Reliance Nippon Life Asset Management Limited (formerly Reliance Capital Asset Management Limited) A Reliance Capital Company Reliance Centre, 7th Floor South Wing, Off Western Express Highway, Santacruz (East), Mumbai - 400 055. Abridged Annual Report 2016-2017 An Open-ended Diversified Equity Scheme (Erstwhile Reliance Equity Advantage Fund) Reliance Mutual Fund (A Trust under the Indian Trust Act, 1882) SPONSOR Reliance Capital Limited (Incorporated under the Companies Act, 1956) Regd. Office : H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairane, Navi Mumbai - 400 710. Tel.: +9122 3032 7000, Fax: +9122 3032 7202 Nippon Life Insurance Company (Co-sponsor) Regd. Office: 3-5-12, Imabashi, Chuo-ku, Osaka 541-8501, Japan. TRUSTEE Reliance Capital Trustee Co. Limited [CIN - U65910MH1995PLC220528] (Incorporated under the Companies Act, 1956) Regd. Office : Reliance Centre, 7th Floor South Wing, Off Western Express Highway, Santacruz (East), Mumbai - 400 055. Tel No. - 022-33031000. Fax: 022-33037662 Website : www.reliancemutual.com DIRECTORS OF RELIANCE CAPITAL TRUSTEE CO. LIMITED Mr. A. N. Shanbhag Mr. P. P. Vora Mr. S. Santhanakrishnan CA Uttam Prakash Agarwal Mr. Arvind Mayaram* (*Appointed on June 28, 2017) INVESTMENT MANAGER Reliance Nippon Life Asset Management Limited (RNAM) (formerly Reliance Capital Asset Management Limited) [CIN - U65910MH1995PLC220793] (Incorporated under the Companies Act, 1956) Regd. Office : Reliance Centre, 7th Floor South Wing, Off Western Express Highway, Santacruz (East), Mumbai - 400 055. Tel No. - 022-33031000. Fax: 022-33037662 Website : www.reliancemutual.com DIRECTORS OF RELIANCE NIPPON LIFE ASSET MANAGEMENT LIMITED (formerly Reliance Capital Asset Management Limited) Mr. V. N. Kaul* Mr. S. C. Tripathi Mr. Kanu Doshi Ms. Ameeta Chatterjee Mr. Kazuhide Toda Mr. Takayuki Murai$ Mr. Sundeep Sikka (*Appointed on June 7, 2017) ($Appointed on April 22, 2017) AUDITOR Haribhakti & Co. LLP Chartered Accountants 705, Leela Business Park, Andheri Kurla Road, Andheri (E), Mumbai 400 059, INDIA General Ved Prakash Malik (Retd.) CUSTODIAN Deutsche Bank A.G. Deutsche Bank House, Hazarimal Somani Marg, Fort, Mumbai 400 001, INDIA Citibank NA First International Financial Centre, 11th Floor, Plot Nos. C 54 and C55, G Block, Bandra Kurla Complex, Bandra East, Mumbai 400051. REGISTRAR Karvy Computershare Private Limited Karvy Selenium Tower B Plot no 31 and 32, Gachibowli, Financial District, Nanakramguda Serilingampally Mandal Hyderabad 500032 Ph : 040-67162222, 33211000 INTERNAL AUDITOR for Financial Year 2016-17 Deloitte Haskins & Sells LLP Indiabulls Finance Centre, Tower 3, 27th-32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Trustee Report 1. Scheme Performance, Future Outlook and Operations of the Scheme Name of the Scheme / Date of Compounded Annualised Returns as on 31.03.2017 (in %) Benchmarks Inception Since 1 year 3 years 5 years Inception #### - Direct - Growth 1-Jan-13 26.06 20.34 NA 17.47 S&P BSE 200 22.47 14.17 NA 12.22 - Growth (Regular plan) 8-Aug-07 24.67 19.28 17.32 11.12 S&P BSE 200 22.47 14.17 13.08 8.18 Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment All the returns are of Growth Plan - Growth Option. Returns less than 1 year are on absolute basis and more than or equal one year are on compounded annualised basis. Calculation assume that all payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. #### Reliance Equity Advantage Fund was launched on Aug 9, 2007. Subsequently the key features of the Scheme have been changed w.e.f Aug 26, 2011 and the Scheme was renamed as. The fund endeavors to generate alpha while owning best of the index companies. The investment universe for the fund comprises of the Top 200 companies by market capitalization. The Fund has outperformed the benchmark across time periods. Future Outlook - The Indian Mutual Fund industry is one of the fastest growing industries in the financial services sector with 41 AMCs currently operating in the country. The industry quarterly AAUM has changed with an absolute growth rate of 16% over last year with Rs. 18,29,534 crore of quarterly average assets as on March 31, 2017. Your Company intends to aggressively pursue growth