ABRIDGED ANNUAL REPORT FOR F.Y. 2010-2011
HDFC MUTUAL FUND
Ramon House, 3rd Floor, H. T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai - 400 020.
TEL : (022) 6631 6333 l FAX : (022) 2282 1144 l WEBSITE : www.hdfcfund.com
SPONSORS CUSTODIAN BOARD OF DIRECTORS
Housing Development Finance Corporation HDFC Bank Limited (As at March 31, 2011)
Limited Custody Services, HDFC Trustee Company Limited
Registered Office: Lodha - I Think Techno Campus Office, Mr. Anil Kumar Hirjee - Chairman
Ramon House, H. T. Parekh Marg, Floor 8, Next to Kanjurmarg Railway Station, Mr. Shishir K. Diwanji
169, Backbay Reclamation,
Kanjurmarg (East), Mr. Vincent O’Brien
Churchgate, Mumbai - 400 020.
Mumbai - 400 042. Mr. V. Srinivasa Rangan
Standard Life Investments Limited Mr. Ranjan Sanghi
Registered Office : STATUTORY AUDITORS
1 George Street, Edinburgh, EH2 2LL, Deloitte Haskins & Sells BOARD OF DIRECTORS
United Kingdom. Chartered Accountants (As at March 31, 2011)
12, Dr. Annie Besant Road, Opp. Shiv Sagar Estate, HDFC Asset Management Company Limited
TRUSTEE Worli, Mumbai - 400 018. Mr. Deepak S. Parekh - Chairman
HDFC Trustee Company Limited Mr. N. Keith Skeoch
Registered Office :
REGISTRAR AND TRANSFER AGENT Mr. Keki M. Mistry
Ramon House, 3rd Floor, H. T. Parekh Marg,
169, Backbay Reclamation, Computer Age Management Services Pvt. Limited Mr. James Aird
Churchgate, Mumbai - 400 020. New No. 10, Old No. 178, Mr. P. M. Thampi
M.G.R. Salai, Nungambakkam, Mr. Humayun Dhanrajgir
ASSET MANAGEMENT COMPANY Chennai - 600 034. Dr. Deepak B. Phatak
HDFC Asset Management Company Limited Mr. Hoshang S. Billimoria
A Joint Venture with Standard Life Investments Mr. Rajeshwar Raj Bajaaj
Limited Mr. Vijay Merchant
Registered Office : Ms. Renu S. Karnad
Ramon House, 3rd Floor, H. T. Parekh Marg,
Mr. Milind Barve - Managing Director
169, Backbay Reclamation,
Churchgate, Mumbai - 400 020.
HDFC HIGH INTEREST FUND
AN OPEN-ENDED INCOME SCHEME
HDFC Trustee Company Limited (the “Trustee”) presents its eleventh report for the investors. These Schemes invest in Debt/ Money Market Instruments and
and the audited financial statements of the Schemes of HDFC Mutual Fund (the Government Securities with maturity not exceeding 30 months and 60 months
“Fund”), for the year ended March 31, 2011. respectively.
The Fund continued to launch simple and innovative products / facilities for the The Fund also launched 4 closed-ended income schemes viz, HDFC Fixed
Investors during the year. It launched 1 close-ended capital protection oriented Maturity Plans – Series XIV with 16 Fixed Maturity Plans (FMPs), HDFC
income scheme, 1 open-ended exchange traded fund, 2 open-ended income Fixed Maturity Plans – Series XV with 11 FMPs, HDFC Fixed Maturity Plans
schemes and 4 closed-ended income schemes, as under: – Series XVI with 6 FMPs and HDFC Fixed Maturity Plans – Series XVII with
22 FMPs. During the financial year, total of 49 FMPs were launched under the
To commemorate the occasion of completion of 10 successful years, the Fund
new/ existing FMP Schemes and listed on the NSE.
launched HDFC Debt Fund for Cancer Cure in association with Indian Cancer
Society, one of the oldest NGOs providing subsidy for treatment of cancer out The Fund introduced HDFC Flex Systematic Transfer Plan (Flex STP) facility
of donations received every year. This innovative product is designed to provide during the year wherein unit holder(s) of certain open-ended Scheme(s) of the
financial assistance to needy cancer patients for their treatment by encouraging Fund can opt to transfer variable amount(s) linked to the value of investments
investors to donate part of the dividend or entire dividend declared under the under Flex STP on the date of transfer to the Growth Option of other specified
Scheme towards this cause. Further, HDFC Asset Management Company open-ended Scheme(s) of the Fund at daily, weekly, monthly and quarterly
Limited (“HDFC AMC”) also does not charge any investment management or intervals. Under HDFC Flex STP, investors can take advantage of bearish
advisory fees under this product. The Scheme is a 3 year close-ended capital phases in the markets and invest more when the markets are down. Further, in
protection oriented income scheme and is listed on the National Stock Exchange a bullish market, investors can continue with normal STP and benefit from the
of India Limited (NSE) and Bombay Stock Exchange Limited (BSE). power of compounding.
HDFC Gold Exchange Traded Fund, an open-ended exchange traded fund was The Fund also introduced SIP Top-up facility, whereby investors enrolling for
launched to offer investors an opportunity to invest in an alternative asset class SIP can opt to increase the amount of the SIP Installment by a fixed amount
and to earn returns that are in line with the performance of gold. The Scheme at pre-defined intervals. This enhances the flexibility of the investor to invest
further offers investors the convenience of holding units in demat mode, thus higher amounts during the tenure of the SIP.
doing away with the risks associated with holding gold in physical form such as As of March 31, 2011, HDFC AMC managed 36 schemes of the Fund. The
theft. The Scheme is listed on the NSE and BSE. break-up being 10 open-ended equity schemes (out of which 3 schemes were
HDFC Short Term Opportunities Fund and HDFC Medium Term Opportunities automatically converted from closed-ended equity schemes into open-ended
Fund, open-ended income schemes were launched to generate regular income equity schemes at the end of the maturity period), 1 open-ended index linked
scheme, 2 open-ended equity linked savings schemes, 3 open-ended balanced 1. SCHEME PERFORMANCE, FUTURE OUTLOOK AND
schemes, 9 open-ended income schemes, 1 open-ended interval income scheme, OPERATIONS
1 open-ended gilt scheme, 2 open-ended liquid income schemes, 1 open-ended SCHEME PERFORMANCE AND OPERATIONS
exchange traded fund and 6 close-ended income schemes.
