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1 Cover Page Ref. CDR File Annual Report Mutual Fund Annual Report

2 Mutual Fund (A Trust under the Indian Trust Act, 1882) SPONSOR Capital Limited (Incorporated under the Companies Act, 1956) Corporate Office : Old ICI Godown, Fosbery Road, Off Reay Road Station (E). Mumbai Tel.: , Fax TRUSTEE Capital Trustee Co. Limited (Incorporated under the Companies Act, 1956) Corporate Office : Kamala Mills Compound, Trade World, B Wing, 7th Floor, S.B. Marg, Lower Parel (W). Mumbai Tel.: Fax: Regd. Office (new):** EO1, Greens, Village Motikhavdi, P. O. Digvijaygram, District Jamnagar (Gujarat) Tel.: Fax: DIRECTORS OF RELIANCE CAPITAL TRUSTEE CO. LTD. Shri D. Chaturvedi Shri Vinod M. Ambani Dr. A. C. Shah Ms. Kalpana Merchant Shri P. N. Shah Contents Report of the Trustees 3 Auditors Report 7 Notes to the Financial Statements 17 Abridged Audited Balance Sheet 30 Abridged Audited Revenue Account 34 Historical Per Unit Statistics 42 INVESTMENT MANAGER Capital Asset Management Limited (Incorporated under the Companies Act, 1956) Corporate Office : Kamala Mills Compound, Trade World, B Wing, 7th Floor, S.B. Marg, Lower Parel (W), Mumbai Tel.: Fax: Call : Website : Regd. Office (new):** EO1, Greens, Village Motikhavdi, P. O. Digvijaygram, District Jamnagar (Gujarat) Tel.: Fax: Statement of Portfolio Holding 58 DIRECTORS OF RELIANCE CAPITAL ASSET MANAGEMANT LIMITED * Shri Amitabh Jhunjhunwala Shri D. J. Kapadia Sponsor : Capital Limited Trustee : Capital Trustee Co. Shri Shailesh Vaidya Shri V. H. Pandya Limited Investment Manager : Capital Asset Management Limited Shri P. S. Gopalakrishnan Statutory Details : The Sponsor, the Trustee and the Investment Manager are incorporated under the Companies Act Risk Factors : Mutual Funds AUDITORS and securities investments are subject to market risks and there is no assurance Haribhakti & Co. and no guarantee that the Schemes objectives will be achieved. As with Chartered Accountants investments in any securities, the NAVs of the units issued under the Schemes 42, Free Press House, Nariman Point, Mumbai can go up or down depending on the factors and forces affecting the securities CUSTODIAN market. Vision Fund, Growth Fund, Banking Fund, Diversified Power Sector Fund, Pharma Fund, Media Deutsche Bank A.G. & Entertainment Fund, Gilt Securities Fund, Index Fund, Kodak House, Ground Floor, Income Fund, Short Term Fund, Medium Term Fund, 222, D. N. Road, Mumbai Monthly Income Plan, Floating Rate Fund, NRI REGISTRAR Income Fund, Liquid Fund, Fixed Term Scheme, NRI Equity Fund, Equity Opportunities Fund & Fixed Maturity Karvy Computershare Private Limited Fund Series I, are only the names of the Schemes and do not in any manner (Formerly known as Karvy Consultants Limited) indicate either the quality of the Schemes, their future prospects or returns. 21, Road No. 4, Street No. 1, Past performance of the Sponsor or its group affiliation is not indicative of future Banjara Hills, Hyderabad performance of the Schemes. The Sponsor is not responsible or liable for any Tel.: , Fax: loss resulting from the operation of the Schemes beyond their initial contribution INTERNAL AUDITORS of Rs.1 lac towards the setting up of the Mutual Fund. The Mutual Fund is not guaranteeing or assuring any dividends/ bonus. The Mutual Fund is also not Price Waterhouse assuring that it will make periodical dividend/ bonus distributions, though it has 1104, Raheja Chambers, every intention of doing so. All dividend/ bonus distributions are subject to the Nariman Point, availability of distributable surplus in the respective Schemes. The liquidity of Mumbai the Schemes investments may be inherently restricted by trading volumes, * Shri. Alok Agarwal resigned with effect from October 18, 2004 ** The Registered Office of the companies has been changed from Avdesh settlement periods and transfer procedures. Scheme specific risk factors have been mentioned in the Offer Document. House, 2nd Floor, Pritam Nagar, 1st Slope, Ellisbridge, Ahmedabad (Old Regd. Office) Mutual w.e.f. FundJuly 8, Please read the offer document Annual carefully Report 2004 before investing. 2

3 Report of the Trustees Dear Unitholders, The Trustees have great pleasure in presenting the Tenth Annual Report of Mutual Fund (RMF) formerly known as Capital Mutual Fund (RCMF); and its schemes for the year ended March 31, The Equity markets witnessed another strong year of performance during FY with the benchmark Sensex gaining % from to Amongst the significant developments affecting the markets was the change in guard at the center with the incumbent BJP government making way for a Congress led government. This surprise development led to the biggest intraday fall in capital market history with the Sensex crashing by 787 points on May 17, 04. Much to the delight of investors, the new government s economic policy was broadly in line with the previous government and this helped the markets to recover their losses and post strong gains. Strong corporate performance along with India s increasing mindshare resulted into record FII inflows of Rs crs for the year. Even domestic institutions and mutual funds participated strongly in the markets and this resulted into a rally being more broad based, both for stocks and investors. Most of the commodity prices were on an upswing during the year hitting new highs. Higher demand also saw oil prices crossing past the crucial $50 mark and now look set to settle on a higher band in the coming years. Higher crude prices and any major upturns in the US are the key global risks, which India has to take care of. GDP growth for the year grew at a strong 8.4% and the government expects to maintain a rate of 6-7% over the coming years. Continued thrust on infrastructure and fiscal discipline by the new government bodes well for continued growth momentum. Overall for the coming year growth prospects for the economy and corporate remain strong and this augurs well for the equity markets. The debt markets witnessed yields hardening by more than 150 bps on account of rising global and domestic interest rates, higher demand for credit and economy on a growth path. The secondary market turnover in G-secs drastically dropped by more than 50% as big market players refrained from entering g-sec market in a rising yield scenario. The continuous rise in yield was capped at 7.25% in November 2004 with borrowing program being lower than expected. This resulted in yields coming down by 75bps to settle at 6.50% levels (10 year benchmark yield) by March On the whole it was a year which saw debt AUMs for medium and long term fixed income funds go down significantly, but this was made up by a rise in AUMs of short tenure and floating rate fund. In the current financial year, interest rates are expected to consolidate with a downward bias. This will be because of a slowing down of global economy and a benign inflation outlook. The ten-year benchmark yield is expected to come down to 6.50% levels in the next few months. The Mutual Fund Industry had Assets Under Management of Rs. 1,49,600 crores as on March 31, 2005 i.e. a growth of Rs. 9,984 crores over the previous year figure of Rs. 1,39,616 crores (source: AMFI monthly update March 2005). Mutual Fund saw Assets Under Management grow from Rs.7, 240 crores to Rs. 9,542 crores showing an increase of Rs. 2,302 crores during the same period. Mutual Fund currently has four open-ended Equity Schemes ( Vision Fund, Growth Fund, NRI Equity Fund and Equity Opportunities Fund); six open-ended Debt Schemes ( Income Fund, Short Term Fund, Medium Term Fund, Monthly Income Plan, Floating Rate Fund and NRI Income Fund); an open-ended Liquid Scheme ( Liquid Fund); two close-ended debt Schemes ( Fixed Term Scheme and Fixed Maturity Fund Series I); four sector specific schemes ( Banking Fund, Diversified Power Sector Fund, Pharma Fund and Media & Entertainment Fund); a government securities scheme ( Gilt Securities Fund); and an open-ended index linked scheme ( Index Fund). AWARDS AND RECOGNITION The highlights of the recognition of various schemes of Mutual Fund are given below: ^ FOR THE PERIOD ENDED JUNE 30, 2004: Mutual Fund declared biggest gainer in terms of AUM According to the ICRA Online Mutual Fund Rankings for the First Quarter, FY (June 30, 2004): Mutual Fund has been the biggest gainer over the last one year with increase in Total AUM of Rs.6884 crores reflecting a growth of 159%. In the past 3 months itself, the Fund has added over Rs crores in its assets. The phenomenal growth has helped the fund find a place in the top 5 list on the basis of assets managed. The fund manages assets in excess of crores (as on 30th June 2004). Growth Fund moved up one notch to ICRA MFR1 entering the Top 10% bracket faring well on the return score parameter. Growth Fund and Vision Fund retained the ICRA MFR1 rankings for the Three-year ranking. Short Term Fund has been ranked ICRA MFR1 for the third consecutive quarter in the Debt Short Term Funds one-year ranking. ^^ FOR THE PERIOD ENDED SEPTEMBER 30, 2004: Growth Fund Growth awarded CRISIL CPR1 : CRISIL has assigned a Composite Performance Rank of CRISIL~CPR 1 Open End Equity Schemes, September 2004 to Growth Fund Growth, indicating that the composite performance of Growth Fund - Growth is Very Good in the Open End Equity Category, and ranks within the top 10% of the 36 schemes ranked in this category. Income Fund Growth awarded CRISIL CPR1 : CRISIL has assigned a Composite Performance Rank of CRISIL~CPR 1 Open End Debt Schemes, September 2004 to Income Fund Growth indicating that the composite performance of Income Fund - Growth is Very Good in the Open End Debt Category, and ranks within the top 10% of the 20 schemes ranked in this category. Liquid Fund Treasury Plan Growth awarded CRISIL CPR1: CRISIL has assigned a Composite Performance Rank of CRISIL~CPR 1 Open End Liquid Schemes, September 2004 to Liquid Fund - Treasury Plan Growth indicating the composite performance of Liquid Fund - Treasury Plan -Growth is Very Good in the Open End Liquid Category, and ranks within the top 10% of the 25 schemes ranked in this category. Short Term Fund Growth awarded CRISIL CPR2 : CRISIL has assigned a Composite Performance Rank of CRISIL~CPR 2 Open End Debt Short Term Schemes, September 2004 to Short Term Fund Growth indicating the composite performance of Short Term Fund - Growth is Good performance in the Open End Debt Short Term Category, and ranks within the top 30% of the 17 schemes ranked in this category. Vision Fund Growth awarded CRISIL CPR 3 : CRISIL has assigned a Composite Performance Rank of CRISIL~CPR 3 Open End Equity Schemes, September 2004 to Vision Fund. ^^^ FOR THE PERIOD ENDED DECEMBER 31, 2004: Income Fund - Retail-GP-Growth has been ranked ICRA MFR 1 by ICRA Online in the category Debt Long Term for its 1 year performance till December 31, Growth Fund- Growth has been ranked ICRA MFR 1 by ICRA Online in the category Equity Diversified Defensive for its 1 year performance till December 31, G Sec Fund - LTP-Retail- Growth has been ranked ICRA MFR 1 by ICRA Online in the category Gilt Long Term Plan for its 1 year performance till December 31, Growth Fund- Growth has been ranked ICRA MFR 1 by ICRA Online in the category Equity Diversified Defensive for its 3 year performance till December 31, Vision Fund- Growth has been ranked ICRA MFR 1 by ICRA Online in the category Equity Diversified Defensive for its 3 year performance till December 31, ^^^^ FOR THE PERIOD ENDED MARCH 31, 2005: Growth Fund Growth awarded CRISIL CPR1 : CRISIL has assigned a Composite Performance Rank of CRISIL~CPR 1 Open End Equity Schemes, March 2005 to Growth Fund Growth, indicating that the composite performance of Growth Fund - Growth is Very Good in the Open End Equity Category, and ranks within the top 10% of the 44 schemes ranked in this category. Income Fund Growth awarded CRISIL CPR1 : CRISIL has assigned a Composite Performance Rank of CRISIL~CPR 1 Open End Debt Schemes, March 2005 to Income Fund Growth indicating that the composite performance of Income Fund - Growth is Very Good in the Open End Debt Category, and ranks within the top 10% of the 20 schemes ranked in this category. Short Term Fund Growth awarded CRISIL CPR2 : CRISIL has assigned a Composite Performance Rank of CRISIL~CPR 2 Open End Debt Short Term Schemes, March 2005 to Short Term Fund Growth indicating The composite performance of Short Term Fund - Growth is Good performance in the Open End Debt Short Term Fund Category, and ranks within the top 30% of the 13 schemes ranked in this category. Liquid Fund Treasury Plan Growth awarded CRISIL CPR2 : CRISIL has assigned a Composite Performance Rank of CRISIL~CPR 2 Open End Liquid Schemes, March 2005 to Liquid Fund - Treasury Plan Growth indicating that the composite performance of Liquid Fund - Treasury Plan - Growth is Good in the Open End Liquid Category, and ranks within the top 30% of the 22 schemes ranked in this category. Vision Fund awarded CRISIL CPR 3 : CRISIL has assigned a Composite Performance Rank of CRISIL~CPR 3 Open End Equity Schemes, March 2005 to Vision Fund indicating that the composite performance of Vision Fund is Average in the Open End Equity Category, and ranks within the top 70% of the 44 schemes ranked in this category. Mutual Fund Annual Report

4 Report of the Trustees # Shri Madhusan Kela, Head Equities of RCAM, was adjudged the Equity Fund Manager of the year by Business Standard Fund Manager. He was presented the same at the hands of Dr. Manmohan Singh, honorable Prime Minister of India at the award ceremony held in Delhi. Past performance is no guarantee of future results. METHODOLOGY: ^ ICRA RANKING METHODOLOGY (JUNE 30, 2004): Growth Fund - Growth has been ranked ICRA MFR 1 by ICRA Online in the category Equity Diversified Defensive for its 1 year performance till June30, The rank indicates performance within the top 10% of the stated category, which had a total of 35 similar schemes, including this scheme. The rank is an outcome of an objective and comparative analysis against various performance parameters, including: risk adjusted return; fund size, company concentration, liquidity and portfolio turnover. The ranking methodology did not take into account the entry and exit loads imposed by the Fund. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance of Growth Fund- Growth. Ranking Source: ICRA Online. Growth Fund - Growth and Vision Fund - Growth has been ranked ICRA MFR 1 by ICRA Online in the category Equity Diversified Defensive for its 3 year performance till June 30, The rank indicates performance within the top 10% of the stated category, which had a total of 26 similar schemes, including these schemes. The rank is an outcome of an objective and comparative analysis against various performance parameters, including: risk adjusted return; fund size, company concentration, liquidity and portfolio turnover. The ranking methodology did not take into account the entry and exit loads imposed by the Fund. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance of Growth Fund- Growth and Vision Fund Growth. Ranking Source: ICRA Online. Short Term Fund - Growth has been ranked ICRA MFR 1 by ICRA Online in the category Debt Short Term for its 1 year performance till June 30, The rank indicates performance within the top 10% of the stated category, which had a total of 23 similar schemes, including this scheme. The rank is an outcome of an objective and comparative analysis against various performance parameters, including: risk adjusted return; fund size, Sector Concentration, and average maturity. The ranking methodology did not take into account the entry and exit loads imposed by the Fund. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance Short Term Fund Growth. Ranking Source: ICRA Online. ^^ CRISIL RANKING METHODOLOGY (SEPTEMBER 30, 2004): CRISIL~CPR 1 Open End Equity Scheme, October September CRISIL~CPR 1 The composite performance of Growth Fund - Growth is Very Good in the Open End Equity Category, and ranks within the top 10% of the 36 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended September 30, 2004, Concentration and Liquidity of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited. CRISIL~CPR 1 Open End Debt Scheme, October September CRISIL~CPR 1 The composite performance of Income Fund - Growth is Very Good in the Open End Debt Category, and ranks within the top 10% of the 20 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended September 30, 2004, Average Maturity, Concentration, Liquidity and Asset Quality of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. Ranking Source: CRISIL Fund Services, CRISIL Limited. CRISIL~CPR 1 Open End Liquid Scheme, October September 2004 CRISIL~CPR 1 The composite performance of Liquid Fund - Treasury Plan -Growth is Very Good in the Open End Liquid Category, and ranks within the top 10% of the 25 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Mean Return, Volatility, based on NAVs over the 1-year period ended September 30, 2004, Asset size, Average Maturity, Downside Risk Probability & Asset Quality of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited. CRISIL~CPR 2 Open End Debt Short Term Scheme, October September CRISIL~CPR 2 The composite performance of Short Term Fund - Growth is Good performance in the Open End Debt Short Term Fund Category, and ranks within the top 30% of the 17 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Mean Return, Volatility, based on NAVs over the 1-year period ended September 30, 2004, Asset size, Concentration, Average Maturity, Asset Quality & Downside Risk Probability of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited. CRISIL~CPR 3 Open End Equity Scheme, October September 2004 CRISIL~CPR 3 The composite performance of Vision Fund is Average in the Open End Equity Category, and ranks within the top 70% of the 36 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended September 30, 2004, Concentration and Liquidity of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited. ^^^ ICRA RANKING METHODOLOGY (DECEMBER 31, 2004): Income Fund - Retail-GP-Growth has been ranked ICRA MFR 1 by ICRA Online in the category Debt Long Term for its 1 year performance till December 31, The rank indicates performance within the top 10% of the stated category, which had a total of 32 similar schemes, including this scheme. The rank is an outcome of an objective and comparative analysis against various performance parameters, including: risk adjusted return; fund size, Sector Concentration, and average maturity. The ranking methodology did not take into account the entry and exit loads imposed by the Fund. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance Income Fund- Retail-GP-Growth. Ranking Source: ICRA Online. Growth Fund - Growth has been ranked ICRA MFR 1 by ICRA Online in the category Equity Diversified Defensive for its 1 year performance till December 31, The rank indicates performance within the top 10% of the stated category, which had a total of 35 similar schemes, including this scheme. The rank is an outcome of an objective and comparative analysis against various performance parameters, including: risk adjusted return; fund size, company concentration, liquidity and portfolio turnover. The ranking methodology did not take into account the entry and exit loads imposed by the Fund. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance of Growth Fund- Growth. Ranking Source: ICRA Online. G Sec Fund - LTP-Retail - Growth has been ranked ICRA MFR 1 by ICRA Online in the category Gilt Long Term Plan for its 1 year performance till December 31, The rank indicates performance within the top 10% of the stated category, which had a total of 21 similar schemes, including this scheme. The rank is an outcome of an objective and comparative analysis against various performance parameters, including: risk adjusted return; fund size, and average maturity. The ranking methodology did not take into account the entry and exit loads imposed by the Fund. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance of G Sec Fund- LTP-Retail- Growth. Ranking Source: ICRA Online. Growth Fund - Growth has been ranked ICRA MFR 1 by ICRA Online in the category Equity Diversified Defensive for its 3 year performance till December 31, The rank indicates performance within the top 10% of the stated category, which had a total of 32 similar schemes, including this scheme. The rank is an outcome of an objective and comparative analysis against various performance parameters, including: risk adjusted return; fund size, company concentration, liquidity and portfolio turnover. The ranking methodology did not take into account the entry and exit loads imposed by the Fund. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance of Growth Fund- Growth. Ranking Source: ICRA Online. Vision Fund - Growth has been ranked ICRA MFR 1 by ICRA Online in the category Equity Diversified Defensive for its 3 year performance till December 31, The rank indicates performance within the top 10% of the stated category, which had a total of 32 similar schemes, including this scheme. The rank is an outcome of an objective and comparative analysis against various performance parameters, including: risk adjusted return; fund size, company concentration, liquidity and portfolio turnover. The ranking methodology did not take into account the entry and exit loads imposed by the Fund. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance of Vision Fund- Growth. Ranking Source: ICRA Online. ^^^^ CRISIL RANKING METHODOLOGY (MARCH 31, 2005): CRISIL~CPR 1 Open End Equity Scheme, April March 2005 CRISIL~CPR 1 The composite performance of Growth Fund - Growth is Very Good in the Open End Equity Category, and ranks within the top 10% of the 44 schemes ranked in this category. The criteria used in computing the Mutual Fund Annual Report

