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178 RELIANCE MUTUAL FUND BALANCE SHEET AS AT 31st MARCH, 2014 RELIANCE GROWTH FUND RELIANCE VISION FUND RELIANCE BANKING FUND RELIANCE DIVERSIFIED POWER SECTOR FUND RELIANCE PHARMA FUND Schedule 31st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, 2013 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) LIABILITIES Unit Capital 'A' 3,34,42,14,317 4,23,46,13,825 2,72,89,80,462 2,43,72,41,615 2,19,04,39,332 2,70,70,28,754 4,29,91,01,354 4,22,01,75,382 1,17,95,56,489 1,21,71,64,267 Reserves and Surplus 'B' 37,82,35,45,132 42,01,68,04,811 22,84,91,82,033 12,87,36,71,566 12,70,00,35,048 14,26,60,99,637 13,08,78,52,997 11,34,40,84,115 6,98,41,16,841 5,22,96,32,312 Current Liabilities and Provisions 'C' 60,82,07,182 1,17,39,79,038 43,21,17,470 1,16,32,22,190 44,20,81,584 15,37,26,805 34,50,91,259 14,04,43,540 6,60,65,754 2,80,41,769 Total 41,77,59,66,631 47,42,53,97,674 26,01,02,79,965 16,47,41,35,371 15,33,25,55,964 17,12,68,55,196 17,73,20,45,610 15,70,47,03,037 8,22,97,39,084 6,47,48,38,348 ASSETS Investments 'D' 40,97,65,29,101 46,75,86,26,834 25,64,14,49,087 15,98,06,30,874 14,80,88,91,377 16,71,24,50,483 17,33,45,17,069 14,96,70,65,618 8,13,74,45,697 6,39,31,76,705 Deposits 'E' 21,50,00,000 11,50,00, ,00,00,000-10,00,00, Current Assets 'F' 58,44,37,530 55,17,70,840 36,88,30,878 49,35,04,497 52,36,64,587 31,44,04,713 39,75,28,541 63,76,37,419 9,22,93,387 8,16,61,643 Deferred Revenue Expenses not written off 'G' Total 41,77,59,66,631 47,42,53,97,674 26,01,02,79,965 16,47,41,35,371 15,33,25,55,964 17,12,68,55,196 17,73,20,45,610 15,70,47,03,037 8,22,97,39,084 6,47,48,38,348 Significant accounting policies and notes forming part of accounts 'H' As per our Report of even date For and on behalf of For and on behalf of For Haribhakti & Co. Reliance Capital Asset Reliance Capital Trustee Co. Chartered Accountants Management Limited Limited Firm Registration No: W Chetan Desai Soumen Ghosh A.N. Shanbhag Partner Director Director Membership No Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Sunil Singhania Head - Equities Amit Tripathi Head - Fixed Income Sailesh Bhan Ashwani Kumar Omprakash Kuckian Samir Rachh Fund Manager Fund Manager Fund Manager Fund Manager Mumbai Krishan Daga Sanjay Parekh Jahnvee Shah Hiren Chandaria Date: 24th June 2014 Fund Manager Fund Manager Fund Manager Fund Manager

179 RELIANCE MUTUAL FUND BALANCE SHEET AS AT 31st MARCH, 2014 RELIANCE MEDIA & ENTERTAINMENT FUND RELIANCE QUANT PLUS FUND R* SHARES BANKING ETF RELIANCE EQUITY OPPORTUNITIES FUND RELIANCE TAX SAVER (ELSS) FUND Schedule 31st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, 2013 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) LIABILITIES Unit Capital Reserves and Surplus Current Liabilities and Provisions Total 'A' 'B' 'C' 29,47,46,528 37,34,40,272 27,50,27,113 46,25,12,312 8,67,970 8,67,970 14,24,90,15,888 15,01,71,96,051 10,24,75,73,060 11,21,04,31,832 56,36,13,556 63,21,82,604 11,66,07,024 8,86,36,350 11,69,43,138 10,23,87,301 41,48,78,82,096 33,92,95,39,929 11,84,19,00,772 7,53,56,63,456 80,46,369 1,26,56,025 85,02,835 73,67,979 22,10,831 2,67,760 1,41,77,10,679 48,88,35,010 57,75,64,632 20,96,50,223 86,64,06,453 1,01,82,78,901 40,01,36,972 55,85,16,641 12,00,21,939 10,35,23,031 57,15,46,08,663 49,43,55,70,990 22,66,70,38,464 18,95,57,45,511 ASSETS Investments Deposits Current Assets Deferred Revenue Expenses not written off Total 'D' 'E' 'F' 'G' 83,47,21,032 98,79,62,640 38,95,35,305 55,03,27,300 11,73,10,822 10,27,75,404 56,15,14,06,347 48,67,24,40,068 22,29,89,99,963 18,57,44,46, ,16,85,421 3,03,16,261 1,06,01,667 81,89,341 27,11,117 7,47,627 1,00,32,02,316 76,31,30,922 36,80,38,501 38,12,98, ,64,06,453 1,01,82,78,901 40,01,36,972 55,85,16,641 12,00,21,939 10,35,23,031 57,15,46,08,663 49,43,55,70,990 22,66,70,38,464 18,95,57,45,511 Significant accounting policies and notes forming part of accounts 'H' As per our Report of even date For Haribhakti & Co. Chartered Accountants Firm Registration No: W For and on behalf of Reliance Capital Asset Management Limited For and on behalf of Reliance Capital Trustee Co. Limited Chetan Desai Partner Membership No Soumen Ghosh Director A.N. Shanbhag Director Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Sunil Singhania Head - Equities Amit Tripathi Head - Fixed Income Sailesh Bhan Ashwani Kumar Omprakash Kuckian Samir Rachh Fund Manager Fund Manager Fund Manager Fund Manager Mumbai Date: 24th June 2014 Krishan Daga Sanjay Parekh Jahnvee Shah Hiren Chandaria Fund Manager Fund Manager Fund Manager Fund Manager

180 RELIANCE MUTUAL FUND BALANCE SHEET AS AT 31st MARCH, 2014 RELIANCE FOCUSED LARGE CAP FUND (Formerly known as RELIANCE EQUITY FUND) RELIANCE LONG TERM EQUITY FUND RELIANCE TOP 200 FUND RELIANCE EQUITY LINKED SAVING FUND - SERIES I RELIANCE REGULAR SAVINGS FUND - EQUITY OPTION Schedule 31st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, 2013 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) LIABILITIES Unit Capital Reserves and Surplus Current Liabilities and Provisions Total 'A' 'B' 'C' 5,79,80,20,325 6,96,66,53,768 4,68,85,78,061 6,06,23,39,434 5,22,15,13,272 5,83,28,42,399 60,19,45,417 75,59,19,624 7,15,33,91,482 9,23,15,56,541 4,14,53,89,460 2,69,13,09,027 3,26,99,87,049 2,21,04,23,699 2,61,89,84,196 1,62,72,76,517 49,15,53,887 39,80,73,081 15,01,87,11,798 15,25,14,82,179 36,90,46,037 4,99,26,277 6,81,36,891 7,78,87,437 38,15,70,873 4,46,53,992 29,88,245 39,72,245 35,50,81,869 12,95,69,689 10,31,24,55,822 9,70,78,89,072 8,02,67,02,001 8,35,06,50,570 8,22,20,68,341 7,50,47,72,908 1,09,64,87,549 1,15,79,64,950 22,52,71,85,149 24,61,26,08,409 ASSETS Investments Deposits Current Assets Deferred Revenue Expenses not written off Total 'D' 'E' 'F' 'G' 10,06,64,66,058 9,38,96,81,856 7,96,64,09,625 8,15,86,11,156 8,04,38,31,124 7,32,48,00,018 1,04,22,61,039 1,09,39,62,273 22,12,57,33,335 24,28,38,92, ,00,00,000 24,59,89,764 31,82,07,216 6,02,92,376 19,20,39,414 17,82,37,217 17,99,72,890 3,97,99,664 4,13,49,946 40,14,51,814 21,87,16, ,44,26,846 2,26,52, ,31,24,55,822 9,70,78,89,072 8,02,67,02,001 8,35,06,50,570 8,22,20,68,341 7,50,47,72,908 1,09,64,87,549 1,15,79,64,950 22,52,71,85,149 24,61,26,08,409 Significant accounting policies and notes forming part of accounts 'H' As per our Report of even date For Haribhakti & Co. Chartered Accountants Firm Registration No: W For and on behalf of Reliance Capital Asset Management Limited For and on behalf of Reliance Capital Trustee Co. Limited Chetan Desai Partner Membership No Soumen Ghosh Director A.N. Shanbhag Director Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Sunil Singhania Head - Equities Amit Tripathi Head - Fixed Income Sailesh Bhan Ashwani Kumar Omprakash Kuckian Samir Rachh Fund Manager Fund Manager Fund Manager Fund Manager Mumbai Date: 24th June 2014 Krishan Daga Sanjay Parekh Jahnvee Shah Hiren Chandaria Fund Manager Fund Manager Fund Manager Fund Manager

181 RELIANCE MUTUAL FUND BALANCE SHEET AS AT 31st MARCH, 2014 RELIANCE REGULAR SAVINGS FUND - BALANCED OPTION RELIANCE NRI EQUITY FUND RELIANCE INDEX FUND - NIFTY PLAN RELIANCE SMALL CAP FUND RELIANCE ARBITRAGE ADVANTAGE FUND Schedule 31st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, 2013 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) LIABILITIES Unit Capital Reserves and Surplus Current Liabilities and Provisions Total 'A' 'B' 'C' 2,58,73,10,546 2,87,47,64,850 26,67,25,532 31,10,64,738 26,01,14,064 52,42,81,711 3,24,84,45,841 3,40,62,89,519 1,66,37,75,605 3,01,41,292 2,90,35,37,003 2,30,68,25,764 53,27,76,436 52,91,68,250 2,91,37,015 (3,16,72,551) 1,03,51,65,216 (22,52,13,434) 27,02,62,771 73,42,106 8,02,77,050 11,63,55,815 84,02,057 1,27,27,517 71,99,186 2,10,38,407 5,89,01,086 3,78,12,637 27,65,35,535 27,05,490 5,57,11,24,599 5,29,79,46,429 80,79,04,025 85,29,60,505 29,64,50,265 51,36,47,567 4,34,25,12,143 3,21,88,88,722 2,21,05,73,911 4,01,88,888 ASSETS Investments Deposits Current Assets Deferred Revenue Expenses not written off Total 'D' 'E' 'F' 'G' 5,40,36,56,751 5,11,90,51,176 76,79,70,000 82,68,96,075 28,77,92,511 48,61,08,348 4,23,16,39,004 3,12,49,64,972 1,81,18,37,750 3,07,64, ,00,00,000-16,74,67,848 17,88,95,253 3,99,34,025 2,60,64,430 86,57,754 2,75,39,219 11,08,73,139 9,39,23,750 29,87,36,161 94,24, ,57,11,24,599 5,29,79,46,429 80,79,04,025 85,29,60,505 29,64,50,265 51,36,47,567 4,34,25,12,143 3,21,88,88,722 2,21,05,73,911 4,01,88,888 Significant accounting policies and notes forming part of accounts 'H' As per our Report of even date For Haribhakti & Co. Chartered Accountants Firm Registration No: W For and on behalf of Reliance Capital Asset Management Limited For and on behalf of Reliance Capital Trustee Co. Limited Chetan Desai Partner Membership No Soumen Ghosh Director A.N. Shanbhag Director Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Sunil Singhania Head - Equities Amit Tripathi Head - Fixed Income Sailesh Bhan Ashwani Kumar Omprakash Kuckian Samir Rachh Fund Manager Fund Manager Fund Manager Fund Manager Mumbai Date: 24th June 2014 Krishan Daga Sanjay Parekh Jahnvee Shah Hiren Chandaria Fund Manager Fund Manager Fund Manager Fund Manager

182 RELIANCE MUTUAL FUND BALANCE SHEET AS AT 31st MARCH, 2014 RELIANCE INDEX FUND - SENSEX PLAN RELIANCE GOLD SAVINGS FUND R* SHARES CNX 100 FUND R*Shares Nifty ETF RELIANCE CLOSE ENDED EQUITY FUND - SERIES A RELIANCE CLOSE ENDED EQUITY FUND - SERIES B Schedule 31st March, st March, st March, st March, st March, st March, st March, st March, st March, 2014 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) LIABILITIES Unit Capital Reserves and Surplus Current Liabilities and Provisions Total 'A' 'B' 'C' 3,30,16,016 3,32,00,259 12,38,18,68,294 16,00,22,21,828 99,03,030 1,88,97,840 1,91,98,260 2,30,30,40,157 77,00,51,104 34,51,408 (25,17,332) 3,89,76,42,967 5,85,82,17,816 5,56,48,267 8,64,28,314 10,99,88,517 27,21,51,836 7,89,80,947 6,27,660 6,55,814 14,03,27,455 13,99,84,994 6,94,665 81,612 28,62,051 5,01,90,518 1,90,50,864 3,70,95,084 3,13,38,741 16,41,98,38,716 22,00,04,24,638 6,62,45,962 10,54,07,766 13,20,48,828 2,62,53,82,511 86,80,82,915 ASSETS Investments Deposits Current Assets Deferred Revenue Expenses not written off Total 'D' 'E' 'F' 'G' 3,56,91,158 3,05,38,435 16,26,90,86,015 21,82,66,28,472 6,44,92,103 10,39,38,586 12,80,84,053 2,56,72,91,943 83,67,60, ,03,926 8,00,306 15,07,52,701 17,37,96,166 17,53,859 14,69,180 39,64,775 5,80,90,568 3,13,22, ,70,95,084 3,13,38,741 16,41,98,38,716 22,00,04,24,638 6,62,45,962 10,54,07,766 13,20,48,828 2,62,53,82,511 86,80,82,915 Significant accounting policies and notes forming part of accounts 'H' As per our Report of even date For Haribhakti & Co. Chartered Accountants Firm Registration No: W For and on behalf of Reliance Capital Asset Management Limited For and on behalf of Reliance Capital Trustee Co. Limited Chetan Desai Partner Membership No Soumen Ghosh Director A.N. Shanbhag Director Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Sunil Singhania Head - Equities Amit Tripathi Head - Fixed Income Sailesh Bhan Ashwani Kumar Omprakash Kuckian Samir Rachh Fund Manager Fund Manager Fund Manager Fund Manager Mumbai Date: 24th June 2014 Krishan Daga Sanjay Parekh Jahnvee Shah Hiren Chandaria Fund Manager Fund Manager Fund Manager Fund Manager

183 RELIANCE MUTUAL FUND REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED 31st MARCH, 2014 RELIANCE GROWTH FUND RELIANCE VISION FUND RELIANCE BANKING FUND RELIANCE DIVERSIFIED POWER SECTOR FUND RELIANCE PHARMA FUND Schedule 31st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, 2013 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) INCOME Dividend 94,87,06,690 77,64,34,159 30,22,59,582 28,17,94,965 42,76,01,811 37,69,89,581 27,94,50,074 32,43,14,747 7,01,40,608 5,39,65,524 Interest 13,39,18,476 17,88,41,429 3,85,78,423 1,43,41,303 4,07,73,016 6,96,60,637 6,54,03,251 8,75,45,012 76,75,550 77,45,257 Profit on sale / redemption of investments (Other than interscheme transfer / sale) 6,76,82,36,124 7,35,37,87,191 1,52,33,08,188 2,25,00,15,964 1,80,49,38,858 1,31,81,38,330 87,59,32,917 1,26,83,91,160 1,13,91,38,757 55,78,16,410 Profit on inter scheme transfer / sale of investments 9,58,10, ,35,81, Other Income 2,19,75,641 2,56,75,766 55,80,079 43,18,821 1,49,44,363 63,06,111 35,15,988 57,18,472 44,10,719 25,13,002 Total 7,96,86,47,046 8,33,47,38,545 1,86,97,26,272 2,57,40,52,508 2,28,82,58,048 1,77,10,94,659 1,22,43,02,230 1,68,59,69,391 1,22,13,65,634 62,20,40,193 EXPENSES AND LOSSES Loss on sale / redemption of investments (Other than inter-scheme transfers / sale) 4,09,06,31,282 2,19,28,94,632 1,96,72,08,385 1,07,69,94,133 39,03,09,695 31,56,06,136 2,59,78,71,405 1,13,79,52,135 12,65,19,062 2,92,72,931 Loss on interscheme transfer / sale of investments ,67, Management fees 56,17,18,662 65,96,20,064 28,89,43,920 24,62,13,651 20,24,10,581 23,00,16,328 22,98,46,688 26,67,71,434 12,38,89,741 9,68,86,527 Trusteeship fees 1,67,745 1,59,737 51,621 57,959 60,771 51,452 51,056 61,417 27,512 18,350 Advertisement and Publication Expenses 20,47,916 2,24,72,965 9,60,628 91,53,103 7,19,344 56,82,346 7,37,578 1,28,40,365 3,49,687 20,74,573 Audit fees 2,82,261 3,54,799 1,33,376 1,28,056 99,876 1,15,374 1,02,407 1,35,357 48,551 41,239 Custodian fees - 20,87,739-7,84,213-6,32,234-8,38,076-2,62,222 Registrar and Transfer Agent's fees - 2,89,39,579-1,09,71,873-83,81,366-1,27,17,677-30,59,792 Selling and Marketing Expenses 7,66,455 19,62,942 1,41,60,704 19,15,780 1,33,07,712 1,60,32,875 38,62,253 6,60,600-1,14,20,090 Commission to Agents 29,43,52,786 29,58,04,163 11,19,08,994 10,77,47,218 10,83,77,576 9,61,06,901 9,40,17,041 10,51,01,423 5,13,46,017 2,97,67,761 Service Tax on Management Fees 6,94,28,427 8,15,29,040 3,57,13,468 3,04,32,008 2,50,17,948 2,84,30,017 2,84,09,051 3,29,72,949 1,53,12,772 1,19,75,176 Investor education expense 84,63,477 54,35,285 39,99,201 18,73,848 29,94,738 18,61,830 30,70,638 19,98,420 14,55,796 6,63,349 Other operating expenses 4,46,137 1,12,60,072 2,09,756 50,19,088 1,84,323 29,07,910 95,691 59,12,565 70,660 10,78,647 Deferred Revenue Expenses Written Off Total 5,02,83,05,148 3,30,25,21,017 2,42,32,90,053 1,50,05,58,057 74,34,82,564 70,58,24,769 2,95,80,63,808 1,57,79,62,418 31,90,19,798 18,65,20,657 Realised gain /(loss) for the year/period 2,94,03,41,898 5,03,22,17,528 (55,35,63,781) 1,07,34,94,451 1,54,47,75,484 1,06,52,69,890 (1,73,37,61,578) 10,80,06,973 90,23,45,836 43,55,19,536 Add : Change in Unrealised Appreciation/ Depreciation in value of Investment 3,16,35,75,662 (3,58,48,53,795) 6,73,71,37,481 (2,09,24,37,932) 78,13,050 98,36,50,991 4,12,32,99,273 (2,85,38,72,138) 1,21,35,91,251 52,76,65,822 Net Surplus / ( Deficit ) for the year/period 6,10,39,17,560 1,44,73,63,733 6,18,35,73,700 (1,01,89,43,481) 1,55,25,88,534 2,04,89,20,881 2,38,95,37,695 (2,74,58,65,165) 2,11,59,37,087 96,31,85,358 Net Surplus brought forward from previous year 21,80,57,69,670 23,44,31,05,906 11,50,06,33,338 15,76,46,56,557 6,00,38,25,644 6,12,69,91,422 8,11,28,53,072 14,49,62,63,141 1,60,42,82,430 1,36,17,03,171 Add : Opening balance transfer from Unrealised Appreciation Reserve 9,18,04,76,390 12,78,04,34, ,20,22,97,211 3,30,41,89,778 2,32,01,24,988-39,847 1,36,58,08,814 83,81,42,992 Less : Closing balance transfer to Unrealised Appreciation Reserve 12,34,40,55,572 9,18,04,76,390 5,84,69,96, ,31,30,93,958 3,30,41,89, ,57,94,00,065 1,36,58,08,814 Less : Add/(Less): Transferred Transferred to Equalisation from Account / (to) Equalisation Reserve (4,96,03,84,828) (5,02,20,18,604) 4,39,49,24,179 (3,86,94,50,649) (1,26,41,11,664) (53,02,05,785) (31,62,21,569) (3,06,25,56,215) (2,82,38,515) 2,25,08,224 Net Available Surplus 19,78,57,23,220 23,46,84,08,964 16,23,21,34,458 12,07,85,59,636 6,28,33,98,335 6,66,16,41,728 10,18,61,69,198 8,68,78,81,608 2,47,83,89,750 1,81,97,30,931 Less : Dividend Distributed 1,08,21,48,948 1,66,26,39,294 62,25,55,198 57,79,26,298 40,95,47,020 65,78,16,084 39,62,58,261 57,50,28,536 26,01,40,887 21,54,48,501 Net Surplus / ( Deficit ) carried forward 18,70,35,74,272 21,80,57,69,670 15,60,95,79,260 11,50,06,33,338 5,87,38,51,315 6,00,38,25,644 9,78,99,10,937 8,11,28,53,072 2,21,82,48,863 1,60,42,82,430 Significant accounting policies and notes forming part of accounts 'H' (39,45,72,570) 40,70,40,006 (3,32,08,53,854) 22,00,71,035 As per our Report of even date For and on behalf of For and on behalf of For Haribhakti & Co. Reliance Capital Asset Reliance Capital Trustee Co. Chartered Accountants Management Limited Limited Firm Registration No: W Chetan Desai Soumen Ghosh A.N. Shanbhag Partner Director Director Membership No Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Sunil Singhania Head - Equities Amit Tripathi Head - Fixed Income Sailesh Bhan Ashwani Kumar Omprakash Kuckian Samir Rachh Fund Manager Fund Manager Fund Manager Fund Manager Mumbai Krishan Daga Sanjay Parekh Jahnvee Shah Hiren Chandaria Date: 24th June 2014 Fund Manager Fund Manager Fund Manager Fund Manager