HDFC High Interest Fund - An Open-ended Income Scheme
During the financial year, HDFC Mutual Fund has recorded marginal growth
in Assets Under Management (AUM). The AUM as at March 31, 2011 was The performance of HDFC High Interest Fund – Growth Option as at
Rs.75,704.66 crore as against Rs.73,486.74 crore as at March 31, 2010, March 31, 2011 is presented below:
representing an increase of 3.02%. The equity-oriented schemes’ assets
Returns (%) ^
constitute 47.67% of the total assets under management of the Fund as at
March 31, 2011. This year also HDFC Mutual Fund retained its market position
Last 1 Year 6.27 5.06
of being 2nd largest Mutual Fund in India by Assets under Management.
Last 3 Years 7.74 5.94
The total number of investors has increased from 39,02,350 as at Last 5 Years 6.94 5.94
March 31, 2010 to 46,80,610 as at March 31, 2011, an increase of 19.94%. Since Inception@ 8.98 N.A
During the financial year, the Fund has witnessed 107.76% growth in the number ^ Past performance may or may not be sustained in the future.
of transactions through Systematic Investment Plans (SIP) and Systematic Above returns are compounded annualized (CAGR)
Transfer Plans (STP) from investors. The number of systematic transactions # Benchmark Index: CRISIL Composite Bond Fund Index
increased from 65,24,249 in F.Y. 2009-10 to 1,35,54,462 in F.Y. 2010-11.
@ Date of Inception/Allotment: April 28, 1997
Further, HDFC Mutual Fund, HDFC AMC and Housing Development Finance
N.A.: Not Available
Corporation Limited (HDFC) and Standard Life Investments Limited (SLI) (as
Sponsor Companies) have won various Awards & Accolades for the year ended Face Value: Rs.10 per unit
December 31, 2010, some of which have been summarized below: The Scheme outperformed its benchmark over the last one year as it had
lower allocation to cash equivalents, which helped in earning higher accrual
Award Name of Award# Total Award
income compared to the Mark to Market (MTM) loss due to marginal
Winner the Award Number Agency increase in yields. Performance over 3 years and 5 years continues to be
Ceremony of eligible healthy.
The Scheme has delivered 8.98% p.a. returns since inception. The
ICRA Mutual ICRA Ltd./ Benchmark returns since inception are not available.
House of the
Fund Awards 13 ICRA Online The net assets of the Scheme amounted to Rs.119.13 crore as at March 31,
2011 Ltd 2011 as against Rs.201.23 crore as at March 31, 2010.
Best Equity As at March 31, 2011, 98.76% of the net assets of the Scheme were
Morningstar Fund House invested in Debt & money market instruments (including Fixed Deposits)
Morningstar and 1.24% in other current assets (including Reverse Repos / CBLO).
India Fund Best Multi- India
Awards 2011 Asset Fund 16 FUTURE OUTLOOK
Debt Market Outlook
HDFC The global recovery is expected to sustain in 2011, although growth
Fund House of 41
Mutual Fund may slow down marginally due to the waning impact of fiscal stimulus
CNBC TV18 measures in advanced economies, monetary tightening in EMEs and rising
Equity Mutual CRISIL
- CRISIL commodity prices.
Fund House of 41 FundServices,
the Year CRISIL Ltd. Growth of the Indian economy is also expected to moderate in FY12.
Mutual Fund Agricultural growth may be lower on account of the high base established
House of the 41 in the previous year. In addition, industrial activity is expected to slow
Year down mainly due to the impact of monetary tightening and high input
Bloomberg Best Mutual prices.
UTV Fund - Equity 6 The headline Wholesale Price Index (WPI) inflation is expected to remain
Leadership of the Year high during the first half due to an expected increase in fuel prices and the
Business Best Asset impact of high input cost on the price of manufactured products. The RBI
Business has projected WPI inflation for March 2012 at 6%, with an upward bias.
World -Value Management
HDFC AMC 23 World-Value
Research Company In the short term, government bonds yields are likely to remain firm
Survey due to uncertainties emanating from both domestic as well as external
Best Group factors. On the domestic front, uncertainty associated with the inflation
over 3 Years- 14 trajectory, likely fiscal slippage on account of the subsidy burden and
Lipper Fund Overall Group monetary policy actions by the RBI are the key issues. On the global front,
HDFC & SLI Awards - Best Group Lipper growth in advanced economies and sovereign debt problems in the Euro
India 2011 over 3 Years- area are some of the main concerns. However, in the long term, yields on
Mixed Assets government bonds are likely to head lower due to a moderating inflation
Group outlook, possible subsidy reforms and efforts towards fiscal consolidation.
# Past Performance is no guarantee of future results. 2. BRIEF BACKGROUND OF SPONSORS, TRUST, TRUSTEE
Award Methodology and Disclaimer for the awards is annexed as Annexure COMPANY AND ASSET MANAGEMENT COMPANY
1 and forms part of the Trustee Report. a. SPONSORS
The Fund declared dividend(s) under its Scheme(s) which is annexed as HDFC Mutual Fund is sponsored by Housing Development Finance
Annexure 2 and forms part of the Trustee Report. Corporation Limited and Standard Life Investments Limited. The
Sponsors are the Settlors of the Mutual Fund Trust. The Sponsors
have entrusted a sum of Rs.1 lakh each to the Trustee as the initial
contribution towards the corpus of the Mutual Fund. as per the terms of the trust deed dated June 8, 2000 with Housing
Development Finance Corporation Limited (HDFC) and Standard
HOUSING DEVELOPMENT FINANCE CORPORATION
Life Investments Limited as the Sponsors / Settlors and HDFC
Trustee Company Limited, as the Trustee. The Trust Deed has been
HDFC was incorporated in 1977 as the first specialized Mortgage registered under the Indian Registration Act, 1908. The Trustee has
Company in India. HDFC is a Premier Housing Finance Company in entered into an Investment Management Agreement dated June 8,
India. HDFC provides financial assistance to individuals, corporates 2000 with HDFC Asset Management Company Ltd. to function as
and developers for the purchase or construction of residential the Investment Manager for all the Schemes of the Fund. The Fund
housing. It also provides property related services (e.g. property was registered with SEBI on June 30, 2000.
identification, sales services and valuation), training and consultancy.
c. HDFC TRUSTEE COMPANY LIMITED
Of these activities, housing finance remains the dominant activity.