5 Report of the Trustees CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended March 31, 2005, Concentration and Liquidity of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited. CRISIL~CPR 1 Open End Debt Scheme, April March 2005 CRISIL~CPR 1 The composite performance of Income Fund is Very Good in the Open End Debt Category, and ranks within the Top 10 % of the 20 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended March 31, 2005, Average Maturity, Concentration, Liquidity and Asset Quality of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited CRISIL~CPR 2 Open End Debt Short Term Scheme, April March 2005 CRISIL~CPR 2 The composite performance of Short Term Fund - Growth is Good performance in the Open End Debt Short Term Fund Category, and ranks within the top 30% of the 13 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Mean Return, Volatility, based on NAVs over the 1-year period ended March 31, 2005, Asset size, Concentration, Average Maturity, Asset Quality & Downside Risk Probability of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited. CRISIL~CPR 2 Open End Liquid Scheme, April March 2005 CRISIL~CPR 2 The composite performance of Liquid Fund - Treasury Plan -Growth is Good in the Open End Liquid Category, and ranks within the top 30% of the 22 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Mean Return, Volatility, based on NAVs over the 1-year period ended March 31, 2005, Asset size, Average Maturity, Downside Risk Probability & Asset Quality of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited. CRISIL~CPR 3 Open End Equity Scheme, April March 2005 CRISIL~CPR 3 The composite performance of Vision Fund is Average in the Open End Equity Category, and ranks within the top 70% of the 44 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended March 31, 2005, Concentration and Liquidity of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. Ranking Source: CRISIL Fund Services, CRISIL Limited. # The Business Standard award is independently given by Business Standard and Mutual Fund / Capital Asset Management Limited / Capital Trustee Co. Limited is in no way related to the institution or the presentation of the award. NEW LAUNCHES During the period under review, RMF launched eight schemes. On May 10, 2004 RMF launched the Pharma Fund, an open-ended Pharma sector scheme; on September 16, 2004 the Media & Entertainment Fund, an open-ended media & entertainment sector scheme; on August 23, 2004 the Floating Rate Fund, an open-ended income scheme; on October 16, 2004 the NRI Income Fund, an open-ended Income Scheme and the NRI Equity Fund, an open-ended diversified equity scheme; on January 29, 2005 the Index Fund, an open-ended index-linked scheme; on February 14, 2005 the Equity Opportunities Fund, an open-ended diversified equity scheme and on March 29, 2005 the Fixed Maturity Fund Series I, a closed ended income scheme. A series of Monthly Plan (Series VII - XVIII), Quarterly Plan (Series V - VIII) and Annual Plan (Series IV) were launched under Fixed Term Scheme. The Fund introduced the Institutional Option under Short Term Fund. The Monthly Dividend Pay-out Option and Monthly Dividend Re-investment Option were introduced in Liquid Fund Treasury Plan. The Monthly Dividend Pay-out Option, Daily Dividend Re-investment Option, Weekly Dividend Re-investment Option and Monthly Dividend Re-investment Option were introduced under the Dividend Plan of Floating Rate Fund. The Fund also introduced the facility of Systematic Transfer Plan and Dividend Transfer Plan in the schemes of RMF. NEW INITIATIVES In our effort to strengthen investor services, the Fund has initiated the Mutual Fund Knowledge Series a knowledge-sharing platform for our distributors and investors. Since its launch, the Mutual Fund Knowledge Series has organized investor and distributor meets in various small cities across the country. In continuation to the efforts in reaching out to new investors, the new branches of RCAM were opened at Chandigarh, Goa, Indore, Kanpur, Lucknow, Ludhiana and Surat taking the total number of branches to Twenty-Three all over India. Besides RCAM Branches, Karvy s Branches at : Ahmedabad, Agra, Ajmer, Amritsar, Allahabad, Asansol, Anand, Baroda, Bhubaneswar, Bharauch, Bangalore, Bhavnagar, Chandigarh, Chennai, Cochin, Coimbatore, Dharwad, Dehradun, Durgapur, Erode, Goa, Guwahati, Guntur, Hubli, Hyderabad, Indore, Jallandhar, Jamshedpur, Jalgaon, Jaipur, Kanpur, Karaikudi, Kolkata, Kota, Kottayam, Lucknow, Ludhiana, Mumbai, Mangalore, Meerut, Moradabad, Mysore, Nashik, Nagpur, New Delhi, Patna, Pondicherry, Pune, Raipur, Rajahmundry, Rajkot, Ranchi, Surat, Siliguri, Salem, Trichy, Tirupur, Tirunelveli, Varanasi & Vijayawada were started as Official Collection Centres and Investor Service Centres for RMF taking the no of Investor Service Centres from 22 to 85. FUTURE OUTLOOK Going forward, we expect policy actions to determine the course of interest rates. Inflation, rising global interest rates and the U S Dollar s strength would be carefully tracked. On the domestic front, credit growth and, in turn, liquidity in the system would also be critical to yield movements in the bond markets. RETURNS DELIVERED* During the financial year , Mutual Fund A) Declared Dividend** three times in Growth Fund i.e Rs. 3.00, Rs.2.50 and Rs.5.00 each on the face value of Rs ; three times in Vision Fund i.e Rs. 3.00, Rs.2.50 and Rs each on the face value of Rs ; in Banking Fund, Rs on the face value of Rs ; two times in Floating Rate Fund, Rs and Rs each on the face value of Rs ; and in Fixed Term Scheme Quarterly Plan VII & VIII, Rs and Rs each on the face value of Rs Note: Post declaration of the dividend, the NAV of the Scheme will fall to the extent of the dividend pay-out and distribution tax, if any. B) Declared Bonus** : 2:5 in Medium Term Fund. Note: Pursuant to the allotment of bonus units, if any, the NAV of the units would fall in proportion to the bonus units allotted and as a result the total value of the units held by the investor would remain the same. * Past performance may or may not be sustained in future. ** Statutory Details of the same are mentioned elsewhere in the Annual Report. The Abridged Balance Sheet as on March 31, 2005 and the Abridged Revenue Account for the period ended March 31, 2005 for the various schemes are annexed to this Report. The Trustees take this opportunity to thank all investors for their continued support. The Directors would also like to place on record their appreciation and gratitude to the Government of India, SEBI, RBI, all other regulatory authorities and AMFI for their encouragement, support and co-operation. The Trustees would also like to thank the Directors and personnel of Capital Asset Management Ltd., the Investment Manager for their involvement in making RMF schemes a success. Place: Mumbai Date: April 25, 2005 For and on behalf of the Board of Trustees Capital Trustee Co. Limited Vinod M. Ambani Director Mutual Fund Annual Report

6 Statement of Board of Directors of Capital Trustee Co. Limited A. The liabilities and responsibility of the Trustee are in accordance with the SEBI (Mutual Funds) Regulations, 1996, Trust deed and the offer documents of the schemes. The liability of the Sponsor/Settlor is limited to the initial contribution of Rs. 100,000/- towards the setting up of Mutual Fund. B. INVESTMENT OBJECTIVE OF SCHEMES LAUNCHED BY RELIANCE MUTUAL FUND : Growth Fund : The primary investment objective of the Scheme is to achieve long term growth of capital by investing in equity and equity related securities through a research based investment approach. Vision Fund: The primary investment objective of the Scheme is to achieve long term growth of capital by investment in equity and equity related securities through a research based investment approach. Banking Fund :The primary investment objective of the Scheme is to seek to generate continuous returns by actively investing in equity/ equity related or fixed Income securities of banks. Diversified Power Sector Fund :The primary investment objective of the Scheme is to seek to generate continuous return by actively investing in equity/equity related or fixed income securities of Power and other associated companies. Pharma Fund : The primary investment objective of the Scheme is to seek to generate consistent returns by investing in equity / equity related or fixed income securities of pharma and other associated companies. Media & Entertainment Fund : The primary investment objective of the Scheme is to generate consistent returns by investing in equity / equity related or fixed income securities of media & entertainment and other associated companies. NRI Equity Fund : The Primary investment objective of the scheme is to generate optimal returns by investing in equity / equity related instruments primarily drawn from the Companies in the BSE 200 Index. Equity Opportunities Fund : The primary investment objective of the scheme is to seek to generate capital appreciation & provide long-term growth opportunities by investing in a portfolio constituted of equity securities & equity related securities and the secondary objective is to generate consistent returns by investing in debt and money market securities. Index Fund : Nifty Plan - The objective of Nifty Plan is to replicate the composition of the Nifty, with a view to endeavor to generate returns, which could approximately be the same as that of Nifty. Sensex Plan - The objective of Sensex Plan is to replicate the composition of the Sensex, with a view to endeavor to generate returns, which could approximately be the same as that of Sensex. Income Fund : The primary investment objective of the Scheme is to generate optimal returns consistent with moderate levels of risk. This income may be complemented by capital appreciation of the portfolio. Accordingly, investments shall predominantly be made in Debt & Money Market Instruments. Monthly Income Plan : The primary investment objective of the Scheme is to generate regular income in order to make regular dividend payments to unitholders and the secondary objective is growth of capital. Medium Term Fund : The primary investment objective of the Scheme is to generate regular income in order to make regular dividend payments to unitholders and the secondary objective is growth of capital. Liquid Fund : Treasury Plan & Cash Plan - The primary 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. Short Term Fund : The primary investent objective of the Scheme is to generate stable returns for investors with a short term invesment horizon by investing in fixed income securities of a short term maturity. Floating Rate Fund : The primary investment objective of the scheme is to generate regular income through investment in a portfolio comprising substantially of Floating Rate Debt Securities (including floating rate securitised debt and Money Market Instruments and Fixed Rate Debt Instruments swapped for floating rate returns). The scheme shall also invest in Fixed rate debt Securities (including fixed rate securitised debt, Money Market Instruments and Floating Rate Debt Instruments swapped for fixed returns). NRI Income Fund : The primary investment objective of the Scheme is to generate optimal returns consistent with moderate levels of risks. This income may be complimented by capital appreciation of the portfolio. Accordingly, investments shall predominantly be made in debt Instruments. Gilt Securities Fund : Short Term Gilt Plan & Long Term Gilt Plan - The primary investment objective of the Scheme is to generate Optimal credit risk-free returns by investing in a portfolio of securities issued and guaranteed by the Central Government and State Government Fixed Maturity Fund - Series I : The primary investment objective of the Scheme is to seek to achieve regular returns / growth of capital by investing in a portfolio of fixed income securities normally maturing in line with the time profile of the Plan with the objective of limiting interest rate volatility. Fixed Term Scheme : The primary objective of the Scheme is to seek to achieve regular returns / growth of capital by investing in a portfolio of fixed income securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. C. Basis and Policy of investments underlying the Schemes of Mutual Fund Investment policies of the Funds reflect restrictions for mutual fund investments established by SEBI. Avenues for investment in equity are identified on the following criteria: 1. Sound Management 2. Good track record of the Company 3. Potential for future growth 4. Industry scenario 5. Liquidity of the stock 6. Any other in the opinion of RCAM Avenues for investment in debt are identified on the following criteria: 1. Economic Scenario 2. Liquidity 3. RBI Stance 4. Credit Risk 5. Any other in the opinion of RCAM D. All investments in mutual funds are subject to market risks and the NAV, price and redemption value of the units and income from them, can go up as well as down with the fluctuations in the market value of its underlying investments. There can be no assurance that the Fund s objective will be achieved. Past performance is not necessarily indicative of future results and may not necessarily provide a basis for comparison with other investments. Mutual Fund Annual Report

7 Auditors Report To The Board of Directors of Capital Trustee Company Limited To The Board of Directors of Capital Trustee Company Limited We have audited the attached Balance Sheet of RELIANCE GROWTH FUND (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: We have audited the attached Balance Sheet of RELIANCE VISION FUND (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No Place: Mumbai Date: 25 th April, 2005 Membership No Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report

8 Auditors Report To The Board of Directors of Capital Trustee Company Limited To The Board of Directors of Capital Trustee Company Limited We have audited the attached Balance Sheet of RELIANCE BANKING FUND (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: We have audited the attached Balance Sheet of RELIANCE DIVERSIFIED POWER SECTOR FUND (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No Place: Mumbai Date: 25 th April, 2005 Membership No Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report

9 Auditors Report To The Board of Directors of Capital Trustee Company Limited To The Board of Directors of Capital Trustee Company Limited We have audited the attached Balance Sheet of RELIANCE PHARMA FUND (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: We have audited the attached Balance Sheet of RELIANCE MEDIA & ENTERTAINMENT FUND (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No Place: Mumbai Date: 25 th April, 2005 Membership No Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report

10 Auditors Report To The Board of Directors of Capital Trustee Company Limited To The Board of Directors of Capital Trustee Company Limited We have audited the attached Balance Sheet of RELIANCE NRI EQUITY FUND (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: We have audited the attached Balance Sheet of RELIANCE EQUITY OPPORTUNITIES FUND (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No Place: Mumbai Date: 25 th April, 2005 Membership No Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report

11 Auditors Report To The Board of Directors of Capital Trustee Company Limited To The Board of Directors of Capital Trustee Company Limited We have audited the attached Balance Sheet of RELIANCE INDEX FUND - NIFTY PLAN & SENSEX PLAN (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: We have audited the attached Balance Sheet of RELIANCE INCOME FUND (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No Place: Mumbai Date: 25 th April, 2005 Membership No Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report

12 Auditors Report To The Board of Directors of Capital Trustee Company Limited To The Board of Directors of Capital Trustee Company Limited We have audited the attached Balance Sheet of RELIANCE MEDIUM TERM FUND (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: We have audited the attached Balance Sheet of RELIANCE SHORT TERM FUND (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No Place: Mumbai Date: 25 th April, 2005 Membership No Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report

13 Auditors Report To The Board of Directors of Capital Trustee Company Limited To The Board of Directors of Capital Trustee Company Limited We have audited the attached Balance Sheet of RELIANCE LIQUID FUND (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, We have audited the attached Balance Sheet of RELIANCE FIXED TERM SCHEME - Quarterly Plan VII & VIII, Monthly Plan XVII & XVIII, Annual Plan III & IV (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No Place: Mumbai Date: 25 th April, 2005 Membership No Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report

14 Auditors Report To The Board of Directors of Capital Trustee Company Limited To The Board of Directors of Capital Trustee Company Limited We have audited the attached Balance Sheet of RELIANCE MONTHLY INCOME PLAN (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: We have audited the attached Balance Sheet of RELIANCE GILT SECURITIES FUND - Long Term Plan & Short Term Plan (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No Place: Mumbai Date: 25 th April, 2005 Membership No Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report

15 Auditors Report To The Board of Directors of Capital Trustee Company Limited To The Board of Directors of Capital Trustee Company Limited We have audited the attached Balance Sheet of RELIANCE FLOATING RATE FUND (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: We have audited the attached Balance Sheet of RELIANCE NRI INCOME FUND (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No Place: Mumbai Date: 25 th April, 2005 Membership No Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report

16 Auditors Report To The Board of Directors of Capital Trustee Company Limited To The Board of Directors of Capital Trustee Company Limited We have audited the attached Balance Sheet of RELIANCE FIXED TERM SCHEME - Monthly Plan 06 to 16 and Quarterly Plan 05 & 06 (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: We have audited the attached Balance Sheet of RELIANCE FIXED MATURITY FUND - Annual Plan I (the Scheme ) of Mutual Fund as at 31st March, 2005 and the Revenue Account of the Scheme for the year ended 31st March, 2005 and report thereon as follows: a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, These financial statements are the responsibility of the Managements of the Trustee and the Asset Management Company. b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that our audit provides a reasonable basis for our opinion. c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme. e) Non-traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31st March,2005 and (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No Place: Mumbai Date: 25 th April, 2005 Membership No Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report

17 Notes to financial statements for the year/period ended March 31, ORGANISATION Mutual Fund (RMF) (formerly Capital Mutual Fund) has been established as a trust in accordance with the Indian Trusts Act, 1882 vide trust deed dated April 25, 1995 entered into between Capital Limited and Capital Trustee Co. Limited. Mutual Fund is sponsored by Capital Limited (RCL). Capital Trustee Co. Limited (RCTC), a company incorporated under the Companies Act, 1956 is the trustee to RMF. Capital Asset Management Limited (RCAM), a company incorporated under the Companies Act, 1956, is a wholly owned subsidiary of RCL and has been appointed as the asset management company (Investment Manager). Vision Fund an open-ended scheme was launched on 25th September The investment objective of the Scheme is to provide long-term growth of capital through research-based investment approach. Growth Fund, which was launched as a close-ended scheme on September 25, 1995, was subsequently converted into an open-end scheme on September 27, The investment objective of the Scheme is to provide long-term growth of capital through research-based investment approach. Income Fund an open-ended income scheme, was launched on 20th December 1997.The investment objective of the Scheme is to generate optimal returns consistent with moderate levels of risk by investing in Debt & Money Market Instruments. Liquid Fund, an open-end liquid scheme, was launched on 16th March The objective of the scheme is to generate optimal returns consistent with moderate levels of risk and high liquidity by investing in debt and money market instruments. Medium Term Fund, an open-ended Income scheme with no assured returns, was launched on 16 th August 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. Short Term Fund, an open-ended income scheme, was launched on 09 th December The primary investment objective of the Scheme is to generate stable returns for investors with a short term investment horizon. This is achieved through investments in fixed income securities of short-term maturity. Banking Fund, an open-ended Banking Sector Scheme, was launched on 8 th May The primary investment objective of the Scheme is to seek generate continuous returns by actively investing in equity / equity related or fixed income securities of banks. Gilt Securities Fund, an open-ended government securities scheme, was launched on 27 th June The primary investment objective of the Long term plan is to generate optimal credit risk-free returns by investing in a portfolio of securities issued and guaranteed by the Central Government and State Government for investors with a long-term investment horizon. This is achieved through investments in Government securities of long-term maturity. The primary investment objective of the Short term plan is to generate optimal credit risk-free returns by investing in a portfolio of securities issued and guaranteed by the Central Government and State Government for investors with a short term investment horizon. This is achieved through investments in Government securities of short-term maturity. Monthly Income Plan (Scheme), an open-ended fund, Monthly income is not assured and is subject to the availability of distributable surplus, was launched on 10 th December The primary investment objective of the Scheme is to generate stable returns for investors with a medium term investment horizon. This is achieved through investments in fixed income securities of medium term maturity. Fixed Term scheme is a closed - ended Income scheme, launched in March The primary investment objective of the Scheme is to seek to achieve regular returns / growth of capital by investing in a portfolio of fixed income securities normally maturing in line with the time profile of the respective plan with the objective of limiting the interest rate volatility. Equity Opportunities Fund, is an open-ended Diversified Equity Scheme, was launched on 14 th February, The primary investment objective of the Scheme is to seek generate Capital Appreciation & provide Long term growth opportunities by investing in a portfolio constituted of equity securities & equity related securities. The secondary objective is to generate consistent returns by investing in Debt & Money Market securities. Media & Entertainment Fund, an open-ended Media & Entertainment Sector Scheme, was launched on 16 th September, The primary investment objective of the Scheme is to seek generate consistent returns by investing in equity / equity related or fixed income securities of media & entertainment & other associated companies. Pharma Fund, an open-ended Pharma Sector Scheme, was launched on 10 th May, The primary investment objective of the Scheme is to seek generate consistent returns by investing in equity / equity related or fixed income securities of Pharma & other associated companies. Floating Rate Fund, an open-end Income scheme, was launched on 23 rd August, The primary objective of the scheme is to generate regular income through investment in a portfolio comprising substantially of Floating Rate Debt Securities (including floating rate securitised debt and Money Market Instruments and Fixed Rate Debt Instruments swapped for floating rate returns). The scheme shall also invest in Fixed rate debt Securities (including fixed rate securitised debt, Money Market Instruments and Floating Rate Debt Instruments swapped for fixed returns). Index Fund, an open-ended Index Linked Scheme, was launched on 29 th January, The Scheme offers two plans namely, Nifty Plan & Sensex Plan. The primary investment objective of the Scheme is to replicate the composition of the Nifty/Sensex with a view to generate returns, which could approximately be the same as that of Nifty & Sensex respectively. Diversified Power Sector Fund, an open-ended Power Sector Scheme, was launched on 29th March, The primary investment objective of the scheme is to seek to generate consistent returns by actively investing in Equity / Equity related or fixed income securities of power & other associated Companies. NRI Equity Fund, an open-ended Diversified Equity Scheme was launched on 16th October, The Primary investment objective of the scheme is to generate optimal returns by investing in equity / equity related instruments primarily drawn from the Companies in the BSE 200 Index. NRI Income Fund, an open-ended Income Scheme was launched on 16th October, 2004 The primary investment objective of the Scheme is to generate optimal returns consistent with moderate levels of risks. This income may be complimented by capital appreciation of the portfolio. Accordingly, investments shall predominantly be made in debt Instruments. Fixed Maturity Fund - Series I, a close-ended Income Scheme was launched on 29th March, The primary investment objective of the Scheme is to seek to achieve regular returns / growth of capital by investing in a portfolio of fixed income securities normally maturing in line with the time profile of the Plan with the objective of limiting interest rate volatility. Mutual Fund Annual Report

18 Notes to financial statements for the year/period ended March 31, SIGNIFICANT ACCOUNTING POLICIES 1. REVENUE RECOGNITION : a. Profit/loss on sale of investments is accounted for in the year in which the contract for sale is entered into. The cost is calculated on the basis of weighted average cost of investment. b. Unrealised appreciation or depreciation in the value of investments/other assets, if any, form part of the Revenue Account. c. Dividend income is recognized on the ex-dividend date. d. In respect of interest bearing investments including those purchased on a Reverse Repo basis, interest income is accrued daily. e. Income other than above and of miscellaneous nature is accounted for, as and when realized. f. Management fees and all others operating expenses are accrued on daily basis. 2. EQUALISATION ACCOUNT : The purpose of Equalization Account is to maintain per unit distributable surplus so that continuing unitholders share of distributable surplus remains unchanged on issue or redemption of units. The total distributable surplus (without considering unrealised appreciation) up to the date of issue/ redemption of units has been taken into account for the purpose of ascertaining the amount to be transferred to Equalization Account. The net balance in this account is transferred to the Revenue Account at the end of the year. 3. INVESTMENTS : a. Investments are accounted on the trade date. In case of interest bearing securities, though investments are accounted on the trade date, interest accrues from the settlement date. However, the effect of all investments traded during the financial year is recorded and reflected in the financial statements for that year. The cost of investments includes cost of acquisition, brokerage and stamp duty, if any. b. Rights/Bonus entitlements, if any, are accounted on ex-right/ex-bonus date of the principal stock exchange. 4. VALUATION OF INVESTMENTS 1. Traded Securities: All traded securities are valued at the closing market price of the principal stock exchange (BSE) and all stock options are valued at the closing market price on the National Stock Exchange (NSE) on the last trading day of the financial year. Where it is not traded on any stock exchange on the last trading day of the financial year, the value at which it was traded on the selected stock exchange or any other stock exchange, as the case may be, on the earliest previous day prior to valuation date have been used provided such date is not more than thirty days for equity shares and fifteen days for debt instruments. 2. Thinly-traded and Non-traded Equity/ Equity related Securities: All thinly traded and non-traded equity and equity related securities are valued in good faith on the basis of valuation principles laid down by SEBI (Mutual Funds) Regulations, 1996 amended upto date, which are as follows: a. Where the latest Balance Sheet of the company is available, the fair value is arrived at after considering the average of net worth value per share and the capital earning value and further discounting it by 10% towards illiquidity. b. Where the latest Balance Sheet of the company is not available within nine months from close of the financial year, the shares of such companies are valued at zero. c. In case of privately placed securities where SEBI Guidelines do not provide for any specifications, the same have been valued the same as per the recommendations of the Investment Committee of the Asset Management Company. 3. Thinly traded and Non-traded Debt Securities: Thinly traded and non-traded debt securities have been valued alike, as per the norms laid down by SEBI (Mutual Funds) Regulations, 1996 amended up to date, depending upon the period of maturity. Non-traded debt securities with residual maturity of upto 182 days are valued on the basis of amortization. 4. Investments in call money, bills purchased under re-discounting scheme and term deposits with banks are valued at cost plus accruals. 5. Government Securities are valued at the prices released by CRISIL, which are currently the only approved agency suggested by Association of Mutual Funds in India (AMFI) and Treasury Bills are valued on the basis of amortization. 6. Securities purchased on Reverse Repo basis are valued at a rate which appreciates or depreciates the security to the extent that cumulative yield on such security equals the Repo rate. 7. There were no investments recognized as Non-performing Assets (NPAs), as on March 31, An investment is regarded as non-performing, if the interest and/or principal amount has not been received or remains outstanding for one quarter from the day such income or installment has fallen due. 8. Appreciation / Depreciation, as the case may be, in the value of the securities at the year-end has been computed for the scheme, whereby the aggregate market value taken together is compared with the aggregate cost of acquisition. Such net balance is charged to Revenue Account. 9. The above policies are followed as and when applicable. NOTES ON ACCOUNTS 1. A Combined Balance Sheet and Revenue Account has been prepared for all the plans / options available in the schemes except in case of Gilt Securities Fund where separate Balance Sheet and Revenue Account has been prepared for the Long Term Gilt Plan, Short Term Gilt Plan and of Index Fund 2. Income / Expenditure / Investment Management Fees: Investment Management Fees has been computed on the basis of Average Daily Net Assets of the Scheme accrued on a daily basis. The Details of Management Fees, Percentage of Total Income (Including Unrealised appreciation) / Expenses (Excluding Unrealised Depreciation) to Average daily net assets across all the schemes are as below: Name of the Schemes Management Fees Average Net Assets Total Income to Total Expenses to (Rs. In Lacs) (Rs. In Lacs) Average Net Assets (%) Average Net Assets (%) Vision Fund Growth Fund Income Fund Liquid Fund Medium Term Fund Short Term Fund Banking Fund Gilt Securities Fund - Long Term Gilt Plan Gilt Securities Fund - Short Term Gilt Plan Monthly Income Plan Floating Rate Fund Mutual Fund Annual Report

