ANNUAL REPORT 2008 - IDFC Mutual Funds · PDF fileANNUAL REPORT 2008 THE TRUSTEE REPORT ... (IDFC), is a leading diversified financial institution ... IDFC Asset Management Company

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ANNUAL REPORT 2008

THE TRUSTEE REPORT COVERS FOLLOWING SCHEMES.1) Standard Chartered Fixed Maturity Plan – Quarterly Series 8

(SCFMP-QS8)

2) Standard Chartered Fixed Maturity Plan – Quarterly Series 9(SCFMP-QS9)

3) Standard Chartered Fixed Maturity Plan – Quarterly Series10 (SCFMP-QS10)




7) Standard Chartered Fixed Maturity Plan – Quarterly Series

15 (SCFMP-QS15)

TRUSTEE REPORTReport of the Board of Directors of the IDFC AMC Trustee CompanyPrivate Limited (formerly Standard Chartered Trustee CompanyPrivate Limited) to the Unit-holders of IDFC Mutual Fund (formerlyStandard Chartered Mutual Fund).

Dear Unit-holder,

The Directors of IDFC AMC Trustee Company Private Limited herebypresent the Eighth Annual Report of IDFC Mutual Fund for the yearended March 31, 2008.IDFC MUTUAL FUNDIDFC Mutual Fund (“the Mutual Fund” or “the Fund”) previouslyknown as Standard Chartered Mutual Fund (which was earlierknown as ANZ Grindlays Mutual Fund) had been constituted as aTrust in accordance with the provisions of the Indian Trusts Act,1882 (2 of 1882) vide a Trust Deed dated December 29, 1999. Theoffice of the Sub-Registrar of Assurances at Mumbai had registeredthe Trust Deed establishing the Fund under the Registration Act,1908. The Fund was registered with SEBI vide registration numberMF/042/00/3 dated March 13, 2000. A deed of amendment to theTrust Deed has been executed and registered to recognize thechange in sponsor of the Mutual Fund. The deed of variation to theTrust Deed, dated May 30th 2008, made IDFC the sponsor of theMutual Fund and IDFC AMC Trustee Company Private Limited, theTrustee.

IDFC acquired 100% equity shares of the Asset ManagementCompany and the Trustee Company from Standard CharteredBank, the erstwhile sponsor of the Mutual Fund, on May 30th 2008and further contributed an amount of Rs.10,000/- to the corpus ofthe Fund (the total contribution of the sponsors till date includingthis contribution, stands at Rs. 30,000). The Trust has been formedfor the purpose of pooling of capital from the public for collectiveinvestment in securities / any other property for the purpose ofproviding facilities for participation by persons as beneficiaries insuch properties/ investments and in the profits / income arisingthere from.The Schemes launched (and existing) by the Mutual Fund comprisedof 13 Open Ended schemes and 26 Close-Ended schemes as onMarch 31, 2008. During the year under review, 25 Close Endedschemes were launched.

The Open-Ended schemes (Debt & Equity) were:1) IDFC Super Saver Income Fund (“IDFC-SSIF”) with Investment

Plan, Short-Term Plan and Medium Term Plan2) IDFC Cash Fund (“IDFC-CF”),

3) IDFC Government Securities Fund (“IDFC-GSF”) with InvestmentPlan, Short Term Plan and Provident Fund Plan

4) IDFC Dynamic Bond Fund (“IDFC-DBF”),

5) IDFC Floating Rate Fund (“IDFC-FRF”) with Short Term andLong Term Plan

6) IDFC All Seasons Bond Fund (“IDFC-ASBF”)

7) IDFC Liquidity Manager Fund (IDFC-LM)

8) IDFC Liquidity Manager Plus Fund (IDFC-LMP)9) IDFC Quarterly Interval Fund – Plan A (IDFC-QIF-Plan A)

10) IDFC Classic Equity Fund (IDFC-CEF)

11) IDFC Premier Equity Fund (IDFC-PEF)12) IDFC Imperial Equity Fund (IDFC-IEF)

13) IDFC Arbitrage Fund (IDFC-AF)

The Close Ended schemes (Debt & Equity) (as on March 31,2008) were:1) IDFC Fixed Maturity 9th Plan (IDFC-FMP-9)

2) IDFC Tristar Series I (IDFC-TS-I)

3) IDFC Fixed Maturity 6th Plan (IDFC-FMP-6)4) DFC Fixed Maturity Plan – Yearly Series 2 (IDFC-FMP-YS2)

5) IDFC Fixed Maturity Plan – Yearly Series 3 (IDFC-FMP-YS3)

6) IDFC Fixed Maturity Plan – Yearly Series 4 (IDFC-FMP-YS4)7) IDFC Fixed Maturity Plan – Yearly Series 5 (IDFC-FMP-YS5)








18) IDFC Fixed Maturity Plan – Quarterly Series 25 (IDFC-FMP-QS25)




22) IDFC Fixed Maturity Plan – Eighteen Month Series - 1 (IDFC-FMP-EMS-1)

23) IDFC Fixed Maturity Arbitrage Fund – Series 1 (IDFC-FMAF-S1)

24) IDFC Enterprise Equity Fund (IDFC-EEF)25) IDFC Tax Saver (ELSS) Fund (IDFC-TS(ELSS))

26) IDFC Small & Midcap (SME) Equity Fund (IDFC-SMEF)

The total Funds under Management (FuM) under the Thirty Eight(not including IDFC-ASBF) Schemes as on March 31, 2008aggregated to 11043.84 Crores. 2007-2008 was the Eight year ofoperation of IDFCMF. During the year end review, the Mutual Fundlaunched one Interval Income fund and One Close Ended EquityFund. The Interval Income Fund is called IDFC Quarterly IntervalFund – Plan A and the Close Ended Equity Fund is called IDFC Small& Midcap (SME) Equity Fund (IDFC-SMEF).

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ANNUAL REPORT 2008

In addition to these schemes, the Fund also launched 23 CloseEnded Debt Schemes. Thus a judicious combination of Equity andDebt schemes launched during the year has widened the investmentopportunities for investors belonging to the IDFCMF family.

THE SPONSORSponsor of the Mutual Fund, Infrastructure Development FinanceCompany Limited (IDFC), is a leading diversified financial institutionproviding a wide range of financing products and fee-based serviceswith infrastructure as its focus area. IDFC’s key businesses includeproject finance, investment banking, asset management, principalinvestments and advisory services. IDFC also works closely withgovernment entities and regulators in India to advise and assist informulating policy and regulatory frameworks that support privateinvestment and public-private partnerships in infrastructuredevelopment. By execution of the deed of amendment to the TrustDeed of the Mutual Fund, IDFC was inducted as the New Settlor ofthe Trust (Mutual Fund).IDFC was established in 1997 as a private sector enterprise by aconsortium of public and private investors and operates as aprofessionally managed commercial entity. IDFC listed its equityshares in India pursuant to an initial public offering in August 2005.As at December 31, 2007, IDFC’s shareholders included theGovernment of India - 20%, foreign investors (including KhazanahNational, IFC, CDC, Morgan Stanley, Goldman Sachs and Citigroupamong others) - 49% and public / others 31%. As on December 31,2007 IDFC had an asset base of over USD 6.5 billion, net worth ofUSD 1.4 billion and a market capitalization of USD 7.5 billion.

Standard Chartered Bank was the sponsor of the Mutual Fund, tillMay 30th 2008.

IDFC AMC TRUSTEE COMPANY PRIVATE LIMITEDANZ Trustee Company Private Limited, a company registered underthe Companies Act, 1956, was established by Australia and NewZealand Banking Group (ANZ) and had been appointed as theTrustee of ANZ Grindlays Mutual Fund vide Trust Deed datedDecember 29, 1999, as amended from time to time. ANZ sold themutual fund business to Standard Chartered Bank (SCB) in 2001,pursuant to which SCB held 100% stake in the equity share capitalof the Trustee Company. SCB agreed to sell the business toInfrastructure Development Finance Company Limited (IDFC) in 2008.Pursuant to the transaction, IDFC holds 100% of the shares of theTrustee Company (with effect from May 30th 2008). The companyhas now been renamed as IDFC AMC Trustee Company PrivateLimited. It shall through its Board of Directors discharge its obligationas Trustee of IDFC Mutual Fund. The Trustee holds the Trust fundsin trust for the benefit of the unitholders. The Trustee seeks toensure that the Fund and the Schemes floated thereunder aremanaged by the AMC in accordance with the requirements specifiedby the Trust Deed, the SEBI (Mutual Funds) Regulations, 1996 asamended from time to time, directions & guidelines issued by SEBI,the Investment Management Agreement, the Stock Exchangerequirements (where applicable), the Association of Mutual Fundsin India (AMFI) and other regulatory authorities.

The Directors of IDFC AMC Trustee Company Private Limitedare / were:Mr. Vikram Limaye (Date of Joining: July 3, 2008): He is a C.Aand M. B. A. from the Wharton School of the University ofPennsylvania. He is the Executive Director of InfrastructureDevelopment Finance Company Limited (IDFC). He was the directorof Credit Suisse First Boston, USA and worked with them for aperiod of 8 Years. Prior to this he was a Senior Associate with Ernst& Young, Oman for a period of 3 years. He had also been with

Citibank, as Assistant Manager. He had also worked with ArthurAndersen & Co., Mumbai as the Senior Associate for a period of 4years.

Mr. Dattatraya M. Sukthankar: In his career spanning over 34years till 1990 as an IAS Officer, he had held very important portfoliosin the Govt. of Maharashtra including that of Secretary - EducationDepartment, Secretary - Industries Dept, MetropolitanCommissioner, Municipal Commissioner - Greater Bombay, andfinally as Chief Secretary to the Govt. of Maharashtra. He was alsothe Secretary, Ministry of Urban Development, Govt. of India fortwo years.

Mr. Jamsheed G. Kanga: In his career as an I A S officer, had heldvarious important positions including that of Managing Director -Maharashtra State Agro Industries Development Corporation andMaharashtra State Tourism Development Corporation, JointSecretary -Finance Department, Maharashtra State, Joint Secretary(Projects & Finance) - Department of Atomic Energy, Secretary toGovernment of Maharashtra, Municipal Commissioner - BombayMunicipal Corporation, Chairman and Managing Director - ExportCredit Guarantee Corporation of India in the rank of Secretary toGovernment of India. After retirement, he had been the Vice-Chairman and Managing Director of Tata Housing DevelopmentCo. Ltd. and now is a Senior Corporate Advisor to Tata HousingDevelopment Co. Ltd. from April 1997. He is also a Consultant toForbes Gokak Limited.Mr U. Sundararajan: He is a Cost Accountant. He was formerlythe Chairman & Managing Director of Bharat PetroleumCorporation Ltd for 9 years.

Mr. Anurag Adlakha (represented Standard Chartered Bankand resigned with effect from June 4, 2008): He is a CharteredAccountant and is the Chief Financial Officer – India & South Asiaregion of Standard Chartered Bank with overall responsibilities forregional governance for Finance function for the region. Prior tothis assignment he was associated with HSBC India as Chief FinancialOfficer – India for around 8 years. As the CFO – India he wasresponsible for overall finance function of the bank.

IDFC ASSET MANAGEMENT COMPANY PRIVATE LIMITEDIDFC Asset Management Company Private Limited, a companyincorporated under the Companies Act, 1956 on May 27th 2008,having its Registered Office at 90, M G Road, Fort, Mumbai 400001 is the Asset Management Company of IDFC Mutual Fund. Ithad been appointed as the investment manager of the MutualFund vide a deed of variation to the Investment ManagementAgreement, dated May 30th 2008. The Deed of variation to theIMA was entered into between IDFC Asset Management CompanyPrivate Limited and IDFC AMC Trustee Company Private Limited.

The Company originally known as ANZ Grindlays Asset ManagementCompany Private Limited, was established by Australia and NewZealand Banking Group (ANZ), and had been appointed by theTrustee to act as the Investment Manager of the ANZ GrindlaysMutual Fund vide the Investment Management Agreement datedJanuary 3, 2000. Consequent to sale of business by ANZ to StandardChartered Bank (SCB) in 2001, 75% stake in the equity sharecapital of the AMC and 100% stake in the Preference Share Capitalof the AMC had been transferred to SCB. IDFC acquired the equityand preference shares held by SCB in the Asset ManagementCompany Private Limited (AMC) on May 30th 2008. IDFC alsoacquired the equity shares held by minority shareholders in theAMC.

The Directors of IDFC Asset Management Company PrivateLimited are / were:

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ANNUAL REPORT 2008

Dr. Rajiv Lall (Date of Joining: June 4, 2008): He is the ManagingDirector and Chief Executive Officer of Infrastructure DevelopmentFinance Company Limited (IDFC), the sponsor of IDFC Mutual Fund.He is also the Chairman of the Board of Directors of IDFC AssetManagement Company Private Limited. Prior to IDFC, he was apartner at Warburg Pincus. Prior to which he was with MorganStanley Asia Limited, Hong Kong as Executive Director. He had alsobeen with the World Bank, Washington DC for a period of 8 Years,as Senior Economist for China.

Mr. Pradip Madhavji: He was the Chairman of Thomas Cook(India) Limited for 8 years and was responsible for enhancing itsposition externally, through further strengthening the company’srelationships with business partners, trade bodies and associates.He has been with Thomas Cook since 1977 and has held seniorpositions as Managing Director, Deputy Chairman & ManagingDirector & Executive Chairman. Prior to this he was with DenaBank for over 18 years where at the time of leaving he was incharge of the entire foreign exchange function of the Bank.

Mrs. Bakul Patel: She is a Chartered Secretary from the CharteredInstitute of Companies Secretary, U.K. She is a Member of ZonalAdvisory Board, Western Zone, Life Insurance Corporation of Indiaand Western Regional Advisory Committee, Industrial DevelopmentBank of India. She was the Chairperson of Maharashtra StateFinancial Corporation from 1992 to 1995 and was the Sheriff ofMumbai from 1992 – 1993. She was a member on the IndianAdvisory Board, Standard Chartered Grindlays Bank.Dr. R. H. Patil: He completed M.A., Ph.D. (Economics) from theUniversity of Bombay. He is presently the Chairman of ClearingCorporation of India Limited and Clearcorp Dealing Systems (India)Ltd. He was formerly the Managing Director of National StockExchange of India Limited for over 7 years. During his careerspanning more than 35 years, he has been closely associated withthe financial sector in various capacities and particularly with thecapital market.

Mr. Naval Bir Kumar: He was a rank holder in Mathematics fromBombay University and holds an MBA from the Indian Institute ofManagement, Calcutta. He is the Managing Director of IDFC AssetManagement Company Private Limited. Prior to this he was Director& Head Originations of Global Capital Markets for ANZ InvestmentBank. In this role he had handled debt and equity capital markettransactions for a number of leading Indian corporates and wassuccessful in improving the Bank’s position in the domestic capitalmarkets from 193 to number 6. He is also on the Board of theAssociation of Mutual Funds of India (“AMFI”). He joined the Bankin 1990 in the Merchant Banking Division and was appointed Headof the Merchant Bank for West India in 1994 and subsequentlyHead of the Investment Bank for West India in 1996. In these roleshe has worked on a cross-section of investment banking productssuch as: Infrastructure financing, Corporate Finance, Cross-BorderDebt Financing and Domestic Capital Market transactions. Heworked briefly with Colgate Palmolive (India) Limited as a BrandManager prior to joining Standard Chartered Grindlays Bank.

Mr. Paul Jebson (represented Standard Chartered Bank andresigned with effect from June 4, 2008): He was the Head FundsManagement, Global Markets with Standard Chartered Bank. Hehas been associated with Standard Chartered Bank since June1977 with responsibilities of institutional and commercial bank salesand marketing and treasury functions. He was the Group Head ofInstitutional and Commercial Bank Sales and Marketing from 1999to 2001 and the Global Head of Treasury Bank relationships from1998 to 1999.

Mr. Atul C. Choksey (represented Minority ShareholdersTrivikram Investments Company Limited and PropyconInvestments Private Limited and resigned with effect fromMay 30th, 2008): He is a Chemical Engineer from Illinois Institute ofTechnology, Chicago, USA. He also completed courses inmanagement disciplines like Finance, Personnel, Micro and MacroEconomics etc. during his stay abroad. He is the Chairman of ApcotexLattices Limited (now known as Apcotex Industries Limited), ApcotexFinancial Services Limited and Apcotex Infoway Private Limited aswell as other group companies. He was the Managing Director ofAsian Paints (India) Limited from 1984 to 1997.

Fund Review and Future OutlookThe year was a momentous year for the Mutual Fund, as it managedto achieve a unique double and earned recognition from reputedand independent agencies in debt as well as equity.The Business Standard in its annual mutual fund ranking voted oneof the debt fund managers as the best debt fund manager 2007.The Grindlays Floating Rate Fund- Short term (now renamed asIDFC Floating Rate Fund – Short Term Plan) was selected as theBest risk adjusted debt fund. This is the second time the fund househas won this award, with the first award being won by Mr RajivAnand, Head Investments, in 2004.