HDFC has a client base of around 12 lakh borrowers, over 9 lakh HDFC Trustee Company Limited (the “Trustee”) is the exclusive
depositors, over 2 lakh shareholders and over 25,000 deposit agents, owner of the Trust Fund and holds the same in trust for the benefit
as at March 31, 2011. As at March 31, 2011, the Company has a of the Unit holders. The Trustee has been discharging its duties and
total asset size of Rs.1,32,727 crore and cumulative approvals and carrying out the responsibilities as provided in the SEBI (Mutual
disbursements of housing loans of Rs.3,73,246 crore and Rs.3,02,533 Funds) Regulations, 1996 (the “Regulations”) and the Trust Deed.
crore respectively. The Trustee seeks to ensure that the Fund and the Schemes floated
thereunder are managed by HDFC Asset Management Company
HDFC had raised funds from international agencies such as the
Limited in accordance with the Trust Deed, the Regulations,
World Bank, IFC (Washington), USAID, DEG, ADB and KfW,
directions and guidelines issued by the SEBI, the Stock Exchanges,
international syndicated loans, domestic term loans from banks and
the Association of Mutual Funds in India and other regulatory
insurance companies, bonds and deposits. HDFC has received the
highest rating for its deposits program for the seventeenth year in
succession. As at March 31, 2011, HDFC holds 100% of the paid-up equity share
capital of HDFC Trustee Company Limited.
HDFC Standard Life Insurance Company Limited, promoted by
HDFC was the first life insurance company in the private sector to During the year under review, there has been no change in the
be granted a Certificate of Registration (on October 23, 2000) by composition of the Board of Directors of the Trustee.
the Insurance Regulatory and Development Authority to transact d. HDFC ASSET MANAGEMENT COMPANY LIMITED
life insurance business in India. For more information log on to
www.hdfc.com. HDFC Asset Management Company Limited (“HDFC AMC”) is
a public limited company incorporated under the Companies Act,
STANDARD LIFE INVESTMENTS LIMITED 1956 on December 10, 1999. HDFC AMC has been appointed as the
Standard Life Investments was launched as an investment Asset Management Company of HDFC Mutual Fund by the Trustee
management company in 1998. It is the dedicated investment vide Investment Management Agreement (IMA) dated June 8, 2000,
management company of the Standard Life group and is a wholly and executed between HDFC Trustee Company Limited and HDFC
owned subsidiary of Standard Life Investments (Holdings) Limited, AMC. HDFC AMC was approved to act as an Asset Management
which in turn is a wholly owned subsidiary of Standard Life plc. Company for HDFC Mutual Fund by SEBI vide its letter dated
July 3, 2000. HDFC AMC is also registered with SEBI as a Portfolio
With global assets under management of approximately US$251.9
billion (£157.1 billion) as at March 31, 2011, Standard Life
Investments Limited is one of the world’s major investment During the year under review, there has been no change in the
companies, operating in the UK, Canada, Hong Kong, China, Korea, composition of the Board of HDFC AMC.
Ireland and the USA, and is responsible for investing money on l Shareholding Pattern
behalf of five million retail and institutional clients worldwide.
During the year under review, there has been a change in the
The Standard Life Assurance Company was established in 1825 equity shareholding pattern of HDFC AMC.
and has considerable experience in global financial markets. The
company was present in the Indian life insurance market from 1847 The equity shareholding pattern as at March 31, 2011 of HDFC
to 1938 when agencies were set up in Kolkata and Mumbai. The AMC is as follows:
company re-entered the Indian market in 1995, when an agreement Name of the Equity Shareholders % of the
was signed with HDFC to launch an insurance joint venture. paid up equity
On April 2006, the Board of The Standard Life Assurance Company capital
recommended that it should demutualise and Standard Life plc float Housing Development Finance 59.98
on the London Stock Exchange. At a Special General Meeting held Corporation Limited (HDFC)
in May voting members overwhelmingly voted in favour of this. The Standard Life Investments Limited (SLI) 39.99
Court of Session in Scotland approved this in June and Standard Life Other Shareholders (shares issued on 0.03
plc floated on the London Stock Exchange on 10 July 2006. exercise of stock options)
In order to meet the different needs and risk profiles of its clients, 3. INVESTMENT OBJECTIVE OF THE SCHEME
Standard Life Investments Limited manages a diverse portfolio
covering all of the major markets world-wide, which includes a Name of the Scheme Investment Objective
range of private and public equities, government and company HDFC High Interest To generate income by investing in a range of
bonds, property investments and various derivative instruments. Fund debt and money market instruments of various
The company’s current holdings in UK equities account for maturity dates with a view to maximize income
approximately 1.8% of the market capitalisation of the London while maintaining the optimum balance of
Stock Exchange. For more information log on to the website yield, safety and liquidity.
4. SIGNIFICANT ACCOUNTING POLICIES:
b. HDFC MUTUAL FUND
The Significant Accounting Policies form part of the Notes to the Accounts
HDFC Mutual Fund (the “Fund”) has been constituted as a trust
annexed to the Balance Sheet of the Schemes in the Full Annual Report.
in accordance with the provisions of the Indian Trusts Act, 1882,
The Accounting Policies are in accordance with Securities Exchange
Board of India (Mutual Funds) Regulations, 1996.
5. UNCLAIMED DIVIDENDS & REDEMPTIONS c. Full Annual Report shall be disclosed on the website (www.hdfcfund.
Summary of No. of Investors & Corresponding unclaimed amounts as at com) and shall be available for inspection at the Head Office of
March 31, 2011: HDFC Mutual Fund. Present and prospective Unit holder can obtain
copy of the trust deed, the full Annual Report of the Fund / HDFC
Name of the Unclaimed Dividends Unclaimed Redemptions AMC at a price.
