Iip On Mutual Fund.docx

Table of contents Introduction Sl No I II III IV V

Content

Pages

Introduction Statement of problem Research Objectives Research Methodology Limitations of the project study

Chapter Scheme Chapter Chapter I

Content Literature review

Chapter II

Industry & Company Profile Data analysis and Interpretation

Chapter III & IV

Chapter V

Summary of Findings

Chapter VI

Suggestions & Conclusion

Bibliography

Appendix

Pages

Introduction

Introduction Mutual funds are financial intermediaries, which collect the savings of investors & invest them in a large & well diversified portfolio of securities such as money market instruments, corporate & government bonds & equity shares of joint stock companies. A Mutual fund is a pool of common funds invested by different investors, who have no contact with each other. Mutual funds are conceived as institutions for providing small investors with avenues of investments in the capital market. Since small investors generally do not have adequate time knowledge, experience & resources for directly accessing the capital market, they have to rely on an intermediary which undertakes informed investment decisions & provides consequential benefits of professional expertise. The advantages for the investors are reduction in risk, expert professional management, diversified portfolios, & liquidity of investment & tax benefits. By pooling their assets through mutual funds, investors achieve economies of scale. The interests of the investors are protected by the SEBI, Which acts as a watchdog. Mutual funds are governed by the SEBI (Mutual funds) regulations, 1993. From its inception the growth of mutual funds is very slow and it took really long years to evolve the modern day mutual funds. Mutual Funds emerged for the first time in Netherlands in the18th century and then got introduced to Switzerland, Scotland and then to United States in the 19th century. The main motive behind mutual fund investments is to deliver a form of diversified investment solution. Over the years the idea developed and people received more and more choices of diversified investment portfolio through the mutual funds. In India, the mutual fund concept emerged in 1960. The credit goes to UTI for introducing the first mutual fund in India. Monetary Funds benefited a lot from the mutual funds. Earlier investors used to invest directly in the stock market and many times suffered from loss due to wrong speculation. But with the coming up of mutual funds, which were handled by efficient fund managers, the investment risks were lowered by a great extent.

Statement of the problem Mutual funds are the avenues for common investors to reap the benefits of share market performance. Investing in equity directly by investors is fraught with highest level of risk & uncertainty Retail investors do not actively participate in share market but inflation edged investment return demands the exploitation of the equity market as an investment avenue Therefore there is a necessity to create awareness of the utility of investing in mutual funds schemes to enjoy a return which will be inflation adjusted real returns Therefore this project is taken on to assess the investors perception of mutual fund investment. This project will evaluate the financial performance of mutual fund schemes.

AN OVERVIEW ON MUTUALFUNDS HISTORY OF MUTUAL FUNDS:-

In 1774, a Dutch merchant invited subscriptions from investors to set up an investment trust by the name of Eendragt Maakt Magt (translated into English, it means, ‗Unity Creates Strength‘), with the objective of providing diversification at low cost to small investors. Its success caught on, and more investment trust were launched, with verbose and quirky names that when translated read ‗profitable and prudent‘ or ‗small maters grow by consent. The foreign and colonial Govt. trust, formed in London in 1868, promised ‗start ‗the investor of modest means the same advantages as the large capitalist… by spreading the investment over a number of stock. When three Boston securities executives pooled their money together in 1924 to create the first mutual fund, they had no idea how popular mutual funds would become. The idea of pooling money together for investing purposes started in Europe in the mid-1800s. The first pooled fund in the U.S. was created in 1893 for the faculty and staff of Harvard University. On March 21st, 1924 the first official mutual fund was born. It was called the Massachusetts Investors Trust. After one year, the Massachusetts Investors Trust grew from $50,000 in assets in 1924 to $392,000 in assets (with around 200 shareholders). In contrast, there are over 10,000 Mutual Funds in the U.S. today totaling around $7 trillion (with approximately 83 million individual investors) according to the Investment Company Institute. HISTORY OF MUTUAL FUNDS IN INDIA:The Evolution: The formation of Unit Trust of India marked the evolution of the Indian mutual fund industry in the year 1963. The primary objective at that time was to attract the small investors and it was made possible through the collective efforts of the Government of India and the Reserve Bank of India. The history of mutual fund industry in India can be better understood divided into following phases: Phase 1. Establishment and Growth of Unit Trust of India - 1964-87: Unit Trust of India enjoyed complete monopoly when it was established in the year 1963 by an Act of Parliament. UTI was set up by the Reserve Bank of India and it continued to operate under the regulatory control of the RBI until the two were de-linked in 1978 and the entire control was transferred in the hands of Industrial Development Bank of India (IDBI). UTI launched its first scheme in 1964, named as Unit Scheme 1964 (US-64), which attracted the largest number of investors in any single investment scheme over the years. UTI launched

