Do you have a Religare in your portfolio? - Kotak Securities · Do you have a Religare in your portfolio? Average Assets Under Management for June 2010 : Rs. 10,918.47 Crores Factsheet

Do you have a Religare

in your portfolio?

Average Assets Under Management for June 2010 : Rs. 10,918.47 Crores

Factsheet June 2010

Equity Schemes

Religare Tax Plan

Religare PSU Equity Fund

Religare Contra Fund

Religare Mid Cap Fund

Religare Arbitrage Fund

Religare Growth Fund

Religare Equity Fund

Religare Banking Fund

Religare Business Leaders Fund

Debt Schemes

Religare Liquid Fund

Religare Ultra Short Term Fund

Religare Short Term Plan

Religare Credit Opportunities Fund

Religare Active Income Fund

Religare Overnight Fund

Religare Gilt Fund

Hybrid Schemes

Religare Monthly Income Plan (MIP) Plus

Religare Monthly Income Plan

Diamonds Frog Princes

Diamonds

Frog Prince

June 15-July 14, 2010 Mutual Fund Insight

RANDOM PICK

Anindya Bera finds that this contra fund marches to a different drummer and has

been fairly successful in doing so...

Contrarian by design

June 15-July 14, 2010 Mutual Fund Insight

Monday, June 28,

Global weakness will

impact Indian MNCsReligare Asset Management's Vetri Subramaniam is

overweight on stocks driven by domestic consumption

STOCKS of companies in the education and healthcare

services sectors could be the multi -baggers of the future,

says Vetri Subramaniam, head -equity funds, Religare As -

set Management . Re begs to di f fer from the general

perception that India will not be impacted much by the

economic woes in other parts of the world. In a free -

wheeling chat with Santosh Nair, he shares his views on:

Current market valuations...

There's little scope for an upside. The macro -

economic situation has improved considerably

over the past eight months but share prices are

reflecting much of the good news. Beyond 17 -

17.5 one -year forward earnings, valuations go out

of the comfort zone. The last t ime in vestors

managed to make money at such high valua tions

was in 1994, 2000 and 2008. But in each of the

instances, the subsequent downturn was sharp. So,

you would have made money for some time, but

lost much more when the market corrected. I

would not say the market is exorbitantly valued

right now, but the odds of making money at

current levels are limited.

Sectors he likes...

We like the domestic consumption theme. We are

overweight on fast -moving consumer goods and

have re cently increased exposure to consumer

discretionary segments like tourism, automobiles

and education. As income levels rise, demand for

quality education will go up. That is one segment

in which we see huge growth in the next few years.

There is lot of private equity invest ments in

education companies and we will soon see many of

these companies going public. We are also upbeat

on healthcare services providers (hospital chains),

as the sector appears poised for a re -rating. Lack

of capi tal to expand their network was holding

back these companies. Capital is no longer a

limiting factor now.

Sectors he is wary of...

I would avoid global cyclicals, mainly commodity

companies. These companies are fairly valued,

and second ly, there are quest ions about the

strength and pace of the recovery in the global

economy. Should the (global) economic recovery

disappoint, these companies will be impacted by

way of weaker commodity prices. We were

positive on IT stocks till recently, but not at the

moment. The good thing for IT companies was

that the recession

in the US was more consumer -led rather than

business-led. But valuations of IT companies are

now on the higher side, and further upsides, if any,

look limited.

The Indian market's relative performance...

The general perception is that Indian companies,

and hence the stock market , won' t be much

affected if global growth falters. At the macro -

level, that reasoning may hold good. But at the

micro-level, the situation is different because a

sizeable portion of the revenues of many large

companies ei ther comes from internat ional

markets or is linked to global commodity prices.

For in stance, metal companies form 8 -9% of the

market. These include companies like Tata Steel

and Hindalco, which now have a substantial

presence abroad. Energy companies comprise 16

% of the market, with Reliance Industries being

the major player. RIL's earnings are heavily

dependent on prices of global commodities �

petrochemicals and oil. In the auto sector, a good

chunk of Tata Motors' earnings comes from its

overseas markets. That will soon be the case with

Bharti Airtel as well. Engineering companies like

L&T and Crompton Greaves earn 20-30% of their

opera ting profits from ex ports. So, any weakness

i n t h e g l o b a l e c o n o m y w i l l h a v e s e r i o u s

repercussions for Indian companies as well.

[email protected]

In The News

Hindustan Times: 14th June 2010

Mutual Fund Insight 2010 : June 15-July 14, 2010 URABH NANAVATIAUSAny buy in India n'Anust valueumu

y yy-add

what we have'wto

p [email protected]

15,464 crore in assets s With Rsanagement, Religare maunder mFund does not rulel Mutuale pos s ib i l i t y o fheou t t h

acquir g a fund house inninnIndia in order to grow big.b ha bS a u r a Nanavati, chief e offivexecutiv cer, Religaret m a n a g etA s s e menta n y , s p o k e t op aC o m ptan Times stHindus about theging times and thengchallen

domestic and global dfund's dxcerpts:Explans. E

ulators are looking uThe regutionalise sales uto instit

for mutual funds.e practiceyou see it?yHow do

Mis- ling is a global issue llseulators worldwidegand rego clamp it down. towant tt h i s w i l l be an e Whi l e

nal burnaddition den passed onn u f a cnt o m a tu re r s and b u t o r s , w e i bd i s t r i will

c o m p l y w i t h i t . Regulatory changes will have i t s impact in the short-term but in the longrun it will be good. We need to perhaps change ourbusiness model and move in that direction.

You started by acquiring Lotus Mutual Fund. Do you plan moreacquisitions? Our vision is t o b u i l d a p r o f itablebusiness on a large scale.Religare Enterprises hasmaintained that it will lookto grow both organical lyand inorganically. In India, any acquisition that we do will have to bring something to

the table for us. It might be small, medium or a large

gg

fund house, but it will haveto be a value -add to what we already have.

What are your plans on the global front?Religare Enterprises recent-ly bought Northgate Capital in the US. In Japan wealready have received the licence for investment advi-sory business and now we will apply for fund managementlicense there. We expect itby the year -end. Thus, we plan to set up full -fledgedlocal operations in thesecountries, both organicallyand inorganically.

How will they all work?We will have manufacturingcentres in each of theseplaces and they will cross-sell each-other 's product. Japanese team will cross-sell India products and theIndian sales team will sell Japan products as and whenthe regulators permit.

How are investors behavingi n t h e t o u g h m a r k e t conditions?Globally, post Lehman, c r i s i s i n v e s t o r s h a v e become risk averse andretail and high net worthindividuals (HNIs) have not come in the manner theycame earlier. They havebeen cautious and with the current market volatility driven by the Europeanfactors their sentiments arefurther dampened.

Economic Times: 28th June 2010

1

Market round - upEquity

Vetri SubramaniamHead of Equity Funds

The Indian stock market did well in the month of June with the Sensex gaining over 4% for the month and pushing back to the top end of the range in which it has been for nearly 10 months. The Sensex is virtually flat since September 30th last year, when we started highlighting the valuation headwinds; gaining just over 3% since then. In fact, this would appear to be in line with broad trends in global indices. The MSCI Emerging Markets Index has gained just a shade over 1% over the last 9 months and the MSCI All Country World Index has dropped 3.5% during this period. In that context, India remains an out performer and has done better than its BRICS peers in recent months.

This was an action packed month in terms of events and news. Early in the month the dropping of a non-compete agreement between the two Reliance groups set the pace. Then came the Broadband Wireless Access auction results which saw a bonanza in terms of receipts at Rs.38,000cr. well above expectations, and heralding the re-entry of Reliance Industries into the telecom sector. At month end came the first big bang reform effort from the Central Government that saw them decontrol petrol prices and almost do the same for diesel. Further kerosene and LPG prices were also increased though they will remain subsidized products.

The weakest link in the India story has always been the fiscal health and this much needed fuel-pricing reform addresses the structure of our fiscal deficit. This is even more important than disinvestment or spectrum auction fees for the simple reason that those are one-time incomes where as the fuel pricing reform results in elimination of a recurring expense item. Without such a step, the other measures merely delay the inevitable day when the Government has nothing more to sell to meet out of control expenses. The recent steps to reform fuel and fertilizer pricing attack the subsidies that are at the very root of what has proven to be intractable fiscal deficit so far. More will be required of the same medicine in the days ahead, because even after diesel is fully decontrolled – the subsidy bill on account of kerosene and LPG would amount to nearly Rs.50,000cr. at current crude prices. The Unique Identification Number program that the Government hopes to roll out would allow it to address this problem by paying cash subsidies to those who need it to purchase LPG and Kerosene at market prices. This is unlike the current system that cannot differentiate between those who need to be subsidized and those who don’t (which we would argue covers almost all the readers of this newsletter) and therefore, prices products at the same price for all.

The successful spectrum auction and fuel pricing reform means that the fiscal deficit could come in at about 5% vs the budgeted 5.5%. This should mean less pressure from the Government borrowing program on interest rates. The benchmark 10Yr bond yield finished the month at 7.5%. At the time of the budget

in February this year the yield was nearly 8% and was expected to climb to 8.5% by September. The improvement in the fiscal situation and reduced pressure on borrowing has been an unexpected positive surprise and this has in our opinion been a source of support for the equity markets in recent days - lower longer term rates support economic growth and higher stock valuations.