opportunities in the mutual fund industry both domestic and international and therefore be the most preferred investment choice for investors. Your Company expects that an emerging market like India would experience a sustained higher growth rate. Given the country s high household savings rate along with the current low levels of investments by retail investors where only less than 3% of the household savings is channeled into capital markets, your Company believes that the Mutual Fund Industry is still in a nascent stage and has a huge opportunity for growth and expansion. Being one of the large players in the Industry, your Company will continue investing in growing the market size, achieving product innovation, educating the investors, increasing the distribution reach, enhancing customer service infrastructure with aggressive expansion strategies. 2. Brief background of Sponsors, Trust, Trustee Co. and AMC. a. Reliance Capital Limited (RCL) [Sponsor] RCL is sponsor & settler of Reliance Mutual Fund (RMF). RCL is a RBI registered Non-Banking Finance Company (NBFC) and has its business interests in Asset Management, Life Insurance, General Insurance, Private Equity, Proprietary Investments, Stock Broking and other activities in the financial services sector. b. Nippon Life Insurance Company (NLI) [Co-Sponsor] NLI is co-sponsor of RMF. NLI is Japan s leading private life insurer and offers a wide range of financial products, including individual and group life and annuity policies through various distribution channels, mainly using face-to-face sales channels for its traditional insurance products. It primarily operates in Japan, North America, Europe and Asia, and is headquartered in Osaka, Japan. NLI conducts asset management operations in Asia, through its subsidiary Nissay Asset Management Corporation ( Nissay ), which manages assets globally. As sponsors, RCL and NLI are responsible for discharging its functions and responsibilities towards RMF in accordance with the Securities and Exchange Board of India (Mutual Fund) Regulations, 1996. c. Reliance Mutual Fund [Trust] Reliance Mutual Fund (RMF or Trust) has been set up as a Trust in accordance with the provisions of the Indian Trust Act, 1882 by RCL acting as its Settlor/ Sponsor. The Trust came into being vide Trust Deed dated April 25, 1995 (the Original Trust Deed ), which was duly registered under the Indian Registration Act, 1908. The Original Trust Deed has also been subsequently amended from time to time. In order to consolidate all amendments to the Original Trust Deed, an Amended and Restated Trust Deed was executed on March 15, 2011 (the Amended and Restated Trust Deed ), which was then duly registered under the Indian Registration Act, 1908. The Amended and Restated Trust Deed was further amended vide the Amendment to Trust Deed dated July 14, 2016, which was also duly registered under the Indian Registration Act, 1908. d. Reliance Capital Trustee Co Limited [Trustee] Reliance Capital Trustee Co. Limited (RCTC) is an unlisted Public Limited Company incorporated under the Companies Act, 1956 on March 01, 1995, having its registered and Corporate Office at Reliance Centre, 7 th Floor (South Wing), Off Western Express Highway, Santacruz (East), Mumbai - 400055. RCTC is a subsidiary of RCL. RCTC has been appointed as the Trustee of RMF vide Trust Deed dated April 25, 1995 and which Trust Deed has been amended from time to time. As Trustee to RMF, RCTC is discharging its duties and carrying out its responsibilities in terms of the applicable SEBI Regulations and as more particularly provided in the Trust Deed. e. Reliance Nippon Life Asset Management Limited (formerly Reliance Capital Asset Management Limited) [Asset Manager] Reliance Nippon Life Asset Management Limited (RNAM) is an unlisted Public Limited Company incorporated under the Companies Act, 1956 on February 24, 1995, having its registered and Corporate Office at Reliance Centre, 7th Floor (South Wing), Off Western Express Highway, Santacruz (East), Mumbai - 400055. RNAM is a subsidiary of RCL. RNAM has been appointed as an Asset Manager of Reliance Mutual Fund by the Trustee i.e. RCTC, vide Investment Management Agreement (IMA) dated May 12, 1995. The IMA has been executed between RCTC and RNAM and has since been amended on August 12, 1997, on January 20, 2004 and then on February 17, 2011. 