184 RELIANCE MUTUAL FUND REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED 31st MARCH, 2014 RELIANCE MEDIA & ENTERTAINMENT FUND RELIANCE QUANT PLUS FUND R* SHARES BANKING ETF RELIANCE EQUITY OPPORTUNITIES FUND RELIANCE TAX SAVER (ELSS) FUND Schedule 31st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, 2013 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) INCOME Dividend Interest Profit on sale / redemption of investments (Other than interscheme transfer / sale) Profit on inter scheme transfer / sale of investments Other Income Total 1,14,32,489 91,04,095 67,19,375 2,39,80,000 18,84,669 15,96,624 77,01,34,371 52,89,66,426 30,18,96,148 25,33,77,102 24,86,989 21,48,533 11,40,045 32,88,857 1,16,129 99,844 5,15,97,772 6,80,81,647 1,91,25,233 87,07,188 16,62,36,845 4,59,40,389 5,41,76,349 20,63,76,814 18,18,862 1,06,54,288 5,21,51,46,170 2,78,28,26,784 3,10,23,70,740 2,60,60,35, ,49,338 6,80,245 3,36,870 2,10, ,42,47,603 1,74,35,756 1,37,03,648 8,93,654 18,17,05,661 5,78,73,262 6,23,72,639 23,38,55,992 38,19,660 1,23,50,756 6,07,11,25,916 3,39,73,10,613 3,43,70,95,769 2,86,90,13,853 EXPENSES AND LOSSES Loss on sale / redemption of investments (Other than inter-scheme transfers / sale) Loss on interscheme transfer / sale of investments Management fees Trusteeship fees Advertisement and Publication Expenses Audit fees Custodian fees Registrar and Transfer Agent's fees Selling and Marketing Expenses Commission to Agents Service Tax on Management Fees Investor education expense Other operating expenses Deferred Revenue Expenses Written Off Total Realised gain /(loss) for the year/period 4,37,78,202 7,58,02,604 4,21,58,940 8,96,23,889 67,635-2,14,23,69,773 74,11,41,143 1,01,13,32,174 81,58,24,922 57,24, ,30,52,281 1,53,06,565 1,27,04,021 92,31,097 1,76,63,412 3,37,906 2,15,730 65,75,42,588 47,14,40,831 25,30,43,616 25,81,81,672 3,891 2,128 1,895 3, ,91,646 1,19,925 72,868 58,661 2,02,208 3,71,826 22,026 3,56,199 4,919 26,537 24,02,123 1,42,49,115 9,03,672 1,30,48,080 6,413 4,930 5,618 7,791 5, ,31,991 3,01,485 1,25,468 1,31,173-32,426-57, ,44,387-7,30,747-3,55,248-7,08,639-36,186-1,84,43,291-1,19,41,772 24,88,137 12,392-46, ,15,000 8,59,323 55,27,331 22,84,276 73,07,403 61,47,927 29,47,965 1,00,23, ,65,80,340 31,94,01,634 14,27,75,284 11,02,19,190 18,91,892 15,70,219 11,40,963 21,83,198 41,765 26,665 8,12,72,264 5,82,70,085 3,12,76,191 3,19,11,255 1,92,289 90,793 91,699 90,730 9,025 11,354 99,54,609 47,89,237 37,62,191 20,67,812 13,654 3,19,508 10,180 4,87, ,03,052 5,93,966 80,45,099 2,51,517 68,34, ,69,15,381 9,74,14,022 5,56,10,383 12,12,52,740 4,67,785 4,20,588 3,26,16,54,300 1,63,84,05,555 1,44,90,70,312 1,28,62,86,199 10,47,90,280 (3,95,40,760) 67,62,256 11,26,03,252 33,51,875 1,19,30,168 2,80,94,71,616 1,75,89,05,058 1,98,80,25,457 1,58,27,27,654 Add : Change in Unrealised Appreciation/ Depreciation in value of Investment Net Surplus / ( Deficit ) for the year/period (1,83,08,590) 18,40,35,025 6,69,35,882 (1,72,93,124) 1,12,03,962 32,48,635 7,14,78,78,110 2,71,67,36,157 3,74,94,42,779 (1,38,83,39,250) 8,64,81,690 14,44,94,265 7,36,98,138 9,53,10,128 1,45,55,837 1,51,78,803 9,95,73,49,726 4,47,56,41,215 5,73,74,68,236 19,43,88,404 Net Surplus brought forward from previous year 69,33,02,731 58,22,59,045 12,08,86,590 23,32,36,070 5,63,09,776 5,59,31,524 15,96,29,14,082 11,94,05,10,468 4,93,76,20,116 4,42,14,96,106 Add : Opening balance transfer from Unrealised Appreciation Reserve Less : Closing balance transfer to Unrealised Appreciation Reserve Add/(Less): Transferred from / (to) Equalisation Reserve Net Available Surplus Less : Dividend Distributed Net Surplus / ( Deficit ) carried forward 14,26,07,702-36,48,078 2,78,24,882 4,09,57,881 3,77,09,246 5,94,33,77,299 3,12,10,38,038 1,27,26,58,478 2,66,09,97,728 12,36,13,279 14,26,07,702 7,05,83,960 36,48,078 5,21,61,843 4,09,57,881 12,98,56,59,344 5,94,33,77,299 5,02,21,01,257 1,27,26,58,478 (15,09,26,407) 15,54,82,780 (4,74,87,631) (20,82,78,692) - (1,15,51,916) (49,05,37,676) 3,98,69,09,815 (58,92,58,471) (29,17,08,442) 64,78,52,437 73,96,28,388 8,01,61,214 14,44,44,310 5,96,61,651 5,63,09,776 18,38,74,44,087 17,58,07,22,237 6,33,63,87,102 5,71,25,15,318 3,59,01,389 4,63,25,657-2,35,57, ,19,32,22,100 1,61,78,08,155 60,14,68,088 77,48,95,202 61,19,51,048 69,33,02,731 8,01,61,214 12,08,86,590 5,96,61,651 5,63,09,776 17,19,42,21,987 15,96,29,14,082 5,73,49,19,014 4,93,76,20,116 Significant accounting policies and notes forming part of accounts 'H' (8,58,66,417) 8,90,45,532 1,19,30,168 3,54,93,798 80,78,32,452 As per our Report of even date For Haribhakti & Co. Chartered Accountants Firm Registration No: W For and on behalf of Reliance Capital Asset Management Limited For and on behalf of Reliance Capital Trustee Co. Limited Chetan Desai Partner Membership No Soumen Ghosh Director A.N. Shanbhag Director Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Sunil Singhania Head - Equities Amit Tripathi Head - Fixed Income Sailesh Bhan Ashwani Kumar Omprakash Kuckian Samir Rachh Fund Manager Fund Manager Fund Manager Fund Manager Mumbai Date: 24th June 2014 Krishan Daga Sanjay Parekh Jahnvee Shah Hiren Chandaria Fund Manager Fund Manager Fund Manager Fund Manager

185 RELIANCE MUTUAL FUND REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED 31st MARCH, 2014 RELIANCE FOCUSED LARGE CAP FUND (Formerly known as RELIANCE EQUITY FUND) RELIANCE LONG TERM EQUITY FUND RELIANCE TOP 200 FUND RELIANCE EQUITY LINKED SAVING FUND - SERIES I RELIANCE REGULAR SAVINGS FUND - EQUITY OPTION Schedule 31st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, 2013 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) INCOME Dividend Interest Profit on sale / redemption of investments (Other than interscheme transfer / sale) Profit on inter scheme transfer / sale of investments Other Income Total 14,19,47,585 16,06,03,858 16,51,30,602 18,79,49,848 11,65,25,892 11,83,82,653 1,56,93,059 1,91,99,061 31,27,84,702 41,83,69,338 2,21,48,821 2,70,42,857 1,82,87,351 3,44,44,764 1,63,18,132 1,39,90,645 24,32,900 25,07,059 2,99,22,931 7,27,62,665 1,38,03,37,459 1,33,42,80,496 91,79,22,751 1,63,15,43,499 1,16,39,81,217 1,27,06,22,398 16,69,78,621 24,14,51,510 2,86,30,00,545 2,98,45,07, ,32, ,91,909 4,11,12,710 86,26,000 5,93,350 7,04,034 6,08,877 16,97,755 31,06,302 10,63, ,08,277 1,41,75,959 1,29,69,352 1,54,50,27,215 1,52,26,31,245 1,10,19,49,581 1,85,56,35,866 1,30,66,64,352 1,40,40,59,525 18,51,04,654 26,36,57,816 3,26,09,96,847 3,49,72,35,271 EXPENSES AND LOSSES Loss on sale / redemption of investments (Other than inter-scheme transfers / sale) Loss on interscheme transfer / sale of investments Management fees Trusteeship fees Advertisement and Publication Expenses Audit fees Custodian fees Registrar and Transfer Agent's fees Selling and Marketing Expenses Commission to Agents Service Tax on Management Fees Investor education expense Other operating expenses Deferred Revenue Expenses Written Off Total Realised gain /(loss) for the year/period 1,23,64,38,776 86,04,06,666 39,96,95,113 64,47,57,201 51,57,85,179 40,28,32,640 7,50,87,894 3,03,61,845 2,97,16,26,899 2,23,92,31,271-4,63,60, ,30,39,173-15,75, ,35,83,602 14,29,47,643 12,87,72,500 12,85,87,874 9,90,28,159 11,03,82,314 2,13,99,608 2,41,23,030 29,95,77,402 34,42,58,865 37,235 31,281 30,278 29,629 28,877 23,642 4,146 3,871 90,073 82,172 4,68,684 75,78,141 3,68,725 57,93,725 98,63,365 57,67,655 50,345 2,10,701 10,86,097 1,42,77,882 63,843 69,785 51,195 65,602 49,485 52,767 6,990 8,607 1,50,507 2,10,793-3,84,920-4,59,462-3,03,022-61,752-10,50,149-66,24,428-59,37,117-49,47,511-5,79,746-1,56,71,286 35,95,265 2,83,588-2,06,491 75,57,668 20,37,924-2,87,391-5,63,758 5,64,34,367 5,98,68,850 4,87,98,668 6,69,94,263 6,02,45,866 4,97,01,247 57,78,541 62,37,872 17,46,98,338 16,55,13,396 1,89,82,934 1,76,68,328 1,59,16,281 1,58,93,461 1,22,39,881 1,36,43,255 26,44,992 29,81,607 3,70,27,767 4,25,50,395 19,14,323 10,87,433 15,35,058 9,93,885 14,83,783 8,15,242 2,09,595 1,30,559 45,12,902 28,29,604 1,49,617 41,01,335 80,560 27,21,950 1,02,185 30,31,221 7,398 1,24,446 3,18,927 75,56, ,09,608 47,99, ,47,16,68,646 1,14,74,12,865 59,52,48,378 87,24,40,660 70,63,84,448 61,65,77,613 10,91,99,117 7,14,85,768 3,48,90,88,912 2,83,37,95,916 7,33,58,569 37,52,18,380 50,67,01,203 98,31,95,206 60,02,79,904 78,74,81,912 7,59,05,537 19,21,72,048 (22,80,92,065) 66,34,39,355 Add : Change in Unrealised Appreciation/ Depreciation in value of Investment Net Surplus / ( Deficit ) for the year/period 2,22,63,72,588 66,63,92,236 1,36,28,02,896 (37,00,93,200) 79,19,88,946 (4,24,44,165) 10,58,21,367 (6,74,98,843) 3,79,07,71,877 1,64,57,93,889 2,29,97,31,157 1,04,16,10,616 1,86,95,04,099 61,31,02,006 1,39,22,68,850 74,50,37,747 18,17,26,904 12,46,73,205 3,56,26,79,812 2,30,92,33,244 Net Surplus brought forward from previous year 1,16,72,89,589 54,89,97,850 2,16,41,57,088 2,17,82,23,935 1,00,96,69,675 56,26,45,609 27,58,73,713 7,79,54,918 11,03,28,95,010 11,77,03,10,742 Add : Opening balance transfer from Unrealised Appreciation Reserve Less : Closing balance transfer to Unrealised Appreciation Reserve Add/(Less): Transferred from / (to) Equalisation Reserve Net Available Surplus Less : Dividend Distributed Net Surplus / ( Deficit ) carried forward 21,29,46, ,71,64,137 45,75,54,818 57,64,89,490-7,32,45, ,43,93,18,974 21,29,46,386 1,17,98,76,137-1,24,95,53,642 45,75,54,818 10,54,49,079-3,53,50,80,885 - (17,24,42,208) (21,03,72,491) (57,79,05,949) (62,00,03,633) (15,40,81,542) (16,86,67,138) - - (2,35,80,53,769) (2,49,33,29,338) 1,06,82,05,950 1,16,72,89,589 2,27,58,79,101 2,35,84,86,445 1,45,58,58,159 1,25,79,50,889 35,21,51,538 27,58,73,713 8,70,24,40,168 11,58,62,14,648 23,10,80,191-15,87,83,866 19,43,29,357 17,04,15,536 24,82,81, ,62,93,612 55,33,19,638 83,71,25,759 1,16,72,89,589 2,11,70,95,235 2,16,41,57,088 1,28,54,42,623 1,00,96,69,675 35,21,51,538 27,58,73,713 8,48,61,46,556 11,03,28,95,010 Significant accounting policies and notes forming part of accounts 'H' 37,52,18,380 60,59,36,785 53,92,00,698 19,17,99,266 11,01,19,717 As per our Report of even date For Haribhakti & Co. Chartered Accountants Firm Registration No: W For and on behalf of Reliance Capital Asset Management Limited For and on behalf of Reliance Capital Trustee Co. Limited Chetan Desai Partner Membership No Soumen Ghosh Director A.N. Shanbhag Director Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Sunil Singhania Head - Equities Amit Tripathi Head - Fixed Income Sailesh Bhan Ashwani Kumar Omprakash Kuckian Samir Rachh Fund Manager Fund Manager Fund Manager Fund Manager Mumbai Date: 24th June 2014 Krishan Daga Sanjay Parekh Jahnvee Shah Hiren Chandaria Fund Manager Fund Manager Fund Manager Fund Manager

186 RELIANCE MUTUAL FUND REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED 31st MARCH, 2014 RELIANCE REGULAR SAVINGS FUND - BALANCED OPTION RELIANCE NRI EQUITY FUND RELIANCE INDEX FUND - NIFTY PLAN RELIANCE SMALL CAP FUND RELIANCE ARBITRAGE ADVANTAGE FUND Schedule 31st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, 2013 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) INCOME Dividend Interest Profit on sale / redemption of investments (Other than interscheme transfer / sale) Profit on inter scheme transfer / sale of investments Other Income Total 8,73,12,583 8,11,22,713 1,28,54,875 1,35,08,673 57,83,850 1,09,86,102 8,76,49,731 9,44,38,857 1,53,95,016 2,39,825 13,31,47,785 13,25,71,951 23,08,363 32,46,209 2,96,409 1,80,442 1,56,96,418 1,80,89,129 8,67,40,427 2,26,641 43,96,79,470 53,39,60,403 11,98,38,755 19,01,93,924 5,11,73,268 4,24,30,456 40,51,42,084 44,70,07,999 38,78,26,415 33,33,925 2,37,290 88,985 70,00,269 13, ,63,497-49,68,814 12,60,815 1,85,610 2,260 17,66,387 9,62,154 47,73,513 43,18,715 68,624 23,747 66,53,45,942 74,90,04,867 14,21,87,872 20,69,64,959 5,90,19,914 5,45,59,154 51,32,61,746 56,38,54,700 49,02,93,979 38,24,138 EXPENSES AND LOSSES Loss on sale / redemption of investments (Other than inter-scheme transfers / sale) Loss on interscheme transfer / sale of investments Management fees Trusteeship fees Advertisement and Publication Expenses Audit fees Custodian fees Registrar and Transfer Agent's fees Selling and Marketing Expenses Commission to Agents Service Tax on Management Fees Investor education expense Other operating expenses Deferred Revenue Expenses Written Off Total Realised gain /(loss) for the year/period 17,28,76,706 35,72,59,867 5,64,18,592 3,82,56,620 3,34,97,590 4,15,32,880 26,04,63,342 26,42,59,394 25,59,35,625 54,57, ,63,164 47,76, ,28,17,278 7,66,75,526 1,63,47,449 1,64,38,850 14,75,300 8,20,629 4,15,26,419 6,06,10,377 79,99,661 50,017 21,261 16,155 3,181 2,637 1,370 1,967 12,026 11,878 6, ,61,450 2,01,62,602 38,644 1,65,268 15,750 3,28,243 2,97,453 22,79,587 10,59,451 4,389 36,300 36,102 5,618 5,888 5,618 4,321 21,202 26,206 21, ,98,045-55,473-53,829-2,28, ,33,477-4,08,816-3,73,896-24,12,829-7,642 41,47,575 1,33,85,476 5,13,481 7,51,038-13,446 92,90,013 94,22, ,31,12,293 1,67,43,828 44,53,387 46,26,312 13,46,164 22,51,408 3,04,10,140 1,80,51,948 1,53,95,849 25,203 90,00,216 94,77,094 20,20,544 20,31,843 1,82,347 1,01,429 51,32,666 74,91,443 9,88,758 6,182 10,88,460 5,50,669 1,60,882 90,951 65,569 65,410 6,35,739 3,83,660 6,39,257 2,729 42,827 10,16,574 8,809 1,91,759 12,244 3,99,355 34,426 11,83,922 22,933 5, ,29,04,366 49,82,55,415 8,26,33,751 6,78,02,441 3,66,01,952 4,59,46,813 34,78,23,426 36,63,62,200 28,20,69,110 55,59,907 34,24,41,576 25,07,49,452 5,95,54,121 13,91,62,518 2,24,17,962 86,12,341 16,54,38,320 19,74,92,500 20,82,24,869 (17,35,769) Add : Change in Unrealised Appreciation/ Depreciation in value of Investment Net Surplus / ( Deficit ) for the year/period 58,84,02,339 22,66,44,099 6,71,12,837 (4,40,49,887) 3,89,88,414 6,64,46,588 1,04,43,70,188 1,48,11,881 4,92,86,468 42,03,075 93,08,43,915 47,73,93,551 12,66,66,958 9,51,12,631 6,14,06,376 7,50,58,929 1,20,98,08,508 21,23,04,381 25,75,11,337 24,67,306 Net Surplus brought forward from previous year 1,70,50,49,700 1,80,16,18,041 32,41,88,722 28,47,89,454 (2,33,74,050) (10,13,81,948) (21,65,31,168) (42,40,57,013) 38,45,089 17,44,824 Add : Opening balance transfer from Unrealised Appreciation Reserve Less : Closing balance transfer to Unrealised Appreciation Reserve Add/(Less): Transferred from / (to) Equalisation Reserve Net Available Surplus Less : Dividend Distributed Net Surplus / ( Deficit ) carried forward 10,45,01,257-10,31,98,523 14,72,48,410 72,83, ,80,175-69,30,66,532 10,45,01,257 17,03,11,360 10,31,98,523 4,62,71,610 72,83,196 56,09,72,032-10,10,11,685 24,80,175 (14,62,65,904) (27,57,56,993) (5,19,29,528) (6,81,66,604) 58,61,685 1,02,32,165 7,09,39,071 (47,78,536) 1,81,47,93,365 21,13,134 1,90,10,62,436 1,89,87,53,342 33,18,13,314 35,57,85,368 49,05,597 (2,33,74,050) 50,32,44,379 (21,65,31,168) 1,97,76,18,281 38,45,089 9,31,16,185 19,37,03,642 3,54,88,162 3,15,96, ,55,50,291-2,01,68,30,419-1,80,79,46,251 1,70,50,49,700 29,63,25,152 32,41,88,722 49,05,597 (2,33,74,050) 44,76,94,088 (21,65,31,168) (3,92,12,138) 38,45,089 Significant accounting policies and notes forming part of accounts 'H' 5,67,07,971 10,75,65,872 86,12,341 19,74,92,500 (19,00,467) As per our Report of even date For Haribhakti & Co. Chartered Accountants Firm Registration No: W For and on behalf of Reliance Capital Asset Management Limited For and on behalf of Reliance Capital Trustee Co. Limited Chetan Desai Partner Membership No Soumen Ghosh Director A.N. Shanbhag Director Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Sunil Singhania Head - Equities Amit Tripathi Head - Fixed Income Sailesh Bhan Ashwani Kumar Omprakash Kuckian Samir Rachh Fund Manager Fund Manager Fund Manager Fund Manager Mumbai Date: 24th June 2014 Krishan Daga Sanjay Parekh Jahnvee Shah Hiren Chandaria Fund Manager Fund Manager Fund Manager Fund Manager