19 Notes to financial statements for the year/period ended March 31, Fixed Maturity Fund - Annual Plan Series I Fixed Term Scheme - Quarterly Plan VII Fixed Term Scheme - Quarterly Plan VIII Fixed Term Scheme - Monthly Plan XVII Fixed Term Scheme - Monthly Plan XVIII Fixed Term Scheme - Annual Plan III Fixed Term Scheme - Annual Plan IV Index Fund - Sensex Plan Index Fund - Nifty Plan Equity Opportunities Fund Pharma Fund NRI Income Fund NRI Equity Fund Media & Entertainment Fund Diversified Power Sector Fund Pursuant to the Trust Deed constituting the Fund, the Fund is authorised to pay the Trustee, a fee for their services, in addition to the reimbursement of all costs, charges and expenses, sum computed at the rate of 0.05% of the amount, being the aggregate of the Trust fund and Unit Capital of all the Schemes put together on 1st April each year or a sum of Rs.5 Lacs, which ever is lower or such other sum as may be agreed upon between the Settlor and the Trustee from time to time. The Trustee may charge further fees as permitted from time to time under the Trust Deed and the Regulations. 4. As on March 31, 2005, Deutsche Bank AG provides custodial services to the scheme for which it receives custody fees including transaction and safe keeping fees. 5. The Aggregate value of investments Purchased and Sold (Excluding Redemptions) during the year / period ended 31 st March, 2005 and their percentage of respective average daily net assets are as follows: Name of the Schemes Total Purchase Total Purchase to Total Sale (Excluding Total Sale to Average Average Net Assets (%) Redemptions) Net assets (%) (Rs. In Lacs) (Rs. In Lacs) Vision Fund Growth Fund Income Fund Liquid Fund Medium Term Fund Short Term Fund Banking Fund Gilt Securities Fund - Long Term Gilt Plan Gilt Securities Fund - Short Term Gilt Plan Monthly Income Plan Floating Rate Fund Fixed Maturity Fund - Annual Plan Series I NIL - Fixed Term Scheme - Quarterly Plan VII Fixed Term Scheme - Quarterly Plan VIII Fixed Term Scheme - Monthly Plan XVII Fixed Term Scheme - Monthly Plan XVIII Fixed Term Scheme - Annual Plan III Fixed Term Scheme - Annual Plan IV Index Fund - Sensex Plan Index Fund - Nifty Plan Equity Opportunities Fund Pharma Fund NRI Income Fund NRI Equity Fund Media & Entertainment Fund Diversified Power Sector Fund Disclosure under regulation 25(8) of the SEBI (Mutual Funds) Regulations, 1996 is as follows: Name of the Schemes Name of the Value of Business Percentage to Brokerage associate broker carried out (Rs. Lacs) total business (%) (Rs.) NIL NIL NIL NIL NIL Mutual Fund Annual Report

20 Notes to financial statements for the year/period ended March 31, The total value of contract for purchase / sale of investments pending deliveries, which are included in / excluded from the investments across different schemes are as follows: Name of the Schemes Contract for purchase of Contract for Sale of Investments (Rs. Lacs) Investments (Rs. Lacs) Vision Fund Growth Fund Liquid Fund Monthly Income Plan Equity Opportunities Fund Pharma Fund NRI Equity Fund Media & Entertainment Fund Diversified Power Sector Fund The details of Investment made by the schemes in the group companies during the year / period ended 31 st March, 2005 are as below: Name of the Schemes Amount of Investments ( Rs. in Lacs) Vision Fund Growth Fund Income Fund 0.22 Index Fund Monthly Income Plan Equity Opportunities Fund Liquid Fund NRI Equity Fund Diversified Power Sector Fund Short Term Fund Holding in Group companies as on 31 st March, 2005 is as follows: Name of the group companies Name of the Schemes Industries Limited Energy Limited Quantity Cost(Rs Lacs) Quantity Cost(Rs Lacs) Total Cost (Rs Lacs) Market Value (Rs. Lacs) Vision Fund Floating Rate Fund Index Fund Equity Opportunities Fund Liquid Fund NRI Equity Fund Diversified Power Sector Fund The exposure to derivatives in Equity Opportunities Fund was 0.90% of net assets as on March 31, There was no exposure to derivatives in any other schemes of Mutual Fund as on same date. During financial year derivative transactions have been undertaken in Vision Fund, Growth Fund, Monthly Income Plan, NRI Equity Fund, Diversified Power Sector Fund, Floating Rate Fund & Equity Opportunities Fund. 11. The details of the dividend declared (%) under various plans / options under the various schemes during the year / period ended 31 st March, 2005 are as under: Name of the Schemes / Dividend options Dividend Daily Weekly IP - Daily IP - Weekly Monthly IP- Monthly Quarterly Half yearly Annual Vision Fund 105 Growth Fund 105 Income Fund Liquid Fund - Treasury Plan Liquid Fund - Cash Plan Medium Term Fund 1.18 Short Term Fund Banking Fund Gilt Securities Fund - Long Term Plan 0.94 Gilt Securities Fund - Short Term Plan 0.94 Floating Rate Fund Monthly Income Plan Fixed Term Scheme : Quarterly Plan VII 5.15 Quarterly Plan VIII 3.11 Post declaration of the dividend, the NAV of the Scheme will fall to the extent of the dividend pay-out and distribution tax, if any. (IP = Institutional Plan) Mutual Fund Annual Report

21 Notes to financial statements for the year/period ended March 31, Details of bonus distributed in the Bonus option of Medium Term Fund for the year/period ended 31 st March, 2005 are as under: Name of the Scheme Record Date Bonus Rate NAV as on March 28, Bonus Option Medium Term Fund units for every 5 units held Note: Pursuant to the allotment of bonus units, if any, the NAV of the units would fall in proportion to the bonus units allotted and as a result the total value of the units held by the investor would remain the same. 13. Comparison of Performance of various Schemes with Benchmark Indices: Name of the Scheme / Benchmarks Compounded Annualised Returns # 1 year 3 years 5 years Since Inception Growth Fund BSE S & P CNX Nifty Date of launch Vision Fund BSE S & P CNX Nifty Date of launch Income Fund Crisil Composite Bond Fund Index N A N A Date of launch Liquid Fund - Treasury Plan Date of launch Liquid Fund - Cash Plan N A 4.86 Date of launch Liquid Fund - Super Cash Plan (Plan wound up on ) N A N A N A NA Date of launch CRISIL Liquid Fund Index N A NA Medium Term Fund N A 8.17 Crisil Short Term Bond Fund Index N A NA Date of launch Short Term Fund 5.36 N A N A 6.28 CRISIL Liquid Fund Index 4.17 N A N A 4.33 Date of launch Banking Fund N A N A S&P CNX Bank Index N A N A Date of launch Gilt Securities Fund - Long Term Plan 4.49 N A N A 7.92 I Sec-Li Bex N A N A 3.34 Date of launch Gilt Securities Fund - Short Term Plan 1.02 N A N A 3.68 I Sec-Si Bex 3.46 N A N A 4.78 Date of launch Monthly Income Plan 5.63 N A N A 5.29 CRISIL MIP Blended Index 2.06 N A N A 1.56 Date of launch Floating Rate Fund N A N A N A 2.96 Crisil Liquid Fund Index N A N A N A 2.47 Date of launch FMF Annual Plan Series I NA NA NA NA Date of launch 29/03/2005 FTS Quarterly Plan VII NA NA NA 0.10 Date of launch 25/01/2005 FTS Quarterly Plan VIII NA NA NA 0.24 Date of launch 15/03/2005 FTS Monthly Plan XVII NA NA NA NA Date of launch 21/02/2005 FTS Monthly Plan XVIII NA NA NA 0.09 Date of launch 24/03/2005 FTS Annual Plan III 6.00 NA NA 5.28 Date of launch 27/03/2004 Mutual Fund Annual Report

22 Notes to financial statements for the year/period ended March 31, Name of the Scheme / Benchmarks Compounded Annualised Returns # 1 year 3 years 5 years Since Inception FTS Annual Plan IV NA NA NA 3.55 Date of launch 27/07/2004 Index Fund Sensex Plan NA NA NA BSE Sensex NA NA NA Nifty Plan NA NA NA S & P CNX Nifty NA NA NA Date of launch 29/01/2005 Equity Opportunities Fund NA NA NA NA BSE 100 NA NA NA NA Date of launch 14/02/2005 Pharma Fund NA NA NA BSE-Health Care NA NA NA Date of launch 10/05/2004 NRI Income Fund NA NA NA 1.7 Crisil Composite Bond Fund Index NA NA NA 3.23 Date of launch 16/10/2004 NRI Equity Fund NA NA NA BSE 200 NA NA NA Date of launch 16/10/2004 Media Entertainment Fund NA NA NA 3.46 S & P CNX Media & Ent Index NA NA NA Date of launch 16/09/2004 Diversified Power Sector Fund NA NA NA India Power Index NA NA NA Date of launch 29/03/2004 Past Performance may or may not be sustained in future. Date of Launch is the first date of the New Fund Offer. Compounded annualised returns of growth option/ plan. Returns for period upto 1 year are absolute. 14 Followings are the details regarding the no of investors who have invested more than 25% of the net assets of the scheme and percentage of Holdings to Net assets as on 31st March, 2005: Name Scheme Plan No of investor % of total holding Gilt Securities Fund - Short Term Plan Growth Plan % Gilt Securities Fund - Long Term Plan Growth Plan % Gilt Securities Fund - Long Term Plan Growth Plan % Gilt Securities Fund - Long Term Plan Dividend Plan % Medium Term Fund - Bonus Plan % Liquid Fund - Cash Plan Growth Plan % Note: On an average basis, no single investor is holding more than 25% of net assets of a scheme/plan. 15. The details of the unclaimed redemption and Dividends and the no of investors across all the schemes are as under: Name of the Schemes Unclaimed Dividend Unclaimed Redemption Amount (Rs.) No of Investors Amount (Rs.) No of Investors Vision Fund Growth Fund Income Fund Raliance Medium Term Fund Monthly Income Fund Previous year / period figures have been shown in italics below the current year / period figures and have been regrouped / rearranged wherever appropriate. As these are the first financial statements for Index Fund, Equity Opportunities Fund, Diversified Power Sector Fund, Pharma Fund, NRI Income Fund, NRI Equity Fund, Floating Rate Fund, Media & Entertainment Fund, Fixed Term Scheme & Fixed Maturity Fund - Series I since the date of commencement, there are no comparative figures for the previous year for these schemes. 17. On written request, present and prospective unit holders /investors can obtain copy of the trust deed, the Annual Report, at a price, and the text of the relevant scheme. 18. The Unit holders, if they so desire, may request for the Annual Report of Capital Asset Management Limited. Mutual Fund Annual Report

23 Notes to financial statements for the year/period ended March 31, As required by the Regulation 25(11) of the SEBI (Mutual Funds) Regulations, 1996 following are the investments made by the schemes of Mutual Fund in the companies that have invested more than 5% of the net assets of any scheme and the holdings as on 31 st March, 2005: Name of the Company Investment during the year ended 31st March, 2005 Holding as on 31st March, 2005 Type of security Quantity Amount Cost Type of security Quantity Amount Market Value (Rs. in lacs) (Rs. in lacs) Income Fund HDFC Bank Debt 10 1, Debt - - HDFC Ltd. Debt 1,850 18, Debt ICICI Bank Debt 1,500 1, Debt - - IDBI Debt 12,900 17, Debt - - IDBI Bank Debt 2,500 2, Debt - - IDBI Caps Debt 5 2, Debt - - Larsen & Toubro Ltd. Debt 40 4, Debt - - Punjab National Bank Debt 150 1, Debt - - Industries Ltd. Debt 200 2, Debt - - Grasim Industries Debt 20 1, Debt - - Medium Term Fund HDFC Bank Debt 18 2, Debt - - HDFC Ltd. Debt 150 1, Debt ICICI Bank Debt 1, Debt ICICI Bank Fixed Deposit - 2, Fixed Deposit - - State Bank of Indore Fixed Deposit Fixed Deposit - - UCO BANK Fixed Deposit Fixed Deposit - - Short Term Fund Bharti Televentures Debt 25 2, Debt - - Ashok Leyland Finance Ltd. Debt 78 5, Debt - - HDFC Bank Debt 10 1, Debt - - HDFC Ltd. Debt 2,650 22, Debt - - ICICI Bank Debt 5,500 5, Debt - - IDBI Bank Ltd Debt 7,000 7, Debt - - IDBI Capital Markets Debt 10 5, Debt - - IDBI Debt 40,950 35, Debt - - Larsen & Toubro Ltd. Debt 20 2, Debt - - Industries Ltd. Debt 420 6, Debt - - Sundaram Finance Debt 1,535 4, Debt - - UltraTech Chemco. Debt 10 1, Debt - - Grasim Industries Debt 30 1, Debt - - ICICI Bank Fixed Deposit - 2, Fixed Deposit - 2, Allahbad Bank Fixed Deposit - 1, Fixed Deposit - - IDBI Bank Ltd Fixed Deposit - 5, Fixed Deposit - - Karur Vysya Bank Fixed Deposit - 5, Fixed Deposit - - State Bank Of Hyderabad Fixed Deposit - 7, Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 8, Fixed Deposit - - Vijaya Bank Fixed Deposit - 2, Fixed Deposit - - Banking Fund ICICI Bank Certificate Of Deposit Certificate of Deposit - - Allahbad Bank Equity 550, Equity - - Andhra Bank Equity 10,612, Equity - - Bank Of Baroda Equity 125, Equity - - HDFC Bank Equity 120, Equity 75, ICICI Bank Equity 650,000 1, Equity 125, Karur Vysya Bank Equity 98, Equity 50, Punjab National Bank Equity 665,000 1, Equity 65, The Jammu & Kashmir Bank Ltd Equity 86, Equity 36, Uco Bank Equity 97, Equity - - Union Bank Of India Equity 1,450, Equity - - Vijaya Bank Equity 1,900, Equity 500, Allahbad Bank Fixed Deposit Fixed Deposit - - ICICI Bank Fixed Deposit Fixed Deposit - - State Bank Of Hyderabad Fixed Deposit Fixed Deposit - - Pharma Fund HDFC Debt 500 2, Debt - - Mutual Fund Annual Report

24 Notes to financial statements for the year/period ended March 31, Name of the Company Investment during the year ended 31st March, 2005 Holding as on 31st March, 2005 Type of security Quantity Amount Cost Type of security Quantity Amount Market Value (Rs. in lacs) (Rs. in lacs) ICICI Bank Debt 1, Debt - - Dr Reddys Laboratories Ltd. Equity 150,000 1, Equity 25, Sun Pharmaceutical Industries Ltd. Equity 266, Equity - - ICICI Bank Fixed Deposit Fixed Deposit - - Karnataka Bank Fixed Deposit Fixed Deposit - - Allahabad Bank Fixed Deposit Diversified Power Sector Fund HDFC Debt 800 3, Debt - - Ashok Leyland Debt 215 2, Debt - - ICICI Bank Debt 5,000 4, Debt - - IDBI Debt 1,500 1, Debt - - Energy Ltd. Equity 553,451 3, Equity 361,657 1, ICICI Bank Fixed Deposit Fixed Deposit - - Allahabad Bank TD Fixed Deposit - 5, Fixed Deposit - - Karnataka Bank Fixed Deposit Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 4, Fixed Deposit - - Fixed Term Scheme - Monthly Plan III IDBI Debt 1,275 1, Debt - - Andhra Bank Fixed Deposit - 1, Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit Fixed Deposit - - Vijaya Bank Fixed Deposit - 1, Fixed Deposit - - Fixed Term Scheme - Monthly Plan IV ICICI Bank Certificate Of Deposit 1, Certificate of Deposit - - ICICI Bank Debt Debt - - IDBI Debt 1,000 1, Debt - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 1, Fixed Deposit - - Fixed Term Scheme - Monthly Plan V Ashok Leyland Finance Ltd. Debt 39 2, Debt - - Global Trade Finance Pvt Ltd Debt 40 4, Debt - - ICICI Bank Debt 500 2, Debt - - Allahbad Bank Fixed Deposit - 2, Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 5, Fixed Deposit - - Vijaya Bank Fixed Deposit - 5, Fixed Deposit - - Fixed Term Scheme - Monthly Plan VI Ashok Leyland Debt 210 1, Debt - - HDFC Debt 1,000 2, Debt - - ICICI Securities & Fin Debt 1,000 4, Debt - - IDBI Debt Debt - - ICICI Bank Fixed Deposit - 2, Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 7, Fixed Deposit - - Vijaya Bank Fixed Deposit - 5, Fixed Deposit - - Fixed Term Scheme - Monthly Plan VII Ashok Leyland Debt 290 2, Debt - - HDFC Debt 500 2, Debt - - ICICI Securities & Fin Debt 1,000 4, Debt - - ICICI Bank Debt 500 2, Debt - - IDBI Debt 5,500 2, Debt - - Allahbad Bank Fixed Deposit - 10, Fixed Deposit - - ICICI Bank Fixed Deposit - 4, Fixed Deposit - - IDBI Fixed Deposit - 2, Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 7, Fixed Deposit - - Fixed Term Scheme - Monthly Plan VIII Ashok Leyland Debt 285 1, Debt - - ICICI Bank Debt 3,000 2, Debt - - Mutual Fund Annual Report

25 Notes to financial statements for the year/period ended March 31, Name of the Company Investment during the year ended 31st March, 2005 Holding as on 31st March, 2005 Type of security Quantity Amount Cost Type of security Quantity Amount Market Value (Rs. in lacs) (Rs. in lacs) IDBI Debt 2,500 2, Debt - - Allahbad Bank Fixed Deposit - 16, Fixed Deposit - - ICICI Bank Fixed Deposit - 4, Fixed Deposit - - IDBI Fixed Deposit - 2, Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 12, Fixed Deposit - - Fixed Term Scheme - Monthly Plan IX IDBI Bank Debt 2,500 2, Debt - - Allahbad Bank Fixed Deposit - 20, Fixed Deposit - - IDBI Bank Fixed Deposit - 7, Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 18, Fixed Deposit - - Fixed Term Scheme - Monthly Plan X IDBI Debt 2,500 2, Debt - - Allahbad Bank Fixed Deposit - 15, Fixed Deposit - - Indusind Bank Ltd Fixed Deposit - 5, Fixed Deposit - - Karur Vysysa Bank Fixed Deposit - 5, Fixed Deposit - - State Bank Of Indore Fixed Deposit - 2, Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 8, Fixed Deposit - - Fixed Term Scheme - Monthly Plan XI IDBI Bank Debt 2,500 2, Debt - - Allahbad Bank Fixed Deposit - 2, Fixed Deposit - - State Bank Of Indore Fixed Deposit - 2, Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 8, Fixed Deposit - - Fixed Term Scheme - Monthly Plan XII Allahbad Bank Fixed Deposit - 7, Fixed Deposit - - IDBI Bank Fixed Deposit - 1, Fixed Deposit - - Indusind Bank Fixed Deposit - 5, Fixed Deposit - - Karnataka Bank Fixed Deposit - 4, Fixed Deposit - - State Bank Of Indore Fixed Deposit - 2, Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 1, Fixed Deposit - - ICICI Bank Fixed Deposit - 5, Fixed Deposit - - Fixed Term Scheme - Monthly Plan XIII Allahbad Bank Fixed Deposit - 7, Fixed Deposit - - IDBI Bank Fixed Deposit - - Fixed Deposit - - Indusind Bank Fixed Deposit - 5, Fixed Deposit - - Karnataka Bank Fixed Deposit - 5, Fixed Deposit - - State Bank Of Indore Fixed Deposit - - Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 10, Fixed Deposit - - IDBI Bank Debt 1,700 2, Debt - - Fixed Term Scheme - Monthly Plan XIV Ashok Leyland Ltd. Debt 400 1, Debt - - Sterlite Industries India Ltd Debt 20 1, Debt - - IDBI Bank Debt 2,700 5, Debt - - Allahbad Bank Fixed Deposit - 10, Fixed Deposit - - IDBI Bank Fixed Deposit - - Fixed Deposit - - Indusind Bank Fixed Deposit - 6, Fixed Deposit - - Karnataka Bank Fixed Deposit - 14, Fixed Deposit - - State Bank Of Indore Fixed Deposit - - Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 13, Fixed Deposit - - Fixed Term Scheme - Monthly Plan XV Ashok Leyland Ltd. Debt - - Debt - - Sterlite Industries India Ltd Debt - - Debt - - IDBI Bank Debt - - Debt - - Electrosteel Castngs Limited Debt 25 2, Debt - - Allahbad Bank Fixed Deposit Fixed Deposit - - IDBI Bank Fixed Deposit - 2, Fixed Deposit - - Mutual Fund Annual Report

