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HDFC Mutual Fund Tax Saver April 2011
 

HDFC Mutual Fund Tax Saver April 2011

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HDFC Mutual Fund Tax Saver April 2011

HDFC Mutual Fund Tax Saver April 2011

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    HDFC Mutual Fund Tax Saver April 2011 HDFC Mutual Fund Tax Saver April 2011 Presentation Transcript

    • Save Taxes Wisely 1
    • BackgroundSalient Features of Section 80C of the Income – tax Act, 1961 Section 80C of Income Tax Act, 1961 w.e.f. April 1, 2005 (A.Y. 2006-07) provides for deduction from gross total income in respect of specified sums paid or deposited Aggregate amount of deductions under Section 80C shall not exceed ` 100,000 Section 80C generally has no sectoral limits Eligible investments u/s 80C, inter alia, include: 1. Life Insurance Premiums 2. Unit Linked Insurance Plans (ULIP) 3. Public Provident Fund (PPF) 4. National Saving Certificate (NSC) 5. Subscription to ‘eligible issue of capital’ 6. Equity Linked Saving Schemes (ELSS) 2
    • Popular Options Parameter PPF# NSC ELSS Tenure 15 years 6 years Open-ended (Infinite), Close- ended (10 years) Lock-in period: 3 years Returns (As applicable 8% p.a. 8% p.a. Not Assured presently) Compounded (half-yearly) Min. Investments * ` 500 ` 100 ` 500 Max. Investments * ` 70,000 No limit No limit Amount eligible for ` 70,000 ` 1,00,000 ` 1,00,000 deduction u / s 80C * Whether income received Yes. Interest u/s 10(11) No Yes. Dividend u/s 10 (35) & is tax-free u / s 10 of The LTCG^ u/s 10 (38) Income – tax Act, 1961 ** In a financial year ^ LTCG – Long Term Capital Gains 3
    • Presenting HDFC TaxSaver(An Open-ended Equity Linked Savings Scheme with a lock-in period of 3 years) As on April 30, 2011 4
    • The following example illustrates: Assume Gross Total Income for the year is ` 10,00,000 Investment in HDFC Taxsaver ` 100,000 Income on which tax will be paid ` 900,000 Tax Saved on `. 100,000/- (Tax Rate assumed: 30%) ` 30,900**Including education cess @ 2% and secondary and higher education cess @ 1%This implies that you can avail benefit of ` 30,900 in tax savings itself on investment.This is along with the returns your investment would possibly earn in the fund 5
    • Why HDFC TaxSaver? This is how an amount of ` 10,000 invested on March 31, 1996 would have performed on March 31, 2011 Year Ended PPF (`) @ NSC (`) @ S&P CNX 500 HDFC TaxSaver * (`) # (`) $$ 31.3.1996 10,000 10,000 10,000 10,000 31.3.1997 11,200 11,240 9,018 9,040 31.3.1998 12,544 12,630 10,220 12,400 31.3.1999 14,049 14,190 10,830 23,190 31.3.2000 15,735 15,940 18,895 62,430 31.3.2001 17,466 17,910 10,772 39,650 31.3.2002 19,125 20,150 11,076 50,100 31.3.2003 20,846 22,003 10,017 47,020 31.3.2004 22,514 24,028 20,817 1,01,210 31.3.2005 24,315 26,239 25,321 1,70,420 31.3.2006 26,261 28,653 41,569 3,31,020 31.3.2007 28,362 31,291 44,925 3,37,730 31.3.2008 30,631 34,170 54,645 3,83,483 31.3.2009 33,081 35,815 32,777 244,849 31.3.2010 38,585 37,459 61,606 5,18,840 31.3.2011 41,672 39,103 66,080 5,87,527*Past performance may or may not be sustained in the future. Please also refer to the relative performancetable on slide 15. # Benchmark Index$$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options areassumed to be reinvested in the units of the Scheme at the then prevailing NAV ( ex-dividend NAV). @ Year end balances have been arrived at by adding interest at the rates notified by the competent authorities fromtime to time. 6Maturity amount of NSC is reinvested on the maturity date at the prevailing interest rate
    • Public Provident Fund v/s HDFC TaxSaver A comparison of ` 10,000 invested every financial year on the specified date Period Ended Amount invested (`) Balance in PPF a/c ( `) @ c Outstanding value of HDFC TaxSaver units (`)* $$ 29-Mar-96 10,000 10,000 10,000 31-Mar-97 10,000 21,200 19,040 31-Mar-98 10,000 33,744 36,117 31-Mar-99 10,000 47,793 77,544 31-Mar-00 10,000 63,051 218,758 30-Mar-01 10,000 79,040 148,935 28-Mar-02 10,000 96,154 198,188 31-Mar-03 10,000 113,846 196,004 31-Mar-04 10,000 132,954 431,897 31-Mar-05 10,000 153,590 737,239 31-Mar-06 10,000 175,878 1,441,997 31-Mar-07 10,000 199,948 1,481,220 31-Mar-08 10,000 225,944 1,691,892 31-Mar-09 10,000 254,019 1,090,253 31-Mar-10 10,000 2,84,341 2,320,274 31-Mar-11 10,000 3,17,088 26,37,401 30-Apr-11 160,000 3,19,202 26,64,170* Past performance may or may not be sustained in future. The above simulation is for illustration purpose only.Please also refer to the relative performance table on slide 15. @ Year end balance has been arrived at by addinginterest at the rates notified by the Competent authorities from time to time.$$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to bereinvested in the units of the Scheme at the then prevailing NAV ( ex-dividend NAV). 7