more innovative schemes in 1970s and 80s to suit the needs of different investors. It launched ULIP in 1971, six more schemes between 1981-84, Children's Gift Growth Fund and India Fund (India's first offshore fund) in 1986, Mastershare (India‘s first equity diversified scheme) in 1987 and Monthly Income Schemes (offering assured returns)

during 1990s. By the end of 1987, UTI's assets under management grew ten times to Rs 6700 crores. Phase II. Entry of Public Sector Funds - 1987-1993: The Indian mutual fund industry witnessed a number of public sector players entering the market in the year 1987. In November 1987, SBI Mutual Fund from the State Bank of India became the first non-UTI mutual fund in India. SBI Mutual Fund was later followed by Canbank Mutual fund, LIC Mutual Fund, Indian Bank Mutual Fund, Bank of India Mutual Fund, GIC Mutual Fund and PNB Mutual Fund. By 1993, the assets under management of the industry increased seven times to Rs. 47,004 crores. However, UTI remained to be the leader with about 80% market share.

1992-93

Amount Mobilized

Assets Management

Under

Mobilization as % of gross Domestic Savings

UTI

11,057

38,247

5.2%

Public Sector

1,964

8,757

0.9%

Total

13,021

47,004

6.1%

Phase III. Emergence of Private Sector Funds - 1993-96: The permission given to private sector funds including foreign fund management companies (most of them entering through joint ventures with Indian promoters) to enter the mutual fund industry in 1993, provided a wide range of choice to investors and more competition in the

industry. Private funds introduced innovative products, investment techniques and investorservicing technology. By 1994-95, about 11 private sector funds had launched their schemes. Phase IV. Growth and SEBI Regulation - 1996-2004: The mutual fund industry witnessed robust growth and stricter regulation from the SEBI after the year 1996. The mobilization of funds and the number of players operating in the industry reached new heights as investors started showing more interest in mutual funds. Investor‘s' interests were safeguarded by SEBI and the Government offered tax benefits to the investors in order to encourage them. SEBI (Mutual Funds) Regulations, 1996 was introduced by SEBI that set uniform standards for all mutual funds in India. The Union Budget in 1999 exempted all dividend incomes in the hands of investors from income tax. Various Investor Awareness Programs were launched during this phase, both by SEBI and AMFI, with an objective to educate investors and make them informed about the mutual fund industry. In February 2003, the UTI Act was repealed and UTI was stripped of its Special legal status as a trust formed by an Act of Parliament. The primary objective behind this was to bring all mutual fund players on the same level. UTI was re-organized into two parts: 1. The Specified Undertaking, 2. The UTI Mutual Fund Presently Unit Trust of India operates under the name of UTI Mutual Fund and its past schemes (like US-64, Assured Return Schemes) are being gradually wound up. However, UTI Mutual Fund is still the largest player in the industry. In 1999, there was a significant Growth in mobilization of funds from investors and assets under management which is supported by the following data:

GROSS FUND MOBILISATION (RS. CRORES)

FROM

TO

UTI

PUBLIC SECTOR

PRIVATE SECTOR

TOTAL

01-April-98

31-March-99

11,679

1,732

7,966

21,377

01-April-99

31-March-00

13,536

4,039

42,173

59,748

01-April-00

31-March-01

12,413

6,192

74,352

92,957

01-April-01

31-March-02

4,643

13,613

1,46,267

1,64,523

01-April-02

31-Jan-03

5,505

22,923

2,20,551

2,48,979

01-Feb.-03

31-March-03

*

7,259*

58,435

65,694

01-April-03

31-March-04

-

68,558

5,21,632

5,90,190

01-April-04

31-March-05

-

1,03,246

7,36,416

8,39,662

01-April-05

31-March-06

-

1,83,446

9,14,712

10,98,158

ASSETS UNDER MANAGEMENT (RS. CRORES)

AS ON

31-03March99

UTI

53,320

PUBLIC SECTOR

8,292

PRIVATE SECTOR

6,860

TOTAL

68,472

Phase V. Growth and Consolidation - 2004 Onwards: The industry has also witnessed several mergers and acquisitions recently, examples of which are acquisition of schemes of Alliance Mutual Fund by Birla Sun Life, Sun F&C Mutual Fund and PNB Mutual Fund by Principal Mutual Fund. Simultaneously, more international mutual fund players have entered India like Fidelity, Franklin Templeton Mutual Fund etc. There were 29 funds as at the end of March 2006. This is a continuing phase of growth of the industry through consolidation and entry of new international and private sector players. Emerging Issues of the Mutual Fund Industry in India: •

By end of JUNE 2010, Indian mutual fund industry reached more than Rs. 640000 crore.