26 Notes to financial statements for the year/period ended March 31, Name of the Company Investment during the year ended 31st March, 2005 Holding as on 31st March, 2005 Type of security Quantity Amount Cost Type of security Quantity Amount Market Value (Rs. in lacs) (Rs. in lacs) Indusind Bank Fixed Deposit - - Fixed Deposit - - Karnataka Bank Fixed Deposit - 1, Fixed Deposit - - State Bank Of Indore Fixed Deposit - - Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 16, Fixed Deposit - - Fixed Term Scheme - Monthly Plan XVI Ashok Leyland Ltd. Debt - - Debt - - Sterlite Industries India Ltd Debt 20 1, Debt - - IDBI Bank Debt Debt - - ICICI Bank Debt 5,000 4, Debt - - Electrosteel Castngs Limited Debt 50 4, Debt - - Allahbad Bank Fixed Deposit - - Fixed Deposit - - IDBI Bank Fixed Deposit - - Fixed Deposit - - Indusind Bank Fixed Deposit - 3, Fixed Deposit - - Karnataka Bank Fixed Deposit - 12, Fixed Deposit - - Vijaya Bank Fixed Deposit - 2, Fixed Deposit - - State Bank Of Indore Fixed Deposit - - Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 11, Fixed Deposit - - Fixed Term Scheme - Monthly Plan XVII Ashok Leyland Ltd. Debt - - Debt - - Sterlite Industries India Ltd Debt - - Debt - - IDBI Bank Debt 1,000 1, Debt - - ICICIBank Debt 7,500 7, Debt - - Electrosteel Castngs Limited Debt - - Debt - - Allahbad Bank Fixed Deposit - - Fixed Deposit - - IDBI Bank Fixed Deposit - - Fixed Deposit - - Indusind Bank Fixed Deposit - 3, Fixed Deposit - - Karnataka Bank Fixed Deposit - 9, Fixed Deposit - - Vijaya Bank Fixed Deposit - - Fixed Deposit - - State Bank Of Indore Fixed Deposit - - Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 8, Fixed Deposit - - Fixed Term Scheme - Annual Plan III IDBI Debt 25,000 2, Debt 25,000 2, The Jammu & Kashmir Bank Ltd Fixed Deposit Fixed Deposit - - Karnataka Bank Fixed Deposit Fixed Deposit - - Vijaya Bank Fixed Deposit - 2, Fixed Deposit - - Fixed Term Scheme - Annual Plan IV ICICI Debt Debt - - IDBI Debt 2,000 2, Debt - - Sundaram Finance Ltd. Debt 1,000 1, Debt 1,000 1, Karnataka Bank Fixed Deposit Fixed Deposit - - Monthly Income Plan Ashok Leyland Ltd. Debt Debt - - HDFC Debt 3,780 34, Debt - - HDFC Bank Debt 10 2, Debt - - ICICI Bank Debt 5,000 6, Debt 1,000,000 1, IDBI Bank Debt 63,215 35, Debt - - IDBI Caps Debt Debt - - Larsen & Toubro Limited Debt Debt - - Industies Ltd. Debt 270 4, Debt - - Sundaram Finance Debt 145 4, Debt - - Grasim Industries Debt 40 2, Debt - - Ashok Leyland Ltd. Equity 518,026 2, Equity - - Bank Of Baroda Equity 195, Equity - - Finolex Inds. Ltd. Equity 123, Equity - - Hero Honda Equity 589,122 2, Equity - - ICICI Bank Equity 725,835 2, Equity - - Indian Petrochemical Corporation Ltd Equity 699, Equity - - Mutual Fund Annual Report

27 Notes to financial statements for the year/period ended March 31, Name of the Company Investment during the year ended 31st March, 2005 Holding as on 31st March, 2005 Type of security Quantity Amount Cost Type of security Quantity Amount Market Value (Rs. in lacs) (Rs. in lacs) Infosys Equity 51,800 2, Equity - - ITC Equity 150,346 4, Equity - - Maruti Udyog Equity 1,138,300 4, Equity - - Nestle India Ltd. Equity 44, Equity - - Patni Computer Systems Ltd. Equity - - Equity - - Energy Limited Equity 141, Equity - - Industies Ltd. Equity 300,000 1, Equity - - Union Bank Of India Equity 1,750,000 1, Equity - - Wipro Equity 99,000 1, Equity - - Allahbad Bank Fixed Deposit - 1, Fixed Deposit - - ICICI Bank Fixed Deposit - 6, Fixed Deposit Karnataka Bank Limited Fixed Deposit - 1, Fixed Deposit - - State Bank Of Hyderabad Fixed Deposit - 4, Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 1, Fixed Deposit - - Fixed Term Scheme - Quarterly Plan V Allahbad Bank Fixed Deposit - 2, Fixed Deposit - Fixed Term Scheme - Quarterly Plan VI The Jammu & Kashmir Bank Ltd Fixed Deposit - 1, Fixed Deposit - - Karnataka Bank Fixed Deposit - 3, Fixed Deposit - - Vijaya Bank Fixed Deposit Fixed Deposit - - Fixed Term Scheme - Quarterly Plan VII The Jammu & Kashmir Bank Ltd Certificate Of Deposit Certificate Of Deposit ICICI Bank Debt 4,000 4, Debt 3,000 2, Indus Ind Bank Debt 4,000 4, Debt 4,000 3, The Jammu & Kashmir Bank Ltd Debt 250 2, The Jammu & Kashmir Bank Ltd Fixed Deposit - 6, Fixed Deposit - 5, Karnataka Bank Fixed Deposit - 4, Fixed Deposit - 1, Vijaya Bank Fixed Deposit Fixed Deposit - - Indus Ind Bank Fixed Deposit - 2, Fixed Deposit - 2, Floating Rate Fund ICICI Bank Certificate Of Deposit 16,000 15, ICICI Bank Debt - - Debt 250 2, HDFC Debt 4,750 31, Debt 650 6, IDBI Debt 43,430 40, Debt 150 1, IDBI Caps Debt Debt - - Industries Limited Debt 400 4, Debt 150 1, Sterlite Industries India Ltd Debt 40 3, Debt Sundaram Finance Debt 1, , Debt 35 1, Allahbad Bank Fixed Deposit - 20, Fixed Deposit - - ICICI Bank Fixed Deposit - 12, Fixed Deposit - - Karnataka Bank Fixed Deposit - 7, Fixed Deposit - 2, Vijaya Bank Fixed Deposit - 2, Fixed Deposit - - Media & Entertainment Fund ICICIBank Fixed Deposit - 2, Fixed Deposit - - NRI Equity Fund ITC Ltd Equity 45, Equity - - Maruti Udyog Ltd Equity 300,000 1, Equity - - Industries Ltd Equity 161, Equity 161, ICICI Bank Fixed Deposit - 1, Fixed Deposit - - Allahbad Bank Fixed Deposit - 2, Fixed Deposit - - Karnataka Bank Fixed Deposit - 1, Fixed Deposit - - Uco Bank Fixed Deposit - 4, Fixed Deposit - - NRI Income Fund ICICIBank Fixed Deposit Fixed Deposit - - Liquid Fund - Teasury Plan ICICI Bank Certificate Of Deposit 5,450,074, , Certificate Of Deposit 1, , Allahbad Bank Certificate Of Deposit 2,500 24, Certificate Of Deposit 7, , Mutual Fund Annual Report

28 Notes to financial statements for the year/period ended March 31, Name of the Company Investment during the year ended 31st March, 2005 Holding as on 31st March, 2005 Type of security Quantity Amount Cost Type of security Quantity Amount Market Value (Rs. in lacs) (Rs. in lacs) Uco Bank Certificate Of Deposit 2,500 7, Certificate Of Deposit 7, , The Jammu & Kashmir Bank Ltd Certificate Of Deposit 7,600 21, Certificate Of Deposit 1, , ICICI Bank Commercial Papers 1,000 4, Commercial Papers - - Raymond Ltd Debt 702,600,000 10, Debt - - Sterlite Industries India Ltd Debt , Debt - - ICICI Bank Debt 2,905,000,500 34, Debt - - IDBI Bank Debt 3,894,518, , Debt 6, , Electrosteel Castngs Limited Debt 50 4, Debt - - Sundaram Finance Debt 800 4, Debt - - Allahbad Bank Fixed Deposit - 79, Fixed Deposit - - ICICI Bank Fixed Deposit - 79, Fixed Deposit - - IDBI Bank Fixed Deposit - 70, Fixed Deposit - - Indusind Bank Ltd Fixed Deposit - 26, Fixed Deposit - - Karnataka Bank Fixed Deposit - 34, Fixed Deposit - 2, Karur Vysya Bank Fixed Deposit - 5, Fixed Deposit - - Punjab & National Bank Fixed Deposit - 13, Fixed Deposit - - State Bank Of Indore Fixed Deposit - 10, Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 25, Fixed Deposit - - Uco Bank Fixed Deposit - 47, Fixed Deposit - - Vijaya Bank Fixed Deposit - 4, Fixed Deposit - - Liquid Fund - Cash Plan IDBI Bank Fixed Deposit - 1, Fixed Deposit - - IDBI Bank Debt 16 8, Debt - - Raymond Ltd Debt 251,000,000 3, Debt - - Sterlite Industries India Ltd Debt 45 4, Debt - - Liquid Fund - Super Cash Plan ICICI Bank Certificate Of Deposit 30,000 29, Certificate Of Deposit - - Raymond Ltd Debt 200,000,000 2, Debt - - ICICI Bank Debt 750,005,000 12, Debt - - IDBI Bank Debt 3,802,202,100 40, Debt - - Allahbad Bank Fixed Deposit - 1, Fixed Deposit - - Karnataka Bank Fixed Deposit - 2, Fixed Deposit - - State Bank Of Indore Fixed Deposit - 5, Fixed Deposit - - ICICI Bank Fixed Deposit - 15, Fixed Deposit - - IDBI Bank Fixed Deposit - 12, Fixed Deposit - - Growth Fund Hero Honda Equity 178, Equity - - Hindustan Zinc Equity 1,426, , Equity 1,150, , Patni Computers Equity - - Equity - - ICICI Bank Ltd Equity 368, , Equity - - Energy Equity - - Equity - - Industries Equity 300, , Equity - - Geometric Software Solutions Co Equity 400, , Equity 400, , ITC Ltd Equity - - Equity - - Indus Ind Bank Equity 4,371, , Equity 2,500, , Wipro Limited Equity 100, Equity - - IDBI Equity 975, Equity 975, IDBI Bank Commercial Papers 1,500, , Commercial Papers - - Ashok Leyland Equity 7,490, , Equity 7,490, , Vijaya Bank Equity - - Equity - - ICICI Bank Ltd Certificate Of Deposit 400,000, , Certificate Of Deposit - - IDBI Bank Debt 1,500, , Debt - - Punjab National Bank Equity 475, , Equity - - Punjab National Bank Fixed Deposits 90,000, Fixed Deposits - - ICICI Bank Ltd Fixed Deposits 800,000, , Fixed Deposits 500, Mutual Fund Annual Report

29 Notes to financial statements for the year/period ended March 31, Name of the Company Investment during the year ended 31st March, 2005 Holding as on 31st March, 2005 Type of security Quantity Amount Cost Type of security Quantity Amount Market Value (Rs. in lacs) (Rs. in lacs) Tata Chemicals Equity 1,549, , Equity 1,549, , Maruti Udyog Ltd Equity 854, , Equity 300, , Grasim Industries Ltd Equity 142, , Equity - - Allahabad Bank Fixed Deposits 550,000, , Fixed Deposits - - State Bank Of Indore Fixed Deposits 200,000, , Fixed Deposits - - Thermax India Ltd Preference Shares - - Preference Shares 100, Bayer India Ltd Equity 400, Equity - - Vision Fund Dr Reddy Equity 103, Equity - - Hero Honda Equity 203, Equity - - Hindustan Zinc Equity - - Equity - - Patni Computers Equity 616, , Equity - - Energy Equity Equity - - Industries Equity 1,085, , Equity 700, , IDBI Equity 1,000, Equity - - Sterlite Industries Equity 492, , Equity 349, , ITC Ltd Equity 100, , Equity 200, , Maruti Udyog Ltd Equity 1,375, , Equity - - Wipro Limited Equity 58, Equity - - ICICI Bank Equity 300, , Equity 200, ICICI Bank Fixed Deposits 100,000, Fixed Deposits 500, ICICI Bank Debt 500, Debt - - ICICI Bank Certificate Of Deposit 450,000, , Certificate Of Deposit - - Ashok Leyland Limited Equity 17,609, , Equity 12,924, , Ashok Leyland Limited Commercial Papers 1,000, Commercial Papers - - Punjab National Bank Equity 354, Equity - - State Bank Of Indore Fixed Deposits 350,000, , Fixed Deposits - - Allahabad Bank Fixed Deposits 10,000, Fixed Deposits - - Grasim Industries Ltd Equity 246, , Equity - - G. E Shipping Equity 667, Equity - - Index Fund - Sensex Plan Bharati Tele Ventures Ltd. Equity 3, Equity Dr Reddy Equity Equity Grasim Industries Ltd Equity Equity HDFC Bank Equity 2, Equity Hero Honda Equity Equity ICICI Bank Ltd Equity 7, Equity ITC Ltd Equity 1, Equity Larsen & Toubro Limited Equity 1, Equity Maruti Udyog Ltd Equity Equity Energy Limited Equity Equity Industries Limited Equity 7, Equity Wipro Limited Equity 1, Equity Index Fund - Nifty Plan Bharati Tele Ventures Ltd. Equity 20, Equity Dr Reddy Equity Equity Grasim Industries Ltd Equity 1, Equity HDFC Bank Equity 3, Equity Hero Honda Equity 2, Equity ICICI Bank Ltd Equity 8, Equity Indian Petrochemicals Corprn. Ltd. Equity 2, Equity ITC Ltd Equity 2, Equity Larsen & Toubro Limited Equity 1, Equity Maruti Udyog Ltd Equity 3, Equity Punjab National Bank Equity 2, Equity Energy Limited Equity 2, Equity Industries Limited Equity 15, Equity Sun Pharmaceuticals Ltd Equity 2, Equity Tata Chemicals Equity 2, Equity Wipro Limited Equity 7, Equity Mutual Fund Annual Report

30 Abridged audited balance sheet as at March 31, Particulars Vision Fund Growth Fund Income Fund Liquid Fund Medium Term Fund Short Term Fund LIABILITIES (Amount in Rs. lacs) 1. UNIT CAPITAL 20, , , , , , , , , , , , RESERVES AND SURPLUS Unit Premium Reserve 15, , , , , , , (87,476.66) (169.36) Appropriation Account 28, , , , , , , , CURRENT LIABILITIES AND PROVISIONS 75, , , , , , TOTAL 140, , , , , , , , , , , , ASSETS 1. INVESTMENTS Equity Shares 60, , , , Futures/Options - - Privately Placed Debentures/ Bonds - - Debentures/ Bonds Listed/ Awaiting Listing , , , , , , Commercial Paper / Certificate of Deposit , , Government Securities - - 1, , , Treasury Bills , FRN - - Securitised Debt , Public Sector Unit - Bonds - - Zero Coupon Bonds , Others (REPO) 9, , , , DEPOSITS Call Deposits with Scheduled Banks , , Bank Deposits , , , Margin Money Deposit for CCIL , OTHER CURRENT ASSETS Cash & Bank Balance 5, , , , , , , Others 64, , , , , , , , TOTAL 140, , , , , , , , , , , , Mutual Fund Annual Report

31 Abridged audited balance sheet as at March 31, Particulars Banking Fund Gilt Securities Fund Long Term Plan Gilt Securities Fund Short Term Plan Monthly Income Plan Index Fund Sensex Plan Index Fund Nifty Plan LIABILITIES (Amount in Rs. lacs) 1. UNIT CAPITAL 2, , , , , , RESERVES AND SURPLUS Unit Premium Reserve , (13.15) (10.31) (118.54) Appropriation Account 2, , , CURRENT LIABILITIES AND PROVISIONS , , TOTAL 6, , , , , , ASSETS 1. INVESTMENTS Equity Shares 4, , , , Futures/Options - - Privately Placed Debentures/ Bonds - - Debentures/ Bonds Listed/ Awaiting Listing , , Commercial Paper / Certificate of Deposit Government Securities , , , Treasury Bills - 8, , FRN - - Securitised Debt , , Public Sector Unit - Bonds - - Zero Coupon Bonds - - Others (REPO) 1, , , DEPOSITS Call Deposits with Scheduled Banks - - Bank Deposits Margin Money Deposit for CCIL OTHER CURRENT ASSETS - Cash & Bank Balance , , Others , , TOTAL 6, , , , , , Mutual Fund Annual Report

32 Abridged audited balance sheet as at March 31, Particulars Equity Opportunities Fund NRI Income Fund NRI Equity Fund Media & Entertainment Fund Pharma Fund Diversified Power Sector Fund Floating Rate Fund LIABILITIES (Amount in Rs. lacs) 1. UNIT CAPITAL 177, , , , , , RESERVES AND SURPLUS Unit Premium Reserve (57.43) (129.63) (154.51) (2,106.77) Appropriation Account (1,113.59) , , , , CURRENT LIABILITIES AND PROVISIONS 13, , TOTAL 189, , , , , , ASSETS 1. INVESTMENTS Equity Shares 86, , , , , Futures/Options 1, Privately Placed Debentures/ Bonds Debentures/ Bonds Listed/ Awaiting Listing 20, , , Commercial Paper / Certificate of Deposit - 3, Government Securities Treasury Bills , FRN - 35, Securitised Debt - 25, Public Sector Unit - Bonds Zero Coupon Bonds Others (REPO) 26, , DEPOSITS Call Deposits with Scheduled Banks Bank Deposits 45, , Margin Money Deposit for CCIL OTHER CURRENT ASSETS - - Cash & Bank Balance 1, , Others 6, , , TOTAL 189, , , , , , Mutual Fund Annual Report

33 Abridged audited balance sheet as at March 31, Particulars Monthly Plan XVII Fixed Term Scheme Monthly Quarterly Plan XVIII Plan VII Quarterly Plan VIII Fixed Maturity Fund Annual Plan 1 Fixed Term Scheme Annual III Annual IV LIABILITIES (Amount in Rs. lacs) 1. UNIT CAPITAL - 46, , , , , , , RESERVES AND SURPLUS Unit Premium Reserve (148.38) (199.09) Appropriation Account CURRENT LIABILITIES AND PROVISIONS TOTAL , , , , , , , ASSETS 1. INVESTMENTS Equity Shares Futures/Options Privately Placed Debentures/ Bonds Debentures/ Bonds Listed/ Awaiting Listing - 11, , , Commercial Paper / Certificate of Deposit - 9, , , , , , Government Securities Treasury Bills FRN Securitised Debt - 15, , , Public Sector Unit - Bonds Zero Coupon Bonds , Others (REPO) DEPOSITS Call Deposits with Scheduled Banks Bank Deposits - 9, , , , , Margin Money Deposit for CCIL OTHER CURRENT ASSETS - - Cash & Bank Balance Others TOTAL , , , , , , , Mutual Fund Annual Report

34 Abridged audited revenue account and appropriation account for the year / period ended March 31, to to PARTICULARS Vision Growth Income Liquid Medium Term Fund Fund Fund Fund Fund 1. INCOME (Amount in Rs. lacs) Dividends 1, , Interest , , , , , Profit on sale of Investments (Other than Inter Scheme Transfer / Sale) 16, , , , , , Profit on sale of Inter Scheme Investments 3, , Other Income Unrealised Appreciation in the value of Investments 13, , , , TOTAL 35, , , , , , , , , EXPENSES AND LOSSES Loss on Sale / Redemption of Investments ( other than Inter-scheme Transfer / Sale) 5, , , , , , Loss on Inter-Scheme transfer of Investments Management Fees , Trusteeship Fees Custodian Fees Audit Fees Registrar & Transfer Agent s Fees Marketing and Distribution Expenses Other Operating Expenses Diminution in the value of Investments Loss on Option Preliminary Expenses Written off Unrealised Depreciation in the value of Investments , Incentive paid TOTAL 8, , , , , , , , Net Surplus / (Deficit) for the year / period 27, , (204.25) 18, , , , , , APPROPRIATION ACCOUNT Net Surplus / (Deficit) brought forward from previous year 19, , , , , , , , , Net Surplus / (Deficit) for the year 27, , (204.25) 18, , , , , , Less:Appreciation in the value of Investments for the previous year 5, , Add:depriciation Of Previous year written off Net available Surplus / (Deficit) 41, , , , , , , , , Add : Transferred from Equalisation account (9,830.69) (10,419.58) (14,931.58) (7,749.50) 1, , , (6,308.50) 143, (2,724.18) Add : Transferred from unit Premium Reserve 9, , , Less : Dividend distributed (Including Distribution Tax) 12, , , , , , , Less : Bonus distributed , Net Surplus / (Deficit) carried forward 28, , (635.23) 175, , , , , Mutual Fund Annual Report

35 Abridged audited revenue account and appropriation account for the year / period ended March 31, to to Gilt Gilt PARTICULARS Short Term Banking Securities Fund Securities Fund Monthly Fund Fund Long Term Plan Short Term Plan Income Plan 1. INCOME (Amount in Rs. lacs) Dividends Interest 3, , , , , Profit on sale of Investments ( Other than Inter Scheme Transfer /Sale) , , , , Profit on sale of Inter Scheme Investments Other Income Unrealised Appreciation in the value of Investments TOTAL 3, , , , , , , EXPENSES AND LOSSES Loss on Sale / Redemption of Investments ( other than Inter-scheme Transfer / Sale) 1, , , Loss on Inter-Scheme transfer of Investments Management Fees Trusteeship Fees Custodian Fees Audit Fees Registrar & Transfer Agent s Fees Marketing and Distribution Expenses Other Operating Expenses Diminution in the value of Investments Loss on Option Preliminary Expenses Written off Unrealised Depreciation in the value of Investments Incentive paid TOTAL 1, , , , Net Surplus / (Deficit) for the year / period 2, , (49.23) 2, , , , APPROPRIATION ACCOUNT Net Surplus / (Deficit) brought forward from previous year 3, , Net Surplus / (Deficit) for the year 2, , (49.23) 2, , , , Less:Appreciation in the value of Investments for the previous year (11.61) Add:depriciation Of Previous year written off Net available Surplus / (Deficit) 5, , (36.58) 3, , , , Add : Transferred from Equalisation account (5,170.15) (2,247.31) (243.98) (1,177.41) (243.98) Add : Transferred from unit Premium Reserve Less : Dividend distributed (Including Distribution Tax) , Less : Bonus distributed Net Surplus / (Deficit) carried forward , , , , Mutual Fund Annual Report

