TRUSTEE REPORT - IDFC Mutual Funds€¦ · Sponsor of the Mutual Fund, Infrastructure Development Finance Company Limited (IDFC), is a leading diversified financial institution providing

Annual Report - 2010 - 11

The Trustee Report Covers Following Schemes.

1) IDFC Fixed Maturity Plan - 9th Plan (IDFC-FMP-9th Plan)

2) IDFC Fixed Maturity Plan - Nineteen Months Series 1 (IDFC-FMP-NMS1)

3) IDFC Fixed Maturity Plan - Thirteen Months Series 1 (IDFC-FMP-TMS1)

4) IDFC Fixed Maturity Plan - Fifteen Months Series 3 (IDFC-FMP-FMS3)

5) IDFC Fixed Maturity Plan - Half Yearly Series 9 (IDFC-FMP-HYS9)

6) IDFC Fixed Maturity Plan - Bi-Monthly Series 1 (IDFC-FMP-BMS1)

7) IDFC Fixed Maturity Plan - Bi-Monthly Series 2 (IDFC-FMP-BMS2)

TRUSTEE REPORT

Report of the Board of Directors of the IDFC AMC Trustee Company Limited to the Unit-holders of

IDFC Mutual Fund

Dear Unit-holder,

The Directors of IDFC AMC Trustee Company Limited hereby present the Eleventh Annual Report

of IDFC Mutual Fund for the year ended March 31, 2011.

IDFC MUTUAL FUND

IDFC Mutual Fund (the Mutual Fund or the Fund) previously known as Standard Chartered

Mutual Fund (SCMF) (which was earlier known as ANZ Grindlays Mutual Fund) had been

constituted as a Trust in accordance with the provisions of the Indian Trusts Act, 1882 (2 of

1882) vide a Trust Deed dated December 29, 1999. The office of the Sub-Registrar of

Assurances at Mumbai had registered the Trust Deed establishing the Fund under the

Registration Act, 1908. The Fund was registered with SEBI vide registration number

MF/042/00/3 dated March 13, 2000. A deed of amendment to the Trust Deed has been executed

and registered to recognize the change in sponsor of the Mutual Fund. The deed of variation to the

Trust Deed, dated May 30, 2008, made IDFC the sponsor of the Mutual Fund and IDFC AMC

Trustee Company Limited, the Trustee. The Trustee has entered into an Investment Management

Agreement dated April 10, 2010 with IDFC Asset Management Co. Ltd. (the AMC) to function as

the Investment Manager for all the Schemes of IDFC Mutual Fund, registered with SEBI on

March 13, 2000.

IDFC acquired 100% equity shares of the Asset Management Company and the Trustee Company

from Standard Chartered Bank, the erstwhile sponsor of the Mutual Fund, on May 30, 2008 and

further contributed an amount of Rs. 10, 000/- to the corpus of the Fund (the total contribution of the

sponsors till date including this contribution, stands at Rs. 30,000). The Trust has been formed for

the purpose of pooling of capital from the public for collective investment in securities / any other

property for the purpose of providing facilities for participation by persons as beneficiaries in such

properties/ investments and in the profits / income arising there from.

The Trustee is the exclusive owner of the Trust Fund and holds the same in trust for the benefit of

the unitholders. The trustees been discharging its duties and carrying out the responsibilities as

provided in the regulations and the trust deed. The trust seeks to ensure that the fund and the

schemes floated there under are managed by the AMC in accordance with the trust deed and the

regulations, directions and guidelines issued by the SEBI, the stock exchanges, the association

of the Mutual Funds in India.

The Schemes launched (and existing) by the Mutual Fund comprised of Twenty Three Open

Ended schemes and Thirty Nine Close-Ended schemes as on March 31, 2011.

The following are the Open-Ended schemes (Debt & Equity) as on March 31, 2011:

1) IDFC Super Saver Income Fund (IDFC-SSIF) with Investment Plan, Short-Term Plan and

Medium Term Plan

2) IDFC Cash Fund (IDFC-CF)

3) IDFC Government Securities Fund (IDFC-GSF) with Investment Plan, Short Term Plan and

Provident Fund Plan

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

5) IDFC Money Manager Fund (IDFC-MMF) with Investment Plan and Treasury Plan

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

7) IDFC Ultra Short Term Fund (IDFC-USTF)

8) IDFC Liquid Fund (IDFC-LF)

9) IDFC Classic Equity Fund (IDFC-CEF)

10) IDFC Premier Equity Fund (IDFC-PEF)

11) IDFC Imperial Equity Fund (IDFC-IEF)

12) IDFC Arbitrage Fund (IDFC-AF)

13) IDFC Arbitrage Plus Fund (IDFC-APF)

14) IDFC Strategic Sector (50-50) Equity Fund (IDFC SS(50-50)EF)

15) IDFC Tax Advantage (ELSS) Fund (IDFC TA (ELSS) F)

16) IDFC Tax Saver (ELSS) Fund (IDFC TS (ELSS) F)

17) IDFC India GDP Growth Fund (IDFC-GDP)

18) IDFC Asset Allocation Fund of Fund with Aggressive Plan (IDFC-AAF-AP), Conservative

Plan(IDFC-AAF-CP) and Moderate Plan (IDFC-AAF-MP)

19) IDFC Monthly Income Plan Fund of Fund (IDFC-MIP)

20) IDFC Equity Fund (IDFC-EF)

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

22) IDFC Nifty Fund (IDFC NF)

23) IDFC Infrastructure Fund (IDFC IF)

The following are the Close Ended schemes (Debt & Equity) (as on March 31, 2011):

1) IDFC Fixed Maturity Plan Monthly Series 25





6) IDFC-Fixed Maturity Plan - Bi-Monthly Series 1

7) IDFC-Fixed Maturity Plan - Bi-Monthly Series 2

8) IDFC Fixed Maturity Plan - Quarterly Series 58






14) IDFC Fixed Maturity Plan - Half Yearly Series 12

15) IDFC Fixed Maturity Plan - Half Yearly Series 13

16) IDFC- Fixed Maturity Plan 100 Days Series 1



19) IDFC Fixed Maturity Plan - Yearly Series 32











30) IDFC- Fixed Maturity Plan -Sixteen Month Series 3

31) IDFC- Fixed Maturity Plan - Seventeen Month Series 3

32) IDFC Fixed Maturity Plan - Eighteen Months Series 7

33) IDFC Fixed Maturity Plan - 36 Months Series 2

34) IDFC Fixed Maturity Plan - 60 Months Series 2

35) IDFC Saving Scheme Series I

36) IDFC Saving Scheme Series II

37) IDFC Capital Protection Oriented Fund - Series II

38) IDFC Capital Protection Oriented Fund - Series III

39) IDFC Hybrid Portfolio Fund Series I

The total Funds under Management (FuM) under all its schemes as on March 31, 2011

aggregated to Rs. 20481.10 crores. 2010-2011 was the Eleventh year of operation of IDFCMF.