•

100% growth in the last 6 years.

•

Numbers of foreign AMC‘s are in the queue to enter the Indian markets.

• Our saving rate is over 23%, highest in the world. Only channelizing these savings in mutual funds sector is required. • We have approximately 39 mutual funds which is much less than US having more than 800. There is a big scope for expansion. • 'B' and 'C' class cities are growing rapidly. Today most of the mutual funds are concentrating on the 'A' class cities. Soon they will find scope in the growing cities. • Mutual fund can penetrate rural like the Indian insurance industry with simple and limited products. •

SEBI allowing the MF's to launch commodity mutual funds.

•

Emphasis on better corporate governance.

•

Trying to curb the late trading practices.

MUTUAL FUND OPERATION FLOW CHART:-

WORKING OF MUTUAL FUND:A Mutual Fund is a collection of stocks, bonds, or other securities owned by a group of investors and managed by a professional investment company. For an individual investor to have a diversified portfolio is difficult. But he can approach to such company and can invest into shares. Mutual funds have become very popular since they make individual investors to invest in equity and debt securities easy. When investors invest a particular amount in mutual funds, he becomes the unit holder of corresponding units. In turn, mutual funds invest unit holder‘s money in stocks, bonds or other securities that earn interest or dividend. This money is distributed to unit holders. If the fund gets money by selling some stocks at higher price the unit holders also are liable to get capital gains.

Advantages of investing in mutual funds  

    

Increased diversification: A fund diversifies holding many securities; this diversification decreases risk. Daily liquidity: Shareholders of open-end funds and unit investment trusts may sell their holdings back to the fund at regular intervals at a price equal to the net asset value of the fund's holdings. Most funds allow investors to redeem in this way at the close of every trading day. Professional investment management: Open-and closed-end funds hire portfolio managers to supervise the fund's investments. Ability to participate in investments that may be available only to larger investors. For example, individual investors often find it difficult to invest directly in foreign markets. Service and convenience: Funds often provide services such as check writing. Government oversight: Mutual funds are regulated by a governmental body Transparency and ease of comparison: All mutual funds are required to report the same information to investors, which makes them easier to compare

Disadvantages of investing in mutual funds  



No Control over cost: An investor in a mutual fund has no control over the overall cost of investing. He pays various fees and expenses as long as he remains with the fund. No Tailor-made Portfolios: Investors who invest on their own can build their own portfolios of shares, bonds and other securities. Investing through funds means he delegates this decision to the fund managers. Managing a Portfolio of Funds: Availability of a large number of funds can actually mean too much choice fo the investor. He may again need advice on how to select a fund to achieve his objectives, quite similar to the situation when he has to select individual shares or bonds to invest in.

Scope of research The main purpose of doing this project was to know about mutual fund and its functioning. This helps to know in details about mutual fund industry right from its inception stage, growth and futureprospects. It also helps in understanding different schemes of mutual funds. Because my study depends upon prominent funds in India and their schemes like equity, income, balance as well as the returns associated with those schemes. The research is based on different investment & saving schemes so there is lots of opportunities to choose an investment schemes which is beneficial to investor as well as the companies in the market. Choosing a right research technique lead to better profits & investment decisions.

Research objectives a) To examine the penetration of mutual funds among Indian investors. b) To examine the various mutual fund investments available to investors in India. c) Finally to assess the perception of investors towards mutual funds schemes.

Research methodology Sources of data Introduction:

This report is based on secondary data. All the data required for this analytical study has been obtained mainly from secondary sources. The secondary data has been collected through various journals & websites. Secondary data is based on information gleaned from studies previously performed by various journals. The objectives of the study are as following:

   Awareness of mutual funds in Indian market.    To identify the investor behavior while selecting a fund. 

To identify the investor‘s perception about mutual funds.