36 PARTICULARS Abridged audited revenue account and appropriation account for the year / period ended March 31, 2005 Floating Rate Fund Diversified Power Sector Fund to to Pharma Fund Media & Entertainment Fund NRI Equity Fund 1. INCOME (Amount in Rs. lacs) Dividends Interest 4, Profit on sale of Investments ( Other than Inter Scheme Transfer /Sale) , , Profit on sale of Inter Scheme Investments Other Income Unrealised Appreciation in the value of Investments , , TOTAL 4, , , , EXPENSES AND LOSSES Loss on Sale / Redemption of Investments ( other than Inter-scheme Transfer / Sale) Loss on Inter-Scheme transfer of Investments Management Fees Trusteeship Fees Custodian Fees Audit Fees Registrar & Transfer Agent s Fees Marketing and Distribution Expenses Other Operating Expenses Diminution in the value of Investments Loss on Option Preliminary Expenses Written off Unrealised Depreciation in the value of Investments Incentive paid TOTAL 1, , , Net Surplus / (Deficit) for the year / period 3, , , , APPROPRIATION ACCOUNT Net Surplus / (Deficit) brought forward from previous year Net Surplus / (Deficit) for the year 3, , , , Less:Appreciation in the value of Investments for the previous year Add:depriciation Of Previous year written off. Net available Surplus / (Deficit) 3, , , , Add : Transferred from Equalisation account (1,406.15) (57.78) (223.10) (98.73) (49.50) Add : Transferred from unit Premium Reserve Less : Dividend distributed (Including Distribution Tax) Less : Bonus distributed Net Surplus / (Deficit) carried forward 1, , , , Mutual Fund Annual Report

37 PARTICULARS Abridged audited revenue account and appropriation account for the year / period ended March 31, INCOME (Amount in Rs. lacs) Dividends Interest Profit on sale of Investments ( Other than Inter Scheme Transfer /Sale) Profit on sale of Inter Scheme Investments Other Income Unrealised Appreciation in the value of Investments TOTAL EXPENSES AND LOSSES NRI Income Fund Equity Opportunities Fund to to Index Fund Nifty Plan Index Fund Sensex Plan Fixed Term Scheme Monthly Plan VI Loss on Sale / Redemption of Investments ( other than Inter-scheme Transfer / Sale) Loss on Inter-Scheme transfer of Investments Management Fees Trusteeship Fees Custodian Fees Audit Fees Registrar & Transfer Agent s Fees Marketing and Distribution Expenses Other Operating Expenses Diminution in the value of Investments Loss on Option Preliminary Expenses Written off Unrealised Depreciation in the value of Investments - 2, Incentive paid TOTAL , Net Surplus / (Deficit) for the year / period 3.76 (1,113.59) APPROPRIATION ACCOUNT Net Surplus / (Deficit) brought forward from previous year Net Surplus / (Deficit) for the year 3.76 (1,113.59) Less:Appreciation in the value of Investments for the previous year Add: depriciation Of Previous year written off. Net available Surplus / (Deficit) 3.76 (1,113.59) Add : Transferred from Equalisation account (0.06) Add : Transferred from unit Premium Reserve Less : Dividend distributed (Including Distribution Tax) Less : Bonus distributed Net Surplus / (Deficit) carried forward 3.70 (1,113.59) Mutual Fund Annual Report

38 Abridged audited revenue account and appropriation account for the year / period ended March 31, to to PARTICULARS RELIANCE FIXED TERM SCHEME Monthly Plan 7 Monthly Plan 8 Monthly Plan 9 Monthly Plan 10 Monthly Plan INCOME (Amount in Rs. lacs) Dividends Interest Profit on sale of Investments ( Other than Inter Scheme Transfer /Sale) Profit on sale of Inter Scheme Investments Other Income Unrealised Appreciation in the value of Investments TOTAL EXPENSES AND LOSSES Loss on Sale / Redemption of Investments ( other than Inter-scheme Transfer / Sale) Loss on Inter-Scheme transfer of Investments Management Fees Trusteeship Fees Custodian Fees Audit Fees Registrar & Transfer Agent s Fees Marketing and Distribution Expenses Other Operating Expenses Diminution in the value of Investments Loss on Option Preliminary Expenses Written off Unrealised Depreciation in the value of Investments Incentive paid TOTAL Net Surplus / (Deficit) for the year / period APPROPRIATION ACCOUNT Net Surplus / (Deficit) brought forward from previous year Net Surplus / (Deficit) for the year Less:Appreciation in the value of Investments for the previous year Add: depriciation Of Previous year written off. Net available Surplus / (Deficit) Add : Transferred from Equalisation account Add : Transferred from unit Premium Reserve Less : Dividend distributed (Including Distribution Tax) Less : Bonus distributed Net Surplus / (Deficit) carried forward Mutual Fund Annual Report

39 PARTICULARS Abridged audited revenue account and appropriation account for the year / period ended March 31, to to RELIANCE FIXED TERM SCHEME Monthly Plan 12 Monthly Plan 13 Monthly Plan 14 Monthly Plan 15 Monthly Plan INCOME (Amount in Rs. lacs) Dividends Interest Profit on sale of Investments ( Other than Inter Scheme Transfer /Sale) Profit on sale of Inter Scheme Investments Other Income Unrealised Appreciation in the value of Investments TOTAL EXPENSES AND LOSSES Loss on Sale / Redemption of Investments ( other than Inter-scheme Transfer / Sale) Loss on Inter-Scheme transfer of Investments Management Fees Trusteeship Fees Custodian Fees Audit Fees Registrar & Transfer Agent s Fees Marketing and Distribution Expenses Other Operating Expenses Diminution in the value of Investments Loss on Option Preliminary Expenses Written off Unrealised Depreciation in the value of Investments Incentive paid TOTAL Net Surplus / (Deficit) for the year / period APPROPRIATION ACCOUNT Net Surplus / (Deficit) brought forward from previous year Net Surplus / (Deficit) for the year Less:Appreciation in the value of Investments for the previous year Add:depriciation Of Previous year written off. Net available Surplus / (Deficit) Add : Transferred from Equalisation account Add : Transferred from unit Premium Reserve Less : Dividend distributed (Including Distribution Tax) Less : Bonus distributed Net Surplus / (Deficit) carried forward Mutual Fund Annual Report

40 PARTICULARS Monthly Plan XVII Abridged audited revenue account and appropriation account for the year / period ended March 31, 2005 Monthly Plan XVIII to to RELIANCE FIXED TERM SCHEME Quarterly Plan V Quarterly Plan VI Quarterly Plan VII 1. INCOME (Amount in Rs. lacs) Dividends Interest Profit on sale of Investments ( Other than Inter Scheme Transfer /Sale) Profit on sale of Inter Scheme Investments Other Income Unrealised Appreciation in the value of Investments TOTAL EXPENSES AND LOSSES Loss on Sale / Redemption of Investments ( other than Inter-scheme Transfer / Sale) Loss on Inter-Scheme transfer of Investments Management Fees Trusteeship Fees Custodian Fees Audit Fees Registrar & Transfer Agent s Fees Marketing and Distribution Expenses Other Operating Expenses Diminution in the value of Investments Loss on Option Preliminary Expenses Written off Unrealised Depreciation in the value of Investments Incentive paid TOTAL Net Surplus / (Deficit) for the year / period APPROPRIATION ACCOUNT - - Net Surplus / (Deficit) brought forward from previous year Net Surplus / (Deficit) for the year Less:Appreciation in the value of Investments for the previous year Add:depriciation Of Previous year written off. Net available Surplus / (Deficit) Add : Transferred from Equalisation account (22.67) Add : Transferred from unit Premium Reserve Less : Dividend distributed (Including Distribution Tax) Less : Bonus distributed Net Surplus / (Deficit) carried forward Mutual Fund Annual Report

41 PARTICULARS Abridged audited revenue account and appropriation account for the year / period ended March 31, 2005 Fixed Term Scheme Quarterly Plan VIII to to Fixed Maturity Fund Annual Plan 1 Fixed Term Scheme Annual Plan III Fixed Term Scheme Annual Plan IV 1. INCOME (Amount in Rs. lacs) Dividends Interest , Profit on sale of Investments ( Other than Inter Scheme Transfer /Sale) Profit on sale of Inter Scheme Investments Other Income Unrealised Appreciation in the value of Investments TOTAL , EXPENSES AND LOSSES Loss on Sale / Redemption of Investments ( other than Inter-scheme Transfer / Sale) Loss on Inter-Scheme transfer of Investments Management Fees Trusteeship Fees Custodian Fees Audit Fees Registrar & Transfer Agent s Fees Marketing and Distribution Expenses Other Operating Expenses Diminution in the value of Investments Loss on Option Preliminary Expenses Written off Unrealised Depreciation in the value of Investments Incentive paid TOTAL Net Surplus / (Deficit) for the year / period , APPROPRIATION ACCOUNT Net Surplus / (Deficit) brought forward from previous year Net Surplus / (Deficit) for the year , Less:Appreciation in the value of Investments for the previous year Add:depriciation Of Previous year written off Net available Surplus / (Deficit) , Add : Transferred from Equalisation account - - (89.36) Add : Transferred from unit Premium Reserve Less : Dividend distributed (Including Distribution Tax) Less : Bonus distributed Net Surplus / (Deficit) carried forward Mutual Fund Annual Report

42 Historical per unit statistics for the year ended March 31, 2005 Scheme Vision Fund Growth Fund Period Per Unit Particulars (Rupees) Face Value Net Asset Value Growth Plan Dividend Plan Bonus Plan Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan - Monthly Dividend plan - Weekly Dividend Plan - Daily Dividend Plan - Institutional Plan-Growth - Institutional Plan-Monthly Dividend Plan - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan - Automatic Capital Apprecition Plan - Defined Maturity Plan - Treasury Plan (Growth option) - Treasury Plan (Weekly Dividend option) - Treasury Plan (Bonus option) - Treasury Plan (Daily Dividend option) - Treasury Plan (Institutional Growth option) - Treasury Plan (Institutional Weekly Dividend option) - Treasury Plan (Institutional Daily Dividend option) - Treasury Plan (Institutional Bonus option) - Cash Plan (Growth option) - Cash Plan (Weekly Dividend option) - Cash Plan (Daily Dividend option) - Super Cash Plan (Growth option) - Income Other than profit on sale of investment From profit on inter-scheme sales/transfer of Investments From profit on sale of investment to third party Gross Income Expenses & Losses Aggregate of expenses,write-off,amortisation and Charges Loss on sale/redemption of Investments Provision for depreciation in value of investments Provision for Loss on Securities Gross Expenditure Net Income Unrealised appreciation in value of investments Unprovided depreciation in value of investments Ratio of expenses to average net assets Ratio of gross income to average net assets Repurchase /Reissue Price - Highest - Growth Plan Dividend Plan Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan - Monthly Dividend plan - Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan Cont... Mutual Fund Annual Report

43 Historical per unit statistics for the year ended March 31, 2005 Scheme Vision Fund Growth Fund Period Per Unit Particulars (Rupees) Institutional Plan-Growth - Institutional Plan-Monthly Dividend Plan - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan - Institutional Plan-Quarterly Dividend Plan - Institutional Plan-Bonus Plan - Automatic Capital Appreciation Plan - Treasury Plan (Growth option) - Treasury Plan (Weekly Dividend option) - Treasury Plan (Bonus option) - Treasury Plan (Daily Dividend option) - Treasury Plan (Institutional Growth option) - Treasury Plan (Institutional Weekly Dividend option) - Treasury Plan (Institutional Daily Dividend option) - Treasury Plan (Institutional Bonus option) - Cash Plan (Growth option) - Cash Plan (Weekly Dividend option) - Cash Plan (Daily Dividend option) - Cash Plan Bonus Option - Super Cash Plan (Growth option) - Lowest - Growth Plan Dividend Plan Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan - Monthly Dividend plan - Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan Automatic Capital Appreciation Plan - Institutional Plan-Growth - Institutional Plan-Monthly Dividend Plan - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan - Institutional Plan-Quarterly Dividend Plan - Institutional Plan-Bonus Plan - Dividend Re-investment Plan - Treasury Plan (Growth option) - Treasury Plan (Weekly Dividend option) - Treasury Plan (Bonus option) - Treasury Plan (Daily Dividend option) - Treasury Plan (Institutional Growth option) - Treasury Plan (Institutional Weekly Dividend option) - Treasury Plan (Institutional Daily Dividend option) - Treasury Plan (Institutional Bonus option) - Cash Plan (Growth option) - Cash Plan (Weekly Dividend option) - Cash Plan (Daily Dividend option) - Cash Plan - Bonus Option - Super Cash plan - Growth Option - Trading Price - Highest NA NA NA NA NA NA Lowest NA NA NA NA NA NA Price Earning Ratio - Highest NA NA NA NA NA NA Lowest NA NA NA NA NA NA Mutual Fund Annual Report

44 Historical per unit statistics for the year ended March 31, 2005 Scheme Income Fund Liquid Fund Period Per Unit Particulars (Rupees) Face Value Net Asset Value Growth Plan Dividend Plan - Bonus Plan Annual Dividend plan Half yearly Dividend plan Quarterly Dividend plan Monthly Dividend plan Weekly Dividend Plan - Daily Dividend Plan - Institutional Plan-Growth NA Institutional Plan-Monthly Dividend Plan NA Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan - Automatic Capital Apprecition Plan - Defined Maturity Plan - Treasury Plan (Growth option) Treasury Plan (Weekly Dividend option) Treasury Plan (Bonus option) Treasury Plan (Daily Dividend option) Treasury Plan (Institutional Growth option) Treasury Plan (Institutional Weekly Dividend option) Treasury Plan (Institutional Daily Dividend option) Treasury Plan (Institutional Bonus option) Cash Plan (Growth option) Cash Plan (Weekly Dividend option) Cash Plan (Daily Dividend option) Super Cash Plan (Growth option) Income Other than profit on sale of investment From profit on inter-scheme sales/transfer of Investments From profit on sale of investment to third party Gross Income Expenses & Losses Aggregate of expenses,write-off,amortisation and Charges Loss on sale/redemption of Investments Provision for depreciation in value of investments Provision for Loss on Securities - Gross Expenditure Net Income Unrealised appreciation in value of investments Unprovided depreciation in value of investments Ratio of expenses to average net assets Ratio of gross income to average net assets Repurchase /Reissue Price - Highest Growth Plan Dividend Plan Annual Dividend plan Half yearly Dividend plan Quarterly Dividend plan Monthly Dividend plan Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan NA Cont... Mutual Fund Annual Report

45 Historical per unit statistics for the year ended March 31, 2005 Scheme Income Fund Liquid Fund Period Per Unit Particulars (Rupees) Institutional Plan-Growth NA Institutional Plan-Monthly Dividend Plan NA Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan Institutional Plan-Quarterly Dividend Plan Institutional Plan-Bonus Plan Automatic Capital Appreciation Plan - Treasury Plan (Growth option) Treasury Plan (Weekly Dividend option) Treasury Plan (Bonus option) Treasury Plan (Daily Dividend option) Treasury Plan (Institutional Growth option) Treasury Plan (Institutional Weekly Dividend option) Treasury Plan (Institutional Daily Dividend option) Treasury Plan (Institutional Bonus option) Cash Plan (Growth option) Cash Plan (Weekly Dividend option) Cash Plan (Daily Dividend option) Cash Plan Bonus Option Super Cash Plan (Growth option) Lowest - Growth Plan Dividend Plan Annual Dividend plan Half yearly Dividend plan Quarterly Dividend plan Monthly Dividend plan Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan NA Automatic Capital Appreciation Plan - Institutional Plan-Growth NA Institutional Plan-Monthly Dividend Plan NA Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan Institutional Plan-Quarterly Dividend Plan Institutional Plan-Bonus Plan Dividend Re-investment Plan - Treasury Plan (Growth option) Treasury Plan (Weekly Dividend option) Treasury Plan (Bonus option) Treasury Plan (Daily Dividend option) Treasury Plan (Institutional Growth option) Treasury Plan (Institutional Weekly Dividend option) Treasury Plan (Institutional Daily Dividend option) Treasury Plan (Institutional Bonus option) Cash Plan (Growth option) Cash Plan (Weekly Dividend option) Cash Plan (Daily Dividend option) Cash Plan - Bonus Option Super Cash plan - Growth Option Trading Price - Highest NA NA NA NA NA NA Lowest NA NA NA NA NA NA Price Earning Ratio - Highest NA NA NA NA NA NA Lowest NA NA NA NA NA NA Mutual Fund Annual Report

46 Historical per unit statistics for the year ended March 31, 2005 Scheme Medium Term Fund Short Term Fund Period Per Unit Particulars (Rupees) Face Value Net Asset Value Growth Plan Dividend Plan Bonus Plan NA NA Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan Monthly Dividend plan NA Weekly Dividend Plan - Daily Dividend Plan - Institutional Plan-Growth - Institutional Plan-Monthly Dividend Plan - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan - Automatic Capital Apprecition Plan - Defined Maturity Plan - Treasury Plan (Growth option) - Treasury Plan (Weekly Dividend option) - Treasury Plan (Bonus option) - Treasury Plan (Daily Dividend option) - Treasury Plan (Institutional Growth option) - Treasury Plan (Institutional Weekly Dividend option) - Treasury Plan (Institutional Daily Dividend option) - Treasury Plan (Institutional Bonus option) - Cash Plan (Growth option) - Cash Plan (Weekly Dividend option) - Cash Plan (Daily Dividend option) - Super Cash Plan (Growth option) - Income Other than profit on sale of investment From profit on inter-scheme sales/transfer of Investments From profit on sale of investment to third party Gross Income Expenses & Losses Aggregate of expenses,write-off,amortisation and Charges Loss on sale/redemption of Investments Provision for depreciation in value of investments - Provision for Loss on Securities - Gross Expenditure Net Income Unrealised appreciation in value of investments Unprovided depreciation in value of investments Ratio of expenses to average net assets Ratio of gross income to average net assets Repurchase /Reissue Price - Highest Growth Plan Dividend Plan Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan Monthly Dividend plan Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan Cont... Mutual Fund Annual Report

47 Historical per unit statistics for the year ended March 31, 2005 Scheme Medium Term Fund Short Term Fund Period Per Unit Particulars (Rupees) Institutional Plan-Growth Institutional Plan-Monthly Dividend Plan - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan Institutional Plan-Quarterly Dividend Plan - Institutional Plan-Bonus Plan Automatic Capital Appreciation Plan - Treasury Plan (Growth option) - Treasury Plan (Weekly Dividend option) - Treasury Plan (Bonus option) - Treasury Plan (Daily Dividend option) - Treasury Plan (Institutional Growth option) - Treasury Plan (Institutional Weekly Dividend option) - Treasury Plan (Institutional Daily Dividend option) - Treasury Plan (Institutional Bonus option) - Cash Plan (Growth option) - Cash Plan (Weekly Dividend option) - Cash Plan (Daily Dividend option) - Cash Plan Bonus Option - Super Cash Plan (Growth option) - Lowest Growth Plan Dividend Plan Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan Monthly Dividend plan Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan Automatic Capital Appreciation Plan - Institutional Plan-Growth Institutional Plan-Monthly Dividend Plan - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan Institutional Plan-Quarterly Dividend Plan - Institutional Plan-Bonus Plan Dividend Re-investment Plan - Treasury Plan (Growth option) - Treasury Plan (Weekly Dividend option) - Treasury Plan (Bonus option) - Treasury Plan (Daily Dividend option) - Treasury Plan (Institutional Growth option) - Treasury Plan (Institutional Weekly Dividend option) - Treasury Plan (Institutional Daily Dividend option) - Treasury Plan (Institutional Bonus option) - Cash Plan (Growth option) - Cash Plan (Weekly Dividend option) - Cash Plan (Daily Dividend option) - Cash Plan - Bonus Option - Super Cash plan - Growth Option - Trading Price - Highest NA NA NA NA NA NA Lowest NA NA NA NA NA NA Price Earning Ratio - Highest NA NA NA NA NA NA Lowest NA NA NA NA NA NA Mutual Fund Annual Report

48 Historical per unit statistics for the year ended March 31, 2005 Scheme Banking Fund Gilt Securities Fund Long Term Gilt Plan Period Per Unit Particulars (Rupees) Face Value Net Asset Value Growth Plan Dividend Plan Bonus Plan Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan - Monthly Dividend plan - Weekly Dividend Plan - Daily Dividend Plan - Institutional Plan-Growth - Institutional Plan-Monthly Dividend Plan - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan - Automatic Capital Apprecition Plan Defined Maturity Plan Treasury Plan (Growth option) - Treasury Plan (Weekly Dividend option) - Treasury Plan (Bonus option) - Treasury Plan (Daily Dividend option) - Treasury Plan (Institutional Growth option) - Treasury Plan (Institutional Weekly Dividend option) - Treasury Plan (Institutional Daily Dividend option) - Treasury Plan (Institutional Bonus option) - Cash Plan (Growth option) - Cash Plan (Weekly Dividend option) - Cash Plan (Daily Dividend option) - Super Cash Plan (Growth option) - Income Other than profit on sale of investment From profit on inter-scheme sales/transfer of Investments From profit on sale of investment to third party Gross Income Expenses & Losses Aggregate of expenses,write-off,amortisation and Charges Loss on sale/redemption of Investments Provision for depreciation in value of investments - Provision for Loss on Securities - Gross Expenditure Net Income Unrealised appreciation in value of investments Unprovided depreciation in value of investments Ratio of expenses to average net assets Ratio of gross income to average net assets Repurchase /Reissue Price - Highest Growth Plan Dividend Plan Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan - Monthly Dividend plan Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan Institutional Plan-Growth Cont... Mutual Fund Annual Report

