Cover Page Ref. CDR File

Cover Page Ref. CDR File Annual Report 2004-2005 Mutual Fund Annual Report 2004-2005 1

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 - 400 033. Tel.: 022-30411000, Fax 022-30411064 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 - 400 013. Tel.: 022-30414800 Fax: 022-30414899 Regd. Office (new):** EO1, Greens, Village Motikhavdi, P. O. Digvijaygram, District Jamnagar - 361140 (Gujarat) Tel.: 0288-3011556 Fax: 0288-3011598 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 - 400 013. Tel.: 022-30414800 Fax: 022-30414899 Call : 30301111 Website : www.reliancemutual.com Regd. Office (new):** EO1, Greens, Village Motikhavdi, P. O. Digvijaygram, District Jamnagar - 361140 (Gujarat) Tel.: 0288-3011556 Fax: 0288-3011598 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 1956. 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 - 400 021. 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 - 400 001. 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-500 034. performance of the Schemes. The Sponsor is not responsible or liable for any Tel.: 040-2331 2454, Fax: 040-2331 1968. 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 - 400 021. 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 380 006 (Old Regd. Office) Mutual w.e.f. FundJuly 8, 2004. Please read the offer document Annual carefully Report 2004 before - 2005 investing. 2

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, 2005. The Equity markets witnessed another strong year of performance during FY 2004-2005 with the benchmark Sensex gaining 16.14 % from 5590.6 to 6492.8. 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 39336 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 2005. 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 2004-05 (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. 3900 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 11200 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, 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 December 31, 2004. 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, 2004. 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, 2004. 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, 2004. ^^^^ 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 2004-2005 3

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, 2004. 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, 2004. 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, 2004. 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 2002- September 2004. 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 2002- September 2004. 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 2003- 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 2003- September 2004. 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 2002- 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, 2004. 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, 2004. 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, 2004. 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, 2004. 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, 2004. 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 2003- 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 2004-2005 4

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 2003 - 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 2004- 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 2004- 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 2003- 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 2004-2005, 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. 10.00; three times in Vision Fund i.e Rs. 3.00, Rs.2.50 and Rs. 5.00 each on the face value of Rs. 10.00; in Banking Fund, Rs. 3.00 on the face value of Rs. 10.00; two times in Floating Rate Fund, Rs.0.0241 and Rs. 0.0233 each on the face value of Rs. 10.00; and in Fixed Term Scheme Quarterly Plan VII & VIII, Rs. 0.0903 and Rs. 0.0128 each on the face value of Rs. 10.00. 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 2004-2005 5

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 2004-2005 6

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, 1996. 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, 1996. 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, 2005. (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, 2005. For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report 2004-2005 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 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, 1996. 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, 1996. 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, 2005. (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, 2005. For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report 2004-2005 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 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, 1996. 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, 1996. 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, 2005. (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, 2005. For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report 2004-2005 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 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, 1996. 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, 1996. 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, 2005. (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, 2005. For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report 2004-2005 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 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, 1996. 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, 1996. 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, 2005. (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, 2005. For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report 2004-2005 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 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, 1996. 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, 1996. 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, 2005. (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, 2005. For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report 2004-2005 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 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, 1996. 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, 2005. 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, 1996. 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, 2005. For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report 2004-2005 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 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, 1996. 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, 1996. 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, 2005. (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, 2005. For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report 2004-2005 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 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, 1996. 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, 1996. 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, 2005. (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, 2005. For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report 2004-2005 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 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, 1996. 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, 1996. 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, 2005. (ii) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31st March, 2005. For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner For HARIBHAKTI & CO. Chartered Accountants CHETAN DESAI Partner Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Membership No. 17000 Place: Mumbai Date: 25 th April, 2005 Mutual Fund Annual Report 2004-2005 16

Notes to financial statements for the year/period ended March 31, 2005. 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 1995. 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, 1999. 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 1998. 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 2000. 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 2002. 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 2003. 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 2003. 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 2003. 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 2003. 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, 2005. 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, 2004. 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, 2004. 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, 2004. 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, 2005. 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, 2004. 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, 2004. 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, 2005. 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 2004-2005 17

Notes to financial statements for the year/period ended March 31, 2005. 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, 2005. 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 738.28 71644.19 21.91 2.16 Growth Fund 738.90 71555.95 18.80 2.04 Income Fund 141.84 18989.11 2.15 1.91 Liquid Fund 996.29 402287.65 4.97 0.49 Medium Term Fund 20.03 4006.17 4.35 1.52 Short Term Fund 130.82 56703.80 4.41 0.53 Banking Fund 58.91 4714.07 27.80 2.25 Gilt Securities Fund - Long Term Gilt Plan 13.67 5614.92 2.18 0.86 Gilt Securities Fund - Short Term Gilt Plan 16.48 7162.59-0.11 0.58 Monthly Income Plan 509.60 78549.98 5.30 1.74 Floating Rate Fund 174.62 121102.22 5.34 0.53 Mutual Fund Annual Report 2004-2005 18

Notes to financial statements for the year/period ended March 31, 2005. Fixed Maturity Fund - Annual Plan Series I 0.04 20174.19 12.60 0.20 Fixed Term Scheme - Quarterly Plan VII 10.06 35462.48 6.24 0.30 Fixed Term Scheme - Quarterly Plan VIII 0.33 38382.69 5.82 0.14 Fixed Term Scheme - Monthly Plan XVII 7.79 76448.67 4.40 0.20 Fixed Term Scheme - Monthly Plan XVIII 0.71 46446.27 5.46 0.20 Fixed Term Scheme - Annual Plan III 49.97 19990.76 6.61 0.39 Fixed Term Scheme - Annual Plan IV 16.96 17021.47 6.16 0.31 Index Fund - Sensex Plan 0.11 123.82 13.64 1.49 Index Fund - Nifty Plan 0.33 386.15 14.42 1.46 Equity Opportunities Fund 14.21 176159.43 27.44 1.89 Pharma Fund 149.61 15886.79 17.26 2.16 NRI Income Fund 0.42 230.43 6.18 1.50 NRI Equity Fund 42.09 9331.20 29.74 2.46 Media & Entertainment Fund 26.54 4467.82 14.84 2.23 Diversified Power Sector Fund 327.89 34211.61 8.13 0.46 3. 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 160723.13 224.34 122618.14 171.15 Growth Fund 172834.92 241.54 104287.87 145.74 Income Fund 580574.54 3057.41 635614.96 3347.26 Liquid Fund 3052637.72 758.82 2651891.56 659.20 Medium Term Fund 57216.80 1428.22 50320.67 1256.08 Short Term Fund 381314.40 672.47 444107.24 783.21 Banking Fund 14525.35 308.13 11737.48 248.99 Gilt Securities Fund - Long Term Gilt Plan 263671.74 7136.30 261816.11 7086.08 Gilt Securities Fund - Short Term Gilt Plan 186758.23 15044.41 181006.89 14581.11 Monthly Income Plan 1031398.52 1313.05 1076640.49 1370.64 Floating Rate Fund 958326.52 791.34 889378.851 734.40 Fixed Maturity Fund - Annual Plan Series I 18935.28 93.86 NIL - Fixed Term Scheme - Quarterly Plan VII 65561.45 184.88 27935.42 78.77 Fixed Term Scheme - Quarterly Plan VIII 39966.05 104.13 1991.60 5.19 Fixed Term Scheme - Monthly Plan XVII 170222.24 222.66 109251.73 142.91 Fixed Term Scheme - Monthly Plan XVIII 58323.98 125.57 12500 26.91 Fixed Term Scheme - Annual Plan III 62970.05 315 55611.45 315.00 Fixed Term Scheme - Annual Plan IV 30818.11 181.05 11604.97 68.18 Index Fund - Sensex Plan 370.34 299.09 281.39 227.25 Index Fund - Nifty Plan 1032.62 267.42 844.68 218.74 Equity Opportunities Fund 180180.76 102.28 24397.65 13.85 Pharma Fund 57725.14 363.35 40361.99 254.06 NRI Income Fund 2496.88 1083.58 1183.47 513.59 NRI Equity Fund 32720.09 350.65 20542.73 220.15 Media & Entertainment Fund 13121.91 293.70 10565.81 236.49 Diversified Power Sector Fund 146984.22 429.63 99826.82 291.79 6. 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 2004-2005 19

Notes to financial statements for the year/period ended March 31, 2005. 7. 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 2536.41 0.04 Growth Fund 474.03 101.23 Liquid Fund - 1894.25 Monthly Income Plan 32.96 388.06 Equity Opportunities Fund 7584.22 782.49 Pharma Fund 0.35 113.78 NRI Equity Fund 537.36 745.14 Media & Entertainment Fund 0.01 153.88 Diversified Power Sector Fund 2.71 58.00 8. 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 5545.49 Growth Fund 1301.20 Income Fund 0.22 Index Fund 141.47 Monthly Income Plan 7251.31 Equity Opportunities Fund 11648.96 Liquid Fund 1047.23 NRI Equity Fund 837.82 Diversified Power Sector Fund 3488.32 Short Term Fund 6295.93 9. 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 70000 3831.62 3831.62 3821.65 Floating Rate Fund 15 1522.08 1522.08 1522.09 Index Fund 4683 25.12 604 3.48 28.60 28.77 Equity Opportunities Fund 1610000 9051.12 489151 2597.85 11648.96 11382.06 Liquid Fund 10 1047.23 1047.23 1044.00 NRI Equity Fund 161000 875.67 875.67 878.98 Diversified Power Sector Fund 361657 2316.48 2316.48 1916.60 10. The exposure to derivatives in Equity Opportunities Fund was 0.90% of net assets as on March 31, 2005. 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 4.25 4.32 2.00 Liquid Fund - Treasury Plan 6.99 5.90 7.21 8.29 Liquid Fund - Cash Plan 4.58 4.80 Medium Term Fund 1.18 Short Term Fund 0.99 01.27 Banking Fund 30.00 Gilt Securities Fund - Long Term Plan 0.94 Gilt Securities Fund - Short Term Plan 0.94 Floating Rate Fund 1.99 1.84 2.237 Monthly Income Plan 4.91 4.35 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 2004-2005 20

Notes to financial statements for the year/period ended March 31, 2005. 12. 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, 2005 - Bonus Option Medium Term Fund 29.03.05 2 units for every 5 units held 14.3096 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 58.45 69.62 24.85 29.88 BSE 100 17.38 26.08 3.71 8.27 S & P CNX Nifty 14.89 21.36 5.90 7.29 Date of launch 25.09.1995 Vision Fund 37.38 64.37 29.07 25.56 BSE 100 17.38 26.08 3.71 8.27 S & P CNX Nifty 14.89 21.36 5.90 7.29 Date of launch 25.09.1995 Income Fund 2.59 7.69 10.01 10.83 Crisil Composite Bond Fund Index 0.20 6.53 N A N A Date of launch 20.12.1997 Liquid Fund - Treasury Plan 4.51 5.54 6.66 7.01 Date of launch 16.03.1998 Liquid Fund - Cash Plan 4.21 4.71 N A 4.86 Date of launch 04.12.2001 Liquid Fund - Super Cash Plan (Plan wound up on 31.12.04) N A N A N A NA Date of launch 17.09.2002 CRISIL Liquid Fund Index 4.16 4.85 N A NA Medium Term Fund 1.19 5.99 N A 8.17 Crisil Short Term Bond Fund Index 3.03 5.54 N A NA Date of launch 16.08.2000 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 09.12.2002 Banking Fund 40.47 N A N A 64.84 S&P CNX Bank Index 23.53 N A N A 55.62 Date of launch 8.05.2003 Gilt Securities Fund - Long Term Plan 4.49 N A N A 7.92 I Sec-Li Bex -2.02 N A N A 3.34 Date of launch 27.06.2003 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 27.06.2003 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 10.12.2003 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 23.08.2004 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 2004-2005 21

Notes to financial statements for the year/period ended March 31, 2005. 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 -1.81 BSE Sensex NA NA NA -0.79 Nifty Plan NA NA NA -1.17 S & P CNX Nifty NA NA NA -0.95 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 21.51 BSE-Health Care NA NA NA 13.68 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 13.38 BSE 200 NA NA NA 10.62 Date of launch 16/10/2004 Media Entertainment Fund NA NA NA 3.46 S & P CNX Media & Ent Index NA NA NA -2.76 Date of launch 16/09/2004 Diversified Power Sector Fund NA NA NA 43.07 India Power Index NA NA NA 11.33 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 1 26.74% Gilt Securities Fund - Long Term Plan Growth Plan 1 40.36% Gilt Securities Fund - Long Term Plan Growth Plan 1 33.08% Gilt Securities Fund - Long Term Plan Dividend Plan 1 32.02% Medium Term Fund - Bonus Plan 1 26.47% Liquid Fund - Cash Plan Growth Plan 1 51.24% 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 2341000.00 - - - Growth Fund 2533000.00 - - - Income Fund 1490090.00 510 82576.19 11 Raliance Medium Term Fund 250513.00 462 121314.06 12 Monthly Income Fund 422000.00 - - - 16. 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 2004-2005 22

Notes to financial statements for the year/period ended March 31, 2005. 19. 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 1,121.91 Debt - - HDFC Ltd. Debt 1,850 18,678.76 Debt 50 498.74 ICICI Bank Debt 1,500 1,596.67 Debt - - IDBI Debt 12,900 17,656.78 Debt - - IDBI Bank Debt 2,500 2,280.30 Debt - - IDBI Caps Debt 5 2,500.00 Debt - - Larsen & Toubro Ltd. Debt 40 4,755.57 Debt - - Punjab National Bank Debt 150 1,504.30 Debt - - Industries Ltd. Debt 200 2,153.29 Debt - - Grasim Industries Debt 20 1,070.99 Debt - - Medium Term Fund HDFC Bank Debt 18 2,020.34 Debt - - HDFC Ltd. Debt 150 1,546.25 Debt 100 997.65 ICICI Bank Debt 1,600 83.58 Debt 80 426.63 ICICI Bank Fixed Deposit - 2,200.00 Fixed Deposit - - State Bank of Indore Fixed Deposit - 100.00 Fixed Deposit - - UCO BANK Fixed Deposit - 500.00 Fixed Deposit - - Short Term Fund Bharti Televentures Debt 25 2,359.96 Debt - - Ashok Leyland Finance Ltd. Debt 78 5,516.97 Debt - - HDFC Bank Debt 10 1,149.00 Debt - - HDFC Ltd. Debt 2,650 22,499.03 Debt - - ICICI Bank Debt 5,500 5,922.90 Debt - - IDBI Bank Ltd Debt 7,000 7,868.94 Debt - - IDBI Capital Markets Debt 10 5,000.00 Debt - - IDBI Debt 40,950 35,323.55 Debt - - Larsen & Toubro Ltd. Debt 20 2,383.40 Debt - - Industries Ltd. Debt 420 6,295.93 Debt - - Sundaram Finance Debt 1,535 4,899.67 Debt - - UltraTech Chemco. Debt 10 1,034.70 Debt - - Grasim Industries Debt 30 1,600.78 Debt - - ICICI Bank Fixed Deposit - 2,100.00 Fixed Deposit - 2,500.00 Allahbad Bank Fixed Deposit - 1,600.00 Fixed Deposit - - IDBI Bank Ltd Fixed Deposit - 5,000.00 Fixed Deposit - - Karur Vysya Bank Fixed Deposit - 5,000.00 Fixed Deposit - - State Bank Of Hyderabad Fixed Deposit - 7,500.00 Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 8,000.00 Fixed Deposit - - Vijaya Bank Fixed Deposit - 2,500.00 Fixed Deposit - - Banking Fund ICICI Bank Certificate Of Deposit 500 481.00 Certificate of Deposit - - Allahbad Bank Equity 550,000 312.24 Equity - - Andhra Bank Equity 10,612,950 556.91 Equity - - Bank Of Baroda Equity 125,000 290.71 Equity - - HDFC Bank Equity 120,000 377.58 Equity 75,000 408.19 ICICI Bank Equity 650,000 1,824.49 Equity 125,000 491.25 Karur Vysya Bank Equity 98,946 335.07 Equity 50,000 203.83 Punjab National Bank Equity 665,000 1,907.14 Equity 65,000 255.65 The Jammu & Kashmir Bank Ltd Equity 86,000 408.84 Equity 36,000 131.02 Uco Bank Equity 97,300 11.67 Equity - - Union Bank Of India Equity 1,450,000 995.83 Equity - - Vijaya Bank Equity 1,900,000 907.90 Equity 500,000 321.50 Allahbad Bank Fixed Deposit - 400.00 Fixed Deposit - - ICICI Bank Fixed Deposit - 400.00 Fixed Deposit - - State Bank Of Hyderabad Fixed Deposit - 400.00 Fixed Deposit - - Pharma Fund HDFC Debt 500 2,476.40 Debt - - Mutual Fund Annual Report 2004-2005 23

Notes to financial statements for the year/period ended March 31, 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) ICICI Bank Debt 1,000 691.00 Debt - - Dr Reddys Laboratories Ltd. Equity 150,000 1,120.57 Equity 25,000 184.78 Sun Pharmaceutical Industries Ltd. Equity 266,576 967.37 Equity - - ICICI Bank Fixed Deposit - 500.00 Fixed Deposit - - Karnataka Bank Fixed Deposit - 500.00 Fixed Deposit - - Allahabad Bank Fixed Deposit - 200.00 - - Diversified Power Sector Fund HDFC Debt 800 3,979.64 Debt - - Ashok Leyland Debt 215 2,492.70 Debt - - ICICI Bank Debt 5,000 4,928.79 Debt - - IDBI Debt 1,500 1,535.28 Debt - - Energy Ltd. Equity 553,451 3,488.32 Equity 361,657 1,916.60 ICICI Bank Fixed Deposit - 900.00 Fixed Deposit - - Allahabad Bank TD Fixed Deposit - 5,000.00 Fixed Deposit - - Karnataka Bank Fixed Deposit - 500.00 Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 4,100.00 Fixed Deposit - - Fixed Term Scheme - Monthly Plan III IDBI Debt 1,275 1,277.71 Debt - - Andhra Bank Fixed Deposit - 1,325.00 Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 355.00 Fixed Deposit - - Vijaya Bank Fixed Deposit - 1,325.00 Fixed Deposit - - Fixed Term Scheme - Monthly Plan IV ICICI Bank Certificate Of Deposit 1,000 995.49 Certificate of Deposit - - ICICI Bank Debt 200 199.03 Debt - - IDBI Debt 1,000 1,001.53 Debt - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 1,950.00 Fixed Deposit - - Fixed Term Scheme - Monthly Plan V Ashok Leyland Finance Ltd. Debt 39 2,566.56 Debt - - Global Trade Finance Pvt Ltd Debt 40 4,000.00 Debt - - ICICI Bank Debt 500 2,477.03 Debt - - Allahbad Bank Fixed Deposit - 2,500.00 Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 5,000.00 Fixed Deposit - - Vijaya Bank Fixed Deposit - 5,000.00 Fixed Deposit - - Fixed Term Scheme - Monthly Plan VI Ashok Leyland Debt 210 1,980.52 Debt - - HDFC Debt 1,000 2,982.12 Debt - - ICICI Securities & Fin Debt 1,000 4,986.28 Debt - - IDBI Debt 500 501.08 Debt - - ICICI Bank Fixed Deposit - 2,000.00 Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 7,500.00 Fixed Deposit - - Vijaya Bank Fixed Deposit - 5,000.00 Fixed Deposit - - Fixed Term Scheme - Monthly Plan VII Ashok Leyland Debt 290 2,386.73 Debt - - HDFC Debt 500 2,489.88 Debt - - ICICI Securities & Fin Debt 1,000 4,996.49 Debt - - ICICI Bank Debt 500 2,496.49 Debt - - IDBI Debt 5,500 2,504.32 Debt - - Allahbad Bank Fixed Deposit - 10,000.00 Fixed Deposit - - ICICI Bank Fixed Deposit - 4,500.00 Fixed Deposit - - IDBI Fixed Deposit - 2,500.00 Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 7,500.00 Fixed Deposit - - Fixed Term Scheme - Monthly Plan VIII Ashok Leyland Debt 285 1,896.93 Debt - - ICICI Bank Debt 3,000 2,978.85 Debt - - Mutual Fund Annual Report 2004-2005 24