    • Portfolio StrategyIn order to provide long term capital appreciation, the scheme will invest mainlyin growth companiesThe companies selected under this portfolio would as far as practicable consistof medium to large sized companies which: Are likely to achieve above average growth than the industry Enjoy distinct competitive advantages; and Have superior financial strengthsThe aim will be to create a portfolio, which represents a cross-section of stronggrowth companies in the prevailing marketIn order to reduce the risk, the portfolio will target reasonable diversification 8
    • Portfolio Composition (As on April 30, 2011) 9
    • Industry Allocation - % of Net Assets (As at April 30, 2011) Banks 16.65 Pharmaceuticals 11.76 Software 8.27 Industrial Capital Goods 7.52 Consumer Non Durables 6.89 Oil 4.14 Power 3.80 Telecom - Services 3.62 Auto Ancillaries 3.16 Petroleum Products 2.95 Others 2.85 Media & Entertainment 2.83 Industrial Products 2.60 Construction Project 2.27 Finance 1.84 Gas 1.56 Transportation 1.46 Minerals/Mining 1.30 Fertilisers 1.20 Ferrous Metals 1.17 Non - Ferrous Metals 1.15 Construction 1.15Others include: Chemicals (0.94%), Consumer Durables (0.64%), Paper (0.57%), Auto (0.49%), Trading (0.17%), Engineering Services (0.04%) 10
    • Portfolio Composition (As at April 30, 2011) % to Net AssetsTop 10 equity holdings 37.26Total Equity & Equity Related Holdings 90.14Cash margin 0.16Other Cash, Cash Equivalents and Net Current Assets 9.70Grand Total 100.00Net Assets (` In crore) 3,148.67No. of companies in the portfolio 63 11
    • Product Features Type of Scheme Open-ended Equity Linked Savings Scheme with a lock-in period of 3 years Inception Date (Date of allotment) March 31, 1996 Investment Objective To achieve long term growth of capital Fund Manager $ Vinay Kulkarni (Since November 21, 2006) Options Growth and Dividend – The Dividend Option offers Dividend Payout and Reinvestment facility Minimum Application Amount Purchase & Additional Purchase: ` 500 and in multiples of ` 500 thereafter (Under Each Option) Load Structure Entry Load: Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors’ assessment of various factors including the service rendered by the ARN holder. Exit Load: Nil. Lock-in period 3 Years from the date of allotment of the respective units Tax Benefit U/s 80C of the Income-tax Act, 1961, an individual / HUF is entitled to a deduction upto ` 1 Lakh (along with other prescribed investments) for amounts invested in HDFC TaxSaver while computing the total income Benchmark S&P CNX 500$ Miten lathia (Dedicated Fund Manager for Overseas Investments. 12
    • Asset Allocation Pattern Under normal circumstances, the asset allocation of the scheme’s portfolio will be as follows: Types of Instruments Normal Allocation Risk Profile (% of Net Assets) Equities & Equity related Minimum 80 Medium to High instruments Debt and money market Maximum 20 Low to medium instruments**Investment in Securitised debt, if undertaken, would not exceed 20% of the net assets of the Scheme.The scheme may seek investment opportunity in the ADR / GDR / Foreign Equity and Debt Securities (max. 40% of netassets) subject to SEBI (Mutual Funds) Regulations, 1996. The scheme may use derivatives mainly for the purpose ofhedging and portfolio balancing (max 25% of net assets) based on the opportunities available subject to SEBI (MutualFunds) Regulations, 1996. 13
    • Performance & Fund Rating(As on April 29, 2011) 14
    • Relative Performance – HDFC TaxSaver (Growth Option) (As on April 29, 2011) The fund has outperformed its benchmark in all of the following time periods^ Period Returns (%) $$ ^ S&P CNX 500 Returns (%) # Last 1 Year (365 Days) 13.21 6.39 Last 3 Years (1095 days) 13.97 2.92 Last 5 Years (1827 Days) 10.66 8.88 Last 10 Years (3654 Days) 31.35 20.33 Since Inception $ (5507 Days) 31.08 13.31^ Past performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable.Above returns are compounded annualized (CAGR.)# Benchmark Index$$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in theunits of the Scheme at the then prevailing NAV ( ex-dividend NAV). 15$ Inception Date: March 31, 1996