187 RELIANCE MUTUAL FUND REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED 31st MARCH, 2014 RELIANCE INDEX FUND - SENSEX PLAN RELIANCE GOLD SAVINGS FUND R* SHARES CNX 100 FUND R*Shares Nifty ETF RELIANCE CLOSE ENDED EQUITY FUND - SERIES A RELIANCE CLOSE ENDED EQUITY FUND - SERIES B Schedule 31st March, st March, st March, st March, st March, st March, st March, st March, st March, 2014 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) INCOME Dividend Interest Profit on sale / redemption of investments (Other than interscheme transfer / sale) Profit on inter scheme transfer / sale of investments Other Income Total 5,26,089 4,91, ,35,817-4,60,005 59,09,308 17,73,150 68,832 53,798 45,10,814 95,05,036 1,27,771 1,22,288 1,70,111 1,46,24,625 34,79,935 10,63,549 4,06,137 86,42,40,727 27,92,80,391 50,81,218-19,63,551 3,94,71,330 1,73,83, ,870 11,382 4,67,22,318 4,72,42,550 1,61, ,09,340 9,62,710 91,54,73,859 33,60,27,977 66,05,817 1,22,288 25,93,667 6,00,05,263 2,26,36,622 EXPENSES AND LOSSES Loss on sale / redemption of investments (Other than inter-scheme transfers / sale) Loss on interscheme transfer / sale of investments Management fees Trusteeship fees Advertisement and Publication Expenses Audit fees Custodian fees Registrar and Transfer Agent's fees Selling and Marketing Expenses Commission to Agents Service Tax on Management Fees Investor education expense Other operating expenses Deferred Revenue Expenses Written Off Total Realised gain /(loss) for the year/period 6,23,010 2,93, ,12,960-4,96,419 1,35,50,277 59,32, ,46,578 34, ,53,591 27,894 77,575 91,56,561 26,74, ,651 66, , ,236 18,410 1,04,16,411 83,66,061 3,497-2,192 36,529 9,179 5, ,27,237 1,48,484 5,618 5,618 5,618 5,618 5,618-8,835-7,74, , , ,48,29,693 1,73,50,255 2,90, ,03,652 25,536 8,69,72,273 11,09,04, ,38,689 23,80,782 18,117 4, ,424 3,448 9,588 11,31,751 3,30,606 6,515 3, , ,509 1,52,072 38, ,071 1,24,100 4,44, , ,747 1, ,39,885 4,95,448 13,25,42,365 13,80,54,876 22,49,365 45,707 5,97,272 3,15,77,755 1,13,73,865 7,69,455 4,67,262 78,29,31,494 19,79,73,101 43,56,452 76,581 19,96,395 2,84,27,508 1,12,62,757 Add : Change in Unrealised Appreciation/ Depreciation in value of Investment Net Surplus / ( Deficit ) for the year/period 55,25,262 22,90,796 (1,43,19,75,254) 34,81,07,333 95,10,905 4,72,011 1,18,52,718 24,37,24,328 6,77,18,190 62,94,717 27,58,058 (64,90,43,760) 54,60,80,434 1,38,67,357 5,48,592 1,38,49,113 27,21,51,836 7,89,80,947 Net Surplus brought forward from previous year (42,33,217) (51,21,083) 21,83,36,754 6,15,69,181 76, Add : Opening balance transfer from Unrealised Appreciation Reserve Less : Closing balance transfer to Unrealised Appreciation Reserve Add/(Less): Transferred from / (to) Equalisation Reserve Net Available Surplus Less : Dividend Distributed Net Surplus / ( Deficit ) carried forward 16,50,175-3,81,18,19,160 3,46,37,11,827 4,72, ,75,437 16,50,175 2,37,98,43,906 3,81,18,19,160 99,82,916 4,72,011 1,18,52,718 24,37,24,328 6,77,18,190 42,440 (2,20,017) (16,52,62,918) (4,12,05,528) (11,66,603) - 26, (34,21,322) (42,33,217) 83,60,05,330 21,83,36,754 32,66,430 76,581 20,22,709 2,84,27,508 1,12,62, (34,21,322) (42,33,217) 83,60,05,330 21,83,36,754 32,66,430 76,581 20,22,709 2,84,27,508 1,12,62,757 Significant accounting policies and notes forming part of accounts 'H' 4,67,262 19,79,73,101 76,581 As per our Report of even date For Haribhakti & Co. Chartered Accountants Firm Registration No: W For and on behalf of Reliance Capital Asset Management Limited For and on behalf of Reliance Capital Trustee Co. Limited Chetan Desai Partner Membership No Soumen Ghosh Director A.N. Shanbhag Director Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Sunil Singhania Head - Equities Amit Tripathi Head - Fixed Income Sailesh Bhan Ashwani Kumar Omprakash Kuckian Samir Rachh Fund Manager Fund Manager Fund Manager Fund Manager Mumbai Date: 24th June 2014 Krishan Daga Sanjay Parekh Jahnvee Shah Hiren Chandaria Fund Manager Fund Manager Fund Manager Fund Manager

188 RELIANCE MUTUAL FUND CASH FLOW STATEMENT FOR THE YEAR/PERIOD ENDED 31st MARCH, 2014 RELIANCE GROWTH FUND RELIANCE VISION FUND RELIANCE BANKING FUND RELIANCE DIVERSIFIED POWER SECTOR FUND RELIANCE PHARMA FUND 31st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, 2013 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) A. Cash flow from Operating Activities Surplus/(Deficit) for the period 6,10,39,17,560 1,44,73,63,733 6,18,35,73,700 (1,01,89,43,481) 1,55,25,88,534 2,04,89,20,881 2,38,95,37,695 (2,74,58,65,165) 2,11,59,37,087 96,31,85,358 Adjustments for:- Non Cash items in Revenue Account - Net change in appreciation/depreciation of Investment (3,16,35,75,662) 3,58,48,53,795 (6,73,71,37,481) 2,09,24,37,932 (78,13,050) (98,36,50,991) (4,12,32,99,273) 2,85,38,72,138 (1,21,35,91,251) (52,76,65,822) - Amortisation of Deferred Revenue Expenditure Investments (at cost) made, net 8,94,56,73,395 6,48,58,43,828 (2,92,36,80,732) 3,71,30,33,054 1,91,13,72,156 55,34,50,891 1,75,58,47,823 5,59,90,99,481 (53,06,77,740) (34,19,20,213) (Increase) / decrease in current assets (17,45,83,113) 64,14,25,218 12,77,62,138 1,02,36,815 (38,89,09,953) 4,99,49,369 73,97,632 (24,20,78,248) (3,98,13,966) 6,58,29,947 Increase / (decrease) in current Liabilities (69,93,56,133) 83,39,24,239 (89,24,10,514) 1,01,33,09,565 23,50,87,155 (35,30,430) 13,69,98,129 35,84,341 34,77,293 (1,94,06,613) Net cash from operating activities 11,01,20,76,047 12,99,34,10,814 (4,24,18,92,889) 5,81,00,73,885 3,30,23,24,842 1,66,51,39,720 16,64,82,006 5,46,86,12,547 33,53,31,423 14,00,22,657 B Cash flow from Financing Activities Proceeds from Subscriptions / Redemption of unit capital, net (89,03,99,508) (1,01,93,59,828) 29,17,38,847 (74,51,65,664) (51,65,89,422) (32,61,65,882) 7,89,25,972 (1,12,72,12,005) (3,76,07,778) 37,29,777 Unit premium received/(paid) thereon, net (9,21,50,28,291) (11,16,07,74,382) 4,41,44,91,965 (4,68,79,51,832) (2,70,91,06,104) (1,26,99,95,816) (24,95,10,552) (3,92,53,72,277) (10,13,11,671) 6,82,59,915 Adjustments for:- Sundry creditors for units redeemed by investors 13,35,84,277 (2,06,82,373) 16,13,05,794 (61,98,795) 5,32,67,624 35,46,721 6,76,49,590 (2,45,40,357) 3,45,46,692 (18,37,450) Sundry debtors for units issued to investors 5,36,38,899 (2,64,65,610) (5,24,652) 3,45,277 66,36,508 66,91,155 24,33,950 (29,04,892) (5,28,761) (6,66,419) Dividend and tax thereon paid during the year/period (1,08,21,48,948) (1,66,26,39,294) (62,25,55,198) (57,79,26,298) (40,95,47,020) (65,78,16,084) (39,62,58,261) (57,50,28,536) (26,01,40,887) (21,54,48,501) Net cash from financing activities (11,00,03,53,571) (13,88,99,21,487) 4,24,44,56,756 (6,01,68,97,312) (3,57,53,38,414) (2,24,37,39,906) (49,67,59,301) (5,65,50,58,067) (36,50,42,405) (14,59,62,678) Net Cash and cash equivalents 1,17,22,476 (89,65,10,673) 25,63,867 (20,68,23,427) (27,30,13,572) (57,86,00,186) (33,02,77,295) (18,64,45,520) (2,97,10,982) (59,40,021) Cash and cash equivalents, beginning of the year 31,07,05,068 1,20,72,15,741 7,44,94,423 28,13,17,850 32,53,70,261 90,39,70,447 40,92,79,021 59,57,24,541 7,33,19,144 7,92,59,165 Cash and cash equivalents, end of the year 32,24,27,544 31,07,05,068 7,70,58,290 7,44,94,423 5,23,56,689 32,53,70,261 7,90,01,726 40,92,79,021 4,36,08,162 7,33,19,144 Components of cash and cash equivalents Balances with banks in current accounts 9,55,55,243 8,00,33,785 6,19,29,597 4,83,26,856 3,82,01,187 1,79,94,671 4,80,82,832 5,47,66,830 1,90,13,745 1,01,49,776 - Deposits Deposits with with scheduled scheduled banks banks Deposits Deposits with with Companies/Institutions 21,50,00,000 11,50,00, ,00,00,000-10,00,00, CBLO Placement 1,18,72,301 11,56,71,283 1,51,28,693 2,61,67,567 1,41,55,502 20,73,75,590 3,09,18,894 25,45,12,191 2,45,94,417 6,31,69,368 32,24,27,544 31,07,05,068 7,70,58,290 7,44,94,423 5,23,56,689 32,53,70,261 7,90,01,726 40,92,79,021 4,36,08,162 7,33,19,144 As per our Report of even date For and on behalf of For and on behalf of For Haribhakti & Co. Reliance Capital Asset Reliance Capital Trustee Co. Chartered Accountants Management Limited Limited Firm Registration No: W Chetan Desai Soumen Ghosh A.N. Shanbhag Partner Director Director Membership No Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Sunil Singhania Head - Equities Amit Tripathi Head - Fixed Income Sailesh Bhan Ashwani Kumar Omprakash Kuckian Samir Rachh Fund Manager Fund Manager Fund Manager Fund Manager Mumbai Krishan Daga Sanjay Parekh Jahnvee Shah Hiren Chandaria Date: 24th June 2014 Fund Manager Fund Manager Fund Manager Fund Manager

189 RELIANCE MUTUAL FUND CASH FLOW STATEMENT FOR THE YEAR/PERIOD ENDED 31st MARCH, 2014 RELIANCE MEDIA & ENTERTAINMENT FUND RELIANCE QUANT PLUS FUND R* SHARES BANKING ETF RELIANCE EQUITY OPPORTUNITIES FUND RELIANCE TAX SAVER (ELSS) FUND A. Cash flow from Operating Activities Surplus/(Deficit) for the period 31st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, 2013 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) 8,64,81,690 14,44,94,265 7,36,98,138 9,53,10,128 1,45,55,837 1,51,78,803 9,95,73,49,726 4,47,56,41,215 5,73,74,68,236 19,43,88,404 Adjustments for:- Non Cash items in Revenue Account - Net change in appreciation/depreciation of Investment - Amortisation of Deferred Revenue Expenditure Investments (at cost) made, net (Increase) / decrease in current assets Increase / (decrease) in current Liabilities 1,83,08,590 (18,40,35,025) (6,69,35,882) 1,72,93,124 (1,12,03,962) (32,48,635) (7,14,78,78,110) (2,71,67,36,157) (3,74,94,42,779) 1,38,83,39, ,49,33,019 (16,59,20,951) 22,77,27,878 1,02,13,22,898 (33,31,457) 1,07,30,690 (33,10,88,171) (11,14,98,55,429) 2,48,89,719 35,80,69,441 (1,15,93,577) (15,79,200) 11,67,444 (20,22,824) (18,93,984) (1,72,607) (29,71,17,625) (14,67,50,462) (13,55,37,885) 37,94,44,565 (1,64,153) (17,73,932) (6,41,199) (22,80,574) 19,43,071 (42,861) 71,75,99,666 (36,18,66,092) 29,45,55,031 (52,85,76,432) Net cash from operating activities 22,79,65,569 (20,88,14,843) 23,50,16,379 1,12,96,22,752 69,505 2,24,45,390 2,89,88,65,486 (9,89,95,66,925) 2,17,19,32,322 1,79,16,65,228 B Cash flow from Financing Activities Proceeds from Subscriptions / Redemption of unit capital, net Unit premium received/(paid) thereon, net (7,86,93,744) 8,85,48,115 (18,74,85,199) (97,12,59,943) - (2,00,000) (76,81,80,163) 3,37,35,44,051 (96,28,58,772) (47,42,82,732) (11,91,49,350) 17,42,06,241 (4,57,27,463) (17,15,81,459) - (2,45,90,190) (1,20,57,85,460) 8,38,68,31,621 (82,97,62,832) (52,51,57,072) Adjustments for:- Sundry creditors for units redeemed by investors Sundry debtors for units issued to investors (44,45,503) 78,14,074 17,76,055 (85,72,397) - (61,378) 21,12,76,003 (2,98,96,429) 7,33,59,378 (83,56,524) 8,65,443 (11,84,882) 7,57,220 12,70, (1,75,75,715) 5,23,09,378 1,19,29,299 (2,65,31,699) Dividend and tax thereon paid during the year/period (3,59,01,389) (4,63,25,657) - (2,35,57,720) - - (1,19,32,22,100) (1,61,78,08,155) (60,14,68,088) (77,48,95,202) Net cash from financing activities (23,73,24,543) 22,30,57,891 (23,06,79,387) (1,17,37,00,856) - (2,48,51,568) (2,97,34,87,435) 10,16,49,80,466 (2,30,88,01,015) (1,80,92,23,229) Net Cash and cash equivalents (93,58,974) 1,42,43,048 43,36,992 (4,40,78,104) 69,505 (24,06,178) (7,46,21,949) 26,54,13,541 (13,68,68,693) (1,75,58,001) Cash and cash equivalents, beginning of the year Cash and cash equivalents, end of the year 2,60,76,819 1,18,33,771 52,63,409 4,93,41,513 5,75,021 29,81,199 38,00,11,547 11,45,98,006 26,81,73,276 28,57,31,277 1,67,17,845 2,60,76,819 96,00,401 52,63,409 6,44,526 5,75,021 30,53,89,598 38,00,11,547 13,13,04,583 26,81,73,276 Components of cash and cash equivalents Balances with banks in current accounts - Deposits Deposits with with scheduled scheduled banks banks - Deposits Deposits with with Companies/Institutions CBLO Placement 13,03,619 31,91,376 9,16,002 20,90,968 87,148 87,620 13,95,90,789 10,21,46,410 7,07,48,938 9,09,29, ,54,14,226 2,28,85,443 86,84,399 31,72,441 5,57,378 4,87,401 16,57,98,809 27,78,65,137 6,05,55,645 17,72,44,158 1,67,17,845 2,60,76,819 96,00,401 52,63,409 6,44,526 5,75,021 30,53,89,598 38,00,11,547 13,13,04,583 26,81,73,276 As per our Report of even date For Haribhakti & Co. Chartered Accountants Firm Registration No: W For and on behalf of Reliance Capital Asset Management Limited For and on behalf of Reliance Capital Trustee Co. Limited Chetan Desai Partner Membership No Soumen Ghosh Director A.N. Shanbhag Director Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Sunil Singhania Head - Equities Amit Tripathi Head - Fixed Income Sailesh Bhan Ashwani Kumar Omprakash Kuckian Samir Rachh Fund Manager Fund Manager Fund Manager Fund Manager Mumbai Date: 24th June 2014 Krishan Daga Sanjay Parekh Jahnvee Shah Hiren Chandaria Fund Manager Fund Manager Fund Manager Fund Manager

190 RELIANCE MUTUAL FUND CASH FLOW STATEMENT FOR THE YEAR/PERIOD ENDED 31st MARCH, 2014 RELIANCE FOCUSED LARGE CAP FUND (Formerly known as RELIANCE EQUITY FUND) RELIANCE LONG TERM EQUITY FUND RELIANCE TOP 200 FUND RELIANCE EQUITY LINKED SAVING FUND - SERIES I RELIANCE REGULAR SAVINGS FUND - EQUITY OPTION A. Cash flow from Operating Activities Surplus/(Deficit) for the period 31st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, 2013 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) 2,29,97,31,157 1,04,16,10,616 1,86,95,04,099 61,31,02,006 1,39,22,68,850 74,50,37,747 18,17,26,904 12,46,73,205 3,56,26,79,812 2,30,92,33,244 Adjustments for:- Non Cash items in Revenue Account - Net change in appreciation/depreciation of Investment - Amortisation of Deferred Revenue Expenditure Investments (at cost) made, net (Increase) / decrease in current assets Increase / (decrease) in current Liabilities (2,22,63,72,588) (66,63,92,236) (1,36,28,02,896) 37,00,93,200 (79,19,88,946) 4,24,44,165 (10,58,21,367) 6,74,98,843 (3,79,07,71,877) (1,64,57,93,889) ,25,885 1,22,07, ,54,95,88,387 1,86,48,24,984 1,55,50,04,427 1,39,45,84,000 7,29,57,842 96,49,86,759 15,75,22,601 11,83,90,403 5,94,89,30,912 5,19,14,02,353 (18,95,82,946) 1,60,32,904 4,13,16,461 (3,83,53,404) (3,89,54,663) 1,21,81,248 (3,28,09,869) (23,24,918) (22,77,73,551) 95,29,43,952 30,05,06,223 (44,69,490) (2,46,02,467) (1,82,65,577) 29,94,38,934 (14,12,75,826) (10,08,380) (32,06,464) 10,82,22,594 (15,99,44,970) Net cash from operating activities 1,73,38,70,233 2,25,16,06,777 2,07,84,19,624 2,32,11,60,225 93,37,22,017 1,62,33,74,093 20,78,35,774 31,72,38,230 5,60,12,87,890 6,64,78,40,691 B Cash flow from Financing Activities Proceeds from Subscriptions / Redemption of unit capital, net Unit premium received/(paid) thereon, net (1,16,86,33,443) (1,79,51,16,941) (1,37,37,61,373) (1,65,52,38,558) (61,13,29,127) (1,12,16,81,271) (15,39,74,207) (22,21,25,510) (2,07,81,65,059) (2,25,68,14,109) (61,45,70,533) (69,78,89,586) (65,11,56,884) (81,29,84,332) (23,01,45,635) (35,57,81,994) (8,82,46,098) (12,53,00,826) (3,57,91,56,582) (3,97,55,33,030) Adjustments for:- Sundry creditors for units redeemed by investors Sundry debtors for units issued to investors 1,86,13,537 (2,38,112) 1,48,51,921 (74,49,022) 3,74,77,947 (74,77,630) 24,380 70,482 11,72,89,586 (1,00,95,918) (13,55,322) 40,07,052 9,64,770 (8,43,889) 8,00,094 (9,06,782) - 15,000 3,18,64,894 (1,96,09,055) Dividend and tax thereon paid during the year/period (23,10,80,191) - (15,87,83,866) (19,43,29,357) (17,04,15,536) (24,82,81,214) - - (21,62,93,612) (55,33,19,638) Net cash from financing activities (1,99,70,25,952) (2,48,92,37,587) (2,16,78,85,432) (2,67,08,45,158) (97,36,12,257) (1,73,41,28,891) (24,21,95,925) (34,73,40,854) (5,72,44,60,773) (6,81,53,71,750) Net Cash and cash equivalents (26,31,55,719) (23,76,30,810) (8,94,65,808) (34,96,84,933) (3,98,90,240) (11,07,54,798) (3,43,60,151) (3,01,02,624) (12,31,72,883) (16,75,31,059) Cash and cash equivalents, beginning of the year Cash and cash equivalents, end of the year 30,16,15,235 53,92,46,045 12,07,86,121 47,04,71,054 8,24,91,791 19,32,46,589 3,90,21,826 6,91,24,450 20,71,12,347 37,46,43,406 3,84,59,516 30,16,15,235 3,13,20,313 12,07,86,121 4,26,01,551 8,24,91,791 46,61,675 3,90,21,826 8,39,39,464 20,71,12,347 Components of cash and cash equivalents Balances with banks in current accounts - Deposits Deposits with with scheduled scheduled banks banks - Deposits Deposits with with Companies/Institutions CBLO Placement 2,41,98,138 2,65,18,854 1,09,59,070 4,06,16,067 1,53,65,813 2,84,71,807 1,95,253 13,04,257 4,91,07,488 3,41,18, ,00,00,000 1,42,61,378 27,50,96,381 2,03,61,243 8,01,70,054 2,72,35,738 5,40,19,984 44,66,422 3,77,17,569 3,48,31,976 6,29,93,805 3,84,59,516 30,16,15,235 3,13,20,313 12,07,86,121 4,26,01,551 8,24,91,791 46,61,675 3,90,21,826 8,39,39,464 20,71,12,347 As per our Report of even date For Haribhakti & Co. Chartered Accountants Firm Registration No: W For and on behalf of Reliance Capital Asset Management Limited For and on behalf of Reliance Capital Trustee Co. Limited Chetan Desai Partner Membership No Soumen Ghosh Director A.N. Shanbhag Director Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Sunil Singhania Head - Equities Amit Tripathi Head - Fixed Income Sailesh Bhan Ashwani Kumar Omprakash Kuckian Samir Rachh Fund Manager Fund Manager Fund Manager Fund Manager Mumbai Date: 24th June 2014 Krishan Daga Sanjay Parekh Jahnvee Shah Hiren Chandaria Fund Manager Fund Manager Fund Manager Fund Manager