TRUSTEE REPORT

1


THE SPONSOR

Sponsor of the Mutual Fund, Infrastructure Development Finance Company Limited (IDFC), is a

leading diversified financial institution providing a wide range of financing products and fee-

based services with infrastructure as its focus area. IDFCs key businesses include project

finance, investment banking, asset management, principal investments and advisory services.

IDFC also works closely with government entities and regulators in India to advise and assist in

formulating policy and regulatory frameworks that support private investment and public-private

partnerships in infrastructure development. By execution of the deed of amendment to the Trust

Deed of the Mutual Fund, IDFC was inducted as the New Settler of the Trust (Mutual Fund).

IDFC was established in 1997 as a private sector enterprise by a consortium of public and private

investors and operates as a professionally managed commercial entity. IDFC listed its equity

shares in India pursuant to an initial public offering in August 2005 As on March 31, 2011, IDFCs

shareholders included the Government of India 17.89%, FII/FDI 51.10% and public / others

31.01%. As on March 31, 2011, IDFC had an asset base of over USD 10.62billion, net worth of

USD 2.48billion and market capitalization of Rs 5.07billion (calculate at USD = Rs. 44.5875.)

IDFC AMC TRUSTEE COMPANY LIMITED

ANZ Trustee Company Private Limited, a company registered under the Companies Act, 1956,

was established by Australia and New Zealand Banking Group (ANZ) and had been appointed as

the Trustee of ANZ Grindlays Mutual Fund vide Trust Deed dated December 29, 1999, as

amended from time to time. ANZ sold the mutual fund business to Standard Chartered Bank

(SCB) in 2001, pursuant to which SCB held 100% stake in the equity share capital of the Trustee

Company. SCB agreed to sell the business to Infrastructure Development Finance Company

Limited (IDFC) in 2008. Pursuant to the transaction, IDFC holds 100% of the shares of the Trustee

Company (with effect from May 30, 2008). The company has now been renamed as IDFC AMC

Trustee Company Limited. It shall through its Board of Directors discharge its obligation as

Trustee of IDFC Mutual Fund. The Trustee holds the Trust funds in trust for the benefit of the

unitholders. The Trustees seek to ensure that the Fund and the Schemes floated thereunder are

managed by the AMC in accordance with the requirements specified by the Trust Deed, the SEBI

(Mutual Funds) Regulations, 1996 as amended from time to time, directions & guidelines issued

by SEBI, the Investment Management Agreement, the Stock Exchange requirements (where

applicable), the Association of Mutual Funds in India (AMFI) and other regulatory authorities.

The Directors of IDFC AMC Trustee Company Limited as on July 15, 2011:

Mr. Sunil Kakar (Appointed with effect from June 20, 2011)

Mr. Dattatraya M. Sukthankar

Mr. Jamsheed G. Kanga

Mr. U. Sundararajan

IDFC ASSET MANAGEMENT COMPANY LIMITED

IDFC Asset Management Company Limited, a company incorporated under the Companies Act, 1956 on May 27, 2008, having its Registered Office at One Indiabulls Centre, 841, Jupiter Mills Compound, Senapati Bapat Marg, Elphinstone Road (West), Mumbai 400 013. (formerly at 90, M G Road, Fort, Mumbai 400 001) is the Asset Management Company of IDFC Mutual Fund. It was appointed as the investment manager of the Mutual Fund vide a deed of variation to the Investment Management Agreement, dated May 30, 2008. The Deed of variation to the IMA was entered into between IDFC Asset Management Company Limited and IDFC AMC Trustee Company Limited.

The Company originally known as ANZ Grindlays Asset Management Company Private Limited, was established by Australia and New Zealand Banking Group (ANZ), and had been appointed by the Trustee to act as the Investment Manager of the ANZ Grindlays Mutual Fund vide the Investment Management Agreement dated January 3, 2000. Consequent to sale of business by ANZ to Standard Chartered Bank (SCB) in 2001, 75% stake in the equity share capital of the AMC and 100% stake in the Preference Share Capital of the AMC had been transferred to SCB. IDFC acquired the equity and preference shares held by SCB in the Asset Management Company Private Limited (AMC) on May 30, 2008. IDFC also acquired the equity shares held by minority shareholders in the AMC.

The Directors of IDFC Asset Management Company Limited as on July 15, 2011:

Dr. Rajiv Lall

Mr. Pradip Madhavji

Mrs. Bakul Patel

Mr . Vikram Limaye (Appointed with effect from April 27, 2011)

Fund Review and Future Outlook

The year was a momentous year for the Mutual Fund, as it managed to achieve a unique double and earned recognition from reputed and independent agencies in debt as well as equity.

IDFC Premier Equity Fund ranked as a Seven Star Fund by ICRA for its 3 year performance for the year ending December 31, 2010. The fund has received this award for the last 3 consecutive years.

IDFC Imperial Equity Plan A won a Runner up position for Equity: Large-Cap category in the NDTV Profit Mutual fund Awards 2010.

IDFC Super Saver Income Fund * Medium Term Plan A won a Runner up position for Debt: Income category in the NDTV Profit Mutual fund Awards 2010.

IDFC Premier Equity Fund was awarded as Best Equity Fund - 2010 - Front Runner Scheme in the Wealth Forum AMC Awards 2010.

IDFC Super Saver Income Fund - Medium Term won CNBC-TV18-CRISIL Mutual Fund Awards Winners 2011 under the Income Funds - Short Term category.

IDFC Fixed Maturity Plan - 9th Plan The investment objective of the Scheme is to seek to generate income by investing in a portfolio of debt and money market instruments. There is no assurance or guarantee that the objectives of the scheme will be realized.

February 07, 2005February 28, 2005

13.6573 & 21.41 crores

IDFC Fixed Maturity Plan - Nineteen Months Series 1 (IDFC-FMP-NMS1)

The investment objective of the Scheme is to seek to generate income by investing in a portfolio of debt and money market instruments. There is no assurance or guarantee that the objectives of the scheme will be realized.