The rank was an outcome of an objective and comparative analysisagainst various parameters, including: risk adjusted return, fundsize, sector concentration, portfolio turnover, liquidity, companyconcentration and average maturity. (The ranking methodologydid not take into account entry and exit loads imposed by the Fund.The rank is neither a certificate of statutory compliance.)The second equity fund of the fund house-the Premier Equity Fund*was launched as a one of its kind fund with acute focus on primaryresearch. It interalia undertakes research on relatively lessresearched companies and handpick companies that are in thelimelight. Its nice to note that the Premier Equity Fund lived up to itspromise. The Premier Equity Fund was given the Seven Star Awardby ICRA Mutual Funds Awards 2008 in the category Open EndedDiversified Equity - Defensive for its 1 year performance till December31, 2007. The rank indicates top performance within the specifiedcategory for its 1 year performance.

Adding to this accolade was the one it received from Lipper. ThePremier Equity Fund secured the 35th rank (one-year total returnof 110.47% as on 31st Dec 07) among 24,887 global equity fundsfor the year ended 2007. The “World’s Top 100 performing equityfunds” Lipper Report was based on the study of universe of allglobal funds classified as ‘Equity’ with a track record of at least oneyear, as on December 2007. (World’s Top 100 performing equityfunds ranking is based on One year total returns denominated inINR for the period ending on 31st December 2007. Data source byglobal fund intelligence firm: Lipper, a Reuters company.)

(* Past performance is no guarantee of future results.IDFC Premier Equity Fund has been ranked as a Seven Star Fundand awarded the ICRA 7-Star Gold Award in the category of ‘OpenEnded Diversified Equity – Defensive’ schemes for its 1 yearperformance till December 31, 2007. The rank indicates topperformance within the specified category for its 1 yearperformance.

The rank is outcome of an objective and comparative analysis againstvarious parameters, including: risk adjusted return, fund size,company concentration portfolio turnover and liquidity. The rankingmethodology did not take into account entry and exit loads imposed

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ANNUAL REPORT 2008

by the Fund. There were 73 schemes considered in ‘Open Ended Diversified Equity – Defensive’ category for the ranking exercise. Therank is neither a certificate of statutory compliance nor any guarantee on the future performance of IDFC Premier Equity Fund. RankingSource & Publisher: ICRA Online)

On the future outlook, equity markets have been adversely affected initially by oil and now by inflation. Economic growth is looking toslow down with higher interest rates, high level of subsidies and tight credit conditions. This year would be challenging for equity funds.

The near term outlook for interest rates has turned negative given inflation at double digit levels, pressure on liquidity through CRR hikes,portfolio outflows, and weakening of government finances.Some Mutual Fund Industrywide statistics is being provided hereunder:

DETAILS OF THE SCHEME(s) AS ON MARCH 31, 2008

Name of Scheme Investment Objective Launch & NAV & FUM (Rs.)Allotment Dates as on date of

maturity

SCFMP-QS8 April 4, 2007 & Rs. 10.2399 &April 11, 2007 Rs. 132.751 Crores

SCFMP-QS9 April 13, 2007 & Rs. 10.2585 &April 20, 2007 Rs 565.111 Crores

SCFMP-QS10 April 24, 2007 & Rs. 10.2584 &April 28, 2007 Rs 276.58 Crores

SCFMP-QS11 May 3, 2007 & Rs. 10.2618 &May 10, 2007 Rs. 424.738 Crores

SCFMP-QS13 May 17, 2007 & Rs. 10.2301 &May 23, 2007 Rs. 182.402 Crores

SCFMP-QS14 June 18, 2007 & Rs. 10.2045 &June 30, 2007 Rs. 157.369 Crores

SCFMP-QS15 August 24, 2007 & Rs. 10.2032 &August 30, 2007 Rs. 75.841 Crores

To seek to generate income by investing in a portfolio of debtand money market instruments normally in line with the durationof the respective scheme







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ANNUAL REPORT 2008

PERFORMANCE OF THE SCHEMES AS ON DATE OF MATURITY

STANDARD CHARTERED FIXED MATURITY PLAN -QUARTERLYSERIES 8 (SCFMP-QS8)

Absolute Returns Scheme Returns (%) Benchmark Returns (%)

Since Allotment 2.40 2.10(April 11, 2007)

* Benchmark - Crisil Liquid Fund Index (CLFI)

Past performance may or may not be substantiated in future.

Date of Maturity: July 9, 2007















Since Allotment 2.62 1.74(May 10, 2007)



Date of Maturity: August 7, 2007



Since Allotment 2.30 1.49(May 23, 2007)



Date of Maturity: August 21, 2007



Since Allotment 2.04 1.38(June 30, 2007)


Past performance may or may not be substantiated in future.Date of Maturity: September 25, 2007



Since Allotment 2.03 1.59(August 30, 2007)

* Benchmark - Crisil Liquid Fund Index (CLFI)Past performance may or may not be substantiated in future.Date of Maturity: November 26, 2007INVESTOR SERVICESThe Investor services department has managed to successfully re-tain the ISO 9001:2000 certification of the Investor service functionwithin the AMC and periodic audits by the auditing agency reason-ably met the expected standards.The transition of the company to IDFC Mutual Fund was managedwell with precise planning helping it to ready the website and allinvestor related records and collaterals on the day of the actualtransition.The Investor services team now has a CRM package that has helpedincrease its efficacy in tracking and resolving investor queries andcomplaints. The AMC remains committed to adopting more effi-cient and cost effective payment mechanisms like NEFT, RTGS andECS Credits.DISTRIBUTION OF INCOMEThe distribution of Dividend is made out of Net Surplus subject toavailability of distributable profits, as computed in accordance withSEBI Regulations. The AMC reserves the right to change the peri-odicity.SIGNIFICANT ACCOUNTING POLICIES:Accounting Policies are in accordance with SEBI (Mutual Fund)Regulations, 1996. For further details please refer to the detailedfinancials released by the Mutual Fund.STATUTORY DETAILSThe price and redemption value of units, and income from them,can go up as well as down with fluctuations in the market value ofits underlying investments.The Sponsors are not responsible or liable for any loss resultingfrom the operations of the scheme of the fund beyond their totalcontribution of Rs. 30,000 for setting up the fund and such otheraccretions / additions to the sameOn written request, and on payment of requisite fee present andprospective unitholders/investors can obtain copy of the trust deed,the annual report of the scheme and the asset management com-pany and the text of the relevant scheme. Full Annual Report is alsodisclosed on the website (www.idfcmf.com) and is available forinspection at the Head Office of the Mutual Fund.ACKNOWLEDGEMENTThe Board of Directors of IDFC AMC Trustee Company wish toplace on record their gratitude to the unitholders for their contin-ued support and to the Securities and Exchange Board of India, theReserve Bank of India, the Registrars, Bankers, the Custodians,Infrastructure Development Finance Company Limited (IDFC), thepresent Sponsor of IDFCMF, Standard Chartered Bank, the erst-while sponsor of the Mutual Fund, various service providers andbusiness partners and the employees of the AMC for the supportprovided by them during the year.

For IDFC AMC Trustee Company Private Limited(The Trustee of IDFC Mutual Fund)

ChairmanPlace: MumbaiDate: August 25, 2008

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ANNUAL REPORT 2008

Auditors’ ReportTo the Board of Directors ofIDFC AMC Trustee Company Private Limited(formerly known as Standard Chartered Trustee Company PrivateLimited)Standard Chartered Fixed Maturity – Quarterly Series 8We have audited the attached Balance Sheet of IDFC Mutual Fund(formerly known as Standard Chartered Mutual Fund) – StandardChartered Fixed Maturity Plan – Quarterly Series 8 (‘the Scheme’)as at 9 July 2007 (date of closure of scheme) and the relatedRevenue Account for the period 4 April 2007 (date of launch ofscheme) to 9 July 2007 annexed thereto.These financial statements are the responsibility of the Board ofDirectors of IDFC AMC Trustee Company Private Limited of IDFCMutual Fund and the management of IDFC Asset ManagementCompany Private Limited (formerly known as Standard CharteredAsset Management Company Private Limited). Our responsibility isto express an opinion on these financial statements based on ouraudit.We conducted our audit in accordance with auditing standardsgenerally accepted in India. Those standards require that we planand perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audit providesa reasonable basis for our opinion.We report thereon as follows:� We have obtained all the information and explanations, which,

to the best of our knowledge and belief, were necessary forthe purpose of the audit;

� The Balance Sheet and the related Revenue Account dealtwith by this report are in agreement with the books of accountof the Scheme;

� In our opinion and to the best of our information and accordingto the explanations given to us the Balance Sheet as at 9 July2007 and the related Revenue Account for the period 4 April2007 (date of launch of scheme) to 9 July 2007, together withthe notes thereon, have been prepared in accordance withthe accounting policies and standards specified in the NinthSchedule of the Securities and Exchange Board of India (MutualFunds) Regulations, 1996 and amendments thereto, asapplicable;

� In our opinion and to the best of our information and accordingto the explanations given to us the Balance Sheet as at 9 July2007 and the related Revenue Account for the period 4 April2007 (date of launch of scheme) to 9 July 2007, together withthe notes thereon, give the information required by theSecurities and Exchange Board of India (Mutual Funds)Regulations, 1996 and amendments thereto, as applicable,and give a true and fair view in conformity with the accountingprinciples generally accepted in India:- in the case of the Balance Sheet, of the state of affairs

of the Scheme as at 9 July 2007; and- in the case of the Revenue Account, of the surplus for

the period 4 April 2007 (date of launch of scheme) to 9July 2007.

� In our opinion and to the best of our information and accordingto the explanations given to us, the methods used to valuenon-traded/thinly traded securities in good faith are fair andreasonable.

For B S R & Co.Chartered Accountants

Akeel MasterMumbai PartnerDate: August 25, 2008 Membership No: 046768




� In our opinion and to the best of our information and accordingto the explanations given to us the Balance Sheet as at 18 July2007 and the related Revenue Account for the period 13 April2007 (date of launch of scheme) to 18 July 2007, togetherwith the notes thereon, have been prepared in accordancewith the accounting policies and standards specified in theNinth Schedule of the Securities and Exchange Board of India(Mutual Funds) Regulations, 1996 and amendments thereto,as applicable;

� In our opinion and to the best of our information and accordingto the explanations given to us the Balance Sheet as at 18 July2007 and the related Revenue Account for the period 13 April2007 (date of launch of scheme) to 18 July 2007, togetherwith the notes thereon give the information required by theSecurities and Exchange Board of India (Mutual Funds)Regulations, 1996 and amendments thereto, as applicable,and give a true and fair view in conformity with the accountingprinciples generally accepted in India:- in the case of the Balance Sheet, of the state of affairs






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ANNUAL REPORT 2008




� In our opinion and to the best of our information and accordingto the explanations given to us the Balance Sheet as at 26 July2007 and the related Revenue Account for the period 24 April2007 (date of launch of scheme) to 26 July 2007, togetherwith the notes thereon, have been prepared in accordancewith the accounting policies and standards specified in theNinth Schedule of the Securities and Exchange Board of India(Mutual Funds) Regulations, 1996 and amendments thereto,as applicable;

� In our opinion and to the best of our information and accordingto the explanations given to us the Balance Sheet as at 26 July2007 and the related Revenue Account for the period 24 April2007 (date of launch of scheme) to 26 July 2007, togetherwith the notes thereon, give the information required by theSecurities and Exchange Board of India (Mutual Funds)Regulations, 1996 and amendments thereto, as applicable,and give a true and fair view in conformity with the accountingprinciples generally accepted in India:- in the case of the Balance Sheet, of the state of affairs






Auditors’ ReportTo the Board of Directors ofIDFC AMC Trustee Company Private Limited(formerly known as Standard Chartered Trustee Company PrivateLimited)Standard Chartered Fixed Maturity – Quarterly Series 11We have audited the attached Balance Sheet of IDFC Mutual Fund(formerly known as Standard Chartered Mutual Fund) – StandardChartered Fixed Maturity Plan – Quarterly Series 11 (‘the Scheme’)as at 7 August 2007 (date of closure of scheme) and the relatedRevenue Account for the period 3 May 2007 (date of launch ofscheme) to 7 August 2007 annexed thereto.These financial statements are the responsibility of the Board ofDirectors of IDFC AMC Trustee Company Private Limited of IDFCMutual Fund and the management of IDFC Asset ManagementCompany Private Limited (formerly known as Standard CharteredAsset Management Company Private Limited). Our responsibility isto express an opinion on these financial statements based on ouraudit.We conducted our audit in accordance with auditing standardsgenerally accepted in India. Those standards require that we planand perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audit providesa reasonable basis for our opinion.We report thereon as follows:� We have obtained all the information and explanations, which,



� In our opinion and to the best of our information and accordingto the explanations given to us the Balance Sheet as at 7August 2007 and the related Revenue Account for the period3 May 2007 (date of launch of scheme) to 7 August 2007,together with the notes thereon, have been prepared inaccordance with the accounting policies and standardsspecified in the Ninth Schedule of the Securities and ExchangeBoard of India (Mutual Funds) Regulations, 1996 andamendments thereto, as applicable;

� In our opinion and to the best of our information and accordingto the explanations given to us the Balance Sheet as at 7August 2007 and the related Revenue Account for the period3 May 2007 (date of launch of scheme) to 7 August 2007,together with the notes thereon, give the information requiredby the Securities and Exchange Board of India (Mutual Funds)Regulations, 1996 and amendments thereto, as applicable,and give a true and fair view in conformity with the accountingprinciples generally accepted in India:- in the case of the Balance Sheet, of the state of affairs

of the Scheme as at 7 August 2007; and- in the case of the Revenue Account, of the surplus for

the period 3 May 2007 (date of launch of scheme) to 7August 2007.




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ANNUAL REPORT 2008

Auditors’ ReportTo the Board of Directors ofIDFC AMC Trustee Company Private Limited(formerly known as Standard Chartered Trustee Company PrivateLimited)Standard Chartered Fixed Maturity – Quarterly Series 13We have audited the attached Balance Sheet of IDFC Mutual Fund(formerly known as Standard Chartered Mutual Fund) – StandardChartered Fixed Maturity Plan – Quarterly Series 13 (‘the Scheme’)as at 21 August 2007 (date of closure of scheme) and the relatedRevenue Account for the period 17 May 2007 (date of launch ofscheme) to 21 August 2007 annexed thereto.These financial statements are the responsibility of the Board ofDirectors of IDFC AMC Trustee Company Private Limited of IDFCMutual Fund and the management of IDFC Asset ManagementCompany Private Limited (formerly known as Standard CharteredAsset Management Company Private Limited). Our responsibility isto express an opinion on these financial statements based on ouraudit.We conducted our audit in accordance with auditing standardsgenerally accepted in India. Those standards require that we planand perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audit providesa reasonable basis for our opinion.We report thereon as follows:� We have obtained all the information and explanations, which,



� In our opinion and to the best of our information and accordingto the explanations given to us the Balance Sheet as at 21August 2007 and the related Revenue Account for the period17 May 2007 (date of launch of scheme) to 21 August 2007,together with the notes thereon, have been prepared inaccordance with the accounting policies and standardsspecified in the Ninth Schedule of the Securities and ExchangeBoard of India (Mutual Funds) Regulations, 1996 andamendments thereto, as applicable;

� In our opinion and to the best of our information and accordingto the explanations given to us the Balance Sheet as at 21August 2007 and the related Revenue Account for the period17 May 2007 (date of launch of scheme) to 21 August 2007,together with the notes thereon, give the information requiredby the Securities and Exchange Board of India (Mutual Funds)Regulations, 1996 and amendments thereto, as applicable,and give a true and fair view in conformity with the accountingprinciples generally accepted in India:- in the case of the Balance Sheet, of the state of affairs

of the Scheme as at 21 August 2007; and- in the case of the Revenue Account, of the surplus for

the period 17 May 2007 (date of launch of scheme) to 21August 2007.




Auditors’ ReportTo the Board of Directors ofIDFC AMC Trustee Company Private Limited(formerly known as Standard Chartered Trustee Company PrivateLimited)Standard Chartered Fixed Maturity – Quarterly Series 14We have audited the attached Balance Sheet of IDFC Mutual Fund(formerly known as Standard Chartered Mutual Fund) – StandardChartered Fixed Maturity Plan – Quarterly Series 14 (‘the Scheme’)as at 25 September 2007 (date of closure of scheme) and therelated Revenue Account for the period 18 June 2007 (date oflaunch of scheme) to 25 September 2007 annexed thereto.These financial statements are the responsibility of the Board ofDirectors of IDFC AMC Trustee Company Private Limited of IDFCMutual Fund and the management of IDFC Asset ManagementCompany Private Limited (formerly known as Standard CharteredAsset Management Company Private Limited). Our responsibility isto express an opinion on these financial statements based on ouraudit.We conducted our audit in accordance with auditing standardsgenerally accepted in India. Those standards require that we planand perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audit providesa reasonable basis for our opinion.We report thereon as follows:� We have obtained all the information and explanations, which,



� In our opinion and to the best of our information and accordingto the explanations given to us the Balance Sheet as at 25September 2007 and the related Revenue Account for theperiod 18 June 2007 (date of launch of scheme) to 25September 2007, together with the notes thereon, have beenprepared in accordance with the accounting policies andstandards specified in the Ninth Schedule of the Securitiesand Exchange Board of India (Mutual Funds) Regulations, 1996and amendments thereto, as applicable;

� In our opinion and to the best of our information and accordingto the explanations given to us the Balance Sheet as at 25September 2007 and the related Revenue Account for theperiod 18 June 2007 (date of launch of scheme) to 25September 2007, together with the notes thereon, give theinformation required by the Securities and Exchange Board ofIndia (Mutual Funds) Regulations, 1996 and amendmentsthereto, as applicable, and give a true and fair view inconformity with the accounting principles generally acceptedin India:- in the case of the Balance Sheet, of the state of affairs

of the Scheme as at 25 September 2007; and- in the case of the Revenue Account, of the surplus for

the period 18 June 2007 (date of launch of scheme) to25 September 2007.