Notes to financial statements for the year/period ended March 31, 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) IDBI Debt 2,500 2,528.60 Debt - - Allahbad Bank Fixed Deposit - 16,008.20 Fixed Deposit - - ICICI Bank Fixed Deposit - 4,500.00 Fixed Deposit - - IDBI Fixed Deposit - 2,500.00 Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 12,000.00 Fixed Deposit - - Fixed Term Scheme - Monthly Plan IX IDBI Bank Debt 2,500 2,633.06 Debt - - Allahbad Bank Fixed Deposit - 20,090.00 Fixed Deposit - - IDBI Bank Fixed Deposit - 7,537.34 Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 18,152.13 Fixed Deposit - - Fixed Term Scheme - Monthly Plan X IDBI Debt 2,500 2,501.79 Debt - - Allahbad Bank Fixed Deposit - 15,000.00 Fixed Deposit - - Indusind Bank Ltd Fixed Deposit - 5,000.00 Fixed Deposit - - Karur Vysysa Bank Fixed Deposit - 5,000.00 Fixed Deposit - - State Bank Of Indore Fixed Deposit - 2,000.00 Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 8,500.00 Fixed Deposit - - Fixed Term Scheme - Monthly Plan XI IDBI Bank Debt 2,500 2,644.59 Debt - - Allahbad Bank Fixed Deposit - 2,000.00 Fixed Deposit - - State Bank Of Indore Fixed Deposit - 2,500.00 Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 8,634.82 Fixed Deposit - - Fixed Term Scheme - Monthly Plan XII Allahbad Bank Fixed Deposit - 7,500.00 Fixed Deposit - - IDBI Bank Fixed Deposit - 1,000.00 Fixed Deposit - - Indusind Bank Fixed Deposit - 5,000.00 Fixed Deposit - - Karnataka Bank Fixed Deposit - 4,000.00 Fixed Deposit - - State Bank Of Indore Fixed Deposit - 2,500.00 Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 1,600.00 Fixed Deposit - - ICICI Bank Fixed Deposit - 5,000.00 Fixed Deposit - - Fixed Term Scheme - Monthly Plan XIII Allahbad Bank Fixed Deposit - 7,500.00 Fixed Deposit - - IDBI Bank Fixed Deposit - - Fixed Deposit - - Indusind Bank Fixed Deposit - 5,000.00 Fixed Deposit - - Karnataka Bank Fixed Deposit - 5,000.00 Fixed Deposit - - State Bank Of Indore Fixed Deposit - - Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 10,600.00 Fixed Deposit - - IDBI Bank Debt 1,700 2,509.23 Debt - - Fixed Term Scheme - Monthly Plan XIV Ashok Leyland Ltd. Debt 400 1,986.94 Debt - - Sterlite Industries India Ltd Debt 20 1,012.41 Debt - - IDBI Bank Debt 2,700 5,467.31 Debt - - Allahbad Bank Fixed Deposit - 10,000.00 Fixed Deposit - - IDBI Bank Fixed Deposit - - Fixed Deposit - - Indusind Bank Fixed Deposit - 6,000.00 Fixed Deposit - - Karnataka Bank Fixed Deposit - 14,200.00 Fixed Deposit - - State Bank Of Indore Fixed Deposit - - Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 13,500.00 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 2,498.94 Debt - - Allahbad Bank Fixed Deposit - 200.00 Fixed Deposit - - IDBI Bank Fixed Deposit - 2,500.00 Fixed Deposit - - Mutual Fund Annual Report 2004-2005 25

Notes to financial statements for the year/period ended March 31, 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) Indusind Bank Fixed Deposit - - Fixed Deposit - - Karnataka Bank Fixed Deposit - 1,000.00 Fixed Deposit - - State Bank Of Indore Fixed Deposit - - Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 16,000.00 Fixed Deposit - - Fixed Term Scheme - Monthly Plan XVI Ashok Leyland Ltd. Debt - - Debt - - Sterlite Industries India Ltd Debt 20 1,002.09 Debt - - IDBI Bank Debt 500 506.95 Debt - - ICICI Bank Debt 5,000 4,923.80 Debt - - Electrosteel Castngs Limited Debt 50 4,998.16 Debt - - Allahbad Bank Fixed Deposit - - Fixed Deposit - - IDBI Bank Fixed Deposit - - Fixed Deposit - - Indusind Bank Fixed Deposit - 3,500.00 Fixed Deposit - - Karnataka Bank Fixed Deposit - 12,200.00 Fixed Deposit - - Vijaya Bank Fixed Deposit - 2,100.00 Fixed Deposit - - State Bank Of Indore Fixed Deposit - - Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 11,000.00 Fixed Deposit - - Fixed Term Scheme - Monthly Plan XVII Ashok Leyland Ltd. Debt - - Debt - - Sterlite Industries India Ltd Debt - - Debt - - IDBI Bank Debt 1,000 1,008.49 Debt - - ICICIBank Debt 7,500 7,394.88 Debt - - Electrosteel Castngs Limited Debt - - Debt - - Allahbad Bank Fixed Deposit - - Fixed Deposit - - IDBI Bank Fixed Deposit - - Fixed Deposit - - Indusind Bank Fixed Deposit - 3,500.00 Fixed Deposit - - Karnataka Bank Fixed Deposit - 9,700.00 Fixed Deposit - - Vijaya Bank Fixed Deposit - - Fixed Deposit - - State Bank Of Indore Fixed Deposit - - Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 8,907.39 Fixed Deposit - - Fixed Term Scheme - Annual Plan III IDBI Debt 25,000 2,723.62 Debt 25,000 2,569.27 The Jammu & Kashmir Bank Ltd Fixed Deposit - 411.77 Fixed Deposit - - Karnataka Bank Fixed Deposit - 750.00 Fixed Deposit - - Vijaya Bank Fixed Deposit - 2,900.00 Fixed Deposit - - Fixed Term Scheme - Annual Plan IV ICICI Debt 10 334.50 Debt - - IDBI Debt 2,000 2,146.04 Debt - - Sundaram Finance Ltd. Debt 1,000 1,013.13 Debt 1,000 1,006.17 Karnataka Bank Fixed Deposit - 50.00 Fixed Deposit - - Monthly Income Plan Ashok Leyland Ltd. Debt 200 992.27 Debt - - HDFC Debt 3,780 34,924.39 Debt - - HDFC Bank Debt 10 2,028.51 Debt - - ICICI Bank Debt 5,000 6,992.13 Debt 1,000,000 1,000.00 IDBI Bank Debt 63,215 35,509.65 Debt - - IDBI Caps Debt 10 89.39 Debt - - Larsen & Toubro Limited Debt 5 507.85 Debt - - Industies Ltd. Debt 270 4,751.49 Debt - - Sundaram Finance Debt 145 4,755.42 Debt - - Grasim Industries Debt 40 2,089.13 Debt - - Ashok Leyland Ltd. Equity 518,026 2,364.39 Equity - - Bank Of Baroda Equity 195,411 465.34 Equity - - Finolex Inds. Ltd. Equity 123,256 62.35 Equity - - Hero Honda Equity 589,122 2,624.47 Equity - - ICICI Bank Equity 725,835 2,156.45 Equity - - Indian Petrochemical Corporation Ltd Equity 699,300 775.30 Equity - - Mutual Fund Annual Report 2004-2005 26

Notes to financial statements for the year/period ended March 31, 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) Infosys Equity 51,800 2,690.72 Equity - - ITC Equity 150,346 4,875.75 Equity - - Maruti Udyog Equity 1,138,300 4,510.12 Equity - - Nestle India Ltd. Equity 44,083 307.52 Equity - - Patni Computer Systems Ltd. Equity - - Equity - - Energy Limited Equity 141,756 889.90 Equity - - Industies Ltd. Equity 300,000 1,323.09 Equity - - Union Bank Of India Equity 1,750,000 1,018.41 Equity - - Wipro Equity 99,000 1,083.58 Equity - - Allahbad Bank Fixed Deposit - 1,600.00 Fixed Deposit - - ICICI Bank Fixed Deposit - 6,800.00 Fixed Deposit - 500.00 Karnataka Bank Limited Fixed Deposit - 1,500.00 Fixed Deposit - - State Bank Of Hyderabad Fixed Deposit - 4,600.00 Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 1,000.00 Fixed Deposit - - Fixed Term Scheme - Quarterly Plan V Allahbad Bank Fixed Deposit - 2,500.00 Fixed Deposit - Fixed Term Scheme - Quarterly Plan VI The Jammu & Kashmir Bank Ltd Fixed Deposit - 1,500.00 Fixed Deposit - - Karnataka Bank Fixed Deposit - 3,000.00 Fixed Deposit - - Vijaya Bank Fixed Deposit - 100.00 Fixed Deposit - - Fixed Term Scheme - Quarterly Plan VII The Jammu & Kashmir Bank Ltd Certificate Of Deposit 500 493.39 Certificate Of Deposit 500 494.79 ICICI Bank Debt 4,000 4,297.58 Debt 3,000 2,890.39 Indus Ind Bank Debt 4,000 4,441.06 Debt 4,000 3,986.24 The Jammu & Kashmir Bank Ltd Debt 250 2,500.00 - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 6,500.00 Fixed Deposit - 5,000.00 Karnataka Bank Fixed Deposit - 4,500.00 Fixed Deposit - 1,500.00 Vijaya Bank Fixed Deposit - 100.00 Fixed Deposit - - Indus Ind Bank Fixed Deposit - 2,500.00 Fixed Deposit - 2,500.00 Floating Rate Fund ICICI Bank Certificate Of Deposit 16,000 15,445.66 ICICI Bank Debt - - Debt 250 2,497.42 HDFC Debt 4,750 31,972.37 Debt 650 6,510.60 IDBI Debt 43,430 40,619.87 Debt 150 1,480.14 IDBI Caps Debt 30 296.36 Debt - - Industries Limited Debt 400 4,057.47 Debt 150 1,522.09 Sterlite Industries India Ltd Debt 40 3,020.49 Debt Sundaram Finance Debt 1,505.03 1,519.09 Debt 35 1,505.17 Allahbad Bank Fixed Deposit - 20,853.48 Fixed Deposit - - ICICI Bank Fixed Deposit - 12,000.00 Fixed Deposit - - Karnataka Bank Fixed Deposit - 7,000.00 Fixed Deposit - 2,500.00 Vijaya Bank Fixed Deposit - 2,500.00 Fixed Deposit - - Media & Entertainment Fund ICICIBank Fixed Deposit - 2,000.00 Fixed Deposit - - NRI Equity Fund ITC Ltd Equity 45,000 528.49 Equity - - Maruti Udyog Ltd Equity 300,000 1,199.00 Equity - - Industries Ltd Equity 161,000 873.82 Equity 161,000 878.98 ICICI Bank Fixed Deposit - 1,700.00 Fixed Deposit - - Allahbad Bank Fixed Deposit - 2,100.00 Fixed Deposit - - Karnataka Bank Fixed Deposit - 1,000.00 Fixed Deposit - - Uco Bank Fixed Deposit - 4,000.00 Fixed Deposit - - NRI Income Fund ICICIBank Fixed Deposit - 200.00 Fixed Deposit - - Liquid Fund - Teasury Plan ICICI Bank Certificate Of Deposit 5,450,074,500 137,641.95 Certificate Of Deposit 1,450.00 11,729.90 Allahbad Bank Certificate Of Deposit 2,500 24,171.64 Certificate Of Deposit 7,500.00 7,401.58 Mutual Fund Annual Report 2004-2005 27

Notes to financial statements for the year/period ended March 31, 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) Uco Bank Certificate Of Deposit 2,500 7,065.19 Certificate Of Deposit 7,500.00 7,078.87 The Jammu & Kashmir Bank Ltd Certificate Of Deposit 7,600 21,502.18 Certificate Of Deposit 1,350.00 13,125.36 ICICI Bank Commercial Papers 1,000 4,840.24 Commercial Papers - - Raymond Ltd Debt 702,600,000 10,500.00 Debt - - Sterlite Industries India Ltd Debt 254 11,535.22 Debt - - ICICI Bank Debt 2,905,000,500 34,712.57 Debt - - IDBI Bank Debt 3,894,518,775 115,499.42 Debt 6,000.00 5,858.15 Electrosteel Castngs Limited Debt 50 4,997.89 Debt - - Sundaram Finance Debt 800 4,881.24 Debt - - Allahbad Bank Fixed Deposit - 79,700.00 Fixed Deposit - - ICICI Bank Fixed Deposit - 79,574.72 Fixed Deposit - - IDBI Bank Fixed Deposit - 70,142.77 Fixed Deposit - - Indusind Bank Ltd Fixed Deposit - 26,000.00 Fixed Deposit - - Karnataka Bank Fixed Deposit - 34,200.00 Fixed Deposit - 2,500.00 Karur Vysya Bank Fixed Deposit - 5,000.00 Fixed Deposit - - Punjab & National Bank Fixed Deposit - 13,000.00 Fixed Deposit - - State Bank Of Indore Fixed Deposit - 10,900.00 Fixed Deposit - - The Jammu & Kashmir Bank Ltd Fixed Deposit - 25,900.00 Fixed Deposit - - Uco Bank Fixed Deposit - 47,000.00 Fixed Deposit - - Vijaya Bank Fixed Deposit - 4,200.00 Fixed Deposit - - Liquid Fund - Cash Plan IDBI Bank Fixed Deposit - 1,009.05 Fixed Deposit - - IDBI Bank Debt 16 8,034.77 Debt - - Raymond Ltd Debt 251,000,000 3,500.00 Debt - - Sterlite Industries India Ltd Debt 45 4,500.00 Debt - - Liquid Fund - Super Cash Plan ICICI Bank Certificate Of Deposit 30,000 29,963.31 Certificate Of Deposit - - Raymond Ltd Debt 200,000,000 2,000.00 Debt - - ICICI Bank Debt 750,005,000 12,501.86 Debt - - IDBI Bank Debt 3,802,202,100 40,637.26 Debt - - Allahbad Bank Fixed Deposit - 1,100.00 Fixed Deposit - - Karnataka Bank Fixed Deposit - 2,500.00 Fixed Deposit - - State Bank Of Indore Fixed Deposit - 5,000.00 Fixed Deposit - - ICICI Bank Fixed Deposit - 15,087.59 Fixed Deposit - - IDBI Bank Fixed Deposit - 12,727.74 Fixed Deposit - - Growth Fund Hero Honda Equity 178,929.00 199.23 Equity - - Hindustan Zinc Equity 1,426,415.00 1,384.89 Equity 1,150,000.00 1,955.00 Patni Computers Equity - - Equity - - ICICI Bank Ltd Equity 368,421.00 1,108.18 Equity - - Energy Equity - - Equity - - Industries Equity 300,000.00 1,301.20 Equity - - Geometric Software Solutions Co Equity 400,000.00 1,960.40 Equity 400,000.00 1,862.00 ITC Ltd Equity - - Equity - - Indus Ind Bank Equity 4,371,266.00 2,408.52 Equity 2,500,000.00 1,251.25 Wipro Limited Equity 100,000.00 585.01 Equity - - IDBI Equity 975,540.00 889.20 Equity 975,540.00 899.94 IDBI Bank Commercial Papers 1,500,000.00 1,474.53 Commercial Papers - - Ashok Leyland Equity 7,490,695.00 1,637.13 Equity 7,490,695.00 1,573.05 Vijaya Bank Equity - - Equity - - ICICI Bank Ltd Certificate Of Deposit 400,000,000.00 3,878.86 Certificate Of Deposit - - IDBI Bank Debt 1,500,000.00 1,610.43 Debt - - Punjab National Bank Equity 475,171.00 1,504.20 Equity - - Punjab National Bank Fixed Deposits 90,000,000.00 900.00 Fixed Deposits - - ICICI Bank Ltd Fixed Deposits 800,000,000.00 8,000.00 Fixed Deposits 500,000.00 500.00 Mutual Fund Annual Report 2004-2005 28

Notes to financial statements for the year/period ended March 31, 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) Tata Chemicals Equity 1,549,271.00 2,362.79 Equity 1,549,271.00 2,347.92 Maruti Udyog Ltd Equity 854,267.00 3,294.60 Equity 300,000.00 1,237.35 Grasim Industries Ltd Equity 142,574.00 1,672.43 Equity - - Allahabad Bank Fixed Deposits 550,000,000.00 5,500.00 Fixed Deposits - - State Bank Of Indore Fixed Deposits 200,000,000.00 2,000.00 Fixed Deposits - - Thermax India Ltd Preference Shares - - Preference Shares 100,000.00 9.25 Bayer India Ltd Equity 400,000.00 996.71 Equity - - Vision Fund Dr Reddy Equity 103,683.00 748.54 Equity - - Hero Honda Equity 203,600.00 901.90 Equity - - Hindustan Zinc Equity - - Equity - - Patni Computers Equity 616,458.00 1,432.24 Equity - - Energy Equity - 0.01 Equity - - Industries Equity 1,085,000.00 5,545.48 Equity 700,000.00 3,821.65 IDBI Equity 1,000,000.00 716.54 Equity - - Sterlite Industries Equity 492,847.00 2,664.70 Equity 349,357.00 2,498.25 ITC Ltd Equity 100,000.00 1,034.59 Equity 200,000.00 2,687.50 Maruti Udyog Ltd Equity 1,375,000.00 5,896.08 Equity - - Wipro Limited Equity 58,000.00 395.38 Equity - - ICICI Bank Equity 300,000.00 1,138.59 Equity 200,000.00 786.00 ICICI Bank Fixed Deposits 100,000,000.00 997.55 Fixed Deposits 500,000.00 500.00 ICICI Bank Debt 500,000.00 561.00 Debt - - ICICI Bank Certificate Of Deposit 450,000,000.00 4,415.90 Certificate Of Deposit - - Ashok Leyland Limited Equity 17,609,850.00 3,934.29 Equity 12,924,843.00 2,714.22 Ashok Leyland Limited Commercial Papers 1,000,000.00 988.77 Commercial Papers - - Punjab National Bank Equity 354,685.00 900.45 Equity - - State Bank Of Indore Fixed Deposits 350,000,000.00 3,500.00 Fixed Deposits - - Allahabad Bank Fixed Deposits 10,000,000.00 100.00 Fixed Deposits - - Grasim Industries Ltd Equity 246,341.00 2,746.70 Equity - - G. E Shipping Equity 667,181.00 825.72 Equity - - Index Fund - Sensex Plan Bharati Tele Ventures Ltd. Equity 3,649.00 7.93 Equity 895.00 1.85 Dr Reddy Equity 564.00 4.15 Equity 136.00 1.01 Grasim Industries Ltd Equity 721.00 9.65 Equity 172.00 2.09 HDFC Bank Equity 2,114.00 11.97 Equity 519.00 2.82 Hero Honda Equity 980.00 5.27 Equity 239.00 1.31 ICICI Bank Ltd Equity 7,230.00 26.40 Equity 1773.00 6.97 ITC Ltd Equity 1,709.00 22.70 Equity 422.00 5.67 Larsen & Toubro Limited Equity 1,101.00 10.80 Equity 272.00 2.71 Maruti Udyog Ltd Equity 852.00 3.92 Equity 206.00 0.87 Energy Limited Equity 914.00 5.27 Equity 229.00 1.21 Industries Limited Equity 7,561.00 40.52 Equity 1859.00 10.15 Wipro Limited Equity 1,376.00 9.53 Equity 341.00 2.29 Index Fund - Nifty Plan Bharati Tele Ventures Ltd. Equity 20,735.00 44.89 Equity 3737.00 7.75 Dr Reddy Equity 855.00 6.29 Equity 150.00 1.11 Grasim Industries Ltd Equity 1,023.00 13.73 Equity 184.00 2.23 HDFC Bank Equity 3,205.00 18.30 Equity 578.00 3.15 Hero Honda Equity 2,233.00 11.95 Equity 403.00 2.21 ICICI Bank Ltd Equity 8,231.00 30.05 Equity 1475.00 5.79 Indian Petrochemicals Corprn. Ltd. Equity 2,776.00 5.08 Equity 500.00 0.81 ITC Ltd Equity 2,774.00 36.80 Equity 499.00 6.70 Larsen & Toubro Limited Equity 1,453.00 14.15 Equity 259.00 2.59 Maruti Udyog Ltd Equity 3,233.00 14.92 Equity 579.00 2.44 Punjab National Bank Equity 2,967.00 12.08 Equity 529.00 2.08 Energy Limited Equity 2,074.00 11.98 Equity 375.00 1.99 Industries Limited Equity 15,611.00 83.70 Equity 2824.00 15.42 Sun Pharmaceuticals Ltd Equity 2,074.00 10.32 Equity 375.00 1.75 Tata Chemicals Equity 2,405.00 3.93 Equity 436.00 0.66 Wipro Limited Equity 7,847.00 54.45 Equity 1403.00 9.41 Mutual Fund Annual Report 2004-2005 29