    • Systematic Investment Plan Returns (As on April 29, 2011) This is how your investments would have grown if you had invested say ` 1,000 systematically on the first business day of every month over a period of time. Since 15 Years 10 Years 5 Years 3 Years 1 Year Inception $ SIP SIP SIP SIP SIP SIP Total Amount 181,000 180,000 120,000 60,000 36,000 12,000 Invested (`) Market Value (`) 29,15,130 28,55,780 5,94,010 92,040 53,900 12,250 Returns 32.32 32.35 30.11 17.19 28.20 3.90 (annualised) (%) * $$ ^ Benchmark 16.54 16.59 20.05 11.11 18.16 1.02 Returns (annualised) (%) # ^ Past performance may or may not be sustained in the future.#S & P CNX 500 $Inception Date: March 31, 1996.*Load is not taken into consideration and returns are of Growth Option. Investors are advised to refer to the relative performance table furnished onslide number 15.$$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the thenprevailing NAV ( ex-dividend NAV).Disclaimer: The above investment simulation is for illustration purpose only and should not be construed as a promise on Minimum returns andsafeguard of capital. HDFC Mutual Fund / HDFC Asset Management Company Ltd. is not guaranteeing or promising or forecasting any returns. SIPdoes not assure a profit or guarantee protection against loss in a declining market. Entry / Exit Load is not taken into consideration in the aboveinvestment simulation. Please refer SIP enrolment form or contact nearest ISC for SIP load structure. 16
    • Dividend History (Since 1999) Record Date Cum Dividend NAV per Unit (`)^ Dividend Per Unit (`)^ August 6, 1999 25.690 3.60 November 29, 1999 35.440 5.00 April 3, 2000 41.580 21.00 March 30, 2001 15.720 1.60 March 15, 2002 17.940 2.00 July 15, 2003 19.922 2.00 February 27, 2004 28.433 2.00 March 15, 2004 26.716 2.00 February 17, 2005 40.572 5.00 March 17, 2006 67.080 7.50 March 7, 2007 60.360 7.50 March 7, 2008 66.092 8.00 March 5, 2009 31.155 5.00 March 4, 2010 61.914 6.00 March 3, 2011 62.686 6.00^Past performance may or may not be sustained in the future.All dividends are on face value of `. 10 per unit. After payment of the dividend, the per Unit NAV will fall to the extent ofthe payout and statutory levy (if applicable) 17
    • Fund Awards HDFC TaxSaver has been ranked a "Seven Star Fund"# and has been awarded Gold Award for Best Performance in the category of Open Ended Equity Linked Savings Schemes (ELSS) for one year period ending December 31,2010 (from amongst 34 schemes) at ICRA Mutual Fund Awards 2011. “Seven Star Fund” Ranking denotes Best Performance amongst 5 Star Funds in the respective Category. ICRA 7-Star Gold Award: The best performing fund amongst the 5-Stars is ranked as a 7-Star Fund provided its fund size is greater than the average of the respective category or ` 100 crores, whichever is lower.#Past performance is no guarantee of future results. Please refer to the slide: 26 on Award /Ranking / Rating methodology. 18
    • Fund Awards HDFC TaxSaver – Growth has been adjudged the runner up for “Best ELSS (Tax Savings) Fund” award# by Morningstar India for its one and three-year performance ending December 31, 2010.# Past performance is no guarantee of future results. Please refer to the slide: 26 on Award /Ranking / Rating methodology. 19
    • Fund Ranking HDFC TaxSaver – Dividend Option has been ranked World’s No. 1 by Morningstar# out of 3993 open-ended equity funds / share classes for the 15 year period ending December 31, 2010.# Past Performance is no guarantee of future results.. Please refer to the slide:26 on Award /Ranking / Rating methodology. 20
    • Fund Rating HDFC TaxSaver – Growth Option was assigned ‘CRISIL Mutual Fund Rank 1’ # in the ‘Open End Diversified Equity Schemes’ Category (out of 28 schemes) for the 2 year period ending March 31, 2011 by CRISIL. CRISIL Mutual Fund Rank “1” means that the composite performance of the Scheme is “Very Good performance “and ranks within the Top 10 percentile in the category.# Past performance is no guarantee of future results. Please refer to the slide: 27 on Award /Ranking / Rating methodology. 21