September 30, 2008 & October 14, 2008

11.8183 & 21.63 crores

IDFC Fixed Maturity Plan - Thirteen Months Series 1 (IDFC-FMP-TMS1)


March 19, 2009 & March 27, 2009

Plan A: 10.7891Plan B: 10.8062& 229.75 crores

IDFC Fixed Maturity Plan - Fifteen Months Series 3 (IDFC-FMP-FMS3)


August 25, 2009 & September 07, 2009

10.5717& 1.430 crores

IDFC Fixed Maturity Plan - Half Yearly Series 9 (IDFC-FMP-HYS9)


February 17, 2010 & February 25, 2010

10.3124 & 587.67 crores

IDFC Fixed Maturity Plan - Bi-Monthly Series 1 (IDFC-FMP-BMS1)


November 01, 2010 & November 09, 2010

10.1387 & 2.266 crores

IDFC Fixed Maturity Plan - Bi-Monthly Series 2 (IDFC-FMP-BMS2)


November 03, 2010& November 11, 2010

10.1331& 24.90crores

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

DETAILS OF THE SCHEME(s) AS ON DATE OF MATURITY

TRUSTEE REPORT (Contd.)

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PERFORMANCE OF THE SCHEMES AS ON DATE OF MATURITY

IDFC Fixed Maturity Plan - 9th Plan

CAGR Returns Scheme Returns (%) Benchmark Returns (%)

Since Allotment (February 25, 2008) 6.29% 5.57%

* Benchmark - Crisil Composite Bond Fund Index (CCBFI)Past performance may or may not be substantiated in future.Date of Maturity: April 07, 2010

IDFC Fixed Maturity Plan - Nineteen Months Series 1 (IDFC-FMP-NMS1)


Since Allotment (October 14, 2008) 11.31% 8.98%

* Benchmark - Crisil Composite Bond Fund Index (CCBFI)Past performance may or may not be substantiated in future.Date of Maturity: May 06, 2010

IDFC Fixed Maturity Plan - Thirteen Months Series 1 (IDFC-FMP-TMS1)


Since Allotment (March 27, 2009) 7.37% 5.36%

* Benchmark Crisil Composite Bond Fund Index (CCBFI)Past performance may or may not be substantiated in future.Date of Maturity: April 21, 2010

IDFC Fixed Maturity Plan - Fifteen Months Series 3 (IDFC-FMP-FMS3)


Since Allotment (September 28, 2009) 4.56% 5.19%

* Benchmark - Crisil Liquid Fund Index (CLFI)Past performance may or may not be substantiated in future.Date of Maturity: December 27, 2010

IDFC Fixed Maturity Plan - Half Yearly Series 9 (IDFC-FMP-HYS9)


Since Allotment (February 25, 2010) 3.12% 2.61%

* Benchmark - Crisil Composite Bond Fund Index (CCBFI)Past performance may or may not be substantiated in future.Date of Maturity: August 23, 2010

IDFC Fixed Maturity Plan Bi-Monthly Series 1 (IDFC-FMP-BMS1)


Since Allotment (November 09, 2010) 1.39% 0.49%

* Benchmark Crisil Composite Bond Fund Index (CCBFI)Past performance may or may not be substantiated in future.Date of Maturity: January 08, 2011

IDFC Fixed Maturity Plan Bi-Monthly Series 2 (IDFC-FMP-BMS2)


Since Allotment (November 11, 2010) 1.33% 0.55%

* Benchmark - Crisil Composite Bond Fund Index (CCBFI)Past performance may or may not be substantiated in future.Date of Maturity: January 10, 2011


INVESTOR SERVICES

The convenience of transaction has been enhanced by introducing the following facilities through our website www.idfcmf.com:

a. View & Print Account Statement Online.

b. Purchase, Redeem & Switch online using PIN.

c. Make Additional Purchase without PIN, by just mentioning the PAN No.

d. Option to invest online with Debit Card.

As a part of Go Green Initiative, the following measures have been introduced:

a. Account Statements by E-mail to the investors who have given their email ids.

b. Regular Communications are being sent through Email.

c. Transaction Confirmations are sent through SMS.

d. SIP Maturity & Rejections are intimated to investors through SMS.

Introduced the option of making purchases over phone.

SIGNIFICANT ACCOUNTING POLICIES

Accounting Policies are in accordance with SEBI (Mutual Fund) Regulations, 1996. For further details please refer to the detailed financials released by the Mutual Fund.

UNCLAIMED DIVIDEND & REDEMPTIONS

The distribution of Dividend is made out of Net Surplus subject to availability of distributable profits, as computed in accordance with SEBI Regulations. The AMC reserves the right to change the periodicity for declaration of dividend.

Unclaimed Dividend & Redemptions:

There are no unclaimed dividend and redemptions for the schemes mentioned in the said Annual Trustee Report.

STATUTORY DETAILS

The price and redemption value of units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments.

The Sponsors are not responsible or liable for any loss resulting from the operations of the scheme of the fund beyond their total contribution of Rs. 30,000 for setting up the fund and such other accretions / additions to the same. The sponsor shall be responsible to safeguard the interests of the unit holders and ensure that the AMC functions in the interest of the investors and in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the provisions of the Trust Deed and the Scheme Information Document of the scheme

On written request and on payment of requisite fee present and prospective unit holders/investors can obtain copy of the trust deed, the annual report of the scheme and the asset management company and the text of the relevant scheme. Full Annual Report is also disclosed on the website (www.idfcmf.com) and is available for inspection at the Head Office of the Mutual Fund.

9-12 months

6-9 months

3-6 months

0-3 months

Pending (as on 31st March 2011)

NonActionable*Beyond

180 days60-180

daysWithin

30 days30-60 days

Resolved(b) No of complaints

received during the year

(FY 2010-2011)

(a) No. of complaints pending At the

beginning of the year Action on (a) and (b) (31st March 2010)

Type of complaintComplaint Code

IB Non receipt of dividend on units 8 414 395 10 2 0 0 5 2 0 0

IY Interest on delayed payment of dividend 0 4 4 0 0 0 0 0 0 0 0

IE Non receipt of redemption proceeds 32 878 854 17 3 0 0 3 1 0 0

IX Interest on delayed payment of redemption 0 0 0 0 0 0 0 0 0 0 0

IC&IN Non receipt of statement of account /units certificate 0 406 406 0 0 0 0 0 0 0 0

2B Discrepancy in statement of account 10 377 369 4 4

2C Non receipt of annual report/abridged summary 0 0 0 0 0 0 0 0 0 0 0

3A Wrong switch between schemes 0 0 0 0 0 0 0 0 0 0 0

3B Unauthorized switch between schemes 0 0 0 0 0 0 0 0 0 0 0

3C Deviation from scheme attributes 0 0 0 0 0 0 0 0 0 0 0

3D Wrong or excess charges /load 0 0 0 0 0 0 0 0 0 0 0

3E Non updation of changes namely address.pan, bank details, nomination etc 0 28 28 0 0 0 0 0 0 0 0

IG, IO & IZ Others 62 2999 2823 82 9 0 0 85 0 0 0

DE Data entry errors 0 290 290 0 0 0 0 0 0 0 0

Redressal of Complaints received against Mutual Funds (MFs) during 2010-11:

Name of Mutual Fund : IDFC Mutual Fund

Total number of folios : 181833

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VOTING POLICY

BACKGROUND OF THE POLICY

IDFC Asset Management Company Ltd (AMC) is the asset management company for IDFC

Mutual Fund. The AMC while managing the schemes would be obligated to act in the best

interests of the investors and would participate in meetings and exercise voting rights as

shareholders in the companies wherein the scheme has invested.