3. Investment Objective of the Scheme The primary investment objective of the scheme is to seek to generate long term capital appreciation by investing in equity and equity related instruments of companies whose market capitalization is within the range of highest & lowest market capitalization of S&P BSE 200 Index. The secondary objective is to generate consistent returns by investing in debt and money market securities. 4. Significant Accounting Policies: Accounting policies followed by Reliance Mutual Fund are in accordance with Securities Exchange Board of India (Mutual Funds) Regulations, 1996. 5. Unclaimed Dividend & Redemptions: Unclaimed Dividend Unclaimed Redemption No. of investors Amount (Rs.) No. of investors Amount (Rs.) 3,024 8,585,179 672 16,584,690 6. Details of Investor Complaints: The Statement on Status of Redressal of Complaints received against Reliance Mutual Fund during the financial year 2016-17 is annexed as Annexure A and forms part of the Trustee Report. 7. Role of Mutual Funds In Corporate Governance Of Public Listed Companies: In terms of the circular no. SEBI/ IMD/ CIR No. 18/198647/ 2010 dated March15, 2010 & circular no. CIR/IMD/DF/05/2014 dated March 24, 2014 issued by SEBI, Reliance Nippon Life Asset Management Limited ( RNAM ) (formerly Reliance Capital Asset Management Limited) has framed a Voting Policy and relevant procedures ( Voting Policy ) for the purposes of exercising the voting rights in respect of shares held by the Schemes of Reliance Mutual Fund. This Voting Policy has also been adopted & approved by the Board of Directors of Reliance Capital Trustee Co. Limited. As required in terms of the regulatory requirements, RNAM has voted on all material resolutions, keeping in view the interests of the investors. For the financial year 2016-17, the Voting Policy along with the details of proxy votes exercised at the meetings of the investee companies and the required certificate from the Auditor have been appropriately disclosed on RNAM s website i.e. www.reliancemutual.com. In case any investor desires to have a physical copy of the Voting Policy and other relevant details, then the same will be available at request at the corporate office of the Company at Reliance Centre, 7th Floor South Wing, Off Western Express Highway, Santacruz (East), Mumbai - 400 055. Tel No. - 022-33031000. 8. Statutory Information: a. The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes of the Fund beyond their initial contribution (to the extent contributed) of Rs. 1 Lakh for setting up the Fund, and such other accretions / additions to the same. b. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments. b. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments. c. Full Annual Report shall be disclosed on the website (www.reliancemutual. com) and shall be available for inspection at the Head Office of the mutual fund. Present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund / AMC at a price. For and on behalf of Reliance Capital Trustee Co. Limited Place: Mumbai A.N. Shanbhag P.P. Vora Date: June 28, 2017 Director Director Abridged Annual Report 2016-2017 2
Annexure to Trustee Report Redressal of Complaints received during 2016-2017 Name of the Mutual Fund : Reliance Mutual Fund Total Number of Folios : 6846156 (as on 31 st March, 2017) Annexure - A Complaint code Type of complaint# (a) No. of complaints pending at the beginning of the year (b) No of complaints received during the year Within 30 days 30-60 days Resolved 60-180 days Action on (a) and (b) Beyond 180 days Non Actionable* I A Non receipt of Dividend on Units 1 10 10 1 0 0 0 0 0 0 0 I B Interest on delayed payment of 0 0 0 0 0 0 0 0 0 0 0 Dividend I C Non receipt of Redemption 1 41 40 1 1 0 0 0 0 0 0 Proceeds I D Interest on delayed payment of 0 5 5 0 0 0 0 0 0 0 0 Redemption II A Non receipt of Statement of 0 3 3 0 0 0 0 0 0 0 0 Account/Unit Certificate II B Discrepancy in Statement of 0 148 148 0 0 0 0 0 0 0 0 Account II C Data corrections in Investor 0 0 0 0 0 0 0 0 0 0 0 details