Inflation remains a source of concern with the number for May surprising on the upside, at the double digit figure of 10.16% vs 9.56% consensus. The fuel price hike will add a total of 120-130 bps to inflation. The Government continues to expect a moderation in inflation rates (element of base effect as well) by the year end, but whether it will drop to 5%, which is the RBI’s comfort zone is a question mark. The RBI itself has highlighted that inflation is getting more generalized and strong growth numbers will tend to have an inflationary effect as the economy runs into traditional bottlenecks. April Industrial Production was way above expectations, up 17.6% vs 13.5% consensus – powered by Capital Goods +73% & Consumer Goods +37%. Post June, the favorable base effect will likely be over Industrial Production and it should ease off to about 9% for the year.

The RBI has hiked policy rates by 25bps in the first week of July. The RBI has taken cognizance of the recovery in the economy that it now sees as ‘consolidating’. They see an upward bias to their earlier forecast of 8% but have pointed out that inflation is now ‘more generalized’ and point to ‘demand side pressures’. We expect the RBI will act in its July policy as well and continue to expect a total policy action of 75bps (increase) by March 2011. A few months ago we had highlighted that the effective tightening in the market could be to the tune of a further 150 bps as the effective policy rate transitioned to the repo rate and that may now be happening simultaneously rather than sequentially.

In recent days the market has started to approach the 17x12M forward P/E multiple again as it did in October last year and our view remains that pushing above this will remain difficult. The focus will have to be on stock picking for generating further returns rather than to expect further re-rating. Given India’s relative out performance, the valuation premium to other Emerging Markets and BRICs Markets has increased. India’s 12M trailing PE premium versus the EM rose to 50% by the end of the month (at a 28-month high). This makes the case for a re-rating of Indian equities slightly tough, more so given that FY11 earnings estimates have remained unchanged for nearly 9 months now.

Our focus on stock picking and sector allocation and a bullish positioning on domestic consumption have resulted in significant out performance for all funds during the last year. We intend to stay the course.

2

Ashish NigamHead of Fixed Income

Fixed Income

Market round - up

Liquidity conditions continued to be tight for the month with

Repo rate operative for the entire month. The Banking System

continued to borrow over INR 50,000 crores on a daily basis.

Overnight rates and MIBOR remained unchanged over the

previous month. The short-end of the curve remained flat

with CD rates, of maturity 3M to 12M, continued in the range of

6.25% to 7.00%. Though RBI reduced the borrowing amount of

one of the gilt auctions by INR 3,000 crores, it failed to provide

any comfort to the short-end of the curve. Long bond yields,

especially the 10Y headline benchmark, traded in a narrow band

of 7.50-7.65%. The global uncertainty proved to be positive for

the bonds and provided support to the bond yields. The G-Sec

yield curve flattened, with a steep rise in yields on the short-

end of the curve, while there was only a marginal rise in yields

on the long-end of the curve. The yield on the 10Yr benchmark

closed unchanged for the month at 7.5%. In the T-Bill Auction

held on June 30th , the 91-day T-bill was issued at 5.28% and the

364-day paper yielded 5.65%.

The release of the 4Q FY10 GDP data showed the Indian

economy growing strongly at 8.6% during the quarter. There

were upward revisions to 2Q and 3Q, FY10 GDP data. Industrial

Production (IIP) once again surged, growing at a 17.6% rate

(YoY) in April compared to 13.9% (YOY) in the previous month.

After growing at over 15% since December, the growth rate is

likely to ease to a more sustainable level during the rest of the

year. With IIP averaging 10.4% during FY10 (2.8% in FY09) and

growing at over 15% in recent months, the economy is showing

clear signs of a revival. Six major infrastructure industries,

which constitute the core sector, registered a healthy growth

rate of 5% in May from 5.4% in April. During April-May 2010-11,

the core sector registered a growth rate of 5.1% as against

3.5% during the corresponding period of the previous year.

Inflation, as measured by the WPI Index, was at 10.2% (YoY) in

May. The rate is starting to tread lower after having peaked at

11% in March.

Economic growth measured by GDP is now in the positive

territory for the US, UK and the Euro zone, though the

unemployment rate continues to remain high. US GDP was

revised lower to 2.7% (YoY) in Q1’10 giving further evidence

that the recovery is likely to be modest. GDP growth in the UK

for Q1’10 was revised higher. The global economic recovery

is building steam led by strong growth in Asia, although the

sovereign debt crisis in Europe is presenting risks to the

recovery.

Gold prices remained volatile on the backdrop of uncertainty

prevailing in Euro zone. The prices touched an all time high of

USD 1255 oz, dropped to a low of USD 1203 oz for the month

before bouncing back to USD 1214 oz at the month end.

Markets

The G-Sec yield curve continued to remain flat with short-

end rates still high on tight liquidity conditions. The global

uncertainty provided support to the long bond yields, and

they continued to track US treasury yields, which dropped

to 3%. Despite a sharp rally in the US treasuries, Indian bonds

remained range bound as inflation continued to be a worry.

Markets were not certain if RBI hiked rates to contain inflation.

Money market rates remained high amidst tight liquidity in the

market for larger part of the month but saw a sharp jump in the

yields when the liquidity in the system turned negative. The

very short-end of the curve(1-3 months) saw a jump of almost

325 basis points, while the 6-12 month segment saw a jump of

50-100 basis points.

Going Forward

We expect the liquidity to start normalizing by mid-July and

the amount outstanding in daily Repo to come off, since by

then the Government spending money will come into banking

system. The money market yields will also start to normalize

tracking liquidity. This will lead to the yield curve steepening

and the 1Y 10Y spread, currently at about 200 basis points, to

be at about 250 basis points. The long bonds yields will largely

depend on global macro cues. Inflation will start coming off by

end of July and by September it is expected to be around 8%.

10Y benchmark bond is expected to trade in range of 7.50%-

7.65% since we expect RBI to hike benchmark rates by 25 basis

points on 27th July when it meets for the Credit Policy review.

3

As on 30th June, 2010

Please refer Back Cover for * and Disclaimer

0.90%0.97%1.14%1.39%1.40%1.41%1.60%1.61%1.81%1.97%2.14%2.15%2.45%2.53%2.53%

3.27%3.30%3.33%3.70%

4.28%4.79%

6.29%7.56%

8.77%10.22%10.43%

Telecom - Equipment & AccessoriesTransportation

HardwareTextile Products

Telecom - ServicesFinance (Including NBFCs)

CementGas

PesticidesRetailing

DiversifiedHealthcare Services

Auto AncillariesIndustrial Products

PowerMedia & Entertainment

Construction ProjectIndustrial Capital Goods

AutoPharmaceuticals

OilSoftware

Petroleum ProductsFinance

Consumer Non DurablesBanks

Dividend Option

25-Nov-09 1.0 13.03

28-Jan-08 1.5 14.74

Religare Tax Plan (NSE Symbol-RELIGARETP)

(An Open-Ended Equity Linked Savings Scheme with a lock-in period of 3 years.)

Key Facts

Sector Classification5 Dividend Distribution6

Record Date Rate Cum-Dividend (Rs/ Unit) NAV p.u. (Rs.)

Performance (as on 30th June, 2010)

Period Growth Option2 BSE 100

3 Months 3 6.04% 1.53%

6 Months 3 9.59% 2.31%

1 Year 4 46.28% 24.71%

3 Years 4 15.58% 7.46%

Since Inception 4 15.73% 8.99%2Past performance may or may not be sustained in future. 3Absolute Returns 4Compounded Annualised Returns.

6Past performance may or may not be sustained in future. Dividend is on face value of Rs. 10/- per unit. After the payment of dividend, the per unit NAV will fall to the extent of dividend payout and applicable statutory levy, if any.

5Sector Classification as recommended by AMFI.

Type of Fund An Open-Ended Equity Linked Savings Scheme with a lock-in period of 3 years

Investment Objective

To generate long term capital growth from a diversified portfolio of predominantly equity and equity related securities.

Load Structure Entry Load*

Nil

Exit Load

Nil

Minimum Investment

Rs. 500/- & in multiples of Rs. 500 /- thereafter

Additional Purchase

Rs. 500/- & in multiples ofRs. 500/- thereafter.

Inception Date 29th December 2006

NAV p.u. (in Rs.) as on 30th June, 2010

Growth 16.69 Dividend 13.82

Portfolio Turnover Ratio (1 Year)

1.25

Risk Ratios1 Standard Deviation 9%

Sharpe Ratio 0.24

Beta 0.811 Since Inception. (Risk-free rate of 5.35% based on 91 days T-Bill Rate)

Benchmark Index

BSE 100

AUM Rs. 101.55 crores

Fund Manager & Experience

Vetri SubramaniamTotal Experience : 16 YearsExperience in managing this fund : Since December 16, 2008

Vinay PahariaTotal Experience : 8 YearsExperience in managing this fund :Since June 28, 2010

Portfolio

Company % of NetAssets

Equity Holdings 91.94Reliance Industries Ltd. 5.91Housing Development Finance Corp. Ltd. 5.05Oil & Natural Gas Corporation Ltd. 4.79HDFC Bank Ltd. 3.80Infosys Technologies Ltd. 3.63Larsen & Toubro Ltd. 3.30Lupin Ltd. 2.84Power Finance Corporation Ltd. 2.65Bosch Ltd. 2.45Bharat Heavy Electricals Ltd. 2.17Apollo Hospitals Enterprises Ltd. 2.15Hindustan UniLever Ltd. 2.14Maruti Suzuki India Ltd. 2.12Britannia Industries Ltd. 2.10ICICI Bank Ltd. 2.10Pantaloon Retail (India) Ltd. 1.97Tata Tea Ltd. 1.96Corporation Bank 1.89United Phosphorus Ltd. 1.81Indian Oil Corporation Ltd. 1.65Gujarat State Petronet Ltd. 1.61Sun TV Network Ltd. 1.61Eicher Motors Ltd. 1.58Jain Irrigation Systems Ltd. 1.50Dishman Pharmaceuticals & Chemicals Ltd. 1.44Union Bank of India 1.43Manappuram General Fin & Leasing Ltd. 1.41