Scheme Amount No. of Amount No. of 7. ACKNOWLEDGEMENTS
(Rs.) Investors (Rs.) Investors The Trustee thanks SEBI, AMFI, the investors, Investor Service Centres,
HDFC High 1,281,930 2,117 241,207 7 distributors, key partners, service providers, HDFC AMC and its
Interest Fund employees for their commitment and looks forward to their continued
6. STATUTORY INFORMATION support.
a. Housing Development Finance Corporation Limited and Standard
Life Investments Limited (the Sponsors) are not responsible or liable For HDFC Trustee Company Limited
for any loss resulting from the operation of the Schemes of the Fund
beyond their initial contribution of Rs.1 lakh each for setting up the Sd/-
Fund, and such other accretions / additions to the same. Ranjan Sanghi
b. The price and redemption value of the units, and income from them, Director
can go up as well as down with fluctuations in the market value of its Place : Mumbai
underlying investments. Date : June 27, 2011
ANNEXURE TO TRUSTEE REPORT
ANNEXURE 1 - AWARD/RANKING METHODOLOGY & DISCLAIMER 3. CNBC TV18 - CRISIL MUTUAL FUND AWARDS 2011
FOR THE AWARDS WON BY HDFC MUTUAL FUND / HDFC ASSET Debt Mutual Fund House of the Year
MANAGEMENT COMPANY LIMITED / SPONSOR COMPANIES Eligibility Criteria: Gilt, Income, Income – Short, Liquid – Retail,
1. ICRA MUTUAL FUND AWARDS 2011- STAR FUND HOUSE OF Liquid – Institutional, Liquid – Super Institutional, MIP – Aggressive,
THE YEAR MIP – Conservative, Ultra Short term debt – Retail, Ultra Short term debt
– Institutional, Ultra Short term – Super Institutional, Consistent Debt and
Star Fund House of the Year is determined in the Equity and Debt
Consistent Liquid categories are considered.
categories separately. Star Fund House of the Year Award indicates top
overall performance within the eligible fund houses. To qualify for the Methodology: Quarterly CRISIL Fund Ranks during the year for the
award a fund house needs to have at least one scheme ranked 3 star or above categories, for ranked schemes from eligible fund houses, are
above in at least three of the equity and debt categories respectively multiplied with appropriate factors to arrive at the weighted scores. The
defined by ICRA. The scoring aims at assessing the number of superior mutual fund house with the highest weighted score is awarded the ‘Debt
performing schemes managed by the fund house over the current one-year Mutual Fund House of the Year’.
period. The result also takes into account qualitative factors of an AMC’s Equity Mutual Fund House of the Year Award
structure based on their responses to a due diligence questionnaire.
Eligibility Criteria: Large cap, Diversified, Small & Mid cap, ELSS,
Disclaimer: Index, Thematic – Infrastructure, Balanced, Consistent Equity and
The ranks assigned by ICRA Limited (ICRA) /ICRA Online Limited Consistent Balanced categories are considered.
(ICRON) are based on an objective analysis of information obtained from Methodology: Quarterly CRISIL Fund Ranks during the year for the
the entities concerned as also other sources considered reliable by ICRA/ above categories, for ranked schemes from eligible fund houses, are
ICRON. However, the ranks must be construed solely as statements of multiplied with appropriate factors to arrive at the weighted scores. The
opinion and ICRA/ICRON shall not be liable for any losses incurred by mutual fund house with the highest weighted score is awarded the ‘Equity
any user from any use of the ranks. Also, the ranks are neither a certificate Mutual Fund House of the Year’.
of any statutory compliance nor any guarantee on the future performance
Mutual Fund House of the Year Award
of the ranked entities/schemes.
Eligibility Criteria: The mutual fund house should have won at least one
Please refer to www.mutualfundsindia.com for further information on the
scheme level award.
Methodology: Quarterly CRISIL Fund Ranks during the year across all
2. MORNINGSTAR INDIA FUND AWARDS 2011
categories, for ranked schemes from eligible fund houses, are multiplied
Best Equity Fund House: The award recognizes sustained outperformance with appropriate factors to arrive at the weighted scores. The mutual fund
over three years, based on the Morningstar Risk-Adjusted Return across its house with the highest weighted score is the ‘Mutual Fund House of the
equity fund line-ups for the period ending December 31, 2010. Year’.
Best Multi-Asset Fund House: The award recognizes sustained Please refer to www.crisil.com for further information on Award
outperformance over three years, based on the Morningstar Risk-Adjusted Methodology.
Return across its equity, debt and allocation fund line-ups for the period 4. BLOOMBERG UTV FINANCIAL LEADERSHIP AWARDS 2011
ending December 31, 2010.
Best Mutual Fund - Equity of the Year
All Mutual Funds operating in the country were evaluated and of them
The award should not be construed as investment advice, an offer, and the 6 fund houses were short-listed to make presentations to the jury based
solicitation of an offer to buy or sell securities by Morningstar. It is neither on the performance of their schemes. The final winners were selected by
a certificate of statutory compliance nor a guarantee of future performance. a Jury panel which considered weighted average Sharpe Ratio achieved
Please refer to www.morningstar.co.in for further information on award by the fund houses in each of their schemes subject to minimum average
methodology. assets under management during FY10 for the debt and equity segments
and the submissions made by the fund house on its risk management
processes, investor education and category enhancement initiatives,
leadership initiatives undertaken by the fund house to expand mutual fund
5. BUSINESS WORLD -VALUE RESEARCH SURVEY ANNEXURE 2 - PARTICULARS OF DIVIDEND DISTRIBUTED
Best Asset Management Company: AMCs were ranked based on funds DURING THE YEAR UNDER REVIEW
rated either 4-star or 5-star by Value Research as a percentage of the total HDFC High Interest Fund - Quarterly Dividend Option
number of rated funds. AMCs with less than Rs 3,000 crore of average
assets under management as of December 2010 were not included. Record Date NAV per unit (Rs.) Dividend per unit (Rs.)
Cum - Dividend Individual & Others
6. LIPPER FUND AWARDS – INDIA 2011
The essence of the Lipper Fund Awards is to reward consistent out- 25-Jun-10 11.2909 0.1500 0.1398
performance of individual funds and of fund companies. Winning funds 27-Sep-10 11.2939 0.1500 0.1398
have demonstrated consistently strong risk-adjusted returns compared
27-Dec-10 11.2524 0.0500 0.0466
25-Mar-11 11.3526 0.1000 0.0932
HDFC High Interest Fund - Half - Yearly Dividend Option
l Funds registered for sale in the country as of December 31, 2010.