This Policy lays down the broad guidelines to be adopted while considering matters in which the

AMC deems necessary to participate as shareholders in companies. The AMC believes that

while due diligence is exercised in the process of investment decision making; it would be the

responsibility of the AMC to review performance on continual basis including matters proposed

by the management for shareholders approval. The custodian shall inform the AMC upon receipt

of notice from the company seeking shareholders approval, AMC shall review the impact of such

matters placed for shareholders consideration and take decision on exercising its rights. In

general, the AMC does not have the intention to participate directly or indirectly in the

management of the companies but it will use its influence as a shareholder amongst others by

exercising its voting rights in accordance with the best interests of its funds unit holders.

PROXY VOTING GUIDELINES

With respect to investments in group companies of the AMC, the AMC shall endevour to abstain

from voting for / against unless the resolution or the matter is detrimental to the interest of the

investors. The AMC shall abstain from voting in any resolutions of any other companies unless

the committee believes the resolution is not in the interest of investors.

On receipt of notice from the investee company the Custodian shall inform the AMC, the

resolutions for voting shall be discussed at the Investment committee meeting.

With respect decision making the Investment Committee of the AMC shall review all proposals,

even those that may be considered to be routine matters. Such proposals shall be considered

based on the relevant facts and circumstances. Investment Manager may deviate from the

general policies and procedures when it determines that the particular facts and circumstances

warrant such deviation to protect the interests of the Clients. These guidelines cannot provide an

exhaustive list of all the issues that may arise nor can Investment Manager anticipate all future

situations.

PROCESSES TO BE ADOPTED FOR PARTICIPATING IN GENERAL MEETING

Delegation of powers to vote: The Chief Executive Officer/ Chief Investment Officer / Head - Legal

& Compliance of IDFC Asset Management Co. Ltd. will represent IDFC Mutual Fund as proxy

voter or shall delegate authority to the Custodian of the fund to vote on behalf of IDFC Mutual

Fund.

Record keeping: The AMC shall maintain records of all notices received through the Custodian on

matters placed for vote and decision (abstain/vote for or against) taken by the Investment

Committee.

The voting policy followed by IDFC MF is available on www.idfcmf.com. The cases where IDFC

MF had participated/voted for /against any resolutions of the companies in which IDFC MF has

any investment is listed hereunder:


Company Name : TILAKNAGAR INDUSTRIES LIMITED

No. of Shares Held : 835716

Management Proposals

Meeting Type of Proposal Management Vote (For/ Date Meeting Recommendation Against/Abstain)

20-09-10 AGM To receive, consider and adopt the audited accounts for the year. Passed by show of hand For

To declare dividend on 12% Compulsory Convertible Cumulative Preference Shares of the Company on pro-rata basis. Passed by show of hand For

To declare final dividend Passed by show of hand For

To appoint a Director in place of Mr. V. B. Haribhakti, however he offers himself for reappointment. Passed by show of hand For

To appoint a Director in place of Dr. Vishnu Kanhere, however he offers himself for reappointment. Passed by show of hand For

To re-appoint M/s. Batliboi & Purohit as Auditors of the Company and fix their remuneration. Passed by show of hand For

Issue of Securities or a combination thereof for organic and inorganic growth of the Company. Passed by show of hand For

Re-classification of the Authorized Share Capital. Passed by show of hand For

Increase in th Authorized Share Capital. Passed by show of hand For

Amendment to the Articles of Association. Passed by show of hand For

Authorisation of ESOP's. Passed by show of hand For

Revision in the remuneration payable to Mr. Amit Dahanukar, chairman & Managing Director. Passed by show of hand For

Revision in remuneration payable to Mrs. Shivani Amit Dahanukar, executive Director. Passed by show of hand For

Increase in Borrowing powers. Passed by show of hand For

Issue of Bonus Share. Passed by show of hand For

Increase of FII limits. Passed by show of hand For

Increase in Convertible Warrants. Passed by show of hand Against

Shareholder Proposals

NIL

ACKNOWLEDGEMENT

The Board of Directors of IDFC AMC Trustee Company wish to place on record their gratitude to the unitholders for their continued support and to the Securities and Exchange Board of India, the Reserve

Bank of India, the Registrars, Bankers, the Custodians, Infrastructure Development Finance Company Limited (IDFC), the present Sponsor of IDFCMF, Standard Chartered Bank, the erstwhile sponsor of

the Mutual Fund, various service providers and business partners and the employees of the AMC for the support provided by them during the year.

For IDFC AMC Trustee Company Limited

(The Trustee of IDFC Mutual Fund)

Chairman

Place: Mumbai

Date: July 15, 2011

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AUDITORS REPORT

We have audited the attached Balance Sheet of IDFC MUTUAL FUND IDFC FIXED MATURITY 9TH PLAN (the Fund) as at April 7,2010 and the Revenue Account of the Fund for the period from April 1, 2010 to April 7, 2010, annexed thereto, and report thereon as follows:

a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. These financial statements are the responsibility of the Managements of the Trustee and the Asset Management companies.

b) Our audit was conducted in accordance with the generally accepted auditing standards in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and the disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Fund.

e) Non - traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable.

f) Without qualifying our report, we draw attention to Note No.10.4 of Schedule 10 regarding non-inclusion in the accounts of bank accounts and liability of brokerage for the reason indicated therein.

g) Without qualifying our opinion, we draw attention to Note No.10.15 of Schedule 10 wherein the Management of IDFC Asset Management Company Limited has explained its rationale regarding certain Accounting Standards issued by the Institute of Chartered Accounts of India as not being applicable to mutual funds.

h) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs of the Fund as at April 7, 2010 and

(ii) in the case of the Revenue Account, of the surplus of the Fund for the period from April 1, 2010 to April 7, 2010.