191 RELIANCE MUTUAL FUND CASH FLOW STATEMENT FOR THE YEAR/PERIOD ENDED 31st MARCH, 2014 RELIANCE REGULAR SAVINGS FUND - BALANCED OPTION RELIANCE NRI EQUITY FUND RELIANCE INDEX FUND - NIFTY PLAN RELIANCE SMALL CAP FUND RELIANCE ARBITRAGE ADVANTAGE FUND A. Cash flow from Operating Activities Surplus/(Deficit) for the period 31st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, 2013 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) 93,08,43,915 47,73,93,551 12,66,66,958 9,51,12,631 6,14,06,376 7,50,58,929 1,20,98,08,508 21,23,04,381 25,75,11,337 24,67,306 Adjustments for:- Non Cash items in Revenue Account - Net change in appreciation/depreciation of Investment - Amortisation of Deferred Revenue Expenditure Investments (at cost) made, net (Increase) / decrease in current assets Increase / (decrease) in current Liabilities (58,84,02,339) (22,66,44,099) (6,71,12,837) 4,40,49,887 (3,89,88,414) (6,64,46,588) (1,04,43,70,188) (1,48,11,881) (4,92,86,468) (42,03,075) ,37,96,763 1,09,89,72,424 12,60,38,913 (52,50,784) 23,73,04,252 25,98,68,159 (6,23,03,843) 1,04,60,98,624 (1,73,17,87,139) (2,66,70,544) 8,29,73,256 (8,70,75,295) 14,33,903 (76,96,147) 1,73,09,058 (2,43,05,350) (4,41,65,144) 16,96,761 (23,93,40,924) 70,23,912 (4,40,45,697) (11,32,43,518) (7,98,739) (51,53,439) (98,97,113) 1,17,26,649 1,33,87,452 (83,44,907) 8,40,58,309 23,19,515 Net cash from operating activities 68,51,65,898 1,14,94,03,063 18,62,28,198 12,10,62,147 26,71,34,159 25,59,01,799 7,23,56,785 1,23,69,42,978 (1,67,88,44,885) (1,90,62,886) B Cash flow from Financing Activities Proceeds from Subscriptions / Redemption of unit capital, net Unit premium received/(paid) thereon, net (28,74,54,304) (64,37,24,183) (4,43,39,206) (6,97,45,362) (26,41,67,647) (25,53,79,896) (15,78,43,678) (1,39,24,56,500) 1,63,36,34,313 1,65,36,215 (24,10,16,491) (42,61,70,957) (8,75,70,610) (12,97,86,504) (5,96,810) (40,57,482) 10,61,20,433 (1,51,73,257) 2,02,22,39,747 31,29,383 Adjustments for:- Sundry creditors for units redeemed by investors Sundry debtors for units issued to investors 79,66,932 (1,63,20,399) (35,26,721) (39,66,900) (39,42,108) 41,99,736 77,00,997 (1,69,70,731) 18,97,71,736 (39,296) (22,55,792) 51,35,858 (16,401) 82,728 1,46,218 1,76,389 (91,58,379) (14,42,329) (33,85,303) (66,437) Dividend and tax thereon paid during the year/period (9,31,16,185) (19,37,03,642) (3,54,88,162) (3,15,96,646) - - (5,55,50,291) - (2,01,68,30,419) - Net cash from financing activities (61,58,75,840) (1,27,47,83,323) (17,09,41,100) (23,50,12,684) (26,85,60,347) (25,50,61,253) (10,87,30,918) (1,42,60,42,817) 1,82,54,30,074 1,95,59,865 Net Cash and cash equivalents 6,92,90,058 (12,53,80,260) 1,52,87,098 (11,39,50,537) (14,26,188) 8,40,546 (3,63,74,133) (18,90,99,839) 14,65,85,189 4,96,979 Cash and cash equivalents, beginning of the year Cash and cash equivalents, end of the year 1,84,43,566 14,38,23,826 1,45,42,810 12,84,93,347 28,77,568 20,37,022 8,98,59,916 27,89,59,755 29,76,855 24,79,876 8,77,33,624 1,84,43,566 2,98,29,908 1,45,42,810 14,51,380 28,77,568 5,34,85,783 8,98,59,916 14,95,62,044 29,76,855 Components of cash and cash equivalents Balances with banks in current accounts - Deposits Deposits with with scheduled scheduled banks banks - Deposits Deposits with with Companies/Institutions CBLO Placement 1,23,67,021 1,08,74,140 9,69,225 19,85,021 4,77,493 4,06,071 2,72,64,722 2,17,86,550 32,03,091 94, ,00,00,000-7,53,66,603 75,69,426 2,88,60,683 1,25,57,789 9,73,887 24,71,497 2,62,21,061 6,80,73,366 4,63,58,953 28,82,413 8,77,33,624 1,84,43,566 2,98,29,908 1,45,42,810 14,51,380 28,77,568 5,34,85,783 8,98,59,916 14,95,62,044 29,76,855 As per our Report of even date For Haribhakti & Co. Chartered Accountants Firm Registration No: W For and on behalf of Reliance Capital Asset Management Limited For and on behalf of Reliance Capital Trustee Co. Limited Chetan Desai Partner Membership No Soumen Ghosh Director A.N. Shanbhag Director Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Sunil Singhania Head - Equities Amit Tripathi Head - Fixed Income Sailesh Bhan Ashwani Kumar Omprakash Kuckian Samir Rachh Fund Manager Fund Manager Fund Manager Fund Manager Mumbai Date: 24th June 2014 Krishan Daga Sanjay Parekh Jahnvee Shah Hiren Chandaria Fund Manager Fund Manager Fund Manager Fund Manager

192 RELIANCE MUTUAL FUND CASH FLOW STATEMENT FOR THE YEAR/PERIOD ENDED 31st MARCH, 2014 RELIANCE INDEX FUND - SENSEX PLAN RELIANCE GOLD SAVINGS FUND R* SHARES CNX 100 FUND R*Shares Nifty ETF RELIANCE CLOSE ENDED EQUITY FUND - SERIES A RELIANCE CLOSE ENDED EQUITY FUND - SERIES B A. Cash flow from Operating Activities Surplus/(Deficit) for the period 31st March, st March, st March, st March, st March, st March, st March, st March, st March, 2014 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) 62,94,717 27,58,058 (64,90,43,760) 54,60,80,434 1,38,67,357 5,48,592 1,38,49,113 27,21,51,836 7,89,80,947 Adjustments for:- Non Cash items in Revenue Account - Net change in appreciation/depreciation of Investment - Amortisation of Deferred Revenue Expenditure Investments (at cost) made, net (Increase) / decrease in current assets Increase / (decrease) in current Liabilities (55,25,262) (22,90,796) 1,43,19,75,254 (34,81,07,333) (95,10,905) (4,72,011) (1,18,52,718) (24,37,24,328) (6,77,18,190) ,72,539 (18,63,349) 4,12,55,67,203 (4,31,72,886) 4,89,57,390 (10,34,66,577) (11,62,31,335) (2,32,35,67,615) (76,90,42,076) 2,61,137 (1,82,645) (2,17,82,139) 8,16,40,976 (3,95,884) (11,159) (34,04,736) (5,38,16,853) (2,74,43,221) (1,30,363) 1,20,674 (59,99,912) 90,85,867 6,45,362 49,303 28,61,912 5,01,90,518 1,90,50,864 Net cash from operating activities 12,72,768 (14,58,058) 4,88,07,16,646 24,55,27,058 5,35,63,320 (10,33,51,852) (11,47,77,764) (2,29,87,66,442) (76,61,71,676) B Cash flow from Financing Activities Proceeds from Subscriptions / Redemption of unit capital, net Unit premium received/(paid) thereon, net (1,84,243) 6,26,441 (3,62,03,53,534) (16,93,10,428) (89,94,810) 1,88,97,840 1,91,98,260 2,30,30,40,157 77,00,51,104 (3,25,977) (1,88,295) (1,31,15,31,089) (1,29,27,945) (4,46,47,404) 8,58,79,722 9,61,39, Adjustments for:- Sundry creditors for units redeemed by investors Sundry debtors for units issued to investors 1,02,209 (54,104) 63,42,373 (4,27,22,223) (32,309) 32, (1,06,739) 72,901 3,58,93,681 36,84,850 84,906 (85,021) - - (100) Dividend and tax thereon paid during the year/period Net cash from financing activities (5,14,750) 4,56,943 (4,88,96,48,569) (22,12,75,746) (5,35,89,617) 10,47,24,850 11,53,37,803 2,30,30,40,157 77,00,51,004 Net Cash and cash equivalents 7,58,018 (10,01,115) (89,31,923) 2,42,51,312 (26,297) 13,72,998 5,60,039 42,73,715 38,79,328 Cash and cash equivalents, beginning of the year Cash and cash equivalents, end of the year 4,98,851 14,99,966 9,30,59,747 6,88,08,435 13,72, ,56,869 4,98,851 8,41,27,824 9,30,59,747 13,46,701 13,72,998 5,60,039 42,73,715 38,79,328 Components of cash and cash equivalents Balances with banks in current accounts - Deposits Deposits with with scheduled scheduled banks banks - Deposits Deposits with with Companies/Institutions CBLO Placement 1,13,219 1,67,818 5,90,96,396 4,02,53,994 13,492 30,571 10,159 1,60,114 10, ,43,650 3,31,033 2,50,31,428 5,28,05,753 13,33,209 13,42,427 5,49,880 41,13,601 38,69,254 12,56,869 4,98,851 8,41,27,824 9,30,59,747 13,46,701 13,72,998 5,60,039 42,73,715 38,79,328 As per our Report of even date For Haribhakti & Co. Chartered Accountants Firm Registration No: W For and on behalf of Reliance Capital Asset Management Limited For and on behalf of Reliance Capital Trustee Co. Limited Chetan Desai Partner Membership No Soumen Ghosh Director A.N. Shanbhag Director Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Sunil Singhania Head - Equities Amit Tripathi Head - Fixed Income Sailesh Bhan Ashwani Kumar Omprakash Kuckian Samir Rachh Fund Manager Fund Manager Fund Manager Fund Manager Mumbai Date: 24th June 2014 Krishan Daga Sanjay Parekh Jahnvee Shah Hiren Chandaria Fund Manager Fund Manager Fund Manager Fund Manager

193 RELIANCE MUTUAL FUND SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31st March, 2014 RELIANCE GROWTH FUND RELIANCE VISION FUND RELIANCE BANKING FUND 31st March, st March, st March, st March, st March, st March, 2013 Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) SCHEDULE 'A' UNIT CAPITAL (Face value of Rs. 10 each) Unit Capital (Opening Balance) 42,34,61,384 4,23,46,13,825 52,53,97,366 5,25,39,73,653 24,37,24,162 2,43,72,41,616 31,82,40,728 3,18,24,07,279 27,07,02,874 2,70,70,28,754 30,33,19,462 3,03,31,94,636 Add : Subscription during Initial Offer period Add: Allotted on Merger during the year / period ,68,65,234 96,86,52, Add : Subscription during the year / period 4,21,91,555 42,19,15,550 5,79,70,630 57,97,06,296 1,80,30,875 18,03,08,749 1,92,34,966 19,23,49,656 5,56,66,214 55,66,62,136 9,00,07,090 90,00,70,902 Less : Redemption during the year / period 13,12,31,506 1,31,23,15,058 15,99,06,612 1,59,90,66,124 8,57,22,224 85,72,22,242 9,37,51,532 93,75,15,319 10,73,25,156 1,07,32,51,558 12,26,23,678 1,22,62,36,784 Unit Capital (Closing Balance) 33,44,21,433 3,34,42,14,317 42,34,61,384 4,23,46,13,825 27,28,98,047 2,72,89,80,462 24,37,24,162 2,43,72,41,616 21,90,43,932 2,19,04,39,332 27,07,02,874 2,70,70,28,754 SCHEDULE 'B' RESERVES & SURPLUS Unit Premium Reserve Opening Balance 11,03,05,58,751 17,16,93,14,529 1,37,30,38,228 2,19,15,39,411 4,95,80,84,217 5,69,78,74,248 Add\(Less) : Net Additions\(Deductions) during the year / period (9,21,50,28,291) (11,16,07,74,382) 4,41,44,91,965 (4,68,79,51,832) (2,70,91,06,104) (1,26,99,95,816) Less:-Transferred to / (from) Equalisation Account (4,96,03,84,828) (5,02,20,18,604) 4,39,49,24,179 (3,86,94,50,649) (1,26,41,11,664) (53,02,05,785) Closing Balance 6,77,59,15,288 11,03,05,58,751 1,39,26,06,014 1,37,30,38,228 3,51,30,89,777 4,95,80,84,217 Income Equalisation Reserve Transferred (to) / from Unit Premium Reserve (4,96,03,84,828) (5,02,20,18,604) 4,39,49,24,179 (3,86,94,50,649) (1,26,41,11,664) (53,02,05,785) Less: Transferred to / (from) Revenue Account (4,96,03,84,828) (5,02,20,18,604) 4,39,49,24,179 (3,86,94,50,649) (1,26,41,11,664) (53,02,05,785) Closing Balance Unrealised Appreciation Reserve Opening Balance 9,18,04,76,390 12,78,04,34,319-1,20,22,97,213 3,30,41,89,777 2,32,01,24,987 Less: Transferred to Revenue Account 9,18,04,76,390 12,78,04,34,319-1,20,22,97,213 3,30,41,89,777 2,32,01,24,987 Add: Transferred from Revenue Account 12,34,40,55,572 9,18,04,76,390 5,84,69,96,759-3,31,30,93,956 3,30,41,89,777 Closing Balance 12,34,40,55,572 9,18,04,76,390 5,84,69,96,759-3,31,30,93,956 3,30,41,89,777 Appropriation Account Surplus / ( Deficit ) carried forward 18,70,35,74,272 21,80,57,69,670 15,60,95,79,260 11,50,06,33,338 5,87,38,51,315 6,00,38,25,643 Total Reserves & Surplus 37,82,35,45,132 42,01,68,04,811 22,84,91,82,033 12,87,36,71,566 12,70,00,35,048 14,26,60,99,637

194 RELIANCE MUTUAL FUND SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31st March, 2014 RELIANCE DIVERSIFIED POWER SECTOR FUND RELIANCE PHARMA FUND RELIANCE MEDIA & ENTERTAINMENT FUND 31st March, st March, st March, st March, st March, st March, 2013 Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) SCHEDULE 'A' UNIT CAPITAL (Face value of Rs. 10 each) Unit Capital (Opening Balance) Add : Subscription during Initial Offer period Add: Allotted on Merger during the year / period Add : Subscription during the year / period Less : Redemption during the year / period 42,20,17,539 4,22,01,75,382 53,47,38,739 5,34,73,87,387 12,17,16,428 1,21,71,64,268 12,13,43,450 1,21,34,34,490 3,73,44,027 37,34,40,272 2,84,89,216 28,48,92, ,16,42,999 1,01,64,29, ,04,87,511 30,48,75,114 4,48,13,121 44,81,31,207 3,43,36,703 34,33,67,034 3,44,15,355 34,41,53,546 1,07,39,514 10,73,95,143 1,94,38,174 19,43,81,742 12,42,37,913 1,24,23,79,135 15,75,34,321 1,57,53,43,212 3,80,97,481 38,09,74,813 3,40,42,377 34,04,23,768 1,86,08,889 18,60,88,887 1,05,83,363 10,58,33,627 Unit Capital (Closing Balance) 42,99,10,136 4,29,91,01,354 42,20,17,539 4,22,01,75,382 11,79,55,650 1,17,95,56,489 12,17,16,428 1,21,71,64,268 2,94,74,652 29,47,46,528 3,73,44,027 37,34,40,272 SCHEDULE 'B' RESERVES & SURPLUS Unit Premium Reserve Opening Balance Add\(Less) : Net Additions\(Deductions) during the year / period Less:-Transferred to / (from) Equalisation Account Closing Balance Income Equalisation Reserve Transferred (to) / from Unit Premium Reserve Less: Transferred to / (from) Revenue Account Closing Balance Unrealised Appreciation Reserve Opening Balance Less: Transferred to Revenue Account Add: Transferred from Revenue Account Closing Balance Appropriation Account Surplus / ( Deficit ) carried forward 3,23,12,31,043 4,09,40,47,105 2,25,95,41,068 2,21,37,89,377 (20,37,27,828) (22,24,51,289) (24,95,10,552) (3,92,53,72,277) (10,13,11,671) 6,82,59,915 (11,91,49,350) 17,42,06,241 (31,62,21,569) (3,06,25,56,215) (2,82,38,515) 2,25,08,224 (15,09,26,407) 15,54,82,780 3,29,79,42,060 3,23,12,31,043 2,18,64,67,912 2,25,95,41,068 (17,19,50,771) (20,37,27,828) (31,62,21,569) (3,06,25,56,215) (2,82,38,515) 2,25,08,224 (15,09,26,407) 15,54,82,780 (31,62,21,569) (3,06,25,56,215) (2,82,38,515) 2,25,08,224 (15,09,26,407) 15,54,82, ,849 1,36,58,08,814 83,81,42,992 14,26,07, ,849 1,36,58,08,814 83,81,42,992 14,26,07, ,57,94,00,066 1,36,58,08,814 12,36,13,279 14,26,07, ,57,94,00,066 1,36,58,08,814 12,36,13,279 14,26,07,702 9,78,99,10,937 8,11,28,53,072 2,21,82,48,863 1,60,42,82,430 61,19,51,048 69,33,02,730 Total Reserves & Surplus 13,08,78,52,997 11,34,40,84,115 6,98,41,16,841 5,22,96,32,312 56,36,13,556 63,21,82,604

195 RELIANCE MUTUAL FUND SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31st March, 2014 RELIANCE QUANT PLUS FUND R* SHARES BANKING ETF RELIANCE EQUITY OPPORTUNITIES FUND 31st March, st March, st March, st March, st March, st March, 2013 Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) SCHEDULE 'A' UNIT CAPITAL (Face value of Rs. 10 each) Unit Capital (Opening Balance) Add : Subscription during Initial Offer period Add: Allotted on Merger during the year / period Add : Subscription during the year / period Less : Redemption during the year / period 4,62,51,230 46,25,12,313 14,33,77,224 1,43,37,72,255 86,797 8,67,970 1,06,797 10,67,970 1,50,17,19,606 15,01,71,96,051 1,16,43,65,201 11,64,36,52, ,93,959 4,79,39,587 2,59,94,693 25,99,46, ,90,04,605 3,69,00,46,052 70,74,67,613 7,07,46,76,129 2,35,42,479 23,54,24,787 12,31,20,687 1,23,12,06, ,000 2,00,000 44,58,22,622 4,45,82,26,215 37,01,13,208 3,70,11,32,078 Unit Capital (Closing Balance) 2,75,02,710 27,50,27,113 4,62,51,230 46,25,12,313 86,797 8,67,970 86,797 8,67,970 1,42,49,01,589 14,24,90,15,888 1,50,17,19,606 15,01,71,96,051 SCHEDULE 'B' RESERVES & SURPLUS Unit Premium Reserve Opening Balance Add\(Less) : Net Additions\(Deductions) during the year / period Less:-Transferred to / (from) Equalisation Account Closing Balance Income Equalisation Reserve Transferred (to) / from Unit Premium Reserve Less: Transferred to / (from) Revenue Account Closing Balance Unrealised Appreciation Reserve Opening Balance Less: Transferred to Revenue Account Add: Transferred from Revenue Account Closing Balance Appropriation Account Surplus / ( Deficit ) carried forward (3,58,98,319) (7,25,95,552) 51,19,645 1,81,57,919 12,02,32,48,550 7,62,33,26,744 (4,57,27,463) (17,15,81,459) - (2,45,90,190) (1,20,57,85,460) 8,38,68,31,621 (4,74,87,631) (20,82,78,692) - (1,15,51,916) (49,05,37,676) 3,98,69,09,815 (3,41,38,151) (3,58,98,319) 51,19,645 51,19,645 11,30,80,00,766 12,02,32,48,550 (4,74,87,631) (20,82,78,692) - (1,15,51,916) (49,05,37,676) 3,98,69,09,815 (4,74,87,631) (20,82,78,692) - (1,15,51,916) (49,05,37,676) 3,98,69,09, ,48,078 2,78,24,882 4,09,57,880 3,77,09,245 5,94,33,77,298 3,12,10,38,037 36,48,078 2,78,24,882 4,09,57,880 3,77,09,245 5,94,33,77,298 3,12,10,38,037 7,05,83,961 36,48,078 5,21,61,842 4,09,57,880 12,98,56,59,343 5,94,33,77,298 7,05,83,961 36,48,078 5,21,61,842 4,09,57,880 12,98,56,59,343 5,94,33,77,298 8,01,61,214 12,08,86,591 5,96,61,651 5,63,09,776 17,19,42,21,987 15,96,29,14,081 Total Reserves & Surplus 11,66,07,024 8,86,36,350 11,69,43,138 10,23,87,301 41,48,78,82,096 33,92,95,39,929

196 RELIANCE MUTUAL FUND SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31st March, 2014 RELIANCE TAX SAVER (ELSS) FUND RELIANCE FOCUSED LARGE CAP FUND (Formerly known as RELIANCE EQUITY FUND) RELIANCE LONG TERM EQUITY FUND 31st March, st March, st March, st March, st March, st March, 2013 Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) SCHEDULE 'A' UNIT CAPITAL (Face value of Rs. 10 each) Unit Capital (Opening Balance) Add : Subscription during Initial Offer period Add: Allotted on Merger during the year / period Add : Subscription during the year / period Less : Redemption during the year / period 1,12,10,43,182 11,21,04,31,833 1,16,84,71,455 11,68,47,14,564 69,66,65,377 6,96,66,53,768 87,61,77,071 8,76,17,70,709 60,62,33,942 6,06,23,39,434 77,17,57,798 7,71,75,77, ,09,37,611 1,00,93,76,107 15,35,33,406 1,53,53,34,061 2,30,32,652 23,03,26,524 1,43,29,119 14,32,91,189 1,32,92,477 13,29,24,769 2,84,21,093 28,42,10,929 19,72,23,488 1,97,22,34,880 20,09,61,679 2,00,96,16,792 13,98,95,997 1,39,89,59,967 19,38,40,813 1,93,84,08,130 15,06,68,614 1,50,66,86,142 19,39,44,949 1,93,94,49,487 Unit Capital (Closing Balance) 1,02,47,57,305 10,24,75,73,060 1,12,10,43,182 11,21,04,31,833 57,98,02,032 5,79,80,20,325 69,66,65,377 6,96,66,53,768 46,88,57,805 4,68,85,78,061 60,62,33,942 6,06,23,39,434 SCHEDULE 'B' RESERVES & SURPLUS Unit Premium Reserve Opening Balance Add\(Less) : Net Additions\(Deductions) during the year / period Less:-Transferred to / (from) Equalisation Account Closing Balance Income Equalisation Reserve Transferred (to) / from Unit Premium Reserve Less: Transferred to / (from) Revenue Account Closing Balance Unrealised Appreciation Reserve Opening Balance Less: Transferred to Revenue Account Add: Transferred from Revenue Account Closing Balance Appropriation Account Surplus / ( Deficit ) carried forward 1,32,53,84,862 1,55,88,33,492 1,31,10,73,052 1,79,85,90,147 4,62,66,612 23,92,47,311 (82,97,62,832) (52,51,57,072) (61,45,70,533) (69,78,89,586) (65,11,56,884) (81,29,84,332) (58,92,58,471) (29,17,08,442) (17,24,42,208) (21,03,72,491) (57,79,05,949) (62,00,03,633) 1,08,48,80,501 1,32,53,84,862 86,89,44,727 1,31,10,73,052 (2,69,84,323) 4,62,66,612 (58,92,58,471) (29,17,08,442) (17,24,42,208) (21,03,72,491) (57,79,05,949) (62,00,03,633) (58,92,58,471) (29,17,08,442) (17,24,42,208) (21,03,72,491) (57,79,05,949) (62,00,03,633) ,27,26,58,478 2,66,09,97,728 21,29,46, ,71,64,136 1,27,26,58,478 2,66,09,97,728 21,29,46, ,71,64,136 5,02,21,01,257 1,27,26,58,478 2,43,93,18,974 21,29,46,386 1,17,98,76,137-5,02,21,01,257 1,27,26,58,478 2,43,93,18,974 21,29,46,386 1,17,98,76,137-5,73,49,19,014 4,93,76,20,116 83,71,25,759 1,16,72,89,589 2,11,70,95,235 2,16,41,57,087 Total Reserves & Surplus 11,84,19,00,772 7,53,56,63,456 4,14,53,89,460 2,69,13,09,027 3,26,99,87,049 2,21,04,23,699