Record Date NAV per unit (Rs.) Dividend per unit (Rs.)
l At least 36 months of performance history as of December 31, 2010.
Cum - Dividend Individual & Others
l Lipper Global classifications with at least ten distinct portfolios HUF
based on the primary share class definition, excluding residual 27-Sep-10 11.1614 0.3000 0.2796
classifications, institutional, private, closed-end, exchange - traded 25-Mar-11 11.0991 0.1500 0.1398
and insurance funds.
HDFC High Interest Fund - Yearly Dividend Option
l Asset classes: equity, bond, and mixed-asset except for Absolute
Return funds where money market and other fund asset types are Record Date NAV per unit (Rs.) Dividend per unit (Rs.)
considered as well. Cum - Dividend Individual & Others
Asset Class Group Awards HUF
25-Mar-11 12.0365 0.4500 0.4194
Best Group over 3 Years – Mixed Assets Group: Fund groups with
at least three equity, three bond, or three mixed asset portfolios in the All Dividends are on face value of Rs. 10 per Unit.
respective asset classes are eligible for a group award. The lowest average Pursuant to payment of dividends, the per unit NAV falls to the extent of
decile rank of the three years’ Consistent Return measure of the eligible payout and statutory levy, if any.
funds per asset class and group will determine the asset class group award
winner over the three-year period. In cases of identical results the lower Past performance may or may not be sustained in the future.
average percentile rank will determine the winner. Unit holders whose names appeared in the Register of Unit holders [in case of
Overall Group Award units held in electronic (demat) form, Beneficial Owners whose names appeared
in the Statements of beneficial ownership maintained by the Depositories,
Best Group over 3 Years – Overall Group: Fund groups with at least
as applicable] under the Dividend Option(s) of the above Scheme, as on the
three equity, three bond, and three mixed-asset funds are eligible for an
respective record date(s) were eligible to receive dividend. Dividend warrants /
overall group award. An overall group award is given to the group with the
drafts were sent to eligible Unit holders under the Dividend Payout Option of the
lowest average decile ranking of its respective asset class results based on
Scheme immediately after the respective record date(s).
the methodology described above. In cases of identical results the lower
average percentile rank will determine the winner. Some of these Unitholders have not presented their dividend warrants / drafts
Asset class and overall group awards are given to the company that is for collection and these warrants / drafts are still outstanding as per our banker’s
responsible for establishing the fund by appointing the fund management records. Unit holders who have not presented their dividend warrants / drafts
company, promoting and/or distributing the fund, the brand of the fund and for payment are requested to do so at the earliest. In case where the validity of
the product range. This company is also referred as promoter or sponsor the dividend warrants / drafts has expired, investors are requested to submit the
company. same for revalidation at any of the Investor Service Centres.
Disclaimer: Some of the warrants / drafts have been returned undelivered by the postal
authorities / courier agencies. Unit holders who have not received the
Although Lipper makes reasonable efforts to ensure the accuracy and warrants / drafts, please call any of the Investor Service Centres or email us at
reliability of the data contained herein, the accuracy is not guaranteed by
Lipper. Users acknowledge that they have not relied upon any warranty,
condition, guarantee, or representation made by Lipper. Any use of the
data for analyzing, managing, or trading financial instruments is at the
user’s own risk. This is not an offer to buy or sell securities.
Please refer to http://www.lipperweb.com for further information on the
AUDITORS’ REPORT ABRIDGED BALANCE SHEET AS AT MARCH 31, 2011
TO THE BOARD OF DIRECTORS OF Rupees in Lacs
HDFC TRUSTEE COMPANY LIMITED As at As at
HDFC MUTUAL FUND – HDFC HIGH INTEREST FUND Mar 31, 2011 Mar 31, 2010
We have audited the attached Balance Sheet of HDFC Mutual Fund – HDFC
Unit Capital 7,419.89 11,449.99
Interest Fund (the “Scheme”) as at March 31, 2011 and the related Revenue
Account for the year ended on that date annexed thereto. These financial Reserves & Surplus
statements are the responsibility of the Managements of the Trustee and the Unit Premium Reserves 4,418.15 10,381.00
Asset Management companies. Our responsibility is to express an opinion on Unrealised Appreciation Reserve - -
the financial statements. We report as follows: Other Reserves 86.72 (1,683.17)
a) Our audit was conducted in accordance with generally accepted auditing Loans & Borrowings - -
standards in India. Those Standards require that we plan and perform the Current Liabilities & Provisions
audit to obtain reasonable assurance about whether the financial statements Provision for doubtful Income/Deposits - -
are free of material misstatements. An audit includes examining, on a test Other Current Liabilities & Provisions 93.80 4,077.18
basis, evidence supporting the amounts and disclosures in the financial TOTAL 12,018.56 24,225.00
statements. An audit also includes assessing the accounting principles used
and significant estimates made by the Management, as well as evaluating the ASSETS
overall financial statement presentation. We believe that our audit provides a Investments
reasonable basis for our opinion. Listed Securities:
b) We have obtained all the information and explanations which to the best of Equity Shares - -
our knowledge and belief were necessary for the purposes of our audit. Preference Shares - -
Equity Linked Debentures - -
c) The Balance Sheet and the Revenue Account dealt with by this report are in
Other Debentures & Bonds 2,458.51 7,915.60
agreement with the books of account of the Scheme.