II D Non receipt of Annual Report/ 0 0 0 0 0 0 0 0 0 0 0 Abridged Summary III A Wrong switch between Schemes 1 23 22 0 1 1 0 0 0 0 0 III B Unauthorized switch between 0 0 0 0 0 0 0 0 0 0 0 Schemes III C Deviation from Scheme attributes 0 0 0 0 0 0 0 0 0 0 0 III D Wrong or excess charges/load 0 0 0 0 0 0 0 0 0 0 0 III E Non updation of changes viz. 1 57 57 0 0 0 0 0 0 1 0 address, PAN, bank details, nomination, etc IV Others Others** 5 81 83 2 0 0 0 1 0 0 0 V SIP Related 9 711 666 47 6 0 0 1 0 0 0 VI Purchase related 1 180 168 3 3 0 0 7 0 0 0 VII Online Transaction Related 2 50 48 3 0 0 0 1 0 0 0 Total 21 1309 1250 57 11 1 0 10 0 1 0 Particulars Count Total Complaints Received During 2016-2017 1309 Total Number of Folios 6846156 Percentage Complaints Against Folios 0.019% ** If others include a type of complaint which is more than 10% of overall complaint, provide that reason separately. # including against its authorized persons/ distributors/ employees. etc. *Non actionable means the complaint that are incomplete / outside the scope of the mutual fund. Classification of Complaints TYPE OF COMPLAINT TYPE I Delay/Non-receipt of money TYPE III Service related I A Dividend on Units III A Wrong switch between Schemes I B Interest on delayed payment of Dividend III B Unauthorized switch between Schemes I C Redemption Proceeds III C Deviation from Scheme attributes I D Interest on delayed payment of Redemption III D Wrong or excess charges/load TYPE II Statement of Account/Unit Certificate/Annual Report III E Non updation of changes viz. address, PAN, bank details, nomination, etc 0-3 months 3-6 months Pending 6-9 months 9-12 months II A Non receipt of Statement of Account/Unit Certificate TYPE IV Others II B Discrepancy in Statement of Account II C Data corrections in Investor details II D Non receipt of Annual Report/Abridged Summary Abridged Annual Report 2016-2017 3
INDEPENDENT AUDITORS REPORT To The Trustees of Reliance Mutual Fund Report on the Financial Statements We have audited the accompanying financial statements of the Reliance Top 200 Fund ( the Scheme ), which comprises the Balance Sheet as at March 31, 2017, the Revenue Account, the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements The Managements of Reliance Capital Trustee Co. Limited and Reliance Nippon Life Asset Management Limited (Formerly Reliance Capital Asset Management Limited) (the Investment Manager ) are responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Scheme in accordance with the accounting principles generally accepted in India, including accounting policies and standards as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto ( the Regulations ). This responsibility includes the maintenance of adequate accounting records for safeguarding the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal control that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Scheme internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Regulations and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at March 31, 2017, its Surplus and its cash flow for the year then ended. Report on Other Legal and Regulatory Requirements As required under the Regulations, we report that: 1. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit; 2. The Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account of the Scheme; 3. In our opinion, the Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this report have been prepared in accordance with the accounting policies and standards as specified in the Ninth Schedule of the Regulations. 4. The methods used to value non traded securities, as determined by Reliance Nippon Life Asset Management Limited (Formerly Reliance Capital Asset Management Limited) and as approved by the Trustee of Reliance Mutual Fund are in good faith and in accordance with the guidelines for valuation of securities for mutual funds as mentioned in the Eighth Schedule of the Regulations issued by the Securities and Exchange Board of India, and are fair and reasonable. For HARIBHAKTI & CO. LLP Chartered Accountants ICAI Firm Registration No.103523W/W100048 PURUSHOTTAM NYATI (Partner) Membership No. 118970 Place: Mumbai Date: 28 th June, 2017 Abridged Annual Report 2016-2017 4