Abridged audited balance sheet as at March 31, 2005 31.03.2005 31.03.2004 Particulars Vision Fund Growth Fund Income Fund Liquid Fund Medium Term Fund Short Term Fund LIABILITIES (Amount in Rs. lacs) 1. UNIT CAPITAL 20,708.03 28,086.28 3,923.81 149,298.76 4,631.62 4,916.14 38,475.54 21,481.57 43,671.09 166,157.52 2,474.69 63,097.80 2. RESERVES AND SURPLUS Unit Premium Reserve 15,838.51 50,982.75 2,598.66-101,677.95-150.30 29,170.19 15,544.79 10,475.92 (87,476.66) (169.36) 781.98 Appropriation Account 28,552.01 24,929.22-635.23 175,052.06 272.64 424.04 19,988.90 16,732.59 14,652.08 169,549.68 655.40 3,553.24 3. CURRENT LIABILITIES AND PROVISIONS 75,212.58 19,298.94 97.38 274.79 1,087.55 48.97 4,162.58 1,593.34 707.82 75.46 115.23 1,028.06 - TOTAL 140,311.13 123,297.19 5,984.61 222,947.66 5,991.81 5,539.44 91,797.20 55,352.28 69,506.91 248,306.00 3,075.97 68,461.08 ASSETS 1. INVESTMENTS Equity Shares 60,803.00 96,669.13 - - - - 76,306.48 44,969.33 - - - - Futures/Options - - Privately Placed Debentures/ Bonds - - Debentures/ Bonds Listed/ Awaiting Listing - 499.65 995.45 58,126.82 3,037.31 524.22 1.74 11.64 27,403.72 219,372.58 2,058.77 5,237.03 Commercial Paper / Certificate of Deposit - 0.00 967.94 88,502.74 1,645.18 970.41 - Government Securities - - 1,077.15 501.18 1,011.00 - - - 33,012.25-668.17 - Treasury Bills - - - 14,532.40 115.38 - - FRN - - Securitised Debt - - 581.66 - - - 4,809.69 Public Sector Unit - Bonds - - Zero Coupon Bonds 856.24 17,175.64 Others (REPO) 9,272.77 10,418.66 1,413.00 19,637.72 8.00 334.00-2. DEPOSITS Call Deposits with Scheduled Banks - - - 39,000.00 - - - - 32.03 9,988.81 - - Bank Deposits 550.00 550.00 - - - 2,500.00 5,128.45 - - - - 24,887.75 Margin Money Deposit for CCIL - - 421.00 - - - - - 420.00 - - 12,900.00 3. OTHER CURRENT ASSETS Cash & Bank Balance 5,601.80 11,186.68 427.49 218.05 57.02 307.94 7,407.03 8,460.39 5,661.04 15,421.78 230.22 1,693.57 Others 64,083.56 3,973.08 100.92 2,428.74 117.93 46.64 2,953.50 1,910.91 2,977.87 3,522.83 118.81 1,757.40 TOTAL 140,311.13 123,297.19 5,984.61 222,947.66 5,991.81 5,539.44 91,797.20 55,352.28 69,506.91 248,306.00 3,075.97 68,461.08 Mutual Fund Annual Report 2004-2005 30

Abridged audited balance sheet as at March 31, 2005 31.03.2005 31.03.2004 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 2,679.43 26,552.21 688.50 23,951.69 68.82 237.57 2,453.72 11,052.07 646.30 93,558.69 - - 2. RESERVES AND SURPLUS Unit Premium Reserve 145.25 2,729.60 11.28 296.86 (13.15) (10.31) (118.54) 233.13 1.96 5.11 - - Appropriation Account 2,931.35 1,040.64 33.78 849.63 11.28 8.03 1,856.37 760.42 12.48 966.52 - - 3.CURRENT LIABILITIES AND PROVISIONS 674.20 144.55 16.80 1,167.74 56.75 18.03 24.09 295.17 147.59 1,966.94 - - - TOTAL 6,430.23 30,467.01 750.36 26,265.91 123.69 253.32 4,215.64 12,340.80 808.33 96,497.25 - - ASSETS 1. INVESTMENTS Equity Shares 4,737.71 - - 4,927.42 90.01 192.04 2,702.41 - - 7,195.88 - - Futures/Options - - Privately Placed Debentures/ Bonds - - Debentures/ Bonds Listed/ Awaiting Listing - - - 5,490.54 - - - - - 54,260.87 - - Commercial Paper / Certificate of Deposit - - - 476.39 - - - Government Securities - - - 1,146.93 - - - 11,716.57 516.73 25,141.20 - - Treasury Bills - 8,098.94-5,176.00 - - - FRN - - Securitised Debt - - - 5,777.87 - - - - - 1,647.47 - - Public Sector Unit - Bonds - - Zero Coupon Bonds - - Others (REPO) 1,344.10 22,122.31 683.80 1,151.00 4.00 5.00-2. DEPOSITS Call Deposits with Scheduled Banks - - Bank Deposits - - - 500.00 - - - - - 200.00 - - Margin Money Deposit for CCIL - 50.00 - - - - - 50.00 - - - - 3. OTHER CURRENT ASSETS - Cash & Bank Balance 157.14 33.62 44.95 1,077.09 26.77 6.38 446.92 393.86 268.88 4,120.42 - - Others 191.28 162.15 21.61 542.68 2.91 49.90 1,066.31 180.36 22.72 3,931.42 - - TOTAL 6,430.23 30,467.01 750.36 26,265.91 123.69 253.32 4,215.64 12,340.80 808.33 96,497.25 - - Mutual Fund Annual Report 2004-2005 31

Abridged audited balance sheet as at March 31, 2005 31.03.2005 31.03.2004 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 177,359.09 224.81 8,070.55 1,984.59 11,958.61 22,158.48 76,241.45 - - 2. RESERVES AND SURPLUS Unit Premium Reserve 0.63 0.38 (57.43) (129.63) (154.51) (2,106.77) 201.90 - - Appropriation Account (1,113.59) 3.70 1,133.91 198.19 2,727.36 11,652.05 1,160.22 - - 3.CURRENT LIABILITIES AND PROVISIONS 13,018.19 46.89 805.71 329.69 664.72 259.01 42,004.78 - - - - TOTAL 189,264.32 275.78 9,952.75 2,382.84 15,196.18 31,962.78 119,608.35 - - ASSETS 1. INVESTMENTS Equity Shares 86,765.61-8,168.26 1,668.73 13,553.22 27,837.39 - - - Futures/Options 1,560.17 - - - Privately Placed Debentures/ Bonds - - - - Debentures/ Bonds Listed/ Awaiting Listing 20,500.00 - - - - 2,496.60 8,811.75 - - Commercial Paper / Certificate of Deposit - 3,805.50 - - Government Securities - - - - Treasury Bills - 196.38 - - - - 7,702.11 - - FRN - 35,059.80 - - Securitised Debt - 25,371.70 - - Public Sector Unit - Bonds - - - - Zero Coupon Bonds - - - - Others (REPO) 26,549.51 67.00 36.00 150.00 835.00 679.00 4,029.00 - - 2. DEPOSITS Call Deposits with Scheduled Banks - - - - Bank Deposits 45,500.00-200.00 - - 500.00 10,000.00 - - Margin Money Deposit for CCIL - - - - 3. OTHER CURRENT ASSETS - - Cash & Bank Balance 1,996.91 6.75 133.06 300.38 212.81 299.64 7,266.60 - - Others 6,392.30 5.65 1,415.43 263.73 595.15 150.14 17,561.89 - - TOTAL 189,264.50 275.78 9,952.75 2,382.84 15,196.18 31,962.78 119,608.35 - - Mutual Fund Annual Report 2004-2005 32

Abridged audited balance sheet as at March 31, 2005 31.03.2005 31.03.2004 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 - 46,402.26 33,270.04 38,331.55 20,169.61 14,429.26 16,714.36 19,428.42-2. RESERVES AND SURPLUS Unit Premium Reserve (148.38) - 1.84 - - (199.09) - - - Appropriation Account 148.44 53.51 165.66 69.84 4.59 976.14 597.63 21.17-3. CURRENT LIABILITIES AND PROVISIONS - 9.73 17.30 31.70 0.47 43.06 1. 88 0.31 - - - TOTAL 0.06 46,465.50 33,454.84 38,433.10 20,174.66 15,249.38 17,313.88 19,449.90 - ASSETS 1. INVESTMENTS Equity Shares - - - - Futures/Options - - - - Privately Placed Debentures/ Bonds - - - - Debentures/ Bonds Listed/ Awaiting Listing - 11,195.98 1,106.47 997.65 12,742.93 14850.23 15159.79 - - Commercial Paper / Certificate of Deposit - 9,433.98 7,847.81 26,010.68 5,191.40-1,868.78 1,447.16 - Government Securities - - - - Treasury Bills - - - - FRN - - - - Securitised Debt - 15,701.99 11,507.75 5,031.58 - - - - - Public Sector Unit - Bonds - - - - Zero Coupon Bonds - - 10,258.16 - Others (REPO) - 231.00 233.00 329.00 948.00 130.00 78.00 - - 2. DEPOSITS Call Deposits with Scheduled Banks - - 31.00 - Bank Deposits - 9,500.00 12,500.00 6,000.00 1,000.00 - - 7,700.00 - Margin Money Deposit for CCIL - - - - 3. OTHER CURRENT ASSETS - - Cash & Bank Balance 0.06 0.26 25.61 0.56 30.45 2.19 15.21 13.58 - Others - 402.29 234.20 63.63 261.88 266.96 192.10 - - TOTAL 0.06 46,465.50 33,454.84 38,433.10 20,174.66 15,249.38 17,313.88 19,449.90 - Mutual Fund Annual Report 2004-2005 33

Abridged audited revenue account and appropriation account for the year / period ended March 31, 2005 1.4.2004 to 31.3.2005 1.4.2003 to 31.3.2004 PARTICULARS Vision Growth Income Liquid Medium Term Fund Fund Fund Fund Fund 1. INCOME (Amount in Rs. lacs) Dividends 1,183.16 1,011.80 - - - 468.56 322.29 - - - Interest 190.14 248.57 1,934.13 20,267.11 269.37 208.73 100.08 7,523.40 11,093.05 1,110.90 Profit on sale of Investments (Other than Inter Scheme Transfer / Sale) 16,712.75 14,038.04 1,096.02 845.88 16.64 15,242.78 10,056.28 5,086.83 397.69 304.65 Profit on sale of Inter Scheme Investments 3,740.71 752.70-38.57 0.44 1,061.27 739.68 142.84 5.03 61.60 Other Income - - 0.10 1.45-42.20 2.60-5.77 0.04 Unrealised Appreciation in the value of Investments 13,827.85 27,295.95 8.37 12.76 0.22 5,509.67 2,659.13 259.53 60.98 10.18 TOTAL 35,654.62 43,347.06 3,038.63 21,165.76 286.67 22,533.21 13,880.07 13,012.60 11,562.51 1,487.38 2. EXPENSES AND LOSSES Loss on Sale / Redemption of Investments ( other than Inter-scheme Transfer / Sale) 5,828.81 2,573.05 2,563.26 955.13 97.29 1,773.21 1,213.24 2,235.63 307.52 42.39 Loss on Inter-Scheme transfer of Investments 299.69 22.16 59.66 86.03 14.86 2.34 44.59 328.89 13.45 51.70 Management Fees 738.28 738.90 141.84 996.29 20.03 409.36 249.70 1,032.75 786.28 139.33 Trusteeship Fees 0.68 0.42 0.54 2.09 0.02 0.16 0.05 0.91 3.02 0.24 Custodian Fees 26.08 28.19 18.44 89.37 1.45 17.71 10.19 59.52 112.38 5.01 Audit Fees 6.33 4.85 10.02 8.68 0.21 2.33 1.37 2.43 7.84 0.19 Registrar & Transfer Agent s Fees 43.65 42.39 18.80 81.18 4.42 22.83 12.88 25.85 21.27 9.98 Marketing and Distribution Expenses - - 272.59 197.97 3.02 Other Operating Expenses 730.61 683.77 172.25 804.08 33.86 404.70 255.74 125.69 104.03 51.32 Diminution in the value of Investments - - - - 5.39 Loss on Option - 63.19 - - - Preliminary Expenses Written off Unrealised Depreciation in the value of Investments 917.10 2,392.65 258.06 64.04 23.48 - - 5.94 - - Incentive paid TOTAL 8,591.22 6,486.37 3,242.87 3,086.89 195.62 2,632.64 1,850.95 4,090.20 1,553.74 308.57 Net Surplus / (Deficit) for the year / period 27,063.40 36,860.69 (204.25) 18,078.87 91.04 19,900.57 12,029.12 8,922.41 10,008.76 1,178.81 APPROPRIATION ACCOUNT Net Surplus / (Deficit) brought forward from previous year 19,988.90 16,732.59 14,652.08 169,549.68 655.40 4,585.58 1,083.77 13,813.65 17,413.77 2,603.07 Net Surplus / (Deficit) for the year 27,063.40 36,860.69 (204.25) 18,078.87 91.04 19,900.57 12,029.12 8,922.41 10,008.76 1,178.81 Less:Appreciation in the value of Investments for the previous year 5,509.67 2,659.13-60.98 - - - 752.97 80.94 131.67 Add:depriciation Of Previous year written off. 210.51 281.77 - - - Net available Surplus / (Deficit) 41,542.63 50,934.14 14,447.83 187,567.57 746.44 24,696.66 13,394.67 21,983.09 27,341.59 3,650.21 Add : Transferred from Equalisation account (9,830.69) (10,419.58) (14,931.58) (7,749.50) 1,403.59 13,110.15 20,447.50 (6,308.50) 143,662.95 (2,724.18) Add : Transferred from unit Premium Reserve 9,338.37 4,674.75 - - 1,134.41 Less : Dividend distributed (Including Distribution Tax) 12,498.31 20,260.10 151.49 4,766.02 6.81 17,817.90 17,109.58 1,022.51 1,454.86 270.63 Less : Bonus distributed - - - - 3,004.99 Net Surplus / (Deficit) carried forward 28,552.01 24,929.22 (635.23) 175,052.06 272.64 19,988.90 16,732.59 14,652.08 169,549.68 655.40 Mutual Fund Annual Report 2004-2005 34

Abridged audited revenue account and appropriation account for the year / period ended March 31, 2005 1.4.2004 to 31.3.2005 1.4.2003 to 31.3.2004 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 - 75.38 - - 415.43-50.68 - - 6.50 Interest 3,512.66 67.42 321.57 355.07 5,123.85 4,633.26 61.56 2,362.50 327.93 1,237.49 Profit on sale of Investments ( Other than Inter Scheme Transfer /Sale) 227.88 1,670.59 515.71 109.28 6,133.48 501.18 1,566.69 2,678.10 92.33 797.67 Profit on sale of Inter Scheme Investments 0.76-1.78 0.42 15.34 37.92 44.21 8.19 1.49 4.29 Other Income 1.78 - - - 1.11 0.12 - - - - Unrealised Appreciation in the value of Investments 96.23 451.47 - - 568.99 64.76 355.62 49.03-125.22 TOTAL 3,839.30 2,264.87 839.06 464.77 12,258.20 5,237.25 2,078.75 5,097.81 421.75 2,171.16 2. EXPENSES AND LOSSES Loss on Sale / Redemption of Investments ( other than Inter-scheme Transfer / Sale) 1,236.26 503.00 716.28 472.70 7,307.32 235.30 25.47 2,821.67 103.80 720.55 Loss on Inter-Scheme transfer of Investments 5.21-0.31-216.71 100.12-11.28 2.20 204.15 Management Fees 130.82 58.91 13.67 16.48 509.60 164.93 38.98 178.72 20.32 156.41 Trusteeship Fees 0.53 0.03 0.09 0.01 0.74 0.66 - - - - Custodian Fees 12.88 1.12 6.99 5.35 29.05 22.80 1.20 29.79 1.79 7.44 Audit Fees 2.89 0.32 0.48 0.08 4.92 2.10 0.13 0.30 0.02 2.39 Registrar & Transfer Agent s Fees 11.11 4.85 5.47 3.52 27.26 9.64 4.48 2.77 1.78 3.29 Marketing and Distribution Expenses Other Operating Expenses 66.01 40.82 21.80 15.86 165.76 53.42 25.66 80.12 8.49 21.18 Diminution in the value of Investments - - - - 109.37 Loss on Option Preliminary Expenses Written off Unrealised Depreciation in the value of Investments - 216.56 49.72-392.65 161.78 - - 0.17 - Incentive paid 76.56 - - - 625.86 118.09 - - - 102.34 TOTAL 1,542.26 825.61 814.81 514.00 9,279.85 868.83 95.92 3,124.65 138.57 1,327.12 Net Surplus / (Deficit) for the year / period 2,297.04 1,439.26 24.25 (49.23) 2,978.35 4,368.42 1,982.82 1,973.16 283.18 844.05 APPROPRIATION ACCOUNT Net Surplus / (Deficit) brought forward from previous year 3,553.24 1,856.37 760.42 12.48 966.52 502.99 - - - - Net Surplus / (Deficit) for the year 2,297.04 1,439.26 24.25 (49.23) 2,978.34 4,368.42 1,982.82 1,973.16 283.18 844.05 Less:Appreciation in the value of Investments for the previous year (11.61) - - - - Add:depriciation Of Previous year written off. - - - 0.17 - Net available Surplus / (Deficit) 5,850.28 3,295.63 784.67 (36.58) 3,944.86 4,883.01 1,982.82 1,973.16 283.18 844.05 Add : Transferred from Equalisation account (5,170.15) 232.98 262.75 75.17 (2,247.31) (243.98) 76.42 (1,177.41) (243.98) 122.47 Add : Transferred from unit Premium Reserve Less : Dividend distributed (Including Distribution Tax) 256.09 597.25 6.78 4.82 847.92 1,085.79 202.88 35.33 26.71 - Less : Bonus distributed Net Surplus / (Deficit) carried forward 424.04 2,931.35 1,040.64 33.78 849.63 3,553.24 1,856.37 760.42 12.48 966.52 Mutual Fund Annual Report 2004-2005 35

PARTICULARS Abridged audited revenue account and appropriation account for the year / period ended March 31, 2005 Floating Rate Fund Diversified Power Sector Fund 1.4.2004 to 31.3.2005 1.4.2003 to 31.3.2004 Pharma Fund Media & Entertainment Fund NRI Equity Fund 1. INCOME (Amount in Rs. lacs) Dividends - 289.84 101.55 35.50 8.28 Interest 4,304.16 781.18 183.48 28.91 70.95 Profit on sale of Investments ( Other than Inter Scheme Transfer /Sale) 173.58 2,145.18 2,009.03 261.02 878.80 Profit on sale of Inter Scheme Investments 5.16 - - 56.02 90.25 Other Income 1.52 - - Unrealised Appreciation in the value of Investments 168.09 9,999.29 1,784.30 102.35 557.38 TOTAL 4,652.51 13,215.49 4,078.37 483.80 1,605.66 2. EXPENSES AND LOSSES Loss on Sale / Redemption of Investments ( other than Inter-scheme Transfer / Sale) 735.20 328.91 62.40 61.69 14.14 Loss on Inter-Scheme transfer of Investments 10.52 13.19 0.28 - - Management Fees 174.62 327.89 149.61 26.54 42.09 Trusteeship Fees Custodian Fees 11.99 9.79 3.18 0.53 0.79 Audit Fees 3.10 0.93 0.44 0.11 0.22 Registrar & Transfer Agent s Fees 23.45 19.52 6.79 1.60 2.91 Marketing and Distribution Expenses Other Operating Expenses 154.34 275.66 118.86 19.30 39.53 Diminution in the value of Investments Loss on Option Preliminary Expenses Written off 1.39 - - 6.75 23.47 Unrealised Depreciation in the value of Investments 92.19 529.77 786.34 70.35 299.08 Incentive paid TOTAL 1,206.78 1,505.66 1,127.91 186.87 422.25 Net Surplus / (Deficit) for the year / period 3,445.73 11,709.83 2,950.46 296.93 1,183.41 APPROPRIATION ACCOUNT Net Surplus / (Deficit) brought forward from previous year Net Surplus / (Deficit) for the year 3,445.73 11,709.83 2,950.46 296.93 1,183.41 Less:Appreciation in the value of Investments for the previous year Add:depriciation Of Previous year written off. Net available Surplus / (Deficit) 3,445.73 11,709.83 2,950.46 296.93 1,183.41 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) 879.36 - - - - Less : Bonus distributed Net Surplus / (Deficit) carried forward 1,160.22 11,652.05 2,727.36 198.19 1,133.91 Mutual Fund Annual Report 2004-2005 36