197 RELIANCE MUTUAL FUND SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31st March, 2014 RELIANCE TOP 200 FUND RELIANCE EQUITY LINKED SAVING FUND - SERIES I RELIANCE REGULAR SAVINGS FUND - EQUITY OPTION 31st March, st March, st March, st March, st March, st March, 2013 Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) SCHEDULE 'A' UNIT CAPITAL (Face value of Rs. 10 each) Unit Capital (Opening Balance) Add : Subscription during Initial Offer period Add: Allotted on Merger during the year / period Add : Subscription during the year / period Less : Redemption during the year / period 58,32,84,239 5,83,28,42,399 69,54,52,366 6,95,45,23,670 7,55,91,963 75,59,19,624 9,78,04,514 97,80,45,134 92,31,55,653 9,23,15,56,541 1,14,88,37,064 11,48,83,70, ,13,16,869 1,01,31,68,693 6,93,60,181 69,36,01,811 3,321 33, ,19,89,397 1,21,98,93,968 18,77,12,091 1,87,71,20,907 16,24,49,782 1,62,44,97,820 18,15,28,308 1,81,52,83,082 1,54,00,741 15,40,07,413 2,22,12,551 22,21,25,510 32,98,05,903 3,29,80,59,027 41,33,93,502 4,13,39,35,016 Unit Capital (Closing Balance) 52,21,51,326 5,22,15,13,272 58,32,84,239 5,83,28,42,399 6,01,94,543 60,19,45,417 7,55,91,963 75,59,19,624 71,53,39,147 7,15,33,91,482 92,31,55,653 9,23,15,56,541 SCHEDULE 'B' RESERVES & SURPLUS Unit Premium Reserve Opening Balance Add\(Less) : Net Additions\(Deductions) during the year / period Less:-Transferred to / (from) Equalisation Account Closing Balance Income Equalisation Reserve Transferred (to) / from Unit Premium Reserve Less: Transferred to / (from) Revenue Account Closing Balance Unrealised Appreciation Reserve Opening Balance Less: Transferred to Revenue Account Add: Transferred from Revenue Account Closing Balance Appropriation Account Surplus / ( Deficit ) carried forward 16,00,52,022 34,71,66,878 12,21,99,368 24,75,00,194 4,21,85,87,170 5,70,07,90,862 (23,01,45,635) (35,57,81,994) (8,82,46,098) (12,53,00,826) (3,57,91,56,582) (3,97,55,33,030) (15,40,81,542) (16,86,67,138) - - (2,35,80,53,769) (2,49,33,29,338) 8,39,87,929 16,00,52,022 3,39,53,270 12,21,99,368 2,99,74,84,357 4,21,85,87,170 (15,40,81,542) (16,86,67,138) - - (2,35,80,53,769) (2,49,33,29,338) (15,40,81,542) (16,86,67,138) - - (2,35,80,53,769) (2,49,33,29,338) ,75,54,820 57,64,89,491-7,32,45, ,75,54,820 57,64,89,491-7,32,45, ,24,95,53,644 45,75,54,820 10,54,49,079-3,53,50,80,885-1,24,95,53,644 45,75,54,820 10,54,49,079-3,53,50,80,885-1,28,54,42,623 1,00,96,69,675 35,21,51,538 27,58,73,713 8,48,61,46,556 11,03,28,95,009 Total Reserves & Surplus 2,61,89,84,196 1,62,72,76,517 49,15,53,887 39,80,73,081 15,01,87,11,798 15,25,14,82,179

198 RELIANCE MUTUAL FUND SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31st March, 2014 RELIANCE REGULAR SAVINGS FUND - BALANCED OPTION RELIANCE NRI EQUITY FUND RELIANCE INDEX FUND - NIFTY PLAN 31st March, st March, st March, st March, st March, st March, 2013 Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) SCHEDULE 'A' UNIT CAPITAL (Face value of Rs. 10 each) Unit Capital (Opening Balance) Add : Subscription during Initial Offer period Add: Allotted on Merger during the year / period Add : Subscription during the year / period Less : Redemption during the year / period 28,74,76,486 2,87,47,64,850 35,18,48,904 3,51,84,89,033 3,11,06,473 31,10,64,738 3,80,81,009 38,08,10,100 5,24,28,171 52,42,81,711 7,79,66,161 77,96,61, ,13,26,963 91,32,69,627 8,16,68,951 81,66,89,510 20,72,992 2,07,29,917 13,05,960 1,30,59,599 1,66,91,042 16,69,10,418 2,27,91,731 22,79,17,313 12,00,72,393 1,20,07,23,931 14,60,41,369 1,46,04,13,693 65,06,912 6,50,69,123 82,80,496 8,28,04,961 4,31,07,806 43,10,78,065 4,83,29,721 48,32,97,209 Unit Capital (Closing Balance) 25,87,31,056 2,58,73,10,546 28,74,76,486 2,87,47,64,850 2,66,72,553 26,67,25,532 3,11,06,473 31,10,64,738 2,60,11,407 26,01,14,064 5,24,28,171 52,42,81,711 SCHEDULE 'B' RESERVES & SURPLUS Unit Premium Reserve Opening Balance Add\(Less) : Net Additions\(Deductions) during the year / period Less:-Transferred to / (from) Equalisation Account Closing Balance Income Equalisation Reserve Transferred (to) / from Unit Premium Reserve Less: Transferred to / (from) Revenue Account Closing Balance Unrealised Appreciation Reserve Opening Balance Less: Transferred to Revenue Account Add: Transferred from Revenue Account Closing Balance Appropriation Account Surplus / ( Deficit ) carried forward 49,72,74,807 64,76,88,771 10,17,81,005 16,34,00,905 (1,55,81,697) (12,92,050) (24,10,16,491) (42,61,70,957) (8,75,70,610) (12,97,86,504) (5,96,810) (40,57,482) (14,62,65,904) (27,57,56,993) (5,19,29,528) (6,81,66,604) 58,61,685 1,02,32,165 40,25,24,220 49,72,74,807 6,61,39,923 10,17,81,005 (2,20,40,192) (1,55,81,697) (14,62,65,904) (27,57,56,993) (5,19,29,528) (6,81,66,604) 58,61,685 1,02,32,165 (14,62,65,904) (27,57,56,993) (5,19,29,528) (6,81,66,604) 58,61,685 1,02,32, ,45,01,257-10,31,98,523 14,72,48,410 72,83,196-10,45,01,257-10,31,98,523 14,72,48,410 72,83,196-69,30,66,532 10,45,01,257 17,03,11,361 10,31,98,523 4,62,71,610 72,83,196 69,30,66,532 10,45,01,257 17,03,11,361 10,31,98,523 4,62,71,610 72,83,196 1,80,79,46,251 1,70,50,49,700 29,63,25,152 32,41,88,722 49,05,597 (2,33,74,050) Total Reserves & Surplus 2,90,35,37,003 2,30,68,25,764 53,27,76,436 52,91,68,250 2,91,37,015 (3,16,72,551)

199 RELIANCE MUTUAL FUND SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31st March, 2014 RELIANCE SMALL CAP FUND RELIANCE ARBITRAGE ADVANTAGE FUND RELIANCE INDEX FUND - SENSEX PLAN 31st March, st March, st March, st March, st March, st March, 2013 Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) SCHEDULE 'A' UNIT CAPITAL (Face value of Rs. 10 each) Unit Capital (Opening Balance) Add : Subscription during Initial Offer period Add: Allotted on Merger during the year / period Add : Subscription during the year / period Less : Redemption during the year / period 34,06,28,952 3,40,62,89,519 47,98,74,602 4,79,87,46,019 30,14,130 3,01,41,292 13,60,508 1,36,05,077 33,20,025 3,32,00,259 32,57,381 3,25,73, ,17,35,632 1,21,73,56,323 6,41,72,468 64,17,24,682 96,85,30,283 9,68,53,02,834 23,85,341 2,38,53,406 11,67,149 1,16,71,490 14,20,460 1,42,04,604 13,75,20,000 1,37,52,00,001 20,34,18,118 2,03,41,81,182 80,51,66,852 8,05,16,68,521 7,31,719 73,17,191 11,85,573 1,18,55,733 13,57,816 1,35,78,163 Unit Capital (Closing Balance) 32,48,44,584 3,24,84,45,841 34,06,28,952 3,40,62,89,519 16,63,77,561 1,66,37,75,605 30,14,130 3,01,41,292 33,01,601 3,30,16,016 33,20,025 3,32,00,259 SCHEDULE 'B' RESERVES & SURPLUS Unit Premium Reserve Opening Balance Add\(Less) : Net Additions\(Deductions) during the year / period Less:-Transferred to / (from) Equalisation Account Closing Balance Income Equalisation Reserve Transferred (to) / from Unit Premium Reserve Less: Transferred to / (from) Revenue Account Closing Balance Unrealised Appreciation Reserve Opening Balance Less: Transferred to Revenue Account Add: Transferred from Revenue Account Closing Balance Appropriation Account Surplus / ( Deficit ) carried forward (86,82,266) 17,12,455 10,16, ,710 33,988 10,61,20,433 (1,51,73,257) 2,02,22,39,747 31,29,383 (3,25,977) (1,88,295) 7,09,39,071 (47,78,536) 1,81,47,93,365 21,13,134 42,440 (2,20,017) 2,64,99,096 (86,82,266) 20,84,63,224 10,16,842 (3,02,707) 65,710 7,09,39,071 (47,78,536) 1,81,47,93,365 21,13,134 42,440 (2,20,017) 7,09,39,071 (47,78,536) 1,81,47,93,365 21,13,134 42,440 (2,20,017) ,80,175-16,50, ,80,175-16,50,175-56,09,72,032-10,10,11,685 24,80,175 71,75,437 16,50,175 56,09,72,032-10,10,11,685 24,80,175 71,75,437 16,50,175 44,76,94,088 (21,65,31,168) (3,92,12,138) 38,45,089 (34,21,322) (42,33,217) Total Reserves & Surplus 1,03,51,65,216 (22,52,13,434) 27,02,62,771 73,42,106 34,51,408 (25,17,332)

200 RELIANCE MUTUAL FUND SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31st March, 2014 RELIANCE GOLD SAVINGS FUND R* SHARES CNX 100 FUND R*Shares Nifty ETF RELIANCE CLOSE ENDED EQUITY FUND - SERIES A RELIANCE CLOSE ENDED EQUITY FUND - SERIES B 31st March, st March, st March, st March, st March, st March, st March, 2014 Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) Units Amount (Rs) SCHEDULE 'A' UNIT CAPITAL (Face value of Rs. 10 each) Unit Capital (Opening Balance) Add : Subscription during Initial Offer period Add: Allotted on Merger during the year / period Add : Subscription during the year / period Less : Redemption during the year / period 1,60,02,22,183 16,00,22,21,828 1,61,71,53,225 16,17,15,32,256 18,89,784 1,88,97, ,89,784 1,88,97,840 19,19,826 1,91,98,260 23,03,04,016 2,30,30,40,157 7,70,05,110 77,00,51, ,35,86,785 4,23,58,67,849 73,35,31,229 7,33,53,12,287 2,030 20, ,00,000 60,00, ,56,22,138 7,85,62,21,383 75,04,62,271 7,50,46,22,715 9,01,511 90,15, ,00,000 60,00, Unit Capital (Closing Balance) 1,23,81,86,830 12,38,18,68,294 1,60,02,22,183 16,00,22,21,828 9,90,303 99,03,030 18,89,784 1,88,97,840 19,19,826 1,91,98,260 23,03,04,016 2,30,30,40,157 7,70,05,110 77,00,51,104 SCHEDULE 'B' RESERVES & SURPLUS Unit Premium Reserve Opening Balance Add\(Less) : Net Additions\(Deductions) during the year / period Less:-Transferred to / (from) Equalisation Account Closing Balance Income Equalisation Reserve Transferred (to) / from Unit Premium Reserve Less: Transferred to / (from) Revenue Account Closing Balance Unrealised Appreciation Reserve Opening Balance Less: Transferred to Revenue Account Add: Transferred from Revenue Account Closing Balance Appropriation Account Surplus / ( Deficit ) carried forward 1,82,80,61,902 1,79,97,84,319 8,58,79, (1,31,15,31,089) (1,29,27,945) (4,46,47,404) 8,58,79,722 9,61,39, (16,52,62,918) (4,12,05,528) (11,66,603) - 26, ,17,93,731 1,82,80,61,902 4,23,98,921 8,58,79,722 9,61,13, (16,52,62,918) (4,12,05,528) (11,66,603) - 26, (16,52,62,918) (4,12,05,528) (11,66,603) - 26, ,81,18,19,160 3,46,37,11,827 4,72, ,81,18,19,160 3,46,37,11,827 4,72, ,37,98,43,906 3,81,18,19,160 99,82,916 4,72,011 1,18,52,718 24,37,24,328 6,77,18,190 2,37,98,43,906 3,81,18,19,160 99,82,916 4,72,011 1,18,52,718 24,37,24,328 6,77,18,190 83,60,05,330 21,83,36,754 32,66,430 76,581 20,22,709 2,84,27,508 1,12,62,757 Total Reserves & Surplus 3,89,76,42,967 5,85,82,17,816 5,56,48,267 8,64,28,314 10,99,88,517 27,21,51,836 7,89,80,947

201 RELIANCE MUTUAL FUND SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31st MARCH, 2014 RELIANCE GROWTH FUND RELIANCE VISION FUND RELIANCE BANKING FUND RELIANCE DIVERSIFIED POWER SECTOR FUND RELIANCE PHARMA FUND 31st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, 2013 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) SCHEDULE 'C' CURRENT LIABILITIES & PROVISIONS Current liabilities: Purchase contract outstanding 23,38,72,331-13,74,92,276 68,69,14,443 28,41,72,204 4,40,72,111 14,04,03,724-22,30,898 - Management Fees Payable - 86,68,827-32,86,456-35,79,489-33,17,237-19,35,032 Audit Fees Payable 2,57,140 3,29,501 2,30,826 1,18,925 90,987 1,07,148 1,34,288 1,25,706 44,230 38,299 Inter Scheme Payable 4,12,08,424 2,40,83,909 1,55,77,199 1,25,76,005 1,85,29,744 1,63,28,877 1,64,21,495 1,27,96,758 2,08,05,767 43,48,300 Redemption Payable 18,65,24,912 7,38,43,336 14,23,39,671 2,24,03,975 9,64,90,831 4,52,71,121 8,42,39,881 2,99,01,713 2,61,85,026 87,50,150 Load Payable 1,51,09,123-1,89,92,973 1,43,54,009 1,03,81,977 99,11,128 1,78,45,588 1,18,79,041 53,566 - Load Payable upto ,48, Payable to AMC - Others ,928-37,391-4, Units Pending Allotment (Net of Subscription Receivable) 23,96,596-1,25,88, ,03,73, Unclaimed Redemption Amount 2,27,66,865 2,13,85,275 4,06,04,306 1,48,24,079 18,89,583 20,42,536 1,81,97,417 1,88,83,759 19,40,733 12,86,384 Unclaimed Dividend Amount 3,17,62,969 3,79,58,871 1,63,97,613 2,09,04,208 66,02,200 69,31,883 1,25,56,626 1,31,60,487 19,86,361 17,83,526 Future Margin Payable ,13,978 8,59,998 6,00, Investor Education Fund 6,94,330 54,35,285 4,18,718 18,73,848 2,40,957 18,61,830 2,81,322 19,98,420 1,38,612 6,63,349 Other Current Liabilities 7,36,14,492 1,00,22,74,034 4,74,75,211 38,37,44,336 2,28,23,103 2,29,82,647 3,89,88,915 4,83,75,905 1,26,80,561 92,36,729 Total 60,82,07,182 1,17,39,79,038 43,21,17,470 1,16,32,22,190 44,20,81,584 15,37,26,805 34,50,91,259 14,04,43,540 6,60,65,754 2,80,41,769 SCHEDULE 'D' INVESTMENTS Equity Shares 40,12,72,73,333 45,27,04,78,187 25,49,31,83,837 15,18,69,91,050 14,65,90,38,977 16,71,24,50,483 17,13,47,13,869 14,96,70,65,618 8,10,74,55,543 6,39,15,87,134 Preference Shares International Equities Warrants Privately Placed Debentures and Bonds Listed Corporate Debentures and Bonds ,89,571 Zero Coupon Bond Commercial Paper Certificate of Deposit 84,92,55,768 1,48,81,48,647 14,82,65,250 79,36,39,824 14,98,52,400-19,98,03,200-2,99,90,154 - Gold ETF Total 40,97,65,29,101 46,75,86,26,834 25,64,14,49,087 15,98,06,30,874 14,80,88,91,377 16,71,24,50,483 17,33,45,17,069 14,96,70,65,618 8,13,74,45,697 6,39,31,76,705 SCHEDULE 'E' DEPOSITS - Deposits with Companies/Institutions 21,50,00,000 11,50,00, ,00,00,000-10,00,00, Total 21,50,00,000 11,50,00, ,00,00,000-10,00,00, SCHEDULE 'F' CURRENT ASSETS Balances with Banks in Current Account 9,55,55,243 8,00,33,785 6,19,29,597 4,83,26,856 3,82,01,187 1,79,94,671 4,80,82,832 5,47,66,830 1,90,13,745 1,01,49,776 Investment for unclaimed Dividend and Redemption 5,37,98,842 5,55,83,230 5,62,19,185 3,46,82,334 82,19,044 83,05,152 3,03,10,044 3,08,15,681 39,02,685 28,47,052 CBLO Placement 1,18,72,301 11,56,71,283 1,51,28,693 2,61,67,567 1,41,55,502 20,73,75,590 3,09,18,894 25,45,12,191 2,45,94,417 6,31,69,368 Sales Contract outstanding 37,96,59,853 20,92,91,265 19,69,95,243 18,58,01,913 29,75,80,041 4,28,23,823 27,59,43,102 28,15,59,405 3,71,59,654 - Outstanding and Accrued Income 23,78,630 16,78, ,92,330-12,92,329-3,230 Dividend Receivable 52,91,010 1,32,00,000 2,74,27,500 72,00,000-1,20,19,311 62,60, Subscription Receivable (Net of Units Pending allotment) - 5,16,75,183-7,88,766 23,57,876 79,76,652-30,62,625 13,93,386 34,91,934 Inter Scheme Receivable 9,00,936 28,64,652 18,50,479 5,37,061 44,88,341 55,06,073 11,45,922 5,17,247 45,87,509 19,60,200 Receivable from AMC 1,27,58,493 1,06,62,250 92,80,181-75,51,485-48,67,033-16,41,991 40,083 Future Margin Receivable Other Current Assets Futures & Option Initial Margin 2,22,22,222 1,11,11,111-19,00,00,000 15,11,11,111 1,11,11,111-1,11,11, Total 58,44,37,530 55,17,70,840 36,88,30,878 49,35,04,497 52,36,64,587 31,44,04,713 39,75,28,541 63,76,37,419 9,22,93,387 8,16,61,643 SCHEDULE 'G' Deferred Revenue Expenditure Not Written off Opening Balance Amount written-off during the year Unamortised DRE recovered from Investors Closing Balance