Abridged Balance Sheet as at March 31, 2017 Rupees in Lakhs LIABILITIES RELIANCE TOP 200 FUND As at 31.03.2017 As at 31.03.2016 1 Unit Capital 110,957.28 104,161.86 2 Reserves & Surplus 159,523.72 101,005.36 2.1 Unit Premium Reserves 32,459.86 29,774.26 2.2 Unrealised Appreciation Reserve 34,030.33 7,141.39 2.3 Other Reserves 93,033.53 64,089.71 3 Loans & Borrowings - - 4 Current Liabilities & Provisions 3,591.99 1,300.89 4.1 Provision for doubtful Income/Deposits - - 4.2 Other Current Liabilities & Provisions 3,591.99 1,300.89 ASSETS 1 Investments TOTAL 274,072.99 206,468.11 1.1. Listed Securities: 264,097.40 203,331.99 1.1.1 Equity Shares 264,097.40 203,331.99 1.1.2 Preference Shares - - 1.1.3 Equity Linked Debentures - - 1.1.4 Other Debentures & Bonds - - 1.1.5 Securitised Debt securities - - 1.1.6 Derivatives - - 1.1.7 Others - - 1.2 Securities Awaited Listing: - - 1.2.1 Equity Shares - - 1.2.2 Preference Shares - - 1.2.3 Equity Linked Debentures - - 1.2.4 Other Debentures & Bonds - - 1.2.5 Securitised Debt securities - - 1.3 Unlisted Securities - - 1.3.1 Equity Shares - - 1.3.2 Preference Shares - - 1.3.3 Equity Linked Debentures - - 1.3.4 Other Debentures & Bonds - - 1.3.5 Securitised Debt securities - - 1.4 Government Securities - - 1.5 Treasury Bills - - 1.6 Commercial Paper - - 1.7 Certificate of Deposits - - 1.8 Bill Rediscounting - - 1.9 Units of Domestic Mutual Fund - - 1.10 Foreign Securities - - Total Investments 264,097.40 203,331.99 2 Deposits 0.64 1.04 3 Other Current Assets 9,974.95 3,135.08 3.1 Cash & Bank Balance 866.23 118.72 3.2 CBLO/ Reverse Repo Lending 4,376.51 2,002.16 3.3 Others 4,732.21 1,014.20 4 Deferred Revenue Expenditure (to the extent not written off) - - TOTAL 274,072.99 206,468.11 Notes to Accounts - Annexure I Abridged Revenue Account For The Year Ended March 31, 2017 Rupees in Lakhs 1 INCOME RELIANCE TOP 200 FUND Year Ended 31.03.2017 Year Ended 31.03.2016 1.1 Dividend 2,641.34 1,942.43 1.2 Interest 236.25 268.49 1.3 Realised Gain / (Loss) on Foreign Exchange Transactions 1.4 Realised Gains / (Losses) on Interscheme sale of investments 1.5 Realised Gains / (Losses) on External sale / redemption of investments 1.6 Realised Gains / (Losses) on Derivative Transactions - - - - 28,011.39 13,907.93 613.07 (136.32) 1.7 Other Income 154.11 284.05 2 EXPENSES ( A ) 31,656.16 16,266.58 2.1 Management fees 3,116.01 2,360.15 2.2 Service tax on Management fees 465.42 329.49 2.3 Transfer agents fees and expenses - - 2.4 Custodian fees - - 2.5 Trusteeship fees 0.80 0.69 2.6 Commission to Agents 1,851.34 1,414.98 2.7 Marketing & Distribution expenses 6.64 5.86 2.8 Audit fees 1.02 0.90 2.9 Investor education expense 46.85 34.33 2.10 Other operating expenses 0.83 0.91 3 NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A-B = C) 4 Change in Unrealised Depreciation in value of investments (D) 5 NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E = C+D) 6 Change in unrealised appreciation in the value of investments (F) 7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E+F = G) 7.1 Add: Balance transfer from Unrealised Appreciation Reserve 7.2 Less: Balance transfer to Unrealised Appreciation Reserve (B) 5,488.91 4,147.31 26,167.25 12,119.27 501.04 (512.56) 26,668.29 11,606.71 26,888.94 (26,793.63) 53,557.23 (15,186.92) 7,141.39 33,935.02 34,030.33 7,141.39 7.3 Add / (Less): Equalisation 6,882.17 31,078.54 7.4 Net Gain/(Loss) Brought Forward From Previous Year 64,089.71 29,014.88 8 Total 97,640.17 71,700.13 9 Dividend appropriation 4,606.64 7,610.42 9.1 Income Distributed during the year / period 9.2 Tax on income distributed during the year / period 10 Retained Surplus / (Deficit) carried forward to Balance sheet Notes to Accounts - Annexure I 4,606.64 7,610.42 - - 93,033.53 64,089.71 Abridged Annual Report 2016-2017 5