For DELOITTE HASKINS & SELLSChartered Accountants

(Registration No. 117365W)

Z. F. Billimoria(Partner)

(Membership No. 42791)

MUMBAI, 21st July, 2011ZFB/PG

To The Board of Directors of IDFC AMC Trustee Company Limited

We have audited the attached Balance Sheet of IDFC MUTUAL FUND IDFC FIXED MATURITY PLAN NINETEEN MONTHS SERIES - 1 (the Fund) as at May 6, 2010 and the Revenue Account of the Fund for the period from April 1, 2010 to May 6, 2010, annexed thereto, and report thereon as follows:







g) Without qualifying our opinion, we draw attention to Note No. 10.16 of Schedule 10 wherein the Management of IDFC Asset Management Company Limited has explained its rationale regarding certain Accounting Standards issued by the Institute of Chartered Accounts of India as not being applicable to mutual funds.


(i) in the case of the Balance Sheet, of the state of affairs of the Fund as at May 6, 2010 and

(ii) in the case of the Revenue Account, of the surplus of the Fund for the period from April 1, 2010 to May 6, 2010.






1


AUDITORS REPORT

We have audited the attached Balance Sheet of IDFC MUTUAL FUND IDFC FIXED MATURITY PLAN THIRTEEN MONTHS SERIES - 1 (the Fund) as at April 21, 2010 and the Revenue Account of the Fund for the period from April 1, 2010 to April 21, 2010, annexed thereto, and report thereon as follows:









i) in the case of the Balance Sheet, of the state of affairs of the Fund as at April 21, 2010 and

(ii) in the case of the Revenue Account, of the surplus of the Fund for the period from April 1, 2010 to April 21, 2010.







We have audited the attached Balance Sheet of IDFC MUTUAL FUND IDFC FIXED MATURITY PLAN FIFTEEN MONTHS SERIES - 3 (the Fund) as at December 27, 2010 and the Revenue Account of the Fund for the period from April 1, 2010 to December 27, 2010, annexed thereto, and report thereon as follows:









(i) in the case of the Balance Sheet, of the state of affairs of the Fund as at December 27, 2010 and

(ii) in the case of the Revenue Account, of the surplus of the Fund for the period from April 1, 2010 to December 27, 2010






1


AUDITORS REPORT

We have audited the attached Balance Sheet of IDFC MUTUAL FUND - IDFC FIXED MATURITY PLAN - HALF YEARLY SERIES - 9 (the Fund) as at August 23, 2010 and the Revenue Account of the Fund for the period from April 1, 2010 to August 23, 2010, annexed thereto, and report thereon as follows:









(i) in the case of the Balance Sheet, of the state of affairs of the Fund as at August 23, 2010 and

(ii) in the case of the Revenue Account, of the surplus of the Fund for the period from April 1, 2010 to August 23, 2010







We have audited the attached Balance Sheet of IDFC MUTUAL FUND - IDFC - FIXED MATURITY PLAN BI-MONTHLY SERIES - 1 (the Fund) as at January 8, 2011 and the Revenue Account of the Fund for the period from November 9, 2010 to January 8, 2011, annexed thereto, and report thereon as follows:









(i) in the case of the Balance Sheet, of the state of affairs of the Fund as at January 8, 2011 and

(ii) in the case of the Revenue Account, of the surplus of the Fund for the period from November 9, 2010 to January 8, 2011.






1


AUDITORS REPORT

We have audited the attached Balance Sheet of IDFC MUTUAL FUND - IDFC FIXED MATURITY PLAN - BI-MONTHLY SERIES - 2 (the Fund) as at January 10, 2011 and the Revenue Account of the Fund for the period from November 11, 2010 to January 10, 2011, annexed thereto, and report thereon as follows:





e) Without qualifying our report, we draw attention to Note No. 9.5 of Schedule 9 regarding non-inclusion in the accounts of bank accounts and liability of brokerage for the reason indicated therein.

f) Without qualifying our opinion, we draw attention to Note No. 9.15 of Schedule 9 wherein the Management of IDFC Asset Management Company Limited has explained its rationale regarding certain Accounting Standards issued by the Institute of Chartered Accounts of India as not being applicable to mutual funds.

g) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs of the Fund as at January 10, 2011 and

(ii) in the case of the Revenue Account, of the surplus of the Fund for the period from November 11, 2010 to January 10, 2011.







1


IDFC FIXED MATURITY - 9TH PLAN

(Currency: Indian Rupees)

April 7, 2010 March 31, 2010

Schedule

LIABILITIES

Unit capital 3 160,412,116 160,412,116

Reserves and surplus 4 53,771,533 55,611,348

Current liabilities and provisions 5 2,242,900 1,709,463

216,426,549 217,732,927

ASSETS

Investments 6 212,032,796 212,837,056

Current assets 7 4,393,753 4,895,871

216,426,549 217,732,927

- -

Net Asset Value per unit

Growth Option Plan -A 13.6573 13.2669

Dividend Option Plan -A 10.0000 11.1819

Significant accounting policies 2

Notes to financial statements 10

The schedules referred to above form an integral part of the Balance Sheet.

In terms of our report attached.

For Deloitte Haskins & Sells For IDFC Asset Management For IDFC AMC Trustee

Chartered Accountants Company Limited Company Limited

Z. F. Billimoria Naval Bir Kumar Director

Partner President & CEO

Director Director

Kenneth Andrade

Head - Investments

Mumbai, 21st July, 2011 Anupam Joshi

Fund Manager

Balance Sheet as at April 7, 2010

1



for the period from April 1, 2010 to April 7, 2010

(Currency: Indian Rupees)April 1, 2010 to April 1, 2009 to

April 7, 2010 March 31, 2010

Schedule

INCOME AND GAINS

Interest and discount 8 204,888 14,751,790

Profit on inter-scheme transfer/sale of investments - 489,271

Provision for diminution in value of investments written back - 10,477,440

Load collected credited back to the Scheme 5,981,602 16,643

6,186,490 25,735,144

EXPENSES AND LOSSES

Loss on sale/redemption of investments (other

than inter-scheme transfer/sale of investments)

- 12,744,490

Loss on inter-scheme transfer/sale of investments - 68,265

Investment management and advisory fees 18,210 920,861

Service tax on investment management and advisory fees 1,876 94,849

Registrar fees 1,532 66,180

Custodian fees 624 32,888

Audit fees (net of audit fees of Rs 11,030 borne by AMC) - 55,150

Other operating expenses 9 16 1,468

22,258 13,984,151

Surplus for the period/year 6,164,232 11,750,993

Distributable Surplus 6,164,232 11,750,993

Income distributed ( including distribution tax) (2,022,445) -

Retained Surplus, beginning of the period/year 62,987,480 51,236,487

Retained Surplus, end of the period/year 67,129,267 62,987,480



The schedules referred to above form an integral part of the Revenue Account.