202 RELIANCE MUTUAL FUND SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31st MARCH, 2014 RELIANCE MEDIA & ENTERTAINMENT FUND RELIANCE QUANT PLUS FUND R* SHARES BANKING ETF RELIANCE EQUITY OPPORTUNITIES FUND RELIANCE TAX SAVER (ELSS) FUND SCHEDULE 'C' CURRENT LIABILITIES & PROVISIONS Current liabilities: Purchase contract outstanding Management Fees Payable Audit Fees Payable Inter Scheme Payable Redemption Payable Load Payable Load Payable upto Payable to AMC - Others Units Pending Allotment (Net of Subscription Receivable) Unclaimed Redemption Amount Unclaimed Dividend Amount Future Margin Payable Investor Education Fund Other Current Liabilities 31st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, 2013 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) ,65,122-99,68,84,565 29,12,99,080 39,10,65,460 7,52,59,040-2,71,502-1,60,128 4,310 4,757-67,34,503-38,98,854 5,842 4,579 5,118 7,235 5, ,02,444 2,79,989 1,14,301 1,21,820 8,03,650 6,91,284 42,296 70, ,55,89,569 1,17,17,939 85,45,366 26,07,091 33,77,079 81,24,685 17,66,704 5,14, ,40,63,752 5,13,63,226 8,99,92,999 2,62,57,103 76,051-50,82,952 49,95, ,91,633-72,53,716 43,46, ,87,785 1,87, ,205 3,31,885 81,398 5,22,655 1,25,940 38,519 38,519-6,29, ,90,111 6,50,861 2,73,005 1,16, ,37,80,992 1,84,47,623 1,22,57,782 85,72,575 8,73,177 10,89,292 41,454 30, ,46,45,059 1,78,87,377 3,81,56,723 3,47,58, ,251 90,793 6,738 90,730 1,880 11,354 9,11,792 47,89,237 3,49,185 20,67,812 19,74,323 16,51,631 7,61,913 12,54,724 8,097 24,663 10,99,40,873 8,56,86,514 2,98,29,100 5,17,52,448 Total 80,46,369 1,26,56,025 85,02,835 73,67,979 22,10,831 2,67,760 1,41,77,10,679 48,88,35,010 57,75,64,632 20,96,50,223 SCHEDULE 'D' INVESTMENTS Equity Shares Preference Shares International Equities Warrants Privately Placed Debentures and Bonds Listed Corporate Debentures and Bonds Zero Coupon Bond Commercial Paper Certificate of Deposit Gold ETF 77,47,62,388 96,69,30,150 38,95,35,305 55,03,27,300 11,73,10,822 10,27,75,404 54,87,24,81,532 47,72,08,92,777 21,82,94,62,443 18,57,44,46,903-2,10,32, ,00, ,99,58, ,27,89,24,815 94,24,47,291 46,95,37, Total 83,47,21,032 98,79,62,640 38,95,35,305 55,03,27,300 11,73,10,822 10,27,75,404 56,15,14,06,347 48,67,24,40,068 22,29,89,99,963 18,57,44,46,903 SCHEDULE 'E' DEPOSITS - Deposits with Companies/Institutions Total SCHEDULE 'F' CURRENT ASSETS Balances with Banks in Current Account Investment for unclaimed Dividend and Redemption CBLO Placement Sales Contract outstanding Outstanding and Accrued Income Dividend Receivable Subscription Receivable (Net of Units Pending allotment) Inter Scheme Receivable Receivable from AMC Future Margin Receivable Other Current Assets Futures & Option Initial Margin 13,03,619 31,91,376 9,16,002 20,90,968 87,148 87,620 13,95,90,789 10,21,46,410 7,07,48,938 9,09,29,118 14,59,020 13,81,095 3,13,382 1,05, ,81,99,020 3,50,26,518 4,67,36,846 3,96,00,207 1,54,14,226 2,28,85,443 86,84,399 31,72,441 5,57,378 4,87,401 16,57,98,809 27,78,65,137 6,05,55,645 17,72,44,158 1,21,24, ,49,511 19,43,282-57,12,82,062 2,74,52,043 10,48,54,919 1,00, ,06,000 4,00,000 1,11,855-1,75,35,510 1,92,01,264 2,48,23,145 64,80, ,22,31,088-4,44,06,084 5,56,26,486 3,49,540 12,14,983 10,787 7,68, ,44,43,338 3,90,98,711 1,06,09,150 1,13,18,047 10,34,268 16,43,364 3,71,097 2,744 11,454 1,72,606 1,41,10,711 7,12,47,740 53,03, ,10,93, ,989 17,00,00, Total 3,16,85,421 3,03,16,261 1,06,01,667 81,89,341 27,11,117 7,47,627 1,00,32,02,316 76,31,30,922 36,80,38,501 38,12,98,608 SCHEDULE 'G' Deferred Revenue Expenditure Not Written off Opening Balance Amount written-off during the year Unamortised DRE recovered from Investors Closing Balance

203 RELIANCE MUTUAL FUND SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31st MARCH, 2014 RELIANCE FOCUSED LARGE CAP FUND (Formerly known as RELIANCE EQUITY FUND) RELIANCE LONG TERM EQUITY FUND RELIANCE TOP 200 FUND RELIANCE EQUITY LINKED SAVING FUND - SERIES I RELIANCE REGULAR SAVINGS FUND - EQUITY OPTION SCHEDULE 'C' CURRENT LIABILITIES & PROVISIONS Current liabilities: Purchase contract outstanding Management Fees Payable Audit Fees Payable Inter Scheme Payable Redemption Payable Load Payable Load Payable upto Payable to AMC - Others Units Pending Allotment (Net of Subscription Receivable) Unclaimed Redemption Amount Unclaimed Dividend Amount Future Margin Payable Investor Education Fund Other Current Liabilities 31st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, 2013 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) 28,38,73, ,31,43, ,31,07,769 1,46,98,348-31,16,794-15,43,445-17,96,026 2,09,813 4,07,341-45,51,099 58,161 64,809 46,639 60,925 45,081 49,005 6,368 7,993 1,37,112 1,95,764 31,49,370 26,07,985 32,41,660 76,52,205 70,63,545 10,14, ,00,81,971 1,68,40,101 3,19,42,277 1,88,57,849 2,83,95,791 1,14,85,151 3,68,07,699 76,26,820 1,81,345 3,25,220 14,61,79,992 5,39,63,536 5,33,439 1,68, ,69,111 31,85, ,85, , , ,66,902 5,35, ,70,65,424 1,47,09,533 99,76,228 76,24,402 1,24,22,945 1,01,74,785 4,01,954 2,33,699 68,00,270 49,69, ,05,77,832 1,83,17,715 53,85,556 43,47, ,82,626 34,52, ,89, ,64,789 10,87,433 1,29,819 9,93,885 1,29,614 8,15,242 17,792 1,30,559 3,67,766 28,29,604 2,90,91,683 87,73,344 1,57,68,922 3,02,09,709 1,24,04,132 1,53,42,249 21,70,973 28,67,433 3,00,39,181 2,80,69,710 Total 36,90,46,037 4,99,26,277 6,81,36,891 7,78,87,437 38,15,70,873 4,46,53,992 29,88,245 39,72,245 35,50,81,869 12,95,69,689 SCHEDULE 'D' INVESTMENTS Equity Shares Preference Shares International Equities Warrants Privately Placed Debentures and Bonds Listed Corporate Debentures and Bonds Zero Coupon Bond Commercial Paper Certificate of Deposit Gold ETF 9,62,31,81,308 9,38,96,81,856 7,89,64,57,873 8,05,94,06,178 7,74,40,37,902 7,15,99,30,475 1,02,72,71,378 1,09,39,62,273 21,65,58,87,589 24,03,58,79, ,32,84,750-6,99,51,752 9,92,04,978 29,97,93,222 16,48,69,543 1,49,89,661-46,98,45,746 24,80,12, Total 10,06,64,66,058 9,38,96,81,856 7,96,64,09,625 8,15,86,11,156 8,04,38,31,124 7,32,48,00,018 1,04,22,61,039 1,09,39,62,273 22,12,57,33,335 24,28,38,92,370 SCHEDULE 'E' DEPOSITS - Deposits with Companies/Institutions ,00,00,000 Total ,00,00,000 SCHEDULE 'F' CURRENT ASSETS Balances with Banks in Current Account Investment for unclaimed Dividend and Redemption CBLO Placement Sales Contract outstanding Outstanding and Accrued Income Dividend Receivable Subscription Receivable (Net of Units Pending allotment) Inter Scheme Receivable Receivable from AMC Future Margin Receivable Other Current Assets Futures & Option Initial Margin 2,41,98,138 2,65,18,854 1,09,59,070 4,06,16,067 1,53,65,813 2,84,71,807 1,95,253 13,04,257 4,91,07,488 3,41,18,542 1,66,30,572 1,36,98,305 2,04,31,788 2,49,83,821 1,75,05,083 1,38,04,251 4,01,954 2,01,840 86,92,868 66,68,520 1,42,61,378 27,50,96,381 2,03,61,243 8,01,70,054 2,72,35,738 5,40,19,984 44,66,422 3,77,17,569 3,48,31,976 6,29,93,805 14,54,54, ,06,59,097 11,09,07,837-3,42,94,565-29,30,38,617 4,24,39, ,67,672 22,50,000 28,50, ,58,065 78,29,776 3,00,000 19,20,000-1,02,00, ,22,003 15,26,100 1,90,100 20,83, ,66,103 3,78,16,669 13,98,998 43,676 4,60,669 4,21,342 23,56,878 12,63, ,33,640 43,47,968 17,96,038-75,57,603 11,62,933 22,10,746-1,41,470 2,06,280 54,79,038 70,51, ,00,00, ,25,00,000 6,957 7,25,00, ,084 1,11,11,111 Total 24,59,89,764 31,82,07,216 6,02,92,376 19,20,39,414 17,82,37,217 17,99,72,890 3,97,99,664 4,13,49,946 40,14,51,814 21,87,16,039 SCHEDULE 'G' Deferred Revenue Expenditure Not Written off Opening Balance Amount written-off during the year Unamortised DRE recovered from Investors ,26,52,731 3,48,59, ,09,608 47,99, ,16,277 74,07, Closing Balance ,44,26,846 2,26,52,

204 RELIANCE MUTUAL FUND SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31st MARCH, 2014 RELIANCE REGULAR SAVINGS FUND - BALANCED OPTION RELIANCE NRI EQUITY FUND RELIANCE INDEX FUND - NIFTY PLAN RELIANCE SMALL CAP FUND RELIANCE ARBITRAGE ADVANTAGE FUND SCHEDULE 'C' CURRENT LIABILITIES & PROVISIONS Current liabilities: Purchase contract outstanding Management Fees Payable Audit Fees Payable Inter Scheme Payable Redemption Payable Load Payable Load Payable upto Payable to AMC - Others Units Pending Allotment (Net of Subscription Receivable) Unclaimed Redemption Amount Unclaimed Dividend Amount Future Margin Payable Investor Education Fund Other Current Liabilities 31st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, 2013 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) 1,39,77,646 5,57,54, ,90,106 1,42,25,401 84,92,796-4,92,59,205 22,96,579-13,19,679-2,43,985 14,428 30,652-8,23,952 57,174 1,193 33,069 33,528 5,118 5,468 5,118 4,013 19,315 24,337 19, ,27,483 53,19,950 9,65,001 24,56,000 1,62,719 1,74,867 30,39,702 46,95,812 1,00,60,194-1,60,04,528 1,20,53,334 21,43,223 12,43,683 18,17,109 57,52,242 1,57,01,424 66,95,122 17,97,11,542-2,94,50,389 2,94,49,752 7,45,032 7,32,200 3,67,192 3,67,192 1,97,80,815 1,97,80, , , ,86,824 18,78,619 4,11,233 33,46,495 17,584 12,411 5,01,676 1,50, ,48,265 7,60,659 23,11,408 26,69, ,24,82,383 3,63,258 91,018 5,50,669 13,289 90,951 4,856 65,410 65,433 3,83,660 57,699 2,729 93,57,828 91,70,510 18,07,753 19,39,300 4,20,074 4,06,219 1,12,99,925 52,55,650 48,87,915 41,567 Total 8,02,77,050 11,63,55,815 84,02,057 1,27,27,517 71,99,186 2,10,38,407 5,89,01,086 3,78,12,637 27,65,35,535 27,05,490 SCHEDULE 'D' INVESTMENTS Equity Shares Preference Shares International Equities Warrants Privately Placed Debentures and Bonds Listed Corporate Debentures and Bonds Zero Coupon Bond Commercial Paper Certificate of Deposit Gold ETF 4,10,92,37,905 3,81,84,26,476 76,79,70,000 82,68,96,075 28,77,92,511 48,61,08,348 3,73,21,31,004 3,12,49,64,972 1,81,18,37,750 3,07,64, ,84, ,99,83,744 1,17,58,45, ,28,87,142 8,75,91, ,92,91, ,22,72,501 3,71,88, ,95,08, Total 5,40,36,56,751 5,11,90,51,176 76,79,70,000 82,68,96,075 28,77,92,511 48,61,08,348 4,23,16,39,004 3,12,49,64,972 1,81,18,37,750 3,07,64,144 SCHEDULE 'E' DEPOSITS - Deposits with Companies/Institutions ,00,00,000 - Total ,00,00,000 - SCHEDULE 'F' CURRENT ASSETS Balances with Banks in Current Account Investment for unclaimed Dividend and Redemption CBLO Placement Sales Contract outstanding Outstanding and Accrued Income Dividend Receivable Subscription Receivable (Net of Units Pending allotment) Inter Scheme Receivable Receivable from AMC Future Margin Receivable Other Current Assets Futures & Option Initial Margin 1,23,67,021 1,08,74,140 9,69,225 19,85,021 4,77,493 4,06,071 2,72,64,722 2,17,86,550 32,03,091 94,442 21,26,961 25,40,146 27,22,641 58,71,506 17,584 2,134 4,49,998 33, ,53,66,603 75,69,426 2,88,60,683 1,25,57,789 9,73,887 24,71,497 2,62,21,061 6,80,73,366 4,63,58,953 28,82,413 2,83,20,432 8,14,12,945 69,40,085 53,75,124 63,13,247 2,41,13,909 3,78,91,672 10,16,698 7,28,45,600-4,39,03,195 5,81,49, ,95, ,34,841 1,50,000-2,07,337 2,91, ,250 11,92,487 9,82,697 2,91,000 2,48,604 88,496 2,34,714 15,35,339 29,48,320 34,50,705 20,701 41,77,968 21,31, , ,06,36,903 65,543 5,299 50,000 13, ,79,710 18,955 68,73,444-19,77,171 1,40, ,22,499-1,00,00, ,06,00,000 61,00,000 Total 16,74,67,848 17,88,95,253 3,99,34,025 2,60,64,430 86,57,754 2,75,39,219 11,08,73,139 9,39,23,750 29,87,36,161 94,24,744 SCHEDULE 'G' Deferred Revenue Expenditure Not Written off Opening Balance Amount written-off during the year Unamortised DRE recovered from Investors Closing Balance

205 RELIANCE MUTUAL FUND SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31st MARCH, 2014 SCHEDULE 'C' CURRENT LIABILITIES & PROVISIONS Current liabilities: Purchase contract outstanding Management Fees Payable Audit Fees Payable Inter Scheme Payable Redemption Payable Load Payable Load Payable upto Payable to AMC - Others Units Pending Allotment (Net of Subscription Receivable) Unclaimed Redemption Amount Unclaimed Dividend Amount Future Margin Payable Investor Education Fund Other Current Liabilities RELIANCE INDEX FUND - SENSEX PLAN RELIANCE GOLD SAVINGS FUND R* SHARES CNX 100 FUND R*Shares Nifty ETF RELIANCE CLOSE ENDED EQUITY FUND - SERIES A RELIANCE CLOSE ENDED EQUITY FUND - SERIES B 31st March, st March, st March, st March, st March, st March, st March, st March, st March, 2014 Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs) - 1,84, ,75,465-28,44,223 4,70,95,602 1,87,24,665 1,818 1, ,428 14,143 2,431 3,39,080 1,30,970 5, ,15,913 1,37,897 5,118 5,217 5,118 5,118 5,118 34,880-1,83,55,883 2,94,94, ,07,459-9,05,59,201 7,63,18, ,07,618 4,07,618 44,44,279 44,44, ,132 1,16, ,50, , , ,38,285 5,97, , , ,129 41,869 13,781 69,958 18,377 2,30,13,894 2,89,82,690 2,95,329 29,368 8,011 25,58,828 1,76,330 Total 6,27,660 6,55,814 14,03,27,455 13,99,84,994 6,94,665 81,612 28,62,051 5,01,90,518 1,90,50,864 SCHEDULE 'D' INVESTMENTS Equity Shares Preference Shares International Equities Warrants Privately Placed Debentures and Bonds Listed Corporate Debentures and Bonds Zero Coupon Bond Commercial Paper Certificate of Deposit Gold ETF 3,56,91,158 3,05,38, ,44,72,228 10,39,38,586 12,80,84,053 2,51,93,81,193 81,20,68, , ,79,10,750 2,46,91, ,26,90,86,015 21,82,66,28, Total 3,56,91,158 3,05,38,435 16,26,90,86,015 21,82,66,28,472 6,44,92,103 10,39,38,586 12,80,84,053 2,56,72,91,943 83,67,60,267 SCHEDULE 'E' DEPOSITS - Deposits with Companies/Institutions Total SCHEDULE 'F' CURRENT ASSETS Balances with Banks in Current Account Investment for unclaimed Dividend and Redemption CBLO Placement Sales Contract outstanding Outstanding and Accrued Income Dividend Receivable Subscription Receivable (Net of Units Pending allotment) Inter Scheme Receivable Receivable from AMC Future Margin Receivable Other Current Assets Futures & Option Initial Margin 1,13,219 1,67,818 5,90,96,396 4,02,53,994 13,492 30,571 10,159 1,60,114 10, ,74,247 2,45, ,43,650 3,31,033 2,50,31,428 5,28,05,753 13,33,209 13,42,427 5,49,880 41,13,601 38,69,254-1,75,809 5,18,40,327 3,51,53,710 3,68,273-33,09,641 5,38,16,853 2,65,12, ,115 16, ,768-91, ,451-82,53,228 4,09,44, ,288 14,000 11,89,968 43,92,562-85, ,542 19,67, ,159 3,618-9,30, , Total 14,03,926 8,00,306 15,07,52,701 17,37,96,166 17,53,859 14,69,180 39,64,775 5,80,90,568 3,13,22,648 SCHEDULE 'G' Deferred Revenue Expenditure Not Written off Opening Balance Amount written-off during the year Unamortised DRE recovered from Investors Closing Balance

206 SCHEDULE 'H' SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF ACCOUNTS A. ORGANISATION Scheme Name Nature of Scheme Allotment date Options Investment Objective RLMF001RELIANCE GROWTH FUND Open Ended Equity Scheme October 8, 1995 Regular Plan : Growth, Dividend & Bonus Option Institutional Plan : Growth, Dividend & Bonus Option Direct Plan : Growth, Dividend & Bonus Option RLMF002RELIANCE VISION FUND Open Ended Equity Scheme October 8, 1995 Regular Plan : Growth, Dividend & Bonus Option Institutional Plan : Growth, Dividend & Bonus Option Direct Plan : Growth, Dividend & Bonus Option to achieve long-term growth of capital by investing in equity and equity related securities through research-based investment approach. to achieve long-term growth of capital by investing in equity and equity related securities through research-based investment approach. RLMF008RELIANCE BANKING FUND Open Ended Growth Scheme May 26, 2003 Regular Plan : Growth, Dividend & Bonus Option Institutional Plan : Growth, Dividend & Bonus Option Direct Plan : Growth, Dividend & Bonus Option to generate continuous returns by actively investing in equity and equity related securities of companies in the Banking Sector and companies engaged in allied activities related to Banking Sector RLMF010RELIANCE DIVERSIFIED POWER SECTOR FUND Open Ended Growth Scheme May 8, 2004 Regular Plan : Growth, Dividend & Bonus Option Institutional Plan : Growth, Dividend & Bonus Option Direct Plan : Growth, Dividend & Bonus Option RLMF015RELIANCE PHARMA FUND Open Ended Growth Scheme June 5, 2004 Regular Plan : Growth, Dividend & Bonus Option Direct Plan : Growth, Dividend & Bonus Option RLMF019RELIANCE MEDIA & ENTERTAINMENT FUND Open Ended Growth Scheme September 30, 2004 Regular Plan : Growth,Dividend & Bonus Option Direct Plan : Growth,Dividend & Bonus Option RLMF057RELIANCE FOCUSED LARGE CAP FUND ^ Open Ended Growth Scheme March 28, 2006 Regular Plan : Growth,Dividend & Bonus Option Institutional Plan : Growth,Dividend & Bonus Option Direct Plan : Growth,Dividend & Bonus Option to generate long term capital appreciation by investing predominantly in equity and equity related securities of companies in the power sector. to generate consistent returns by investing in equity & equity related or fixed income securities of Pharma & other associated companies. to generate consistent returns by investing in equity & equity related or fixed income securities of media & entertainment and other associated companies. to generate capital appreciation & provide long-term growth opportunities by investing in a portfolio constituted of equity & equity related securities of top 100 companies by market capitalization & of companies which are available in the derivatives segment from time to time and the secondary objective is to generate consistent returns by investing in debt and money market securities. RLMF080RELIANCE LONG TERM EQUITY FUND Open Ended Growth Scheme December 26, 2006 Regular Plan : Growth & Dividend Option Direct Plan : Growth & Dividend Option to generate long term capital appreciation & provide long-term growth opportunities by investing in a portfolio constituted of equity & equity related securities and Derivatives and the secondary objective is to generate consistent returns by investing in debt and money market securities. RLMF026RELIANCE EQUITY OPPORTUNITIES FUND Open Ended Growth Scheme March 28, 2005 Regular Plan : Growth,Dividend & Bonus Option Institutional Plan : Growth,Dividend & Bonus Option Direct Plan : Growth,Dividend & Bonus Option to generate Capital Appreciation & provide Long term growth opportunities by investing in a portfolio constituted of equity & equity related securities and the secondary objective is to generate consistent returns by investing in debt and money market securities. RLMF046RELIANCE TAX SAVER (ELSS) FUND Open Ended Equity Linked Savings Scheme September 21, 2005 Regular Plan : Growth & Dividend Option Direct Plan : Growth & Dividend Option to generate long term capital appreciation from a portfolio that is invested predominantly in equity and equity related instruments. RLMF112RELIANCE TOP 200 FUND Open Ended Diversified Equity Scheme August 8, 2007 Regular Plan : Growth,Dividend & Bonus Option Institutional Plan : Growth,Dividend & Bonus Option Direct Plan : Growth,Dividend & Bonus Option 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. RLMF124RELIANCE EQUITY LINKED SAVING FUND - SERIES I 10 Year Close Ended Equity Linked Savings Scheme March 31, 2008 Regular Plan : Growth & Dividend Option to generate long-term capital appreciation from a portfolio that is invested predominantly in equities along with income tax benefit. RLMF020RELIANCE NRI EQUITY FUND Open Ended Growth Scheme November 15, 2004 Regular Plan : Growth,Dividend & Bonus Option Direct Plan : Growth,Dividend & Bonus Option to generate optimal returns by investing in equity & equity related instruments of Indians companies primarily drawn from BSE 200.