Notes to Accounts - Annexure I to the Abridged Balance Sheet and Revenue Account for the Year Ended March 31, 2017 1 Investments:- 1.1. All the investments are held in the name of the Scheme, (except for Government Securities and Treasury Bills which are held in the name of the fund) as per clause 7 of the Seventh Schedule under Regulation 44(1) of SEBI (Mutual Funds) Regulations, 1996. 1.2. Open Position of derivatives (outstanding market value & % to Net Assets as of the Year end): Scheme Name 2016-2017 2015-2016 RELIANCE TOP 200 FUND Long Positions Short Positions Long Positions Short Positions Market Value % to net assets Market Value % to net assets Market Value % to net assets Market Value % to net assets Futures 2,405.80 0.89% - - - - - - Options - - - - - - - - For details on derivative positions please refer to Annexure III. 1.3. Investments in Associates and Group Companies. Scheme Name Issuer Instrument 2016-2017 2015-2016 Amount Aggregate Investments by all Schemes Amount Aggregate Investments by all Schemes RELIANCE TOP 200 FUND Motherson Sumi Systems Limited Equity - - 5,329.00 18,003.86 RELIANCE TOP 200 FUND Reliance Communications Limited Equity 331.68 10,697.94 370.50 11,696.75 1.4. There are no open position of securities borrowed and / or lent by the scheme as at March 31, 2017 and as at March 31, 2016. 1.5. Non Performing Assets as at March 31, 2017 is Nil (as at March 31, 2016 was Nil). 1.6. Aggregate Unrealised Gain / Loss as at the end of the Financial Year and percentage to net assets. Scheme Name 2016-2017 2015-2016 Aggregate Unrealised Gain / (Loss) % of Net Assets Aggregate Unrealised Gain / (Loss) % of Net Assets RELIANCE TOP 200 FUND 34,018.80 12.58% 6,628.83 3.23% 1.7. Aggregate Value of Purchase and Sale with Percentage to average assets. Scheme Name 2016-2017 2015-2016 RELIANCE TOP 200 FUND Amount 1.8. Non-Traded securities in the portfolio -NIL Purchases Sales Purchases Sales % to average Net Assets 2 Details of Transaction with Associates under regulation 25(8). Amount % to average Net Assets Amount % to average Net Assets Amount % to average Net Assets 246,854.92 105.38% 239,709.12 102.33% 248,749.10 144.93% 154,239.61 89.87% Brokerage paid to associates/related parties/group companies of Sponsor/AMC Name of associate/related parties/ group companies of Sponsor/AMC Nature of Association /Nature of relation Period covered Value of transaction (in Rs. Cr. & % of total value of transaction of the fund ) Brokerage (Rs Cr & % of total brokerage paid by the fund) Reliance Securities Limited Associate 2016-2017 42.21 0.93% 0.04 0.81% Commission Paid to associates/related parties/group companies of Sponsor/AMC Name of associate/related parties/ group companies of sponsor/amc Quant Capital Advisors Private Limited Reliance Money Solutions Private Ltd Reliance Securities Limited Nature of Association/Nature of relation Associate Associate Associate 2015-2016 69.52 1.92% 0.07 1.84% Period covered Business given (Rs. Cr. & % of total business received by the fund) Commission paid (Rs Cr& % of total commission paid by the fund) 2016-2017 0.23 0.02% 0.00 0.01% 2015-2016 - - 0.00 0.01% 2016-2017 4.82 0.52% 0.03 0.12% 2015-2016 0.07 0.00% (0.00) -0.02% 2016-2017 1.31 0.14% 0.15 0.64% 2015-2016 0.20 0.01% 0.11 0.48% Abridged Annual Report 2016-2017 6
Reliance Wealth Management Limited Alpesh Dhirendra Kapadia Aradhana Syntex Pvt Ltd Future Wealth Girish Gurunath Joshi Shilpa Kinjel Sheth Sun Pacific Consultants Surangi Desai Associate Employee's Relative is Agent of Reliance Mutual Fund Employee and his Relatives are Agents of Reliance Mutual Fund Employee's Relative is Agent of Reliance Mutual Fund Employee's Relative is Agent of Reliance Mutual Fund Employee's Relative is Agent of Reliance Mutual Fund Employee's Relative is Agent of Reliance Mutual Fund Employee's Relative is Agent of Reliance Mutual Fund 2016-2017 0.75 0.08% 0.00 0.02% 2015-2016 - - - - 2016-2017 0.01 0.00% 0.00 0.00% 2015-2016 0.02 0.00% 0.00 0.00% 2016-2017 0.05 0.00% 0.00 0.00% 2015-2016 0.00 0.00% 0.00 0.00% 2016-2017 0.25 0.03% 0.00 0.02% 2015-2016 0.43 0.03% 0.01 0.03% 2016-2017 0.00 0.00% 0.00 0.00% 2015-2016 0.00 0.00% 0.00 0.00% 2016-2017 0.14 0.02% 0.00 0.01% 2015-2016 - - - - 2016-2017 0.03 0.00% 0.00 0.00% 2015-2016 - - - - 2016-2017 - 0.00% 0.00 0.00% 2015-2016 - - 0.00 0.00% 3 There are no Unit Holders holding over 25% of the Net Asset Value of the Scheme as at March 31, 2017 and as at March 31, 2016. 4 Unit Capital movement during the year ended :Refer ANNEXURE II. 5 Prior Year Comparatives: The figures of the previous Year have been regrouped / rearranged, wherever applicable, to conform to current year s presentation. 