Director Director

Kenneth Andrade

Head - Investments


Fund Manager

Revenue Account

1





3 Unit capital (Units) Amount (Rs.) (Units) Amount (Rs.)Units of Rs. 10 each fully paid

Growth Option Plan -A

Units issued, initial offer 14,969,222.417 149,692,224 14,969,222.417 149,692,224

Units outstanding, beginning of the period/year 14,702,641.635 147,026,416 14,969,222.417 149,692,224

Less : Units repurchased during the period/year - - 266,580.782 2,665,808

Units outstanding, end of the period/ year 14,702,641.635 147,026,416 14,702,641.635 147,026,416

Dividend Option Plan -A



Less : Units repurchased during the period/year - - 29,194.027 291,940


Total



Less : Units repurchased during the period/year - - 295,774.809 2,957,748


4 Reserves and surplusUnit Premium Reserve

Opening Balance (13,357,734) (12,495,059)

Additions / (Redemptions) during the year (net of transfer to

Equalisation Reserve)

- (862,675)

Closing Balance (13,357,734) (13,357,734)

Accumulated Load

Opening Balance 5,981,602 5,921,837

Load charges received during the period/year 95,037

5,981,602 6,016,874

Less: Load collected credited back to the Scheme (5,981,602) 35,272

Closing Balance - 5,981,602

Retained Surplus as at the end of the period/year 67,129,267 62,987,480

53,771,533 55,611,348

March 31, 2010

April 7, 2010 March 31, 2010

Schedules to the financial statements

April 7, 2010

1






5 Current liabilities and provisionsInvestment managment and advisory fees payable 151,332 144,799

Audit fees payable 60,665 49,636

Registrar fees payable 1,531 -

Unit redemption money payable - 1,507,708

Tax deducted at source payable 6,067 6,619

Dividend payable 1,771,549 -

Dividend distribution tax payable 250,896

Unclaimed dividend - 480

CCIL fees payable 237 -

Other liabilities 623 221

2,242,900 1,709,463

6 Investments

Cost* Market / Fair Value Cost* Market / Fair Value

Certificate of deposits 149,397,438 149,397,438 149,251,994 149,251,994

Commercial papers 49,634,414 49,634,414 49,583,232 49,583,232 Collateralised Borrowing and Lending Obligations(CBLO) 13,000,944 13,000,944 14,001,830 14,001,830

212,032,796 212,032,796 212,837,056 212,837,056

*

7 Current assetsBalances with banks**

-in current accounts 4,386,707 4,891,039

-in unclaimed dividend accounts - 480

Other assets - 4,352

Receivable from Asset Management Company 7,046 -

4,393,753 4,895,871

**Certain bank accounts of the Scheme are held in the name of the mutual fund for the benefit of the Scheme.

April 7, 2010 March 31, 2010

Cost includes discount accrued in respect of money market instruments till valuation date. Investments of the Scheme are registered in the name of the Scheme except for

Collateralised Borrowing and Lending Obligations (CBLO), which are registered in the name of the Mutual Fund for the benefit of Scheme.

1






8 Interest and Discount April 1, 2010 to April 1, 2009 to

April 7, 2010 March 31, 2010

Debentures and bonds - 13,013,384

Commercial papers 51,182 112,621

Certificate of deposits - 1,525,839

Call Deposits with Banks 145,444 -

Collateralised Borrowing and Lending Obligations(CBLO) 8,262 94,140

Reverse repos - 5,806

204,888 14,751,790

9 Other Operating Expenses

Bank charges - 706

Clearing charges 16 762

16 1,468

1


Schedules to the financial statements (Continued)



1. Background

IDFC Mutual Fund (the Fund) is sponsored by Infrastructure Development Finance

Company Limited (IDFC) and is constituted as a Trust under the Indian Trust Act, 1882 with

IDFC AMC Trustee Company Limited (the Trustee) as trustee. In accordance with the

Securities and Exchange Board of India (SEBI) (Mutual Funds) Regulations, 1996 (the

Regulations) and amendments thereto, as applicable, the Trustee has entrusted the investment

management function to the AMC.

IDFC Fixed Maturity 9th Plan

IDFC Fixed Maturity 9 TH Plan (GFMP-9) is a closed ended Scheme launched on

February 7, 2005 and the units were allotted on February 28, 2005. The schemes maturity date

is April 7 2010. As stated in the offer document, the scheme is a close ended scheme and its

investment objective is to seek to generate income by investing in a portfolio of debt and

money market instruments normally maturing in line with the time profile of the scheme.

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

The Scheme offers a choice of two Investment Options viz., Growth and Dividend Option.

Under the Dividend Option reinvestment facility is available.

2. Significant accounting policies

2.1 Basis of preparation of financial statements

The financial statements are prepared and presented under the historical cost convention, on

the accrual basis of accounting and in accordance with the accounting policies and standards

specified in the Ninth Schedule of the Regulations and amendments thereto, and the

accounting principles generally accepted in India and comply with the accounting standards

and the guidance notes issued by the Institute of Chartered Accountants of India (the ICAI),

to the extent applicable.

2.2 Use of estimates

The preparation of financial statements in conformity with the Generally Accepted Accounting

Principles (GAAP) requires the Management to make estimates and assumptions that affect

the reported amounts of assets and liabilities as at the date of the financial statements and the

reported amount of revenues and expenses during the reported period. The estimates and the

assumptions used in the accompanying financial statements are based upon the Managements

evaluation of relevant facts and circumstances as at the date of the financial statements. Actual

results may differ from the estimates and assumptions used in preparing the accompanying

IPO Launch Date Allotment Date Maturity Date*

February 7, 2005 February 28, 2005 April 7, 2010

1





financial statements. Any revision to accounting estimates is recognised prospectively in the

current and future periods.

2.3 Investments

Basis of accounting

Transactions for purchase and sale of investments are recorded on trade date. The cost of

investments includes all costs incurred in acquiring the investments and incidental to

acquisition of investments. Any front-end discount on privately placed investments is

reduced from the cost of such investments.

Broken period interest paid and received is not included in the cost of purchases and sales

proceeds respectively.

Valuation

Investments for the purpose of valuation are classified as traded and non-traded in

accordance with the provisions of the Regulations. The investments were valued as under.

Traded debt securities

Traded debt securities (other than Government Securities) with residual maturity over 182

days are valued at the last quoted closing price on the National Stock Exchange (the

NSE) as on the date of valuation or the last quoted closing price on the principal

exchange on which the security is traded on the date of valuation, where on the particular

valuation day a security is not quoted on the NSE.

