Diversification in asset class can reduce the risk and also can generate defined return based on the inventor’s risk perception. Client’s objective to get post retirement cash flow, financing and refinancing of mortgage loan is successfully implemented here. Risk and return is related get high importance in portfolio construction. From Markowitz’s concept of the mean –variance relationship and along with modern creation of synthetic fund, the risk aversion nature of investors gets importance. The return of the portfolio decreases with the diversification but portfolios from efficient frontiers satisfy the need of investors.