6 Contingent Liability as at March 31, 2017 is Nil (as at March 31, 2016 was Nil). 7 Expenses other than management fee is inclusive of service tax where applicable. 8 Other Income : Other Income includes exit load income (net of Service Tax) and miscellaneous income (if any). 9 Details of Credit Default Swap as follows 1. No. of transactions during the year - NIL (Previous Year- NIL) 2. Amount of protection bought during the year - NIL (Previous Year- NIL) 3. No. of transactions where credit event payment was received during the year: a. Pertaining to current years transactions. - NIL (Previous Year- NIL) b. Pertaining to previous year (s) transactions- NIL (Previous Year- NIL) 4. Outstanding transactions as on year end: a. No. of transactions - NIL (Previous Year- NIL) b. Amount of protection - NIL (Previous Year- NIL) 5. Net income/ expense in respect of CDS transactions during year-to-date: a. Premium Paid - NIL (Previous Year- NIL) b. Credit event payments received (net of value of derivable obligations)- NIL (Previous Year- NIL) Abridged Annual Report 2016-2017 7
Key Statistics for the year ended March 31, 2017 1. NAV per unit (Rs.): Growth Plan RELIANCE TOP 200 FUND Year Ended March 31, 2017 Year Ended March 31, 2016 Open 22.1971 24.4519 High 27.6723 25.2881 Low 21.5716 19.7614 End 27.6723 22.1971 Bonus Plan Open 22.1971 24.4519 High 27.6723 25.2881 Low 21.5716 19.7614 End 27.6723 22.1971 Dividend Plan Open 13.7347 16.8631 High 16.5618 17.4420 Low 13.3476 12.2277 End 15.5658 13.7347 Institutional Bonus Plan Open 22.8262 25.0909 High 28.5159 25.9727 Low 22.1838 20.3176 End 28.5159 22.8262 Direct Plan-Growth Plan Open 22.7305 24.8173 High 28.6533 25.7371 Low 22.0958 20.2073 End 28.6533 22.7305 Direct Plan-Bonus Plan Open 22.7305 24.8173 High 28.6533 25.7371 Low 22.0958 20.2073 End 28.6533 22.7305 Direct Plan-Dividend Plan Open 16.3566 19.5993 High 19.9204 20.3223 Low 15.8999 14.5408 End 19.0591 16.3566 2. Closing Assets Under Management (Rs. in Lakhs) End 270,480.99 205,167.22 Average (AAuM) 234,261.43 171,630.64 3. Gross income as % of AAuM 1 13.51% 9.48% 4. Expense Ratio: a. Total Expense as % of AAuM (plan wise) Other than Direct Plan 2.47% 2.49% Institutional Plan# 2.27% 2.29% Direct Plan 1.38% 1.51% b. Management Fee as % of AAuM (plan wise) RELIANCE TOP 200 FUND Year Ended March 31, 2017 Year Ended March 31, 2016 Other than Direct Plan 1.35% 1.38% Institutional Plan# 1.31% 1.41% Direct Plan 1.18% 1.29% 5. Net Income as a percentage of AAuM 2 11.17% 7.06% 6. Portfolio turnover ratio 3 1.02 0.90 7. Total Dividend per unit distributed during the year (plan wise) Dividend Plan 1.50 1.70 Direct Plan-Dividend Plan 1.50 1.70 8. Returns: a. Last One Year Growth Plan (Regular Plan) 24.67% -9.20% Direct Plan-Growth Plan 26.06% -8.39% Benchmark (S&P BSE 200) 22.47% -7.84% b. Since Inception Growth Plan (Regular Plan) 11.12% 9.65% Direct Plan-Growth Plan 17.47% 14.94% Benchmark (S&P BSE 200) Growth Plan (Regular Plan) 8.18% 6.63% Direct Plan-Growth Plan 12.22% 9.24% # Kindly refer addendum no.63 dated 28/09/2012 for detail about descontinued plan. 1. Gross income = amount against (A) in the Revenue account i.e. Income. 2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD 3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period. 4. AAuM=Average daily net assets For and on behalf of Reliance Nippon Life Asset Management Limited (Formerly Reliance Capital Asset Management Limited) Kanu Doshi Director Sundeep Sikka Executive Director & Chief Executive Officer Ashwani Kumar Senior Fund Manager Sailesh Raj Bhan Deputy CIO / Fund Manager Sunil Singhania CIO-Equity Investments Place : Mumbai Date : June 28, 2017 For and on behalf of Reliance Capital Trustee Co. Limited A.N. Shanbhag Director P.P. Vora Director Abridged Annual Report 2016-2017 8