    • Fund Rating HDFC TaxSaver – Growth Option has been rated Five Stars by Morningstar in the Morningstar India Open Ended ELSS (Tax Savings) category (from amongst 51 schemes) for the overall (3/5/10 year- as applicable) period ending April 30, 2011# Five Stars indicate that the fund is in the top 10 percent of its category in terms of historical risk – adjusted returns Value Research Rating - * * * * (Four Stars) in Equity – Tax Planning Category (from amongst 29 schemes) for period ending April 30, 2011# Four – stars indicate that the fund is in the 11 to 32.5% of its category in terms of historical risk – adjusted returns#Past performance is no guarantee of future results. Please refer to the slide: 27 Award /Ranking / Rating methodology. 22
    • Fund Suitability 23
    • Why HDFC TaxSaver? Well diversified equity fund Well established track record of consistently outperforming its benchmark for over 13 years* Gives investors the twin advantage of availing of a tax deduction under section 80C of the Income-tax Act, 1961 along with the prospect of long term growth of capital through equity investments Has given investors a superior post tax return as compared to traditional tax saving instruments*Past performance may or may not be sustained in the future. 24
    • HDFC TaxSaver is suitable for investors:Considering to invest for tax planning and avail benefit of tax deduction u/s 80Cof the Income – Tax Act, 1961Looking for an alternate to traditional tax saving instrumentsWilling to invest in a diversified equity fund with a consistent track record for aminimum period of at least three years 25
    • Award/Ranking/Rating MethodologyICRA Ranking Methodology and Disclaimer: For a Mutual Fund (MF) scheme to be eligible for the ICRA Online (ICRON) MF Ranking, it must have fulfilled thefollowing criteria: The MF scheme should have declared a minimum 222 Net Asset Values (NAVs) for one year and 666 NAVs for the three year period.A scheme is required to have made full portfolio disclosures (monthly/quarterly) during the ranking horizon and its fund size should be larger than 10% of thecategorys median average assets under management (AUM), except for Liquid and Ultra Short Term schemes where the cut off is set at 20%.HDFC TaxSaver has been ranked as a Seven Star Fund in the category of ‘Open Ended Equity Linked Savings Schemes’ schemes for its 1 yearperformance till December 31, 2010.The rank is an outcome of an objective and comparative analysis against various parameters, including: risk adjusted return, fund size, company concentration andportfolio turnover. The ranking methodology did not take into account loads imposed by the Fund. There were 34 schemes considered in ‘Open Ended EquityLinked Savings Schemes’ category for the ranking exercise. The rank is neither a certificate of statutory compliance nor any guarantee on the futureperformance of HDFC Mutual Fund.Morningstar India Fund Awards 2011- Disclaimer: Runner-up - Best ELSS (Tax Savings) Fund: HDFC TaxSaver - Growth has been adjudged therunner-up for “Best ELSS (Tax Savings) Fund” award by Morningstar India for its one and three-year performance ending December 31, 2010.The methodology eliminates funds based on size and below-median calendar year ranks. Scores are calculated using a combination of return ranks for one-yearand three-year periods, and the risk rank for the three-year period. Loads are not considered while calculating returns. The methodology also includes qualitativechecks like the fund’s accessibility to retail investors and adherence to investment mandate, among others. 18 share classes were considered for this award. Theaward should not be construed as investment advice, an offer, the solicitation of an offer to buy or sell securities by Morningstar. It is neither a certificate ofstatutory compliance nor a guarantee of future performance.Morningstar Ranking Methodology For World No 1 Rank: The oldest share class of all open-end equity funds in the Morningstar global database has beenconsidered for the rankings. ETFs and closed end funds have not been considered. The ranking analysis has been done over 15 years ending December 31, 2010.All performance is in the fund’s base currency, and returns greater than one year are compounded annualized. The qualifying share classes are 3,993 over 15years. Load and taxes have not been considered in the performance. Ranking Source & Publisher: Morningstar Morningstar Disclaimer: The data and analyses provided by Morningstar do not constitute investment advice offered by Morningstar and are provided only forinformational purposes. It should not be construed as an offer or the solicitation of an offer, to buy or sell securities. Morningstar is not responsible for any error oromission in the data. Reproduction or transcription of the ranking report by any means, in whole or in part, without the prior written consent of Morningstar, Inc., isprohibited. 26