Bharti Airtel Ltd. 1.40Page Industries Ltd. 1.39United Spirits Ltd. 1.23ING Vysya Bank Ltd. 1.21Bata India Ltd. 1.17BGR Energy Systems Ltd. 1.16Financial Technologies (India) Ltd. 1.16Redington India Ltd. 1.14HT Media Ltd. 1.12Jyoti Structures Ltd. 1.07Rural Electrification Corp Ltd. 1.07Asian Paints Ltd. 1.06Cummins India Ltd. 1.03Jubilant Foodworks Ltd. 1.01Tech Mahindra Ltd. 0.99Cox And Kings India Ltd. 0.97Nestle India Ltd. 0.92Onmobile Global Ltd. 0.90Jaiprakash Associates Ltd. 0.85NTPC Ltd. 0.85VST Industries Ltd. 0.77Grasim Industries Ltd. 0.75SJVN Ltd. 0.61Hinduja Ventures Ltd. 0.54Geometric Ltd. 0.51Cash & Cash Equivalent 8.06Total 100.00

3

Company % of NetAssets

Value Research Rating

In ELSS Category (28 Schemes) for 3 yearperiods ending June 30, 2010. Past performance

is no guarantee of future results. Please refer Back Cover for details on Rating Methodology.

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Company % of NetAssets Company % of Net

Assets

Religare PSU Equity Fund (NSE Symbol-RELIGAREPS)

(An Open-Ended Equity Scheme)

Portfolio


Period Growth Option1 BSE PSU Index

1 Past performance may or may not be sustained in future. 2 Absolute Returns.

Sector Classification3


0.83%

1.20%

1.35%

4.03%

5.72%

7.25%

9.32%

10.15%

12.20%

17.17%

21.67%

Chemicals

Transportation

Fertilisers

Ferrous Metals

Industrial Capital Goods

Petroleum Products

Finance

Gas

Power

Oil

Banks

Key Facts

Type of Fund An Open - Ended Equity Scheme


To generate capital appreciation by investing in equity and equity related instruments of companies where the Central / State Government(s) has majority shareholding or management control or powers to appoint majority of directors.

Load Structure

Entry Load*

Nil

Exit Load

If redeemed/switched-out on or before 1 year from the date of allotment. 1%If redeemed/switched-out after 1 year from the date of allotment. Nil

Minimum Investment

Rs. 5,000/- & in multiples of Re. 1/- thereafter.

Additional Purchase


Inception Date 18th November 2009


Growth : 10.93

Dividend : 10.93

Benchmark Index

BSE PSU Index



Pradeep KumarTotal Experience : 10 YearsExperience in managing this fund :Since November 18, 2009

Equity Holdings 90.89

Oil & Natural Gas Corporation Ltd. 10.13

NTPC Ltd. 7.42

Oil India Ltd. 7.04

Bharat Heavy Electricals Ltd. 5.72

GAIL (India) Ltd. 5.54

Indian Oil Corporation Ltd. 5.06

State Bank of India 4.71

Power Finance Corporation Ltd. 4.46

Bank of Baroda 4.24

Steel Authority of India Ltd. 4.03

Gujarat State Petronet Ltd. 3.57

Rural Electrification Corp Ltd. 3.47

Jammu & Kashmir Bank Ltd. 3.33

Corporation Bank 3.17

Union Bank of India 2.60

Power Grid Corporation Ltd. 2.37

Canara Bank 1.88

Oriental Bank of Commerce 1.74

SJVN Ltd. 1.56

LIC Housing Finance Ltd. 1.39

Gujarat State Fertilizers & Chemicals Ltd.

1.35

Bharat Petroleum Corporation Ltd. 1.32

Indraprastha Gas Ltd. 1.04

Balmer Lawrie & Company Ltd. 0.93

Hindustan Petroleum Corporation Ltd. 0.87

Gujarat Industries Power Company Ltd. 0.85

Gujarat Alkalies & Chemicals 0.83

Container Corporation of India Ltd. 0.27

Cash & Cash Equivalent 9.11

Total 100.00

3 Months 2 7.16% 5.20%

6 Months 2 6.01% -0.24%

Since Inception 2 9.30% 3.25%

5




Assets

Religare Contra Fund (NSE Symbol-RELIGARECF)


Portfolio




2 Past performance may or may not be sustained in future. 3 Absolute Returns 4 Compounded Annualised Returns.


0.90%1.01%1.28%

1.49%1.74%1.85%

2.87%3.01%3.04%3.26%

3.48%4.08%4.71%4.99%5.00%

6.36%6.52%

6.63%8.78%9.21%

14.79%

Telecom - Equipment & Accessories

Auto Ancillaries

Retailing

Ferrous Metals

Construction

Fertilisers

Diversified

Healthcare Services

Media & Entertainment

Telecom - Services

Gas

Cement

Pharmaceuticals


Auto

Petroleum Products

Software

Oil

Power

Banks

Consumer Non Durables

Key Facts

Type of Fund An Open Ended Equity Scheme


To generate capital appreciation through investment in equity and equity related instruments. The Scheme will seek to generate capital appreciation through means of contrarian investing.

Load Structure

Entry Load*

Nil

Exit Load

If redeemed/switched-out on or before 1 year from the date of allotment. 1%If redeemed/switched-out after 1 year from the date of allotment. Nil

Minimum Investment


Additional Purchase


Inception Date 11th April 2007


Growth : 15.88

Dividend : 12.28

Portfolio Turnover Ratio(1 Year)

2.32


Sharpe Ratio 0.24

Beta 0.911Since Inception(Risk-free rate of 5.35% based on 91 days T-Bill Rate)

Benchmark Index

BSE 500




Dividend Distribution6

Record Date Rate Cum-Dividend (Rs./ Unit) NAV p.u. (Rs.)


Dividend Option

12-Mar-10 2.0 13.48

7-Sep-09 1.2 13.12



Tata Tea Ltd. 5.59

Reliance Industries Ltd. 5.04


Reliance Infrastructure Ltd. 4.79

Dr. Reddy's Laboratories Ltd. 3.85

ITC Ltd. 3.67

Maruti Suzuki India Ltd. 3.63

Tata Consultancy Services Ltd. 3.51


Bharti Airtel Ltd. 3.26

ING Vysya Bank Ltd. 3.12

Apollo Hospitals Enterprises Ltd. 3.01

Hindustan UniLever Ltd. 2.87


Grasim Industries Ltd. 2.60

Britannia Industries Ltd. 2.27

United Spirits Ltd. 2.02

Gujarat State Fertilizers & Chemicals Ltd. 1.85

Jyoti Structures Ltd. 1.72

Infosys Technologies Ltd. 1.56

India Cements Ltd. 1.48

NTPC Ltd. 1.46

Canara Bank 1.40

Eicher Motors Ltd. 1.37

HT Media Ltd. 1.33

Bharat Petroleum Corporation Ltd. 1.32

Pantaloon Retail (India) Ltd. 1.28

Bata India Ltd. 1.24

Andhra Bank Ltd. 1.04

Unitech Ltd. 1.04

Bosch Ltd. 1.01

Tech Mahindra Ltd. 0.97


Usha Martin Ltd. 0.96

Onmobile Global Ltd. 0.90

Hinduja Ventures Ltd. 0.88

Dishman Pharmaceuticals & Chemicals Ltd. 0.86

IBN18 Broadcast Ltd. 0.83

SJVN Ltd. 0.81

Marg Ltd. 0.70


Geometric Ltd. 0.48


Total 100.00

3 Months 3 5.17% 2.50%6 Months 3 5.24% 3.65%1 Year 4 43.58% 29.14%3 Years 4 13.17% 7.04%Since Inception 4 15.42% 11.25%

Value Research Rating

In Equity -Diversified Category (177 Schemes) for 3 year

periods ending June 30, 2010. Past performance is no guarantee of future

results. Please refer Back Cover for details on Rating Methodology.

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Religare Midcap Fund (NSE Symbol-RELIGAREMC)


Period Growth Option2 CNX Midcap Index

2Past performance may or may not be sustained in future. 3Absolute Returns 4Compounded Annualised Returns.@ Due to an overall sharp rise in the stock prices.