Research is divided parts:   Research methods

Sample Design Type of Research: The survey followed descriptive research design based on study. The survey attempts to find out the perception of investors while investing in mutual funds. Descriptive research design because time & cost constraints permitted the drawing of only one sample from the population & information could be obtained from the sample only once. Collection of data: Primary data:

The data, which has being collected for the first time and it is the original data. In this project the primary data has been taken from guide of the project. Secondary data:

The secondary information is mostly taken from websites, books, journals Here in this research project the secondary data is used data which are taken from published sources of Bombay stock exchange, Money control, value research online, National stock exchange & Mutual fund India.

Sampling design: Population definition: the population consists of total customer based at Mumbai.Extent customer in Mumbai,Thane

Limitation of the study Limitations of the study can be pointed out as follows

 constraints: - Due to shortage or less availability of time itmay be possible that all the  Time related & concerned aspects may not be covered in the project.  

Analysis done is limited to the availability of data.



It is very difficult to evaluate the accuracy of secondary data. Before using secondary data.



The study is limited to the different schemes available under the mutual funds selected. The study is limited to selected mutual fund schemes. The lack of information sources for the analysis part.

Literature review

MUTUAL FUND CONCEPT:A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus collected is then invested in capital market instruments such as equities, debentures and other securities. The income earned through these investments and the capital appreciation realized (after deducting the expenses and profits of mutual fund managers) is shared by its unit holders in proportion to the number of units owned by them. Thus a Mutual Fund strives to meet the investment needs of the common man by offering him or her opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. The small savings of all the investors are put together to increase the buying power and hire a professional manager to invest and monitor the money. Anybody with a surplus of as little as a few thousand rupees can invest in Mutual Funds.

CATEGORIES / Models OF MUTUAL FUND:

Penetration of mutual funds in India Abstract: Market penetration is a term that indicates how deeply a product or service has become entrenched with a given consumer market. The degree of penetration is often measured by the amount of sales that are generated within the market itself. A product that generates twenty percent of the sales made within a given market would be said to have a higher rate of market penetration that a similar product that realizes ten percent of the total sales within that same market. Determining what constitutes the consumer market is key to the process of properly calculating market penetration. Market penetration can be considered in broader terms, and be used as a way of identifying a wider consumer base. In Mutual Funds industry We know that it is basically an Urban Phenomenon. Still there is a lack of awareness in rural India about this investment option. Out of the total net assets under management by all Mutual funds the percentage of Corporate/institutions is as big as 54.75%, whereas its percentage to total investor's accounts is just 0.95%. It clearly shows that the corporate sector which has a strong urban base is the real player in Mutual Funds industry. Whereas, Out of the total net assets under management by all Mutual funds the percentage of individuals is only 39.77%, where as its percentage to total investor's accounts is 97.07%. Introduction Though India‘s savings rate has been between 30-35 % percent since last few years, investment in mutual funds have been minimal as compared to other avenues for investment emphatically speaking, mutual fund business follows a business to business model rather than a business to consumer model & hence distribution is a critical success factor for any mutual fund. Despite the effort, the mutual fund product continues to remain a ―push‖ product rather than a ―pull‖ product.

Risk Return Matrix in different sources of investments:

Comparison between various ways of investment Mutual funds vs. other investments From investor‘s viewpoint mutual funds have several advantages such as Professional management & research to select quality securities. Spreading risk over a larger quantity of stock whereas the investor has limited to but only a hand full of stocks. The investor is not putting all his legs in one basket. Ability to add funds at set amounts & smaller quantities such as Dollar 100 per month. Ability to take advantage of the stock market which has generally outperformed other investment in the long run. Fund manager are able to but securities in large quantities thus reducing brokerage fees. However there are some disadvantages with mutual funds such as The investor must rely on the integrity of the professional fund manager. Fund management fees may be unreasonable for the services rendered. The fund manager may not pass transaction saving to the investor. The fund manager is not liable for poor judgment when the investor‘s fund loses value. There may be too many transactions in the fund resulting in higher fee/cost to the investor. Prospectus & annual report are hard to understand. Investor may feel a loss of control of his investment dollars. Company fixed deposits versus Mutual funds Fixed deposits are unsecured borrowings by the company accepting the deposit. Credit rating of the fixed deposit program is an indication of the inherent default risk in the investment. The moneys of the investors in a mutual fund scheme are invested by the amc in specific investments under that scheme. These investments are held & management in trust for the benefit of scheme‘s investors. On the other hand, there is no such direct correlation between a company‘s deposit mobilization, and the avenues where these sources are deployed. A corollary of such linkage between mobilization & investment is that the gains & losses from the mutual fund scheme entirely flow through to the investors. Therefore, there can be no certainty of yield, Unless a named guarantor assures a return or, to a lesser extent, If the investment is in a serial gilt scheme. On the other hand, The return under a fixed deposit is certain only to the default risk of the borrower. Both fixed deposits & mutual funds offer liquidity, but subject to some differences.