9

ANNUAL REPORT 2008

Auditors’ ReportTo the Board of Directors ofIDFC AMC Trustee Company Private Limited(formerly known as Standard Chartered Trustee Company PrivateLimited)Standard Chartered Fixed Maturity – Quarterly Series 15We have audited the attached Balance Sheet of IDFC Mutual Fund(formerly known as Standard Chartered Mutual Fund) – StandardChartered Fixed Maturity Plan – Quarterly Series 15 (‘the Scheme’)as at 26 November 2007 (date of closure of scheme) and therelated Revenue Account for the period 24 August 2007 (date oflaunch of scheme) to 26 November 2007 annexed thereto.These financial statements are the responsibility of the Board ofDirectors of IDFC AMC Trustee Company Private Limited of IDFCMutual Fund and the management of IDFC Asset ManagementCompany Private Limited (formerly known as Standard CharteredAsset Management Company Private Limited). Our responsibility isto express an opinion on these financial statements based on ouraudit.We conducted our audit in accordance with auditing standardsgenerally accepted in India. Those standards require that we planand perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audit providesa reasonable basis for our opinion.We report thereon as follows:� We have obtained all the information and explanations, which,



� In our opinion and to the best of our information and accordingto the explanations given to us the Balance Sheet as at 26November 2007 and the related Revenue Account for theperiod 24 August 2007 (date of launch of scheme) to 26November 2007, together with the notes thereon, have beenprepared in accordance with the accounting policies andstandards specified in the Ninth Schedule of the Securitiesand Exchange Board of India (Mutual Funds) Regulations, 1996and amendments thereto, as applicable;

� In our opinion and to the best of our information and accordingto the explanations given to us the Balance Sheet as at 26November 2007 and the related Revenue Account for theperiod 24 August 2007 (date of launch of scheme) to 26November 2007, together with the notes thereon, give theinformation required by the Securities and Exchange Board ofIndia (Mutual Funds) Regulations, 1996 and amendmentsthereto, as applicable, and give a true and fair view inconformity with the accounting principles generally acceptedin India:- in the case of the Balance Sheet, of the state of affairs

of the Scheme as at 26 November 2007; and- in the case of the Revenue Account, of the surplus for

the period 24 August 2007 (date of launch of scheme) to26 November 2007.




Auditors’ ReportTo the Board of Directors ofIDFC AMC Trustee Company Private Limited(formerly known as Standard Chartered Trustee Company PrivateLimited)Standard Chartered Fixed Maturity – Quarterly Series 19We have audited the attached Balance Sheet of IDFC Mutual Fund(formerly known as Standard Chartered Mutual Fund) – StandardChartered Fixed Maturity Plan – Quarterly Series 19 (‘the Scheme’)as at 18 February 2008 (date of closure of scheme) and the relatedRevenue Account for the period 22 November 2007 (date of launchof scheme) to 18 February 2008 annexed thereto.These financial statements are the responsibility of the Board ofDirectors of IDFC AMC Trustee Company Private Limited of IDFCMutual Fund and the management of IDFC Asset ManagementCompany Private Limited (formerly known as Standard CharteredAsset Management Company Private Limited). Our responsibility isto express an opinion on these financial statements based on ouraudit.We conducted our audit in accordance with auditing standardsgenerally accepted in India. Those standards require that we planand perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audit providesa reasonable basis for our opinion.We report thereon as follows:� We have obtained all the information and explanations, which,



� In our opinion and to the best of our information and accordingto the explanations given to us the Balance Sheet as at 18February 2008 and the related Revenue Account for the period22 November 2007 (date of launch of scheme) to 18 February2008, together with the notes thereon, have been preparedin accordance with the accounting policies and standardsspecified in the Ninth Schedule of the Securities and ExchangeBoard of India (Mutual Funds) Regulations, 1996 andamendments thereto, as applicable;

� In our opinion and to the best of our information and accordingto the explanations given to us the Balance Sheet as at 18February 2008 and the related Revenue Account for the period22 November 2007 (date of launch of scheme) to 18 February2008, together with the notes thereon give the informationrequired by the Securities and Exchange Board of India (MutualFunds) Regulations, 1996 and amendments thereto, asapplicable, and give a true and fair view in conformity withthe accounting principles generally accepted in India:- in the case of the Balance Sheet, of the state of affairs

of the Scheme as at 18 February 2008; and- in the case of the Revenue Account, of the surplus for

the period 22 November 2007 (date of launch of scheme)to 18 February 2008.




10

ANNUAL REPORT 2008B

alan

ce s

hee

t as

at

(Cur

renc

y: In

dian

Rup

ee)

Sche

dules

Sche

dules

Sche

dules

Sche

dules

Sche

dules

SCFM

P - Q

S 8SC

FMP

- QS 8

SCFM

P - Q

S 8SC

FMP

- QS 8

SCFM

P - Q

S 8SC

FMP

- QS 9

SCFM

P - Q

S 9SC

FMP

- QS 9

SCFM

P - Q

S 9SC

FMP

- QS 9

SCFM

P - Q

S 10

SCFM

P - Q

S 10

SCFM

P - Q

S 10

SCFM

P - Q

S 10

SCFM

P - Q

S 10

SCFM

P - Q

S 11

SCFM

P - Q

S 11

SCFM

P - Q

S 11

SCFM

P - Q

S 11

SCFM

P - Q

S 11

SCFM

P - Q

S 13

SCFM

P - Q

S 13

SCFM

P - Q

S 13

SCFM

P - Q

S 13

SCFM

P - Q

S 13

SCFM

P - Q

S 14

SCFM

P - Q

S 14

SCFM

P - Q

S 14

SCFM

P - Q

S 14

SCFM

P - Q

S 14

SCFM

P - Q

S 15

SCFM

P - Q

S 15

SCFM

P - Q

S 15

SCFM

P - Q

S 15

SCFM

P - Q

S 15

SCFM

P - Q

S 19

SCFM

P - Q

S 19

SCFM

P - Q

S 19

SCFM

P - Q

S 19

SCFM

P - Q

S 19

July

9, 2

007

July

9, 2

007

July

9, 2

007

July

9, 2

007

July

9, 2

007

July

18,

200

7Ju

ly 1

8, 2

007

July

18,

200

7Ju

ly 1

8, 2

007

July

18,

200

7Ju

ly 2

6, 2

007

July

26,

200

7Ju

ly 2

6, 2

007

July

26,

200

7Ju

ly 2

6, 2

007

Augu

st 7

, 200

7Au

gust

7, 2

007

Augu

st 7

, 200

7Au

gust

7, 2

007

Augu

st 7

, 200

7Au

gust

21,

200

7Au

gust

21,

200

7Au

gust

21,

200

7Au

gust

21,

200

7Au

gust

21,

200

7Se

ptem

ber 2

5, 2

007

Sept

embe

r 25,

200

7Se

ptem

ber 2

5, 2

007

Sept

embe

r 25,

200

7Se

ptem

ber 2

5, 2

007

Nove

mbe

r 26,

200

7No

vem

ber 2

6, 2

007

Nove

mbe

r 26,

200

7No

vem

ber 2

6, 2

007

Nove

mbe

r 26,

200

7Fe

brua

ry 1

8, 2

008

Febr

uary

18,

200

8Fe

brua

ry 1

8, 2

008

Febr

uary

18,

200

8Fe

brua

ry 1

8, 2

008

LIABI

LITIE

SLIA

BILIT

IES

LIABI

LITIE

SLIA

BILIT

IES

LIABI

LITIE

S

Unit

capi

tal

31,

296,

417,

058

1,29

6,41

7,05

81,

296,

417,

058

1,29

6,41

7,05

81,

296,

417,

058

5,50

8,71

7,94

35,

508,

717,

943

5,50

8,71

7,94

35,

508,

717,

943

5,50

8,71

7,94

32,

696,

096,

814

2,69

6,09

6,81

42,

696,

096,

814

2,69

6,09

6,81

42,

696,

096,

814

4,13

9,00

2,04

44,

139,

002,

044

4,13

9,00

2,04

44,

139,

002,

044

4,13

9,00

2,04

41,

783,

004,

011

1,78

3,00

4,01

11,

783,

004,

011

1,78

3,00

4,01

11,

783,

004,

011

1,54

2,15

2,22

61,

542,

152,

226

1,54

2,15

2,22

61,

542,

152,

226

1,54

2,15

2,22

674

3,31

7,79

874

3,31

7,79

874

3,31

7,79

874

3,31

7,79

874

3,31

7,79

86,

612,

148,

113

6,61

2,14

8,11

36,

612,

148,

113

6,61

2,14

8,11

36,

612,

148,

113

Rese

rves

and

surp

lus

431

,095

,889

31,0

95,8

8931

,095

,889

31,0

95,8

8931

,095

,889

142,

394,

883

142,

394,

883

142,

394,

883

142,

394,

883

142,

394,

883

69,6

55,2

8369

,655

,283

69,6

55,2

8369

,655

,283

69,6

55,2

8310

8,37

5,36

610

8,37

5,36

610

8,37

5,36

610

8,37

5,36

610

8,37

5,36

641

,019

,187

41,0

19,1

8741

,019

,187

41,0

19,1

8741

,019

,187

31,5

36,5

7531

,536

,575

31,5

36,5

7531

,536

,575

31,5

36,5

7515

,100

,848

15,1

00,8

4815

,100

,848

15,1

00,8

4815

,100

,848

141,

542,

447

141,

542,

447

141,

542,

447

141,

542,

447

141,

542,

447

Curre

nt lia

bilit

ies an

d pr

ovisi

ons

536

2,12

636

2,12

636

2,12

636

2,12

636

2,12

61,

521,

818

1,52

1,81

81,

521,

818

1,52

1,81

81,

521,

818

828,

215

828,

215

828,

215

828,

215

828,

215

1,34

3,91

21,

343,

912

1,34

3,91

21,

343,

912

1,34

3,91

258

3,77

358

3,77

358

3,77

358

3,77

358

3,77

349

7,23

249

7,23

249

7,23

249

7,23

249

7,23

224

6,53

924

6,53

924

6,53

924

6,53

924

6,53

92,

017,

811

2,01

7,81

12,

017,

811

2,01

7,81

12,

017,

811

1,32

7,87

5,07

31,

327,

875,

073

1,32

7,87

5,07

31,

327,

875,

073

1,32

7,87

5,07

35,

652,

634,

644

5,65

2,63

4,64

45,

652,

634,

644

5,65

2,63

4,64

45,

652,

634,

644

2,76

6,58

0,31

22,

766,

580,

312

2,76

6,58

0,31

22,

766,

580,

312

2,76

6,58

0,31

24,

248,

721,

322

4,24

8,72

1,32

24,

248,

721,

322

4,24

8,72

1,32

24,

248,

721,

322

1,82

4,60

6,97

11,

824,

606,

971

1,82

4,60

6,97

11,

824,

606,

971

1,82

4,60

6,97

11,

574,

186,

033

1,57

4,18

6,03

31,

574,

186,

033

1,57

4,18

6,03

31,

574,

186,

033

758,

665,

185

758,

665,

185

758,

665,

185

758,

665,

185

758,

665,

185

6,75

5,70

8,37

16,

755,

708,

371

6,75

5,70

8,37

16,

755,

708,

371

6,75

5,70

8,37

1

ASSE

TSAS

SETS

ASSE

TSAS

SETS

ASSE

TS

Inve

stmen

ts6

1,32

7,52

2,76

71,

327,

522,

767

1,32

7,52

2,76

71,

327,

522,

767

1,32

7,52

2,76

726

6,01

2,96

926

6,01

2,96

926

6,01

2,96

926

6,01

2,96

926

6,01

2,96

92,

765,

000,

000

2,76

5,00

0,00

02,

765,

000,

000

2,76

5,00

0,00

02,

765,

000,

000

4,24

6,96

3,07

04,

246,

963,

070

4,24

6,96

3,07

04,

246,

963,

070

4,24

6,96

3,07

01,

817,

050,

772

1,81

7,05

0,77

21,

817,

050,

772

1,81

7,05

0,77

21,

817,

050,

772

1,57

3,91

4,56

41,

573,

914,

564

1,57

3,91

4,56

41,

573,

914,

564

1,57

3,91

4,56

475

8,21

2,85

775

8,21

2,85

775

8,21

2,85

775

8,21

2,85

775

8,21

2,85

76,

413,

243,

341

6,41

3,24

3,34

16,

413,

243,

341

6,41

3,24

3,34

16,

413,

243,

341

Curre

nt as

sets

735

2,30

635

2,30

635

2,30

635

2,30

635

2,30

65,

386,

621,

675

5,38

6,62

1,67

55,

386,

621,

675

5,38

6,62

1,67

55,

386,

621,

675

1,58

0,31

21,

580,

312

1,58

0,31

21,

580,

312

1,58

0,31

21,

758,

252

1,75

8,25

21,

758,

252

1,75

8,25

21,

758,

252

7,55

6,19

97,

556,

199

7,55

6,19

97,

556,

199

7,55

6,19

927

1,46

927

1,46

927

1,46

927

1,46

927

1,46

945

2,32

845

2,32

845

2,32

845

2,32

845

2,32

834

2,46

5,03

034

2,46

5,03

034

2,46

5,03

034

2,46

5,03

034

2,46

5,03

0

Defe

rred

reve

nue e

xpen

ditu

re(to

the e

xten

t not

writ

ten

off)

9---- -

---- ----- -

---- ----- -

---- ----- -

---- -

1,32

7,87

5,07

31,

327,

875,

073

1,32

7,87

5,07

31,

327,

875,

073

1,32

7,87

5,07

35,

652,

634,

644

5,65

2,63

4,64

45,

652,

634,

644

5,65

2,63

4,64

45,

652,

634,

644

2,76

6,58

0,31

22,

766,

580,

312

2,76

6,58

0,31

22,

766,

580,

312

2,76

6,58

0,31

24,

248,

721,

322

4,24

8,72

1,32

24,

248,

721,

322

4,24

8,72

1,32

24,

248,

721,

322

1,82

4,60

6,97

11,

824,

606,

971

1,82

4,60

6,97

11,

824,

606,

971

1,82

4,60

6,97

11,

574,

186,

033

1,57

4,18

6,03

31,

574,

186,

033

1,57

4,18

6,03

31,

574,

186,

033

758,

665,

185

758,

665,

185

758,

665,

185

758,

665,

185

758,

665,

185

6,75

5,70

8,37

16,

755,

708,

371

6,75

5,70

8,37

16,

755,

708,

371

6,75

5,70

8,37

1

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Grow

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.239

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.239

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.239

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.239

910

.239

910

.258

510

.258

510

.258

510

.258

510

.258

510

.258

310

.258

310

.258

310

.258

310

.258

310

.261

810

.261

810

.261

810

.261

810

.261

810

.230

110

.230

110

.230

110

.230

110

.230

110

.204

510

.204

510

.204

510

.204

510

.204

510

.203

210

.203

210

.203

210

.203

210

.203

210

.214

110

.214

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.214

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.258

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.258

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.258

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.258

410

.258

410

.258

410

.258

410

.258

410

.261

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.261

810

.261

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.261

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.261

810

.230

110

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110

.230

110

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110

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.204

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.204

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.204

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.204

510

.203

210

.203

210

.203

210

.203

210

.203

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.214

110

.214

110

.214

110

.214

110

.214

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finan

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The s

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Pri

vate

Lim

ited

Char

tere

d Ac

coun

tant

s(fo

rmer

ly k

now

n as

Sta

ndar

d Ch

arte

red

Asse

t Man

agem

ent

(form

erly

kno

wn

as S

tand

ard

Char

tere

d Tr

uste

eCo

mpa

ny P

rivat

e Li

mite

d)Co

mpa

ny P

rivat

e Li

mite

d)

Ake

el M

aste

rN

aval

Bir

Kum

arRa

jiv A

nand

Partn

erCh

airm

an /

Dire

ctor

Man

agin

g Di

rect

orHe

ad -

Inve

stm

ents

Chai

rman

/ Di

rect

orDi

rect

orM

embe

rshi

p N

o. 0

4676

8

Mum

bai

Date

: A

ugus

t 25

, 20

08

11

ANNUAL REPORT 2008

Rev

enu

e ac

cou

nts

for

the

perio

d(C

urre

ncy:

Ind

ian

Rupe

e)