Securitised Debt securities - -
d) The Balance Sheet and the Revenue Account dealt with by this report have
Securities Awaited Listing:
been prepared in accordance with accounting policies and standards as
Equity Shares - -
specified in the Ninth Schedule of the Securities and Exchange Board of
India (Mutual Funds) Regulations, 1996. Preference Shares - -
Equity Linked Debentures - -
e) Non - traded securities have been valued in accordance with the guidelines
Other Debentures & Bonds - -
notified by the Securities and Exchange Board of India. In our opinion, these
valuations are fair and reasonable. Securitised Debt securities - -
f) Without qualifying our opinion we draw attention to note no. 2.2 in Schedule
Equity Shares - -
8 of the financial statements wherein the Management of the HDFC Asset
Preference Shares - -
Management Company Limited has explained its rationale for regarding
Accounting Standards issued by the Institute of Chartered Accountants of Equity Linked Debentures - -
India as not being applicable to mutual funds. Other Debentures & Bonds - -
Securitised Debt securities - -
g) In our opinion and to the best of our information and according to the
explanations given to us, the said accounts give the information required Government Securities 3,242.66 6,276.12
by the Securities and Exchange Board of India (Mutual Funds) Regulations, Treasury Bills 467.22 3,966.79
1996 and give a true and fair view: Commercial Paper 396.21 -
i. in the case of the Balance Sheet of the state of affairs of the Scheme as Certificate of Deposits 5,200.52 958.29
at March 31, 2011; and Bill Rediscounting - -
Units of Domestic Mutual Fund - -
ii. in the case of the Revenue Account, of the surplus of the Scheme for
the year ended on that date. Foreign Securities - -
Total Investments 11,765.12 19,116.80
Deposits - 17.84
Other Current Assets
For DELOITTE HASKINS & SELLS Cash & Bank Balance 80.50 278.36
Chartered Accountants CBLO/ Reverse Repo Lending 87.41 4,605.57
(Registration No. 117366W) Others 85.53 206.43
Deferred Revenue Expenditure - -
Sanjiv V. Pilgaonkar (to the extent not written off)
Partner TOTAL 12,018.56 24,225.00
(Membership No. 39826)
Mumbai, June 27, 2011
Notes to Accounts - Annexure I to the Abridged Balance Sheet and Revenue
ABRIDGED REVENUE ACCOUNT
Account for the Year ended March 31, 2011
FOR THE YEAR ENDED MARCH 31, 2011
Rupees in Lacs 1.1. All investments of the scheme except Government Securities and
Current Year Previous Year Treasury Bills are registered in the name of the Trustees for the benefits
INCOME of the Schemes Unitholders. All investments in Government Securities
and Treasury Bills are held in an SGL account in the name of “HDFC
Dividend - - Mutual Fund”.
Interest 1,364.19 2,782.94 1.2. Open Position of derivatives as at March 31, 2011 is Rs. Nil (as at
Realised Gain / (Loss) on Foreign Exchange March 31, 2010 was Rs. Nil).
Transactions - -
1.3. Investments in Associates and Group Companies.
Realised Gains / (Losses) on Interscheme sale
of investments (11.04) 75.61 Refer Annexure III
Realised Gains / (Losses) on External sale / 1.4. There are no open position of securities borrowed and / or lent by the
redemption of investments (0.10) (403.50) scheme as at March 31, 2011 and as at March 31, 2010.
Realised Gains / (Losses) on Derivative 1.5. Non Performing Assets as at March 31, 2011 is Rs. Nil (as at March 31,
Transactions - - 2010 was Rs. Nil).
Other Income 0.86 0.01 1.6. The Aggregate Unrealised Gain / (Loss) as at March 31, 2011 is Rs.
(A) 1,353.91 2,455.06 (8.84) Lacs (as at March 31, 2010 was Rs. (37.12) Lacs) and as a
percentage of net assets of the scheme as at March 31, 2011 is (0.07)%
EXPENSES (as at March 31, 2010 was (0.18)%).
Management fees 203.54 399.17 1.7. The Aggregate value of investments purchased and sold (including
Service tax on Management fees 20.97 41.11 matured) during the financial year and as a percentage of average
Transfer agents fees and expenses 13.39 21.82 weekly net assets are as under:
Custodian fees 0.76 2.34 Purchase Value % Sales Value %
(Rs. in Lacs) (Rs. in
Trusteeship fees 1.97 4.14 Lacs)
Commission to Agents 57.30 279.21
Current Year 53,483.92 299.54 61,043.77 341.88
Marketing & Distribution expenses 0.50 2.76
Previous Year 78,359.68 208.96 129,112.25 344.30
Audit fees 0.22 0.52
1.8. The aggregate fair value of non-traded investments, valued in ‘good
Interest on Borrowings - 0.10 faith’ by the Investment Manager on the basis of the valuation
Other operating expenses 43.77 9.78 principles laid down by SEBI as at March 31, 2011 is Rs. 8,055.24
Lacs (as at March 31, 2010 was Rs. 8,319.35 Lacs) and as a percentage
(B) 342.42 760.95
of net assets of the scheme as at March 31, 2011 is 67.62% (as at
NET REALISED GAINS / (LOSSES) FOR March 31, 2010 was 41.34%).
THE YEAR / PERIOD (A -B = C) 1,011.49 1,694.11
2 Disclosure Under Regulation 25(8) of the SEBI Regulations and other
Change in Unrealised Depreciation in value of applicable Regulations.
investments (D) 81.66 1.72
Refer Annexure IV
NET GAINS / (LOSSES) FOR THE YEAR /
PERIOD (E=(C-D)) 929.83 1,692.39 3. There are no Unit Holders holding over 25% of the Net Asset Value of the
Scheme as at March 31, 2011 and as at March 31, 2010.
Change in unrealised appreciation in the value
of investments (F) 110.24 1,674.85 4. Unit Capital movement during the year ended March 31, 2011.
