounts - Annexure I Abridged Revenue Account For The Year Ended March 31, 2016 Rupees in Lakhs RELIANCE MONTHLY INCOME PLAN Year ended Year ended INCOME 1.1 Dividend Interest 17, , Realised Gain / (Loss) on Foreign Exchange Transactions Realised Gains / (Losses) on Interscheme sale of investments (146.14) 1.5 Realised Gains / (Losses) on External sale / redemption of investments 5, , Realised Gains / (Losses) on Derivative Transactions Other Income (A) 24, , EXPENSES 2.1 Management fees 3, , Service tax on Management fees Transfer agents fees and expenses Custodian fees Trusteeship fees Commission to Agents 1, , Marketing & Distribution expenses Audit fees Investor education expense Other operating expenses Deferred Revenue Expenses written off - - (B) 5, , NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A -B = C) 19, , Change in Unrealised Depreciation in value of investments (D) (58.96) 2, NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E = C+D) 19, , Change in unrealised appreciation in the value of investments (F) (12,378.71) 16, NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E + F = G) 7, , Add: Balance transfer from Unrealised Appreciation Reserve 23, , Less: Balance transfer to Unrealised Appreciation Reserve 10, , Add / (Less): Equalisation (6,116.72) (3,023.97) 7.4 Net Gain/(loss) brought forward from previous year 1,24, ,01, Total 1,38, ,30, Dividend appropriation 5, , Income Distributed during the year / period 3, , Tax on income distributed during the year / period 1, , Retained Surplus / (Deficit) carried forward to Balance sheet 1,33, ,24, Notes to Accounts - Annexure I Abridged Annual Report

7 Notes to Accounts - Annexure I to the Abridged Balance Sheet and Revenue Account for the Year Ended March 31, Investments: All the investments are held in the name of the Scheme, (except for Government Securities and Treasury Bills which are held in the name of the fund) as per clause 7 of the Seventh Schedule under Regulation 44(1) of SEBI (Mutual Funds) Regulations, Open Position of derivatives as on March 31, 2016: NIL For details on derivative positions please refer to Annexure III 1.3. Investments in Associates and Group Companies. Scheme Name Issuer Instrument Amount (Rs. In lakhs) Aggregate Investments (Rs. In lakhs) Amount (Rs. In lakhs) Aggregate Investments (Rs. In lakhs) Reliance Capital Limited Debt - - 2, , Reliance Communications Limited Equity , , Reliance Power Limited Debt 15, , There are NIL Open position of Securities Borrowed and / or Lent by the scheme There are no NPA s as on March 31, Aggregate Unrealised Gain / Loss as at the end of the Financial Year and percentage to net assets Scheme Name Aggregate Unrealised Gain / (Loss) % of Net Assets Aggregate Unrealised Gain / (Loss) % of Net Assets (Rs. In lakhs) (Rs. In lakhs) 10, % 23, % 1.7. Aggregate Value of Purchase and Sale with Percentage to average assets. Scheme Name Amount (Rs. in lakhs) Purchases Sales Purchases Sales % to average Net Assets Amount (Rs. in lakhs) % to average Net Assets Amount (Rs. in lakhs) % to average Net Assets Amount(Rs. in lakhs) % to average Net Assets Reliance Monthly 10,40, % 10,47, % 14,58, % 14,74, % Income Plan 1.8. Non-Traded securities in the portfolio Scheme Name Amount(Rs. in lakhs) % to Net Assets Amount(Rs. in lakhs) % to Net Assets Equity Debt 91, % 1,10, % Money market 7, % 7, % 2 Details of Transaction with Associates under regulation 25(8). Brokerage paid to associates/related parties/group companies of Sponsor/AMC Name of associate/related parties/ group companies of Sponsor/AMC Nature of Association/Nature of relation Period covered Reliance Securities Limited Associate Commission Paid to associates/related parties/group companies of Sponsor/AMC Name of associate/related parties/ Nature of Association/Nature Period group companies of sponsor/amc of relation covered Value of transaction ( in Rs. Cr. & % of total value of transaction of the fund ) Brokerage( Rs Cr. & % of total brokerage paid by the fund) % % % % Business given (Rs. Cr. & % of total business received by the fund) Commission paid ( Rs Cr. & % of total commission paid by the fund) Indusind Bank Limited ** Associate % % Quant Capital Advisors Private Limited Associate % % % % Reliance Capital Asset Management % - - Associate (UK) Limited % - - Reliance Money Solutions Private Ltd Associate % % % % Reliance Securities Limited Associate % (0.00) 0.00% % % Reliance Wealth Management Limited Associate % % Alpesh Dhirendra Kapadia "Employee's Relative is Agent of % Reliance Mutual Fund" % Future Wealth "Employee's Relative is Agent of Reliance Mutual Fund" % ** - Commission paid to Indusind Bank Ltd. is considered only till 13 February 2015, since w.e.f. 14 February 2015, Indusind Bank Ltd. ceases to be a group/associate company Abridged Annual Report