Sche

dules

SCFM

P - Q

S 8SC

FMP -

QS 9

SCFM

P - Q

S 10

SCFM

P - Q

S 11

SCFM

P - Q

S 13

SCFM

P - Q

S 14

SCFM

P - Q

S 15

SCFM

P - Q

S 19

April

4, 20

07 to

April

13, 2

007 t

oAp

ril 24

, 200

7 to

May

03, 2

007 t

oM

ay17

, 200

7 to

June

18, 2

007 t

oAu

gust

24, 2

007 t

oNo

vem

ber 2

2, 20

07 to

July

9, 20

07Ju

ly 18

, 200

7Ju

ly 26

, 200

7Au

gust

7, 20

07Au

gust

21, 2

007

Sept

embe

r 25,

2007

Nove

mbe

r 26,

2007

Febr

uary

18, 2

008

INCO

ME A

ND G

AINS

Inte

rest

831

,302

,799

145,

234,

170

71,1

22,3

8310

7,73

4,50

641

,944

,269

32,2

21,1

8015

,386

,715

137,

888,

199

Prof

it on

sal

e of

inve

stm

ents

(oth

er th

an in

ter-s

chem

etra

nsfe

r/sal

e of

inve

stm

ents

)46

9,69

11,

460,

057

-1,

904,

600

-21

0,46

6-

6,32

2,20

9Pr

ofit

on in

ter-s

chem

etra

nsfe

r/sal

e of

inve

stm

ents

--

-86

2,39

7-

-11

0,81

291

3,89

1O

ther

Inco

me

--

5,10

3-

--

--

31,7

72,4

9014

6,69

4,22

771

,127

,486

110,

501,

503

41,9

44,2

6932

,431

,646

15,4

97,5

2714

5,12

4,29

9EX

PEN

SES

AN

D L

OSS

ESLo

ss o

n sa

le o

f inv

estm

ents

(oth

er th

an in

ter-s

chem

etra

nsfe

r/sal

e of

inve

stm

ents

)-

--

--

--

85,7

50Lo

ss o

n in

ter-s

chem

etra

nsfe

r/sal

e of

inve

stm

ents

2,04

0,25

0-

--

--

Man

agem

ent f

ees

308,

993

1,70

7,38

377

3,06

61,

090,

509

551,

768

460,

306

198,

702

1,44

9,14

0Re

gist

rar

and

trans

fer

agen

t’s fe

es a

nd e

xpen

ses

89,7

3038

0,36

817

9,36

928

4,76

012

3,84

610

2,06

949

,774

451,

146

Cust

odia

n fe

es2,

865

5,73

03,

820

12,4

163,

820

5,73

02,

865

21,6

85Co

mm

issio

n to

dist

ribut

ors

157,

975

679,

425

332,

713

503,

264

209,

815

185,

558

79,8

8766

9,45

9De

ferre

d re

venu

e ex

pens

e am

ortis

ed9

48,0

6048

,060

55,3

8059

,298

63,2

9869

,090

69,0

9074

,588

Audi

t fee

s28

,090

28,0

9028

,090

28,0

9028

,090

28,0

9028

,090

28,0

90Se

rvice

tax

38,1

2321

2,55

695

,552

134,

787

68,1

9839

,691

24,5

5817

9,11

4O

ther

ope

ratin

g ex

pens

es2,

765

1,73

286

013

,013

3,24

74,

537

393

620,

718

676,

601

5,10

3,59

41,

468,

850

2,12

6,13

71,

052,

082

895,

071

453,

359

3,57

9,69

0Su

rplu

s fo

r the

per

iod

31,0

95,8

8914

1,59

0,63

369

,658

,636

108,

375,

366

40,8

92,1

8731

,536

,575

15,0

44,1

6814

1,54

4,60

9D

istr

ibut

able

Sur

plus

31,0

95,8

8914

1,59

0,63

369

,658

,636

108,

375,

366

40,8

92,1

8731

,536

,575

15,0

44,1

6814

1,54

4,60

9Re

tain

ed S

urpl

us, e

nd o

f th

e pe

riod

31,0

95,8

8914

1,59

0,63

369

,658

,636

108,

375,

366

40,8

92,1

8731

,536

,575

15,0

44,1

6814

1,54

4,60

9Si

gnifi

cant

acc

ount

ing

polic

ies

2N

otes

to

finan

cial

sta

tem

ents

10Th

e sch

edul

es re

ferre

d to

abov

e for

m an

inte

gral

part

of th

e Rev

enue

Acc

ount

.

As p

er o

ur re

port

atta

ched

.

For B

S R

& C

o.Fo

r ID

FC A

sset

Man

agem

ent C

ompa

ny P

riva

te L

imit

edFo

r ID

FC A

MC

Trus

tee

Com

pany

Pri

vate

Lim

ited

Char

tere

d Ac

coun

tant

s(fo

rmer

ly k

now

n as

Sta

ndar

d Ch

arte

red

Asse

t Man

agem

ent

(form

erly

kno

wn

as S

tand

ard

Char

tere

d Tr

uste

eCo

mpa

ny P

rivat

e Li

mite

d)Co

mpa

ny P

rivat

e Li

mite

d)

Ake

el M

aste

rN

aval

Bir

Kum

arRa

jiv A

nand

Partn

erCh

airm

an /

Dire

ctor

Man

agin

g Di

rect

orHe

ad -

Inve

stm

ents

Chai

rman

/ Di

rect

orDi

rect

orM

embe

rshi

p N

o. 0

4676

8

Mum

bai

Date

: A

ugus

t 25

, 20

08

12

ANNUAL REPORT 2008

Schedules to the financial statements

for the period(Currency: Indian Rupee)

1. Background

Standard Chartered Mutual Fund (‘the Fund’) is sponsored byStandard Chartered Bank, U.K. (‘SCB’) and is constituted as aTrust under the Indian Trust Act, 1882 with Standard CharteredTrustee Company Private Limited (‘the Trustee’) as trustee. Inaccordance with the Securities and Exchange Board of India(Mutual Funds) Regulations, 1996 (‘the Regulations’), andamendments thereto, as applicable, the Trustees haveentrusted the investment management function to StandardChartered Asset Management Company Private Limited (‘theAMC’).

Standard Chartered Mutual Fund was renamed as IDFC MutualFund after the Securities and Exchange Board of India (SEBI)provided its no objection to the change in sponsor of theMutual Fund vide its letter dated April 22, 2008. Change insponsor of the Mutual Fund was carried out in accordancewith the requirements specified under the SEBI (Mutual Fund)Regulations 1996. Standard Chartered Bank, the sponsor ofthe Mutual Fund, sold the equity and preference shares heldby it in the AMC and the equity shares held by it in the TrusteeCompany (‘the TC’), to Infrastructure Development FinanceCompany Limited (IDFC), on May 30th 2008. The minorityshareholders in the AMC and TC, also sold the equity sharesheld by them in the AMC and TC, to IDFC. Consequently, witheffect from May 31, 2008, IDFC is the Sponsor of the MutualFund.

The schemes mentioned below are close ended schemes andtheir investment objective is to seek to generate income byinvesting in a portfolio of debt and money market instrumentsnormally maturing in line with the time profile of the schemes:

Standard Chartered Fixed Maturity Plan – Quarterly Series 8 (SCFMP – QS8)








The following table depicts the start date, allotment date and thematurity date:

Scheme IPO Launch Date Allotment Date Maturity Date *

SCFMP – QS8 April 04, 2007 April 11, 2007 July 09, 2007



SCFMP – QS11 May 03, 2007 May 10, 2007 August 07, 2007

SCFMP – QS13 May 17, 2007 May 23, 2007 August 21, 2007

SCFMP – QS14 June 18, 2007 June 30, 2007 September 25, 2007

SCFMP – QS15 August 24, 2007 August 30, 2007 November 26, 2007

SCFMP – QS19 November 15, 2007 November 22, 2007 February 18, 2008

* In case the maturity date falls on a holiday, the maturity date willbe the next working day.

All the above mentioned schemes offer a choice of two Investmentoptions viz, Growth and Dividend. Reinvestment facility is availableunder the Dividend Option.

2. Significant accounting policies

2.1 Basis of preparation of financial statements

The financial statements are prepared and presentedunder the historical cost convention, as modified forinvestments which are ‘marked-to-market’, on theaccrual basis of accounting and in accordance with theaccounting policies and standards specified in the NinthSchedule of the Regulations and amendments thereto,and the accounting standards and guidance notes issuedby the Institute of Chartered Accountants of India.

2.2 Use of estimates

The preparation of financial statements in conformitywith Generally Accepted Accounting Principles (‘GAAP’)requires management to make estimates and assumptionsthat affect the reported amounts of assets and liabilitiesand the disclosure of contingent liabilities as at the dateof financial statements. The estimates and theassumptions used in accompanying financial statementsare based upon management evaluation of relevant factsand circumstances as at the date of financial statements.Actual results could differ from those estimates andassumptions used in preparing financial statements. Anyrevision to accounting estimates is recognisedprospectively in the current and future periods.

2.3 Investments

Basis of accounting

� Transactions for purchase and sale ofinvestments are recorded on trade date. Thecost of investments includes all costs incurredin acquiring the investments and incidental toacquisition of investments. Any front end-discount on privately placed investments isreduced from the cost of such investments.

� Broken period interest paid/received is notincluded in the cost of purchase/sale value.

� Inter-scheme purchase/sale of securities arerecorded at prevailing market rates.

Valuation

� Investments for the purpose of valuation areclassified as traded and non traded inaccordance with the provisions of theRegulations.

� Investments are stated at market/fair value asfollows:

Traded debt securities

� Traded debt securities (other than Government

13

ANNUAL REPORT 2008

securities) with residual maturity over 182 daysare valued at the last quoted closing price onthe National Stock Exchange (the ‘NSE’) as onthe date of valuation or the last quoted closingprice on the principal exchange on which thesecurity is traded on the date of valuation, whereon the particular valuation day a security is notquoted on the NSE.

� Traded debt securities (other than GovernmentSecurities) with a residual maturity over 182days, but which have not been traded on thedate of valuation are valued on the same basisas that of a non-traded debt security withresidual maturity over 182 days.

� All traded debt securities (other thanGovernment securities) with a residual maturityupto 182 days are valued on same basis as moneymarket instruments.

Non-traded/ thinly traded debt securities

� Non traded debt securities (other thanGovernment Securities) are securities that arenot traded on any stock exchange for a periodof fifteen days prior to the valuation date.

� Non traded/thinly traded debt securities withresidual maturity of over 182 days to maturityare valued on a yield to maturity basis, by usingspreads over the benchmark rate to arrive at theyield for pricing the security. These are valued“in good faith” by the AMC as per proceduresapproved by the Trustees and on the basis ofthe valuation principles laid down by theRegulations.

� Non traded securities purchased with residualmaturity upto 182 days are valued at cost / lastvaluation price (including accrued interest tillthe beginning of the day) plus the differencebetween the redemption value (inclusive ofinterest) and cost / last valuation price, spreaduniformly over the remaining maturity periodof the instrument.

Debt securities with put/call options

� Securities with call option are valued at the lowerof the value as obtained by valuing the securityto final maturity and valuing the security to calloption. In case there are multiple call options,the lowest value obtained by valuing to the

Schedules to the financial statements (Continued)


various call dates and valuing to the maturitydate is taken as the value of the instrument.

� Securities with put option are valued at thehigher of the value as obtained by valuing thesecurity to final maturity and valuing the securityto put option. In case there are multiple putoptions, the highest value obtained by valuingto the various put dates and valuing to thematurity date is taken as the value of theinstrument.

� The securities with both put and call option onthe same day would be deemed to mature onthe put/call day and would be valued at theprevailing market price.

Money Market Instruments

� Traded money market securities are valued atthe yield they were traded as on the valuationdate. In case these securities are not traded,they are valued at the last traded price plusaccretion of difference between the redemptionvalue and the last traded price.

Repos

� Instruments bought on ‘repo’ basis are valuedat the resale price after deduction of applicableinterest upto date of resale.

Collateralized Borrowings and LendingObligations (CBLO) and Bills Rediscounting (BRDS)

� CBLOs and BRDS are valued at cost plus accruedinterest.

Mutual Fund Units

� Mutual Fund Units are valued at Net Asset Value(‘NAV’) prevailing as at the end of the valuationday.

In accordance with the Guidance Note on‘Accounting for Investments in the FinancialStatements of Mutual funds’ issued by theInstitute of Chartered Accountants of India,(pursuant to the Eleventh Schedule of theRegulations), net unrealized gain or loss in thevalue of investments is determined separatelyfor each category of investments. The loss oninvestments sold or transferred during theperiod or year is charged to the revenue account

14

ANNUAL REPORT 2008

instead of being first adjusted against theprovision for depreciation, if already created inthe previous year. The unrealised loss/gain isreversed on the first day of the immediatelysucceeding financial year. However, thisdeparture from the Guidance Note does nothave any net impact on the scheme’s net assetsand the financial statements of the scheme.

2.4 Revenue recognition

Interest income is recorded on an accrual basis.

Profit or loss on sale / redemption of investmentsrepresents sale proceeds less weighted average costand is recognised on a trade date basis.

In accordance with the Guidance Note on‘Accounting for Investments in the FinancialStatements of Mutual funds’ issued by the Instituteof Chartered Accountants of India, appreciation/depreciation in value of securities is computedcategory wise, wherein the cost is compared withthe market/fair value and the resultant appreciationis credited to Unrealised Appreciation Reserve andany depreciation is charged to the revenue account.

2.5 Computation of Net Asset Value (NAV)

The NAV of a scheme is computed separately forunits issued under the various options of the relevantplans, although the corresponding scheme’sinvestments and other net assets are managed as a

single portfolio. For computing the NAV for variousplans/sub plans/options, daily income earned,including realised and unrealised gains or losses inthe value of investments and expenses incurred bythe corresponding scheme are allocated to the plans/options in proportion to the net assets of each plan/option.

2.6 Unit premium reserve

When units are issued or redeemed, the net premiumor discount to the face value is transferred to theunit premium reserve. The unit premium reserve isavailable for dividend distribution except to theextent it is represented by unrealised net appreciationin investments.

2.7 Load charges

Load collected is retained under a separate accountin the scheme and is utilised to meet the selling anddistribution expenses of the scheme. Surplus of load,if any, has been credited to the scheme on thematurity of the scheme.

2.8 Deferred revenue expenditure

Initial issue expenses are charged in accordance withthe offer document and within the limits specifiedby SEBI. These expenses are considered as deferredrevenue expenditure and are amortized over thetenure of the scheme from the date of allotment.

15

ANNUAL REPORT 2008Sc

hedu

les

to t

he f

inan

cial

sta

tem

ents

(Con

tinue

d)fo

r th

e pe

riod

(Cur

renc

y: I

ndia

n Ru

pee)

SCFM

P - Q

S 8SC

FMP -

QS 9

SCFM

P - Q

S 10

SCFM

P - Q

S 11

April

04, 2

007 t

oAp

ril 13

, 200

7 to

April

24, 2

007 t

oM

ay 03

, 200

7 to

July

09, 2

007

July

18, 2

007

July

26, 2

007

Augu

st 07

, 200

7(U

nits)

Amou

nt (R

s)(U

nits)

Amou

nt (R

s)(U

nits)

Amou

nt (R

s)(U

nits)

Amou

nt (R

s)

3.Un

it Ca

pita

lUn

its of

Rs. 1

0 eac

h ful

ly pa

idGr

owth

Opt

ionUn

its is

sued

, initi

al of

fer

9,505

,460.1

5195

,054,6

0283

,989,1

60.35

183

9,891

,604

23,37

0,920

.524

233,7

09,20

558

,272,2

05.79

158

2,722

,058

Units

outst

andi

ng, b

egin

ning

of th

e per

iod

--

--

--

--

Units

issu

ed du

ring t

he pe

riod

--

--

--

--

Units

repu

rchas

ed du

ring t

he pe

riod

--

--

--

--

Units

outst

andi

ng, e

nd of

the p

erio

d9,5

05,46

0.151

95,05

4,602

83,98

9,160

.351

839,8

91,60

423

,370,9

20.52

423

3,709

,205

58,27

2,205

.791

582,7

22,05

8Di

viden

d Opt

ionUn

its is

sued

, initi

al of

fer

120,1

36,24

5.680

1,201

,362,4

5746

6,882

,633.9

404,6

68,82

6,339

246,2

63,93

5.827

2,462

,639,3

5835

5,627

,998.5

813,5

56,27

9,986

Units

outst

andi

ng, b

egin

ning

of th

e per

iod

--

--

--

--

Units

issu

ed du

ring t

he pe

riod

--

--

--

--

Units

repu

rchas

ed du

ring t

he pe

riod

--

--

(25,17

4.966

)(25

1,750

)-

-

Units

outst

andi

ng, e

nd of

the p

erio

d12

0,136

,245.6

801,2

01,36

2,457

466,8

82,63

3.940

4,668

,826,3

3924

6,238

,760.8

612,4

62,38

7,609

355,6

27,99

8.581

3,556

,279,9

86To

tal

Units

issu

ed, in

itial

offe

r12

9,641

,705.8

311,2

96,41

7,058

550,8

71,79

4.291

5,508

,717,9

4326

9,634

,856.3

512,6

96,34

8,564

413,9

00,20

4.372

4,139

,002,0

44

Units

outst

andi

ng, b

egin

ning

of th

e per

iod

--

--

--

--

Units

issu

ed du

ring t

he pe

riod

--

--

--

--

Units

repu

rchas

ed du

ring t

he pe

riod

--

--

(25,17

4.966

)(25

1,750

)-

-Un

its ou

tstan

ding

, end

of th

e per

iod

129,6

41,70

5.831

1,296

,417,0

5855

0,871

,794.2

915,5

08,71

7,943

269,6

09,68

1.385

2,696

,096,8

1441

3,900

,204.3

724,1

39,00

2,044

4.Re

serv

es a

nd su

rplu

sUn

it Pre

mium

Rese

rve

Open

ing b

alanc

e-

--

-Ad

ditio

ns/(r

edem

ptio

ns) d

urin

g the

perio

d-

-(3,

353)