NET SURPLUS / (DEFICIT) FOR THE Refer Annexure II
YEAR / PERIOD (E + F = G) 1,040.07 3,367.24
5. Prior year figures have been reclassified wherever necessary.
Add: Balance transfer from Unrealised
Appreciation Reserve ** - 54.50 6. Expenses other than management fee are inclusive of service tax wherever
Less: Balance transfer to Unrealised
Appreciation Reserve - - 7. Contingent Liability as at March 31, 2011 is Nil (as at March 31, 2010 was
Add / (Less): Equalisation 1,118.03 (18,472.98)
Total 2,158.10 (15,051.24) Annexure II - Unit Capital Movement
(Figures in Lacs)
March 31, 2011 March 31, 2010
Income Distributed during the year / period 320.60 611.05 Particulars
Units Rupees Units Rupees
Tax on income distributed during the year /
period 54.54 106.10 (A) Growth Option
At the beginning of the year 370.009 3,700.08 1,136.699 11,366.99
Retained Surplus / (Deficit) carried forward
to Balance sheet 1,782.96 (15,768.39) Issued during the year 197.932 1,979.31 315.382 3,153.81
** Amount transferred from Revenue Reserve 567.941 5,679.39 1,452.080 14,520.80
Repurchased during the
year (405.159) (4,051.59) (1,082.072) (10,820.72)
At the end of the year (A) 162.782 1,627.80 370.009 3,700.08
March 31, 2011 March 31, 2010 March 31, 2011 March 31, 2010
Units Rupees Units Rupees Particulars
(B) Quarterly Dividend Units Rupees Units Rupees
Option (D) Yearly Dividend
At the beginning of the year 742.141 7,421.42 3,302.778 33,027.78 Option
Issued during the year At the beginning of the year
(including dividend 7.575 75.75 12.169 121.69
reinvested) 484.968 4,849.68 2,062.058 20,620.58 Issued during the year
1,227.109 12,271.10 5,364.835 53,648.36 (including dividend
Repurchased during the reinvested) 2.912 29.12 9.688 96.88
year (670.934) (6,709.34) (4,622.694) (46,226.94)
At the end of the year (B) 10.487 104.87 21.857 218.57
556.175 5,561.76 742.141 7,421.42 Repurchased during the
(C) Half Yearly Dividend year (2.455) (24.55) (14.282) (142.82)
At the end of the year (D) 8.032 80.32 7.575 75.75
At the beginning of the year 25.274 252.74 34.106 341.06
Issued during the year TOTAL (A) + (B) + (C) + (D) 741.989 7,419.89 1,144.999 11,449.99
reinvested) 11.337 113.37 19.925 199.25 Face value of units is Rs. 10.
36.611 366.11 54.031 540.31
Repurchased during the
year (21.610) (216.10) (28.757) (287.57)
At the end of the year (C) 15.001 150.01 25.274 252.74
Annexure III - Investments in Associates and Group Companies
(Rupees in Lacs)
Nature of instruments Bill Re-discounting Deep Discount Bonds Equity Shares Floating Rate Bonds/ NCD/ Khokha
Name of the Issuer # Investment Aggregate Investment Aggregate Investment Aggregate Investment Aggregate Investment Aggregate
by the Investment by the Investment by the Investment by the Investment by the Investment
scheme by all scheme by all scheme by all scheme by all scheme by all
schemes schemes schemes schemes schemes
Bank of Baroda - - - - - 21,472.26 - - - -
Exide Industries Ltd. - - - - - 136.67 - - - -
GlaxoSmithkline Pharmaceuticals - - - - - 1,475.61 - - - -
Great Eastern Shipping Company - - - - - - - - - 997.34
HDFC Bank Ltd. - 416,800.65 - - - 12,028.79 - - - -
Hindustan Unilever Ltd. - - - - - 5,106.17 - - - -
Housing Development Fin. Corp. Ltd. - - - 189,375.26 - 1,429.13 - 20,031.04 1,000.00 63,174.12
Indian Hotels Company Ltd. - - - - - 97.07 - - - -
Mahindra & Mahindra Ltd. - - - - - 19,970.23 - - - -
Siemens Ltd. - - - - - 887.14 - - - -
Sun Pharmaceutical Industries Ltd. - - - - - 5,831.37 - - - -
Infrastructure Dev. Fin. Co. Ltd. - - 1,201.29 21,858.06 - 169.30 - - - 37,780.69
Zydus Wellness Ltd - - - - - 1,656.79 - - - -
Total - 416,800.65 1,201.29 211,233.32 - 70,260.53 - 20,031.04 1,000.00 101,952.15
This disclosure has been made as Director(s) of the AMC is/are also a Director on the Board of the above Companies. The above investments were considered sound at the point of
investment. Before making an investment, the same is evaluated on merits and on arm’s length basis and in accordance with the objective of the scheme. The investments under the
respective Plans of HDFC Index Fund were made pursuant to their Investment Objectives.
Annexure IV - Disclosure under Regulation 25 (8) of the SEBI Regulations Previous Year
(i) Disclosure under Regulation 25(8) of the SEBI Regulation have been made Name of Nature of Business given Commission related to
in respect of amount paid to parties associated with sponsors in which the associate/ Association/ the scheme
Asset Management Company or its major shareholders have a substantial related Nature of Amount % of total Amount % of total
interest as in accordance with the requirements given in SEBI’s Circular No. parties/group relation (Rs.in business (Rs.in commission
SEBI/IMD/CIR No 18 / 198647 /2010 dated 15th March, 2010. companies of (% holding) Lacs) received Lacs) related to the
(a) No brokerage on investments is paid to associates/related parties/group Sponsor/AMC by the scheme
companies of sponsor/AMC during the current year and previous year. scheme
(b) Commission on distribution of units paid to associates/related parties/ HDFC Bank Associate
group companies of sponsor/AMC during the current year and previ- Ltd. (23.73$) 1,253.58 3.87 27.47 9.79
The commission includes commission on retained business of prior periods.
Pursuant to SEBI directives, no payment of commission has been made in
Name of Nature of Business given Commission related to respect of investments made by the Sponsor of the Mutual Fund.
associate/related Association/ the scheme
parties/group Nature of Amount % of total Amount % of total The above commission amount represents payments made to associates and is
companies of relation (Rs.in business (Rs.in commission netted for the amount borne by the AMC, if any.