8 3 Large Holdings in the Scheme (i.e. in excess of 25% of the net assets) as on March 31, 2016 is NIL. 4 Unit Capital movement during the year ended. As per ANNEXURE II. 5 Prior Year Comparatives: The figures of the previous Year have been regrouped / rearranged, wherever applicable, to conform to current year s presentation. 6 Contingent Liability - NIL. 7 Expenses other than management fee is inclusive of service tax where applicable. 8 Other Income : Other Income includes exit load income (net of Service Tax) and miscellaneous income (if any). 9 Details of Credit Default Swap as follows- 1. No. of transactions during the year - NIL (Previous Year- NIL) 2. Amount of protection bought during the year - NIL (Previous Year- NIL) 3. No. of transactions where credit event payment was received during the year: a. Pertaining to current years transactions. - NIL (Previous Year- NIL) b. Pertaining to previous year (s) transactions- NIL (Previous Year- NIL) 4. Outstanding transactions as on year end: a. No. of transactions - NIL (Previous Year- NIL) b. Amount of protection - NIL (Previous Year- NIL) 5. Net income/ expense in respect of CDS transactions during year-to-date: a. Premium Paid - NIL (Previous Year- NIL) b. Credit event payments received (net of value of derivable obligations)- NIL (Previous Year- NIL) Abridged Annual Report

9 Key Statistics for the year ended March 31, 2016 RELIANCE MONTHLY INCOME PLAN Year ended Year ended NAV per unit (Rs.): Growth Plan Open High Low End Quarterly Dividend Plan Open High Low End Monthly Dividend Plan Open High Low End Direct Plan-Growth Plan Open High Low End Direct Plan-Quarterly Dividend Plan Open High Low RELIANCE MONTHLY INCOME PLAN Year ended Year ended Net Income as a percentage of AAuM % 12.65% 6. Portfolio turnover ratio 3 NA NA 7. Total Dividend per unit distributed during the year (plan wise) Monthly Dividend Plan Quarterly Dividend Plan Direct Plan-Monthly Dividend Plan Direct Plan-Quarterly Dividend Plan Returns: a. Last One Year Growth Plan 2.86% 23.19% Direct Plan-Growth Plan 3.77% 24.34% Benchmark (CRISIL MIP Blended Index) 5.65% 16.45% b. Since Inception Growth Plan 10.61% 11.35% Direct Plan-Growth Plan 10.90% 14.05% Benchmark (CRISIL MIP Blended Index) Growth Plan 7.63% 7.76% Direct Plan-Growth Plan 8.97% 10.49% 1. Gross income = amount against (A) in the Revenue account i.e. Income. 2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD 3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period. 4. AAuM=Average daily net assets End Direct Plan-Monthly Dividend Plan Open High Low End Closing Assets Under Management (Rs. in Lakhs) End 2,52, ,68, Average (AAuM) 2,60, ,35, Gross income as % of AAuM % 14.71% 4. Expense Ratio: a. Total Expense as % of AAuM Other than Direct Plan 2.03% 2.08% Direct Plan 1.15% 1.14% b. Management Fee as % of AAuM Other than Direct Plan 1.27% 1.02% Direct Plan 0.99% 1.02% For and on behalf of Reliance Nippon Life Asset Management Limited (Formerly Reliance Capital Asset Management Limited) Kanu Doshi Director Sundeep Sikka Chief Executive Officer & Executive Director Sanjay Parekh Fund Manager Amit Tripathi Head - Fixed Income / Fund Manager Place : Mumbai Date : June 27, 2016 For and on behalf of Reliance Capital Trustee Co. Limited A.N. Shanbhag Director P.P. Vora Director Abridged Annual Report