PortfolioKey Facts

Type of Fund An Open - Ended Equity Scheme


To provide long term capital appreciation by investing in a portfolio that is predominantly constituted of equity and equity related instruments of Mid Cap companies

Load Structure*

Entry Load*

Nil

Exit Load

If redeemed/switched- out on orbefore 1 year from the date ofallotment. 1%If redeemed/switched-out after1 year from the date of allotment. Nil

Minimum Investment


Additional Purchase




Growth : 13.46

Dividend : 13.46


1.13

Risk Ratios1 Standard Deviation 12%Sharpe Ratio 0.16Beta 0.961Since Inception (Risk-free rate of 5.35%based on 91 days T-Bill Rate)

Benchmark Index

CNX Mid Cap Index



Vinay PahariaTotal Experience : 8 YearsExperience in managing this fund :Since December 16, 2008

3 Months 3 6.24% 5.53%6 Months 3 13.01% 9.39%1 Year 4 62.56%@ 49.82%3 Years 4 7.57% 10.79%Since Inception 4 9.72% 15.59%

Equity Holdings 90.85Tata Tea Ltd. 3.89Apollo Hospitals Enterprises Ltd. 3.62Jubilant Foodworks Ltd. 3.51United Phosphorus Ltd. 3.46Gujarat State Petronet Ltd. 3.37Britannia Industries Ltd. 3.36Cox And Kings India Ltd. 3.32Financial Technologies (India) Ltd. 3.24Talwalkars Better Value Fitness Ltd. 3.14Redington India Ltd. 2.97ING Vysya Bank Ltd. 2.91Emami Ltd. 2.67Manappuram General Fin & Leasing Ltd. 2.60Jammu & Kashmir Bank Ltd. 2.58Page Industries Ltd. 2.48Jain Irrigation Systems Ltd. 2.37Gujarat Gas Co. Ltd. 2.34HT Media Ltd. 2.18Pantaloon Retail (India) Ltd. 2.16Balmer Lawrie & Company Ltd. 2.15Tech Mahindra Ltd. 2.04Onmobile Global Ltd. 1.99Bata India Ltd. 1.81Hinduja Ventures Ltd. 1.79



Amara Raja Batteries Ltd. 1.55

Gujarat Industries Power Company Ltd. 1.52

Gujarat State Fertilizers & Chemicals Ltd. 1.48

Birla Corporation Ltd. 1.44


Spicejet Ltd. 1.41

IBN18 Broadcast Ltd. 1.23

Solar Industries (I) Ltd. 1.23

DQ Entertainment International Ltd. 1.07

Lakshmi Energy And Foods Ltd. 1.06

Oriental Hotels Ltd. 1.04

Zydus Wellness Ltd. 1.01

Geometric Ltd. 1.00

BGR Energy Systems Ltd. 0.97

Usha Martin Ltd. 0.95

Kaveri Seed Company Ltd. 0.94

Jyoti Structures Ltd. 0.87

Agro Tech Foods Ltd. 0.61

Deep Industries Ltd. 0.45

Marg Ltd. 0.41


Total 100.00

0.41%0.95%0.97%1.01%1.04%1.23%1.42%1.44%1.48%1.55%1.62%1.99%2.16%2.37%2.39%2.48%2.60%2.97%3.14%3.46%3.62%

6.16%6.27%6.28%6.88%7.11%

17.85%

ConstructionFerrous Metals

Industrial Capital GoodsPackaged Foods

HotelsChemicals

PharmaceuticalsCement

FertilisersAuto Ancillaries

Auto

Telecom - Equipment& Accessories

RetailingIndustrial Products

PowerTextile Products

Finance (Including NBFCs)Hardware

Leisure FacilitiesPesticides

Healthcare ServicesGas

Media & EntertainmentSoftware

TransportationBanks





Assets

7



Religare Arbitrage Fund(An Equity Oriented Interval Scheme)


Performance (as on 30th June, 2010)Period Growth Option1 Crisil Liquid Fund Index

1Past performance may or may not be sustained in future. 2 Absolute Returns 3Compounded Annualised Returns.

Dividend Option

15-Mar-10 0.12 10.1570

22-Dec-09 0.10 10.1973

5-Nov-09 0.15 10.2031

9-Jul-09 0.15 10.3531


Record Date Rate Cum-Dividend (Re/ Unit) NAV p.u. (Rs.)



Assets

0.20%0.45%0.45%0.65%0.70%1.19%1.26%1.29%1.42%1.68%1.76%1.79%

2.32%2.34%2.57%2.57%2.85%2.86%

2.92%3.67%3.87%3.98%

4.43%4.58%

5.49%12.21%

Power

ChemicalsConstruction Project

Telecom - Equipment & Accessories

AutoIndustrial Capital Goods

Auto AncillariesIndustrial Products

FertilisersDiversified

Textile ProductsTransportation

Consumer DurablesFerrous Metals

CementRetailing

Non - Ferrous MetalsBanks

Petroleum ProductsOil

SoftwarePharmaceuticals

FinanceMedia & Entertainment

ConstructionConsumer Non Durables

Type of Fund An Equity Oriented Interval Scheme.


To generate income through arbitrage opportunities emerging out of mis-pricing between the cash market and the derivates market and through deployment of surplus cash in fixed income instruments.


Nil

Exit Load

If redeemed/switched-out on or before 180 days from the date of allotment. 0.75%

If redeemed/ switched-out after 180 days from the date of allotment. Nil

Redemption/switch-out permitted during the interval period only

Minimum Investment


Additional Purchase

Rs. 1,000/- & in multiples ofRe. 1/- thereafter.



Growth : 12.1842

Dividend : 10.1484

Portfolio Turnover Ratio(1 Year)

41.73

Benchmark Index

CRISIL Liquid Fund Index




Key Facts Portfolio


The Scheme is having exposure to Stock Futures (Short) against the above Equity Stocks and the Gross Exposure Derivatives is 69.77% of Net Assets.

3 Months 2 0.97% 0.99%6 Months 2 1.73% 1.92%1 Year 3 3.24% 3.29%3 Years 3 6.18% 6.13%Since Inception 3 6.42% 6.25%

Equity Holdings 69.50Great Offshore Ltd. 3.67IFCI Ltd. 3.17KS Oil Ltd. 3.04Television Eighteen India Ltd. 3.02Indiabulls Real Estate Ltd. 2.85Housing Development & Infrastr Ltd. 2.64Mcleod Russell India Ltd. 2.62Century Textiles & Industries Ltd. 2.57Pantaloon Retail (India) Ltd. 2.57Ispat Industries Ltd. 2.34Videocon Industries Ltd. 2.32Bajaj Hindustan Ltd. 1.96Noida Toll Bridge Co. Ltd. 1.79Bombay Rayon Fashions Ltd. 1.76Aditya Birla Nuvo Ltd. 1.68Balrampur Chini Mills Ltd. 1.67Tech Mahindra Ltd. 1.63Reliance Mediaworks Ltd. 1.56IDBI Bank Ltd. 1.50Hindalco Industries Ltd. 1.49Reliance Industries Ltd. 1.48Chennai Petroleum Corporation Ltd. 1.44Nagarjuna Fertilizers & Chemicals Ltd. 1.42Hindustan Zinc Ltd. 1.36Sintex Industries Ltd. 1.29

Everest Kanto Cylinder Ltd. 1.26Power Finance Corporation Ltd. 1.26Areva T & D India Ltd. 1.19Ranbaxy Laboratories Ltd. 1.18Triveni Engeering And Industries Ltd. 1.11Sterling Biotech Ltd. 1.05Federal Bank Ltd. 1.03Colgate-Palmolive (India) Ltd. 0.96Piramal Healthcare Ltd. 0.89ICSA India Ltd. 0.88Orchid Chemicals & Pharmaceuticals Ltd. 0.86Ruchi Soya Industries Ltd. 0.85Oracle Financial Serv Software Ltd. 0.73Ashok Leyland Ltd. 0.70GTL Ltd. 0.65Firstsource Solutions Ltd. 0.63Godrej Industries Ltd. 0.45Voltas Ltd. 0.45Syndicate Bank Ltd. 0.28Reliance Infrastructure Ltd. 0.20Andhra Bank Ltd. 0.05Fixed Deposits 24.78Yes Bank Ltd. 24.78Cash & Cash Equivalent 5.72 Total 100.00

8



1.06%

1.45%

1.56%

1.62%

1.81%

2.17%

2.22%

3.11%

3.15%

3.47%

4.96%

5.31%

5.76%

5.85%

7.23%

11.07%

14.39%

16.59%

Leisure Facilities

Media & Entertainment

Auto Ancillaries

Cement


Pesticides

Telecom - Services

Power

Industrial Products

Construction Project

Gas

Finance

Oil

Pharmaceuticals

Petroleum Products


Software

Banks

Religare Growth Fund (NSE Symbol-RELIGAREGF)

(An Open-Ended Diversified Equity Scheme)


Assets



PortfolioKey Facts

Type of Fund An Open - Ended Diversified Equity Scheme.


To generate long term capital growth from a diversified portfolio of predominantly equity and equity related securities.

Load Structure

Entry Load*

Nil

Exit Load

If redeemed/switched- out on or before 1 year from the date of allotment. 1%If redeemed/switched-out after 1 year from the date of allotment. Nil

Minimum Investment


Additional Purchase


Inception Date 9th August 2007


Growth : 12.06

Dividend : 12.05

Portfolio TurnoverRatio(1 Year)

2.43

Risk Ratios1 Standard Deviation 8%Sharpe Ratio 0.17Beta 0.741Since Inception(Risk-free rate of 5.35% based on 91 days T-Bill Rate)

Benchmark Index

BSE 100



Pradeep Kumar Total Experience : 10 Years Experience in managing this fund : Since March 11, 2008


2Past performance may or may not be sustained in future. 3Absolute Returns 4 Compounded Annualised Returns..





ITC Ltd. 4.56

HDFC Bank Ltd. 3.96


Larsen & Toubro Ltd. 3.47




ICICI Bank Ltd. 3.18

Wipro Ltd. 2.84


Bank of Baroda 2.53


Britannia Industries Ltd. 2.46

Lupin Ltd. 2.32



United Phosphorus Ltd. 2.17

NTPC Ltd. 2.14

Asian Paints Ltd. 2.08

Tata Tea Ltd. 1.97

Oil India Ltd. 1.86




Jain Irrigation Systems Ltd. 1.74


Exide Industries Ltd. 1.56

Gujarat State Petronet Ltd. 1.51

HT Media Ltd. 1.45

Cummins India Ltd. 1.41


Talwalkars Better Value Fitness Ltd. 1.06

SJVN Ltd. 0.97


Total 100.00

3 Months 3 4.96% 1.53%6 Months 3 6.54% 2.31%1 Year 4 34.30% 24.71%Since Inception 4 6.68% 6.92%

9



4.60%

5.17%

6.33%

7.02%

7.27%

7.77%

9.87%

10.89%

11.07%

15.29%

Transportation


Cement

Auto

Pharmaceuticals

Petroleum Products

Software

Banks

Finance


Religare Equity Fund (NSE Symbol-RELIGAREEF)




2Past performance may or may not be sustained in future. 3Absolute Returns 4Compounded Annualised Returns.