Traded debt securities (other than Government Securities) with a residual maturity over

182 days, but which have not been traded on the date of valuation are valued on the same

basis as that of a non-traded debt security with residual maturity over 182 days.

All traded debt securities (other than Government Securities) with a residual maturity upto

182 days are valued on same basis as money market instruments.

Government Securities are valued at prices obtained from Credit Rating Information

Services of India Limited ('CRISIL') in accordance with the guidelines for valuation of

securities for mutual funds prescribed in the Regulations.

Non-traded/ thinly traded debt securities

Non-traded debt securities (other than Government Securities) are those that are not traded

on any stock exchange for a period of fifteen days prior to the valuation date.

Thinly traded debt securities (other than Government Securities ) are those securities

which do not have individual trades in that security in marketable lots (currently Rs 5

Crore) on the principal stock exchange( NSE) or any other stock exchange.

1





Non-traded / thinly traded debt securities with residual maturity of over 182 days to

maturity are valued on a yield to maturity basis, by using spreads over the benchmark rate

to arrive at the yield for pricing the security. These are valued as per procedures approved

by the Trustees and on the basis of the valuation principles laid down by the Regulations.

Non-traded securities purchased with residual maturity up to 182 days are valued at cost /

last valuation price (including accrued interest till the beginning of the day) plus the

difference between the redemption value (inclusive of interest) and cost / last valuation

price, spread uniformly over the remaining maturity period of the instrument.

Debt securities with put / call options

Securities with call option are valued at the lower of the value as obtained by valuing the

security to final maturity and valuing the security to call option. In case there are multiple

call options, the lowest value obtained by valuing to the various call dates and valuing to

the maturity date is taken as the value of the instrument.

Securities with put option are valued at the higher of the value as obtained by valuing the

security to final maturity and valuing the security to put option. In case there are multiple

put options, the highest value obtained by valuing to the various put dates and valuing to

the maturity date is taken as the value of the instrument.

The securities with both put and call option on the same day would be deemed to mature

on the put / call day and would be valued at the prevailing market price.

Money Market Instruments

Traded money market securities are valued at the yield they were traded as on the

valuation date. In case these securities are not traded, they are valued at the last traded

price plus accretion of difference between the redemption value and the last traded price.

Non-traded money market securities are valued on the basis of amortised cost (cost plus

accrued interest uniformly amortised over the remaining maturity period of the

instrument).

Reverse Repos

Instruments bought on repo basis are valued at the resale price after deduction of

applicable interest up to date of resale.

Collateralised Borrowings and Lending Obligations (CBLO) and Bills Rediscounting (BRDS)

CBLOs and BRDS are valued at cost plus accrued interest.

Asset backed securities

Asset backed securities with a residual maturity over 182 days and having variable cash

flows are valued on the same basis as that for non-traded securities with residual maturity

over 182 days.

1





Asset backed securities with a residual maturity upto 182 days and having variable cash

flows are valued on the basis of amortisation, the last valued yield being the base for

amortisation.

Mutual Fund Units

Mutual fund units are valued at the respective Schemes per unit net asset value (NAV)

prevailing as at the valuation date.

In accordance with the Guidance Note on Accounting for Investments in the Financial

Statements of Mutual funds issued by the ICAI, (pursuant to the Eleventh Schedule of the

Regulations), net unrealised gain or loss in the value of investments is determined separately

for each category of investments. The loss on investments sold or transferred during the year is

charged to the revenue account instead of being first adjusted against the provision for

diminution, if already created in the previous year. The unrealised loss/gain is reversed on the

first day of the immediately succeeding financial year. However, this departure from the

Guidance Note does not have any net impact on the Schemes net assets and the financial

statements of the Scheme.

2.4 Revenue recognition

Interest income is recorded on time proportionate basis.

Profit or loss on sale / redemption of investments represents sale proceeds less weighted

average cost and is recognised on a trade date basis.

In accordance with the Guidance Note on Accounting for Investments in the Financial

Statements of Mutual Funds issued by the ICAI (pursuant to the Eleventh Schedule of the

Regulations), net unrealised appreciation/diminution in the value of investments and

derivatives is determined for each categories of investments and derivatives, wherein the cost

is compared with the market / fair value and the resultant appreciation is credited to Unrealised

Appreciation Reserve and any diminution is charged to the revenue account.

2.5 Computation of Net Asset Value (NAV)

The NAV of a Scheme is computed separately for units issued under the various options,

although the corresponding Plans investments and other net assets are managed as a single

portfolio. For computing the NAV for various options, daily income earned, including realised

and unrealised gains or losses in the value of investments and expenses incurred by the

corresponding Scheme are allocated to the options in proportion to the net assets of each

option.

1





10. Notes to financial statements

10.1 Investment management and advisory fees

The Scheme has paid / accrued for investment management and advisory fees in accordance

with the Offer Document and the agreement with the AMC as amended from time to time after

excluding investments as prescribed in the SEBI Regulations, excluding investments in other

Schemes and the net asset value of the AMCs investments in the Scheme, if any. As per the

Offer Document, the AMC is entitled to receive the said fee up to an annual rate of 1.25% of

the Schemes weekly average net assets on the investment up to Rs 100 crores and at the rate

of 1% thereafter. For the current period, the Scheme has accrued investment management and

advisory fees as a percentage of the average net assets as follows:

Current Year Previous Year

0.45% 0.43%

10.2 Trustee fees

No Trusteeship fees have been charged to the Scheme.

10.3 Custodian fees

Deutsche Bank AG, India provides custodian services to the Scheme for which it receives

custodian fees as per the terms of the custodian agreement.

10.4 Commission payable to Agent

The total Commission Payable to Agents as at 31st March, 2011 for all the Schemes of the

Mutual Fund amounting to Rs.47,654,178/- (31st March, 2010 : amount unascertained) has

been funded by the Schemes of the Mutual Fund in separate Bank Accounts. However, these

Bank Accounts and the liability for brokerage have not been reinstated in the books of account

of the Schemes, as Scheme - wise details of the Commission Payable to Agents are not readily

available.

10.5 Income tax

No accounting for income tax has been made in the financial statement as the Scheme qualifies

as recognised Mutual Fund under Section 10 (23D) of the Income-tax Act, 1961 and the Direct

Tax Laws (Amendment) Act, 1988.