PARTICULARS Abridged audited revenue account and appropriation account for the year / period ended March 31, 2005 1. INCOME (Amount in Rs. lacs) Dividends - 10.10 0.15 - - Interest 5.24 363.98 1.32 0.31 105.05 Profit on sale of Investments ( Other than Inter Scheme Transfer /Sale) 0.11 23.27 14.82 4.41 - Profit on sale of Inter Scheme Investments - - - - 0.26 Other Income Unrealised Appreciation in the value of Investments 0.12 540.08 5.09 2.17 - TOTAL 5.46 937.43 21.37 6.89 105.31 2. EXPENSES AND LOSSES NRI Income Fund Equity Opportunities Fund 1.4.2004 to 31.3.2005 1.4.2003 to 31.3.2004 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) 0.05-8.35 2.31 - Loss on Inter-Scheme transfer of Investments - - - - 0.52 Management Fees 0.42 14.21 0.33 0.11 5.32 Trusteeship Fees Custodian Fees 0.04 2.78 0.02 0.01 1.58 Audit Fees 0.01 3.63 0.01 0.00 0.52 Registrar & Transfer Agent s Fees 0.08 0.18 0.04 0.02 - Marketing and Distribution Expenses Other Operating Expenses 0.75 6.53 0.40 0.13 0.47 Diminution in the value of Investments Loss on Option Preliminary Expenses Written off 0.37 3.01 0.36 0.09 - Unrealised Depreciation in the value of Investments - 2,020.67 7.46 3.21 - Incentive paid TOTAL 1.71 2,051.02 16.96 5.87 8.41 Net Surplus / (Deficit) for the year / period 3.76 (1,113.59) 4.41 1.03 96.90 APPROPRIATION ACCOUNT Net Surplus / (Deficit) brought forward from previous year - - - - 187.92 Net Surplus / (Deficit) for the year 3.76 (1,113.59) 4.41 1.03 96.90 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) 4.41 1.03 284.82 Add : Transferred from Equalisation account (0.06) - 3.62 10.25 - Add : Transferred from unit Premium Reserve Less : Dividend distributed (Including Distribution Tax) - - - - 174.79 Less : Bonus distributed Net Surplus / (Deficit) carried forward 3.70 (1,113.59) 8.03 11.28 110.04 Mutual Fund Annual Report 2004-2005 37

Abridged audited revenue account and appropriation account for the year / period ended March 31, 2005 1.4.2004 to 31.3.2005 1.4.2003 to 31.3.2004 PARTICULARS RELIANCE FIXED TERM SCHEME Monthly Plan 7 Monthly Plan 8 Monthly Plan 9 Monthly Plan 10 Monthly Plan 11 1. INCOME (Amount in Rs. lacs) Dividends Interest 371.17 328.73 337.96 425.45 241.75 Profit on sale of Investments ( Other than Inter Scheme Transfer /Sale) - - - 7.50 0.00 Profit on sale of Inter Scheme Investments - - 18.44 7.58 4.08 Other Income Unrealised Appreciation in the value of Investments TOTAL 371.17 328.73 356.39 440.53 245.83 2. EXPENSES AND LOSSES Loss on Sale / Redemption of Investments ( other than Inter-scheme Transfer / Sale) 1.95 0.55-0.00 0.00 Loss on Inter-Scheme transfer of Investments 8.54 3.69 5.35 11.10 4.53 Management Fees 17.24 19.43 14.78 17.84 9.85 Trusteeship Fees Custodian Fees 1.83 1.37 1.57 0.95 0.39 Audit Fees - - - 0.08 0.04 Registrar & Transfer Agent s Fees 0.59 0.25 0.25 0.25 - Marketing and Distribution Expenses Other Operating Expenses 7.29 3.93 7.74 10.25 6.16 Diminution in the value of Investments Loss on Option Preliminary Expenses Written off Unrealised Depreciation in the value of Investments Incentive paid TOTAL 37.43 29.22 29.69 40.47 20.96 Net Surplus / (Deficit) for the year / period 333.74 299.51 326.70 400.06 224.87 APPROPRIATION ACCOUNT Net Surplus / (Deficit) brought forward from previous year Net Surplus / (Deficit) for the year 333.74 299.51 326.70 400.06 224.87 Less:Appreciation in the value of Investments for the previous year Add: depriciation Of Previous year written off. Net available Surplus / (Deficit) 333.74 299.51 326.70 400.06 224.87 Add : Transferred from Equalisation account Add : Transferred from unit Premium Reserve Less : Dividend distributed (Including Distribution Tax) 184.15 168.34 158.19 165.65 89.87 Less : Bonus distributed Net Surplus / (Deficit) carried forward 149.59 131.18 168.51 234.42 135.00 Mutual Fund Annual Report 2004-2005 38

PARTICULARS Abridged audited revenue account and appropriation account for the year / period ended March 31, 2005 1.4.2004 to 31.3.2005 1.4.2003 to 31.3.2004 RELIANCE FIXED TERM SCHEME Monthly Plan 12 Monthly Plan 13 Monthly Plan 14 Monthly Plan 15 Monthly Plan 16 1. INCOME (Amount in Rs. lacs) Dividends Interest 301.42 274.35 451.88 505.15 489.21 Profit on sale of Investments ( Other than Inter Scheme Transfer /Sale) 0.00 0.00 2.77 8.67 0.00 Profit on sale of Inter Scheme Investments 19.31 0.00 4.94 2.70 13.39 Other Income Unrealised Appreciation in the value of Investments TOTAL 320.72 274.35 459.59 516.51 502.60 2. EXPENSES AND LOSSES Loss on Sale / Redemption of Investments ( other than Inter-scheme Transfer / Sale) 0.00 16.67 16.04 0.00 0.00 Loss on Inter-Scheme transfer of Investments 3.20 0.00 0.00 28.73 17.31 Management Fees 12.08 10.11 15.79 13.10 13.02 Trusteeship Fees Custodian Fees 1.04 0.87 1.31 1.38 1.71 Audit Fees 0.00 0.00 0.08 0.08 0.24 Registrar & Transfer Agent s Fees 0.25 - - - - Marketing and Distribution Expenses Other Operating Expenses 6.06 4.40 8.96 11.63 11.07 Diminution in the value of Investments Loss on Option Preliminary Expenses Written off Unrealised Depreciation in the value of Investments Incentive paid TOTAL 22.63 32.04 42.18 54.92 43.35 Net Surplus / (Deficit) for the year / period 298.10 242.31 417.40 461.59 459.26 APPROPRIATION ACCOUNT Net Surplus / (Deficit) brought forward from previous year Net Surplus / (Deficit) for the year 298.10 242.31 417.40 461.59 459.26 Less:Appreciation in the value of Investments for the previous year Add:depriciation Of Previous year written off. Net available Surplus / (Deficit) 298.10 242.31 417.40 461.59 459.26 Add : Transferred from Equalisation account Add : Transferred from unit Premium Reserve Less : Dividend distributed (Including Distribution Tax) 95.55 124.55 193.52 243.95 233.20 Less : Bonus distributed Net Surplus / (Deficit) carried forward 202.55 117.76 223.88 217.64 226.06 Mutual Fund Annual Report 2004-2005 39

PARTICULARS Monthly Plan XVII Abridged audited revenue account and appropriation account for the year / period ended March 31, 2005 Monthly Plan XVIII 1.4.2004 to 31.3.2005 1.4.2003 to 31.3.2004 RELIANCE FIXED TERM SCHEME Quarterly Plan V Quarterly Plan VI Quarterly Plan VII 1. INCOME (Amount in Rs. lacs) Dividends Interest 374.97 55.56 297.47 190.33 395.73 Profit on sale of Investments ( Other than Inter Scheme Transfer /Sale) 2.04 63.46 36.16 2.05 Profit on sale of Inter Scheme Investments 7.79 68.26 40.35 0.53 Other Income - - 2.35 Unrealised Appreciation in the value of Investments 2.69 - - 0.11 TOTAL 384.81 58.25 429.19 266.85 400.77 2. EXPENSES AND LOSSES Loss on Sale / Redemption of Investments ( other than Inter-scheme Transfer / Sale) 2.69-7.64 9.63 0.73 Loss on Inter-Scheme transfer of Investments 22.65-51.42 19.53 - Management Fees 7.79 0.71 15.72 9.05 10.06 Trusteeship Fees - - - - Custodian Fees 1.17 0.10 1.13 0.75 1.08 Audit Fees - 0.96 0.02 0.04 0.82 Registrar & Transfer Agent s Fees - - 0.10 - Marketing and Distribution Expenses Other Operating Expenses 7.27 0.26 8.55 2.97 7.00 Diminution in the value of Investments Loss on Option Preliminary Expenses Written off Unrealised Depreciation in the value of Investments - 2.70 - - 15.41 Incentive paid TOTAL 41.57 4.74 84.59 41.97 35.09 - - - Net Surplus / (Deficit) for the year / period 343.24 53.51 344.60 224.88 365.68 APPROPRIATION ACCOUNT - - Net Surplus / (Deficit) brought forward from previous year Net Surplus / (Deficit) for the year 343.24 53.51 344.60 224.88 365.68 Less:Appreciation in the value of Investments for the previous year Add:depriciation Of Previous year written off. Net available Surplus / (Deficit) 343.24 53.51 344.60 224.88 365.68 Add : Transferred from Equalisation account - - - - (22.67) Add : Transferred from unit Premium Reserve Less : Dividend distributed (Including Distribution Tax) 194.80-111.42 147.31 177.35 Less : Bonus distributed Net Surplus / (Deficit) carried forward 148.44 53.51 233.18 77.57 165.66 Mutual Fund Annual Report 2004-2005 40

PARTICULARS Abridged audited revenue account and appropriation account for the year / period ended March 31, 2005 Fixed Term Scheme Quarterly Plan VIII 1.4.2004 to 31.3.2005 1.4.2003 to 31.3.2004 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 104.26 6.96 1,298.58 769.55 - - 22.23 - Profit on sale of Investments ( Other than Inter Scheme Transfer /Sale) - - 27.67 0.37 - - - - Profit on sale of Inter Scheme Investments - - - - - - - - Other Income - - 32.13 - - - - - Unrealised Appreciation in the value of Investments 0.06 0.12-0.34 - - - - TOTAL 104.32 7.08 1,358.38 770.25 - - 22.23-2. EXPENSES AND LOSSES Loss on Sale / Redemption of Investments ( other than Inter-scheme Transfer / Sale) - - 28.56 8.20 - - - - Loss on Inter-Scheme transfer of Investments 0.16-0.96 80.84 - - - - Management Fees 0.34 0.04 49.97 16.96 - - 0.67 - Trusteeship Fees - - - - Custodian Fees 0.33-3.60 1.88 - - - - Audit Fees 0.79 0.07 0.53 0.44 - - - - Registrar & Transfer Agent s Fees - - 0.48 0.06 - - - - Marketing and Distribution Expenses - - - - - - - - Other Operating Expenses 1.07-25.37 14.58 - - 0.40 - Diminution in the value of Investments - - - - - - - - Loss on Option - - - - - - - - Preliminary Expenses Written off - - - - - - - - Unrealised Depreciation in the value of Investments 3.08 2.39 204.57 49.66 - - - - Incentive paid - - - - - - - - TOTAL 5.76 2.50 314.04 172.62 - - 1.07 - Net Surplus / (Deficit) for the year / period 98.56 4.59 1,044.34 597.63 - - 21.17 - APPROPRIATION ACCOUNT Net Surplus / (Deficit) brought forward from previous year - - 21.17 - - - - - Net Surplus / (Deficit) for the year 98.56 4.59 1,044.34 597.63 - - 21.17 - Less:Appreciation in the value of Investments for the previous year - - - - - - - - Add:depriciation Of Previous year written off. - - - - - - - - Net available Surplus / (Deficit) 98.56 4.59 1,065.50 597.63 - - 21.17 - Add : Transferred from Equalisation account - - (89.36) - - - - - Add : Transferred from unit Premium Reserve - - - - - - - - Less : Dividend distributed (Including Distribution Tax) 28.72 - - - - - - - Less : Bonus distributed - - - - - - - - Net Surplus / (Deficit) carried forward 69.84 4.59 976.14 597.63 - - - 21.17 - Mutual Fund Annual Report 2004-2005 41

Historical per unit statistics for the year ended March 31, 2005 Scheme Vision Fund Growth Fund Period 2004-2005 2003-2004 2002-2003 2004-2005 2003-2004 2002-2003 Per Unit Particulars (Rupees) Face Value 10 10 10 10 10 10 Net Asset Value Growth Plan 86.70 63.11 26.50 119.49 75.41 28.28 Dividend Plan 33.20 33.71 23.60 32.61 27.99 19.25 Bonus Plan 14.50 10.55 26.50 19.79 12.49 28.28 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 0.663 1.620 0.580 0.120 1.440 0.800 From profit on inter-scheme sales/transfer of Investments 1.806 0.280 0.000 0.363 0.340 8.850 From profit on sale of investment to third party 8.071 3.960 3.970 6.779 4.680 9.690 Gross Income 10.540 5.860 4.550 7.263 6.460 19.340 Expenses & Losses Aggregate of expenses,write-off,amortisation and Charges 0.746 0.220 0.360 0.703 0.250 0.650 Loss on sale/redemption of Investments 2.959 0.460 2.560 1.253 0.610 3.220 Provision for depreciation in value of investments 0.000 0.710 0.000 3.610 Provision for Loss on Securities 0.000 0.000 - - 0.000 0.100 Gross Expenditure 3.706 0.680 3.630 1.956 0.860 7.580 Net Income 6.834 5.180 0.920 5.306 5.600 11.760 Unrealised appreciation in value of investments 6.678 0.000-12.026 1.240 - Unprovided depreciation in value of investments 0.443 0.000 - - 0.000 - Ratio of expenses to average net assets 2.160 2.230 2.500 2.040 2.300 2.500 Ratio of gross income to average net assets 21.910 54.070 13.570 18.800 54.480 24.750 Repurchase /Reissue Price - Highest - Growth Plan 92.74 71.35 28.07 125.31 81.42 31.83 Dividend Plan 41.02 49.15 24.51 39.57 41.1 23.55 Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan - Monthly Dividend plan - Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan 15.52 46.44 28.07 20.76 51.48 31.83 Cont... Mutual Fund Annual Report 2004-2005 42

Historical per unit statistics for the year ended March 31, 2005 Scheme Vision Fund Growth Fund Period 2004-2005 2003-2004 2002-2003 2004-2005 2003-2004 2002-2003 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 51.73 26.5 19.55 65.66 28.28 24.52 Dividend Plan 24.99 23.6 23.57 24.39 19.25 18.15 Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan - Monthly Dividend plan - Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan 8.65 10.03 19.55 10.88 11.7 24.54 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 2004-2005 43

Historical per unit statistics for the year ended March 31, 2005 Scheme Income Fund Liquid Fund Period 2004-2005 2003-2004 2002-2003 2004-2005 2003-2004 2002-2003 Per Unit Particulars (Rupees) Face Value 10 10 10 10 10 10 Net Asset Value Growth Plan 21.0970 20.5642 18.7155 16.1080 - - Dividend Plan - Bonus Plan 12.4257 12.1129 11.0192 - - - Annual Dividend plan 10.9587 10.6864 10.6546 - - - Half yearly Dividend plan 11.0415 10.9618 10.8675 - - - Quarterly Dividend plan 10.8184 Monthly Dividend plan 10.8843 11.0206 10.8919 16.1642 - - Weekly Dividend Plan - Daily Dividend Plan - Institutional Plan-Growth - 20.5948 NA - - - Institutional Plan-Monthly Dividend Plan - 11.1395 NA 16.0984 - - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan - Automatic Capital Apprecition Plan - Defined Maturity Plan - Treasury Plan (Growth option) - - - 16.1080 15.4133 14.6660 Treasury Plan (Weekly Dividend option) - - - 10.3347 10.3256 10.3525 Treasury Plan (Bonus option) - - - 10.3347 11.0080 10.4757 Treasury Plan (Daily Dividend option) - - - 15.2315 15.2525 - Treasury Plan (Institutional Growth option) - - - 16.1642 15.4251 - Treasury Plan (Institutional Weekly Dividend option) - - - 15.2909 15.2749 - Treasury Plan (Institutional Daily Dividend option) - - - 15.2767 15.2730 - Treasury Plan (Institutional Bonus option) - - - 15.4176 - Cash Plan (Growth option) - - - 11.7087 11.2352 10.7294 Cash Plan (Weekly Dividend option) - - - 10.9186 10.9128 - Cash Plan (Daily Dividend option) - - - 11.1407 11.1367 - Super Cash Plan (Growth option) - - - 11.0781 10.8478 10.3383 Income Other than profit on sale of investment 4.929 1.720 1.740 1.358 0.670 0.710 From profit on inter-scheme sales/transfer of Investments 0.000 0.030 0.140 0.003 0.000 0.06 From profit on sale of investment to third party 2.793 1.160 1.380 0.057 0.020 0.040 Gross Income 7.723 2.910 3.260 1.417 0.690 0.810 Expenses & Losses Aggregate of expenses,write-off,amortisation and Charges 0.922 0.350 0.280 0.133 0.070 0.070 Loss on sale/redemption of Investments 6.685 0.510 0.790 0.070 0.020 0.020 Provision for depreciation in value of investments - 0.000 - - - - Provision for Loss on Securities - Gross Expenditure 7.607 0.860 1.070 0.202 0.090 0.090 Net Income 0.116 2.050 2.190 1.214 0.600 0.720 Unrealised appreciation in value of investments -0.652 0.060 0.280 0.001-0.010 Unprovided depreciation in value of investments -0.015 0.000-0.004 - - Ratio of expenses to average net assets 1.910 1.400 1.400 0.490 0.610 0.540 Ratio of gross income to average net assets 2.150 7.320 17.500 4.970 5.550 5.930 Repurchase /Reissue Price - Highest Growth Plan 21.0970 20.6622 19.0617 16.1080 - - Dividend Plan 10.9587 Annual Dividend plan - 11.6598 11.5907 - - - Half yearly Dividend plan 11.2195 11.5946 11.5221 - - - Quarterly Dividend plan 11.0742 11.3554 11.3309 - - - Monthly Dividend plan 11.1109 - - 16.0989 - - Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan 12.4257 12.1098 NA 11.3688 - - Cont... Mutual Fund Annual Report 2004-2005 44

Historical per unit statistics for the year ended March 31, 2005 Scheme Income Fund Liquid Fund Period 2004-2005 2003-2004 2002-2003 2004-2005 2003-2004 2002-2003 Per Unit Particulars (Rupees) Institutional Plan-Growth 20.9535 20.9521 NA - - - Institutional Plan-Monthly Dividend Plan 11.2331 11.2501 NA 16.1506 - - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan 20.9535 Institutional Plan-Quarterly Dividend Plan 11.0032 Institutional Plan-Bonus Plan - - - 15.7498 - - Automatic Capital Appreciation Plan - Treasury Plan (Growth option) - - - - 15.4133 14.6660 Treasury Plan (Weekly Dividend option) - - - 10.3554 10.3659 10.3611 Treasury Plan (Bonus option) - - - - 11.0080 14.5444 Treasury Plan (Daily Dividend option) - - - 15.2849 15.2525 - Treasury Plan (Institutional Growth option) - - - 16.1642 15.4251 - Treasury Plan (Institutional Weekly Dividend option) - - - 15.3210 15.2749 - Treasury Plan (Institutional Daily Dividend option) - - - 15.3091 15.2730 - Treasury Plan (Institutional Bonus option) - - - - 15.4176 - Cash Plan (Growth option) - - - 10.7086 11.2352 10.7294 Cash Plan (Weekly Dividend option) - - - 10.9901 10.9142 - Cash Plan (Daily Dividend option) - - - 11.1593 11.1367 - Cash Plan Bonus Option - - - 11.5810 - - Super Cash Plan (Growth option) - - - 11.2006 10.8478 10.3383 Lowest - Growth Plan 20.0628 18.6902 16.6995 15.4154 - - Dividend Plan 10.4246 Annual Dividend plan - 10.1542 10.1542 - - - Half yearly Dividend plan 10.6934 10.5020 10.5020 - - - Quarterly Dividend plan 10.5399 10.4332 10.4332 - - - Monthly Dividend plan 10.5856 10.3138 10.3138 16.0385 - - Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan 11.8195 11.0043 NA 11.0095 - - Automatic Capital Appreciation Plan - Institutional Plan-Growth 20.1296 20.0686 NA - - - Institutional Plan-Monthly Dividend Plan 11.0496 11.1051 NA 16.0790 - - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan 20.1296 Institutional Plan-Quarterly Dividend Plan 10.8191 Institutional Plan-Bonus Plan - - - 15.4197 - - Dividend Re-investment Plan - Treasury Plan (Growth option) - - - - 14.6684 13.7048 Treasury Plan (Weekly Dividend option) - - - 10.3209 10.3190 10.0960 Treasury Plan (Bonus option) - - - - 10.4775 10.3904 Treasury Plan (Daily Dividend option) - - - 15.2310 15.1751 - Treasury Plan (Institutional Growth option) - - - 15.4273 15.2042 - Treasury Plan (Institutional Weekly Dividend option) - - - 15.2662 15.2042 - Treasury Plan (Institutional Daily Dividend option) - - - 15.2731 15.2042 - Treasury Plan (Institutional Bonus option) - - - - 15.3386 - Cash Plan (Growth option) - - - 11.2358 10.7314 10.1987 Cash Plan (Weekly Dividend option) - - - 10.9093 10.8270 - Cash Plan (Daily Dividend option) - - - 11.1365 11.0971 - Cash Plan - Bonus Option - - - 11.4501 - - Super Cash plan - Growth Option - - - 10.8486 10.3402 10.0015 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 2004-2005 45