Assets



Type of Fund An Open-Ended Equity Scheme.


To generate long term capital growth from a focused portfolio of predominantly equity and equity related securities.


Nil

Exit Load


Minimum Investment


Additional Purchase


Inception Date 4th October 2007


Growth : 12.12

Dividend : 12.12


4.90


Sharpe Ratio 0.22

Beta 0.681Since Inception(Risk-free rate of 5.35% based on 91 days T-Bill Rate)

Benchmark Index

BSE 100



Vetri SubramaniamTotal Experience : 16 Years Experience in managing this fund : Since December 16, 2008

Key Facts Portfolio




ITC Ltd. 5.86


Housing Development Finance Corp. Ltd. 4.84



HDFC Bank Ltd. 3.92


Emami Ltd. 3.56

Birla Corporation Ltd. 3.52



Wipro Ltd. 3.11


Bank of Baroda 2.89



Cox And Kings India Ltd. 2.56

Nestle India Ltd. 2.08

Spicejet Ltd. 2.04


Yes Bank Ltd. 2.04

Fixed Deposits 2.66

Yes Bank Ltd. 2.66


Total 100.00


10



Religare Banking Fund (NSE Symbol-RELIGAREBF)

(An Open-Ended Banking Sector Scheme)

Company % of Net Assets

Period Growth Option2 CNX Bank Index



PortfolioKey Facts

Type of Fund An Open-Ended Banking Sector Scheme


To generate long term capital growth from a portfolio of equity and equity related securities of companies engaged in the business of banking and financial services.

Load Structure

Entry Load*

Nil

Exit Load


Minimum Investment


Additional Purchase


Inception Date 14th July 2008


Growth : 17.69

Dividend : 13.72


3.50

Risk Ratios1 Standard Deviation 5%Sharpe Ratio 0.50Beta 0.781Since Inception (Risk-free rate of 5.35%based on 91 days T-Bill Rate)

Benchmark Index

CNX Bank Index



Pradeep Kumar Total Experience : 10 Years Experience in managing this fund : Since July 14, 2008

Dividend Option

29-Jan-10 2.50 14.18

3-July-09 0.75 12.78


Record Date Rate Cum-Dividend (Rs./ Unit) NAV p.u. (Rs.)



HDFC Bank Ltd. 18.79


State Bank of India 12.35

Bank of Baroda 5.96

Axis Bank Ltd. 4.44






Canara Bank 3.17



Punjab National Bank 2.16

Yes Bank Ltd. 2.05


LIC Housing Finance Ltd. 1.56

Andhra Bank Ltd. 1.51

City Union Bank Ltd. 1.30


Total 100.00


11



0.90%0.93%1.06%1.33%1.65%1.88%1.91%2.05%2.52%2.73%

3.34%3.52%3.56%

4.71%4.88%4.96%

6.83%10.66%

11.83%12.41%

13.92%

Non - Ferrous Metals

Pharmaceuticals

Auto Ancillaries

Healthcare Services

Industrial Products

Power

Pesticides

Diversified

Cement

Telecom - Services

Gas

Auto

Ferrous Metals



Oil


Petroleum Products

Finance

Software

Banks

Religare Business Leaders Fund (NSE Symbol-RELIGAREBL)



Assets



Type of Fund An Open-Ended Equity Scheme.


To generate long term capital appreciation by investing in equity and equity related instruments including equity derivatives of companies which in our opinion are leaders in their respective industry or industry segment.

Load StructureEntry Load*

Nil

Exit Load


Minimum Investment


Additional Purchase


Inception Date 21st August 2009


Growth : 11.84 Dividend : 11.84

Benchmark Index

S&P CNX NIFTY



Vetri SubramaniamTotal Experience : 16 Years Experience in managing this fund : Since August 21, 2009

Key Facts Portfolio


Period Growth Option1 S&P CNX NIFTY








HDFC Bank Ltd. 4.94





ITC Ltd. 2.76





UltraTech Cement Ltd. 2.06



NTPC Ltd. 1.88


Bajaj Auto Ltd. 1.45



JSW Steel Ltd. 1.30

Financial Technologies (India) Ltd. 1.15

Bosch Ltd. 1.06


Bank of Baroda 0.96

Jindal Steel & Power Ltd. 0.95


Cipla Ltd. 0.93


Sterlite Industries Ltd. 0.90

Crisil Ltd. 0.76


Kotak Mahindra Bank Ltd. 0.61


Jaiprakash Associates Ltd. 0.46

Warrants



Total 100.00

1Past performance may or may not be sustained in future. 2Absolute Returns

3 Months 2 2.42% 1.21%6 Months 2 4.59% 2.14%Since Inception 2 18.40% 17.30%

12



Religare Monthly Income Plan (MIP) Plus (NSE Symbol-RELIGAREMP)

(An open ended income scheme. Monthly income is not assured and is subject to availability of distributable surplus. The term ‘Plus’ has been used in terms of the asset allocation and not in terms of returns/yield)

Key Facts

Type of Fund An Open-Ended Income Scheme


To generate regular income through a portfolio of fixed income securities, Gold ETFs and equity & equity related instruments.

Load Structure

Entry Load*

Nil

Exit Load


Minimum Investment

Growth Option: Rs. 5,000/- & in multiples of Re.1/- thereafter.

Dividend Option: Rs. 25,000/- & in multiples of Re.1/- thereafter.

Additional Purchase

Rs. 1,000/-& in multiples of Re. 1/- thereafter.

Inception Date 1st June 2010



Benchmark Index

65% - CRISIL MIP Blended Fund Index 35% - Price of Gold



Debt & Gold Investments : Mr. Ashish NigamTotal Experience : 11 YearsExperience in managing this fund : Since June 01, 2010

Equity Investments : Mr. Vetri SubramaniamTotal Experience : 16 Years Experience in managing this fund : Since June 01, 2010

Portfolio

Asset Allocation

Money Market Instruments 75.46%

Equity Holdings 8.93%

Gold ETF 8.81%

Cash & Cash Equivalent 6.80%

Company Rating % of NetAssets





HDFC Bank Ltd. 0.54


Housing Development Finance Corp. Ltd.

0.46



Page Industries Ltd. 0.35


Jubilant Foodworks Ltd. 0.34



Redington India Ltd. 0.30





ITC Ltd. 0.17





NTPC Ltd. 0.15






JSW Steel Ltd. 0.08

Bosch Ltd. 0.08


Bank of Baroda 0.07

Cipla Ltd. 0.07




Crisil Ltd. 0.06







Money Market Instruments 75.46

Certificate of Deposit

State Bank of Hyderabad A1+ 21.23

State Bank Of Mysore A1+ 15.80

Canara Bank P1+ 15.76

Axis Bank Ltd. PR1+ 7.89

Oriental Bank of Commerce P1+ 6.45

Punjab National Bank PR1+ 3.94

Commercial Paper

Kotak Mahindra Prime Ltd. P1+ 2.32

Reliance Capital Ltd. A1+ 2.07

Mutual Fund Units 8.81

Religare Gold ETF 8.81


Total 100.00


Period Growth Option1 65% - CRISIL MIP Blended Fund Index 35% - Price of Gold

Since Inception 2 1.44% 1.41%

1Past performance may or may not be sustained in future. 2Absolute Returns

13



Religare Monthly Income Plan (NSE Symbol-RELIGAREMI)

(An open ended income scheme. Monthly income is not assured and is subject to availability of distributable surplus)

Key Facts



To generate regular income through a portfolio of predominantly high quality fixed income securities and with a small exposure to equity and equity related instruments.

Load Structure

Entry Load*

Nil

Exit Load


Minimum Investment

Growth Option: Rs. 5,000/- & in multiples of Re.1/- thereafter.

Dividend Option: Rs. 25,000/- & in multiples of Re.1/- thereafter.

Additional Purchase


Inception Date 1st June 2010



Benchmark Index

CRISIL MIP Blended Fund Index



Debt Investments : Mr. Ashish NigamTotal Experience : 11 YearsExperience in managing this fund : Since June 01, 2010

Equity Investments : Mr. Vetri SubramaniamTotal Experience : 16 Years Experience in managing this fund : Since June 01, 2010

Portfolio






HDFC Bank Ltd. 0.64


Housing Development Finance Corp. Ltd.