10.6 Aggregate value of purchases and sales

The aggregate value of investments purchased and sold (including redeemed) during the year

and these amounts as a percentage of average net assets are as follows:

1





Current Period Previous Year

Purchases % Purchases %

13,000,000 6.17% 2,529,382,941 1187.61%


Sales % Sales %

226,041,942 107.27% 2,518,118,558 1182.33%

10.7 Income and expenditure

The total income (net of loss on sale of investments and net change in unrealised diminution in

value of investments) and expenditure (excluding provision for diminution and deferred

revenue expenditure) and these amounts as a percentage of the Schemes average net assets

are:

Income:


Amount % Amount %

6,186,489 153.09% 12,922,389 6.07%

Expenditure:


Amount % Amount %

22,257 0.55% 1,171,396 0.55%

10.8 Disclosure under regulation 25 (8) of SEBI Regulations

a) There are no commission and brokerages paid to the sponsor or any of its associates either

during the current period.

b) The Scheme has made payments to its associates, for services rendered by them, during the

period as under:-

Amount

% of equity capital held by the

sponsors of its subsidiary/associates

as at

Entity Nature of payment Current

Period

Previous

Year April 07, 2010 Previous Year

IDFC Asset

Management

Co. Ltd.

Investment management

and advisory fees

(Inclusive of service tax) 20,086 1,015,710 100% 100%

1





The Scheme has not subscribed to any issues of equity or debt on private placement basis

where the sponsor or its associate companies have acted as arranger or manager.

10.9 Disclosure under regulation 25(11) of the Regulations

Details of investment in companies that hold more than 5% of NAV of any Scheme of the

Fund are disclosed in Annexure A.

The Scheme of the Fund has invested in companies, which hold / have held units in excess of

5% of the net asset value of any Scheme of the Fund. These investments were made solely on

the basis of sound fundamentals of the respective companies.

10.10 Details of large holdings

There are no unit holders holding over 25% of the net assets in the Scheme as at the Balance

Sheet date.

10.11 Portfolio holding (market / fair value):

The portfolio holdings of the Scheme as at the Balance Sheet date are disclosed in Annexure

B.

All investments, excluding mutual fund units, are held in safe custody with Deutsche Bank

AG, India /Reserve Bank of India.

10.12 Unclaimed redemption and unclaimed dividend

After a period of six months from the due dates of the respective dividend declaration, all

unclaimed amounts are being transferred to a fixed deposit on a quarterly basis. Such amounts

along with interest earned would be paid to the relevant investors when claimed by the

respective investors.

As at Balance Sheet date, unclaimed redemption and unclaimed dividend from the Scheme

aggregate Rs Nil.

10.13 Dues to Micro, Small and Medium Enterprises

On the basis of the information and records available with the Management, there are no

Micro, Small and Medium (MSMED) enterprise creditors, which have registered with the

competent authorities.

10.14 The Expert Advisory Committee (EAC) of the Institute of Chartered Accountants of India

(ICAI) has opined that the Accounting Standards on Cash Flow Statement (AS-3), Segment

Reporting (AS-17) and Related Party Disclosures (AS-18) issued by the ICAI are applicable to

financial statements of Scheme of mutual funds. The Management of IDFC Asset

Management Company Limited (AMC) is of the view that mutual funds are governed by a self

contained regulatory framework, i.e. the SEBI Regulations, the Ninth and Eleventh Schedules

1





of which lay down the specific Accounting Policies and Standards to be adopted and the

disclosures to be made. Accordingly, the financial statements have been prepared on the basis

of the SEBI Regulations.

10.15 Prior year comparatives

The prior period comprises of period beginning from April 1, 2010 to April 7, 2010, hence the

prior period figures are strictly not comparable with the current period. The figures of the

previous period have been regrouped and reclassified wherever necessary.

For IDFC Asset Management Company For IDFC AMC Trustee Company

Limited Limited

Naval Bir Kumar

President & CEO Director

Director Director

Kenneth Andrade Head-Investments

Anupam Joshi Fund Manager

Mumbai, 21st July, 2011

1


Annexure B

Portfolio holding (market / fair value)as at April 07, 2010

Amount (Rs)

% to Category

Total

Commercial Paper 49,634,414 100.00

Finance

LIC Housing Finance Ltd. 49,634,414

Total 49,634,414 100.00

Certificates of Deposits

Banks 149,397,438 100.00

Federal Bank Ltd. 49,799,597

Oriental Bank of Commerce 49,778,087

United Bank of India 49,819,754

Total 149,397,438 100.00

Collateralised Borrowing and Lending

Obligations(CBLO) 13,000,944 100.00

CBLO 13,000,944

Total 13,000,944 100.00

TOTAL INVESTMENTS 212,032,796

Note 1 : All investments are in non traded / thinly traded securities

GFMP-9

April 07, 2010

1


IDFC FIXED MATURITY PLAN - NINETEEN MONTH SERIES-1

Balance Sheet as at May 6, 2010


Schedule May 6, 2010 March 31, 2010

LIABILITIES

Unit capital 3 184,739,967 184,739,967

Reserves and surplus 4 31,658,363 32,296,437

Current liabilities and provisions 5 2,083,884 996,191

218,482,214 218,032,595

ASSETS

Investments 6 218,020,606 212,014,986

Current assets 7 461,608 6,017,609

218,482,214 218,032,595

- -

Net Asset Value per unit

Growth Option Plan-A 11.8183 11.7438

Dividend Option Plan-A 10.0000 11.7436



The schedules referred to above form an integral part of the Balance Sheet.






Director Director

Kenneth Andrade

Head - Investments


Fund Manager

1


IDFC FIXED MATURITY PLAN - NINETEEN MONTH SERIES-1

Revenue Account

for the period/year from April 1, 2010 to May 6, 2010


April 1, 2010 to April 1, 2009 to

May 6, 2010 March 31, 2010

Schedule

INCOME AND GAINS

Interest and discount 8 1,554,026 17,590,970

Profit on sale/redemption of investments (other than inter-scheme transfer/sale of investments) - 1,450,456

Profit on inter-scheme transfer/sale of investments 7,603,527 -

Load collected credited back to the Scheme 81,748 11,663

9,239,301 19,053,089

EXPENSES AND LOSSES

Investment management and advisory fees 182,402 1,771,633

Service tax on investment management and advisory fees 18,787 182,478

Registrar fees 3,197 66,180

Custodian fees 3,313 32,564

Audit fees - 55,150

Other operating expenses 9 6,925 767

214,624 2,108,772

Surplus for the period/year 9,024,677 16,944,317

Distributable surplus 9,024,677 16,944,317

Income distributed ( including distribution tax) (1,932,994) -

Retained surplus, beginning of the period/year 25,128,516 8,184,199

Retained surplus, end of the period/year 32,220,199 25,128,516



The sche

TRUSTEE REPORT - IDFC Mutual Funds€¦ · Sponsor of the Mutual Fund, Infrastructure Development Finance Company Limited (IDFC), is a leading diversified financial institution providing

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