49 Historical per unit statistics for the year ended March 31, 2005 Scheme Banking Fund Gilt Securities Fund Long Term Gilt Plan Period Per Unit Particulars (Rupees) Institutional Plan-Monthly Dividend Plan NA - - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan - Institutional Plan-Quarterly Dividend Plan - Institutional Plan-Bonus Plan - Automatic Capital Appreciation Plan Treasury Plan (Growth option) - Treasury Plan (Weekly Dividend option) - Treasury Plan (Bonus option) - Treasury Plan (Daily Dividend option) - Treasury Plan (Institutional Growth option) - Treasury Plan (Institutional Weekly Dividend option) - Treasury Plan (Institutional Daily Dividend option) - Treasury Plan (Institutional Bonus option) - Cash Plan (Growth option) - Cash Plan (Weekly Dividend option) - Cash Plan (Daily Dividend option) - Cash Plan Bonus Option - Super Cash Plan (Growth option) - Lowest Growth Plan Dividend Plan Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan - Monthly Dividend plan Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan Automatic Capital Appreciation Plan Institutional Plan-Growth Institutional Plan-Monthly Dividend Plan NA - - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan - Institutional Plan-Quarterly Dividend Plan - Institutional Plan-Bonus Plan - Dividend Re-investment Plan - Treasury Plan (Growth option) - Treasury Plan (Weekly Dividend option) - Treasury Plan (Bonus option) - Treasury Plan (Daily Dividend option) - Treasury Plan (Institutional Growth option) - Treasury Plan (Institutional Weekly Dividend option) - Treasury Plan (Institutional Daily Dividend option) - Treasury Plan (Institutional Bonus option) - Cash Plan (Growth option) - Cash Plan (Weekly Dividend option) - Cash Plan (Daily Dividend option) - Cash Plan - Bonus Option - Super Cash plan - Growth Option - Trading Price - Highest NA NA NA NA NA NA Lowest NA NA NA NA NA NA Price Earning Ratio - Highest NA NA NA NA NA NA Lowest NA NA NA NA NA NA Mutual Fund Annual Report

50 Historical per unit statistics for the year ended March 31, 2005 Scheme Gilt Securities Fund Monthly Income Plan Short Term Gilt Plan Period Per Unit Particulars (Rupees) Face Value Net Asset Value Growth Plan Dividend Plan - Bonus Plan Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan Monthly Dividend plan Weekly Dividend Plan - Daily Dividend Plan - Institutional Plan-Growth - Institutional Plan-Monthly Dividend Plan - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan - Automatic Capital Apprecition Plan - Defined Maturity Plan - Treasury Plan (Growth option) - Treasury Plan (Weekly Dividend option) - Treasury Plan (Bonus option) - Treasury Plan (Daily Dividend option) - Treasury Plan (Institutional Growth option) - Treasury Plan (Institutional Weekly Dividend option) - Treasury Plan (Institutional Daily Dividend option) - Treasury Plan (Institutional Bonus option) - Cash Plan (Growth option) - Cash Plan (Weekly Dividend option) - Cash Plan (Daily Dividend option) - Super Cash Plan (Growth option) - Income Other than profit on sale of investment From profit on inter-scheme sales/transfer of Investments From profit on sale of investment to third party Gross Income Expenses & Losses Aggregate of expenses,write-off,amortisation and Charges Loss on sale/redemption of Investments Provision for depreciation in value of investments - Provision for Loss on Securities - Gross Expenditure Net Income Unrealised appreciation in value of investments Unprovided depreciation in value of investments Ratio of expenses to average net assets Ratio of gross income to average net assets Repurchase /Reissue Price - Highest - Growth Plan Dividend Plan Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan Monthly Dividend plan Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan Institutional Plan-Growth Cont... Mutual Fund Annual Report

51 Historical per unit statistics for the year ended March 31, 2005 Scheme Gilt Securities Fund Monthly Income Plan Short Term Gilt Plan Period Per Unit Particulars (Rupees) Institutional Plan-Monthly Dividend Plan Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan - Institutional Plan-Quarterly Dividend Plan - Institutional Plan-Bonus Plan - Automatic Capital Appreciation Plan - Treasury Plan (Growth option) - Treasury Plan (Weekly Dividend option) - Treasury Plan (Bonus option) - Treasury Plan (Daily Dividend option) - Treasury Plan (Institutional Growth option) - Treasury Plan (Institutional Weekly Dividend option) - Treasury Plan (Institutional Daily Dividend option) - Treasury Plan (Institutional Bonus option) - Cash Plan (Growth option) - Cash Plan (Weekly Dividend option) - Cash Plan (Daily Dividend option) - Cash Plan Bonus Option - Super Cash Plan (Growth option) - Lowest Growth Plan Dividend Plan Annual Dividend plan Half yearly Dividend plan - Quarterly Dividend plan Monthly Dividend plan Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan Automatic Capital Appreciation Plan - Institutional Plan-Growth Institutional Plan-Monthly Dividend Plan Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan - Institutional Plan-Quarterly Dividend Plan - Institutional Plan-Bonus Plan - Dividend Re-investment Plan - Treasury Plan (Growth option) - Treasury Plan (Weekly Dividend option) - Treasury Plan (Bonus option) - Treasury Plan (Daily Dividend option) - Treasury Plan (Institutional Growth option) - Treasury Plan (Institutional Weekly Dividend option) - Treasury Plan (Institutional Daily Dividend option) - Treasury Plan (Institutional Bonus option) - Cash Plan (Growth option) - Cash Plan (Weekly Dividend option) - Cash Plan (Daily Dividend option) - Cash Plan - Bonus Option - Super Cash plan - Growth Option - Trading Price - Highest NA NA NA NA NA NA Lowest NA NA NA NA NA NA Price Earning Ratio - Highest NA NA NA NA NA NA Lowest NA NA NA NA NA NA Mutual Fund Annual Report

52 Historical per unit statistics for the year ended March 31, 2005 Scheme Period Per Unit Particulars (Rupees) Fixed Term Scheme Annual Plan III Equity Opportunities Fund * Floating Rate Fund * Fixed Maturity Fund Annual Plan I * Face Value Net Asset Value Growth Plan Dividend Plan Bonus Plan Annual Dividend plan Half yearly Dividend plan Quarterly Dividend plan Monthly Dividend plan Weekly Dividend Plan Daily Dividend Plan Institutional Plan-Growth Institutional Plan-Monthly Dividend Plan Institutional Plan-Weekly Dividend Plan Institutional Plan-Daily Dividend Plan Automatic Capital Apprecition Plan Defined Maturity Plan Treasury Plan (Growth option) Treasury Plan (Weekly Dividend option) Treasury Plan (Bonus option) Treasury Plan (Daily Dividend option) Treasury Plan (Institutional Growth option) Treasury Plan (Institutional Weekly Dividend option) Treasury Plan (Institutional Daily Dividend option) Treasury Plan (Institutional Bonus option) Cash Plan (Growth option) Cash Plan (Weekly Dividend option) Cash Plan (Daily Dividend option) Super Cash Plan (Growth option) Income Other than profit on sale of investment From profit on inter-scheme sales/transfer of Investments From profit on sale of investment to third party Gross Income Expenses & Losses Aggregate of expenses,write-off,amortisation and Charges Loss on sale/redemption of Investments Provision for depreciation in value of investments Provision for Loss on Securities Gross Expenditure Net Income Unrealised appreciation in value of investments Unprovided depreciation in value of investments Ratio of expenses to average net assets Ratio of gross income to average net assets Repurchase /Reissue Price Highest Growth Plan Dividend Plan Annual Dividend plan Half yearly Dividend plan Quarterly Dividend plan Monthly Dividend plan Weekly Dividend Plan Cont... Mutual Fund Annual Report

53 Historical per unit statistics for the year ended March 31, 2005 Scheme Period Per Unit Particulars (Rupees) Fixed Term Scheme Annual Plan III Equity Opportunities Fund * Floating Rate Fund * Fixed Maturity Fund Annual Plan I * Daily Dividend Plan Bonus Plan Institutional Plan-Growth Institutional Plan-Monthly Dividend Plan Institutional Plan-Weekly Dividend Plan Institutional Plan-Daily Dividend Plan Institutional Plan-Quarterly Dividend Plan Institutional Plan-Bonus Plan Automatic Capital Appreciation Plan Treasury Plan (Growth option) Treasury Plan (Weekly Dividend option) Treasury Plan (Bonus option) Treasury Plan (Daily Dividend option) Treasury Plan (Institutional Growth option) Treasury Plan (Institutional Weekly Dividend option) Treasury Plan (Institutional Daily Dividend option) Treasury Plan (Institutional Bonus option) Cash Plan (Growth option) Cash Plan (Weekly Dividend option) Cash Plan (Daily Dividend option) Cash Plan Bonus Option Super Cash Plan (Growth option) Lowest Growth Plan Dividend Plan Annual Dividend plan Half yearly Dividend plan Quarterly Dividend plan Monthly Dividend plan Weekly Dividend Plan Daily Dividend Plan Bonus Plan Automatic Capital Appreciation Plan Institutional Plan-Growth Institutional Plan-Monthly Dividend Plan Institutional Plan-Weekly Dividend Plan Institutional Plan-Daily Dividend Plan Institutional Plan-Quarterly Dividend Plan Institutional Plan-Bonus Plan Dividend Re-investment Plan Treasury Plan (Growth option) Treasury Plan (Weekly Dividend option) Treasury Plan (Bonus option) Treasury Plan (Daily Dividend option) Treasury Plan (Institutional Growth option) Treasury Plan (Institutional Weekly Dividend option) Treasury Plan (Institutional Daily Dividend option) Treasury Plan (Institutional Bonus option) Cash Plan (Growth option) Cash Plan (Weekly Dividend option) Cash Plan (Daily Dividend option) Cash Plan - Bonus Option Super Cash plan - Growth Option Trading Price Highest NA NA NA NA NA Lowest NA NA NA NA NA Price Earning Ratio Highest NA NA NA NA NA Lowest NA NA NA NA NA * These Schemes were launched in the current financial year hence there are no comparative figures for last two years. Mutual Fund Annual Report

54 Historical per unit statistics for the year ended March 31, 2005 Scheme Fixed Term Scheme * Annual Plan IV Monthly Plan XVIII Quarterly Plan VII Index Fund * Nifty Plan Sensex Plan Period Per Unit Particulars (Rupees) Face Value Net Asset Value Growth Plan Dividend Plan Bonus Plan Annual Dividend plan Half yearly Dividend plan Quarterly Dividend plan Monthly Dividend plan Weekly Dividend Plan Daily Dividend Plan Institutional Plan-Growth Institutional Plan-Monthly Dividend Plan Institutional Plan-Weekly Dividend Plan Institutional Plan-Daily Dividend Plan Automatic Capital Apprecition Plan Defined Maturity Plan Treasury Plan (Growth option) Treasury Plan (Weekly Dividend option) Treasury Plan (Bonus option) Treasury Plan (Daily Dividend option) Treasury Plan (Institutional Growth option) Treasury Plan (Institutional Weekly Dividend option) Treasury Plan (Institutional Daily Dividend option) Treasury Plan (Institutional Bonus option) Cash Plan (Growth option) Cash Plan (Weekly Dividend option) Cash Plan (Daily Dividend option) Super Cash Plan (Growth option) Income Other than profit on sale of investment From profit on inter-scheme sales/transfer of Investments From profit on sale of investment to third party Gross Income Expenses & Losses Aggregate of expenses,write-off,amortisation and Charges Loss on sale/redemption of Investments Provision for depreciation in value of investments Provision for Loss on Securities Gross Expenditure Net Income Unrealised appreciation in value of investments Unprovided depreciation in value of investments Ratio of expenses to average net assets Ratio of gross income to average net assets Repurchase /Reissue Price Highest Growth Plan Dividend Plan Annual Dividend plan Half yearly Dividend plan Quarterly Dividend plan Monthly Dividend plan Cont... Mutual Fund Annual Report

55 Historical per unit statistics for the year ended March 31, 2005 Scheme Fixed Term Scheme * Annual Plan IV Monthly Plan XVIII Quarterly Plan VII Index Fund * Nifty Plan Sensex Plan Period Per Unit Particulars (Rupees) Weekly Dividend Plan Daily Dividend Plan Bonus Plan Institutional Plan-Growth Institutional Plan-Monthly Dividend Plan Institutional Plan-Weekly Dividend Plan Institutional Plan-Daily Dividend Plan Institutional Plan-Quarterly Dividend Plan Institutional Plan-Bonus Plan Automatic Capital Appreciation Plan Treasury Plan (Growth option) Treasury Plan (Weekly Dividend option) Treasury Plan (Bonus option) Treasury Plan (Daily Dividend option) Treasury Plan (Institutional Growth option) Treasury Plan (Institutional Weekly Dividend option) Treasury Plan (Institutional Daily Dividend option) Treasury Plan (Institutional Bonus option) Cash Plan (Growth option) Cash Plan (Weekly Dividend option) Cash Plan (Daily Dividend option) Cash Plan Bonus Option Super Cash Plan (Growth option) Lowest Growth Plan Dividend Plan Annual Dividend plan Half yearly Dividend plan Quarterly Dividend plan Monthly Dividend plan Weekly Dividend Plan Daily Dividend Plan Bonus Plan Automatic Capital Appreciation Plan Institutional Plan-Growth Institutional Plan-Monthly Dividend Plan Institutional Plan-Weekly Dividend Plan Institutional Plan-Daily Dividend Plan Institutional Plan-Quarterly Dividend Plan Institutional Plan-Bonus Plan Dividend Re-investment Plan Treasury Plan (Growth option) Treasury Plan (Weekly Dividend option) Treasury Plan (Bonus option) Treasury Plan (Daily Dividend option) Treasury Plan (Institutional Growth option) Treasury Plan (Institutional Weekly Dividend option) Treasury Plan (Institutional Daily Dividend option) Treasury Plan (Institutional Bonus option) Cash Plan (Growth option) Cash Plan (Weekly Dividend option) Cash Plan (Daily Dividend option) Cash Plan - Bonus Option Super Cash plan - Growth Option Trading Price Highest NA NA NA NA NA Lowest NA NA NA NA NA Price Earning Ratio Highest NA NA NA NA NA Lowest NA NA NA NA NA * These Schemes were launched in the current financial year hence there are no comparative figures for last two years. Mutual Fund Annual Report

56 Historical per unit statistics for the year ended March 31, 2005 Scheme Period Per Unit Particulars (Rupees) Media & Entertainment Fund * NRI Income Fund * NRI Equity Fund * Pharma Fund * Diversified Power Sector Fund * Fixed Term Scheme Quarterly Plan VIII * Face Value Net Asset Value Growth Plan Dividend Plan Bonus Plan Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan - Monthly Dividend plan - Weekly Dividend Plan - Daily Dividend Plan - Institutional Plan-Growth - Institutional Plan-Monthly Dividend Plan - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan - Automatic Capital Apprecition Plan - Defined Maturity Plan - Treasury Plan (Growth option) - Treasury Plan (Weekly Dividend option) - Treasury Plan (Bonus option) - Treasury Plan (Daily Dividend option) - Treasury Plan (Institutional Growth option) - Treasury Plan (Institutional Weekly Dividend option) - Treasury Plan (Institutional Daily Dividend option) - Treasury Plan (Institutional Bonus option) - Cash Plan (Growth option) - Cash Plan (Weekly Dividend option) - Cash Plan (Daily Dividend option) - Super Cash Plan (Growth option) - Income Other than profit on sale of investment From profit on inter-scheme sales/transfer of Investments From profit on sale of investment to third party Gross Income Expenses & Losses Aggregate of expenses,write-off,amortisation and Charges Loss on sale/redemption of Investments Provision for depreciation in value of investments - Provision for Loss on Securities - Gross Expenditure Net Income Unrealised appreciation in value of investments Unprovided depreciation in value of investments Ratio of expenses to average net assets Ratio of gross income to average net assets Repurchase /Reissue Price - Highest Growth Plan Dividend Plan Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan - Monthly Dividend plan - Weekly Dividend Plan - Cont... Mutual Fund Annual Report

57 Historical per unit statistics for the year ended March 31, 2005 Scheme Period Per Unit Particulars (Rupees) Media & Entertainment Fund * NRI Income Fund * NRI Equity Fund * Pharma Fund * Diversified Power Sector Fund * Fixed Term Scheme Quarterly Plan VIII * Daily Dividend Plan - Bonus Plan Institutional Plan-Growth - Institutional Plan-Monthly Dividend Plan - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan - Institutional Plan-Quarterly Dividend Plan - Institutional Plan-Bonus Plan - Automatic Capital Appreciation Plan - Treasury Plan (Growth option) - Treasury Plan (Weekly Dividend option) - Treasury Plan (Bonus option) - Treasury Plan (Daily Dividend option) - Treasury Plan (Institutional Growth option) - Treasury Plan (Institutional Weekly Dividend option) - Treasury Plan (Institutional Daily Dividend option) - Treasury Plan (Institutional Bonus option) - Cash Plan (Growth option) - Cash Plan (Weekly Dividend option) - Cash Plan (Daily Dividend option) - Cash Plan Bonus Option - Super Cash Plan (Growth option) - Lowest Growth Plan Dividend Plan Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan - Monthly Dividend plan - Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan Automatic Capital Appreciation Plan - Institutional Plan-Growth - Institutional Plan-Monthly Dividend Plan - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan - Institutional Plan-Quarterly Dividend Plan - Institutional Plan-Bonus Plan - Dividend Re-investment Plan - Treasury Plan (Growth option) - Treasury Plan (Weekly Dividend option) - Treasury Plan (Bonus option) - Treasury Plan (Daily Dividend option) - Treasury Plan (Institutional Growth option) - Treasury Plan (Institutional Weekly Dividend option) - Treasury Plan (Institutional Daily Dividend option) - Treasury Plan (Institutional Bonus option) - Cash Plan (Growth option) - Cash Plan (Weekly Dividend option) - Cash Plan (Daily Dividend option) - Cash Plan - Bonus Option - Super Cash plan - Growth Option - Trading Price - Highest NA NA NA NA NA NA Lowest NA NA NA NA NA NA Price Earning Ratio Highest NA NA NA NA NA NA Lowest NA NA NA NA NA NA * These Schemes were launched in the current financial year hence there are no comparative figures for last two years. Mutual Fund Annual Report

58 Portfolio holding statements as on March 31, 2005 Fixed Term Scheme - Annual Plan 4 Fixed Maturity Fund - Series 1 Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS NIL NIL DEBT INSTRUMENTS (a) Listed /awaiting Listing at Stock Exchanges Non Banking Finance Company 4, % 23.22% ^** Citicorp Finance Ltd 2,000,000 2, % 11.63% ^** Sundaram Finance Ltd. 1,000,000 1, % 5.81% ^** Citicorp Maruti Finance Ltd. 1,000, % 5.77% Housing Finance Company 1, % 11.53% ^** Housing Development Finance Ltd 2,000,000 1, % 11.53% Total 6,000,000 6, % 34.74% (b) Privately Placed/Unlisted Non-Convertible Debentures/Bonds Miscellaneous 2, % ^** Tata Sons Ltd 2,500,000 2, % 14.54% Non Banking Finance Company 2, % ^** G E Capital Services 2,000,000 1, % ^** Citifinancial Cons. Fin India 1,000,000 1, % 5.78% Financial Institutions % ^** Rural Electrification Corpn Ltd. 400, % 2.33% Sub Total 5,900,000 5, % 34.20% (C ) Pass Through Certificates (Securitised Debt) Finance(Asset backed) 3, % ^** UBL Trust Series 19 1, % ^** Indian Retail ABS Trust Series 18 1, % ^** Auto Pool Securitisation Trust % ^** Loan Securitisation Trust Series % ^** UBL Trust Series % ^** Fleet Trust series % 0.11% Sub Total 86 3, % 18.63% (D) Certificate Of Deposit Banks 1, % ** Development Credit Bank 600, % ** Kotak Mahindra Bank 500, % ** UTI Bank 300, % 1.73% Sub Total 1,400,000 1, % 7.94% (E) COMMERCIAL PAPERS Non Banking Finance Company % ** Ge Countrywide Consumer Fin CP 500, % 2.86% Sub Total 500, % 2.86% Call/Repo % Other Assets % Grand Total 17, % Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS NIL NIL DEBT INSTRUMENTS (a) Listed /awaiting Listing at Stock Exchanges (b) Privately Placed/Unlisted Non-Convertible Debentures/Bonds Non-Convertible Debentures / Bonds Banks Industrial Development Bank Of India 2,500, % 13.60% Sub Total 2,500, , % 13.60% SECURITISED DEBT Finance(Asset backed) Fleet Trust Series % 9.88% Indian Retail Abs Trust % 7.52% Fleet Trust Series % 6.79% India MBS Series % 6.32% VE Trust series % 5.14% Securities Trust Sundaram Finance Ltd % 2.45% Sub Total , % 38.09% ZERO COUPON BONDS Non Banking Finance Company Kotak Mah Primus Ltd 2,500, % 11.47% Sub Total 2,500, , % 11.47% FIXED DEPOSIT Bank IDBI Bank % 4.96% Sub Total , % 4.96% CERTIFICATE OF DEPOSIT Bank Indusind Bank Ltd 3,000, % 14.05% Karnataka Bank Ltd 2,500, % 11.68% Sub Total 5,500, , % 25.73% Call/Repo % 4.70% Other Assets % 1.45% Grand Total 20, % ^ Valuation as per CRISIL Bond Valuer ** Non Privately Placed Debentures Mutual Fund Annual Report