0.55




Jubilant Foodworks Ltd. 0.40

Page Industries Ltd. 0.40



Redington India Ltd. 0.35






ITC Ltd. 0.20




NTPC Ltd. 0.18






JSW Steel Ltd. 0.10

Bank of Baroda 0.09

Cipla Ltd. 0.09



Bosch Ltd. 0.09



Crisil Ltd. 0.07










Karnataka Bank Ltd. A1+ 9.24


State Bank Of Travancore P1+ 4.41


Commercial Paper



Bajaj Auto Finance Ltd. P1+ 4.98

Cash & Cash Equivalent -4.51

Total 100.00


Period Growth Option1 CRISIL MIP Blended Fund Index

Since Inception 2 1.17% 1.37%1Past performance may or may not be sustained in future. 2Absolute Returns

Asset Allocation

Money Market Instruments 93.85%

Equity Holdings 10.66%

Cash & Cash Equivalent -4.51%

14



Religare Liquid Fund(An Open-Ended Liquid Scheme)

Key Facts Portfolio

Company Rating % of NetAssets Company Rating % of Net

Assets

Maturity ProfileRating ProfilePR1+ ,P1+ ,A1+ ,F1+ 109.42%Cash & Cash Equivalent -9.42%

YTM 5.22%Average Maturity 55 daysModified Duration 55 days

Below or equal to 91 days 109.42%Call & Other -9.42%

7 Days2 5.47% 5.37% 5.35% 5.20%15 Days2 5.42% 5.36% 5.36% 5.18%30 Days2 5.18% 5.15% 5.14% 4.88%3 Months2 4.49% 4.56% 4.74% 3.97%6 Months2 4.02% 4.13% 4.41% 3.87%1 Year2 3.93% 4.11% 4.41% 3.29%3 Years2 6.39% 6.66% 6.80% 6.13%Since Inception2 6.60% 6.89% 7.03% 6.48%


Period Regular - Institutional - Super Institutional - CRISIL Liquid Growth Option1 Growth Option1 Growth Option1 Fund Index

1Past performance may or may not be sustained in future. 2Compounded Annualised Returns.

Type of Fund An Open-Ended Liquid Scheme


To provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through a portfolio of money market and debt securities.

Load Structure Entry Load* Nil

Exit Load Nil

Minimum Investment

Regular Plan: Rs. 5,000 & in multiples of Re. 1/- thereafterInstitutional Plan: Rs. 1 Crore & in multiples of Re. 1/- thereafter

Super Institutional Plan: Rs. 10 Crores & in multiples of Re. 1/- thereafter

Additional Purchase

Regular Plan:Rs. 1,000/- & in multiples of Re. 1/- thereafterInstitutional Plan:Rs. 1 Lakh & in multiples of Re. 1/- thereafterSuper Institutional Plan:Rs. 25 Lakhs & in multiples of Re. 1/- thereafter

Inception Date 17th November 2006


Regular Plan:Growth : 12.6053 Weekly Dividend : 10.0080Institutional Plan: Growth : 12.7280 Daily Dividend : 10.0022 Weekly Dividend : 10.0080 Monthly Dividend : - Super Institutional Plan:Growth : 12.7880 Daily Dividend : 10.0078 Weekly Dividend : -Monthly Dividend : -

Benchmark Index




Ashish NigamTotal Experience : 11 YearsExperience in managing this fund : Since June 11, 2009

Corporate Debt 7.90

Canbank Factors Ltd. P1+ 7.90




ICICI Bank Ltd. A1+ 10.96

IDBI Bank Ltd. P1+ 9.39

Syndicate Bank Ltd. PR1+ 5.23


Jammu & Kashmir Bank Ltd. P1+ 4.69

Yes Bank Ltd. A1+ 2.63

Kotak Mahindra Bank Ltd. P1+ 2.62

Corporation Bank P1+ 2.61

Central Bank of India P1+ 2.61

Bank of Baroda A1+ 2.60

State Bank Of Travancore P1+ 2.09

Andhra Bank Ltd. F1+(IND) 2.08

Central Bank of India PR1+ 1.57



State Bank Of Patiala P1+ 0.52

Commercial Paper

Utkal Alumina International Ltd. PR1+ 7.00

Aditya Birla Finance Ltd. A1+ 5.26

SREI Equipment Finance Pvt Ltd. PR1+ 5.21


J M Financial Products Private Ltd. P1+ 2.63

Apollo Tyres Ltd. P1+ 2.62


HCL Infosystem Ltd. A1+ 1.57

Rural Electrification Corp Ltd. P1+ 1.26

Indraprasth Medical Corporation Ltd. A1+ 1.05

Shriram Transport Finance Co Ltd. F1+(IND) 1.05

Alembic Ltd. P1+ 0.53


Total 100.00

15



Religare Ultra Short Term Fund

Key Facts Portfolio

Type of Fund An Open-Ended Debt Scheme.


To provide liquidity and optimal returns to the investor by investing primarily in a mix of short term debt and money market instruments which results in a portfolio having marginally higher maturity and moderately higher credit risk as compared to a liquid fund at the same time maintaining a balance between safety and liquidity.


Nil

Exit Load Nil

Minimum Investment

Regular Plan:Rs. 5,000 & in multiples of Re. 1/- thereafter

Institutional Plan:Rs. 1 Crore & in multiples of Re. 1/- thereafter

Additional Purchase

Regular Plan:Rs. 1,000/- & in multiples of Re. 1/- thereafter

Institutional Plan:Rs. 1 Lakh & in multiples of Re. 1/- thereafter

Inception Date 18th January 2007


Regular Plan:Growth : 12.5863 Bonus : 12.1389 Daily Dividend : 10.0163 Weekly Dividend : 10.0190 Monthly Dividend : 10.0153 Institutional Plan:Growth : 12.8209 Bonus : - Daily Dividend : 10.0171 Weekly Dividend : 10.0190 Monthly Dividend : -

Benchmark Index





Company Rating % of NetAssets Company Rating % of Net

Assets


Record Date Rate (Re/ Unit) Cum-Dividend NAV p. u. (Rs.)

Individuals/HUF OthersRegular Plan Monthly Dividend30-Jun-10 0.03662976 N.A. 10.057031-May-10 0.03306991 N.A. 10.053030-Apr-10 0.06192865 N.A. 10.086031-Mar-10 N.A N.A. 10.0510Institutional Plan Monthly Dividend31-Mar-10 N.A. 0.01938073 10.058226-Feb-10 N.A. 0.02782636 10.049429-Jan-10 N.A. 0.03035507 10.052531-Dec-09 N.A. 0.03173368 10.0542

4Past performance may or may not be sustained in future.Dividend is on face value of Rs. 10/- per unit. After the payment of dividend, the per unit NAV will fall to the extent of dividend payout and applicable statutory levy, if any.

Rating ProfileAAA ,PR1+ ,P1+ ,A1+ ,F1+ 93.91%A+ 7.21%AA+ 2.45%Sovereign 2.07%AA 0.57%LAA 1.20%AA- 1.23%Cash & Cash Equivalent -8.64%

Maturity ProfileBelow 1 Year 104.96%Bet. 1-2 yrs 3.68%Call & Others -8.64%


Performance(as on 30th June, 2010)Period Regular- Institutional CRISIL Liquid Growth - Growth Fund Index Option1 Option1


1 Month2 0.42% 0.42% 0.40%3 Months2 1.15% 1.25% 0.99%6 Months2 2.10% 2.41% 1.92%1 Year3 4.13% 4.88% 3.29%3 Years3 6.67% 7.23% 6.13%Since Inception3 6.89% 7.46% 6.48%

(An Open-Ended Debt Scheme)

Corporate Debt 16.14Religare Finvest Ltd. LA+ 7.21Sundaram Finance Ltd. AA+ 2.45Mahindra & Mahindra Fin Ser Ltd. AA- 1.23Citifinancial Consumer Finance India Ltd. LAA 1.20

GE Capital Services India Ltd. AAA 1.19Infrastructure Development Finance Company Ltd. AAA 0.95

Tata Sons Ltd. AAA 0.72Shriram Transport Finance Co Ltd. AA(IND) 0.57Power Finance Corporation Ltd. AAA 0.48Corp Loan Sec Trust 06 Sr XXXIII (Shriram Transport Finance Co. Ltd. ) F1+(IND)(SO) 0.14Money Market Instruments 90.43Certificate of Deposit

ICICI Bank Ltd. A1+ 8.35Punjab National Bank PR1+ 6.11Punjab and Sind Bank A1+ 5.85State Bank of India P1+ 4.72Central Bank of India PR1+ 4.48Oriental Bank of Commerce P1+ 4.45Central Bank of India P1+ 3.51State Bank of Hyderabad A1+ 2.99State Bank Of Mysore A1+ 2.76United Bank Of India Ltd. A1+ 2.36

Axis Bank Ltd. P1+ 2.32

Andhra Bank Ltd. F1+(IND) 2.10


United Bank Of India Ltd. P1+ 1.18

State Bank of Bikaner & Jaipur P1+ 1.17

Union Bank of India P1+ 1.17

State Bank of Travancore P1+ 1.14



Commercial Paper

Food Corporation of India F1+(IND) 15.99Reliance Capital Ltd. A1+ 7.04L&T Finance Ltd. PR1+ 3.50Rural Electrification Corp Ltd. P1+ 2.98Reliance Securities Ltd. A1+(SO) 1.18Housing Development Finance Corp. Ltd. A1+ 1.17

Indian Oil Corporation Ltd. P1+ 0.94

Steel Authority of India Ltd. PR1+ 0.47


Treasury Bills 2.07

91 Days Tbil (MD 16/07/2010) SOV 1.90

91 Days Tbil (MD 13/08/2010) SOV 0.17


Total 100.00

16



1 Month2 0.37% 0.38% 0.39%3 Months2 1.23% 1.29% 1.34%6 Months2 2.25% 2.37% 2.59%1 Year3 4.63% 4.88% 4.85%3 Years3 6.98% 7.31% 7.69%Since Inception3 7.42% 7.70% 7.92%

Religare Short Term Plan(An Open-Ended Income Scheme)

Key Facts Portfolio

Performance (as on 30th June, 2010) Rating Profile


Period Regular- Institutional CRISIL Short Growth Growth Term Bond Option1 Option1 Fund Index


AAA ,PR1+ ,P1+ ,A1+ 78.13%AA+ 7.89%AA- 6.40%A+ 5.09%AA 1.22%Cash & Cash Equivalent 0.86%A1 0.41%




Individuals/HUF Others

Regular Plan Monthly Dividend

29-Jun-10 0.03452248 0.03217111 10.2172

28-May-10 0.03429224 0.03191755 10.2171

29-Apr-10 0.04204484 0.03913563 10.2259

30-Mar-10 0.01548690 0.01441828 10.1956

Institutional Plan Monthly Dividend

29-Jun-10 0.03645444 0.04150000 10.2237

28-May-10 0.03607567 0.03357619 10.2234

29-Apr-10 0.04353447 0.04051878 10.2319

30-Mar-10 0.01569788 0.01461015 10.2001


Type of Fund An Open- Ended Income Scheme.


