This product is suitable for investors who are seeking*

• Income over medium term

• Investment predominantly in AA and below rated corporate bonds

*Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Investors understand that their principal

will be at Moderate risk

RelianceCredit Risk Fund

(Formerly Reliance Regular Savings Fund - Debt Option)(An open ended debt scheme predominantly investing

in AA and below rated corporate bonds (excluding AA+ rated corporate bonds))

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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Staying FIXEDgets you nowhere.

Take some risk!

Contact your financial advisor for further detailsCall 1800 300 11111 | SMS ‘RDEBT’ to 561617 | www.reliancemutual.com

Reliance Credit Risk Fund

Scheme Details

#Kinjal Desai: Dedicated Fund Manager for Overseas Investments

Fund at a Glance

Current Investment Strategy

• The fund strategy is to benefit from accrual based returns by running a moderate duration portfolio which maintains a prudent balance in exposure towards short to medium tenor corporate bonds and PTCs.

• It endeavors to generate alpha by investing in well researched private sector credit exposures in the plain vanilla and structured space.

• The endeavor is to limit duration risk by limiting individual asset duration to 4 years and overall duration range of 1 to 2 Years and thereby trying to reduce volatility and emphasize more on accruals over a period of time.

• To ensure reasonable liquidity in the portfolio at all points of time, the strategy is to ladder the portfolio in terms of maturity while striving to maintain modified duration in the range of 1 to 2 years.

• Going forward, fund will endeavor to maintain higher carry and run moderate duration strategy in line with market expectations.

• The primary investment objective of this Scheme is to generate optimal returns consistent with moderate level of risk. This income may be complemented by capital appreciation of the portfolio. Accordingly investments shall predominantly be made in Debt and Money Market Instruments

• The fund invests based on short to medium term interest rate view and shape of the yield curve. It typically maintains a moderate duration upto 2 years and invests in well researched credits/ structures for yield enhancement.

• It is ideal for investors who have a low appetite for interest rate volatility and seeking accrual returns.• The fund is intended for investors having a holding period of 3 years or more.

Why Invest in Reliance Credit Risk Fund

• Suitable fund for all kinds of interest rate scenario as the fund emphasis is on maintaining relatively high carry on an ongoing basis.

• The fund also endeavors to provide protection in a rising yield scenario on a steep yield curve mainly because of roll down in maturity and higher gross yields due to the exposure to high accrual assets.

• Dedicated credit team assessing the credit worthiness of the issuers ena-bling the fund manager to make investments in private sector credits.

• Tax efficient due to the indexation benefit available to debt fund if investment is long term as per definition of sec 2 (29A) of The Income Tax Act, 1961

• This fund is well positioned for investors with a holding period of 3 years

Rating Profile as on 30th September, 2018

• To maintain a healthy Risk Return Ratio, within these asset classes the fund manager strives to maintain a balanced exposure in the portfolio through different rating profile.

Portfolio Features as on 30th September, 2018

Weighted Average YTM1 10.88%

Modified Duration 1.81 Yrs

Weighted Average Maturity 2.34 Yrs

1The weighted average YTM displayed above is for the invested amount of the portfolio ( i.e. excluding other receivables) For the entire portfolio weighted average YTM , i.e. including other receivables is 10.60%

Portfolio Action: August - September 2018

• YTM has increased from 10.21% in August to 10.88%• Duration has been increased to 1.81 yrs from 1.66 yrs in August

Inception Date

Fund Manager

Fund Size

Benchmark

Entry Load

Exit Load**

• 8th June 2005

• Month end AUM: Rs. 10895.29 Crs (Sep 2018)

• Crisil Composite Bond Fund Index

• Prashant Pimple#

• Nil

10% of the units allotted shall be redeemed with-out any exit load, on or before completion of 12 months from the date of allotment of units. Any redemption in excess of such limit in the first 12 months from the date of allotment shall be sub-ject to the following exit load. Redemption of units would be done on First in First out Basis (FIFO):• 1% if redeemed or switched out on or before

completion of 12 months from the date of al-lotment of units

• Nil, if redeemed or switched out after comple-tion of 12 months from the date of allotment of units.

** If charged, the same shall be credited to the scheme immediately net of goods & service tax, if any

AAA/SOV/A1+/Cash & Other Receivables, 8.13%AA+, 10.15%AA, 28.54%AA-, 13.62%A+/A/A-/A1, 25.37%Unrated, 4.89%BBB+, 9.30%