-

Clos

ing b

alanc

e-

-(3,

353)

-

Unre

alise

d App

recia

tion R

eser

veOp

enin

g Bala

nce

--

--

Less

: Rev

erse

d dur

ing t

he pe

riod

--

--

Addi

tions

durin

g the

perio

d-

804,2

50-

-Cl

osin

g Bala

nce

-80

4,250

--

Reta

ined

Surp

lus a

s at t

he en

d of t

he pe

riod

31,09

5,889

141,5

90,63

369

,658,6

3610

8,375

,366

31,09

5,889

142,3

94,88

369

,655,2

8310

8,375

,366

The R

eser

ves a

nd su

rplu

s for

each

optio

n are

:-Gr

owth

Opt

ion

2,279

,983

21,71

0,364

6,037

,833

15,25

7,958

Divid

end O

ptio

n28

,815,9

0612

0,684

,519

63,61

7,450

93,11

7,408

31,09

5,889

142,3

94,88

369

,655,2

8310

8,375

,366

16


hedu

les

to t

he f

inan

cial

sta

tem

ents

(Con

tinue

d)fo

r th

e pe

riod

(Cur

renc

y: I

ndia

n Ru

pee)

SCFM

P -

QS

13SC

FMP

- Q

S 14

SCFM

P -

QS

15SC

FMP

- Q

S 19

May

17,

200

7 to

June

18,

200

7 to

Aug

ust

24,

2007

to

Nov

embe

r 22

, 20

07 t

oA

ugus

t 21

, 20

07Se

ptem

ber

25,

2007

Nov

embe

r 26

, 20

07Fe

brua

ry 1

8, 2

008

(Unit

s)Am

ount

(Rs)

(Unit

s)Am

ount

(Rs)

(Unit

s)Am

ount

(Rs)

(Unit

s)Am

ount

(Rs)

3.Un

it Ca

pita

lUn

its of

Rs. 1

0 eac

h ful

ly pa

idGr

owth

Opt

ion

Units

issu

ed, i

nitial

offe

r17

,951,0

11.83

617

9,510

,118

719,0

32.51

37,1

90,32

513

,791,5

54.18

613

7,915

,542

77,57

8,670

.540

775,7

86,70

5Un

its o

utsta

nding

, beg

inning

of t

he p

eriod

--

--

--

--

Units

issu

ed d

uring

the

perio

d-

--

--

--

-Un

its re

purch

ased

dur

ing th

e pe

riod

-

-

--

--

(20,0

00.00

)(2

00,00

0.00)

Units

out

stand

ing, e

nd o

f the

per

iod17

,951,0

11.83

617

9,510

,118

719,0

32.51

37,1

90,32

513

,791,5

54.18

613

7,915

,542

77,55

8,670

.540

775,5

86,70

5Di

viden

d Opt

ion

Units

iss\u

ed, i

nitial

offe

r 1

60,34

9,389

.291

1,603

,493,8

9315

3,496

,190.0

501,5

34,96

1,901

60,54

0,225

.584

605,4

02,25

658

3,656

,140.7

57

5,8

36,5

61,4

08

Units

out

stand

ing, b

eginn

ing o

f the

per

iod

-

-

-

-

-

--

-Un

its is

sued

dur

ing th

e pe

riod

-

-

-

-

-

-

-

-

Units

repu

rchas

ed d

uring

the

perio

d

-

-

-

-

-

--

-Un

its o

utsta

nding

, end

of t

he p

eriod

160

,349

,389

.291

1

,603

,493

,893

153,4

96,19

0.050

1,534

,961,9

0160

,540,2

25.58

460

5,402

,256

583,6

56,14

0.757

5

,836

,561

,408

Tota

lUn

its is

sued

, init

ial o

ffer

178

,300

,401

.127

1,78

3,00

4,01

115

4,215

,222.5

631,5

42,15

2,226

74,33

1,779

.770

743,3

17,79

866

1,234

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976,6

12,34

8,113

Units

out

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eginn

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f the

per

iod -

--

--

--

-Un

its is

sued

dur

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e pe

riod

-

-

--

-

-

-

-

Units

repu

rchas

ed d

uring

the

perio

d

-

--

--

--

-Un

its o

utsta

nding

, end

of t

he p

eriod

178

,300

,401

.127

1,78

3,00

4,01

115

4,215

,222.5

63

1,

542,

152,

226

74,33

1,779

.770

743

,317

,798

661,2

14,81

1.297

6,61

2,14

8,11

3

4.Re

serv

es a

nd s

urpl

usOp

enin

g ba

lance

--

--

Addi

tions

/(red

empt

ions

) dur

ing

the

perio

d-

- -

-(2,

162)

Clos

ing b

alanc

e-

--

--

(2,16

2)Un

reali

sed A

ppre

ciatio

n Res

erve

Open

ing

Bala

nce

--

--

Less

: Re

verse

d du

ring

the

perio

d

-

--

-Ad

dition

s du

ring

the

perio

d

1

27,0

00-

56,68

0 -

Clos

ing

Balan

ce12

7,000

-56

,680

-

Reta

ined

Surp

lus a

s at t

he en

d of t

he pe

riod

40,89

2,187

31,53

6,575

15,04

4,168

141,5

44,60

9

41,01

9,187

31,53

6,575

15,10

0,848

141,5

42,44

7

The R

eser

ves a

nd su

rplu

s for

each

optio

n are

:-

Grow

th O

ptio

n 4,

130,0

3214

7,040

2,801

,818

16,60

2,540

Divid

end

Optio

n36

,889,1

5531

,389,5

3512

,299,0

3012

4,939

,907

41,01

9,187

31,53

6,575

15,10

0,848

141,5

42,44

7

17


hedu

les

to t

he f

inan

cial

sta

tem

ents

(Con

tinue

d)fo

r th

e pe

riod

(Cur

renc

y: I

ndia

n Ru

pee)

SCFM

P -

QS

8SC

FMP

- Q

S 9

SCFM

P -

QS

10SC

FMP

- Q

S 11

Apr

il 04

, 20

07 t

oA

pril

13,

2007

to

Apr

il 24

, 20

07 t

oM

ay 0

3, 2

007

toJu

ly 0

9, 2

007

July

18,

200

7Ju

ly 2

6, 2

007

Aug

ust

07,

2007

Amou

nt (R

s)Am

ount

(Rs)

Amou

nt (R

s)Am

ount

(Rs)

5.Cu

rren

t lia

bilit

ies

and

prov

isio

nsM

anag

emen

t fe

es p

ayab

le

(net

of

tax)

129,

991

605,

941

348,

324

623,

075

Com

mis

ssio

n pa

yabl

e14

0,59

760

4,68

629

6,11

344

7,90

3Ta

x de

duct

ed a

t so

urce

pay

able

799

90,0

1947

,889

21,7

40O

ther

liab

ilitie

s90

,739

221,

172

135,

889

251

,194

362,

126

1,52

1,81

882

8,21

51,

343,

912

6.In

vest

men

ts(n

et o

f ap

prec

iati

on /

dep

reci

atio

n).

Cost

*M

arke

t /Co

st *

Mar

ket /

Cost

*M

arke

t /Co

st *

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ket /

Fair V

alue

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alue

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await

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reco

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ge

-

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5,231

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256,0

35,50

0-

--

-Ce

rtific

ate o

f dep

osit

124

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124,5

70,15

19,9

77,46

99,9

77,46

92,7

65,00

0,000

2,765

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002,6

81,17

1,117

2,681

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mm

ercia

l pap

er1,1

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llate

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n (CB

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--

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pos

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--

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1,327

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27,5

22,7

6726

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65,00

0,000

2,765

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004,2

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* Co

st

incl

udes

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rest

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rete

d in

res

pect

of

mon

ey m

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stru

men

ts t

ill v

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tion

date

. Inv

estm

ents

of

the

Sche

me

are

regi

ster

ed in

the

nam

e of

the

Sch

eme

exce

pt f

or r

ever

se r

epos

and

CBLO

whi

ch a

re r

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tere

d in

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nam

e of

the

Fun

d fo

r th

e be

nefit

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Curr

ent

asse

tsBa

lanc

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anks

in c

urre

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ccou

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for

sale

of

inve

stm

ents

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000,

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--

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5,38

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8,25

2

**

Cert

ain

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acc

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d in

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nam

e of

the

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nefit

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8.In

tere

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--

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rtifi

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181

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vers

e re

pos

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033

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Bills

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scou

ntin

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450,

000

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234,

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69.

Def

erre

d re

venu

e ex

pend

itur

eO

peni

ng b

alan

ceEx

pend

iture

dur

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the

year

48,

060

48,0

60-

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8059

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: Am

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ed in

the

cur

rent

per

iod

48,0

60-

48,0

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--

--

18


hedu

les

to t

he f

inan

cial

sta

tem

ents

(Con

tinue

d)fo

r th

e pe

riod

(Cur

renc

y: I

ndia

n Ru

pee)

SCFM

P -

QS

13SC

FMP

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S 14

SCFM

P -

QS

15SC

FMP

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S 19

May

17,

200

7 to

June

18,

200

7 to

Aug

ust

24,

2007

to

Nov

embe

r 22

, 20

07 t

oA

ugus

t 21

, 20

07Se

ptem

ber

25,

2007

Nov

embe

r 26

, 20

07Fe

brua

ry 1

8, 2

008

Amou

nt (R

s)Am

ount

(Rs)

Amou

nt (R

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ount

(Rs)

5.Cu

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t lia

bilit

ies

and

prov

isio

ns M

anag

emen

t fe

es p

ayab

le

(net

of

tax)

242,

778

177,

605

76,2

8935

0,42

3Co

mm

isss

ion

paya

ble

186,

735

165,

146

71,0

9966

9,45

9Ta

x de

duct

ed a

t so

urce

pay

able

9,13

630

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10,4

3993

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er li

abili

ties

145,

124

124,

443

88,7

1290

3,95

758

3,77

349

7,23

224

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6 .

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stm

ents

(net

of a

ppre

ciat

ion

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reci

atio

n) Co

st *

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ket /

Cost

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arke

t / Co

st *

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ket /

Cost

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arke

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ir Valu

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--

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--

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ficat

e of d

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it-

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n (CB

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verse

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s6,3

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758,1

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775

8,212

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416,4

13,24

3,341

* C

ost i

nclu

des i

nter

est a

ccre

ted i

n res

pect

of m

oney

mar

ket i

nstru

men

ts ti

ll val

uatio

n dat

e. In

vest

men

ts of

the S

chem

e are

regi

ster

ed in

the n

ame o

f the

Sche

me e

xcep

t for

reve

rse r

epos

and C

BLO

whi

ch ar

e reg

ister

ed in

the

nam

e of t

he Fu

nd fo

r the

bene

fit of

Sche

me’

s uni

thol

ders.

7.Cu

rren

t ass

ets

Bala

nces

with

bank

s in c

urre

nt ac

coun

t**

991,3

2526

9,806

58,38

319

6,290

Inte

rest

accr

ued

6,564

,874

1,663

393,9

455,1

90

Cont

ract

s for

sale

of in

vestm

ents

--

-34

2,263

,550

7,556

,199

271,4

6945

2,328

342,4

65,03

0

**Ce

rtain

bank

acco

unts

of th

e sch

emes

are h

eld in

the n

ame o

f the

Fund

for t

he be

nefit

of Sc

hem

e’s u

nith

olde

rs.

8.In

tere

stPr

ivate

ly pl

aced

debe

ntur

es an

d bon

ds /

debe

ntur

es an

d bon

ds lis

ted /

await

ing l

istin

g60

,709

-12

,323

1,457

,192

Com

mer

cial p

aper

11,08

0,500

- -

30,99

9,013

Certi

ficat

e of d

epos

it29

,603,9

1032

,112,3

6915

,347,8

8810

4,850

,501

CBLO

1,108

,363

--

280,1

66Re

verse

repo

s90

,787

108,8

1126

,504

301,3

27Bi

lls re

disc

ount

ing

--

--

41,94

4,269

32,22

1,180

15,38

6,715

137,8

88,19

99

Defe

rred

reve

nue

expe

nditu

reOp

enin

g bala

nce

Expe

nditu

re du

ring t

he ye

ar63

,298

69,09

069

,090

74,58

8Le

ss: A

mor

tised

in th

e cur

rent

perio

d63

,298

-69

,090

-

6

9,09

0-

74,58

8-

--

-

-

19

ANNUAL REPORT 2008


for the period(Currency: Indian Rupee)10. Notes to financial statements

10.1 Investment management feesThe Schemes have paid or provided for investmentmanagement fees in accordance with the agreementwith the AMC as amended from time to time and theoffer document. In terms of the offer document, theAMC is entitled to receive such fee at an annual rateupto 1.25% of the Scheme’s average daily net assetson the first Rs 100 crores and @ 1% on the excessamount over Rs 100 crores. For the current period,the schemes have accrued investment managementfees at an average annual rate of average daily netasset values for the following schemes:

Scheme Current Period *

SCFMP – QS8 0.10%SCFMP – QS9 0.12%SCFMP – QS10 0.11%SCFMP – QS11 0.11%SCFMP – QS13 0.12%SCFMP – QS14 0.12%SCFMP – QS15 0.11%SCFMP – QS19 0.09%

*Annualised from the date of allotment as theschemes were launched during the period.

10.2 Trustee feesIn accordance with the trust deed as amended fromtime to time, Grindlays Super Saver Income Fund –Investment Plan has accrued trustee fee of Rs 561,800(previous year: Rs 336,720) for all the schemes of theFund.

10.3 Custodian feesDeutsche Bank AG, India provides custodian servicesto the schemes for which it receives custodian fees asper the terms of the custodian agreement.

10.4 Income taxNo accounting for income tax has been made as theschemes qualify as a recognised Mutual Fund undersection 10 (23D) of the Income Tax Act, 1961 and theDirect Tax Laws (Amendment) Act, 1988.

10.5 Aggregate value of purchases and salesThe aggregate value of investments purchased andsold (including redemptions) during the period andtheir percentage of respective average daily net assetsare as follows:

Scheme Current Period Current PeriodPurchases Percentage Sales Percentage

SCFMP – QS8 2,751,812,465 850.26 1,456,062,651 449.89SCFMP – QS9 13,019,756,143 946.27 13,165,204,573 956.84SCFMP – QS10 2,869,441,984 425.82 175,564,367 26.05SCFMP – QS11 9,406,508,723 909.48 5,366,816,273 518.90SCFMP – QS13 5,971,244,480 1,327.42 4,189,700,104 931.38SCFMP – QS14 1,990,353,112 529.86 448,843,874 119.49SCFMP – QS15 906,982,648 495.38 163,930,054 89.54SCFMP – QS19 11,331,498,096 695.37 5,063,288,114 310.71

10.6 Appreciation/depreciation on investmentsThe aggregate appreciation and depreciation in thevalue of investments is as follows:

Scheme / CategoryOf Investment Current Period

Appreciation DepreciationSCFMP – QS8 - -SCFMP – QS9Debentures and bonds listed / awaiting listing on recognisedstock exchange 804,250 -SCFMP – QS10 - -SCFMP – QS11 - -SCFMP – QS13Debentures and bonds listed /awaiting listing on recognisedstock exchange 127,000 -SCFMP – QS14 - -SCFMP – QS15 - -Debentures and bonds listed /awaiting listing on recognisedstock exchange 56,680 -SCFMP – QS19 - -

10.7 Non-traded investmentsAs on date of maturity of the relevant schemes theaggregate fair value of non-traded/thinly tradedinvestments (as defined by the Regulations) is asfollows:

Scheme Current Period

SCFMP – QS8 1,323,934,863SCFMP – QS9 266,012,969SCFMP – QS10 2,765,000,000SCFMP – QS11 2,681,171,118SCFMP – QS13 200,736,000SCFMP – QS14 1,563,795,404SCFMP – QS15 738,000,000SCFMP – QS19 5,413,243,341For details of non traded / thinly traded investmentswhich individually exceed 5% of the NAV at the endof the period refer note in Annexure B. Theseinvestments were made solely on the basis of soundfundamentals of these companies.

10.8 Income and expenditureThe total income (net of loss on sale of investmentsand net change in unrealised appreciation /depreciation in value of investments) and expenditure(excluding deferred revenue expenditure) and theseamounts as a percentage of the scheme’s averagedaily net assets:

Scheme Income ExpenditureCurrent Period Current Period

Amount Percentage* Amount Percentage*SCFMP – QS8 31,772,490 9.82 628,541 0.19SCFMP – QS9 144,653,977 10.51 3,015,284 0.22SCFMP – QS10 71,127,486 10.56 1,413,470 0.21SCFMP – QS11 110,501,503 10.68 2,066,839 0.20SCFMP – QS13 41,944,269 9.32 988,784 0.22SCFMP – QS14 32,431,646 8.63 825,981 0.22SCFMP – QS15 15,497,527 8.46 384,269 0.21SCFMP – QS19 145,038,549 8.90 3,421,515 0.21

20

ANNUAL REPORT 2008

b) There are no investments made by the schemesduring the period in issues lead managed byStandard Chartered Bank - India Branches.