Bank fixed deposits Vs. Mutual fund Bank fixed deposits are similar to company fixed deposits. The major difference is that banks are generally more stringently regulated than companies. They even operate under stricter requirements regarding statutory liquidity ratio (SLR) & cash reserve ratio(CRR). While the above are causes for comfort, bank deposits too are subject to default risk . However, Given the political & economic impact of the bank defaults , The government as well as reserve bank of India (RBI) tries to ensure that banks do not fail. Further, Bank deposits up to Rs 100000 are protected by the deposit insurance & credit guarantee corporation (DICGC),So long as the bank has paid the required insurance premium of 5 paisa per annum for every Rs 100 of deposits. The monetary ceiling of 100000 is for all the deposits in all the branches of a bank, held by the depositor in the same capacity & right.

Returns Administrative exp. Risk Investment options Network Liquidity Quality of assets Interest calculation Guarantor Account

Banks

Mutual funds

Low High Low Less High penetration At a cost Not transparent Quarterly Guarantor is needed. Needed

Better Low Moderate More Low but improving Better Transparent Every month Guarantor is not needed Not needed.

Bonds & debentures Vs. Mutual funds As in the case of fixed deposits, credit rating of the bond/ Debenture is an indication of the inherent default risk in the investment. However unlike FD, Bonds & debentures are transferable securities. While an investor may have an early encashment option from the issuer (for an instance through a ―put‖ option) Generally liquidity is through a listing in the market. Equity vs. Mutual funds Investment in both equity & mutual funds are subject to market risk An investor holding equity an equity security that is not traded in the market place has a problem in realizing value from it. But investment in an open end mutual fund .

Eliminates this direct risk of not being able to sell the investments to pay investors. The AMC is however in a better position to handle the situation. Another benefit of equity mutual fund schemes is that they give investors the benefit of portfolio diversification through a small investment, For instance, an investor can take an exposure to the index by investing a mere Rs 5000 in an index fund. Life insurance vs. Mutual fund Life insurance is a hedge against risk- And not really an investment option. So, it would be wrong to compare life insurance against product. Occasionally on account of market inefficiencies or mis-pricing of products in India, Life insurance products have offered a return that is higher than a comparable ―safe‖ fixed return security – thus, you are effectively paid for getting insured! Such opportunities are not sustainable in the long run. Relative to other comparable financial products Schemes Equity Fi bonds Corporate debentures Company deposits Bank deposits PPF Life insurance Gold Real estate Mutual funds

Schemes Equity term Fi bonds Corporate debenture Company deposits Bank deposits PPF Life insurance Gold Real estate

Return convenience High moderate Moderate high Moderate low

Safety

Volatility

Liquidity

Low High Moderate

High Moderate Moderate

High Moderate Low

Moderate Moderate Low High Moderate high Low Moderate Moderate low High High High

low

Low

low

High

Low

Low

High High High Moderate High

Low Low Moderate High Moderate

Moderate Low Moderate Low High

Investment objective Capital association Income Outcome Income Income Income Risk cover Inflation hedge Inflation hedge

Risk tolerance High Low High moderate Moderate low Generally Low Low Low Low

Investment horizon Long Medium to long term Medium to long term Medium Flexible all terms Long Long Long Long