Reliance Credit Risk Fund

Portfolio as on 30th September, 2018

Company/Issuer Rating % of Assets

Commercial Paper 0.90

RattanIndia Finance Private Limited CARE A1+ 0.90

Corporate Bond 85.27

RMZ Buildcon Private Limited ICRA BBB+(SO) 9.30

U.P. Power Corporation Limited FITCH AA(SO)/CRISIL A+(SO) 7.47

Yes Bank Limited ICRA AA/FITCH AA 6.45

Reliance Home Finance Limited CARE AA+ 3.40

Reliance Commercial Finance Limited CARE AA+ 3.26

Talwandi Sabo Power Limited CRISIL AA(SO) 3.07

Renew Power Limited CARE A+ 3.03

Nirma Limited CRISIL AA- 2.68

Renew Wind Energy (Raj One) Private Limited CARE A+(SO) 2.64

Classic Mall Development Company Pvt Limited CARE AA+(SO)/CARE AA+(SO) 2.46

Mariposa Agri Ventures And Hospitalities Private Limited UNRATED 2.30

Vodafone Mobile Services Limited CRISIL AA- 2.03

Bank of Baroda CARE AA 1.96

Narmada Wind Energy Private Limited CARE A+(SO) 1.94

Panchshil Corporate Park Private Limited FITCH AAA(SO) 1.79

Tata Housing Development Company Limited ICRA AA 1.70

Indiabulls Housing Finance Limited CRISIL AAA/CARE AAA 1.68

Vedanta Limited CRISIL AA 1.60

Hansdeep Industries & Trading Company Limited CARE AA(SO) 1.44

Inox Wind Infrastructure Services Limited CRISIL AA(SO) 1.39

Vizag General Cargo Berth Pvt Limited CRISIL AA(SO) 1.39

Coastal Gujarat Power Limited CARE AA(SO) 1.36

Tril IT4 Private Limited ICRA A+(SO) 1.33

Nuvoco Vistas Corporation Limited CRISIL AA 1.31

United Bank of India CRISIL AA- 1.30

Muthoot Finance Limited CRISIL AA 1.30

Aasan Corporate Solutions Private Limited ICRA AA-(SO) 1.28

Clix Finance India Private Limited CARE AA- 1.23

Andhra Bank CARE A+ 1.15

Asirvad Microfinance Ltd CRISIL A+ 1.07

Syndicate Bank CARE AA- 0.95

Aavas Financiers Limited CARE A+ 0.88

Tata Power Renewable Energy Limited CARE AA(SO) 0.88

Walwhan Renewable Energy Limited CARE AA(SO) 0.87

Vodafone Idea Limited CARE AA 0.85

Varroc Engineering Limited ICRA AA- 0.72

Ess Kay Fincorp Limited CARE A- 0.69

Company/Issuer Rating % of Assets

Belstar Investment and Finance Private Limited CARE A 0.68

Sanghi Industries Limited ICRA A 0.46

DLF Promenad Ltd CRISIL AA(SO) 0.45

Vistaar Financial Services Private Limited ICRA A- 0.44

Adani Transmission Limited FITCH AA+ 0.42

Ujjivan Small Finance Bank Limited CARE A+ 0.37

PVR Limited CRISIL AA- 0.33

MAHINDRA RURAL HOUSING FINANCE FITCH AA+ 0.23

Dewan Housing Finance Corporation Limited CARE AAA 0.23

Gruh Finance Limited CRISIL AAA 0.22

IKF Finance Limited CARE A- 0.21

Vijaya Bank ICRA AA- 0.09

Aarish Solar Power Private Limited CARE AA-(SO) 0.09

Aashman Energy Private Limited CARE AA-(SO) 0.09

Divyesh Power Private Limited CARE AA-(SO) 0.09

Elena Renewable Energy Private Limited CARE AA-(SO) 0.09

Pratyash Renewable Private Limited CARE AA-(SO) 0.09

SEI Baskara Power Private Limited CARE AA-(SO) 0.09

SEI Enerstar Renewable Energy Private Limited CARE AA-(SO) 0.09

SEI Mihir Energy Private Limited CARE AA-(SO) 0.09

Shreyas Renewable Energy Private Limited CARE AA-(SO) 0.09

Zuvan Energy Private Limited CARE AA-(SO) 0.09

Tata Power Company Limited CARE AA 0.05

Tata Motors Limited CARE AA+ 0.05

Reliance Jio Infocomm Limited CRISIL AAA 0.02

Montecarlo Limited FITCH A+ 0.01

Hinduja Leyland Finance Limited CARE AA- 0.01

Oriental Nagpur Betul Highway Limited CRISIL AAA(SO) 0.00

Promont Hillside Private Limited CARE AA(SO) 0.00

Floating Rate Note 1.15

Jhajjar Power Limited FITCH A+ 0.69

Dewan Housing Finance Corporation Limited CARE AAA 0.45

Zero Coupon Bond 9.85

Adani Rail Infra Private Limited BWR A+(SO) 2.76

Vineha Enterprises Private Limited UNRATED 2.14

Essel Corporate Resources Pvt Ltd BWR AA-(SO) 2.14

Morgan Credits Private Limited CARE A- 1.52

TATA Realty & Infrastructure Limited CRISIL AA 0.51

Avantha Realty Limited UNRATED 0.45

KKR India Financial Services Private Limited CRISIL AA+ 0.32

ARM Infra & Utilities Pvt Limited BWR A+(SO) 0.01

Cash & Other Receivables 2.84

Grand Total 100.00

Scheme specific Risk factor: Trading volumes and settlement periods may restrict liquidity in equity and debt investments. Investment in Debt is subject to price, credit, and interest rate risk. The NAV of the Scheme may be affected, inter alia, by changes in the market conditions, interest rates, trading volumes, settlement periods and transfer procedures. The NAV may also be subjected to risk associated with investment in derivatives, foreign securities or script lending as may be permissible by the Scheme Information Document.

Disclaimers:The information herein above is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the read-ers. Before making any investments, the readers are advised to seek independent professional advice, verify the contents in order to arrive at an informed investment decision. None of the Sponsors, the Investment Manager, the Trustee, their respective directors, employees, affiliates or representatives shall be liable in any way for any direct, indirect, special, in-cidental, consequential, punitive or exemplary damages, including on account of lost profits arising from the information contained in this material.

Mutual Fund Investments are subject to market risks,read all scheme related documents carefully.