ANNEXURE II Unit Capital movement during the year ended 31st March 2017 Scheme/Plan Name Unit Capital (Opening Balance) Add : Subscription during Initial Offer period Add : Subscription during the year / period Less : Redemption during the year / period Unit Capital (Closing Balance) Units Amount (Rs.) Units Amount (Rs.) Units Amount (Rs.) Units Amount (Rs.) Units Amount (Rs.) RELIANCE TOP 200 FUND (Face Value of Rs. 10 Each) 2016-2017 Growth Plan 635,877,610 6,358,776,104 - - 238,854,031 2,388,540,315 219,370,474 2,193,704,737 655,361,168 6,553,611,682 Bonus Plan 786,425 7,864,253 - - - - 94,274 942,738 692,152 6,921,515 Dividend Plan 309,488,253 3,094,882,535 - - 79,493,094 794,930,936 88,258,615 882,586,145 300,722,733 3,007,227,326 Institutional Bonus Plan 5,363,771 53,637,709 - - - - - - 5,363,771 53,637,709 Direct Plan-Growth Plan 84,219,287 842,192,867 - - 83,765,784 837,657,844 37,826,904 378,269,037 130,158,167 1,301,581,674 Direct Plan-Bonus Plan 137,344 1,373,443 - - - - 37,521 375,211 99,823 998,232 Direct Plan-Dividend Plan 5,745,923 57,459,229 - - 19,267,794 192,677,935 7,838,771 78,387,709 17,174,946 171,749,455 Total 1,041,618,614 10,416,186,141 - - 421,380,703 4,213,807,030 353,426,558 3,534,265,577 1,109,572,759 11,095,727,594 2015-2016 Growth Plan 367,624,258 3,676,242,577 - - 334,252,665 3,342,526,645 65,999,312 659,993,118 635,877,610 6,358,776,104 Bonus Plan 915,642 9,156,425 - - 34,439 344,391 163,656 1,636,562 786,425 7,864,253 Dividend Plan 173,460,992 1,734,609,923 - - 349,357,964 3,493,579,637 213,330,703 2,133,307,026 309,488,253 3,094,882,535 Institutional Bonus Plan 5,363,771 53,637,709 - - - - - - 5,363,771 53,637,709 Direct Plan-Growth Plan 12,530,654 125,306,543 - - 78,442,932 784,429,324 6,754,300 67,543,000 84,219,287 842,192,867 Direct Plan-Bonus Plan 144,067 1,440,666 - - 29,782 297,821 36,504 365,044 137,344 1,373,443 Direct Plan-Dividend Plan 2,300,577 23,005,774 - - 3,661,538 36,615,377 216,192 2,161,922 5,745,923 57,459,229 Total 562,339,962 5,623,399,618 - - 765,779,319 7,657,793,195 286,500,667 2,865,006,672 1,041,618,614 10,416,186,141 Abridged Annual Report 2016-2017 9
ANNEXURE III Derivatives Disclosure A. Hedging Positions through Futures as on March 31, 2017: NIL. Total %age of existing assets hedged through futures NIL. For the Year ended March 31, 2017 following details specified for hedging transactions through futures which have been squared off/expired: NIL B. Other than Hedging Position through Futures as on March 31, 2017: Scheme Name Underlying Long / Short Futures Price when purchased ( In Rs.) Current price of the contract ( In Rs.) Margin maintained (In Rs. Lakhs) RELIANCE TOP 200 FUND HDFC Bank Limited Long 1,447.50 1,440.60 301.95 Total exposure due to futures (non hedging positions) as a %age of net assets : Scheme Name % RELIANCE TOP 200 FUND 0.89% For the Year ended March 31, 2017 following details specified for non-hedging transactions through futures which have been squared off/expired: Scheme Name Total Number of contract where future were bought Total Number of contract where future were sold Gross Notional Value of contracts where futures were bought ( In Rs.) Gross Notional Value of contracts where futures were sold ( In Rs.) Net Profit/Loss Value on all contracts combined ( In Rs.) RELIANCE TOP 200 FUND 2,505 2,171 1,864,837,129 1,685,170,995 62,066,783 C. Hedging Position through Put Options as on March 31, 2017 : NIL. Total % age of existing assets hedged through Put Options : NIL. For the Year ended March 31, 2017 following details specified for hedging transactions through options which have already been exercised/expired : NIL. D. Other than Hedging Position through Options as on March 31, 2017: NIL. Total Exposure through options as a %age of net assets is NIL. For the Year ended March 31, 2017 following details specified with regard to non-hedging transactions through options which have already been exercised/ expired : NIL E. Hedging Positions through swaps as on March 31, 2017 : NIL Note on derivatives: The disclosure with respect to Investments in derivatives have been made on the basis of SEBI Circular on Abridged Scheme-wise Annual Report Format and periodic disclosures to the unitholders vide reference IMD/CIR No.8/132968/2008 dated July 24, 2008 and Review of norms for investment and disclosure by Mutual Funds in derivatives vide reference Cir/ IMD/ DF/ 11/ 2010 dated August 18, 2010. Abridged Annual Report 2016-2017 10
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