    • Crisil Mutual Fund Ranks – Ranking Methodology HDFC Tax Saver Fund – Growth has been assigned “CRISIL Mutual Fund Rank 1’’ in the Open End Category Schemes for period ending March 31, 2011 denoting thatthe composite performance HDFC Tax Saver Fund - Growth is “Very Good performance" performance in the Open End Equity Linked Savings Schemes (ELSS)Category, and ranks within the Top 10 percentile of the 28 schemes ranked in this category. The criteria used in computing the CRISIL Mutual Fund Rank are SuperiorReturn Score based on NAVs over the 2-year period ended 31 March 2011, Sectoral concentration, Company concentration and Liquidity of the scheme. Themethodology does not take into account the entry and exit loads levied by the scheme. The CRISIL Mutual Fund Rank is no indication of the performance that can beexpected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited.Morning Star Rating – Rating Methodology: The Morningstar fund rating methodology is based on a fund’s risk-adjusted return within a given Morningstarcategory. For each fund with at least a three-year history, Morningstar ratings are calculated every month for the 3 year, 5 year and 10 year period. The OverallMorningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three, five and 10 year (if applicable) MorningstarRating metrics. Within each rating period, the top 10% funds receive a five star rating, the next 22.5% earn a four star rating, the next 35% get three stars, the next22.5% receive two stars, and the bottom 10% get one star. Loads are not considered for the rating purpose. The rating is based on NAV provided by respective funds.The current fund rating is for the overall / 3 year / 5 year/ 10 year period as of April 30, 2011. HDFC TaxSaver – Growth Option has been rated 5-Star by Morningstarin the Morningstar India (India Open Ended ELSS ( Tax Savings). 51 funds which completed 3 years of performance were considered for rating. Rating Source andPublisher: Morningstar. The ratings are subject to change every month. Please refer www.morningstar.co.in for detailed information on the Rating Methodology.Value Research Ranking Methodology: Value Research Fund Ratings are a composite measure of historical risk-adjusted returns. In the case of equity funds, thisrating is based on the weighted average monthly returns for the last 3 and 5-year periods. These ratings do not take into consideration any entry or exit load. Eachcategory must have a minimum of 10 funds for it to be rated. Effective, July 2008, an additional qualifying criteria has been included, whereby a fund with less than `5 crore of average AUM in the past six months will not be eligible for rating.Five stars indicate that a fund is in the top 10 per cent of its category in terms of historical risk-adjusted returns. Four stars indicate that a fund is in the next 22.5 percent of its category based on the weighted average monthly returns for the last 3 and 5-year periods ending April 30, 2011. The number of schemes in the Equity- TaxPlanning Category is 29. The Value Research Ratings are published in Monthly Mutual Fund Performance Report and Mutual Fund Insight. The Ratings are subject tochange every month. The Rating is based on primary data provided by respective funds, Value Research does not guarantee the accuracy. 27