Historical per unit statistics for the year ended March 31, 2005 Scheme Medium Term Fund Short Term Fund Period 2004-2005 2003-2004 2002-2003 2004-2005 2003-2004 2002-2003 Per Unit Particulars (Rupees) Face Value 10 10 10 10 10 10 Net Asset Value Growth Plan 14.3144 14.1467 13.2255 11.4960 10.0000 10.0000 Dividend Plan - - - 10.4818 - - Bonus Plan 10.2246 14.1467 NA NA 10.9111 10.1626 Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan 10.2831 10.1611 10.4307 - - - Monthly Dividend plan 10.2951 10.2924 10.4923 NA 10.0486 10.0848 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 0.582 4.490 1.180 7.149 0.734 0.174 From profit on inter-scheme sales/transfer of Investments 0.001 0.250 0.210 0.002 0.006 0.001 From profit on sale of investment to third party 0.036 1.230 0.060 0.464 0.079 0.003 Gross Income 0.618 5.970 1.450 7.614 0.819 0.178 Expenses & Losses Aggregate of expenses,write-off,amortisation and Charges 0.130 0.840-0.612 0.059 0.013 Loss on sale/redemption of Investments 0.242 0.380 0.210 2.525 0.053 0.029 Provision for depreciation in value of investments - Provision for Loss on Securities - Gross Expenditure 0.372 1.220 0.210 3.137 0.112 0.042 Net Income 0.247 4.750 1.240 4.477 0.707 0.136 Unrealised appreciation in value of investments 0.000 0.040 0.150 0.196 0.010 0.005 Unprovided depreciation in value of investments 0.051 0.020 0.010 - - - Ratio of expenses to average net assets 1.520 1.530 1.610 0.530 0.560 0.530 Ratio of gross income to average net assets 4.350 10.920 11.570 4.410 7.960 2.330 Repurchase /Reissue Price - Highest Growth Plan 14.3144 14.1689 13.2668 11.4960 10.1698 10.1623 Dividend Plan - - - 10.4818 - - Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan 10.2831 12.3428 10.8044 - - - Monthly Dividend plan 10.3461 12.7511 10.7268-10.0993 10.0846 Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan 14.3113 14.1689-11.4273 10.1698 10.1623 Cont... Mutual Fund Annual Report 2004-2005 46

Historical per unit statistics for the year ended March 31, 2005 Scheme Medium Term Fund Short Term Fund Period 2004-2005 2003-2004 2002-2003 2004-2005 2003-2004 2002-2003 Per Unit Particulars (Rupees) Institutional Plan-Growth - - - 11.3857 - - Institutional Plan-Monthly Dividend Plan - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan - - - 11.1940 - - Institutional Plan-Quarterly Dividend Plan - Institutional Plan-Bonus Plan - - - 10.9896 - - 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 13.9653 12.5386 12.0250 10.9158 10.1640 10.0136 Dividend Plan - - - 10.0413 - - Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan 10.0327 10.2406 10.3012 - - - Monthly Dividend plan 10.0444 10.2626 10.3186-10.0160 10.0000 Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan 10.2239 12.5386-10.9158 10.1640 10.0136 Automatic Capital Appreciation Plan - Institutional Plan-Growth - - - 10.9896 - - Institutional Plan-Monthly Dividend Plan - Institutional Plan-Weekly Dividend Plan - Institutional Plan-Daily Dividend Plan - - - 10.9896 - - Institutional Plan-Quarterly Dividend Plan - Institutional Plan-Bonus Plan - - - 10.9896 - - 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 2004-2005 47

Historical per unit statistics for the year ended March 31, 2005 Scheme Banking Fund Gilt Securities Fund Long Term Gilt Plan Period 2004-2005 2003-2004 2002-2003 2004-2005 2003-2004 2002-2003 Per Unit Particulars (Rupees) Face Value 10 10-10 10 - Net Asset Value Growth Plan 25.3400 18.0400-11.4206 10.5432 - Dividend Plan 20.3400 16.6500-10.8628 10.1586 - Bonus Plan 25.3400 18.0400 - - - - 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 - - - 11.4206 - - Defined Maturity Plan - - - 11.4206 - - 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 0.533 0.457-0.121 5.074 - From profit on inter-scheme sales/transfer of Investments - 0.180-0.001 0.023 - From profit on sale of investment to third party 6.235 6.385-0.194 1.429 - Gross Income 6.768 7.022 0.000 0.316 6.526 0.000 Expenses & Losses Aggregate of expenses,write-off,amortisation and Charges 0.396 0.183-0.018 0.501 - Loss on sale/redemption of Investments 1.877 0.263-0.270 1.640 - Provision for depreciation in value of investments - Provision for Loss on Securities - Gross Expenditure 2.273 0.446 0.000 0.288 2.141 0.000 Net Income 4.495 6.576 0.000 0.028 4.385 0.000 Unrealised appreciation in value of investments 1.685 1.449 - - - Unprovided depreciation in value of investments 0.808 - - 0.019 - - Ratio of expenses to average net assets 2.250 2.250-0.860 0.600 - Ratio of gross income to average net assets 27.800 66.670-2.180 7.900 - Repurchase /Reissue Price - Highest Growth Plan 27.1200 19.0687-11.4206 10.5432 - Dividend Plan 25.0400 16.8476-10.8628 10.2179 - Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan - Monthly Dividend plan - - - 11.4234 - - Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan 27.1200 19.0687 11.3755 - - Institutional Plan-Growth - - - 11.2938 10.5643 - Cont... Mutual Fund Annual Report 2004-2005 48

Historical per unit statistics for the year ended March 31, 2005 Scheme Banking Fund Gilt Securities Fund Long Term Gilt Plan Period 2004-2005 2003-2004 2002-2003 2004-2005 2003-2004 2002-2003 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 - - - 11.5781 - - 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 16.5200 13.3048-10.5043 10.0067 - Dividend Plan 15.2500 9.9096-9.9881 10.0014 - Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan - Monthly Dividend plan - - - 10.5043 - - Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan 16.5200 13.3048-10.5043 - - Automatic Capital Appreciation Plan - - - 10.5043 - - Institutional Plan-Growth - - - 10.5129 10.3339 - 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 2004-2005 49

Historical per unit statistics for the year ended March 31, 2005 Scheme Gilt Securities Fund Monthly Income Plan Short Term Gilt Plan Period 2004-2005 2003-2004 2002-2003 2004-2005 2003-2004 2002-2003 Per Unit Particulars (Rupees) Face Value 10 10 10 10 - Net Asset Value Growth Plan 10.6506 10.9298-10.6687 10.1003 - Dividend Plan - Bonus Plan - 10.9298 - - 10.1003 - Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan - - - 10.1692 - - Monthly Dividend plan - 10.4869-10.2073 10.1003 - 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 5.157 2.138-2.313 0.132 - From profit on inter-scheme sales/transfer of Investments 0.006 0.007-0.006 0.000 - From profit on sale of investment to third party 1.587 2.423-2.561 0.085 - Gross Income 6.751 4.568 0.000 4.880 0.217 0.000 Expenses & Losses Aggregate of expenses,write-off,amortisation and Charges 0.600 0.264-0.569 0.031 - Loss on sale/redemption of Investments 6.866 2.563-3.141 0.099 - Provision for depreciation in value of investments - Provision for Loss on Securities - Gross Expenditure 7.466 2.827 0.000 3.710 0.130 0.000 Net Income -0.715 1.741 0.000 1.170 0.087 0.000 Unrealised appreciation in value of investments - 0.044-0.238 0.013 - Unprovided depreciation in value of investments -0.003 - - 0.164 - - Ratio of expenses to average net assets 0.580 0.460-1.740 1.870 - Ratio of gross income to average net assets -0.110 8.130-5.300 13.860 - Repurchase /Reissue Price - Highest - Growth Plan 10.6506 10.9309-10.7019 10.1003 - Dividend Plan 10.2220 10.6514 - - 10.1003 - Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan - - - 10.4534 - - Monthly Dividend plan - - - 10.3244 - - Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan - 10.9309 - - 10.1003 - Institutional Plan-Growth 10.6199 Cont... Mutual Fund Annual Report 2004-2005 50

Historical per unit statistics for the year ended March 31, 2005 Scheme Gilt Securities Fund Monthly Income Plan Short Term Gilt Plan Period 2004-2005 2003-2004 2002-2003 2004-2005 2003-2004 2002-2003 Per Unit Particulars (Rupees) Institutional Plan-Monthly Dividend Plan - 10.6790 - - - - 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 10.3772 10.0960-9.9214 9.9523 - Dividend Plan 9.9065 10.0096 - - - - Annual Dividend plan - - - - 9.9523 - Half yearly Dividend plan - Quarterly Dividend plan - - - 9.9214 - - Monthly Dividend plan - - - 9.8229 - - Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan - 10.0096 - - 9.9523 - Automatic Capital Appreciation Plan - Institutional Plan-Growth 10.3867 Institutional Plan-Monthly Dividend Plan - 10.6790 - - - - 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 2004-2005 51

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 * 2004-2005 2003-2004 2004-2005 2004-2005 2004-2005 Face Value 10 10 10 10 10 Net Asset Value Growth Plan 10.5387 10.0109 9.9382 10.2963 10.0023 Dividend Plan 10.5387 10.0109 9.9382 10.0687 10.0023 Bonus Plan - - 9.9382 - - Annual Dividend plan Half yearly Dividend plan Quarterly Dividend plan Monthly Dividend plan Weekly Dividend Plan - - - 10.0668 - Daily Dividend Plan - - - 10.0461 - 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 0.922 0.011 0.021 0.565 0.003 From profit on inter-scheme sales/transfer of Investments 0.000 0.000 0.001 0.000 From profit on sale of investment to third party 0.019 0.001 0.023 0.000 Gross Income 0.941 0.011 0.022 0.588 0.003 Expenses & Losses Aggregate of expenses,write-off,amortisation and Charges 0.055 0.001 0.002 0.048 0.000 Loss on sale/redemption of Investments 0.020-0.000 0.098 0.000 Provision for depreciation in value of investments Provision for Loss on Securities Gross Expenditure 0.076 0.001 0.002 0.146 0.000 Net Income 0.866 0.010 0.021 0.442 0.003 Unrealised appreciation in value of investments 0.000-0.030 0.022 0.000 Unprovided depreciation in value of investments 0.142 0.114 0.000 0.001 Ratio of expenses to average net assets 0.390 0.400 1.890 0.530 0.200 Ratio of gross income to average net assets 6.610 8.350 27.440 5.340 12.600 Repurchase /Reissue Price Highest Growth Plan 10.6033 10.0109 10.0000 10.2963 10.0023 Dividend Plan 10.6033 10.0109 10.0000 10.0938 10.0023 Annual Dividend plan Half yearly Dividend plan Quarterly Dividend plan Monthly Dividend plan Weekly Dividend Plan - - - 10.0705 - Cont... Mutual Fund Annual Report 2004-2005 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 * 2004-2005 2003-2004 2004-2005 2004-2005 2004-2005 Daily Dividend Plan - - - 10.0496 - Bonus Plan - - 10.0000 10.1655 - 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 10.0123 10.0000 9.9382 10.0000 10.0000 Dividend Plan 10.0123 10.0000 9.9382 10.0000 10.0000 Annual Dividend plan Half yearly Dividend plan Quarterly Dividend plan Monthly Dividend plan Weekly Dividend Plan - - - 10.0389 - Daily Dividend Plan - - - 10.0364 - Bonus Plan - - 9.9382 10.0000 - 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 2004-2005 53

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) 2004-2005 2004-2005 2004-2005 2004-2005 2004-2005 Face Value 10 10 10 10 10 Net Asset Value Growth Plan 10.3576 10.0118 10.1037 9.8834 9.8194 Dividend Plan 10.3576 10.0118 10.0134 9.8834 9.8194 Bonus Plan - - - 9.8834 9.8194 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 0.460 0.012 0.120 0.062 0.045 From profit on inter-scheme sales/transfer of Investments 0.000 0.000 0.000 0.000 0.000 From profit on sale of investment to third party 0.000 0.000 0.001 0.624 0.640 Gross Income 0.461 0.012 0.120 0.685 0.686 Expenses & Losses Aggregate of expenses,write-off,amortisation and Charges 0.020 0.000 0.006 0.033 0.038 Loss on sale/redemption of Investments 0.053 0.000 0.000 0.351 0.336 Provision for depreciation in value of investments Provision for Loss on Securities Gross Expenditure 0.074 0.000 0.006 0.385 0.374 Net Income 0.387 0.012 0.115 0.300 0.312 Unrealised appreciation in value of investments 0.000 0.001 0.000 0.214 0.316 Unprovided depreciation in value of investments 0.030 0.001 0.005 0.314 0.466 Ratio of expenses to average net assets 0.310 0.200 0.300 1.460 1.490 Ratio of gross income to average net assets 6.160 5.460 6.240 14.420 13.640 Repurchase /Reissue Price Highest Growth Plan 10.3576 10.0118 10.1037 10.4557 10.4986 Dividend Plan 10.3576 10.0118 10.1021 10.4557 10.4986 Annual Dividend plan Half yearly Dividend plan Quarterly Dividend plan Monthly Dividend plan Cont... Mutual Fund Annual Report 2004-2005 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) 2004-2005 2004-2005 2004-2005 2004-2005 2004-2005 Weekly Dividend Plan Daily Dividend Plan Bonus Plan - - - 10.4557 10.4986 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 10.0000 10.0000 10.0000 9.6587 9.6207 Dividend Plan 10.0000 10.0000 10.0000 9.6587 9.6207 Annual Dividend plan Half yearly Dividend plan Quarterly Dividend plan Monthly Dividend plan Weekly Dividend Plan Daily Dividend Plan Bonus Plan - - - 9.6587 9.6207 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 2004-2005 55

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 * 2004-2005 2004-2005 2004-2005 2004-2005 2004-2005 2004-2005 Face Value 10 10 10 10 10 10 Net Asset Value Growth Plan 10.3457 10.1701 11.3381 12.1514 14.3074 10.0257 Dividend Plan 10.3457 10.1701 11.3381 12.1514 14.3074 10.0129 Bonus Plan 10.3457-11.3381 12.1514 14.3074 - 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 0.146 0.233 0.098 0.238 0.483 0.027 From profit on inter-scheme sales/transfer of Investments 0.282 0.000 0.112 0.000 0.000 0.000 From profit on sale of investment to third party 1.315 0.005 1.089 1.680 0.968 0.000 Gross Income 1.743 0.238 1.299 1.918 1.451 0.027 Expenses & Losses Aggregate of expenses,write-off,amortisation and Charges 0.242 0.057 0.106 0.233 0.286 0.001 Loss on sale/redemption of Investments 0.311 0.002 0.018 0.052 0.154 0.000 Provision for depreciation in value of investments - Provision for Loss on Securities - Gross Expenditure 0.553 0.059 0.124 0.286 0.440 0.001 Net Income 1.190 0.178 1.175 1.633 1.011 0.027 Unrealised appreciation in value of investments 0.516 0.005 0.691 1.492 4.513 0.000 Unprovided depreciation in value of investments 0.354 0.000 0.371 0.658 0.239 0.001 Ratio of expenses to average net assets 2.230 1.500 2.460 2.160 0.460 0.460 Ratio of gross income to average net assets 14.840 6.180 29.740 17.260 8.130 8.130 Repurchase /Reissue Price - Highest Growth Plan 11.2506 10.1701 12.0038 13.5791 15.4680 10.0257 Dividend Plan 11.2506 10.1701 12.0038 13.5791 15.4680 10.0241 Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan - Monthly Dividend plan - Weekly Dividend Plan - Cont... Mutual Fund Annual Report 2004-2005 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 * 2004-2005 2004-2005 2004-2005 2004-2005 2004-2005 2004-2005 Daily Dividend Plan - Bonus Plan 11.2506 10.0686 12.0038 13.5791 15.4680 - 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 9.8690 10.0000 10.0000 9.8704 9.4009 10.0000 Dividend Plan 9.8690 10.0000 10.0000 9.8704 9.4009 10.0000 Annual Dividend plan - Half yearly Dividend plan - Quarterly Dividend plan - Monthly Dividend plan - Weekly Dividend Plan - Daily Dividend Plan - Bonus Plan 9.8690 10.0000 10.0000 9.8704 9.4009 - 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 2004-2005 57

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 4,019.06 66.82% 23.22% ^** Citicorp Finance Ltd 2,000,000 2,013.25 33.47% 11.63% ^** Sundaram Finance Ltd. 1,000,000 1,006.17 16.73% 5.81% ^** Citicorp Maruti Finance Ltd. 1,000,000 999.65 16.62% 5.77% Housing Finance Company 1,995.29 33.18% 11.53% ^** Housing Development Finance Ltd 2,000,000 1,995.29 33.18% 11.53% Total 6,000,000 6,014.36 100.00% 34.74% (b) Privately Placed/Unlisted Non-Convertible Debentures/Bonds Miscellaneous 2,517.03 42.52% 14.54% @ ^** Tata Sons Ltd 2,500,000 2,517.03 42.52% 14.54% Non Banking Finance Company 2,999.77 50.67% 17.33% @ ^** G E Capital Services 2,000,000 1,999.77 33.78% 11.55% @ ^** Citifinancial Cons. Fin India 1,000,000 1,000.00 16.89% 5.78% Financial Institutions 403.34 6.81% 2.33% @ ^** Rural Electrification Corpn Ltd. 400,000 403.34 6.81% 2.33% Sub Total 5,900,000 5,920.14 100.00% 34.20% (C ) Pass Through Certificates (Securitised Debt) Finance(Asset backed) 3,225.29 100.00% 18.63% @ ^** UBL Trust Series 19 1,903.54 59.02% 11.00% @ ^** Indian Retail ABS Trust Series 18 1,054.06 32.68% 6.09% @ ^** Auto Pool Securitisation Trust 23 111.09 3.44% 0.64% @ ^** Loan Securitisation Trust Series 10 92.40 2.86% 0.53% @ ^** UBL Trust Series 1 45.20 1.40% 0.26% @ ^** Fleet Trust series 15 19.01 0.59% 0.11% Sub Total 86 3,225.29 100.00% 18.63% (D) Certificate Of Deposit Banks 1,374.49 100.00% 7.94% @ ** Development Credit Bank 600,000 589.75 42.91% 3.41% @ ** Kotak Mahindra Bank 500,000 485.96 35.36% 2.81% @ ** UTI Bank 300,000 298.78 21.74% 1.73% Sub Total 1,400,000 1,374.49 100.00% 7.94% (E) COMMERCIAL PAPERS Non Banking Finance Company 494.29 100.00% 2.86% @ ** Ge Countrywide Consumer Fin CP 500,000 494.29 100.00% 2.86% Sub Total 500,000 494.29 100.00% 2.86% Call/Repo 78.00 0.45% Other Assets 205.49 1.19% Grand Total 17,312.11 100.00% 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 2,500,000 2 744.16 100.00% 13.60% Sub Total 2,500,000.00 2,744.16 100.00% 13.60% SECURITISED DEBT Finance(Asset backed) Fleet Trust Series 20 1 992.65 25.93% 9.88% Indian Retail Abs Trust 15 1 517.39 19.75% 7.52% Fleet Trust Series 20 1 370.13 17.83% 6.79% India MBS Series 24 1 274.62 16.59% 6.32% VE Trust series 20 1 036.29 13.48% 5.14% Securities Trust Sundaram Finance Ltd. 10 493.74 6.42% 2.45% Sub Total 109.00 7,684.81 100.00% 38.09% ZERO COUPON BONDS Non Banking Finance Company Kotak Mah Primus Ltd 2,500,000 2 313.96 100.00% 11.47% Sub Total 2,500,000.00 2,313.96 100.00% 11.47% FIXED DEPOSIT Bank IDBI Bank 1 1 000.00 100.00% 4.96% Sub Total 1.00 1,000.00 100.00% 4.96% CERTIFICATE OF DEPOSIT Bank Indusind Bank Ltd 3,000,000 2 834.05 54.59% 14.05% Karnataka Bank Ltd 2,500,000 2 357.35 45.41% 11.68% Sub Total 5,500,000.00 5,191.40 100.00% 25.73% Call/Repo 948.00 100.00% 4.70% Other Assets 291.87 100.00% 1.45% Grand Total 20,174.19 100.00% ^ Valuation as per CRISIL Bond Valuer ** Non Traded @ Privately Placed Debentures Mutual Fund Annual Report 2004-2005 58