To generate steady returns with a moderate risk for investors by investing in a portfolio of short-medium term debt and money market instruments.


Nil

Exit Load Nil

Minimum Investment

Regular Plan: Rs. 5,000/- & in multiples of Re. 1/- thereafter.

Institutional Plan: Rs. 10 Lakhs & in multiples of Re. 1/- thereafter.

Additional Purchase

Regular Plan: Rs. 1,000/- & in multiples of Re. 1/- thereafter.

Institutional Plan: Rs. 1 Lakh & in multiples of Re.1/- thereafter.

Inception Date 24th March 2007


Regular Plan:Growth : 12.6425 Weekly Dividend : 10.1642 Monthly Dividend : 10.1791 Institutional Plan:Growth : 12.7487 Daily Dividend : 10.0588 Weekly Dividend : 10.1576 Monthly Dividend : 10.1834

Benchmark Index

CRISIL Short Term Bond Fund Index




YTM 5.80%Average Maturity 0.82 yearsModified Duration 0.70 years

Corporate Debt 32.19

ISTF Loan Trust Sr A1PTC (GE Capital Services India)

CAREAA+ 6.07

Reliance Capital Ltd. CAREAAA 4.26

IAS Loan Trust Sr A1 PTC (GE Capital Services India) CAREAA- 4.26

Housing Development Finance Corp. Ltd. AAA 3.16

India Commercial Loan Trust Sr VI 2010 PTC A1 (JM Financial Products Pvt Ltd.) A+(SO) 2.44

Infrastructure Development Finance Company Ltd. LAAA 2.21

Mahindra & Mahindra Fin Ser Ltd. AA- 2.14

Citifinancial Consumer Finance India Ltd. AA+ 1.82

India Commercial Loan Trust Sr VII 2010 PTC A1 (JM Financial Products Pvt Ltd.)

A+(SO) 1.80

Shriram Transport Finance Co Ltd. AA(IND) 1.22

Religare Finvest Ltd. LA+ 0.85

Indian Railway Finance Corpn. Ltd. AAA 0.85

Tata Sons Ltd. AAA 0.46

ICICI Bank Ltd. AAA 0.45

Credit Asset Trust Sr XLVII PTC (IBM India Pvt Ltd.) AAA(IND)(SO) 0.20

Money Market Instruments 66.95Certificate of Deposit





Corporation Bank P1+ 4.14



Central Bank of India P1+ 2.08

State Bank Of Patiala A1+ 2.07


Punjab and Sind Bank A1+ 1.24



Commercial Paper

Bajaj Auto Finance Ltd. P1+ * 0.00

Tata Motors Ltd. P1+ 8.13

ICICI Securities Ltd. P1+ 4.06

Housing Development Finance Corp. Ltd. A1+ 2.04


Idea Cellular Ltd. P1+ 0.41

Tata Motors Ltd. A1 0.41

Fullerton India Credit Co. Ltd. A1+ 0.27


Total 100.00

* <0.001

17



1 Month 2 0.43% 0.44% 0.39%

3 Months 2 1.26% 1.30% 1.34%

6 Months 2 2.51% 2.60% 2.59%

Since Inception2 4.37% 4.58% 4.49%

Religare Credit Opportunities Fund(An Open-Ended Income Scheme)

Key Facts



To generate high level of current income (vis-a-vis treasury bills) consistent with preservation of capital and maintenance of liquidity by investing primarily in investment-grade debt securities and money market instruments.

Load Structure

Entry Load* Nil

Exit Load Regular Plan and Institutional PlanIf redeemed/ switched-out on or before 1 month from the date of allotment : 0.25%If redeemed/ switched-out after 1 month from the date of allotment : Nil

Minimum Investment

Regular Plan: Rs. 5,000/- & in multiples of Re.1/- thereafter.

Institutional Plan: Rs. 1 Crore & in multiples of Re.1/- thereafter.

Additional Purchase

Regular Plan: Rs. 1,000/-& in multiples of Re. 1/- thereafter.


Inception Date 28th August 2009


Regular Plan: Growth : 10.4372 Monthly Dividend : 10.1335

Institutional Plan: Growth : 10.4579 Monthly Dividend : 10.0114

Benchmark Index

CRISIL Short Term Bond Fund Index



Nitish Sikand Total Experience : 10 YearsExperience in managing this fund : Since August 28, 2009

Portfolio

YTM 6.83%

Average Maturity 194 days

Modified Duration 170 days

Rating ProfileF1+ ,AAA ,P1+ ,A1+ ,PR1+ 84.81%A+ 5.36%AA- 5.03%P1 3.33%F1 1.65%AA+ 1.01%Cash & Cash Equivalent -1.19%


Period Regular Institutional CRISIL Short Term Growth Option1 Growth Option1 Bond Fund Index

1Past performance may or may not be sustained in future. 2Absolute Returns.




Regular Plan Monthly Dividend30-Jun-10 0.02358660 0.02198300 10.160331-Mar-10 0.01828426 0.01701760 10.055026-Feb-10 0.03306119 0.03077082 10.048229-Jan-10 0.03558081 0.03311576 10.0511Institutional Plan Monthly Dividend30-Jun-10 0.03867389 0.03604451 10.055531-May-10 0.03801594 0.03538236 10.054830-Apr-10 0.03757802 0.03497473 10.054331-Mar-10 0.03928060 0.03655936 10.0574




Corporate Debt 44.02

Godrej Consumer Products Ltd. A1+ 13.46

Religare Finvest Ltd. LA+ 5.36

Reliance Capital Ltd. CAREAAA 5.27

Indiabulls Financial Services Ltd. AA- 5.03

Magma Fincorp Ltd. PR1+ 5.01

CLSS 4 Trust 2010 Sr.B PTC (Kotak Mahindra Prime Ltd.)

P1+(SO) 3.40

CLSS 1 Trust 2011(Kotak Mahindra Prime Ltd.)

A1+(SO) 3.33

Corp Loan Sec Trust 06 Sr XXXIII (Shriram Transport Finance Co. Ltd. )

F1+(IND)(SO) 1.48

Citifinancial Consumer Finance India Ltd. AA+ 1.01

Enam Finance Private Ltd. A1+(SO) 0.67





Commercial Paper

Tata Motors Ltd. P1+ 11.28

Muthoot Finance Ltd. A1+ 8.23

India Infoline Ltd. A1+ 6.66

Manappuram General Fin & Leasing Ltd. A1+ 4.95

Tata Motors Finance Ltd. A1+ 4.30

Future Capital Holdings Ltd. PR1+ 3.78

Muthoot Fincorp Ltd. P1 3.33



SREI Equipment Finance Pvt Ltd. PR1+ 1.63

Aditya Birla Money Ltd. P1+ 1.32

Thomas Cook (India) Ltd. P1+ 1.32

Shoppers Stop Ltd. F1(IND) 0.99


Shriram EPC Ltd. F1(IND) 0.66

Subros Ltd. A1+ 0.66



Total 100.00

18



Religare Active Income Fund(An Open-Ended Income Scheme)

Key Facts

Type of Fund An Open-Ended Income Scheme.


To generate optimal returns while maintaining liquidity through active management of the portfolio by investing in debt and money market instruments. As the portfolio of the scheme will be actively managed, the Scheme may have a high turnover in order to achieve the investment objective.

Load Structure

Entry Load* Nil

Exit Load Regular Plan & Institutional Plan:If redeemed/switched- out on or before 90 days from the date of allotment. 1%If redeemed/switched-out after 90 days from the date of allotment. Nil

Minimum Investment


Institutional Plan: Rs. 50 Lakhs & in multiples of Re.1/-thereafter.

Additional Purchase



Inception Date 2nd August 2007


Regular Plan: Growth 11.0295 Monthly Dividend 10.2470 Quarterly Dividend 10.0222 Annual Dividend 10.1781 Bonus - Institutional Plan: Growth 10.0399 Monthly Dividend 10.0017 Quarterly Dividend 10.1987 Annual Dividend - Bonus -

Benchmark Index

CRISIL Composite Bond Fund Index




Performance (as on 30th June, 2010)Period Regular CRISIL Composite Growth Option1 Bond Fund Index

1 Past performance may or may not be sustained in future. 2 Absolute Returns 3 Compounded Annualised Returns.




Regular Plan Monthly Dividend

29-Jun-10 0.05551453 N.A. 10.308728-May-10 0.03776817 N.A. 10.288629-Apr-10 0.07749609 N.A. 10.333925-Feb-10 0.20155592 N.A. 10.4756

Institutional Plan Monthly Dividend

29-Jun-10 N.A. 0.03123845 10.038229-Apr-10 0.04288503 0.03991404 10.051931-Mar-10 0.04586992 0.04269212 10.057125-Feb-10 0.00701311 0.00652738 10.0122

Regular Plan Annual Dividend

15-Mar-10 0.01400000 0.01300000 10.0251

Regular Plan Quarterly Dividend

15-Jun-10 0.13655865 0.12710127 10.155917-May-10 0.02650155 0.02466547 10.030315-Mar-10 0.20230000 0.18830000 10.240415-Sep-09 0.26278275 0.24457844 10.4461

Institutional Plan Quarterly Dividend

15-Mar-10 0.02540000 0.02360000 10.0398



Portfolio




Union Bank of India P1+ 13.47

Allahabad Bank P1+ 11.40


Karnataka Bank Ltd. A1+ 11.31






Commercial Paper



Total 100.00

1 Month 2 0.37% 0.40%3 Months 2 1.47% 1.71%6 Months 2 2.85% 3.02%1 Year 3 1.67% 4.69%Since Inception 3 3.42% 6.42%

19




Total 100.00

Religare Overnight Fund(An Open-Ended Liquid Scheme)

Key Facts


Type of Fund An Open Ended Liquid Scheme


To provide liquidity to the investors while mirroring overnight returns.