    • DISCLAIMER: This presentation has been prepared and issued on the basis of internal data, publicly available information and other sources believed to be reliable. The informationcontained in this document is for general purposes only and not a complete disclosure of every material fact and terms and conditions and features of HDFC TaxSaver. The information/data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy. It should not be construed as investment advice to anyparty. The statements contained herein may include statements of future expectations and other forward-looking statements that are based on our current views and assumptions andinvolve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Therecipient alone shall be fully responsible / liable for any decision taken on the basis of this presentation. The content of this presentation is confidential and intended solely for the useof the addressee. If you are not the addressee, or the person responsible for delivering it to the addressee, any disclosure, copying, distribution or any action taken or omitted to betaken in reliance on it is prohibited and may be unlawful. No part of this document may be duplicated in whole or in part in any form and/or redistributed without prior written consentof the HDFC Mutual Fund/ HDFC Asset Management Company Limited. The recipient(s) should before investing in the Scheme(s) make his/their own investigation and seek appropriateprofessional advice.Risk Factors: All mutual funds and securities investments are subject to market risks and there can be no assurance that the Scheme’s objectives will be achieved and the NAV of theScheme may go up or down depending upon the factors and forces affecting the securities market. Past performance of the Sponsors and their affiliates / AMC / Mutual Fund and itsScheme(s) do not indicate the future performance of the Scheme of the Mutual Fund. There is no assurance or guarantee to unit holders as to the rate of dividend distribution nor thatdividends will be paid regularly. Investors in the Scheme are not being offered any guaranteed / assured returns. The NAV of the units issued under the Scheme may be affected, inter-alia by changes in the interest rates, trading volumes, settlement periods, transfer procedures and performance of individual securities. The NAV will inter-alia be exposed to Price /Interest Rate Risk and Credit Risk. Investors should be aware that the fiscal rules/ tax laws may change and there can be no guarantee that the current tax position may continueindefinitely. In view of individual nature of tax consequences, each investor is advised to consult his/ her own professional tax advisor. HDFC TaxSaver benchmarked to S&P CNX 500Index is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL). IISL is not responsible for any errors or omissions or the results obtained fromthe use of such index and in no event shall IISL have any liability to any party for any damages of whatsoever nature (including lost profits) resulted to such party due to purchase orsale or otherwise of such product benchmarked to such index. HDFC TaxSaver, open-ended equity linked savings schemes with a lock-in period of 3 years, is only nameof the Scheme and does not in any manner indicate either the quality of the Scheme, its future prospects and returns. Please read the Scheme InformationDocument and Statement of Additional Information before investing. Investment Objective: To achieve long term growth of capital. HDFC TaxSaver benchmarked to S&PCNX 500 Index is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL). IISL is not responsible for any errors or omissions or the resultsobtained from the use of such index and in no event shall IISL have any liability to any party for any damages of whatsoever nature (including lost profits) resulted to such party due topurchase or sale or otherwise of such product benchmarked to such index. Asset Allocation Pattern: Equity and equity related instruments (minimum 80%); debt and moneymarket instruments (investment in securitised debt, if undertaken, not to exceed 20% of the net assets of the Scheme) (maximum 20%). Terms of Issue: Applications forsubscriptions /redemptions /switches would be accepted at official points of acceptance on all Business Days at NAV based prices. The AMC will calculate and publish NAVs on allBusiness Days. Load Structure: Entry Load: Not Applicable. Exit Load: Nil. In view of the individual nature of tax consequences, each investor is advised to consult his/herprofessional tax advisor. Statutory Details: HDFC Mutual Fund has been set up as a trust sponsored by Housing Development Finance Corporation Limited and Standard LifeInvestments Limited (liability restricted to their contribution of ` 1 lakh each to the corpus) with HDFC Trustee Company Limited as the Trustee (Trustee under the Indian Trusts Act,1882) and with HDFC Asset Management Company Limited as the Investment Manager. 28
    • Thank You 29