10.10 Details of investment in companies that hold morethan 5% of NAV of any scheme of StandardChartered Mutual Fund: Refer Annexure A

Standard Chartered Mutual Fund has madeinvestments in companies, which hold / have held unitsin excess of 5% of the net asset value of any schemeof Standard Chartered Mutual Fund. Theseinvestments were made solely on the basis of soundfundamentals of these companies.

10.11 Details of large holdings

Details of unit holdings over 25% of the net assets ason date of maturity of the relevant schemes is Nil.

For B S R & Co. For IDFC Asset Management Company Private Limited For IDFC AMC Trustee Company Private LimitedChartered Accountants (formerly known as Standard Chartered Asset Management (formerly known as Standard Chartered Trustee

Company Private Limited) Company Private Limited)

Akeel Master Naval Bir Kumar Rajiv AnandPartner Chairman / Director Managing Director Head - Investments Chairman / Director DirectorMembership No. 046768

MumbaiDate : August 25, 2008

* Annualised from the date of allotment as theschemes were launched during the period. Incomerepresents income from the date when minimumsubscription achieved and expenditure representsexpenses from the date of allotment.

10.9 Disclosure under regulation 25 (8) of SEBIRegulationsa) Commission paid for procuring unit subscription

of the schemes with sponsor or any of itsassociates as defined in the regulation 25(8): Nil

Scheme Commission Paid / Payable to

Standard Chartered Bank, India branchesSCFMP – QS8 22,015SCFMP – QS9 33,119SCFMP – QS10 53,913SCFMP – QS11 56,516SCFMP – QS13 42,544SCFMP – QS14 30,113SCFMP – QS15 9,823SCFMP – QS15 77,011



10.12 Portfolio holding (market / fair value) on date ofmaturity: Refer Annexure B

All investments, except for mutual fund units, areheld in safe custody with Deutsche Bank AG, India /Reserve Bank of India.

10.13 Unclaimed redemption and unclaimed dividend

As on date of maturity unclaimed redemption andunclaimed dividend aggregate Rs Nil.

10.14 Historical per unit statistics: Refer Annexure C

10.15 Segment reporting

The schemes are a part of the Mutual Fund, whichhas been incorporated as a trust and is exclusivelyengaged in raising monies through the sale of units tothe public for investing in securities. This business isconsidered to constitute one single primary segmentin the context of Accounting Standard 17 onSegmental Reporting issued by the Institute ofChartered Accountants of India. There are nogeographical reportable segments since the Fundprovides investment management services tocustomers in the Indian market only and does notdistinguish any reportable regions within India.

10.16 Dues to Micro, Small and Medium Enterprises

Under the Micro, Small and Medium EnterprisesDevelopment Act, 2006 (The Act) which came intoforce from 2 October 2006, certain disclosures arerequired to be made relating to Micro, Small andMedium enterprises. The schemes are in the processof compiling relevant information from their suppliersabout their coverage under the Act. Since the relevantinformation is not readily available, no disclosures havebeen made in the accounts.

10.17 Prior period / year comparatives

There are no prior period / year figures as all theschemes were launched during the current period.

21

ANNUAL REPORT 2008

Annexure ADetails of investment in companies / subsidiaries that hold more than 5% of NAV of any scheme of Standard Chartered Mutual FundCompany Schemes invested Investing Aggregate *Outstanding as at *Outstanding as

in by the company Scheme Name for the 31/03/2008 At at 31/03/2007period under Market/Fair At Market/

Regulation 25(11) Value (Rs.) Fair Value (Rs.)At Cost (Rs.)

ABAN OFFSHORE SCLM SCAF 72,472,976.42SCAF SCAF-FM-S1 21,733,541.70GFRF-LT

AMBUJA CEMENT LTD. GCF GFMPP - 1 194,670.51 150,980.50GFMPP - II 48,788.81GFMPP-III 986,523.11 548,438.00SCAF 211,125,280.58SCCEF 53,360,269.00SCEEF 162,757,955.07 70,276,424.85 106,236,708.60SCIEF 94,303,342.00 32,353,040.50SCTS - I 309,062.16 141,507.45 37,771.80

AXIS BANK LTD. SCLMP GCF 1,241,295,350.00 96,419,117.30SCLM GFMP-22 70,114,310.74GCF GFMP-6th Plan 30,077,010.90

GFRF - LT 3,946,815,380.89 448,137,577.56GFRF-ST 700,301,000.00 350,139,300.00GSSIF-ST 137,914,500.00 96,016,758.10SCAF 390,450,363.15SCCEF 208,616,850.57 112,560,733.65 39,665,023.20SCEEF 376,186,345.00SCFMP - QS5 350,000,000.00 350,000,000.00SCFMP - QS6 1,168,503,830.00 279,615,383.38SCFMP - QS7 600,000,000.00 600,000,000.00SCFMP-QS11 19,762,800.00SCFMP-QS3 400,000,000.00 400,000,000.00SCFMP-QS4 250,000,000.00 250,000,000.00SCFMP-YS1 508,892,450.00 526,509,971.48SCFMP-YS10 458,119,000.00 483,807,636.37SCFMP-YS12 55,988,606.00 58,570,232.88SCFMP-YS2 22,028,304.00 23,044,026.29SCFMP-YS3 9,178,460.00 9,601,677.68SCFMP-YS5 187,667,530.00 4,800,839.20SCFMP-YS6 105,992,700.00 9,641,908.53SCFMP-YS7 451,347,000.00 497,474,297.80SCLM 283,420,200.00SCLM Plus 18,171,734,789.62 50,019,900.00GFMP-20 30,089,610.00FMP-16 70,209,090.00SCPEF 483,332,453.93 335,686,250.00 22,510,340.80

BAJAJ HOLDINGS ANDINVESTMENT LTD. SCLMP GFMPP - 1 278,316.39 2,179,984.80

SCLM GFMPP - II 66,119.76GFMPP-III 1,758,990.03 958,902.00SCAF 19,307,076.27SCCEF 56,475,138.40 52,921,680.00SCEEF 123,708,843.43 179,071,914.00SCIEF 64,058,644.85 36,596,070.00SCTS - I 79,844.62 548,637.60

THE BOMBAY DYEING & GGSF-PF SCAF 59,210,226.08 46,102,500.00MANU. CO. LTD.BAJAJ AUTO FINANCE LTD. SCLM GCF 349,342,700.00

SCLMP SCLM 298,894,500.00SCLM Plus 2,221,808,800.00

BANK OF BARODA SCLMP SCAF 286,357,002.38 134,384,385.00SCCEF 18,039,776.94

BANK OF INDIA SCLMP GSSIF-IP 16,014,038.00SCAF 454,754,881.13 92,145,012.50

22

ANNUAL REPORT 2008

Company Schemes invested Investing Aggregate *Outstanding as at *Outstanding asin by the company Scheme Name for the 31/03/2008 At at 31/03/2007

period under Market/Fair At Market/Regulation 25(11) Value (Rs.) Fair Value (Rs.)

SCCEF 48,536,133.70GFMP-20 10,012,580.00GFMP-16 10,012,580.00GFMP-8 10,012,580.00GFMP-6 170,213,860.00SCLM Plus 2,000,000,000.00

BIRLA CORPORATION LTD. GSSIF-ST SCAF 55,666,902.18 31,057,130.00SCFMAF-S1SCQIF

BHARAT FORGE LTD GCF SCAF 147,123,916.90 31,256,550.00SCAF-FM-S1 4,413,888.71

CESC LTD. SCLMP SCAF 138,715,400.71GFRF-LT

DABUR INDIA LTD. GSSIF-MT GFMPP - 1 85,036.71GFMPP - II 20,732.55GFMPP-III 478,294.31SCAF 6,708,345.54SCEEF 111,158,307.02SCIEF 62,801,258.05

SCTS - I 131,928.01

DLF LTD. SCLMP SCAF 186,288,625.36GFRF LT SCCEF 213,798,556.07

SCEEF 416,700,251.59 419,825,967.75SCFMP-QS28 487,189,500.00 487,723,270.84SCIEF 70,774,099.40SCTS - I 895,578.05 843,349.50SCTSF-ELSS 27,361,811.00

DSP MERRILL LYNCH SCLMP GCF 400,000,000.00CAPITAL LTD. GCF GFMPP-III 87,000,000.00 85,416,774.00

GFRF - LT 2,481,893,617.00GSSIF - MT 98,434,500.00GSSIF-IP 49,721,700.00GSSIF-ST 344,572,950.00SCAF 379,436,140.00SCEEF 3,000,000.00 2,945,406.00SCFMP-6 19,937,380.00SCFMP-QS19 979,363,000.00SCFMP-YS1 149,347,650.00SCLM Plus 4,221,952,800.00

EDELWEISS CAPITAL LTD. SCLMP GFRF - LT 1,700,000,000.00GSSIF-ST 250,000,000.00SCCEF 3,507,075.00SCEEF 15,779,775.00SCIEF 1,315,050.00SCLM Plus 1,450,000,000.00SCPEF 4,382,400.00SCTSF-ELSS 788,700.00

ECL FINANCE LTD. GFRF - LT 600,000,000.00GMR INFRASTRUCTURE LTD. (FV2) SCLMP SCAF 599,689,463.00

SCLMGFRF-LT

HCL TECHNOLOGIES LTD. GFRF-LT GFMPP - 1 3,208,820.87 3,204,234.40SCLMP GFMPP - II 248,145.49GFRF-ST GFMPP-III 1,113,881.11 747,441.00

SCAF 36,775,807.15SCEEF 221,583,573.07 64,223,946.75 138,032,100.40SCTS - I 1,062,852.66 129,157.50 1,051,954.00

HDFC BANK LTD. SCLMP GCF 147,318,493.20GFRF-LT GFMP-6th Plan 49,684,950.00

23

ANNUAL REPORT 2008



GFMPP - 1 337,040.68 312,961.20GFMPP - II 86,683.30GFMPP-III 1,850,168.59 1,169,787.90GFRF - LT 3,230,170,680.00 246,675,208.00GSSIF - MT 109,278,640.00GSSIF-ST 49,159,800.00SCAF 2,909,906,285.51 750,000,000.00SCAF-FM-S1 100,000,000.00 50,000,000.00SCEEF 1,097,145,846.24 579,889,150.00 218,840,027.40SCFMP - QS6 96,710,200.00SCFMP - QS9 4,870,550,000.00SCFMP-QS1 981,457,534.00SCFMP-QS11 1,461,534,246.00SCFMP-QS3 5,471,710,950.99 5,573,542,190.23SCFMP-QS4 3,276,410,272.41 3,321,817,670.59SCFMP-YS2 242,204,000.00SCLM 1,016,694,940.00SCLM Plus 7,314,088,240.80SCSMEF 50,000,000.00 50,000,000.00SCTS - I 596,610.00 363,431.25 78,240.30

HERO HONDA MOTORS LTD. SCLMP GFMPP - 1 151,762.76 143,260.00GSSIF-MT GFMPP - II 37,746.57GSSIF-ST GFMPP-III 850,842.03 539,291.25SCLM SCAF 3,959,454.93SCEEF 236,952,252.77 52,890,677.05 100,659,435.00SCIEF 76,678,833.50 55,564,000.00SCTS - I 213,135.04 105,571.60 35,815.00

HINDALCO INDUSTRIES LTD. GSSIF-ST GFMPP - 1 209,200.14 100,202,032.70SCLMP GFMPP - II 52,149.70GSSIF-MT GFMPP-III 1,160,418.13 590,259.00SCLM SCAF 258,601,462.18 37,393,499.00 19,535,879.00GDBF SCCEF 37,799,770.00 31,946,850.00SCASBF SCEEF 387,087,243.27 77,264,488.60 110,561,504.50SCIEF 43,603,389.20SCTS - I 325,015.21 155,524.20 39,350.60

HINDUSTAN UNILEVER LTD. GCF GFMPP - 1 520,663.57 2,421,565.20GSSIF-IP GFMPP - II 131,007.23GGSF-PF GFMPP-III 2,917,527.96 1,768,413.66

SCAF 12,844,166.03SCEEF 260,720,674.76 190,012,908.80 331,120,980.00SCIEF 46,464,815.93SCTS - I 718,547.27 386,214.40 118,195.20

INFRASTRUCTURE DEVELOPMENT SCLMP GCF 300,195,150.00 60,029,460.00FINANCE CO LTD GFMP 16 150,133,650.58

GFRF - LT 4,469,984,310.95GSSIF - MT 69,917,020.00 69,848,260.00GSSIF-IP 129,932,120.19 79,572,730.00GSSIF-ST 729,590,080.41 326,503,440.00SCAF 193,319,786.03 63,922,075.00SCAF-FM-S1 15,664,934.58 8,240,825.00SCEEF 1,350,781,850.00 700,343,700.00SCFMP-YS20 500,887,400.00 501,225,650.00SCFMP-YS7 310,276,210.59SCIEF 114,937,134.33 61,910,000.00SCLM Plus 2,068,968,891.63SCSMEF 10,005,310.00 10,004,910.00SCTSF-ELSS 19,311,344.40 16,534,500.00

ICICI BANK LTD. GFRF-LT GCF 3,749,456,103.48 2,986,858.08 398,950,778.56SCLMP GDBF 96,692,623.50 33,482,406.04

GFMP 16 24,608,361.00 39,997,574.93

24

ANNUAL REPORT 2008



GFMP-20 66,050,195.00 157,280,217.94GFMP-22 99,793,531.50 25,111,800.00GFMP-6th Plan 146,209,738.00 45,972,112.67GFMP8 73,456,720.00 13,275,570.00GFMP-9 10,266,870.00 47,744,050.00 56,430,797.92GFMP-7 833,613,084.13

ICICI BANK LTD. GFMPP - 1 5,015,987.17 108,211,997.20GFMPP - II 456,083.76GFMPP-III 3,912,123.17 2,971,364.70GFRF - LT 32,385,421,288.82 940,038,485.30GFRF-ST 1,369,303,090.00 197,765,653.87GSSIF - MT 2,267,176,360.00 228,141,566.99 471,983,608.18GSSIF-IP 367,375,470.00 482,228.90GSSIF-ST 1,744,494,040.70 237,999,051.61 492,387.88SCAF 6,560,509,260.95 49,549,360.00 200,000,000.00SCAF-FM-S1 52,456,248.10 1,481,095.00SCCEF 970,692,771.70 74,284,800.60 223,356,682.35SCEEF 6,951,714,237.90 326,095,571.40 557,811,854.55SCFMP - QS10 1,719,683,850.00SCFMP - QS13 1,290,396,090.00SCFMP - QS2 9,878,790.00SCFMP - QS5 1,949,666,000.00 1,970,918,133.42SCFMP - QS6 1,450,071,188.00 989,231,132.08SCFMP - QS7 6,268,104,135.00 6,314,448,485.99SCFMP - QS8 136,197,560.00SCFMP - QS9 9,770,820.00SCFMP 7 47,989,200.00SCFMP-1 9,449,010.00SCFMP-10 1,245,650,890.00 1,113,518,591.49SCFMP-EMS-1 64,207,290.00 65,785,641.02SCFMP-HYS1 28,640,670.00 28,659,376.38SCFMP-HYS2 412,887,210.00 413,986,740.99SCFMP-QS11 2,547,514,970.00SCFMP-QS15 742,615,632.00SCFMP-QS19 2,481,588,900.00SCFMP-QS25 1,261,676,720.00 671,162,819.58SCFMP-QS26 81,981,540.00 82,543,056.75SCFMP-YS10 2,056,968,500.00 2,137,146,513.20SCFMP-YS11 168,532,045.00 182,402,238.12SCFMP-YS17 582,848,340.00 587,196,843.74SCFMP-YS19 1,595,295,500.00 1,600,564,825.48SCFMP-YS2 4,505,055,120.00 963,615,828.75 2,912,988,602.85SCFMP-YS20 692,385,000.00 693,090,883.04SCFMP-YS3 2,283,493,494.00 219,795,908.47 1,851,392,243.07SCFMP-YS4 860,285,970.00 404,120,449.08 462,695,232.92SCFMP-YS5 3,026,125,580.00 256,640,619.83 2,527,224,618.78SCFMP-YS6 1,073,244,950.00 493,788,120.53 586,677,143.64SCFMP-YS7 1,157,250,625.00 942,748,629.88SCFMP-YS8 1,408,890,370.00 1,404,895,406.62SCFMP-YS9 904,528,390.00 978,559,165.54SCIEF 618,054,420.39 30,776,000.00 141,870,290.85SCLM 818,398,990.00SCLM Plus 50,702,676,160.31 1,439,550,727.04 1,050,550,603.39SCPEF 756,078,615.81 9,553,123.96SCSMEF 344,750,450.00 98,219,847.62SCTS - I 1,552,069.78 644,757.20 2,161,535.55SCTSF-ELSS 59,540,638.00 28,659,380.88