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 9,993.35 42.83% 10.43% ^** Housing Development Finance Corporation 6,500,000 6,510.60 27.90% 6.80% ^** LIC Hosuing Finance Ltd. 3,500,000 3,482.75 14.93% 3.64% Financial Institutions 7,318.43 31.36% 7.64% ^** Power Finance Corporation Ltd. 6,000,000 5,838.29 25.02% 6.09% ^** Industrial Development Bank of India 1,500,000 1,480.14 6.34% 1.54% Petrochemicals 1,522.09 6.52% 1.59% ^** Industries 1,500,000 1,522.09 6.52% 1.59% Non Banking Finance Company 4,499.76 19.28% 4.70% ^** Citicorp Fianance (India) Ltd 1,500,000 1,502.02 6.44% 1.57% ^** Citifinancial Services Ltd 1,000,000 999.46 4.28% 1.04% ^** Sundaram Fianance Ltd 2,000,000 1,998.28 8.56% 2.09 Total 23,500,000 23,333.63 100.00% 24.36% (b) Privately Placed/Unlisted Non-Convertible Debentures/Bonds Pass Through Certificate Finance(Asset backed) 27,907.25 100.00% 29.13% @ ^** Auto Pool Securitisation Trust 75 7,537.89 27.01% 7.87% @ ^** Indian Retail ABS Trust 30 3,005.74 10.77% 3.14% @ ^** Auto Pool Securitisation Trust 30 2,855.35 10.23% 2.98% @ ^** Indian Retail ABS Trust 47 2,752.26 9.86% 2.87% @ ^** Retail Pool Trust 1 2,535.55 9.09% 2.65% @ ^** Indian Retail ABS Trust 30 1,877.38 6.73% 1.96% @ ^** Securities Trust Sundaram Finance Ltd 35 1,505.17 5.39% 1.57% @ ^** Collateral Debt Trust Series II 20 1,236.77 4.43% 1.29% @ ^** Fleet ABS Trust 17 1,197.22 4.29% 1.25% @ ^** Indian Retail ABS Trust 25 902.82 3.24% 0.94% @ ^** BHPC Auto Securitisation Trust 15 749.52 2.69% 0.78% @ ^** Retail Pool Trust 3 327.05 1.17% 0.34% @ ^** Retail Pool Trust 3 317.20 1.14% 0.33% @ ^** Retail Pool Trust 3 294.14 1.05% 0.31% @ ^** Retail Pool Trust 3 282.12 1.01% 0.29% @ ^** Retail Pool Trust 3 272.40 0.98% 0.28% @ ^** Retail Pool Trust 3 258.69 0.93% 0.27% Sub Total 343 27,907.25 100% 29.13% (c) Non-Convertible Debentures / Bonds Non Banking Finance Company 10,505.48 58.35% 10.97% @ ^** Cholamadalam Invest & Finance 4,000,000 4,000.00 22.22% 4.18% @ ^** Rabo India Finance Pvt. Ltd. 2,500,000 2,503.33 13.90% 2.61% Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total @ ^** Mahindra & Mahindra Financial Services 2,000,000 2,008.29 11.15% 2.10% @ ^** Mahindra & Mahindra Financial Services 1,500,000 1,500.00 8.33% 1.57% @ ^** Mahindra & Mahindra Financial Services 500,000 493.86 2.74% 0.52% Financial Institutions 2,999.63 16.66% 3.13% @ ^** IDBI Ltd 3,000,000 2,999.63 16.66% 3.13% Banks 2,497.42 13.87% 2.61% @ ^** ICICI Bank 2,500,000 2,497.42 13.87% 2.61% MEDIA & ENTERTAINMENT 2,002.50 11.12% 2.09% @ ^** Deccan Chronicle Limited 2,000,000 2,002.50 11.12% 2.09% Sub Total 18,000,000.00 18,005.03 100.00% 18.79% (D) Certificate Of Deposit Banks 3,805.50 100.00% 3.97% @ ** Uco Bank 2,500,000 2,359.62 62.01% 2.46% @ ** Ing Vysya Bank 1,000,000 951.27 25.00% 0.99% @ ** Allahabad Bank 500,000 494.60 13.00% 0.52% Sub Total 4,000,000 3,805.50 100.00% 3.97% Fixed Deposits Bank 10,000.00 100.00% 10.44% @ ** Karanataka Bank 1 2,500.00 25.00% 2.61% @ ** State Bank Of Patiala 1 2,500.00 25.00% 2.61% @ ** State Bank Of Bikaner & Jaipur 1 2,500.00 25.00% 2.61% @ ** Bank Of Maharashtra 1 2,500.00 25.00% 2.61% Sub Total 10,000 100.00% 10.44% (E) Government Securities 7,702.11 100.00% 8.04% 364 DAYS T Bill 2005 3,000,000 2,931.84 38.07% 3.06% 364 DAYS T Bill 2006 5,000,000 2,387.97 31.00% 2.49% 364 DAYS T Bill 2006 2,500,000 2,382.31 30.93% 2.49% Sub Total 10,500,000 7,702.11 100.00% 8.04% (F) Money Market Instruments Call/Repo 4,029.00 4.21% Sub Total 4,029.00 4.21% Other Assets 1,021.67 1.07% Grand Total 95,804.19 100.00% ^ Valuation as per CRISIL Bond Valuer ** Non Traded @ Privately Placed Debentures Mutual Fund Annual Report 2004-2005 59

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 7 695.98 68.74% 16.57% @ ^** Nabard Ltd 5,700,000 5,695.97 50.88% 12.26% @ ^** Industrial Development Bank Of India 1,000,000 1,000.96 8.94% 2.15% @ ^** Nabard Ltd 1,000,000 999.05 8.92% 2.15% Non Banking Finance Company 3,500.00 31.26% 7.53% @ ^** ICICI Securities Ltd 2,500,000 2,500.00 22.33% 5.38% @ ^** Canbank Factors Ltd 1,000,000 1,000.00 8.93% 2.15% Sub Total 11,200,000.00 11,195.98 100.00% 24.10% (C) Pass Through Certificate Finance(Asset backed) 15,701.99 100.00% 33.80% @ ^** Indian Retail ABS Trust 77 7,200.45 45.86% 15.50% @ ^** Indian Retail ABS Trust 30 2,808.60 17.89% 6.05% @ ^** Retail Securitisation Trust 17 1,400.52 8.92% 3.01% @ ^** UBL Trust Series 70 1,181.22 7.52% 2.54% @ ^** Indian Retail ABS Trust 30 782.68 4.98% 1.68% @ ^** Auto Pool Securitisation Trust 30 681.06 4.34% 1.47% @ ^** Indian Retail ABS Trust 50 564.11 3.59% 1.21% @ ^** Fleet Trust Series 22 485.49 3.09% 1.05% @ ^** Indian Retail ABS Trust 24 403.96 2.57% 0.87% @ ^** Retail Securitisation Trust 31 193.91 1.23% 0.42% Sub Total 381.00 15,701.99 100.00% 33.80% (d) Certificate Of Deposit Banks 7,941.08 100.00% 17.09% @ ** DCB Ltd 4,000,000 3,978.23 50.10% 8.56% @ ** Jammu And Kashmir Bank Ltd 3,500,000 3,466.95 43.66% 7.46% @ ** ICICI Bank 500,000 495.90 6.24% 1.07% Sub Total 8,000,000.00 7,941.08 100.00% 17.09% (e) Commercial Paper Non Banking Finance Company 1 492.90 100.00% 3.21% @ ** Cholamandalam Inv & Fin Ltd 1,500,000 1,493 100.00% 3.21% Sub Total 1,500,000.00 1,492.90 200.00% 3.21% (f) Fixed Deposit Banks 9,500.00 100.00% 20.45% @ ** Uco Bank 1 5,000.00 52.63% 10.76% @ ** Jammu & Kashmir Bank 1 2,500.00 26.32% 5.38% @ ** IDBI Bank 1 2,000.00 21.05% 4.31% Sub Total 9,500.00 100.00% 20.45% Call/Repo 231.00 0.50% OTHER ASSETS 392.82 0.85% Grand Total 20,700,384.00 46,455.77 100.00% 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 8,098.94 100.00% 58.45% 364 DAYS TBILL 2006 7,500,000.00 7,123.71 87.96% 51.41% 364 DAYS T Bill 2005 1,000,000.00 975.22 12.04% 7.04% Sub Total 8,500,000.00 8,098.94 100.00% 58.45% Call / Repo 22,122.31 100.00% 159.65% Other Assets (16,364.67) 100.00% -118.10% Grand Total 13,856.58 100.00% 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 - 683.80-95.86% Other Assets - 29.50-4.14% Grand Total 713.30 100.00% 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 Durable @ ^** Whirlpool Of India Ltd. 2,000,000.00 2,000.00 76.92% 9.12% Non Banking Finance Company @ ^** Kotak Mahindra Primus Lts 600,000.00 600.00 23.08% 2.74% Sub Total 2,600,000.00 2,600.00 100.00% 11.86% Call/Repo 19,321.72 100.00% 88.10% Sub Total 19,321.72 100.00% 0.88% Other Asset 8.71 0.04% Grand Total 2,600,000.00 21,930.43 100.00% ^ Valuation as per CRISIL Bond Valuer ** Non Traded @ Privately Placed Debentures Mutual Fund Annual Report 2004-2005 60

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 9,591.35 63.80% 4.75% ** 91 days T Bill 5,000,000 4,941.06 32.87% 2.45% ** 06.18% GS 2005 500,000 501.18 3.33% 0.25% Sub Total 15,549,750 15,033.59 100.00% 7.44% Corporate Bonds/Debentures Housing Finance Company 6,246.45 45.06% 3.09% ^** Housing Development Finance 6,500,000 6,246.45 45.06% 3.09% Financial Institutions 5,581.85 40.27% 2.76% ^** IDFC LTD. 6,500,000 5,581.85 40.27% 2.76% Banks 1,027.67 7.41% 0.51% ^** Industrial Dev. Bank of India 1,000,000 1,027.67 7.41% 0.51% Financial Institutions 503.27 3.63% 0.25% ^** Indian Railway Finance Corp. 500,000 503.27 3.63% 0.25% Cement 502.94 3.63% 0.25% ^** Associated Cement Co. 500,000 502.94 3.63% 0.25% Sub Total 15,000,000 13,862.19 100.00% 6.86% Total 30,549,750 28,895.77 14.30% (b) Privately Placed/ Unlisted Non Banking Finance Company 5,000.00 37.27% 2.47% @ ^** Kotak Mahindra Investments 5,000,000 5,000.00 37.27% 2.47% Financial Institutions 4,840.06 36.08% 2.40% @ ^** Rural Electrification Corpn Ltd. 4,800,000 4,840.06 36.08% 2.40% Financial Institutions 1,497.59 11.16% 0.74% @ ^** Exim Bank of India 1,500,000 1,497.59 11.16% 0.74% Petrochemicals 1,044.13 7.78% 0.52% @ ^** Industries Ltd 1,000,000 1,044.13 7.78% 0.52% Banks 1,034.01 7.71% 0.51% @ ^** Industrial Dev. Bank of India 1,000,000 1,034.01 7.71% 0.51% Sub Total 13,300,000 13,415.80 100.00% 6.64% Pass Through Certificates (Securitised Debt) Finance(Asset backed) @ ^** 5.9748% Retail Sec. Trust 50 5,047.07 56.42% 2.50% @ ^** UBL TRUST Series 11 A1 28 2,471.66 27.63% 1.22% @ ^** India Loan Sec. Trust Series IV (UTI) 10 1,011.88 11.31% 0.50% @ ^** Indian RMBS Trust Series II (A5) 3 280.76 3.14% 0.14% @ ^** Fleet Trust April 2004 Series A2 1 86.81 0.97% 0.04% @ ^** Peoples Financial Services Limited- (TELCO ) 10 47.89 0.54% 0.02% Sub Total 102 8,946.06 100.00% 4.43% Floating Rate Notes Non Banking Finance Company 7,000.00 36.26% 3.46% @ ^** Rabo India Finance 7,000,000 7,000.00 36.26% 3.46% Financial Institutions 5,000.00 25.90% 2.47% @ ^** HUDCO 5,000,000 5,000.00 25.90% 2.47% Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total Non Banking Finance Company 7,302.75 37.83% 3.61% @ ^** GE Capital Services Limited 2,500,000 2,501.05 12.96% 1.24% @ ^** Kotak Mahindra Bank 2,000,000 2,000.00 10.36% 0.99% @ ^** Citicorp Finance (India) Ltd 1,000,000 1,001.35 5.19% 0.50% @ ^** Kotak Mahindra Primaus 1,000,000 1,000.35 5.18% 0.50% @ ^** L & T Finance Ltd 800,000 800.00 4.14% 0.40% Sub Total 12,300,000 19,302.75 100.00% 9.55% Money Market Instruments Certificate Of Deposit Bank @ ** Jammu & Kashmir Bank 13,500,000 13,125.36 19.74% 6.50% @ ** ICICI Bank 12,000,000 11,729.90 17.64% 5.80% @ ** Kotak Mahindra Bank 7,500,000 7,417.95 11.16% 3.67% @ ** UTI Bank 7,500,000 7,406.44 11.14% 3.67% @ ** Allahabad Bank 7,500,000 7,401.58 11.13% 3.66% @ ** UCO Bank 7,500,000 7,078.87 10.65% 3.50% @ ** ING Vysya Bank 7,000,000 6,660.41 10.02% 3.30% @ ** Federal Bank 2,500,000 2,364.35 3.56% 1.17% @ ** Yes Bank 1,500,000 1,415.67 2.13% 0.70% @ ** IndusInd Bank 1,000,000 997.53 1.50% 0.49% @ ** Development Credit Bank 900,000 884.73 1.33% 0.44% Sub Total 68,400,000 66,482.78 100.00% 32.90% Commercial Papers Bank 5,858.15 26.60% 2.90% @ ** Industrial Dev. Bank of India 6,000,000 5,858.15 26.60% 2.90% Non Banking Finance Company 9,854.04 44.75% 4.88% @ ** G E Capital Services 4,000,000 3,969.89 18.03% 1.96% @ ** Standard Chartered Investments 4,000,000 3,910.88 17.76% 1.94% @ ** Kotak Mahindra Primus 1,500,000 1,478.95 6.72% 0.73% @ ** G E-Countrywide Consumer Services Ltd. 500,000 494.32 2.24% 0.24% Housing Finance Company 2,886.23 13.11% 1.43% @ ** Housing Development Finance 3,000,000 2,886.23 13.11% 1.43% Financial Institutions 2,431.30 11.04% 1.20% @ ** Exim Bank Of India 2,500,000 2,431.30 11.04% 1.20% Tyres 989.97 4.50% 0.49% @ ** Apollo Tyres Ltd 1,000,000 989.97 4.50% 0.49% Sub Total 22,500,000 22,019.69 100.00% 10.90% Fixed Deposit Bank @ ** Bank of Maharashtra 7,500,000 7,500.00 19.23% 3.71% @ ** Oriental Bank of Commerce 7,500,000 7,500.00 19.23% 3.71% @ ** State Bank of Patiala 7,500,000 7,500.00 19.23% 3.71% @ ** Karnataka Bank 6,500,000 6,500.00 16.67% 3.22% @ ** IDBI Bank 5,000,000 5,000.00 12.82% 2.47% @ ** State BAnk of Bikaner & Jaipur 5,000,000 5,000.00 12.82% 2.47% Sub Total 39,000,000 39,000.00 100.00% 19.30% Call/Repo 1,454.54 100.00% 0.72% Sub Total 1,454.54 100.00% 0.72% Other Assets 2,559.42 100.00% 1.27% Grand Total 202,076.82 100.00% ^ Valuation as per CRISIL Bond Valuer ** Non Traded @ Privately Placed Debentures Mutual Fund Annual Report 2004-2005 61

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 500,000.00 498.82 50.11% 8.47% Non Banking Finance Company ^** 06.60% Pantone Finvest Ltd 500,000.00 496.62 49.89% 8.44% Sub Total 1,000,000.00 995.45 100.00% 16.91% (b) Privately Placed/Unlisted Non-Convertible Debentures/Bonds Pass Through Certificate Finance(Asset backed) @ ^** Loan Securitisation Trust Series 5.00 581.66 37.54% 9.88% Certificate of Deposits Bank @ ** Allahabad Bank 500,000.00 494.61 31.92% 8.40% @ ** Federal Bank 500,000.00 473.34 30.55% 8.04% Sub Total 1,000,005.00 1,549.60 100.00% 26.32% Government Securities 9.39% GOI 2011 500,000.00 571.65 53.07% 9.71% 6.65% GOI 2009 500,000.00 505.50 46.93% 8.59% Sub Total 1,000,000.00 1 077.15 100.00% 18.30% Call / Repo 1,413.00 24.00% Other Assets 852.03 14.47% Grand Total 5,887.23 100.00% 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 Company @ ^**Kotak Mahindra Investments Ltd. 900,000 856.24 62.03% 16.16% Financial Institutions @ ^**Nabard Ltd 500,000 524.22 37.97% 9.89% Sub Total 1,400,000.00 1,380.46 100.00% 26.05% (c) Fixed Deposit Bank @ ^**ICICI Bank 1 2,500.00 100.00% 47.19% Sub Total 2,500.00 100.00% 47.19% (d) Certificate Of Deposit Banks @ ^** Development Credit Bank Ltd. 500,000 497.28 51.24% 9.39% @ ^**Federal Bank Cd 500,000 473.13 48.76% 8.93% Sub Total 1,000,000.00 970.41 100.00% 18.32% Call/Repo 334.00 100.00% 6.30% Other Assets 113.39 100.00% 2.14% Grand Total 5,298.25 100.00% 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 Company @ ^** Housing Development Finance 1,000,000 997.65 90.80% 18.82% Financial Institutions @ ^** Indian Railways Finance Corporation 100,000 101.04 9.20% 1.91% Total 1,100,000.00 1,098.69 100.00% 20.73% (B) Privately Placed/ Unlisted Non Banking Finance Company @ ^** Kotak Mahindra Investments Ltd. 600,000 570.83 39.68% 10.77% @ ^** Associates India Finance 21,000 22.51 1.56% 0.42% Financial Institutions @ ^** IDBI Capital Market Services Ltd. 500,000 502.50 34.93% 9.48% Banks @ ^** ICICI Bank Ltd 330,000 342.79 23.83% 6.47% Sub Total 1,451,000.00 1,438.62 100.00% 27.14% (C) Floating Rate Notes Non Banking Finance Company @ ^** L&T Finance Nse Mbr +75Bps 500,000 500.00 100.00% 9.43% Sub Total 500,000.00 500.00 100.00% 9.43% (D) Certificate Of Deposits Banks @ ^** ING Vysya Bank 1,000,000 951.27 57.82% 17.95% @ ^** Allahabad Bank 500,000 494.61 30.06% 9.33% @ ^** Uti Bank 200,000 199.30 12.11% 3.76% Sub Total 1,700,000.00 1,645 100.00% 31.04% (E) Government Securities @ ^** 6.65% Goi 2009 1,000,000.00 1,011.00 89.76% 19.07% @ ^** 364 Days T Bill 117,500.00 115.38 10.24% 2.18% Total 1,117,500.00 1,126 100.00% 21.25% Call/Repo 8.00 100.00% 0.15% Other Assets (516.63) -9.75% Grand Total 5,300.23 100.00% ^ Valuation as per CRISIL Bond Valuer ** Non Traded @ Privately Placed Debentures Mutual Fund Annual Report 2004-2005 62