10 ANNEXURE II Unit Capital movement during the year ended 31st March 2016 Scheme/Plan Name Unit Capital (Opening Balance) Add : Subscription during Initial Offer period Add : Subscription during the year / period Less : Redemption during the year / period Unit Capital (Closing Balance) Units Amount (Rs.) Units Amount (Rs.) Units Amount (Rs.) Units Amount (Rs.) Units Amount (Rs.) RELIANCE MONTHLY INCOME PLAN (Face Value of Rs. 10 Each) Growth Plan 56,05,35,123 5,60,53,51, ,10,45,277 81,04,52,772 10,95,64,059 1,09,56,40,586 53,20,16,342 5,32,01,63,420 Monthly Dividend Plan 39,60,59,169,96,05,91, ,59,67,425 45,96,74,248 10,03,50,213 1,00,35,02,127 34,16,76,381 3,41,67,63,813 Quarterly Dividend Plan 20,10,86,960 2,01,08,69, ,66,72,119 16,67,21,188 4,83,03,880 48,30,38,799 16,94,55,198 1,69,45,51,985 Direct Plan-Growth Plan 1,21,04,405 12,10,44, ,62,423 8,16,24,226 14,99,580 1,49,95,800 1,87,67,248 18,76,72,479 Direct Plan-Monthly Dividend Plan 35,10,471 3,51,04, ,88,199 2,48,81,995 10,91,016 1,09,10,157 49,07,655 4,90,76,549 Direct Plan-Quarterly Dividend Plan 14,54,549 1,45,45, ,44,336 34,43,356 2,36,415 23,64,154 15,62,469 1,56,24,691 Total 1,17,47,50,678 11,74,75,06, ,46,79,778 1,54,67,97,785 26,10,45,162 2,61,04,51,623 1,06,83,85,294 10,68,38,52, Growth Plan 58,80,44,121 5,88,04,41, ,21,93,949 1,92,19,39,488 21,97,02,947 2,19,70,29,469 56,05,35,123 5,60,53,51,234 Monthly Dividend Plan 48,11,19,099 4,81,11,90, ,77,14,649 1,07,71,46,492 19,27,74,579 1,92,77,45,786 39,60,59,169 3,96,05,91,693 Quarterly Dividend Plan 23,78,91,460 2,37,89,14, ,95,03,718 49,50,37,175 8,63,08,218 86,30,82,183 20,10,86,960 2,01,08,69,595 Direct Plan-Growth Plan 77,96,985 7,79,69, ,13,554 6,51,35,539 22,06,133 2,20,61,334 1,21,04,405 12,10,44,052 Direct Plan-Monthly Dividend Plan 27,27,192 2,72,71, ,18,418 1,81,84,179 10,35,139 1,03,51,391 35,10,471 3,51,04,712 Direct Plan-Quarterly Dividend Plan 11,07,710 1,10,77, ,55,716 95,57,165 6,08,877 60,88,775 14,54,549 1,45,45,489 Total 1,31,86,86,567 13,18,68,65, ,87,00,004 3,58,70,00,038 50,26,35,894 5,02,63,58,938 1,17,47,50,678 11,74,75,06,775 Abridged Annual Report

11 Annexure III Derivatives Disclosure A. Hedging Positions through Futures as on March 31, 2016: NIL. Total %age of existing assets hedged through futures NIL. For the Year ended March 31, 2016 following details specified for hedging transactions through futures which have been squared off/expired: Scheme Name Total Number of contract where future were bought Total Number of contract where future were sold Gross Notional Value of contracts where futures were bought ( In Rs.) Gross Notional Value of contracts where futures were sold ( In Rs.) Net Profit/Loss Value on all contracts combined ( In Rs.) ,24,12,019 9,72,57,840 48,45,821 B. Other than Hedging Position through Futures as on March 31, 2016: NIL. Total exposure due to futures (non hedging positions) as a %age of net assets : NIL. For the Year ended March 31, 2016 following details specified for non-hedging transactions through futures which have been squared off/expired Scheme Name Total Number of contract where future were bought Total Number of contract where future were sold Gross Notional Value of contracts where futures were bought (In Rs.) Gross Notional Value of contracts where futures were sold (In Rs.) Net Profit/Loss Value on all contracts combined (In Rs.) ,15,96,800 13,23,49,915 7,53,115 C. Hedging Position through Put Options as on March 31, 2016 : NIL. Total % age of existing assets hedged through Put Options : NIL. For the Year ended March 31, 2016 following details specified for hedging transactions through options which have already been exercised/expired :NIL. D. Other than Hedging Position through Options as on March 31, 2016: NIL. Total Exposure through options as a %age of net assets: NIL. For the Year ended March 31, 2016 following details specified with regard to non-hedging transactions through options which have already been exercised/expired : NIL. E. Hedging Positions through swaps as on March 31, 2016 : NIL. Note on derivatives: The disclosure with respect to Investments in derivatives have been made on the basis of SEBI Circular on Abridged Scheme-wise Annual Report Format and periodic disclosures to the unitholders vide reference IMD/CIR No.8/132968/2008 dated July 24, 2008 and Review of norms for investment and disclosure by Mutual Funds in derivatives vide reference Cir/ IMD/ DF/ 11/ 2010 dated August 18, Abridged Annual Report

12 BOOK-POST If Undelivered, please return to: Reliance Nippon Life Asset Management Limited (formerly Reliance Capital Asset Management Limited) C/o Uchitha Graphic Printers Pvt Ltd W-466, T.T.C, Industrial Area, M.I.D.C, Pawane, Navi Mumbai Investors may note that any queries related to Reliance Mutual Fund has to be addressed to Reliance Nippon Life Asset Management Limited, (formerly Reliance Capital Asset Management Limited) Reliance Centre, 7th Floor South Wing, Off Western Express Highway, Santacruz (East), Mumbai Toll free :