Sponsor/AMC (% holding) Lacs) received by Lacs) related to the
the scheme scheme
HDFC Bank Ltd. Associate
(23.35$) 594.44 5.00 6.28 7.88
(ii) The Scheme has made payments to its associates, for services rendered by Entity Nature of Amount % of equity capital
them, during the year as under: - Payment (Rs.in Lacs) held by the sponsors
Entity Nature of Amount % of equity capital & its subsidiary/
Payment (Rs.in Lacs) held by the sponsors associates as at
& its subsidiary/ March March March March
associates as at 31, 2011 31, 2010 31, 2011 31, 2010
Current Previous March March HDFC Trustee Trusteeship Fees
Year Year 31, 2011 31, 2010 Company Ltd. 0.35 0.53 100** 100**
HDFC Asset Investment HDFC Bank Ltd. Bank Charges 0.01 0.02 23.35$ 23.73$
Management Management and HDFC Bank Ltd. Custody Charges 0.05 0.09 23.35$ 23.73$
Company Ltd. Advisory Fees 224.51 440.28 99.97# 100* HDFC Bank Ltd. Commission on
HDFC Trustee Trusteeship Fees distribution of
Company Ltd. 1.97 4.14 100** 100** Units 1.20 10.90 23.35$ 23.73$
HDFC Bank Ltd. Bank Charges 0.12 0.35 23.35$ 23.73$ Computer Age Registrar and
Management Transfer Agent
HDFC Bank Ltd. Custody Charges 0.76 2.34 23.35$ 23.73$ Services Pvt. Ltd. Fees 2.08 0.96 ## ##
Computer Age Registrar and The above commission amount represents payables to associates and is netted for
Management Transfer Agent the amount borne by the AMC, if any.
Services Pvt. Fees
Ltd. 13.39 21.82 ## ## * 60% by HDFC Ltd.; 40% by Standard Life Investments Ltd.
# 59.98% by HDFC Ltd.; 39.99% by Standard Life Investments Ltd.
(iii) Amounts outstanding as at the Balance Sheet date :-
** Held by HDFC Ltd.
Entity Nature of Amount % of equity capital $ Held by HDFC Ltd. (including through HDFC Investments Ltd. and
Payment (Rs.in Lacs) held by the sponsors
& its subsidiary/ HDFC Holdings Ltd.).
associates as at ## Held by HDFC Ltd. (15.09%), HDFC Bank Ltd. (10.17%), HDB
March March March March Employees Welfare Trust (5.91%).
31, 2011 31, 2010 31, 2011 31, 2010
HDFC Asset Investment
Management Management and
Company Ltd. Advisory Fees 7.59 3.12 99.97# 100*
KEY STATISTICS FOR THE YEAR ENDED MARCH 31, 2011
Current Previous Current Previous
Year Year Year Year
1. NAV per unit (Rs.): Quarterly Dividend Option 1.14 1.06
Open Half Yearly Dividend Option 1.14 1.06
Growth option 31.1638 29.2142 Yearly Dividend Option 1.14 1.06
Quarterly Dividend Option 11.0938 10.8883 5. Net Income as a percentage of AAuM2 5.66 4.52
Half Yearly Dividend Option 10.7978 10.6097 6. Portfolio turnover ratio (%)3 NA NA
Yearly Dividend Option 11.3514 11.1237 7. Total Dividend per unit distributed during the
Growth option 33.1181 31.1679 Quarterly Dividend Option
Quarterly Dividend Option 11.3526 11.4845 Individuxal 0.4500 0.6500
Half Yearly Dividend Option 11.1614 11.1903 Corporate 0.4194 0.6050
Yearly Dividend Option 12.0365 11.8427 Half Yearly Dividend Option
Low Individual 0.4500 0.6500
Corporate 0.4194 0.6050
Growth option 31.1861 29.2142
Yearly Dividend Option
Quarterly Dividend Option 11.0641 10.8883 Individual 0.4500 0.6500
Half Yearly Dividend Option 10.7622 10.6097 Corporate 0.4194 0.6050
Yearly Dividend Option 11.3595 11.1237 8. Returns (%) ^ :
End a. Last One Year
Growth option 33.1181 31.1638 Growth Option 6.27** 10.32**
Quarterly Dividend Option 11.2636 11.0938 Benchmark # 5.06** 7.35**
Half Yearly Dividend Option 10.9526 10.7978 b. Since Inception
Yearly Dividend Option 11.5499 11.3514 Growth Option 8.98** 9.40**
Benchmark # NA* NA*
2. Closing Assets Under Management
(Rs. in Lacs) ** Compounded Annualised Returns
End 11,912.92 20,122.91 # CRISIL Composite Bond Fund Index
^ Past performance may or may not be sustained in the future
Average (AAuM) 17,855.28 37,499.42 NA* Not Available
3. Gross income as % of AAuM1 7.58 6.55 NA Not Applicable
4. Expense Ratio: 1. Gross income = amount against (A) in the Revenue account i.e. Income.
a. Total Expense as % of AAuM 2. Net income = amount against (C) in the Revenue account i.e. NET
(plan wise) REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD
Growth option 1.92 2.03 3. Portfolio Turnover = Lower of sales or purchase divided by the Average
AuM for the year/period.
Quarterly Dividend Option 1.92 2.03 4. AAuM=Average daily net assets
Half Yearly Dividend Option 1.92 2.03
Yearly Dividend Option 1.92 2.03 Auditors’ Report and Abridged Audited Results have been extracted from
b. Management Fee as % of AAuM the Auditors’ Report, Audited Balance Sheet, Revenue Account and Notes
(plan wise) to Accounts. Full Annual Report shall be disclosed on the website (www.
Growth option 1.14 1.06 hdfcfund.com) and shall be available for inspection at the Head Office of
HDFC Mutual Fund. Unit holder can obtain a copy of the same at a price.
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 and the NAV of the Schemes may go up or down depending upon the factors and forces affecting the securities market. Past performance of the
Sponsors and their affiliates / AMC / Mutual Fund and its Scheme(s) do not indicate the future performance of the Scheme of the Mutual Fund. There is no assurance
or guarantee to unit holders as to the rate of dividend distribution nor that dividends will be paid regularly. Investors in the Schemes are not being offered any
guaranteed / assured returns. The NAV of the units issued under the Schemes may be affected, inter-alia by changes in the interest rates, trading volumes, settlement
periods, transfer procedures and performance of individual securities. The NAV will inter-alia be exposed to Price / Interest Rate Risk and Credit Risk. The name(s)
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 Scheme Information
Document and Statement of Additional Information before investing.
Statutory Details: HDFC Mutual Fund has been set up as a trust sponsored by Housing Development Finance Corporation Limited and Standard Life Investments
Limited (liability restricted to their contribution of Rs. 1 lakh each to the corpus) with HDFC Trustee Company Limited as the Trustee (Trustee under the Indian Trusts
Act, 1882) and with HDFC Asset Management Company Limited as the Investment Manager.
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