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 Institutions @ ^** Rural Electrification Corpn Ltd. 800,000 806.68 72.91% 2.41% @ ^** Nabard Ltd 300,000 299.79 27.09% 0.90% Sub Total 1,100,000.00 1,106.47 100.00% 3.31% (c ) Pass Through Certificates (Securitised Debt) Finance (Asset backed) @ ^** UBL Trust Series 50 4,413.67 38.35% 13.20% @ ^** Indian Retail ABS Trust Series 65 4,017.26 34.91% 12.01% @ ^** UBL Trust Series 49 2,214.66 19.24% 6.62% @ ^** Retail Securitisation Trust 25 449.04 3.90% 1.34% @ ^** Indian RMBS Trust Series 3 280.54 2.44% 0.84% @ ^** Retail Securitisation Trust 14 87.57 0.76% 0.26% @ ^** ABS Series Trust series 20 45.01 0.39% 0.13% Sub Total 226.00 11,507.75 100.00% 34.42% (d) Fixed Deposit Bank @ ** Jammu & Kashmir Bank 1 5,000.00 40.00% 14.95% @ ** UTI Bank 1 2,500.00 20.00% 7.48% @ ** Indusind Bank 1 2,500.00 20.00% 7.48% @ ** Karnataka Bank 1 1,500.00 12.00% 4.49% @ ** IDBI Bank 1 1,000.00 8.00% 2.99% Sub Total 5.00 12,500.00 100.00% 37.38% (e) Certificate Of Deposit Bank @ ** Indusind Bank 3,500,000 3,487.45 44.44% 10.43% @ ** ICICI Bank 2,500,000 2,407.71 30.68% 7.20% @ ** Indusind Bank 500,000 498.78 6.36% 1.49% @ ** Jammu And Kashmir Bank 500,000 494.79 6.30% 1.48% @ ** ICICI Bank 500,000 482.68 6.15% 1.44% @ ** Ing Vysya Bank 500,000 476.39 6.07% 1.42% Sub Total 8,000,000.00 7,847.81 100.00% 23.47% Call/Repo 233.00 100.00% 0.70% Other Assets 242.52 100.00% 0.01% Grand Total 33,437.54 100.00% 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 1,000,000 997.65 100.00% 2.60% Total 997.65 100.00% 2.60% (b) Privately Placed/Unlisted Non-Convertible Debentures/Bonds Pass Through Certificates (Securitised Debt) Finance(Asset backed) @ ^** UBL Trust Series 57 5,031.58 100.00% 13.10% Sub Total 5,031.58 100.00% 13.10% Money Market Securities Certificate Of Deposit Bank @ ** Allahabad Bank 5,000,000 4,946.37 45.57% 12.88% @ ** Development Credit Bank Ltd. 3,500,000 3,466.79 31.94% 9.03% @ ** Uti Bank 2,500,000 2,441.20 22.49% 6.36% Sub Total 10,854.37 100.00% 28.27% Commercial Papers Non Banking Finance Company 11,784.39 77.75% 30.69% @ ** Standard Chartered Investment 5,000,000 4,930.43 32.53% 12.84% @ ** Kotak Mahindra Primus 1,500,000 1,474.44 9.73% 3.84% @ ** Rabo India Finance Pvt. Ltd. 1,500,000 1,465.17 9.67% 3.82% @ ** Citicorp Finance (India) Ltd. 1,500,000 1,464.49 9.66% 3.81% @ ** Kotak Mahindra Primus 1,000,000 980.22 6.47% 2.55% @ ** Rabo India Finance Pvt. Ltd. 1,000,000 979.11 6.46% 2.55% @ ** Panatone Finvest Ltd. 500,000 490.53 3.24% 1.28% Financial Institutions 3,371.92 22.25% 8.78% @ ** Exim Bank 2,000,000 1,927.00 12.71% 5.02% @ ** Exim Bank 1,500,000 1,444.92 9.53% 3.76% Sub Total 15,156.31 100.00% 39.47% Fixed Deposit Bank @ ** Karnataka Bank 1 2,500.00 41.67% 6.51% @ ** Indian Bank 1 2,500.00 41.67% 6.51% @ ** IDBI Bank 1 1,000.00 16.67% 2.60% Sub Total 6,000.00 100.00% 15.62% Call/Repo 329.00 0.86% 0.86% Other Assets 32.48 100.00% 0.08% Grand Total 38,401.39 100.00% ^ Valuation as per CRISIL Bond Valuer ** Non Traded @ Privately Placed Debentures Mutual Fund Annual Report 2004-2005 63

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 344.77 7.00% 1.37% S B & T International Limited 320,422 344.77 7.00% 1.37% Auto Ancillary 37.18 0.75% 0.15% Fairfield Atlas Limited 72,968 37.18 0.75% 0.15% Auto Components 37.24 0.76% 0.15% Automative Axles 10,000 37.24 0.76% 0.15% Automobiles 348.01 7.06% 1.39% Mahindra & Mahindra Ltd 70,000 348.01 7.06% 1.39% Commercial Services & Supplies 193.68 3.93% 0.77% Psl Holding Limited 145,295 193.68 3.93% 0.77% Computers & Peripherals 188.88 3.83% 0.75% Zensar Technologies Limited 93,526 188.88 3.83% 0.75% Electrical Equipment 433.35 8.79% 1.73% Crompton Greaves Limited 100,000 433.35 8.79% 1.73% IT Consulting & Services 521.26 10.58% 2.08% Mastek Ltd 141,782 521.26 10.58% 2.08% Machinery 873.41 17.73% 3.48% Punjab Tractors Limited 255,000 406.73 8.25% 1.62% Carborundum Universal Ltd-Fv Inr2 200,000 255.10 5.18% 1.02% Bharat Earth Movers Ltd 51,900 186.58 3.79% 0.74% Elgi Equipments Ltd Partly Paid Inr 0.15 100,000 25.00 0.51% 0.10% Oil 883.80 17.94% 3.52% Shivvani Oil & Gas Exploaration 600,000 883.80 17.94% 3.52% Paper & Forest Products 439.88 8.93% 1.75% Tamilnadu Newsprint Ltd 750,000 439.88 8.93% 1.75% Personal Care 194.50 3.95% 0.78% Emami Limited 250,000 194.50 3.95% 0.78% Steel 431.48 8.76% 1.72% Jindal Saw Limited 161,000 431.48 8.76% 1.72% Total 4,927.42 100.00% 19.64% (b) Privately Placed/Unlisted Non-Convertible Debentures/Bonds DEBT INSTRUMENTS (a) Listed /awaiting Listing at Stock Exchanges Non Convertible Bonds @ ^** Citicorp Maruti Financial 1,000,000 991.79 3.95% @ ^** Indian Railway Finance Corporation 500,000 505.20 2.01% @ ^** Panatone Finvest Ltd 500,000 496.62 1.98% Sub Total 1,993.61 7.95% Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total (b) Privately Placed/Unlisted Non-Convertible Debentures/Bonds Non Convertible Bonds @ ^** Power Finance Corporation 1,500,000 1,491.45 5.94% @ ^** ICICI Bank 1,000,000 1,000.00 3.99% @ ^** IRFC Tax Bonds 500,000 505.47 2.01% @ ^** L&T Finance Ltd 500,000 500.00 1.99% @ ^** Ing Vysya Bank 500,000 476.39 1.90% Sub Total 3,973.31 15.84% Pass Through Certificates (Securitised Debt) @ ^** Jet Airways PTC 1 2,478.09 9.88% @ ^** Loan Securitation Trust 20 1,451.64 5.79% @ ^** Auto Pool Securities Trust 10 951.78 3.79% @ ^** Jet Airways PTC 1 896.35 3.57% Sub Total 5,778 23.03% Fixed Deposit @ ** ICICI Bank 1 500.00 1.99% Sub Total 500.00 1.99% Government Securities 364 Days T Bill 17-3-06 5,000,000 4,745.85 18.91% 9.39% GOI 2011 1,000,000 1,143.30 4.56% 364 Days T Bill 15-4-05 431,000 430.16 1.71% 10.95% GS 2011 3,000 3.63 0.01% Sub Total 6,322.93 25.20% Total 18,567.72 74.00% Call / Repo 1,151.00 4.59% Other Assets 445.21 1.77% Grand Total 25,091.35 100.00% 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 05-08-2005 200,000.00 196.39 100.00% 85.80% Sub Total 200,000.00 196.39 100.00% 85.80% Call/Repo 67.00 100.00% 29.27% Sub Total 67.00 100.00% 29.27% Other Assets (34.49) 100.00% -15.07% Grand Total 228.90 100.00% ^ Valuation as per CRISIL Bond Valuer ** Non Traded @ Privately Placed Debentures Mutual Fund Annual Report 2004-2005 64

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 4,032.87 4.17% 3.89% Sundaram Fasteners Ltd 1,839,560 2,021.68 2.09% 1.95% Munjal Auto Industries Ltd 1,080,509 1,384.67 1.43% 1.34% Exide Ind 442,612 626.52 0.65% 0.60% Automobiles 4,633.02 4.79% 4.47% Swaraj Mazda Limited 515,065 1,797.58 1.86% 1.73% Ashok Leyland Ltd 7,490,695 1,573.05 1.63% 1.52% Maruti Udyog Ltd 300,000 1,262.40 1.31% 1.22% Banks 8,793.36 9.10% 8.48% Canara Bank 700,000 1,402.80 1.45% 1.35% State Bank Of India 850,000 5,584.08 5.78% 5.39% IndusInd Bank 2,500,000 1,251.25 1.29% 1.21% ING Vysya Bank Limited 450,000 427.50 0.44% 0.41% ING Vysya Bank Limited 82,942 127.73 0.13% 0.12% Beverages 2,428.26 2.51% 2.34% Radico Khaitan Limited 726,372 2,428.26 2.51% 2.34% Casting/Forgines 641.45 0.66% 0.62% Ramkrishna Forgings Ltd 1,235,929 641.45 0.66% 0.62% Chemicals 6,578.41 6.81% 6.35% Tata Chemicals 1,549,271 2,347.92 2.43% 2.27% Sintex Industries 501,552 2,136.11 2.21% 2.06% United Phosphorous Limited 286,823 2,094.38 2.17% 2.02% Compressors/Pumps 2,382.60 2.46% 2.30% Kirloskar Brothers Limited 262,083 2,382.60 2.46% 2.30% Construction & Engineering 3,151.64 3.26% 3.04% Jaiprakash Associates 1,594,959 3,151.64 3.26% 3.04% Consumer Goods 486.29 0.50% 0.47% Mawana Sugars Ltd 641,962 486.29 0.50% 0.47% Diseal Engines 1,752.79 1.81% 1.69% Greaves Cotton Ltd 1,390,553 1,752.79 1.81% 1.69% Diversified Financials 889.20 0.92% 0.86% Industrial Development Bank of India Ltd 975,540 889.20 0.92% 0.86% Electrical Equipment 4,333.50 4.48% 4.18% Crompton Greaves Limited 1,000,000 4,333.50 4.48% 4.18% Food Products 2,209.70 2.29% 2.13% Balrampur Chini Mills Ltd 1,944,890 1,349.75 1.40% 1.30% Oudh Sugar Mills Limited 700,000 859.95 0.89% 0.83% Industrial Conglomerates 1,904.58 1.97% 1.84% Century Textiles Limited 851,401 1,904.58 1.97% 1.84% Industrial Electronics 844.06 0.87% 0.81% Solectron Centum Electronics Ltd 478,626 844.06 0.87% 0.81% IT Consulting & Services 6,653.43 6.88% 6.42% Geometric Software Solutions Co. Ltd 400,000 1,960.40 2.03% 1.89% HCL Technologies Ltd 500,000 1,852.00 1.92% 1.79% Satyam Computers Ltd 400,000 1,634.00 1.69% 1.58% NIIT Ltd 664,665 1,207.03 1.25% 1.16% Machinery 7,552.21 7.81% 7.29% Bharat Earth Movers Ltd 1,228,826 4,417.63 4.57% 4.26% KSB Pumps Limited 814,785 2,005.59 2.07% 1.93% NRB Bearings Limited 493,009 1,128.99 1.17% 1.09% Marine 923.10 0.95% 0.89% G. E. Shipping 600,000 923.10 0.95% 0.89% Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total Media 1,823.03 1.89% 1.76% Deccan Chronicle Holdings Limited 800,000 1,163.60 1.20% 1.12% TV Today Network 865,400 659.43 0.68% 0.64% Metals & Mining 8,208.86 8.49% 7.92% Jindal Steel & Power Limited 275,659 2,886.70 2.99% 2.78% Hindustan Zinc Limited 1,150,000 1,955.00 2.02% 1.89% Maharashtra Seamless Ltd 401,283 1,293.74 1.34% 1.25% Jindal Vijaynagar Steels Ltd 347,867 1,254.23 1.30% 1.21% Amforge Industries Ltd. 626,290 819.19 0.85% 0.79% Oil & Gas 1,614.79 1.67% 1.56% Bongaigaon Refinery & Petro1,785,284 1,614.79 1.67% 1.56% Pharmaceuticals 7,421.82 7.68% 7.16% Divis Laboratories Limited 230,000 2,290.11 2.37% 2.21% Wockhart Limited 582,315 2,155.15 2.23% 2.08% Strides Arcolabs Ltds. 805,000 1,699.76 1.76% 1.64% Themis Medicare Limited 475,000 1,276.80 1.32% 1.23% Software 3,015.03 3.12% 2.91% Hexaware Technologies Ltd 284,663 2,083.31 2.16% 2.01% Datamatics Technologies Ltd 750,000 732.75 0.76% 0.71% Subex Systems 50,000 198.98 0.21% 0.19% Steel 3,091.18 3.20% 2.98% Jindal Saw Limited 1,153,425 3,091.18 3.20% 2.98% Telecom Equipment 1,571.39 1.63% 1.52% Avaya Globalconnect Limited 397,419 1,571.39 1.63% 1.52% Textiles & Apparel 2,691.39 2.78% 2.60% Bombay Dyeing & Mfg Company Limited 424,020 1,446.76 1.50% 1.40% Bata India Ltd 1,505,000 1,244.64 1.29% 1.20% Miscellaneous 7,031.91 7.27% 6.78% EID Parry India Limited 375,000 2,001.75 2.07% 1.93% Northgate Bpo Services 1,000,000 1,556.50 1.61% 1.50% Wanbury Limited 537,174 1,102.28 1.14% 1.06% Kennametal Widia India Limited 355,145 967.24 1.00% 0.93% Century Plyboard India Ltd 890,600 704.46 0.73% 0.68% Shivvani Oil & Gas Exploaration 475,000 699.68 0.72% 0.67% Jindal South West Holdings Ltd 91,966 0.00 0.00% 0.00% Total 52,126,139 96,659.88 100.00% 93.25% (B) Unlisted Miscellaneous ** Globsyn Technologies Ltd 200,000 0.00 0.00% Total 200,000 0.00 0.00% Fixed Deposit Bank 500.00 100% 0.48% ICICI Bank 500,000 500.00 100% 0.48% Total 500,000 500.00 100% 0.48% Corporate Debenture Nabard NCD 500,000 499.65 0.48% Total 500,000 499.65 0.48% Call / Repo 0 9,272.77 8.95% Other Assets 0-3,274.57-3.16% Grand Total 53,326,139 103,657.73 100.00% ^ Valuation as per CRISIL Bond Valuer ** Non Traded @ Privately Placed Debentures Mutual Fund Annual Report 2004-2005 65

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 2,425.20 3.99% 3.73% Jet Airways India Ltd 200,000 2,425.20 3.99% 3.73% Power 1,860.96 3.06% 2.86% Tata Consultancy Services Limited 129,887 1,860.96 3.06% 2.86% Pharmaceuticals 2,075.46 3.41% 3.19% Divis Laboratories Limited 208,442 2,075.46 3.41% 3.19% Oil & Gas 2,648.25 4.36% 4.08% ONGC Corporation Ltd 300,000 2,648.25 4.36% 4.08% Metals & Mining 5,964.45 9.81% 9.18% Sterlite Ind 349,357 2,498.25 4.11% 3.84% Tata Iron & Steel Company Ltd 500,000 2,004.50 3.30% 3.08% Sesa Goa Ltd 200,000 1,461.70 2.40% 2.25% Media 3,897.28 6.41% 6.00% Hinduja TMT Ltd. 748,878 2,299.06 3.78% 3.54% Television 18 Ltd 847,400 1,577.01 2.59% 2.43% Television 18 Ltd Wr Series A 84,416 16.04 0.03% 0.02% Television 18 Ltd Wr Series B 84,416 5.17 0.01% 0.01% Machinery 3,314.41 5.45% 5.10% Bharat Forge Limited 239,157 3,296.90 5.42% 5.07% Bharat Forge Limited Warrants 6,633 17.51 0.03% 0.03% Industrial Equipment 1,109.64 1.82% 1.71% Ingersoll Rand India Limited 393,000 1,109.64 1.82% 1.71% Industrial Conglomerates 815.13 1.34% 1.25% Century Textiles Limited 364,386 815.13 1.34% 1.25% Household Products 1,676.99 2.76% 2.58% Colgate Palmolive India Limited 923,705 1,676.99 2.76% 2.58% Electrical Equipment 9,403.97 15.47% 14.47% Siemens Ltd 435,961 7,408.07 12.18% 11.40% Bharat Electronics Limited 300,000 1,995.90 3.28% 3.07% Diversified Financials 2,687.50 4.42% 4.14% ITC Ltd 200,000 2,687.50 4.42% 4.14% Construction & Engineering 1,976.00 3.25% 3.04% Jaiprakash Associates 1,000,000 1,976.00 3.25% 3.04% Petro 6,155.82 10.12% 9.47% Industries Limited 700,000 3,821.65 6.29% 5.88% Chemicals Gujarat State Fertilizers & Chemicals Lt 2,079,440 2,334.17 3.84% 3.59% Banks 2,756.85 4.53% 4.24% State Bank Of India 300,000 1,970.85 3.24% 3.03% ICICI Bank Ltd 200,000 786.00 1.29% 1.21% Automobiles 6,163.97 10.14% 9.49% Ashok Leyland Ltd - (Fv Re 1) 12,924,843 2,714.22 4.46% 4.18% Tata Motors 500,000 2,069.75 3.40% 3.19% TVS Suzuki Ltd 2,000,000 1,380.00 2.27% 2.12% Auto Components 5,871.13 9.66% 9.04% Automative Axles 1,000,000 3,723.50 6.12% 5.73% Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total Ceat Limited 1,250,000 1,230.00 2.02% 1.89% Apollo Tyres Limited 321,244 917.63 1.51% 1.41% Total 28,791,165 60,803.00 93.57% (B) Unlisted Total - - 0% Fixed Deposit Bank 500.00 100% 0.77% ICICI Bank 500,000 500.00 0.77% Total 500,000 500.00 100% 0.77% Call / Repo - 9,272.77 14.27% Other Assets - (5,597.21) -8.61% Grand Total 29,291,165 64,978.56 100.00% 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 175.95 2.15% 1.92% Tamilnadu Newsprint Ltd 300,000 175.95 2.15% 1.92% Metals & Mining 801.80 9.82% 8.77% Tata Iron & Steel Company Ltd 200,000 801.80 9.82% 8.77% Machinery 677.88 8.30% 7.41% Punjab Tractors Limited 425,000 677.88 8.30% 7.41% Industrial Equipment 42.35 0.52% 0.46% Ingersoll Rand India Limited 15,000 42.35 0.52% 0.46% Electrical Equipment 965.97 11.83% 10.56% Siemens Ltd 56,847 965.97 11.83% 10.56% Dredging 756.45 9.26% 8.27% Dredging Corporation of India 150,000 756.45 9.26% 8.27% Petro 1,074.53 13.15% 11.75% Industries Limited 161,000 878.98 10.76% 9.61% Chemicals Asian Paints Ltd. 50,000 195.55 2.39% 2.14% Banks 1,410.69 17.27% 15.43% State Bank Of India 125,000 821.19 10.05% 8.98% ICICI Bank Ltd 150,000 589.50 7.22% 6.45% Automobiles 1,924.46 23.56% 21.04% Tata Motors 180,000 745.11 9.12% 8.15% Maruti Udyog Ltd 150,000 631.20 7.73% 6.90% Hero Honda Motors Ltd Fv 2 (New) 100,000 548.15 6.71% 5.99% Auto Components 338.18 4.14% 3.70% Apollo Tyres Limited 118,390 338.18 4.14% 3.70% Total 2,181,237 8,168.26 100.00% 89.32% (B) Unlisted Total - 0 0% Fixed Deposit Bank 200 100% 2.19% 5.00% HDFC Bank Ltd 200.00 100% 2.19% Total 200 100% 2.19% Call / Repo - 36.00 0.39% Other Assets - 740.45 8.10% Grand Total 2,181,237 9,144.70 100.00% ^ Valuation as per CRISIL Bond Valuer ** Non Traded @ Privately Placed Debentures Mutual Fund Annual Report 2004-2005 66