Industry Profile

RELIANCE MUTUAL FUND Reliance Mutual Fund (RMF) is one of India's leading mutual funds, with Average Assets Under Management (AAUM) of Rs 2,40,445.37 Crores (April 2018 - June 2018 Quarter Q1) and 83.99 lakhs folios (as on June 30, 2018). To know more details about the AUM, Reliance Mutual Fund, a part of the Reliance Anil Dhirubhai Ambani (ADA) Group, is one of the fastest growing mutual funds in India. RMF offers investors a well-rounded portfolio of products to meet varying investor requirements and has presence in 160 cities across the country. RMF constantly endeavours to launch innovative products and customer service initiatives to increase value to investors. ABOUT RELIANCE MUTUAL FUND Reliance Mutual Fund (RMF) has been established as a trust under the Indian Trusts Act, 1882 with Reliance Capital Limited (RCL), as the Settler/Sponsor and Reliance Capital Trustee Co. Limited (RCTC), as the Trustee. Reliance Mutual Fund has been registered with the Securities & Exchange Board of India (SEBI) vide registration number MF/022/95/1 dated June 30, 1995. The name of Reliance Capital Mutual Fund was changed to Reliance Mutual Fund effective March 11,2004 vide SEBI's letter no. IMD/PSP/4958/2004 dated March 11,2004. RMF was formed to launch various schemes under which units are issued to the public with a view to contribute to the capital market and to provide investors the opportunities to make investments in diversified securities. THE MAIN OBJECTIVES OF RMF ARE To carry on the activity of a mutual fund as may be permitted at law, and formulate and devise various collective schemes of savings and investments for people in India and abroad, and also ensure liquidity of investments for the unit holders; To carry on the activity of a mutual fund as may be permitted at law, and formulate and devise various To deploy funds thus raised so as to help the unit holders earn reasonable returns on their savings; and To take such steps as may be necessary from time to time to realise the effects without any limitation.

Achievements of Reliance Mutual Fund:

Achievements In two successive joint surveys by The Economic Times’ Brand Equity and ACNielsen, Reliance was recognised as India’s Most Trusted Mutual Fund. The company also walked away with seven other scheme prizes – five of them being outright winners – in the Gulf 2007 Lipper Awards. These included the Fund House of the Year by Lipper GCC as well as ICRA Online and the Most Improved Fund House by Asia Asset Management. It also received the NDTV Business Leadership Award 2007 in the mutual fund category and runners’ up recognition as the Best Fund House in the Outlook Money-NDTV Profit Awards. In addition, the company received the sixteen schemes with Reliance Growth Fund and Reliance Vision Fund as its flagship schemes. Reliance Equity Opportunities Fund is a scheme which operates in the multi-cap/multi-sector segment; Reliance Equity Fund is a long-short fund, Reliance Quant plus Fund is a quant fund. Reliance offers investments in banking, power, media, entertainment and pharmaceuticals; Reliance Tax Saver Fund and Reliance Equity Linked Savings Fund – Series 1 are tax saving schemes; an NRI-dedicated equity scheme is tailored for non-resident Indians. Reliance Regular Savings Fund is an assetallocation fund with three options. Under the debt and liquid categories, Reliance has liquid funds, liquid plus funds, income funds, an NRI-dedicated debt fund, gilt funds, fixed maturity plans and an interval fund. In the hybrid category, Reliance Monthly Income Plan is a popular option. Product & Services Offered by Sharekhan:

EQUITY FUNDS

DEBT & GOLD FUNDS

EXCHANGE TRADED FUNDS

EQUITY FUNDS

 EQUITY FUNDS Reliance Balanced Advantage Fund (Formerly Reliance NRI Equity Fund) (An Open Ended Dynamic Asset Allocation Fund) This product is suitable for investors who are seeking*: • Long term capital growth • Investment in equity & equity related instruments, debt, money market instruments and derivatives *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Reliance Equity Hybrid Fund (Formerly Reliance Regular Savings Fund - Balanced Option) (An open ended hybrid scheme investing predominantly in equity and equity related instruments) EQUITY FUNDS This product is suitable for investors who are seeking*: • Long term capital growth • Investment in equity and equity related instruments and fixed income instruments *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Reliance Quant Fund (Formerly Reliance Quant plus Fund) (An open ended equity scheme investing in quant model theme) This product is suitable for investors who are seeking*: • long term capital growth • Investment in active portfolio of stocks selected on the basis of a mathematical model. *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Reliance Small Cap Fund (An open-ended equity scheme predominantly Investing in small cap stocks) This product is suitable for investors who are seeking*: • Long term capital growth • Investment in equity and equity related securities of small cap companies *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Reliance Vision Fund (An open ended equity scheme Investing in both large cap and mid cap stocks) This product is suitable for investors who are seeking*: • Long term capital growth

• Investment in equity and equity related instruments of large cap & mid cap companies through a research based approach. *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Reliance Multi Cap Fund (Formerly Reliance Equity Opportunities Fund) (Multi Cap Fund - An open ended equity scheme investing across large cap, mid cap, small cap stocks) This product is suitable for investors who are seeking*: • Long term capital growth • Investment in equity and equity related securities *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

R

Reliance Large cap Fund