ICICI SECURITIES PRIMARY GCF 1,050,000,000.00DEALERSHIP LTD. GFMP 16 194,933,000.97

GFMP-22 194,993,900.86

25

ANNUAL REPORT 2008



GFMP-6th Plan 98,711,400.97GFMPP - 1 98,898,300.00 99,362,173.69GFRF - LT 5,898,365,000.82GFRF-ST 1,150,000,000.00SCAF 249,681,100.00SCCEF 98,279,100.99SCEEF 196,607,300.63SCIEF 98,290,900.60SCLM 100,000,000.00SCLM Plus 28,899,635,600.00

IDEA CELLULAR SCLMP SCAF 25,285,393.85SCLM SCCEF 29,102,922.19

SCEEF 270,116,665.40 103,162,531.45SCTS - I 367,613.72 207,866.25

IFCI LTD. SCLM SCAF 438,035,247.00 22,414,266.00SCAF-FM-S1 19,217,412.75 5,212,620.00

IDBI LTD. GFRF-LT GCF 360,027,490.00SCLMP GFMP-22 99,253,300.00

GFMP-6th Plan 131,820,560.00GFRF - LT 668,791,040.00 404,520,000.00SCAF 419,156,228.75 134,159,490.00SCAF-FM-S1 1,016,240.00SCCEF 50,357,050.00SCEEF 498,699,310.00SCLM 440,265,400.00SCLM Plus 3,600,964,010.00 700,097,200.00

ITC LTD. GSSIF-IP GFMPP - 1 711,902.91 5,882,758.00SCLM GFMPP - II 172,986.22GSSIF-ST GFMPP-III 651,458.81 2,217,823.95GFRF-ST SCAF 22,502,837.05 5,441,400.00

SCEEF 186,537,990.44 296,309,062.50 415,256,359.95SCIEF 31,773,762.00 67,743,225.00 52,329,339.20SCTS - I 217,689.66 596,475.00 1,463,132.00SCTSF-ELSS 33,776,086.00

INDIABULLS FINANCIAL SCLMP SCLM 5,956,818,000.00SERVICES LTD. GFRF-LT SCLM Plus 79,840,080.00INDIAN BANK SCLM SCAF 84,230,240.53 3,606,900.00

SCEEF 2,207,114.00JET AIRWAYS LTD. SCLM GFMPP - 1 56,400.85 56,988.00

SCLMP GFMPP - II 14,215.06GCF GFMPP-III 272,816.82 216,554.40

SCAF 5,053,750.24SCEEF 59,411,656.66 39,815,616.00SCIEF 23,149,964.00SCPEF 187,226,755.30 106,173,730.00 7,915,000.00SCTS - I 14,395.37 14,563.60

KOTAK MAHINDRA BANK LTD. SCLMP GCF 298,768,900.00GCF GDBF 141,628,750.00

GFMP 16 25,829,550.00GFMP-22 22,020,683.00GFMP-6th Plan 177,735,050.00GFMP-7 6,946,737.00GFRF - LT 678,516,800.00GSSIF - MT 240,234,500.00GSSIF-IP 6,922,237.00GSSIF-ST 93,198,900.00SCAF 810,853,798.51 51,464,627.50SCAF-FM-S1 29,741,843.54SCEEF 1,687,502,719.00 49,239,655.12SCFMP-4 737,758,650.00

26

ANNUAL REPORT 2008



SCFMP-9 981,876,712.00SCFMP-QS11 243,445,000.00SCFMP-QS25 291,558,900.00SCFMP-YS7 903,582,000.00 996,026,730.77SCLM 835,114,650.00SCLM Plus 5,287,726,032.00

KOTAK MAHINDRA PRIME LTD. GCF 200,000,000.00GFRF - LT 254,302,250.00GFRF-ST 200,000,000.00SCAF 110,000,000.00SCCEF 851,600,940.00SCEEF 853,427,160.00SCFMP 7 48,061,700.00SCIEF 201,952,750.00SCLM 149,862,600.00SCLM Plus 5,063,322,100.00SCPEF 181,055,480.00

L & T GFRF-LT GFMPP - 1 1,395,119.38 7,214,305.30SCLM GFMPP - II 101,479.42GSSIF-ST GFMPP-III 2,362,041.76 1,765,909.00GSSIF-MT SCAF 118,981,102.63 48,271,605.00GCF SCCEF 178,095,723.28 160,219,225.30

SCEEF 360,301,151.94 338,262,513.05 331,096,596.80SCIEF 124,971,644.42 80,680,371.25SCTS - I 655,333.94 677,016.85 756,586.70SCTSF-ELSS 24,155,928.00 42,958,692.50

L & T FINANCE LTD. GCF 300,000,000.00SCLM Plus 588,788,800.00

MAHARASHTRA SEAMLESS LTD. GSSIF-ST SCAF 90,617,948.95 26,958,330.00SCCEF 249,755,834.73SCPEF 14,514,644.00SCTSF-ELSS 53,420,975.36

MARUTI SUZUKI INDIA LTD. GFRF-LT SCAF-FM-S1 8,466,464.00 8,270,000.00SCLMP GFMPP - 1 2,668,296.61 2,264,572.20GFMPP - II 179,027.28GFMPP-III 1,565,854.95 926,005.80SCAF 104,987,789.59 35,561,000.00SCCEF 460,247,326.77 158,657,469.00 54,133,200.00SCEEF 236,478,409.71 91,115,552.00 173,213,116.80SCIEF 276,504,145.53 49,620,000.00 74,538,135.60SCTS - I 827,268.32 183,594.00 688,968.00SCTSF-ELSS 39,050,977.22 31,878,369.00

MINDTREE CONSULTING LIMITED SCQIF SCCEF 3,434,850.00SCEEF 10,172,800.00

NITIN FIRE PROTECTION IND LTD. GSSIF-ST SCPEF 4,224,460.00SCTSF-ELSS 1,370,090.00

PATNI COMPUTERS GFRF-LT SCAF 159,674,129.38GSSIF-MTSCQIF

PETRONET LNG LTD. SCLMP SCAF 174,422,931.54 60,023,700.00SCAF-FM-S1 9,585,836.00 4,808,100.00SCPEF 29,599,304.00

RELIANCE INDUSTRIES LTD. SCLMP GFMP 16 582,696,803.72 97,720,200.00SCLM GFMP-6th Plan 194,398,600.52

GFMPP - 1 4,480,973.82 9,150,863.40GFMPP - II 714,450.52GFMPP-III 10,996,747.71 7,458,542.90GSSIF-IP 48,956,300.22GSSIF-ST 97,515,750.89SCAF 1,093,310,000.14 371,987,715.00SCAF-FM-S1 19,522,273.22 15,634,020.00

27

ANNUAL REPORT 2008



SCCEF 1,130,128,352.72 285,284,612.20 290,703,663.80SCEEF 3,441,367,116.41 1,256,041,698.40 1,395,827,318.70SCFMP-2 48,964,800.52SCIEF 478,785,435.30 63,895,560.00 170,065,192.40SCPEF 177,683,668.30SCTS - I 3,156,328.87 2,528,632.80 2,284,290.10GFMP-20 97,720,200.00SCTSF-ELSS 44,997,284.61 59,114,722.00 35,627,800.00

RELIANCE PETROLEUM LTD. GFRF-LT GFMPP-III 1,750,113.08SCLM SCAF 207,808,514.23 17,791,180.00SCLMP SCAF-FM-S1 39,750,433.88 12,558,480.00ALL GFSS & GFMP SCCEF 145,383,192.68 107,308,306.60

SCEEF 512,497,665.98 268,050,602.60SCIEF 71,736,040.50 70,379,815.00SCSMEF 79,824,709.50 75,132,200.00SCTS - I 679,771.62 539,827.20SCTSF-ELSS 25,295,201.10 28,036,806.60

RELIANCE POWER LTD. SCLMP SCEEF 71,001,000.00GFRF-LT

STERLITE INDUSTRIES LTD. GFRF-LT GCF 2,280,000,000.00SCLM GFMPP - 1 4,006,557.50 4,527,780.00SCLMP GFMPP - II 249,112.00GSSIF-MT GFMPP-III 1,528,587.28

GFRF - LT 1,450,000,000.00GFRF-ST 370,000,000.00SCAF 236,666,441.86 19,872,388.50 2,052,750.00SCCEF 259,907,236.97 135,099,803.50SCEEF 522,117,101.10 193,044,324.50SCIEF 44,374,753.00 24,086,382.00SCLM 1,890,000,000.00SCLM Plus 5,620,000,000.00SCTS - I 1,232,526.55 387,973.50 1,360,680.00SCTSF-ELSS 21,132,478.41 24,685,975.00

HINDUSTAN ZINC LTD. GFRF-LT SCAF 14,037,714.88GSSIF-ST SCIEF 40,215,086.00

GSSIF-MTALL GFSSALL GFMP

SYNDICATE BANK SCLMP SCAF 165,103,765.89 32,041,125.00GFRF-LT SCAF-FM-S1 22,195,512.08 16,803,790.00

STATE BANK OF MYSORE SCLMP GCF 338,347,300.00GCF GDBF 17,588,358.00

GFMP-22 21,663,810.00GFMP-6th Plan 5,817,636.00GFMPP - 1 98,951,800.00GFRF - LT 5,340,251,100.00 345,558,990.41GSSIF - MT 91,304,300.00GSSIF-IP 59,885,937.50GSSIF-ST 326,086,300.00SCAF 99,773,400.00SCCEF 49,069,200.00SCEEF 146,245,100.00SCFMP-YS1 5,860,440.00SCIEF 147,116,800.00SCLM 121,294,400.00SCLM Plus 4,232,349,693.00 491,808,145.12SCSMEF 787,268,050.00 49,256,630.00SCTSF-ELSS 49,335,500.00

STATE BANK OF SAURASHTRA SCLMP GCF 202,722,650.00GFMP-22 19,771,060.00

28

ANNUAL REPORT 2008



GFRF - LT 7,128,750,850.00 296,909,947.51GFRF-ST 48,376,800.00GSSIF-IP 19,720,800.00GSSIF-ST 327,120,090.00 327,188,659.29SCAF 249,506,500.00SCCEF 245,598,250.00SCFMP - QS5 1,462,728,000.00SCFMP-HYS2 2,866,839.00SCFMP-QS14 44,913,811.00SCFMP-QS28 19,825,460.00 19,829,615.71SCFMP-YS2 241,539,500.00SCLM 740,281,000.00SCLM Plus 7,399,863,400.00 545,262,185.28SCSMEF 247,620,500.00

TANLA SOLUTIONS LTD. GSSIF-MT GFMPP - II 47,700.00SCEEF 30,015,755.00

TELEVISION EIGHTEEN SCLM SCPEF 114,087,726.17INDIA LTD.TATA MOTORS LTD. SCLMP GCF 550,000,000.00

GFMPP - 1 334,378.50GFMPP - II 80,913.89GFMPP-III 1,927,121.67GFRF - LT 4,396,008,000.00SCAF 308,306,603.84SCCEF 177,836,708.54SCEEF 207,591,540.32 91,544,372.40SCIEF 58,044,790.14SCLM 300,000,000.00SCLM Plus 8,350,000,000.00SCTS - I 428,570.96 184,319.20SCTSF-ELSS 9,766,408.32

TISCO LTD. SCLMP GFMPP - 1 271,385.11 272,038.25GFMPP - II 69,330.89GFMPP-III 685,118.62 1,018,007.60SCAF 724,573,367.01 323,064,390.60 210,335,028.75SCAF-FM-S1 31,436,417.51 19,097,402.40SCCEF 177,935,828.73 82,790,321.85 77,564,625.00SCEEF 244,300,579.50 193,757,896.50 181,735,040.50SCTS - I 757,341.90 380,937.25 67,897.15

TATA CONSULTANCY SCLM GFMPP-III 948,223.05 4,718,242.40SERVICES LIMITED ALL GFSS SCAF 35,845,745.24

ALL GFMP SCCEF 39,981,449.10 53,055,550.00SCEEF 92,665,945.98 302,454,266.85 882,782,659.50GFMPP-1 1,259,760.85SCIEF 68,620,567.75SCTS - I 1,425,064.22 608,647.95 314,631.75

UCO BANK SCLMP GCF 338,212,700.00GFMP 16 14,385,795.00GFMP-22 14,385,795.00GFMP-6th Plan 68,836,310.00GFRF - LT 3,435,390,911.00GFRF-ST 197,896,800.00GSSIF - MT 621,295,500.00 91,206,965.65SCCEF 197,880,200.00SCEEF 218,785,340.00SCFMP-HYS1 59,410,800.00SCFMP-YS20 136,626,750.00 136,810,448.50SCFMP-YS5 180,771,200.00SCIEF 149,451,900.00SCLM 1,124,763,800.00SCLM Plus 3,954,613,850.00

29

ANNUAL REPORT 2008



SCPEF 178,099,360.00SCTSF-ELSS 39,607,200.00

TATA COMMUNICATION LTD. SCAF GFMPP - 1 3,126,380.04 119,483.10SCLM GFMPP - II 181,211.18GSSIF-MT GFMPP-III 695,775.65GSSIF-ST SCAF 12,252,217.18SCLMP SCEEF 152,118,634.64 55,749,970.75 83,752,020.90

SCIEF 60,580,750.20SCTS - I 1,001,090.83 112,336.05 29,770.20

WIPRO LTD. GSSIF-ST GFMPP - 1 6,244,711.96 6,432,540.60SCLMP GFMPP - II 426,704.06SCLM GFMPP-III 4,473,248.00 3,126,486.60

SCAF 25,468,629.33SCCEF 346,362,129.60SCEEF 701,396,818.94 240,800,255.90 586,200,294.60SCIEF 111,728,332.93 80,422,700.40SCTS - I 1,379,029.38 484,816.20 1,384,515.00

RANBAXY LABORATORIES SCLM GFMPP-1 136,889.10SCEEF 95,843,484.00GFMPP-3 512,366.40SCTS 34,134.30

5,655,915.60BHARTI AIRTEL GSSIF ST GFMPP-3 1,059,478,882.60

SCEEF 125,432,380.00SCCEF 1,510,230.30SCAF 377,366.60SCTS 133,596,179.30

GRASIM GSSIF ST GFMPP-3 742,979.50GFMPP-1 200,918.00SCEEF 139,711,539.50SCTS 782,744.60

RELIANCE COMMUNICATION GSSIF MT GFMPP1 897,358.80VENTURE LIMITED SCIEF 24,342,751.50

SCTS 224,339.70SCEEF 596,047,012.50SCCEF 134,491,018.80GFMPP3 3,360,044.70

RELIANCE ENERGY LIMTED GCF GFMPP-1 1,962,962.40SCTS 670,135.20SCIEF 49,054,292.00SCAF 7,610,680.00SCEEF 77,120,898.40GFMPP-3 403,761.40

RELIANCE CAPITAL LIMITED GCF 49,261,424.39GFMP-22 19,704,560.06GFMP6 29,556,836.18SCLMP 395,125,380.36GSSIFIP 29,556,829.38SCFMP-QS6 1,833,390,329.75ELSS 49,519,967.36SCAF 78,818,217.46GSSIFMT 19,704,494.78

MAHINDRA & MAHINDRA GSSIF-ST GSSIF-ST 98,484,700.00LIMITED FMP-6 49,402,360.00

GFMPP-1 199,002.00SCLM Plus 794,463,381.25GFMP-20 169,908,200.00SCCEF 163,393,908.80SCIEF 40,061,834.00SCTS 49,945.60

30

ANNUAL REPORT 2008



SCFMP-6 29,127,840.00GFMP 22 22,960,118.34SCEEF 139,092,252.80GFMP16 26,953,182.00GFMPP-3 745,282.00

ASSOCIATED CEMENT SCLM SCTS 36,027.25COMPANY LIMITED SCLM Plus GFMPP-1 143,373.75

SCEEF 100,479,265.00IL&FS SCLM SCFMP-YS5 45,355,244.00INFOSYS TECHNOLOGIES GCF GFMPP-1 5,991,353.20LIMITED SCCEF 183,582,086.95

SCIEF 100,672,094.15SCTS 1,291,936.00SCEEF 818,556,519.05GFMPP-3 4,370,377.25

IDFC SCLM Plus GCF 40,042,200.00GFRF LT 20,018,220.00SCLM Plus 860,794,980.00SCIEF 20,913,282.00GFMP-22 99,931,500.00SCAF 100,741,320.00

YES BANK LIMITED GCF GFMP-20 226,619,004.20GFMP-22 283,426,494.69SCLM Plus 22,961,401.92SCFMPQS4 250,000,000.00SCFMP-YS6 9,530,232.14SCFMPQS5 350,000,000.00SCFMP-QS6 228,728,187.86SCFMP-QS7 400,000,000.00

EXIM BANK GCF GFMPP-3 77,507,720.00GSSIF-IP 68,169,330.00GCF 67,613,704.80GDBF 7,838,610.00GFRF-ST 10,166,730.00SCLM 10,166,730.00SCLM Plus 1,829,767,575.10SCCEF 6,100,380.00SCEEF 10,166,730.00GFMP-16 345,515,650.78GFMP-22 33,271,461.06GFMP-6 9,666,040.00GFRF-LT 10,166,730.00SCPEF 10,166,730.00SCFMP-HYS1 10,166,730.00SCTS-ELSS 80,777,328.06SCIEF 10,166,730.00SCFMP-YS4 10,166,730.00SCFMPY1 9,666,040.00

* IDBI LTD. has invested in GFRF-LT & SCLMP during the concerned period. The Schemes which have invested in IDBI LTD. have been included in thereport. In case of GFMP-9 & SCFMP-6 (not included above) where market value of investments is Rs. 49,600,950/- &Rs. 98,774,300/- respectively whereas the same has been purchased prior to the date specified in Regulation 25 (11).