207 Scheme Name Nature of Scheme Allotment date Options Investment Objective RLMF139RELIANCE QUANT PLUS FUND Open Ended Equity Scheme April 18, 2008 Regular Plan : Growth,Dividend & Bonus Option Institutional Plan : Growth,Dividend & Bonus Option Direct Plan : Growth,Dividend & Bonus Option to generate capital appreciation by investing in an active portfolio of stocks selected from S & P CNX Nifty on the basis of a mathematical model. RLMF038RELIANCE REGULAR SAVINGS FUND - EQUITY OPTION Open Ended Equity Scheme June 8, 2005 Regular Plan : Growth & Dividend Option Direct Plan : Growth & Dividend Option RLMF039RELIANCE REGULAR SAVINGS FUND - BALANCED OPTION Open Ended Balanced Scheme June 8, 2005 Regular Plan : Growth,Dividend Option & Quarterly Dividend Option Direct Plan : Growth,Dividend Option & Quarterly Dividend Option to generate capital appreciation and or consistent return by actively investing in equity / equity related securities. to generate consistent returns and appreciation of capital by investing in mix of securities comprising of Equity, Equity related instruments & fixed income instruments RLMF144R* SHARES BANKING ETF Open Ended Index Exchange Traded Fund June 19, 2008 Dividend Payout Option to provide returns that, before expenses, closely correspond to the total returns of the securities as represented by the CNX Bank Index. However, the performance of Scheme may differ from that of the underlying index due to tracking error. RLMF199RELIANCE INDEX FUND - NIFTY PLAN Open Ended Index Linked Scheme September 28, 2010 Regular Plan : Growth, Bonus, Quarterly Dividend, Half Yearly Dividend & Annual Dividend Option Direct Plan : Growth, Bonus, Quarterly Dividend, Half Yearly Dividend & Annual Dividend Option to replicate the composition of the Nifty, with a view to generate returns that are commensurate with the performance of the Nifty, subject to tracking errors. RLMF200RELIANCE SMALL CAP FUND Open Ended Equity Scheme September 16, 2010 Regular Plan : Growth, Dividend & Bonus Option Direct Plan : Growth, Dividend & Bonus Option RLMF201RELIANCE INDEX FUND - SENSEX PLAN Open Ended Index Linked Scheme September 28, 2010 Regular Plan : Growth, Bonus, Quarterly Dividend, Half Yearly Dividend & Annual Dividend Option Direct Plan : Growth, Bonus, Quarterly Dividend, Half Yearly Dividend & Annual Dividend Option to generate long term capital appreciation by investing predominantly in equity and equity related instruments of small cap companies and the secondary objective is to generate consistent returns by investing in debt and money market securities. to replicate the composition of the Sensex, with a view to generate returns that are commensurate with the performance of the Sensex, subject to tracking errors. RLMF206RELIANCE ARBITRAGE ADVANTAGE FUND Open Ended Arbitrage Scheme. October 14, 2010 Regular Plan : Growth, Dividend Option & Monthly Dividend Option Direct Plan : Growth, Dividend Option & Monthly Dividend Option RLMF223RELIANCE GOLD SAVINGS FUND Open Ended Fund Of Fund Scheme March 7, 2011 Regular Plan : Growth & Dividend Option Direct Plan : Growth & Dividend Option to generate income by taking advantage of the arbitrage opportunities that potentially exists between cash and derivative market and within the derivative segment along with investments in debt securities & money market instruments. to seek to provide returns that closely correspond to returns provided by Reliance Gold Exchange Traded Fund (RGETF). RLMF354R* SHARES CNX 100 FUND Open Ended Index Exchange Traded Fund (RGESS Qualified scheme) March 22, 2013 Dividend Payout Option to provide investment returns that, before expenses, closely correspond to the total returns of the securities as represented by the CNX 100 Index. However, the performance of Scheme may differ from that of the underlying index due to tracking error. RLMF411R*SHARES NIFTY ETF Open Ended Index Exchange Traded Fund (RGESS Qualified scheme) November 22, 2013 Dividend Payout Option to provide investment returns that, before expenses, closely correspond to the total returns of the securities as represented by the CNX Nifty Index, subject to tracking errors. However, there can be no assurance or guarantee that the investment objective of the Scheme will be achieved. RLMF410RELIANCE CLOSE ENDED EQUITY FUND - SERIES A 5 Year Close Ended Equity Oriented Scheme December 5, 2013 Regular Plan : Growth & Dividend Option Direct Plan : Growth & Dividend Option to provide capital appreciation to the investors, which will be in line with their long term savings goal, by investing in a diversified portfolio of equity & equity related instruments with small exposure to fixed income securities. Although, the objective of the Fund is to generate optimal returns, the objective may or may not be achieved RLMF421RELIANCE CLOSE ENDED EQUITY FUND - SERIES B 5 Year Close Ended Equity Oriented Scheme January 2, 2014 Regular Plan : Growth & Dividend Option Direct Plan : Growth & Dividend Option to provide capital appreciation to the investors, which will be in line with their long term savings goal, by investing in a diversified portfolio of equity & equity related instruments with small exposure to fixed income securities. Although, the objective of the Fund is to generate optimal returns, the objective may or may not be achieved. Reliance Capital Trustee Co. Limited (RCTC) has been appointed as the Trustee for Reliance Mutual Fund (RMF) vide Trust Deed dated April 25, Reliance Capital Asset Management Limited (RCAM) is the Investment Manager to RMF. Nippon Life Insurance Company ( Nippon ) has acquired 26% of the total issued and paid up equity share capital of Reliance Capital Asset Management Limited ( RCAM ) on 17th August ^ Earlier the fund was known as Reliance Equity Fund

208 B. SIGNIFICANT ACCOUNTING POLICIES 1 BASIS OF ACCOUNTING The Scheme maintains books of account on an accrual basis. These financial statements have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of SEBI (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable (the Regulations ). 2 REVENUE RECOGNITION 2.1 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. 2.2 Dividend income is recognized on the ex-dividend date. Dividend income on overseas investment is recognised on the basis of custody advice. 2.3 In respect of interest bearing investments including those purchased on a Reverse Repo basis, interest income is accrued on daily basis. 2.4 Income other than above and of miscellaneous nature is accounted for, as and when realized. 2.5 Income on Non Performing Asset is recognized on cash basis. 2.6 Lending fees (net of brokerage) on the security lending is recongnised on the basis of amortisation over the period of lending of security 3 UNIT PREMIUM RESERVE Upon issue and redemption of units, the net premium or discount to the face value of units is adjusted against the unit premium reserve of the scheme, after an appropriate portion of the issue proceeds and redemption payout is credited or debited respectively to the income equalization reserve. 4 EQUALISATION ACCOUNT The purpose of Equalization Account is to maintain per unit distributable surplus so that continuing unit holders' share of distributable surplus remains unchanged on issue or redemption of units. The total distributable surplus upto the date of issue/ redemption of units have 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. 5 LOAD CHARGES 5.1 Pursuant to SEBI circular no SEBI/IMD/Cir No.4/168230/09 dated 30th June, 2009, effective 1st August, 2009, RMF has not collected entry load towards purchases/additional purchases/ switches as specified in the circular. 5.2 Till 30th September 2012, exit load/ CDSC (if any) up to 1 % of the redemption value charged to the unit holder by RMF on redemption of units is retained by each of the schemes in a separate account and is utilized for payment of commissions to Agents and to meet other marketing and selling expenses.any amount in excess of 1 % of the redemption value charged to the unit holder as exit load/ CDSC is credited to the respective scheme immediately net of service tax if any Pursuant to SEBI circular no CIR/IMD/DF/4/2011, dated 9th March 2011, the load balances prior to 01st August 2009 are kept under separate account. These balances in the Load account are used for marketing and selling expenses including distributor s/agent s commission. However, not more than one-third of load balance outstanding as on 31st July, 2009 is used in current financial year for the above purposes. The unutilized balances in Load account up to 31st July 2009 and Load account balances from 1st August 2009 onwards are both shown as Current Liabilities and are not considered for the purpose of computation of the Net Assets Value of the Scheme. 5.5 Pursuant to SEBI (Mutual Funds) ( Second Amendment) Regulation 2012 dated 26th September 2012, Exit load collected on or after 01st October 2012 is credited to respective scheme net of service tax. 6 INVESTMENTS 6.1 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, securities transaction tax, clearing charges,value added tax, custom duty, and stamp duty, if any. 6.2 Overseas investments are booked as per Time zones applicable to different countries Markets closing before NAV cut off time (5.00 P.M. IST) on T day Order and confirmation on T-day pre 5.00 P.M Booking of trade on T day Markets timing overlapping NAV cut off time (5.00 P.M. IST) on T day Order and confirmation before 5.00 P.M Booking of trade on T day Order before 5.00 P.M but confirmation after 5.00 P.M Booking of trade on T+1 Markets opening and closing post NAV cut off time (5.00 P.M. IST) on T day Order and confirmation on T day post 5.00 P.M Booking of trade on T Rights/Bonus entitlements, if any, are accounted on ex-right/ex-bonus date of the principal stock exchange. 6.4 All investments of the scheme except Government Securities and Treasury Bills are held in the name of the Scheme, Investments in Government Securities and Treasury Bills are held in an SGL account in the name of Reliance Mutual Fund.

209 7 VALUATION OF INVESTMENTS Investments are valued at marked to market as per Board approved Valuation Policies for each class of assets (i.e. Equity, Debt and Gold) and the applicable SEBI Guidelines on Valuations as mentioned in the Eighth Schedule of the SEBI (Mutual Funds) Regulations, 1996 as amended from time to time and relevant SEBI circulars relating to Valuation. 7.1 EQUITY AND EQUITY RELATED SECURITIES: A) Traded Securities: A security is treated as traded if the security is traded on any stock exchange in the previous calendar month and the aggregate volume of trade during such period is more than 50,000 or the trade value is greater than Rs. 5,00,000 across all the recognised stock exchanges. Traded Equity and equity related securities are valued at the closing market price, on the principal stock exchange (NSE) as on the Valuation day, except for Reliance Index Fund Sensex Plan, where the closing price of BSE is considered on the valuation day. If on a particular valuation day, a Security is not traded on NSE, the value at which it is traded on the BSE is used. When a Security is not traded on any stock exchange on the valuation day, the value at which it was traded on the NSE or any other stock exchange, as the case may be, on the earliest previous day is used, provided that such day is not more than thirty days prior to the valuation date. B) Thinly-traded and Non-traded Securities: 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 (based on average capitalization rate (P/E ratio) for that industry, discounted by 75%) and further discounting this average by 10% towards illiquidity (for thinly traded securities) and 15% for unlisted securities. 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. In case of privately placed securities received as part of corporate actions, where SEBI Guidelines do not provide for any specifications, we have valued the same as per the recommendations of the Valuation Committee of the Asset Management Company. 7.2 FUTURES AND OPTIONS Futures are valued at the settlement price declared by the exchange. All options are valued as per the closing prices (where they are traded) and in absence of closing prices at the settlement price declared by the exchange. Exchange traded Interest Rate Futures are valued based on the daily settlement price declared by the exchange. 7.3 ADR, GDR AND OVERSEAS SECURITIES: If the security is listed in a time zone ahead of ours than the same days price is used for valuation. And, if the security is listed in a time zone behind ours than the previous days price is used for valuation. The price in local currency is obtained and the closing RBI reference rate is used to calculate the closing price. If the INR price for the security is available then the same would be used for valuation. If the stock is listed in currency for which RBI reference rate is not available, the exchange rate available from Reuters (at 5.00 P.M IST) is used. In case the direct exchange rates are not available on Reuters, then cross currency rate with USD is considered and converted as per the INR/USD RBI reference rate. 7.4 DEBT and MONEY MARKET INSTRUMENTS: (Debentures/Perpetual Bond/Zero Coupon Bond/PTCs /Commercial Paper/Certificate of Deposits/BRDS) Other than Government Securities and Treasury bills. A) Valuation of Traded / Non-Traded Securities / Thinly Traded securities with maturity beyond 60 days (Till November 25, 2013) The valuation of these securities is guided by the principles of fair valuation and fair reflection of market conditions. In case of traded instruments, the weighted average traded price / yield is used for valuation. In case of non-traded instruments, the valuation price is arrived at using the reference yields (relevant benchmark yields + spread). a) Traded Instruments In case of traded instruments, the weighted average traded price/yield is used for valuation. However to prevent frivolous prices from distorting valuations, a cut-off criteria is employed for recognizing qualifying trades: For trades to be recognized as qualifying trades the following criteria need to be fulfilled. - For instruments maturing above 1 year, the traded price/yield is taken if there are at least 2 trades aggregating to Rs 25 crs or more. - For instruments maturing between 61 days to 1 year traded price/yield is taken if there are at least 3 trades aggregating to Rs 100 crs or more In case of own trade, traded price is recognized, if the traded amount is equal to or more than the market lot. In case trades in a particular security are reported on multiple platforms, the order of preference would be FIMMDA, NSE WDM, BSE and own trades in that order of priority. b) Non-Traded Instruments: In case of non-traded instruments, the valuation price is arrived at using the reference yields (relevant benchmark yields + spread, which may include an illiquidity scrip-specific premium or discount) using CBV. Crisil and ICRA provides relevant benchmark yields. There is no restriction on the allowed spread relative to the benchmark curve in respect of different issuers and instruments. The principle of fair valuation governs the spreads to be used. B) Valuation of Traded / Non-Traded Securities / Thinly Traded security with maturity beyond 60 days From November 26, 2013 All Debt /Money market securities of more than 60 days are valued based on the average of security level valuation price provided by external agencies (CRISIL and ICRA) as recommended by AMFI & as approved by the Board. New securities purchased of more than 60 days maturity for which valuation price is not provided by external agencies on the date of purchase, are valued based on the Weighted average price/yield of own trades. Any decision on any given valuation day of overruling the external agency price is approved by the Valuation Committee. C) Valuation of security with residual maturity upto 60 days Instruments are valued by amortization on a straight line basis to maturity from cost or last valuation price, whichever is more recent. However, it is ensured that the amortized price is a fair reflection of market conditions, by comparing it to a Reference Price (calculated based on relevant benchmark yields + appropriate spread). Crisil and ICRA provides benchmark yield for all securities with a residual maturity upto 60 days. In case the difference between the reference price and the amortized price is within +/- 10 bps, the security is continued to be valued through amortization. However if on any day the price difference is more than +/-10 bps, the valuation of the security is adjusted so as to bring the difference within a band of +/-10 bps. Adjustment is done on the day of the breach so as to bring the difference down to +/- 5 bps. The spread (which is difference between the purchase yield and benchmark yield) is calculated and kept constant, unless and until there is an additional trade done by the fund in marketable lot or there is reasonable justification for the change. The spread is also changed if there are atleast 3 market trades aggregating to 100 crores or more and difference of atleast 15 bps between current spreads, and spreads derived from such market trades.

210 7.5 GOVERNMENT SECURITIES, STATE DEVELOPMENT LOANS AND TREASURY BILLS: a) Till 18th September 2013 Central Government and State Government loans and Treasury bills are valued based on the aggregated prices of CRISIL & ICRA. b) From 19th September 2013 Central Government and State Government loans and Treasury bills with residual maturity of greater than 60 days are valued based on the aggregated prices of CRISIL & ICRA. Securities with residual maturity of less than 60 days are valued as per the methodology defined in 7.4(C) above 7.6 EXCHANGE TRADED FUNDS & UNITS OF MUTUAL FUNDS Investments in ETF are valued at the closing market price on NSE. Units listed and traded are valued at the closing traded price as on valuation date. Unlisted units and to be listed units,or those for which no traded price is available, are valued at the Net Asset Value(NAV) as on the valuation date. 7.7 INTEREST RATE SWAPS (INBMK): INMBMK swaps are valued as per Valuation Methodology approved by Investment Committee on 30th November, Floating Rate Leg: The floating rate leg would be valued as a floating rate bond at cost. Fixed Rate Leg: The fixed rate leg would be valued as a fixed rate bond at the prevailing YTM. SWAP/INBMK rates quoted on Bloomberg would be the applicable data points for YTM. If rates are not available from Bloomberg, then the quotes received independently from Brokers shall be used (rates are not available on Bloomberg for securities with maturity of less than 2 years) Calculation of YTM: If the applicable YTM is not quoted then YTM would be arrived by using Log Normal Interpolation of available data points (sourced from brokers / market participants) The INBMK value would be the net of Receive Position less Pay position. 7.8 FIXED DEPOSITS: Fixed deposits are valued at cost and interest accrual is done at the contracted rate (that is agreed for the whole contracted tenor). 7.9 The net unrealised gain or loss in the value of investments is determined separately for each category of investments. The net change in unrealised gain or loss between two balance sheet dates is recognised in the revenue account. Later, the change in Unrealised gain in the value of investment at category level, is transferred from/to unrealised appreciation reserve through Appropriation Account An investment in debt security 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 instalment has fallen due The valuation guidelines as outlined above are as per prevailing regulations and are subject to change from time to time in conformity with changes made by SEBI Detailed Board approved policies on valuation of Equity, Debt and Gold investments are posted on the RMF website, 8 Initial issue expenses borne by the schemes at the time of NFO have been amortized and charged to revenue account in line with SEBI regulations for schemes launched upto 31 January, Determination of Net asset value (NAV): The net asset value is determined separately for the units issued under each of the plans. For calculating the multiple net asset values within the portfolio, the scheme s daily income earned, including realized profit or loss and unrealized gain or loss in the value of investments are allocated to the related plans in proportion to their respective capital (net assets of previous day plus subscription and redemption for the day) of the plan. C. NOTES TO ACCOUNTS 1 A full list of Investments along with the total value of Investments falling under each major Industry group of the scheme is given in Annexure I. 2 The Cost and Market Value/Fair Value of Investments as on 31st March, 2014 is given in Annexure II. 3 The investments recognized as Illiquid securities, as on 31st March, Scheme Name Type of investments Carrying value Amount(Rs.) Market value Amount(Rs.) % of Net Assets Carrying value Amount(Rs.) RELIANCE GROWTH FUND Equity (Globsyn Technologies Ltd) 63,88, % 63,88, % Market value Amount(R % of Net Assets 4 Movement in Unit Capital is shown in Annexure III. 5 Net Asset Value (NAV) per unit as on 31st March, 2014 is given in Annexure IV. 6 Income Tax: No provision for income tax has been made since the income of the scheme is exempt under Section 10 (23D) of the Income tax Act, Management Fees: Investment Management Fees has been computed on the basis of Average Daily Net Assets of the Scheme and accrued on a daily basis. No Management fees is charged on AMC investment, Unamortised Deferred Revenue Expenditure and Inter scheme Investment. Details for the same is given in Annexure V. 8 Trustee Fees: Pursuant to the Trust Deed constituting the Fund, the Trustee is entitled to receive a fee at the rate 0.05% of the amount, being the aggregate of the Trust Fund and Unit Capital of all schemes put together on 1st April each year or a sum of Rs.30 lacs, whichever is lower and applicable service tax. 9 Custodian Fees: Deutsche Bank AG provides custodial services to the scheme for which it receives the custody fees including transaction and safe keeping fees. 10 Registrar & Transfer Agent's fees: Karvy Computershare Private Limited provides Registrar and Transfer service to the schemes for which it receives the R&T fees.