59 Portfolio holding statements as on March 31, 2005 Floating Rate Fund Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS NIL NIL DEBT INSTRUMENTS (a) Listed /awaiting Listing at Stock Exchanges Housing Finance Company 9, % 10.43% ^** Housing Development Finance Corporation 6,500,000 6, % 6.80% ^** LIC Hosuing Finance Ltd. 3,500,000 3, % 3.64% Financial Institutions 7, % 7.64% ^** Power Finance Corporation Ltd. 6,000,000 5, % 6.09% ^** Industrial Development Bank of India 1,500,000 1, % 1.54% Petrochemicals 1, % 1.59% ^** Industries 1,500,000 1, % 1.59% Non Banking Finance Company 4, % 4.70% ^** Citicorp Fianance (India) Ltd 1,500,000 1, % 1.57% ^** Citifinancial Services Ltd 1,000, % 1.04% ^** Sundaram Fianance Ltd 2,000,000 1, % 2.09 Total 23,500,000 23, % 24.36% (b) Privately Placed/Unlisted Non-Convertible Debentures/Bonds Pass Through Certificate Finance(Asset backed) 27, % ^** Auto Pool Securitisation Trust 75 7, % ^** Indian Retail ABS Trust 30 3, % ^** Auto Pool Securitisation Trust 30 2, % ^** Indian Retail ABS Trust 47 2, % ^** Retail Pool Trust 1 2, % ^** Indian Retail ABS Trust 30 1, % ^** Securities Trust Sundaram Finance Ltd 35 1, % ^** Collateral Debt Trust Series II 20 1, % ^** Fleet ABS Trust 17 1, % ^** Indian Retail ABS Trust % ^** BHPC Auto Securitisation Trust % ^** Retail Pool Trust % ^** Retail Pool Trust % ^** Retail Pool Trust % ^** Retail Pool Trust % ^** Retail Pool Trust % ^** Retail Pool Trust % 0.27% Sub Total , % 29.13% (c) Non-Convertible Debentures / Bonds Non Banking Finance Company 10, % ^** Cholamadalam Invest & Finance 4,000,000 4, % ^** Rabo India Finance Pvt. Ltd. 2,500,000 2, % 2.61% Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) ^** Mahindra & Mahindra Financial Services 2,000,000 2, % ^** Mahindra & Mahindra Financial Services 1,500,000 1, % ^** Mahindra & Mahindra Financial Services 500, % 0.52% Financial Institutions 2, % ^** IDBI Ltd 3,000,000 2, % 3.13% Banks 2, % ^** ICICI Bank 2,500,000 2, % 2.61% MEDIA & ENTERTAINMENT 2, % ^** Deccan Chronicle Limited 2,000,000 2, % 2.09% Sub Total 18,000, , % 18.79% (D) Certificate Of Deposit Banks 3, % ** Uco Bank 2,500,000 2, % ** Ing Vysya Bank 1,000, % ** Allahabad Bank 500, % 0.52% Sub Total 4,000,000 3, % 3.97% Fixed Deposits Bank 10, % ** Karanataka Bank 1 2, % ** State Bank Of Patiala 1 2, % ** State Bank Of Bikaner & Jaipur 1 2, % ** Bank Of Maharashtra 1 2, % 2.61% Sub Total 10, % 10.44% (E) Government Securities 7, % 8.04% 364 DAYS T Bill ,000,000 2, % 3.06% 364 DAYS T Bill ,000,000 2, % 2.49% 364 DAYS T Bill ,500,000 2, % 2.49% Sub Total 10,500,000 7, % 8.04% (F) Money Market Instruments Call/Repo 4, % Sub Total 4, % Other Assets 1, % Grand Total 95, % ^ Valuation as per CRISIL Bond Valuer ** Non Privately Placed Debentures Mutual Fund Annual Report

60 Portfolio holding statements as on March 31, 2005 Fixed Term Scheme - Monthly Plan 18 Gilt Securities Fund - Long Term Plan Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS NIL NIL DEBT INSTRUMENTS (a) Listed /awaiting Listing at Stock Exchanges (b) Privately Placed/Unlisted Non-Convertible Debentures/Bonds Financial Institutions % ^** Nabard Ltd 5,700,000 5, % ^** Industrial Development Bank Of India 1,000,000 1, % ^** Nabard Ltd 1,000, % 2.15% Non Banking Finance Company 3, % ^** ICICI Securities Ltd 2,500,000 2, % ^** Canbank Factors Ltd 1,000,000 1, % 2.15% Sub Total 11,200, , % 24.10% (C) Pass Through Certificate Finance(Asset backed) 15, % ^** Indian Retail ABS Trust 77 7, % ^** Indian Retail ABS Trust 30 2, % ^** Retail Securitisation Trust 17 1, % ^** UBL Trust Series 70 1, % ^** Indian Retail ABS Trust % ^** Auto Pool Securitisation Trust % ^** Indian Retail ABS Trust % ^** Fleet Trust Series % ^** Indian Retail ABS Trust % ^** Retail Securitisation Trust % 0.42% Sub Total , % 33.80% (d) Certificate Of Deposit Banks 7, % ** DCB Ltd 4,000,000 3, % ** Jammu And Kashmir Bank Ltd 3,500,000 3, % ** ICICI Bank 500, % 1.07% Sub Total 8,000, , % 17.09% (e) Commercial Paper Non Banking Finance Company % ** Cholamandalam Inv & Fin Ltd 1,500,000 1, % 3.21% Sub Total 1,500, , % 3.21% (f) Fixed Deposit Banks 9, % ** Uco Bank 1 5, % ** Jammu & Kashmir Bank 1 2, % ** IDBI Bank 1 2, % 4.31% Sub Total 9, % 20.45% Call/Repo % OTHER ASSETS % Grand Total 20,700, , % Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS NIL NIL DEBT INSTRUMENTS (a) Listed /awaiting Listing at Stock Exchanges Government Securities 8, % 58.45% 364 DAYS TBILL ,500, , % 51.41% 364 DAYS T Bill ,000, % 7.04% Sub Total 8,500, , % 58.45% Call / Repo 22, % % Other Assets (16,364.67) % % Grand Total 13, % Gilt Securities Fund - Short Term Plan Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS NIL NIL DEBT INSTRUMENTS Call / Repo % Other Assets % Grand Total % Liquid Fund - Cash Plan Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS NIL NIL DEBT INSTRUMENTS (a) Listed /awaiting Listing at Stock Exchanges (b) Privately Placed/Unlisted Non-Convertible Debentures/Bonds (c) Floating Rate Notes Consumer ^** Whirlpool Of India Ltd. 2,000, , % 9.12% Non Banking Finance ^** Kotak Mahindra Primus Lts 600, % 2.74% Sub Total 2,600, , % 11.86% Call/Repo 19, % 88.10% Sub Total 19, % 0.88% Other Asset % Grand Total 2,600, , % ^ Valuation as per CRISIL Bond Valuer ** Non Privately Placed Debentures Mutual Fund Annual Report

61 Portfolio holding statements as on March 31, 2005 Liquid Fund - Treasury Plan Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS NIL NIL DEBT INSTRUMENTS (a) Listed/awaiting listing on stock exchange Government Securities ** 364 days T Bill 10,049,750 9, % 4.75% ** 91 days T Bill 5,000,000 4, % 2.45% ** 06.18% GS , % 0.25% Sub Total 15,549,750 15, % 7.44% Corporate Bonds/Debentures Housing Finance Company 6, % 3.09% ^** Housing Development Finance 6,500,000 6, % 3.09% Financial Institutions 5, % 2.76% ^** IDFC LTD. 6,500,000 5, % 2.76% Banks 1, % 0.51% ^** Industrial Dev. Bank of India 1,000,000 1, % 0.51% Financial Institutions % 0.25% ^** Indian Railway Finance Corp. 500, % 0.25% Cement % 0.25% ^** Associated Cement Co. 500, % 0.25% Sub Total 15,000,000 13, % 6.86% Total 30,549,750 28, % (b) Privately Placed/ Unlisted Non Banking Finance Company 5, % ^** Kotak Mahindra Investments 5,000,000 5, % 2.47% Financial Institutions 4, % ^** Rural Electrification Corpn Ltd. 4,800,000 4, % 2.40% Financial Institutions 1, % ^** Exim Bank of India 1,500,000 1, % 0.74% Petrochemicals 1, % ^** Industries Ltd 1,000,000 1, % 0.52% Banks 1, % ^** Industrial Dev. Bank of India 1,000,000 1, % 0.51% Sub Total 13,300,000 13, % 6.64% Pass Through Certificates (Securitised Debt) Finance(Asset ^** % Retail Sec. Trust 50 5, % ^** UBL TRUST Series 11 A1 28 2, % ^** India Loan Sec. Trust Series IV (UTI) 10 1, % ^** Indian RMBS Trust Series II (A5) % ^** Fleet Trust April 2004 Series A % ^** Peoples Financial Services Limited- (TELCO ) % 0.02% Sub Total 102 8, % 4.43% Floating Rate Notes Non Banking Finance Company 7, % ^** Rabo India Finance 7,000,000 7, % 3.46% Financial Institutions 5, % ^** HUDCO 5,000,000 5, % 2.47% Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total Non Banking Finance Company 7, % ^** GE Capital Services Limited 2,500,000 2, % ^** Kotak Mahindra Bank 2,000,000 2, % ^** Citicorp Finance (India) Ltd 1,000,000 1, % ^** Kotak Mahindra Primaus 1,000,000 1, % ^** L & T Finance Ltd 800, % 0.40% Sub Total 12,300,000 19, % 9.55% Money Market Instruments Certificate Of Deposit ** Jammu & Kashmir Bank 13,500,000 13, % ** ICICI Bank 12,000,000 11, % ** Kotak Mahindra Bank 7,500,000 7, % ** UTI Bank 7,500,000 7, % ** Allahabad Bank 7,500,000 7, % ** UCO Bank 7,500,000 7, % ** ING Vysya Bank 7,000,000 6, % ** Federal Bank 2,500,000 2, % ** Yes Bank 1,500,000 1, % ** IndusInd Bank 1,000, % ** Development Credit Bank 900, % 0.44% Sub Total 68,400,000 66, % 32.90% Commercial Papers Bank 5, % ** Industrial Dev. Bank of India 6,000,000 5, % 2.90% Non Banking Finance Company 9, % ** G E Capital Services 4,000,000 3, % ** Standard Chartered Investments 4,000,000 3, % ** Kotak Mahindra Primus 1,500,000 1, % ** G E-Countrywide Consumer Services Ltd. 500, % 0.24% Housing Finance Company 2, % ** Housing Development Finance 3,000,000 2, % 1.43% Financial Institutions 2, % ** Exim Bank Of India 2,500,000 2, % 1.20% Tyres % ** Apollo Tyres Ltd 1,000, % 0.49% Sub Total 22,500,000 22, % 10.90% Fixed Deposit ** Bank of Maharashtra 7,500,000 7, % ** Oriental Bank of Commerce 7,500,000 7, % ** State Bank of Patiala 7,500,000 7, % ** Karnataka Bank 6,500,000 6, % ** IDBI Bank 5,000,000 5, % ** State BAnk of Bikaner & Jaipur 5,000,000 5, % 2.47% Sub Total 39,000,000 39, % 19.30% Call/Repo 1, % 0.72% Sub Total 1, % 0.72% Other Assets 2, % 1.27% Grand Total 202, % ^ Valuation as per CRISIL Bond Valuer ** Non Privately Placed Debentures Mutual Fund Annual Report

62 Portfolio holding statements as on March 31, 2005 Income Fund Medium Term Fund Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS NIL NIL DEBT INSTRUMENTS (a) Listed /awaiting Listing at Stock Exchanges Housing Finance Company ^** 05.70% Housing Development Finance 500, % 8.47% Non Banking Finance Company ^** 06.60% Pantone Finvest Ltd 500, % 8.44% Sub Total 1,000, % 16.91% (b) Privately Placed/Unlisted Non-Convertible Debentures/Bonds Pass Through Certificate Finance(Asset ^** Loan Securitisation Trust Series % 9.88% Certificate of Deposits ** Allahabad Bank 500, % ** Federal Bank 500, % 8.04% Sub Total 1,000, , % 26.32% Government Securities 9.39% GOI , % 9.71% 6.65% GOI , % 8.59% Sub Total 1,000, % 18.30% Call / Repo 1, % Other Assets % Grand Total 5, % Short Term Fund Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS NIL NIL DEBT INSTRUMENTS (a) listed / Awaiting listing on the stock exchanges (b) Privately Placed/Unlisted Non-Convertible Debentures/Bonds Bonds/ Debentures Non Banking Finance ^**Kotak Mahindra Investments Ltd. 900, % 16.16% Financial ^**Nabard Ltd 500, % 9.89% Sub Total 1,400, , % 26.05% (c) Fixed Deposit ^**ICICI Bank 1 2, % 47.19% Sub Total 2, % 47.19% (d) Certificate Of Deposit ^** Development Credit Bank Ltd. 500, % ^**Federal Bank Cd 500, % 8.93% Sub Total 1,000, % 18.32% Call/Repo % 6.30% Other Assets % 2.14% Grand Total 5, % Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS NIL NIL DEBT INSTRUMENTS (A) Listed /Awaiting Listing On Stock Exchanges Housing Finance ^** Housing Development Finance 1,000, % 18.82% Financial ^** Indian Railways Finance Corporation 100, % 1.91% Total 1,100, , % 20.73% (B) Privately Placed/ Unlisted Non Banking Finance ^** Kotak Mahindra Investments Ltd. 600, % ^** Associates India Finance 21, % 0.42% Financial ^** IDBI Capital Market Services Ltd. 500, % 9.48% ^** ICICI Bank Ltd 330, % 6.47% Sub Total 1,451, , % 27.14% (C) Floating Rate Notes Non Banking Finance ^** L&T Finance Nse Mbr +75Bps 500, % 9.43% Sub Total 500, % 9.43% (D) Certificate Of Deposits ^** ING Vysya Bank 1,000, % ^** Allahabad Bank 500, % ^** Uti Bank 200, % 3.76% Sub Total 1,700, , % 31.04% (E) Government ^** 6.65% Goi ,000, , % ^** 364 Days T Bill 117, % 2.18% Total 1,117, , % 21.25% Call/Repo % 0.15% Other Assets (516.63) -9.75% Grand Total 5, % ^ Valuation as per CRISIL Bond Valuer ** Non Privately Placed Debentures Mutual Fund Annual Report

63 Portfolio holding statements as on March 31, 2005 Fixed Term Scheme - Quarterly Plan VII Fixed Term Scheme - Quarterly Plan VIII Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS NIL NIL DEBT INSTRUMENTS (a) Listed / Awaiting Listing On The Stock Exchanges (b) Privately Placed/Unlisted Non-Convertible Debentures/Bonds Bonds/ Debentures Financial ^** Rural Electrification Corpn Ltd. 800, % ^** Nabard Ltd 300, % 0.90% Sub Total 1,100, , % 3.31% (c ) Pass Through Certificates (Securitised Debt) Finance (Asset ^** UBL Trust Series 50 4, % ^** Indian Retail ABS Trust Series 65 4, % ^** UBL Trust Series 49 2, % ^** Retail Securitisation Trust % ^** Indian RMBS Trust Series % ^** Retail Securitisation Trust % ^** ABS Series Trust series % 0.13% Sub Total , % 34.42% (d) Fixed Deposit ** Jammu & Kashmir Bank 1 5, % ** UTI Bank 1 2, % ** Indusind Bank 1 2, % ** Karnataka Bank 1 1, % ** IDBI Bank 1 1, % 2.99% Sub Total , % 37.38% (e) Certificate Of Deposit ** Indusind Bank 3,500,000 3, % ** ICICI Bank 2,500,000 2, % ** Indusind Bank 500, % ** Jammu And Kashmir Bank 500, % ** ICICI Bank 500, % ** Ing Vysya Bank 500, % 1.42% Sub Total 8,000, , % 23.47% Call/Repo % 0.70% Other Assets % 0.01% Grand Total 33, % Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS NIL NIL DEBT INSTRUMENTS (a) Listed /Awaiting Listing at Stock Exchanges Bonds/ Debentures Housing Finance Company ^** Housing Development Finance Ltd 1,000, % 2.60% Total % 2.60% (b) Privately Placed/Unlisted Non-Convertible Debentures/Bonds Pass Through Certificates (Securitised Debt) Finance(Asset ^** UBL Trust Series 57 5, % 13.10% Sub Total 5, % 13.10% Money Market Securities Certificate Of Deposit ** Allahabad Bank 5,000,000 4, % ** Development Credit Bank Ltd. 3,500,000 3, % ** Uti Bank 2,500,000 2, % 6.36% Sub Total 10, % 28.27% Commercial Papers Non Banking Finance Company 11, % ** Standard Chartered Investment 5,000,000 4, % ** Kotak Mahindra Primus 1,500,000 1, % ** Rabo India Finance Pvt. Ltd. 1,500,000 1, % ** Citicorp Finance (India) Ltd. 1,500,000 1, % ** Kotak Mahindra Primus 1,000, % ** Rabo India Finance Pvt. Ltd. 1,000, % ** Panatone Finvest Ltd. 500, % 1.28% Financial Institutions 3, % ** Exim Bank 2,000,000 1, % ** Exim Bank 1,500,000 1, % 3.76% Sub Total 15, % 39.47% Fixed Deposit ** Karnataka Bank 1 2, % ** Indian Bank 1 2, % ** IDBI Bank 1 1, % 2.60% Sub Total 6, % 15.62% Call/Repo % 0.86% Other Assets % 0.08% Grand Total 38, % ^ Valuation as per CRISIL Bond Valuer ** Non Privately Placed Debentures Mutual Fund Annual Report

64 Portfolio holding statements as on March 31, 2005 Monthly Income Plan Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS (a) listed / Awaiting listing on the stock exchanges Apparel&Accessories % 1.37% S B & T International Limited 320, % 1.37% Auto Ancillary % 0.15% Fairfield Atlas Limited 72, % 0.15% Auto Components % 0.15% Automative Axles 10, % 0.15% Automobiles % 1.39% Mahindra & Mahindra Ltd 70, % 1.39% Commercial Services & Supplies % 0.77% Psl Holding Limited 145, % 0.77% Computers & Peripherals % 0.75% Zensar Technologies Limited 93, % 0.75% Electrical Equipment % 1.73% Crompton Greaves Limited 100, % 1.73% IT Consulting & Services % 2.08% Mastek Ltd 141, % 2.08% Machinery % 3.48% Punjab Tractors Limited 255, % 1.62% Carborundum Universal Ltd-Fv Inr2 200, % 1.02% Bharat Earth Movers Ltd 51, % 0.74% Elgi Equipments Ltd Partly Paid Inr , % 0.10% Oil % 3.52% Shivvani Oil & Gas Exploaration 600, % 3.52% Paper & Forest Products % 1.75% Tamilnadu Newsprint Ltd 750, % 1.75% Personal Care % 0.78% Emami Limited 250, % 0.78% Steel % 1.72% Jindal Saw Limited 161, % 1.72% Total 4, % 19.64% (b) Privately Placed/Unlisted Non-Convertible Debentures/Bonds DEBT INSTRUMENTS (a) Listed /awaiting Listing at Stock Exchanges Non Convertible ^** Citicorp Maruti Financial 1,000, ^** Indian Railway Finance Corporation 500, ^** Panatone Finvest Ltd 500, % Sub Total 1, % Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total (b) Privately Placed/Unlisted Non-Convertible Debentures/Bonds Non Convertible ^** Power Finance Corporation 1,500,000 1, ^** ICICI Bank 1,000,000 1, ^** IRFC Tax Bonds 500, ^** L&T Finance Ltd 500, ^** Ing Vysya Bank 500, % Sub Total 3, % Pass Through Certificates (Securitised ^** Jet Airways PTC 1 2, ^** Loan Securitation Trust 20 1, ^** Auto Pool Securities Trust ^** Jet Airways PTC % Sub Total 5, % Fixed ** ICICI Bank % Sub Total % Government Securities 364 Days T Bill ,000,000 4, % 9.39% GOI ,000,000 1, % 364 Days T Bill , % 10.95% GS , % Sub Total 6, % Total 18, % Call / Repo 1, % Other Assets % Grand Total 25, % NRI Income Fund Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS NIL NIL Government Securities 364 Days T Bill , % 85.80% Sub Total 200, % 85.80% Call/Repo % 29.27% Sub Total % 29.27% Other Assets (34.49) % % Grand Total % ^ Valuation as per CRISIL Bond Valuer ** Non Privately Placed Debentures Mutual Fund Annual Report