31

ANNUAL REPORT 2008A

nnex

ure

BPo

rtfo

lio h

oldi

ng (m

arke

t / f

air

valu

e)SC

FMP

- Q

S 8

SCFM

P -

QS

9SC

FMP

- Q

S 10

SCFM

P -

QS

11Ju

ly 9

, 20

07Ju

ly 1

8, 2

007

July

26,

200

7A

ugus

t 7,

200

7A

mou

nt (

Rs)

%A

mou

nt (

Rs)

%A

mou

nt (

Rs)

%A

mou

nt (

Rs)

%

Com

mer

cial

Pap

erN

on B

anki

ng F

inan

cial

Com

pani

es (

NBF

C)Re

lianc

e Ca

pita

l1,

199,

364,

712*

100.

00-

--

--

-Ra

bo I

ndia

Fin

ance

--

--

--

--

DSP

Mer

rill L

ynch

Cap

ital

--

--

--

--

Pow

erPo

wer

Fin

ance

Cor

pora

tion

Lim

ited

--

--

--

--

Tota

l1,

199,

364,

712

100.

00-

--

--

-

Cert

ific

ate

Of

Dep

osit

sBa

nks

and

Fina

ncia

l In

stit

utio

nsAB

N A

mro

Ban

k-

--

--

--

-Al

laha

bad

Bank

--

--

--

--

Cana

ra B

ank

--

--

--

--

ICIC

I Ba

nk L

imite

d12

4,57

0,15

1*10

0.00

9,97

7,46

910

0.00

2,76

5,00

0,00

0*10

0.00

2,31

3,10

2,07

0*86

.27

Kota

k M

ahin

dra

Bank

--

--

--

250,

000,

000*

9.32

Punj

ab N

atio

nal B

ank

--

--

--

--

Stat

e Ba

nk o

f In

dia

--

--

--

--

Stat

e Ba

nk o

f Pa

tiala

--

--

--

118,

069,

047

4.40

Tota

l12

4,57

0,15

110

0.00

9,97

7,46

910

0.00

2,76

5,00

0,00

010

0.00

2,68

1,17

1,11

710

0.00

Deb

entu

res

& B

onds

lis

ted

/ aw

aiti

nglis

ting

on

reco

gnis

ed s

tock

exc

hang

e9.

50%

Nab

ard

Bond

s-

--

--

--

-10

.89%

Sun

dara

m F

inan

ce L

imite

d-

-25

6,03

5,50

010

0.00

--

--

Tota

l-

-25

6,03

5,50

010

0.00

--

--

Reve

rse

Repo

s6.

96%

Oil

Bond

s3,

587,

904

100.

00-

--

--

-7.

95%

GO

I -

2032

--

--

--

5,79

1,95

310

0.00

5.48

% G

OI

- 20

09-

--

--

--

-7.

27%

GO

I -

2013

--

--

--

--

8.23

% G

OI

- 20

27-

--

--

--

-

Tota

l3,

587,

904

100.

00-

--

-5,

791,

953

100.

00

Colla

tera

lised

Bor

row

ing

and

Lend

ing

Obl

igat

ion

Mat

urity

Dat

e 08

/08/

2007

--

--

--

1,56

0,00

0,00

010

0.00

Mat

urity

Dat

e 22

/08/

2007

--

--

--

--

Mat

urity

Dat

e 19

/02/

2008

--

--

--

--

Tota

l-

--

--

-1,

560,

000,

000

100.

00

TOTA

L IN

VES

TMEN

TS1,

327,

522,

767

266,

012,

969

2,76

5,00

0,00

04,

246,

963,

070

Not

e1 :

* In

SCF

MP

- Q

S8 t

he a

ggre

gate

val

ue o

f no

n-tr

aded

/ th

inly

tra

ded

inve

stm

ents

whi

ch in

divi

dual

ly e

xcee

d 5%

of

the

NAV

as

at J

uly

09, 2

007

is R

s.1,

323,

934,

863

In S

CFM

P -

QS1

0 th

e ag

greg

ate

valu

e of

non

-tra

ded

/ thi

nly

trad

ed in

vest

men

ts w

hich

indi

vidu

ally

exc

eed

5% o

f th

e N

AV a

s at

Jul

y 18

, 200

7 is

Rs.

2,76

5,00

0,00

0

In S

CFM

P -

QS1

1 th

e ag

greg

ate

valu

e of

non

-tra

ded

/ thi

nly

trad

ed in

vest

men

ts w

hich

indi

vidu

ally

exc

eed

5% o

f th

e N

AV a

s at

Jul

y 26

, 200

7 is

Rs.

2,56

3,10

2,07

1

Not

e 2

: The

indu

stry

sec

tors

hav

e be

en id

entif

ied

base

d on

the

bes

t es

timat

es a

vaila

ble

with

the

man

agem

ent.

32

ANNUAL REPORT 2008A

nnex

ure

B (C

ontin

ued)

Port

folio

hol

ding

(mar

ket

/ fai

r va

lue)

SCFM

P -

QS

13SC

FMP

- Q

S 14

SCFM

P -

QS

15SC

FMP

- Q

S 19

Aug

ust

21,

2007

Sept

embe

r 25

, 20

07N

ovem

ber

26,

2007

Febr

uary

18,

200

8

Am

ount

(Rs

)%

Am

ount

(Rs

)%

Am

ount

(Rs

)%

Am

ount

(Rs

)%

Com

mer

cial

Pap

er

Non

Ban

king

Fin

anci

al C

ompa

nies

(N

BFC)

Relia

nce

Capi

tal

--

--

--

--

Rabo

Ind

ia F

inan

ce-

- -

--

-24

9,12

8,50

016

.63

DSP

Mer

rill L

ynch

Cap

ital

--

--

--

1,00

0,00

0,00

0 *

66.

76

Pow

er

Pow

er F

inan

ce C

orpo

ratio

n Li

mite

d-

--

--

-24

8,74

5,26

316

.61

Tota

l-

--

--

-1,

497,

873,

763

100.

00

Cert

ific

ate

Of

Dep

osit

s

Bank

s an

d Fi

nanc

ial

Inst

itut

ions

ABN

Am

ro B

ank

-63

,795

,404

4.08

--

--

Alla

haba

d Ba

nk-

--

--

-29

8,52

8,99

57.

68

Cana

ra B

ank

--

--

--

833,

989,

672*

21.

45

ICIC

I Ba

nk L

imite

d-

--

-73

8,00

0,00

0*10

0.00

1,53

3,41

7,46

8*

3

9.44

Kota

k M

ahin

dra

Bank

--

--

--

--

Punj

ab N

atio

nal B

ank

--1

,500

,000

,000

*`9

5.92

--

49,2

75,7

611.

27

Stat

e Ba

nk o

f In

dia

--

--

--

1,17

3,09

3,23

5*

3

0.17

Stat

e Ba

nk o

f Pa

tiala

--

--

--

--

Tota

l-

-1,

563,

795,

404

100.

0073

8,00

0,00

010

0.00

3,88

8,30

5,13

110

0.00

Deb

entu

res

& B

onds

lis

ted

/ aw

aiti

ng l

isti

ng

on r

ecog

nise

d st

ock

exch

ange

9.50

% N

abar

d Bo

nds

--

--

10,0

26,7

5010

0.00

--

10.8

9% S

unda

ram

Fin

ance

Lim

ited

200,

736,

000*

1

00.0

0-

--

--

-

Tota

l20

0,73

6,00

010

0.00

--

10,0

26,7

5010

0.00

--

Reve

rse

Repo

s

6.96

% O

il Bo

nds

--

--

--

- -

7.95

% G

OI

- 20

32-

--

-10

,186

,107

100.

00-

-

5.48

% G

OI

- 20

096,

314,

772

100.

00-

--

- -

-

7.27

% G

OI

- 20

13-

-10

,119

,160

100.

00-

--

-

8.23

% G

OI

- 20

27-

--

--

-27

,064

,447

100.

00

Tota

l6,

314,

772

100.

0010

,119

,160

100.

0010

,186

,107

100.

0027

,064

,447

100.

00

33

ANNUAL REPORT 2008A

nnex

ure

B (C

ontin

ued)

Port

folio

hol

ding

(mar

ket

/ fai

r va

lue)

SCFM

P -

QS

13SC

FMP

- Q

S 14

SCFM

P -

QS

15SC

FMP

- Q

S 19

Aug

ust

21,

2007

Sept

embe

r 25

, 20

07N

ovem

ber

26,

2007

Febr

uary

18,

200

8

Am

ount

(Rs

)%

Am

ount

(Rs

)%

Am

ount

(Rs

)%

Am

ount

(Rs

)%

Colla

tera

lised

Bor

row

ing

and

Lend

ing

Obl

igat

ion

Mat

urity

Dat

e 08

/08/

2007

--

--

--

--

Mat

urity

Dat

e 22

/08/

2007

1,61

0,00

0,00

010

0.00

--

--

--

Mat

urity

Dat

e 19

/02/

2008

--

--

--

1,00

0,00

0,00

010

0.00

Tota

l1,

610,

000,

000

100.

00-

--

-1,

000,

000,

000

100.

00

TOTA

L IN

VES

TMEN

TS1,

817,

050,

772

1,57

3,91

4,56

475

8,21

2,85

76,

413,

243,

341

Not

e1 :

* In

SCF

MP

- Q

S13

the

aggr

egat

e va

lue

of n

on-t

rade

d / t

hinl

y tr

aded

inve

stm

ents

whi

ch in

divi

dual

ly e

xcee

d 5%

of

the

NAV

as

at A

ugus

t 17

, 200

7 is

Rs.

200,

736,

000

In S

CFM

P -

QS1

4 th

e ag

greg

ate

valu

e of

non

-tra

ded

/ thi

nly

trad

ed in

vest

men

ts w

hich

indi

vidu

ally

exc

eed

5% o

f th

e N

AV a

s at

Sep

tem

ber

25, 2

007

is R

s.1,

500,

000,

000

In S

CFM

P -

QS1

5 th

e ag

greg

ate

valu

e of

non

-tra

ded

/ thi

nly

trad

ed in

vest

men

ts w

hich

indi

vidu

ally

exc

eed

5% o

f th

e N

AV a

s at

Nov

embe

r 26

, 200

7 is

Rs.

738,

000,

000

In S

CFM

P -

QS1

9 th

e ag

greg

ate

valu

e of

non

-tra

ded

/ thi

nly

trad

ed in

vest

men

ts w

hich

indi

vidu

ally

exc

eed

5% o

f th

e N

AV a

s at

Feb

ruar

y 18

, 200

8 is

Rs.

4,54

0,50

0,37

5

Not

e 2

: Th

e in

dust

ry s

ecto

rs h

ave

been

iden

tifie

d ba

sed

on t

he b

est

estim

ates

ava

ilabl

e w

ith t

he m

anag

emen

t.

34

ANNUAL REPORT 2008A

nnex

ure

CH

isto

rial

per

Uni

t (a

s at

yea

r en

d) S

tati

stic

sfo

r th

e pe

riod

(Cur

renc

y: I

ndia

n Ru

pees

)

SCFM

P -

QS

8SC

FMP

- Q

S 9

SCFM

P -

QS

10SC

FMP

- Q

S 11

Apr

il 4,

200

7A

pril

13,

2007

Apr

il 24

, 20

07 t

oM

ay 0

3, 2

007

toto

Jul

y 09

, 20

07to

Jul

y 18

, 20

07Ju

ly 2

6, 2

007

Aug

ust

07,

2007

AN

AV

Gro

wth

Opt

ion

- Pl

an A

10.

2399

10.2

585

10.2

583

10.2

618

Divi

dend

Opt

ion

- Pla

n A

10.2

399

10.2

585

10.2

584

10.2

618

BG

ross

Inc

ome

i.In

com

e ot

her

than

pro

fit o

n sa

le o

f in

vest

men

t 0

.241

50.

2636

0.26

380.

2603

ii.In

com

e fro

m p

rofit

on

inte

r sc

hem

e sa

les

/tr

ansf

er o

f in

vest

men

t (n

et)

-(0

.003

7)-

0.00

21iii

.In

com

e fro

m p

rofit

on

sale

of

inve

stm

ent

toth

ird p

arty

(net

) 0

.003

60.

0027

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35

ANNUAL REPORT 2008A

nnex

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cur

rent

yea

r .

36

ANNUAL REPORT 2008

Risk Factors: Mutual Funds and securities investments are subjectto market risks, reinvestment risk, changes in political, economicenvironment and government policy and there is no assurance orguarantee that the objectives of the Scheme/s will be achieved.The NAV of the Scheme/s can go up or down depending on factorsand forces affecting the Securities Market including fluctuation ininterest rates, trading volumes and reinvestment risk. Pastperformance of the Sponsor/AMC/Mutual Fund is not necessarilyindicative of the future performance of the Scheme/s. StandardChartered Fixed Maturity Plan – Quarterly Series (SCFMP-QS) isthe name of the scheme and does not in any manner indicateeither the quality of the Scheme, its future prospects or returns.The Sponsor or any of its associates is not responsible or liable forany loss resulting from the operation of the Schemes beyond thecorpus of the Trust of Rs. 30,000/- Investors in the scheme are notbeing offered any guaranteed or assured rate of returns.

Statutory Details: IDFC Mutual Fund has been set up as a trust byInfrastructure Development and Finance Company Limited (liabilityrestricted to corpus of Trust of Rs. 30,000) with IDFC AMC TrusteeCompany Private Limited (Company with limited liability) as thetrustee and IDFC Asset Management Company Private Limited(Company with limited liability) as the investment manager.

Terms of Issue & Load Structure: Standard Chartered FixedMaturity Plan - Quarterly Series 8 (SCFMP-QS8), StandardChartered Fixed Maturity Plan - Quarterly Series 9 (SCFMP-QS9),Standard Chartered Fixed Maturity Plan - Quarterly Series 10(SCFMP-QS10), Standard Chartered Fixed Maturity Plan - QuarterlySeries 11 (SCFMP-QS11), Standard Chartered Fixed Maturity Plan- Quarterly Series 13 (SCFMP-QS13), Standard Chartered FixedMaturity Plan - Quarterly Series 14 (SCFMP-QS14), StandardChartered Fixed Maturity Plan - Quarterly Series 15 (SCFMP-QS15)are Close Ended Income Schemes. The AMC will calculate andpublish the NAV on a weekly basis. The units issued under SCFMP-QS8 will be redeemed on July 9, 2007, SCFMP-QS9 on July 18,2007, SCFMP-QS10 on, July 26, 2007 SCFMP-QS11 on August 7,

2007, SCFMP-QS13 on August 20, 2007, SCFMP-QS14 onSeptember 18, 2007, SCFMP-QS15 on November 26, 2007. To giveliquidity to investors, repurchase facility is made available. There isno Entry load. The applicable exit load for units repurchased inSCFMP-QS8 is 2.00 % for repurchases made upto May 26, 2007and Nil on maturity, in SCFMP-QS9 is 2.00 % for repurchases madeupto June 4, 2007 and Nil on maturity, in SCFMP-QS10 is 2.00 %for repurchases made upto June 12, 2007 and Nil on maturity, inSCFMP-QS11 is 2.00% for repurchases made upto June 25, 2007and Nil on maturity, in SCFMP-QS13 is 2.00% for repurchases madeupto July 9, 2007 and Nil on maturity, in SCFMP-QS14 Nil forrepurchases made upto August 7, 2007 and Nil on maturity, inSCFMP-QS15 is 2.00% for repurchases made upto October 15,2007 and Nil on maturity.

Investment Objective: SCFMP-QS8, SCFMP-QS9, SCFMP-QS10,SCFMP-QS11, SCFMP-QS13, SCFMP-QS14, SCFMP-QS15: Theinvestment objective of the Scheme is to seek to generate incomeby investing in a portfolio of debt and money market instrumentsnormally in line with the duration of the scheme. However there isno assurance that the investment objective of the scheme will berealized.

Asset Allocation: SCFMP-QS8, SCFMP-QS9, SCFMP-QS10,SCFMP-QS11, SCFMP-QS13, SCFMP-QS14, SCFMP-QS15: willnormally invest upto 100% in debt and money market instrumentsin line with the duration of the Scheme, upto 25% of net assets ofscheme in investment in securities lending, upto 50% of net assetsof scheme in investment in Securitised Debt Assets of scheme.

This document is issued by IDFC Mutual Fund (IDFCMF). It is forinformation purposes only. It does not constitute any offer,recommendation or solicitation to any person to enter into anytransaction or adopt any hedging trading or investment strategy,nor does it constitute any prediction of likely future movements inrates or prices. You are advised to make your own independentjudgment with respect to any matter contained herein.

ANNUAL REPORT 2008 - IDFC Mutual Funds · PDF fileANNUAL REPORT 2008 THE TRUSTEE REPORT ... (IDFC), is a leading diversified financial institution ... IDFC Asset Management Company

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