211 11 Other Income : Other Income includes exit load income (net of Service Tax),gain/loss on foreign exchange and miscellaneous income (if any) 12 Disclosure under Regulation 25(8) of SEBI (Mutual Funds) Regulations, Refer Annexure - VI 13 Aggregate Value of Purchases and Sales made during the period expressed as a percentage of average daily net assets value is given in Annexure VII. 14 Details of Investment made in group companies of sponsor and associate company as on 31st March, 2014 is as shown in Annexure VIII. 15 Disclosure under Regulation 25(11) of SEBI (Mutual Funds) Regulations 1996 is as per Annexure IX. 16 Deferred Revenue Expenditure : PARTICULARS RELIANCE EQUITY LINKED SAVING FUND - SERIES I Amount (Rs.) Opening Balance 2,26,52,731 Written off during the year 40,09,608 Unamortized DRE recovered from investors 42,16,277 Closing Balance 1,44,26, Expenses are accrued on daily basis in accordance with the Regulations. Percentage of Income (excluding unrealised appreciation/depreciation) to Average Daily Net Assets and Percentage of Expenses (excluding deferred revenue expenditure) to Average Daily Net Assets is given in Annexure X. 18 Unclaimed Dividend / Redemption as on 31st March, 2014 is as per Annexure XI. 19 Details of Unit Holders holding more than 25% of the NAV of the Scheme Scheme Name As on 31st March 2014 As on 31st March 2013 No of investor % of Total Holding No of investor % of Total Holding RELIANCE INDEX FUND - SENSEX PLAN % % 20 The Scheme declared and paid total dividend during the year ended 31st March, 2014 which is in line with the limits under SEBI Regulations, Details for the same as per Annexure XII. 21 For detail of outstanding borrowings as on March Refer Annexure XIII. 22 Disclosure regarding Derivatives positions pursuant to SEBI Circular no.cir/imd/df/11/2010 dated August 18, Refer Annexure XIV. 23 The Scheme has made payments to its associates, for services rendered by them other than brokerage and commission, during the period, details for the same is as per Annexure XV. 24 Details of transaction with Schemes of the Fund, under common control of the Sponsor is given in Annexure XVI. 25 There were no investments recognised as Non-performing Assets (NPAs), as on 31st March, A proportionate charge in respect of sales beyond T-15 cities subject to maximum of 30 bps on daily net assets is charged as per Regulation 52 (6A) (b) of the regulations in following schemes Reliance Growth Fund Reliance Vision Fund Reliance Banking Fund Reliance Diversified Power Sector Fund Reliance Pharma Fund Reliance Media & Entertainment Fund Reliance Equity Opportunities Fund Reliance Regular Savings Fund - Equity Option Reliance Regular Savings Fund - Balanced Option Reliance Tax Saver (ELSS) Fund Reliance Focused Large Cap Fund Reliance Long Term Equity Fund Reliance Top 200 Fund Reliance Quant Plus Fund Reliance Index Fund - Nifty Plan Reliance Small Cap Fund Reliance Index Fund - Sensex Plan 27 Mutual Fund has set apart 2 basis points on daily net assets within the maximum limit of TER as per regulation 52 of the Regulations for investor education and awareness initiatives in accordance with circular CIR/IMD/DF/21/2012 dated September 13, On monthly basis funds are transferred from the respective scheme s to the separate pool created for Investor education and awareness fund. 28 Details of Credit Default Swaps (CDS) transactions are as follows: 1. No. of transactions during the year - NIL 2. Amount of protection bought during the year - NIL 3. No. of transactions where credit event payment was received during the year: a. Pertaining to current years transactions. - NIL b. Pertaining to previous year (s) transactions- NIL 4. Outstanding transactions as on year end: a. No. of transactions - NIL b. Amount of protection - NIL 5. Net income/ expense in respect of CDS transactions during year-to-date: a. Premium Paid - NIL b. Credit event payments received (net of value of derivable obligations)- NIL

212 29 Details of Merger during the year: (A) SEBI vide its letter no. OW/17725/2013 dated 19th July 2013 has accorded its no objection for merger of schemes. Accordingly, Reliance Infrastructure Fund (Transferor scheme) merged with Reliance Diversified Power Sector Fund ( Transferee scheme), effective post the closure of business hours on 6th September 2013, by virtue of which net assets of Rs Crores was merged with the Reliance Diversified Power Sector Fund. Outstanding Units of Reliance Infrastructure fund were exchanged with units of Reliance Diversified Power Sector Fund at the Closing NAV of 06th September 2013 as follows Transferor scheme Transferee scheme Plan NAV Per Unit ( Rs.) Plan NAV Per Unit ( Rs.) Direct Plan-Bonus Plan Direct Plan-Bonus Plan Direct Plan-Dividend Plan Direct Plan-Dividend Plan Direct Plan-Growth Plan Direct Plan-Growth Plan Institutional Growth Plan Growth Plan Bonus Plan Bonus Plan Dividend Plan Dividend Plan Growth Plan Growth Plan (B) SEBI vide its letter no. OW/18095/2013 dated 23rd July 2013 has accorded its no objection for merger of schemes. Accordingly, Reliance Natural Resources Fund (Transferor scheme) was merged with Reliance Vision Fund (Transferee scheme), effective post the closure of business hours on 6th September 2013, by virtue of which net assets of Rs. 1, Crores was merged with the Reliance Vision Fund. Outstanding Units of Reliance Natural Resources fund were exchanged with units of Reliance Vision Fund at the Closing NAV of 06th September 2013 as follows Transferor scheme Transferee scheme Plan NAV Per Unit ( Rs.) Plan NAV Per Unit ( Rs.) Direct Plan-Bonus Plan Direct Plan-Bonus Plan Direct Plan-Dividend Plan Direct Plan-Dividend Plan Direct Plan-Growth Plan Direct Plan-Growth Plan Bonus Plan Bonus Plan Dividend Plan Dividend Plan Growth Plan Growth Plan Segment Reporting: As per the disclosure requirement under Accounting Standard 17 on 'Segment Reporting' issued by ICAI, the Scheme operates only in one segment i.e. to primarily generate returns, based on Schemes' Investment Objectives. 31 Prior Year Comparatives : The figures of the previous period/year have been regrouped / rearranged, wherever applicable, to conform to current period's/year's presentation. For schemes launched during the year, there are no comparative figures for the previous period as these are the first financials. For and on behalf of Reliance Capital Asset Management Limited For and on behalf of Reliance Capital Trustee Co. Limited Soumen Ghosh Director A.N. Shanbhag Director Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Sunil Singhania Head - Equities Amit Tripathi Head - Fixed Income Sailesh Bhan Ashwani Kumar Omprakash Kuckian Samir Rachh Fund Manager Fund Manager Fund Manager Fund Manager Krishan Daga Sanjay Parekh Jahnvee Shah Hiren Chandaria Fund Manager Fund Manager Fund Manager Fund Manager Mumbai Date: 24th June 2014

213 RELIANCE MUTUAL FUND R* SHARES GOLD ETF BALANCE SHEET AS AT 31st March, st MARCH, st MARCH, 2013 Schedule Amount (Rs) Amount (Rs) LIABILITIES Unit Capital 'A' 80,08,46,891 1,02,93,66,722 Reserves and Surplus 'B' 20,22,48,62,352 27,38,64,50,446 Current Liabilities and Provisions 'C' 16,29,69,111 7,10,90,744 Total 21,18,86,78,354 28,48,69,07,912 ASSETS Investments 'D' 21,04,47,30,276 28,42,76,51,126 Current Assets 'E' 14,39,48,078 5,92,56,786 Total 21,18,86,78,354 28,48,69,07,912 Significant accounting policies and notes forming part of accounts As per our Report of even date 'F' - - For Haribhakti & Co. For and on behalf of For and on behalf of Chartered Accountants Reliance Capital Asset Reliance Capital Trustee Co. Firm Registration No: W Management Limited Limited Chetan Desai Soumen Ghosh A.N. Shanbhag Partner Director Director (Membership No : 17000) Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Hiren Chandaria Fund Manager Mumbai Date: 24th June 2014

214 RELIANCE MUTUAL FUND R* SHARES GOLD ETF REVENUE ACCOUNT FOR THE YEAR ENDED 31st MARCH, 2014 Schedule 31st MARCH, st MARCH, 2013 Amount (Rs) Amount (Rs) INCOME Interest 36,64,980 17,05,481 Profit on sale / redemption of investments (Other than interscheme transfer / sale) 1,38,31,32,874 49,98,26,578 Total 1,38,67,97,854 50,15,32,059 EXPENSES AND LOSSES Management fees 22,42,81,628 21,53,04,138 Trusteeship fees 97,422 84,059 Advertisement and Publication Expenses 74,11,702 14,04,307 Audit fees 1,61,798 2,16,454 Custodian fees - 45,00,096 Registrar and Transfer Agent's fees - 51,81,934 Selling and Marketing Expenses - 6,73,145 Commission to Agents - 3,16,462 Service Tax on Management Fees 2,77,21,209 2,66,11,591 Investor education expense 48,51,402 29,75,780 Insurance Premium - 4,59,46,138 Other Operating Expenses 1,22,606 7,02,698 Total 26,46,47, Realised gain /(loss) for the year/period 1,12,21,50,087 19,76,15,257 Add : Change in Unrealised Appreciation/ Depreciation in value of Investment Net Surplus / ( Deficit ) for the year/period (2,34,81,19,371) 78,83,22, (1,22,59,69,284) 98,59,37,365 Net Surplus brought forward from previous year 12,72,34,53,878 12,48,15,72,145 Add : Opening balance transfer from Unrealised Appreciation Reserve 6,55,72,82,432 5,76,89,60,324 Less : Closing balance transfer to Unrealised Appreciation Reserve 4,20,91,63,061 6,55,72,82,432 Less Add/(Less): : Transferred Transferred to Equalisation from / Account (to) Equalisation Account (2,95,42,15,529) 4,42,66,476 Net Surplus / ( Deficit ) carried forward 10,89,13,88,436 12,72,34,53,878 Significant accounting policies and notes forming part of accounts 'F' As per our Report of even date For Haribhakti & Co. For and on behalf of For and on behalf of Chartered Accountants Reliance Capital Asset Reliance Capital Trustee Co. Firm Registration No: W Management Limited Limited Chetan Desai Soumen Ghosh A.N. Shanbhag Partner Director Director (Membership No : 17000) Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Hiren Chandaria Fund Manager Mumbai Date: 24th June 2014

215 RELIANCE MUTUAL FUND CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH, 2014 R* SHARES GOLD ETF 31st MARCH, st MARCH, 2013 Amount (Rs) Amount (Rs) Cash flow from Operating Activities Surplus for the period (1,22,59,69,284) 98,59,37,365 Adjustments for:- Non Cash items in Revenue Account -Net change in appreciation/depreciation of Investment 2,34,81,19,371 (78,83,22,108) Investments (at cost) made, net 5,03,48,01,479 (36,66,76,396) (Increase) / decrease in current assets (3,40,78,178) (4,30,69,741) Increase / (decrease) in current Liabilities 7,77,92,386 1,81,27,845 Net cash from operating activities 6,20,06,65,774 (19,40,03,035) Cash flow from Financing Activities Proceeds from Subscriptions / Redemption of unit capital, net (22,85,19,831) 37,82,895 Unit premium received/(paid) thereon, net (5,93,56,18,810) 15,65,26,590 Adjustments for:- Sundry creditors for units redeemed by investors 1,40,85,982 3,74,61,154 Sundry debtors for units issued to investors - (34,334) Net cash from financing activities (6,15,00,52,659) 19,77,36,305 Net Cash and cash equivalents 5,06,13,115 37,33,270 Cash and cash equivalents, beginning of the year 1,40,85,423 1,03,52,153 Cash and cash equivalents, end of the year 6,46,98,538 1,40,85,423 Components of cash and cash equivalents Balances with banks in current accounts 3,79,499 10,52,276 CBLO Placement 6,43,19,039 1,30,33,147 6,46,98,538 1,40,85,423 As per our Report of even date For Haribhakti & Co. For and on behalf of For and on behalf of Chartered Accountants Reliance Capital Asset Reliance Capital Trustee Co. Firm Registration No: W Management Limited Limited Chetan Desai Soumen Ghosh A.N. Shanbhag Partner Director Director (Membership No : 17000) Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Mumbai Date: 24th June 2014 Hiren Chandaria Fund Manager

216 RELIANCE MUTUAL FUND R* SHARES GOLD ETF SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31st MARCH, st MARCH, st MARCH, 2013 Units Amount (Rs) Units Amount (Rs) SCHEDULE 'A' UNIT CAPITAL (Face value of Rs. 100 each) Unit Capital (Opening Balance) 1,02,93,666 1,02,93,66,722 1,02,55,837 1,02,55,83,827 Add : Subscription during the year 40,000 40,00,000 7,21,000 7,21,00,000 Less : Redemption during the year 23,25,198 23,25,19,831 6,83,171 6,83,17,105 Unit Capital (Closing Balance) 80,08,468 80,08,46,891 1,02,93,666 1,02,93,66,722 SCHEDULE 'B' RESERVES & SURPLUS Unit Premium Reserve Opening Balance 8,10,57,14,136 7,99,34,54,022 Unit Premium Reserve Add/(Less) : Net Additions/(Deductions) during the year (5,93,56,18,810) 15,65,26,590 Less:-Transferred to / (from) Equalisation Account (2,95,42,15,529) 4,42,66,476 Reserves & SurplusClosing Balance Closing Balance 5,12,43,10,855 8,10,57,14,136 Income Equalisation Reserve Transferred (to) / from Unit Premium Reserve (2,95,42,15,529) 4,42,66,476 Less: Transferred to / (from) Revenue Account (2,95,42,15,529) 4,42,66,476 Closing Balance - - Unrealilsed Appreciation Reserve Opening Balance 6,55,72,82,432 5,76,89,60,324 Less: Transferred to Revenue Account 6,55,72,82,432 5,76,89,60,324 Add: Transferred from Revenue Account 4,20,91,63,061 6,55,72,82,432 Unrealilsed Appreciation in the value of investmentsclosing Balance Closing Balance 4,20,91,63,061 6,55,72,82,432 Appropriation Account Surplus / ( Deficit ) carried forward Surplus/(Deficit) carried forward 10,89,13,88,436 12,72,34,53,878 Total Reserves & Surplus 20,22,48,62,352 27,38,64,50,446 SCHEDULE 'C' CURRENT LIABILITIES & PROVISIONS Management Fees Payable 76,47,365 39,33,485 Audit Fees Payable 1,47,398 2,01,021 Inter fund dues Inter Scheme Payable - 4,729 Investor education fund 3,79,255 29,75,780 Redemption Payable 5,19,67,772 3,78,77,062 Other Current Liabilities 10,28,27,321 2,60,98,667 Other Current Liabilities & Provisions Total 16,29,69,111 7,10,90,744 SCHEDULE 'D' INVESTMENTS Gold 21,04,47,30,276 28,42,76,51,127 Total 21,04,47,30,276 28,42,76,51,127 SCHEDULE 'E' OTHER CURRENT ASSETS Balances with Banks in Current Account 3,79,499 10,52,276 CBLO Placement 6,43,19,039 1,30,33,147 Sales Contract outstanding - 3,86,81,500 Outstanding and Accrued Income 4,15,615 - Subscription Receivable (Net of Units Pending Allotment) 34,333 34,334 Receivable from AMC 42,91,016 8,97,254 Other Current Assets 7,45,08,576 55,58,275 Current Assets Total 14,39,48,078 5,92,56,786

217 SCHEDULE 'F' SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF ACCOUNTS A. ORGANISATION Scheme Name Nature of Scheme Allotment date Options R* SHARES GOLD ETF Open-ended Gold ETF November 21, 2007 Dividend Payout Option Investment Objective To provide returns that closely correspond to returns provided by price of gold through investment in physical Gold (and Gold related securities as permitted by Regulators from time to time). However, the performance of the scheme may differ from that of the domestic prices of Gold due to expenses and or other related factors. Reliance Capital Trustee Co. Limited (RCTC) has been appointed as the Trustee for Reliance Mutual Fund (RMF) vides Trust Deed dated April 25, Reliance Capital Asset Management Limited (RCAM) is the Investment Manager. Nippon Life Insurance Company ( Nippon ) has acquired 26% of the total issued and paid up equity share capital of Reliance Capital Asset Management Limited ( RCAM ) on 17th August B. SIGNIFICANT ACCOUNTING POLICIES 1 BASIS OF ACCOUNTING The Scheme maintains books of accounts on an accrual basis. These financial statements have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of SEBI (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable (the Regulations ). 2 REVENUE RECOGNITION 2.1 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. 2.2 In respect of interest bearing investments including those purchased on a Reverse Repo basis, interest income is accrued on daily basis. 2.3 Interest Income on Gold Deposit scheme is accrued on daily basis. 2.4 Income other than above and of miscellaneous nature is accounted for, as and when realised. 3 UNIT PREMIUM RESERVE 3.1 Upon issue and redemption of units, the net premium or discount to the face value of units is adjusted against the unit premium reserve of the scheme, after an appropriate portion of the issue proceeds and redemption payout is credited or debited respectively to the income equalization reserve. 4 EQUALISATION ACCOUNT 4.1 The purpose of Equalisation 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 upto the date of issue/ redemption of units have been taken into account for the purpose of ascertaining the amount to be transferred to Equalisation Account. The net balance in this account is transferred to the Revenue Account at the end of the year. 5 INVESTMENTS 5.1 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, securities transaction tax, clearing charges,value added tax, custom duty, and stamp duty, if any. 5.2 All investments of the scheme except Government Securities and Treasury Bills are held in the name of the Scheme, Investments in Government Securities and Treasury Bills are held in an SGL account in the name of Reliance Mutual Fund. 6 VALUATION OF INVESTMENTS 6.1 1) a) b) c) i) ii) Gold is valued as per the SEBI Circular No. SEBI/IMD/CIR No. 14/84243/07 dated January 15, 2007 and the Gold Valuation Policy approved by the Boards of the Asset Management Company and the Trustee Company. The gold held by the scheme is valued at the AM fixing price of London Bullion Market Association (LBMA) in US dollars per troy ounce for gold having a fineness of parts per thousand, subject to the following: adjustment for conversion to metric measures as per standard conversion rates; adjustment for conversion of US dollars into Indian rupees as per the RBI reference rate declared by the Foreign Exchange Dealers Association of India (FEDAI); and addition of transportation and other charges that may be normally incurred in bringing such gold from London to the place where it is actually stored on behalf of the mutual fund; and notional customs duty and other applicable taxes and levies that may be normally incurred to bring the gold from London to the place where it is actually stored on behalf of the mutual fund The adjustment under clause (c) above may be made on the basis of a notional premium that is usually charged for delivery of gold to the place where it is stored on behalf of the mutual fund Further, where the gold held by a gold exchange traded fund scheme has a greater fineness, the relevant LBMA prices of AM fixing shall be taken as the reference price under this sub-paragraph. 6.2 If the gold acquired by the scheme is not in the form of standard bars, it will be assayed and converted into standard bars which comply with the good delivery norms of the LBMA and thereafter valued in terms of sub-paragraph (1). 6.3 The net unrealised gain or loss in the value of investments is determined separately for each category of investments. The net change in unrealised gain or loss between two balance sheet dates is recognised in the revenue account. Later, the change in Unrealised gain in the value of investment at category level, is transferred from/to unrealised appreciation reserve through Appropriation Account. 6.4 The valuation guidelines as outlined above are as per prevailing regulations and are subject to change from time to time in conformity with changes made by SEBI. 6.5 Detailed Board approved policies on valuation of Equity, Debt and Gold investments are posted on the RMF website, 7 Determination of Net asset value (NAV): The net asset value is determined separately for the units issued under each of the plans. For calculating the multiple net asset values within the portfolio, the scheme s daily income earned, including realized profit or loss and unrealized gain or loss in the value of investments are allocated to the related plans in proportion to their respective capital (net assets of previous day plus subscription and redemption for the day) of the plan. C. NOTES TO ACCOUNTS 1 A full list of Investments along with the total value of Investments falling under each major Industry Group of the scheme is given in ANNEXURE I. 2 The Cost and Market Value/Fair Value of Investments as on 31st March, 2014 is given in Annexure II. 3 There were no investments recognised as Non-performing Assets (NPAs), as on 31st March, Movement in Unit Capital is shown in Annexure III. 5 Net Asset Value (NAV) per unit as on 31st March, 2014 is given in Annexure IV. 6 Income Tax: No provision for income tax has been made since the income of the scheme is exempt under Section 10 (23D) of the Income tax Act Management Fees: Investment Management Fees has been computed on the basis of Average Daily Net Assets of the Scheme and accrued on a daily basis. No Management fees is charged on AMC investment, Unamortised Deferred Revenue Expenditure and Inter scheme Investment. Details for the same is given in Annexure V.

218 8 Trustee Fees: Pursuant to the Trust Deed constituting the Fund, the Trustee is entitled to receive a fee at the rate 0.05% of the amount, being the aggregate of the Trust Fund and Unit Capital of all schemes put together on 1st April each year or a sum of Rs. 30 lacs, whichever is lower and applicable service tax. 9 Custodian Fees: Deutsche Bank AG provides custodial services to the scheme for which it receives the custody fees including transaction and safe keeping fees. 10 Registrar & Transfer Agent's fees: Karvy Computershare Private Limited provides Registrar and Transfer service to the schemes for which it receives the R&T fees. 11 Disclosure under Regulation 25(8) of SEBI (Mutual Funds) Regulations, Refer Annexure - VI. 12 Aggregate Value of Purchases and Sales made during the period expressed as a percentage of average daily net assets value is given in Annexure VII. 13 Details of Investment made in group companies of sponsor and associate company as on 31st March, 2014 is as shown in Annexure VIII. 14 No Initial Issue Expenses has been charged to the scheme. 15 Disclosure under Regulation 25(11) of SEBI (Mutual Funds) Regulations 1996 is as per Annexure IX. 16 Expenses are accrued on daily basis in accordance with the Regulations. Percentage of Income (excluding unrealised appreciation/depreciation) to Average Daily Net Assets and Percentage of Expenses (excluding deferred revenue expenditure) to Average Daily Net Assets is given in Annexure X. 17 Unclaimed Dividend / Redemption as on 31st March, 2014 is as per Annexure XI. 18 The Scheme declared and paid total dividend/bonus during the year ended 31st March, 2014 which is in line with the limits under SEBI Regulations, Details for the same as per Annexure XII. 19 For detail of outstanding borrowings as on March Refer Annexure XIII. 20 Location wise Gold position as of 31st March, 2014 is as follows: Particulars Gold in Kgs Mumbai 4121 ** Ahmedabad 3172 Total 7293 **Out of this 100 KG of gold is invested under Gold Deposit Scheme(GDS) of Banks. 21 Disclosure regarding Derivatives positions pursuant to SEBI Circular no.cir/imd/df/11/2010 dated August 18, Refer Annexure XIV. 22 Dislosure regarding payment made to its associates, for services rendered by them other than brokerage and commission, during the period is as per Annexure XV. 23 Details of transaction with Schemes of the Fund, under common control of the Sponsor is given in Annexure XVI. 24 Mutual Fund has set apart 2 basis points on daily net assets within the maximum limit of TER as per regulation 52 of the Regulations for investor education and awareness initiatives in accordance with circular CIR/IMD/DF/21/2012 dated September 13, On monthly basis funds are transferred from the respective scheme s to the separate pool created for Investor education and awareness fund. 25 Details of Credit Default Swaps (CDS) transactions are 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) 26 Segment Reporting: As per the disclosure requirement under Accounting Standard 17 on 'Segment Reporting' issued by ICAI, the Schemes operate only in one segment i.e. to primarily generate returns, based on Schemes Investment Objectives. 27 Prior Year Comparatives : The figures of the previous year have been regrouped / rearranged, wherever applicable, to conform to current year's presentation. For and on behalf of For and on behalf of Reliance Capital Asset Reliance Capital Trustee Co. Management Limited Limited Soumen Ghosh A.N. Shanbhag Director Director Kanu Doshi Director P.P. Vora Director Sundeep Sikka CEO Hiren Chandaria Fund Manager Mumbai Date: 24th June 2014