Load Structure

Entry Load* Nil

Exit Load Nil

Minimum Investment

Rs. 5,000/- & in multiples of Re.1/- thereafter.

Additional Purchase


Inception Date 14th September 2007


Growth 11.2439 Daily Dividend Reinvestment 10.0000

Benchmark Index


AUM Rs. 0.03 crores



Portfolio


Period Growth Option1 CRISIL Liquid Fund Index

7 Days2 4.55% 5.20%

15 Days2 4.34% 5.18%

30 Days2 4.13% 4.88%

3 Months2 3.00% 3.97%

6 Months2 2.52% 3.87%

1 Year2 2.26% 3.29%

Since Inception2 4.28% 6.17%

1Past performance may or may not be sustained in future. 2Compounded Annualised Returns.

YTM 5.39%

Average Maturity 1 day

Modified Duration 1 day

20




Total 100.00

Religare Gilt Fund-Short Duration Plan(An Open-Ended Dedicated Gilt Fund)

Key Facts


Type of Fund An Open-Ended Dedicated Gilt Fund


To generate optimal returns by investing in a portfolio of securities issued and guaranteed by Central and State Government.

Load Structure

Entry Load* Nil

Exit Load Nil

Minimum Investment



Additional Purchase



Inception Date 9th February 2008


Regular Plan: Growth 10.5019 Weekly Dividend N.A.Monthly Dividend 10.0581

Institutional Plan: Growth N.A.Weekly Dividend N.A. Monthly Dividend N.A.

Benchmark Index

I-Sec Si-BEX

AUM Rs. 0.04 crores



Portfolio


Period Regular - I-Sec Si-BEX Growth Option1





Regular Plan Monthly Dividend30-Jun-09 0.00605042 N.A. 10.057829-May-09 0.00441757 N.A. 10.054929-Apr-09 0.00320386 N.A. 10.053130-Mar-09 0.00880804 N.A. 10.0588


YTM 5.46%



6 Months 2 0.23% 3.31%1 Year 3 0.80% 5.49%Since Inception 3 2.07% 8.59%

21




Total 100.00

Religare Gilt Fund-Long Duration Plan(An Open-Ended Dedicated Gilt Fund)

Key Facts


Type of Fund An Open-Ended Dedicated Gilt Fund


To generate optimal returns by investing in a portfolio of securities issued and guaranteed by Central and State Government.

Load Structure

Entry Load* Nil

Exit Load Nil

Minimum Investment

Regular Plan:

Rs. 5,000/- & in multiples of Re.1/- thereafter.


Additional Purchase


Institutional Plan: Rs.1 Lakh & in multiples of Re.1/- thereafter.

Inception Date 9th February 2008


Regular Plan: Growth 10.5979 Monthly Dividend 10.2914 Quarterly Dividend 10.4375 Annual Dividend 10.9808

Institutional Plan: Growth - Monthly Dividend - Quarterly Dividend -Annual Dividend -

Benchmark Index

I-Sec Li-BEX

AUM Rs. 0.07 crores



Portfolio


Period Regular - I-Sec Li-BEX Growth Option1





Regular Plan Monthly Dividend30-Dec-08 0.27844542 0.25909631 10.7889Regular Plan Quarterly Dividend15-Jun-10 0.12299175 N.A. 10.1404


YTM 5.01%



6 Months 2 8.26% 3.68%1 Year 3 10.93% 3.96%Since Inception 3 2.46% 7.39%

Agra : 0562 - 6459171 Ahmedabad : 079 - 40231500 Allahabad : 0532 - 6455816/2422097 Bangalore : 080- 42941000 Baroda : 0265-6643389 / 387 Bhopal : 0755-4289632/4253972Bhubaneshwar : 0674 - 6532062 Chandigarh : 0172 - 6451315 / 4657901 Chennai : 044- 64502421/ 2422/ 2423 Coimbatore : 0422 - 6457815 / 7816 / 7817 Dehradun : 0135 - 6453212 Delhi : 011- 43789000 Guwahati : 0361 - 2343050 Hyderabad : 040 - 6646 8863 / 64 / 65 Indore : 0731 - 4257351 Jaipur : 0141- 6451086 Jalandhar : 0181- 4686870 Kanpur : 0512 - 6451658 / 6456099 Kochi : 0484 - 6453727 Kolkata : 033 - 44031000Lucknow : 0522 - 4088000 Ludhiana : 0161-6543354/ 4643354Madurai : 0452 - 6460114 Mumbai (H.O) : 022 - 67310000 Nagpur : 0712 -6463962/2529971 Nashik : 0253-3012050 Panjim : 0832 - 6650402 Patna : 0612-6550315-17 Pune : 020-40191001/20 Raipur : 0771-4056046 Surat : 0261-2420347/ 6641920 Vijayawada : 0866-6454945Vishakapatnam : 0891-6455434

*The upfront commission, if any, on investment made by the investor shall be paid by the investor directly to the Distributor, based on his assessment of various factors including the service rendered by the Distributor.Rating Methodology - Value Research Fund Ratings are a composite measure of historical risk-adjusted returns. In the case of equity funds, this rating is based on the average monthly returns for the last 3-year and 5-year periods. These ratings do not take into account any entry or exit load. Each category must have a minimum of 10 funds for it to be rated. A fund with less than Rs. 5 crore of average AUM in the past 6 months will not be eligible for rating. Five-stars indicate that a fund is in the top 10 per cent of its category in terms of historical risk-adjusted returns. Religare Tax Plan rated amongst 28 open-ended Equity Tax Planning Funds and Religare Contra Fund amongst 177 Equity-Diversified Funds as on June 30, 2010. Value Research Fund Ratings are subject to change every month. The Rating is based on primary data provided by respective funds, Value Research does not guarantee the accuracy. (The information contained herein should not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of Religare Asset Management Company Limited (Religare AMC).Any information contained in this publication does not constitute and shall be deemed not to constitute an advice, an offer to sell/purchase or as an invitation or solicitation to do so for any security of any entity, and further Religare AMC/ affiliates / sponsors / trustee (Religare AMC Group) or their officers, employees, personnel, directors shall not be liable for any loss, damage, liability whatsoever for any direct or indirect loss arising from the use or access of any information that may be displayed in this publication from time to time. Recipients of the information contained herein should exercise due care and caution and read the scheme information documents/statement of additional information (including if necessary, obtaining the advice of tax / legal / accounting / financial / other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained herein.

Get In Touch: call > 1800-209-0007 > sms ‘Invest’ to 56677 > Invest Online www.religaremf.com

Disclaimer: The assigned rating AAAf is valid only for “Religare Liquid Fund”, “Religare Ultra Short Term Fund” and “Religare Short Term Plan” The rating of CRISIL is not an opinion of the Asset Management Company’s willingness or ability to make timely payments to the investors. The rating is also not an opinion on the stability of the NAV of the fund, which could vary with market developments.Risk Factors: All mutual funds and securities investments are subject to market risks and there can be no assurance that the Scheme(s) objectives will be achieved. Investment in Mutual Fund Units involve investment risks such as trading volumes, settlement risk, liquidity risks, default risk including the possible loss of capital. As with any investment in securities, the NAV of the units issued under Scheme(s) may go up or down depending upon the factors and forces affecting the securities markets. Past performance of the Sponsor and its affiliates / AMC / Mutual Fund and its Scheme(s) do not indicate the future performance of the Scheme(s) of the Mutual Fund. The Sponsor is not responsible or liable for any loss or shortfall resulting from the operations of the Scheme(s) beyond the contribution of Rs.1,50,000/- made by it towards the corpus of the Mutual Fund. Investors in the Scheme(s) are not being offered any guaranteed / assured returns. Investors should be aware that the fiscal rules/ tax laws may change and there can be no guarantee that the current tax position may continue indefinitely. In view of individual nature of tax consequences, each investor is advised to consult his/ her own professional tax advisor. The names of the Scheme(s) do not in any manner indicate either the quality of the Scheme(s), their future prospects and returns. Please read the respective Scheme Information Document(s) before investing. Statutory Details: Religare Mutual Fund has been set up as a trust sponsored by Religare Securities Ltd. (liability restricted to Rs. 1,50,000) with Religare Trustee Company Ltd. as the Trustee (Trustee under the Indian Trusts Act, 1882) and with Religare Asset Management Company Ltd. as the Investment Manager. M

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Documents

Do you have a Religare in your portfolio? - Kotak Securities · Do you have a Religare in your portfolio? Average Assets Under Management for June 2010 : Rs. 10,918.47 Crores Factsheet