65 Portfolio holding statements as on March 31, 2005 Growth Fund Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS (a) listed / Awaiting listing on the stock exchanges Auto Components 4, % 3.89% Sundaram Fasteners Ltd 1,839,560 2, % 1.95% Munjal Auto Industries Ltd 1,080,509 1, % 1.34% Exide Ind 442, % 0.60% Automobiles 4, % 4.47% Swaraj Mazda Limited 515,065 1, % 1.73% Ashok Leyland Ltd 7,490,695 1, % 1.52% Maruti Udyog Ltd 300,000 1, % 1.22% Banks 8, % 8.48% Canara Bank 700,000 1, % 1.35% State Bank Of India 850,000 5, % 5.39% IndusInd Bank 2,500,000 1, % 1.21% ING Vysya Bank Limited 450, % 0.41% ING Vysya Bank Limited 82, % 0.12% Beverages 2, % 2.34% Radico Khaitan Limited 726,372 2, % 2.34% Casting/Forgines % 0.62% Ramkrishna Forgings Ltd 1,235, % 0.62% Chemicals 6, % 6.35% Tata Chemicals 1,549,271 2, % 2.27% Sintex Industries 501,552 2, % 2.06% United Phosphorous Limited 286,823 2, % 2.02% Compressors/Pumps 2, % 2.30% Kirloskar Brothers Limited 262,083 2, % 2.30% Construction & Engineering 3, % 3.04% Jaiprakash Associates 1,594,959 3, % 3.04% Consumer Goods % 0.47% Mawana Sugars Ltd 641, % 0.47% Diseal Engines 1, % 1.69% Greaves Cotton Ltd 1,390,553 1, % 1.69% Diversified Financials % 0.86% Industrial Development Bank of India Ltd 975, % 0.86% Electrical Equipment 4, % 4.18% Crompton Greaves Limited 1,000,000 4, % 4.18% Food Products 2, % 2.13% Balrampur Chini Mills Ltd 1,944,890 1, % 1.30% Oudh Sugar Mills Limited 700, % 0.83% Industrial Conglomerates 1, % 1.84% Century Textiles Limited 851,401 1, % 1.84% Industrial Electronics % 0.81% Solectron Centum Electronics Ltd 478, % 0.81% IT Consulting & Services 6, % 6.42% Geometric Software Solutions Co. Ltd 400,000 1, % 1.89% HCL Technologies Ltd 500,000 1, % 1.79% Satyam Computers Ltd 400,000 1, % 1.58% NIIT Ltd 664,665 1, % 1.16% Machinery 7, % 7.29% Bharat Earth Movers Ltd 1,228,826 4, % 4.26% KSB Pumps Limited 814,785 2, % 1.93% NRB Bearings Limited 493,009 1, % 1.09% Marine % 0.89% G. E. Shipping 600, % 0.89% Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total Media 1, % 1.76% Deccan Chronicle Holdings Limited 800,000 1, % 1.12% TV Today Network 865, % 0.64% Metals & Mining 8, % 7.92% Jindal Steel & Power Limited 275,659 2, % 2.78% Hindustan Zinc Limited 1,150,000 1, % 1.89% Maharashtra Seamless Ltd 401,283 1, % 1.25% Jindal Vijaynagar Steels Ltd 347,867 1, % 1.21% Amforge Industries Ltd. 626, % 0.79% Oil & Gas 1, % 1.56% Bongaigaon Refinery & Petro1,785,284 1, % 1.56% Pharmaceuticals 7, % 7.16% Divis Laboratories Limited 230,000 2, % 2.21% Wockhart Limited 582,315 2, % 2.08% Strides Arcolabs Ltds. 805,000 1, % 1.64% Themis Medicare Limited 475,000 1, % 1.23% Software 3, % 2.91% Hexaware Technologies Ltd 284,663 2, % 2.01% Datamatics Technologies Ltd 750, % 0.71% Subex Systems 50, % 0.19% Steel 3, % 2.98% Jindal Saw Limited 1,153,425 3, % 2.98% Telecom Equipment 1, % 1.52% Avaya Globalconnect Limited 397,419 1, % 1.52% Textiles & Apparel 2, % 2.60% Bombay Dyeing & Mfg Company Limited 424,020 1, % 1.40% Bata India Ltd 1,505,000 1, % 1.20% Miscellaneous 7, % 6.78% EID Parry India Limited 375,000 2, % 1.93% Northgate Bpo Services 1,000,000 1, % 1.50% Wanbury Limited 537,174 1, % 1.06% Kennametal Widia India Limited 355, % 0.93% Century Plyboard India Ltd 890, % 0.68% Shivvani Oil & Gas Exploaration 475, % 0.67% Jindal South West Holdings Ltd 91, % 0.00% Total 52,126,139 96, % 93.25% (B) Unlisted Miscellaneous ** Globsyn Technologies Ltd 200, % Total 200, % Fixed Deposit Bank % 0.48% ICICI Bank 500, % 0.48% Total 500, % 0.48% Corporate Debenture Nabard NCD 500, % Total 500, % Call / Repo 0 9, % Other Assets 0-3, % Grand Total 53,326, , % ^ Valuation as per CRISIL Bond Valuer ** Non Privately Placed Debentures Mutual Fund Annual Report

66 Portfolio holding statements as on March 31, 2005 Vision Fund Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS (a) listed / Awaiting listing on the stock exchanges Transportation 2, % 3.73% Jet Airways India Ltd 200,000 2, % 3.73% Power 1, % 2.86% Tata Consultancy Services Limited 129,887 1, % 2.86% Pharmaceuticals 2, % 3.19% Divis Laboratories Limited 208,442 2, % 3.19% Oil & Gas 2, % 4.08% ONGC Corporation Ltd 300,000 2, % 4.08% Metals & Mining 5, % 9.18% Sterlite Ind 349,357 2, % 3.84% Tata Iron & Steel Company Ltd 500,000 2, % 3.08% Sesa Goa Ltd 200,000 1, % 2.25% Media 3, % 6.00% Hinduja TMT Ltd. 748,878 2, % 3.54% Television 18 Ltd 847,400 1, % 2.43% Television 18 Ltd Wr Series A 84, % 0.02% Television 18 Ltd Wr Series B 84, % 0.01% Machinery 3, % 5.10% Bharat Forge Limited 239,157 3, % 5.07% Bharat Forge Limited Warrants 6, % 0.03% Industrial Equipment 1, % 1.71% Ingersoll Rand India Limited 393,000 1, % 1.71% Industrial Conglomerates % 1.25% Century Textiles Limited 364, % 1.25% Household Products 1, % 2.58% Colgate Palmolive India Limited 923,705 1, % 2.58% Electrical Equipment 9, % 14.47% Siemens Ltd 435,961 7, % 11.40% Bharat Electronics Limited 300,000 1, % 3.07% Diversified Financials 2, % 4.14% ITC Ltd 200,000 2, % 4.14% Construction & Engineering 1, % 3.04% Jaiprakash Associates 1,000,000 1, % 3.04% Petro 6, % 9.47% Industries Limited 700,000 3, % 5.88% Chemicals Gujarat State Fertilizers & Chemicals Lt 2,079,440 2, % 3.59% Banks 2, % 4.24% State Bank Of India 300,000 1, % 3.03% ICICI Bank Ltd 200, % 1.21% Automobiles 6, % 9.49% Ashok Leyland Ltd - (Fv Re 1) 12,924,843 2, % 4.18% Tata Motors 500,000 2, % 3.19% TVS Suzuki Ltd 2,000,000 1, % 2.12% Auto Components 5, % 9.04% Automative Axles 1,000,000 3, % 5.73% Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total Ceat Limited 1,250,000 1, % 1.89% Apollo Tyres Limited 321, % 1.41% Total 28,791,165 60, % (B) Unlisted Total - - 0% Fixed Deposit Bank % 0.77% ICICI Bank 500, % Total 500, % 0.77% Call / Repo - 9, % Other Assets - (5,597.21) -8.61% Grand Total 29,291,165 64, % NRI Equity Fund Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS (a) listed / Awaiting listing on the stock exchanges Paper & Forest Products % 1.92% Tamilnadu Newsprint Ltd 300, % 1.92% Metals & Mining % 8.77% Tata Iron & Steel Company Ltd 200, % 8.77% Machinery % 7.41% Punjab Tractors Limited 425, % 7.41% Industrial Equipment % 0.46% Ingersoll Rand India Limited 15, % 0.46% Electrical Equipment % 10.56% Siemens Ltd 56, % 10.56% Dredging % 8.27% Dredging Corporation of India 150, % 8.27% Petro 1, % 11.75% Industries Limited 161, % 9.61% Chemicals Asian Paints Ltd. 50, % 2.14% Banks 1, % 15.43% State Bank Of India 125, % 8.98% ICICI Bank Ltd 150, % 6.45% Automobiles 1, % 21.04% Tata Motors 180, % 8.15% Maruti Udyog Ltd 150, % 6.90% Hero Honda Motors Ltd Fv 2 (New) 100, % 5.99% Auto Components % 3.70% Apollo Tyres Limited 118, % 3.70% Total 2,181,237 8, % 89.32% (B) Unlisted Total - 0 0% Fixed Deposit Bank % 2.19% 5.00% HDFC Bank Ltd % 2.19% Total % 2.19% Call / Repo % Other Assets % Grand Total 2,181,237 9, % ^ Valuation as per CRISIL Bond Valuer ** Non Privately Placed Debentures Mutual Fund Annual Report

67 Portfolio holding statements as on March 31, 2005 Diversified Power Sector Fund Pharma Fund Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS (A) Listed / Awaiting Listing On The Stock Exchanges Construction & Engineering 2, % 9.03% Jaiprakash Associates 1,450,000 2, % 9.03% Electric Utilities 4, % 12.98% Ahmedabad Electricity Co Limited 1,757,505 2, % 6.94% Energy Limited 361,657 1, % 6.04% Electrical Equipment 14, % 47.09% Crompton Greaves Limited 997,243 4, % 13.63% Siemens Ltd 191,859 3, % 10.28% KEC International Ltd 1,200,000 2, % 7.03% Asea Brown Boveri Limited 175,000 2, % 6.36% Bharat Heavy Electricals Limited 225,000 1, % 5.44% Apar Industries Limited 894,329 1, % 3.38% Asian Electronics Limited 420, % 0.97% Metals & Mining 3, % 11.91% Jindal Steel & Power Limited (Fv Rs 5/-) 310,000 3, % 10.24% Neyveli Lignite Corporation Ltd 800, % 1.68% Power 2, % 6.76% National Thermal Power Corporation 2,500,000 2, % 6.76% Total 11,282, , % 87.77% (B) Unlisted Total Fixed Deposit ** 5.00% Hdfc Bank 500, % 1.58% Total 500, % 1.58% Pass Through Certificates (Securitised Debt) (A) Listed / Awaiting Listing On The Stock Exchanges NIL (B) ^ **6.1210% Loan Sec Trust 35 2, % 7.87% Total 35 2, % 7.87% Call / Repo % Other Assets % Grand Total 31, % Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS (A) Listed / Awaiting Listing On The Stock Exchanges Pharmaceuticals 13, % 89.51% Aventis Pharma Ltd. 125,591 1, % 10.61% Wockhart Limited 350,508 1, % 8.92% Divis Laboratories Limited 121,433 1, % 8.31% Glaxosmithkline Pharmaceuticals Limited 145,000 1, % 7.17% Lupin Limited 175, % 6.65% Dishman Pharmaceuticals & Chemicals 145, % 6.39% Cipla Limited 300, % 5.25% Pfizer Ltd 100, % 4.92% Cadila Healthcare Limited 150, % 4.77% F D C Limited 1,500, % 4.69% Alembic Limited 199, % 3.70% Shasun Chemicals Limited 121, % 3.10% Glenmark Pharmaceuticals Ltd 150, % 2.91% Ranbaxy Laboratories Ltd. 40, % 2.76% Novartis F/V Rs 5 68, % 2.33% IPCA Laboratories Ltd 105, % 2.18% Astrazeneca Pharma India Ltd 14, % 1.50% Indoco Remedies Limited 64, % 1.32% Dr Reddy Laboratories 25, % 1.27% Nicholas Piramal India Ltd 48, % 0.74% Chemicals % 3.65% Hikal Limited 95, % 2.50% RPG Life Science Limited 299, % 1.15% Total 4,344,768 13, % 93.16% (B) Unlisted Total 0 0 0% Call / Repo % Other Assets % Grand Total 4,344,768 14, % ^ Valuation as per CRISIL Bond Valuer ** Non Privately Placed Debentures Mutual Fund Annual Report

68 Portfolio holding statements as on March 31, 2005 Equity Opportunities Fund Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS (a) listed / Awaiting listing on the stock exchanges Automobiles 5, % 2.98% Mahindra & Mahindra Ltd 550,000 2, % 1.55% Maruti Udyog Ltd 500,000 2, % 1.19% Tata Motors 100, % 0.23% Banks 15, % 8.60% State Bank Of India 1,034,291 6, % 3.86% Corporation Bank 1,296,888 4, % 2.57% Punjab National Bank 685,000 2, % 1.53% ICICI Bank Ltd 200, % 0.45% Indian Overseas Bank 463, % 0.20% Beverages % 0.50% Mcdowell & Co Ltd 378, % 0.50% Petro 10, % 5.82% Industries Limited 1,610,000 8, % 4.99% Chemicals Indian Petrochemicals Corprn. Ltd. 500, % 0.46% Gujarat Heavy Chemicals Ltd1,500, % 0.37% Cigrattes 2, % 1.53% ITC Ltd 200,000 2, % 1.53% Computers & Peripherals % 0.42% Tata Elxsi Ltd 400, % 0.42% Construction Materials 1, % 1.02% Associated Cement Companies Limited 500,000 1, % 1.02% Costruction 2, % 1.42% Jaiprakash Associates 1,268,000 2, % 1.42% Diversified Telecommunication Services % 0.33% Mahanagar Telephone Nigam Ltd 500, % 0.33% Electrical Equipment 2, % 1.39% Bharat Heavy Electricals Limited 250,000 1, % 1.09% Siemens Ltd 31, % 0.30% Food Products 2, % 1.19% Tata Tea Limited 400,000 2, % 1.19% Industrial Conglomerates 2, % 1.70% Grasim Industries Ltd 246,341 2, % 1.70% IT Consulting & Services 7, % 4.33% HCL Technologies Ltd 1,400,000 5, % 2.94% Satyam Computers Ltd 600,000 2, % 1.39% Machinery 1, % 0.82% Lakshmi Machine Works Ltd 17,825 1, % 0.82% Media % 0.21% Zee Telefilms Ltd 261, % 0.21% Metals & Mining 8, % 4.84% Jindal Vijaynagar Steels Ltd 897,500 3, % 1.84% Tata Iron & Steel Company Ltd 800,000 3, % 1.82% Hindalco Industries Limited 100,000 1, % 0.73% National Aluminium Company Ltd 455, % 0.45% Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total Oil & Gas 8, % 4.68% ONGC Corporation Ltd 685,000 6, % 3.43% Indian Oil Corporation Limited 400,000 1, % 1.00% Castrol India Ltd 237, % 0.25% Pharmaceuticals 6, % 3.50% Glaxosmithkline Pharmaceuticals Limited 291,193 2, % 1.19% Wockhart Limited 433,121 1, % 0.91% Aventis Pharma Ltd. 91,034 1, % 0.64% Dr Reddy Laboratories (Fv Rs.5/-) 99, % 0.42% Wyeth Limited 150, % 0.35% Power 3, % 1.96% Energy Limited 489,151 2, % 1.47% National Thermal Power Corporation 1,000, % 0.49% Software 3, % 2.02% IFLEX Solutions Ltd 360,000 2, % 1.21% Tata Consultancy Services Limited 100,000 1, % 0.81% Total 21,481, % 49.25% (B) Unlisted Debt Instruments (A) Listed / Awaiting Listing On The Stock Exchanges (B) Unlisted Floating Rate Notes Non Banking Finance Company ICICI Securities 7,500,000 7, % 4.26% Rabo Ind Finance 1,000,000 1, % 0.57% Global Trade Finance 500, % 0.28% Primary Dealers Abnamro Sec India Ltd 5,000,000 5, % 2.84% Consumer Durable Whirlpool India Ltd 1,500,000 1, % 0.85% Paints Berger Paints 1,000,000 1, % 0.57% Diversified Sterlite Industries Ltd 1,000,000 1, % 0.57% Power Finolex Wire Prod 500, % 0.28% Total 18,000,000 18, % 10.22% Money Market Instruments Fixed Deposit Bank Punjab National Bk 15,000,000 15, % 8.51% Indian Bank 10,000,000 10, % 5.68% Uco Bank 7,500,000 7, % 4.26% Bank Of India 5,000,000 5, % 2.84% Oriental Bank of Commerce 5,000,000 5, % 2.84% Karnatak Bank Ltd 3,000,000 3, % 1.70% Total 45,500,000 45, % 25.83% Other Assets 0 25, % 14.70% Grand Total 84,981, , % ^ Valuation as per CRISIL Bond Valuer ** Non Privately Placed Debentures Mutual Fund Annual Report

69 Portfolio holding statements as on March 31, 2005 Media & Entertainment Fund Index Fund - Sensex Plan Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS (A) Listed / Awaiting Listing On The Stock Exchanges Computers & Peripherals % 13.53% Tata Elxsi Ltd 150, % 13.53% Media 1, % 68.09% Deccan Chronicle Holdings Limited 175, % 12.45% Crest Animation Studios Limited 350, % 11.99% Adlabs Films Limited (Fv Rs.5) 150, % 9.55% UTV Software Communications Ltd 125, % 9.04% Balaji Telefilms Limited 147, % 6.44% Navneet Publications India Limited 51, % 6.06% Zee Telefilms Ltd 75, % 5.10% Television 18 Ltd 52, % 4.80% TV Today Network 71, % 2.66% Total 1,348,226 1, % (B) Unlisted Total % Call / Repo % Other Assets % Grand Total 1,348,226 2, % Banking Fund Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS (A) Listed / Awaiting Listing On The Stock Exchanges Banks 4, % 82.61% State Bank Of India 125, % 14.33% ICICI Bank Ltd 125, % 8.57% Corporation Bank 138, % 8.38% Canara Bank 225, % 7.86% Indian Overseas Bank 550, % 7.29% HDFC Bank 75, % 7.12% Vijaya Bank 500, % 5.61% South India Bank 435, % 4.86% Fedral Bank Ltd 177, % 4.77% Punjab National Bank 65, % 4.46% Karur Vysya Bank Limited 50, % 3.55% ING Vysya Bank Limited - Right Forms 150, % 2.48% The Jammu & Kashmir Bank Ltd 36, % 2.28% ING Vysya Bank Limited 38, % 1.04% Total 2,690,424 4, % 82.61% (B) Unlisted Total 0 0 0% Call / Repo 0 1, % Other Assets % Grand Total 2,690,424 5, % Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS (A) Listed / Awaiting Listing On The Stock Exchanges Automobiles % 7.17% Tata Motorsa % 2.53% Bajaj Auto Limited % 2.08% Hero Honda Motors Ltd Fv 2 (New) % 1.54% Maruti Udyog Ltd % 1.02% Banks % 15.91% ICICI Bank Ltd 1, % 8.19% State Bank Of India % 4.41% HDFC Bank % 3.32% Chemicals % 11.92% Industries Limited 1, % 11.92% Cigarettes % 6.66% ITC Ltd % 6.66% Construction & Engineering % 3.18% Larsen & Toubro Limited - Fv Rs % 3.18% Construction Materials % 3.17% Associated Cement Companies Limited % 1.66% Gujarat Ambuja Cements Limited % 1.51% Diversified Financials % 4.02% Housing Development Finance Corporation % 4.02% Diversified Telecommunication Services % 2.18% Bharati Tele Ventures Ltd % 2.18% Electric Utilities % 2.86% Tata Power % 1.43% Energy Limited % 1.43% Electrical Equipment % 1.85% Bharat Heavy Electricals Limited % 1.85% Household Products % 4.12% Hindustan Lever Limited 2, % 4.12% Industrial Conglomerates % 2.45% Grasim Industries Ltd % 2.45% IT Consulting & Services % 19.02% Infosys Technologies Ltd % 13.02% Satyam Computers Ltd % 3.31% Wipro Limited % 2.69% Media % 0.89% Zee Telefilms Ltd % 0.89% Metals & Mining % 7.22% Tata Iron & Steel Company Ltd 1, % 4.74% Hindalco Industries Limited % 2.48% Oil & Gas % 6.88% Ongc Corporation Ltd % 5.39% Hindustan Petroleum Corporation Ltd % 1.49% Pharmaceuticals % 6.24% Ranbaxy Laboratories Ltd % 3.75% Cipla Limited (F.V.Rs 2) % 1.31% Dr Reddy Laboratories (Fv Rs.5/-) % 1.18% Total 17, % % (B) Unlisted Nil Nil Total 0 0 0% Call / Repo % Other Assets % Grand Total 17, % ^ Valuation as per CRISIL Bond Valuer ** Non Privately Placed Debentures Mutual Fund Annual Report

70 Portfolio holding statements as on March 31, 2005 Index Fund - Nifty Plan Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total EQUITY & EQUITY RELATED INSTRUMENTS (A) Listed / Awaiting Listing On The Stock Exchanges Power % 0.93% Energy Limited % 0.93% Pharmaceuticals % 4.39% Ranbaxy Laboratories Ltd % 1.74% Sun Pharma Ltd (F.V. Rs 5/-) % 0.81% Cipla Limited (F.V.Rs 2) % 0.73% Glaxosmithkline Pharmaceuticals Limited % 0.59% Dr Reddy Laboratories (Fv Rs.5/-) % 0.52% Oil & Gas % 13.83% Ongc Corporation Ltd 2, % 11.85% Bharat Petroleum Corp Ltd % 1.00% Hindustan Petroleum Corporation Ltd % 0.97% Metals & Mining % 6.73% Steel Authority Of India Ltd 8, % 2.46% Tata Iron & Steel Company Ltd 1, % 2.09% Hindalco Industries Limited % 1.13% National Aluminium Company Ltd 1, % 1.06% Media % 0.54% Zee Telefilms Ltd % 0.54% Marine % 0.40% Shipping Corporation Of India Ltd % 0.40% IT Consulting & Services % 12.15% Infosys Technologies Ltd % 5.59% Wipro Limited 1, % 4.38% Satyam Computers Ltd % 1.22% HCL Technologies Ltd % 0.95% Industrial Conglomerates % 1.04% Grasim Industries Ltd % 1.04% Household Products % 2.96% Hindustan Lever Limited 4, % 2.73% Colgate Palmolive India Limited % 0.23% Health Care Equipment & Supplies % 0.30% Dabur India Ltd % 0.30% Gas Utilities % 1.69% Gas Authority Of India 1, % 1.69% Food Products % 0.26% Tata Tea Limited % 0.26% Electrical Equipment % 2.21% Bharat Heavy Electricals Limited % 1.75% Asea Brown Boveri Limited % 0.46% Power % 0.66% Tata Power % 0.66% Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total Diversified Telecommunication Services % 4.78% Bharati Tele Ventures Ltd. 3, % 3.61% Mahanagar Telephone Nigam Ltd 1, % 0.67% Videsh Sanchar Nigam Limited % 0.49% Diversified Financials % 9.08% Tata Consultancy Services Limited 1, % 7.40% Housing Development Finance Corporation % 1.68% Construction Materials % 1.27% Gujarat Ambuja Cements Limited % 0.67% Associated Cement Companies Limited % 0.60% Construction & Engineering % 1.21% Larsen & Toubro Limited-Fv Rs % 1.21% Cigarettes % 3.12% ITC Ltd % 3.12% Chemicals % 7.87% Industries Limited 2, % 7.18% Indian Petrochemicals Corprn. Ltd % 0.38% Tata Chemicals % 0.31% Banks % 8.93% State Bank Of India 1, % 3.24% ICICI Bank Ltd 1, % 2.70% HDFC Bank % 1.47% Punjab National Bank % 0.97% Oriental Bank Of Commerce % 0.56% Automobiles % 5.10% Tata Motors % 1.38% Maruti Udyog Ltd % 1.14% Hero Honda Motors Ltd Fv 2 (New) % 1.03% Bajaj Auto Limited % 1.02% Mahindra & Mahindra Ltd % 0.54% Total 48, % 89.44% (B) Unlisted Total 0 0 0% Call / Repo % Other Assets % Grand Total 48, % ^ Valuation as per CRISIL Bond Valuer ** Non Privately Placed Debentures Mutual Fund Annual Report

71 Back Page Ref. CDR File Mutual Fund Annual Report

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