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 2,865.20 10.29% 9.03% Jaiprakash Associates 1,450,000 2,865.20 10.29% 9.03% Electric Utilities 4,117.88 14.79% 12.98% Ahmedabad Electricity Co Limited 1,757,505 2,201.28 7.91% 6.94% Energy Limited 361,657 1,916.60 6.88% 6.04% Electrical Equipment 14,933.49 53.65% 47.09% Crompton Greaves Limited 997,243 4,321.55 15.52% 13.63% Siemens Ltd 191,859 3,260.16 11.71% 10.28% KEC International Ltd 1,200,000 2,228.40 8.01% 7.03% Asea Brown Boveri Limited 175,000 2,018.28 7.25% 6.36% Bharat Heavy Electricals Limited 225,000 1,726.65 6.20% 5.44% Apar Industries Limited 894,329 1,071.85 3.85% 3.38% Asian Electronics Limited 420,000 306.60 1.10% 0.97% Metals & Mining 3,778.32 13.57% 11.91% Jindal Steel & Power Limited (Fv Rs 5/-) 310,000 3,246.32 11.66% 10.24% Neyveli Lignite Corporation Ltd 800,000 532.00 1.91% 1.68% Power 2,142.50 7.70% 6.76% National Thermal Power Corporation 2,500,000 2,142.50 7.70% 6.76% Total 11,282,593.00 27,837.39 100.00% 87.77% (B) Unlisted Total 0 0 0 0.00 Fixed Deposit Bank @ ** 5.00% Hdfc Bank 500,000 500.00 1.80% 1.58% Total 500,000 500.00 1.80% 1.58% Pass Through Certificates (Securitised Debt) (A) Listed / Awaiting Listing On The Stock Exchanges NIL (B) Unlisted @ ^ **6.1210% Loan Sec Trust 35 2,496.60 100.00% 7.87% Total 35 2,496.60 100.00% 7.87% Call / Repo 0 679.00 2.14% Other Assets 0 201.90 0.64% Grand Total 31,714.89 100.00% 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 13,021.77 96.08% 89.51% Aventis Pharma Ltd. 125,591 1,543.76 11.39% 10.61% Wockhart Limited 350,508 1,297.23 9.57% 8.92% Divis Laboratories Limited 121,433 1,209.11 8.92% 8.31% Glaxosmithkline Pharmaceuticals Limited 145,000 1,043.64 7.70% 7.17% Lupin Limited 175,000 967.84 7.14% 6.65% Dishman Pharmaceuticals & Chemicals 145,672 929.53 6.86% 6.39% Cipla Limited 300,000 764.40 5.64% 5.25% Pfizer Ltd 100,000 716.10 5.28% 4.92% Cadila Healthcare Limited 150,000 694.50 5.12% 4.77% F D C Limited 1,500,000 682.50 5.04% 4.69% Alembic Limited 199,377 538.52 3.97% 3.70% Shasun Chemicals Limited 121,177 451.69 3.33% 3.10% Glenmark Pharmaceuticals Ltd 150,000 423.38 3.12% 2.91% Ranbaxy Laboratories Ltd. 40,000 401.54 2.96% 2.76% Novartis F/V Rs 5 68,152 338.27 2.50% 2.33% IPCA Laboratories Ltd 105,332 317.10 2.34% 2.18% Astrazeneca Pharma India Ltd 14,863 218.64 1.61% 1.50% Indoco Remedies Limited 64,076 191.88 1.42% 1.32% Dr Reddy Laboratories 25,000 184.78 1.36% 1.27% Nicholas Piramal India Ltd 48,342 107.37 0.79% 0.74% Chemicals 531.45 3.92% 3.65% Hikal Limited 95,285 364.23 2.69% 2.50% RPG Life Science Limited 299,960 167.23 1.23% 1.15% Total 4,344,768 13,553.22 100.00% 93.16% (B) Unlisted Total 0 0 0% Call / Repo 0 835.00 5.74% Other Assets 0 159.37 1.10% Grand Total 4,344,768 14,547.59 100.00% ^ Valuation as per CRISIL Bond Valuer ** Non Traded @ Privately Placed Debentures Mutual Fund Annual Report 2004-2005 67

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 5,252.28 6.05% 2.98% Mahindra & Mahindra Ltd 550,000 2,734.33 3.15% 1.55% Maruti Udyog Ltd 500,000 2,104.00 2.42% 1.19% Tata Motors 100,000 413.95 0.48% 0.23% Banks 15,146.66 17.46% 8.60% State Bank Of India 1,034,291 6,794.77 7.83% 3.86% Corporation Bank 1,296,888 4,519.01 5.21% 2.57% Punjab National Bank 685,000 2,694.11 3.11% 1.53% ICICI Bank Ltd 200,000 786.00 0.91% 0.45% Indian Overseas Bank 463,867 352.77 0.41% 0.20% Beverages 888.39 1.02% 0.50% Mcdowell & Co Ltd 378,119 888.39 1.02% 0.50% Petro 10,252.30 11.82% 5.82% Industries Limited 1,610,000 8,789.80 10.13% 4.99% Chemicals Indian Petrochemicals Corprn. Ltd. 500,000 816.75 0.94% 0.46% Gujarat Heavy Chemicals Ltd1,500,000 645.75 0.74% 0.37% Cigrattes 2,687.50 3.10% 1.53% ITC Ltd 200,000 2,687.50 3.10% 1.53% Computers & Peripherals 737.80 0.85% 0.42% Tata Elxsi Ltd 400,000 737.80 0.85% 0.42% Construction Materials 1,802.25 2.08% 1.02% Associated Cement Companies Limited 500,000 1,802.25 2.08% 1.02% Costruction 2,505.57 2.89% 1.42% Jaiprakash Associates 1,268,000 2,505.57 2.89% 1.42% Diversified Telecommunication Services 574.00 0.66% 0.33% Mahanagar Telephone Nigam Ltd 500,000 574.00 0.66% 0.33% Electrical Equipment 2,446.47 2.82% 1.39% Bharat Heavy Electricals Limited 250,000 1,918.50 2.21% 1.09% Siemens Ltd 31,071 527.97 0.61% 0.30% Food Products 2,097.80 2.42% 1.19% Tata Tea Limited 400,000 2,097.80 2.42% 1.19% Industrial Conglomerates 2,989.59 3.45% 1.70% Grasim Industries Ltd 246,341 2,989.59 3.45% 1.70% IT Consulting & Services 7,636.60 8.80% 4.33% HCL Technologies Ltd 1,400,000 5,185.60 5.98% 2.94% Satyam Computers Ltd 600,000 2,451.00 2.82% 1.39% Machinery 1,441.72 1.66% 0.82% Lakshmi Machine Works Ltd 17,825 1,441.72 1.66% 0.82% Media 363.22 0.42% 0.21% Zee Telefilms Ltd 261,498 363.22 0.42% 0.21% Metals & Mining 8,529.17 9.83% 4.84% Jindal Vijaynagar Steels Ltd 897,500 3,235.94 3.73% 1.84% Tata Iron & Steel Company Ltd 800,000 3,207.20 3.70% 1.82% Hindalco Industries Limited 100,000 1,293.65 1.49% 0.73% National Aluminium Company Ltd 455,000 792.38 0.91% 0.45% Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total Oil & Gas 8,250.01 9.51% 4.68% ONGC Corporation Ltd 685,000 6,046.84 6.97% 3.43% Indian Oil Corporation Limited 400,000 1,754.20 2.02% 1.00% Castrol India Ltd 237,679 448.98 0.52% 0.25% Pharmaceuticals 6,158.82 7.10% 3.50% Glaxosmithkline Pharmaceuticals Limited 291,193 2,095.86 2.42% 1.19% Wockhart Limited 433,121 1,602.98 1.85% 0.91% Aventis Pharma Ltd. 91,034 1,118.99 1.29% 0.64% Dr Reddy Laboratories (Fv Rs.5/-) 99,200 733.19 0.85% 0.42% Wyeth Limited 150,000 607.80 0.70% 0.35% Power 3,449.26 3.98% 1.96% Energy Limited 489,151 2,592.26 2.99% 1.47% National Thermal Power Corporation 1,000,000 857.00 0.99% 0.49% Software 3,556.21 4.10% 2.02% IFLEX Solutions Ltd 360,000 2,123.46 2.45% 1.21% Tata Consultancy Services Limited 100,000 1,432.75 1.65% 0.81% Total 21,481,778 86765.61329 100.00% 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 7,500 41.67% 4.26% Rabo Ind Finance 1,000,000 1,000 5.56% 0.57% Global Trade Finance 500,000 500 2.78% 0.28% Primary Dealers Abnamro Sec India Ltd 5,000,000 5,000 27.78% 2.84% Consumer Durable Whirlpool India Ltd 1,500,000 1,500 8.33% 0.85% Paints Berger Paints 1,000,000 1,000 5.56% 0.57% Diversified Sterlite Industries Ltd 1,000,000 1,000 5.56% 0.57% Power Finolex Wire Prod 500,000 500 2.78% 0.28% Total 18,000,000 18,000 100.00% 10.22% Money Market Instruments Fixed Deposit Bank Punjab National Bk 15,000,000 15,000.00 32.97% 8.51% Indian Bank 10,000,000 10,000.00 21.98% 5.68% Uco Bank 7,500,000 7,500.00 16.48% 4.26% Bank Of India 5,000,000 5,000.00 10.99% 2.84% Oriental Bank of Commerce 5,000,000 5,000.00 10.99% 2.84% Karnatak Bank Ltd 3,000,000 3,000.00 6.59% 1.70% Total 45,500,000 45,500 100.00% 25.83% Other Assets 0 25,902.93 100.00% 14.70% Grand Total 84,981,778 176,168.54 100.00% ^ Valuation as per CRISIL Bond Valuer ** Non Traded @ Privately Placed Debentures Mutual Fund Annual Report 2004-2005 68

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 276.68 16.58% 13.53% Tata Elxsi Ltd 150,000 276.68 16.58% 13.53% Media 1,392.06 83.42% 68.09% Deccan Chronicle Holdings Limited 175,000 254.54 15.25% 12.45% Crest Animation Studios Limited 350,000 245.18 14.69% 11.99% Adlabs Films Limited (Fv Rs.5) 150,000 195.23 11.70% 9.55% UTV Software Communications Ltd 125,000 184.81 11.08% 9.04% Balaji Telefilms Limited 147,887 131.62 7.89% 6.44% Navneet Publications India Limited 51,225 123.94 7.43% 6.06% Zee Telefilms Ltd 75,000 104.18 6.24% 5.10% Television 18 Ltd 52,776 98.22 5.89% 4.80% TV Today Network 71,338 54.36 3.26% 2.66% Total 1,348,226 1,668.73 81.63% (B) Unlisted Total 0 0 0 0% Call / Repo 0 150.00 7.34% Other Assets 0 225.59 11.03% Grand Total 1,348,226 2,044.32 100.00% 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 4,737.71 100.00% 82.61% State Bank Of India 125,111 821.92 17.35% 14.33% ICICI Bank Ltd 125,000 491.25 10.37% 8.57% Corporation Bank 138,000 480.86 10.15% 8.38% Canara Bank 225,000 450.90 9.52% 7.86% Indian Overseas Bank 550,000 418.28 8.83% 7.29% HDFC Bank 75,000 408.19 8.62% 7.12% Vijaya Bank 500,000 321.50 6.79% 5.61% South India Bank 435,742 278.87 5.89% 4.86% Fedral Bank Ltd 177,000 273.55 5.77% 4.77% Punjab National Bank 65,000 255.65 5.40% 4.46% Karur Vysya Bank Limited 50,000 203.83 4.30% 3.55% ING Vysya Bank Limited - Right Forms 150,000 142.50 3.01% 2.48% The Jammu & Kashmir Bank Ltd 36,000 131.02 2.77% 2.28% ING Vysya Bank Limited 38,571 59.40 1.25% 1.04% Total 2,690,424 4,737.71 100.00% 82.61% (B) Unlisted Total 0 0 0% Call / Repo 0 1,344.10 23.44% Other Assets 0-346.87-6.05% Grand Total 2,690,424 5,734.94 100.00% 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 6.10 6.78% 7.17% Tata Motorsa 520 2.15 2.39% 2.53% Bajaj Auto Limited 164 1.77 1.97% 2.08% Hero Honda Motors Ltd Fv 2 (New) 239 1.31 1.46% 1.54% Maruti Udyog Ltd 206 0.87 0.96% 1.02% Banks 13.54 15.05% 15.91% ICICI Bank Ltd 1,773 6.97 7.74% 8.19% State Bank Of India 571 3.75 4.17% 4.41% HDFC Bank 519 2.82 3.14% 3.32% Chemicals 10.15 11.28% 11.92% Industries Limited 1,859 10.15 11.28% 11.92% Cigarettes 5.67 6.30% 6.66% ITC Ltd 422 5.67 6.30% 6.66% Construction & Engineering 2.71 3.01% 3.18% Larsen & Toubro Limited - Fv Rs 2 272 2.71 3.01% 3.18% Construction Materials 2.70 3.00% 3.17% Associated Cement Companies Limited 391 1.41 1.57% 1.66% Gujarat Ambuja Cements Limited 321 1.29 1.43% 1.51% Diversified Financials 3.42 3.80% 4.02% Housing Development Finance Corporation 471 3.42 3.80% 4.02% Diversified Telecommunication Services 1.85 2.06% 2.18% Bharati Tele Ventures Ltd. 895 1.85 2.06% 2.18% Electric Utilities 2.43 2.70% 2.86% Tata Power 341 1.22 1.35% 1.43% Energy Limited 229 1.21 1.35% 1.43% Electrical Equipment 1.57 1.75% 1.85% Bharat Heavy Electricals Limited 205 1.57 1.75% 1.85% Household Products 3.51 3.90% 4.12% Hindustan Lever Limited 2,661 3.51 3.90% 4.12% Industrial Conglomerates 2.09 2.32% 2.45% Grasim Industries Ltd 172 2.09 2.32% 2.45% IT Consulting & Services 16.19 17.99% 19.02% Infosys Technologies Ltd 492 11.08 12.31% 13.02% Satyam Computers Ltd 690 2.82 3.13% 3.31% Wipro Limited 341 2.29 2.54% 2.69% Media 0.76 0.85% 0.89% Zee Telefilms Ltd 548 0.76 0.85% 0.89% Metals & Mining 6.15 6.83% 7.22% Tata Iron & Steel Company Ltd 1,007 4.04 4.49% 4.74% Hindalco Industries Limited 163 2.11 2.34% 2.48% Oil & Gas 5.86 6.51% 6.88% Ongc Corporation Ltd 520 4.59 5.10% 5.39% Hindustan Petroleum Corporation Ltd 414 1.27 1.41% 1.49% Pharmaceuticals 5.31 5.90% 6.24% Ranbaxy Laboratories Ltd. 318 3.19 3.55% 3.75% Cipla Limited (F.V.Rs 2) 436 1.11 1.23% 1.31% Dr Reddy Laboratories (Fv Rs.5/-) 136 1.01 1.12% 1.18% Total 17,296 90.01 100.00% 105.75% (B) Unlisted Nil Nil Total 0 0 0% Call / Repo 0 4.00 4.70% Other Assets 0-8.89-10.45% Grand Total 17,296 85.12 100.00% ^ Valuation as per CRISIL Bond Valuer ** Non Traded @ Privately Placed Debentures Mutual Fund Annual Report 2004-2005 69

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 1.99 1.03% 0.93% Energy Limited 375 1.99 1.03% 0.93% Pharmaceuticals 9.42 4.91% 4.39% Ranbaxy Laboratories Ltd. 371 3.74 1.95% 1.74% Sun Pharma Ltd (F.V. Rs 5/-) 375 1.75 0.91% 0.81% Cipla Limited (F.V.Rs 2) 609 1.56 0.81% 0.73% Glaxosmithkline Pharmaceuticals Limited 176 1.27 0.66% 0.59% Dr Reddy Laboratories (Fv Rs.5/-) 150 1.11 0.58% 0.52% Oil & Gas 29.69 15.46% 13.83% Ongc Corporation Ltd 2,875 25.45 13.25% 11.85% Bharat Petroleum Corp Ltd 609 2.15 1.12% 1.00% Hindustan Petroleum Corporation Ltd 686 2.09 1.09% 0.97% Metals & Mining 14.46 7.53% 6.73% Steel Authority Of India Ltd 8,335 5.27 2.75% 2.46% Tata Iron & Steel Company Ltd 1,118 4.48 2.33% 2.09% Hindalco Industries Limited 188 2.44 1.27% 1.13% National Aluminium Company Ltd 1,298 2.27 1.18% 1.06% Media 1.16 0.60% 0.54% Zee Telefilms Ltd 833 1.16 0.60% 0.54% Marine 0.85 0.44% 0.40% Shipping Corporation Of India Ltd 571 0.85 0.44% 0.40% IT Consulting & Services 26.09 13.59% 12.15% Infosys Technologies Ltd 532 12.01 6.25% 5.59% Wipro Limited 1,403 9.41 4.90% 4.38% Satyam Computers Ltd 642 2.63 1.37% 1.22% HCL Technologies Ltd 548 2.04 1.06% 0.95% Industrial Conglomerates 2.23 1.16% 1.04% Grasim Industries Ltd 184 2.23 1.16% 1.04% Household Products 6.36 3.31% 2.96% Hindustan Lever Limited 4,441 5.86 3.05% 2.73% Colgate Palmolive India Limited 273 0.50 0.26% 0.23% Health Care Equipment & Supplies 0.64 0.33% 0.30% Dabur India Ltd 577 0.64 0.33% 0.30% Gas Utilities 3.62 1.89% 1.69% Gas Authority Of India 1,706 3.62 1.89% 1.69% Food Products 0.56 0.29% 0.26% Tata Tea Limited 108 0.56 0.29% 0.26% Electrical Equipment 4.74 2.47% 2.21% Bharat Heavy Electricals Limited 490 3.76 1.96% 1.75% Asea Brown Boveri Limited 85 0.99 0.52% 0.46% Power 1.43 0.74% 0.66% Tata Power 398 1.43 0.74% 0.66% Security Name Quantity Market % to % to Value Category NAV (Rs. in lacs) Total Diversified Telecommunication Services 10.25 5.34% 4.78% Bharati Tele Ventures Ltd. 3,737 7.75 4.04% 3.61% Mahanagar Telephone Nigam Ltd 1,273 1.45 0.75% 0.67% Videsh Sanchar Nigam Limited 574 1.06 0.55% 0.49% Diversified Financials 19.50 10.16% 9.08% Tata Consultancy Services Limited 1,110 15.90 8.28% 7.40% Housing Development Finance Corporation 495 3.61 1.88% 1.68% Construction Materials 2.73 1.42% 1.27% Gujarat Ambuja Cements Limited 360 1.44 0.75% 0.67% Associated Cement Companies Limited 357 1.29 0.67% 0.60% Construction & Engineering 2.59 1.35% 1.21% Larsen & Toubro Limited-Fv Rs 2 259 2.59 1.35% 1.21% Cigarettes 6.70 3.49% 3.12% ITC Ltd 499 6.70 3.49% 3.12% Chemicals 16.89 8.80% 7.87% Industries Limited 2,824 15.42 8.03% 7.18% Indian Petrochemicals Corprn. Ltd. 500 0.81 0.42% 0.38% Tata Chemicals 436 0.66 0.34% 0.31% Banks 19.18 9.99% 8.93% State Bank Of India 1,062 6.95 3.62% 3.24% ICICI Bank Ltd 1,475 5.79 3.02% 2.70% HDFC Bank 578 3.15 1.64% 1.47% Punjab National Bank 529 2.08 1.08% 0.97% Oriental Bank Of Commerce 387 1.20 0.62% 0.56% Automobiles 10.95 5.70% 5.10% Tata Motors 716 2.96 1.54% 1.38% Maruti Udyog Ltd 579 2.44 1.27% 1.14% Hero Honda Motors Ltd Fv 2 (New) 403 2.21 1.15% 1.03% Bajaj Auto Limited 202 2.19 1.14% 1.02% Mahindra & Mahindra Ltd 232 1.15 0.60% 0.54% Total 48,543 192.04 100.00% 89.44% (B) Unlisted Total 0 0 0% Call / Repo 0 5.00 2.33% Other Assets 0 17.68 8.23% Grand Total 48,543 214.72 100.00% ^ Valuation as per CRISIL Bond Valuer ** Non Traded @ Privately Placed Debentures Mutual Fund Annual Report 2004-2005 70

Back Page Ref. CDR File Mutual Fund Annual Report 2004-2005 71