Annual Report Open Ended Debt-1 - IDFC Mutual Fund

OPEN ENDED DEBT SCHEMES 

GRINDLAYS SUPER SAVER INCOME FUND - 

INVESTMENT PLAN (GSSIF - IP) 


SHORT TERM PLAN (GSSIF - ST) 


MEDIUM TERM PLAN (GSSIF - MT) 

GRINDLAYS DYNAMIC BOND FUND (GDBF) 

GRINDLAYS GOVERNMENT SECURITIES FUND - 

INVESTMENT PLAN (GGSF - IP) 


SHORT TERM PLAN (GGSF - ST) 


PROVIDENT FUND PLAN (GGSF - PF)

ANNUAL REPORT 2006 

CONTENTS 

Page 

1. Trustee Report 2 - 7 


INVESTMENT PLAN (GSSIF - IP) 


SHORT TERM PLAN (GSSIF - ST) 


MEDIUM TERM PLAN (GSSIF - MT) 

GRINDLAYS DYNAMIC BOND FUND (GDBF) 


INVESTMENT PLAN (GGSF - IP) 


SHORT TERM PLAN (GGSF - ST) 


PROVIDENT FUND PLAN (GGSF - PF) 

2. Auditors’ Report 8 - 9 

3. Balance Sheet 10 

4. Revenue Account 11 - 12 

5. Cash Flow Statement 13 

6. Schedules to the financial statements 14 - 30 

7. Annexure A 31 - 35 

8. Annexure B 36 - 40 

9. Annexure C 41 - 50 

10. Annexure D 51 - 63 

11. Risk Factors 64 

1

OPEN ENDED SCHEMES 

TRUSTEE REPORT 

Report of the Board of Directors of the Standard Chartered Trustee Company 

Private Limited to the Unit-holders of Standard Chartered Mutual Fund. 

Dear Unit-holder, 

The Directors of Standard Chartered Trustee Company Private Limited hereby 

present the Sixth Annual Report of Standard Chartered Mutual Fund for the year 

ended March 31, 2006. 

STANDARD CHARTERED MUTUAL FUND 

Standard Chartered Mutual Fund (“SCMF” or “the Fund”) (erstwhile the ANZ 

Grindlays Mutual Fund) has been constituted as a Trust vide a Trust Deed dated 

December 29, 1999 in accordance with the provisions of the Indian Trust Act, 

1882 (2 of 1882). The Mutual Fund was registered with the Securities & Exchange 

Board of India (SEBI) on March 13, 2000. 

SCMF has been sponsored by Standard Chartered Bank, with Standard Chartered 

Trustee Company Private Limited (formerly known as the ANZ Grindlays 

Trustee Company Private Limited) (“the Trustee”) as Trustee and Standard 

Chartered Asset Management Company Private Limited (formerly known as the 

ANZ Grindlays Asset Management Company Private Limited) (“the AMC”) as 

the Investment Manager for all the Schemes of SCMF. 

The schemes launched by SCMF comprised of Eleven open ended schemes 

and and Twenty close-ended schemes as on March 31, 2006. 

The open-ended schemes (Debt & Equity) were: 

1) Grindlays Super Saver Income Fund (“GSSIF”) with Investment Plan, 

Short-Term Plan and Medium Term Plan 

2) Grindlays Cash Fund (“GCF”), 

3) Grindlays Government Securities Fund (“GGSF”) with Investment Plan, 

Short Term Plan and Provident Fund Plan 

4) Grindlays Dynamic Bond Fund (“GDBF”), 

5) Grindlays Floating Rate Fund (“GFRF”) with Short Term and Long Term 

Plan and 

6) Standard Chartered All Seasons Bond Fund (“SCASBF”) 

7) Standard Chartered Liquidity Manager 

8) Standard Chartered Liquidity Manager Plus 

9) Standard Chartered Classic Equity Fund 

10) Standard Chartered Premier Equity Fund 

11) Standard Chartered Imperial Equity Fund 

The Close ended schemes were: 

1) Grindlays Fixed Maturity 4th Plan (GFMP-4) 

2) Grindlays Fixed Maturity 6 th Plan (GFMP-6) 










12) Grindlays Fixed Maturity 21 st Plan (GFMP-21) 

13) Grindlays Fixed Maturity 22 nd Plan (GFMP-22) 

14) Standard Chartered Fixed Maturity 1 st Plan (SCFMP-1) 

15) Standard Chartered Fixed Maturity 2 nd Plan (SCFMP-2) 

16) Standard Chartered Fixed Maturity 3 rd Plan (SCFMP-3) 

17) Standard Chartered Fixed Maturity 4 th Plan (SCFMP-4) 

18) Standard Chartered Tristar Series-I (SCTS-I) 

19) Grindlays Fixed Maturity Plus Plan – I (GFMPP-I) 

20) Grindlays Fixed Maturity Plus Plan- II (GFMPP-II) 

The total Funds under Management (FuM) under the thirty (not including SCASBF) 

Schemes as on March 31, 2006 aggregated to 9411.52 Crores. 

Year 2005-2006 was the Sixth year of operation of SCMF. Till 2005 SCMF had 

launched debt and liquid funds, with the objective of meeting the diverse riskreturn 

requirements of debt fund investors. SCMF introduced Equity funds in 

2005-2006 . The fund also introduced certain hybrid products with a mix of debt 

and equity during the year, thus widening the investment opportunities available 

to the investors under the SCMF family. 

During the year under review, Standard Chartered Liquidity Manager and Standard 

Chartered Liquidity Manager Plus Plan were the open ended liquid schemes 

launched by SCMF. Marking its foray into the equity mutual fund business, the 

fund launched three open ended equity schemes during the FY 2005-2006, viz. 

Standard Chartered Classic Equity Fund, Standard Chartered Premier Equity 

Fund and Standard Chartered Imperial Equity Fund. 

Eighteen close-ended schemes were also launched during the year. This included 

fifteen vanilla debt funds and three debt funds with up to 35% exposure 

permitted in equities (hybrid funds). While the debt portion in these hybrid funds 

provide investors with an opportunity to earn income over the period of investment, 

the exposure to equity provides them with an opportunity to grow capital. 

THE SPONSOR 

Standard Chartered Bank (“SCB”) is a member of the Standard Chartered 

Group, which is a multinational banking and financial services group with a 

unique emerging markets network. Standard Chartered is the world’s leading 

emerging markets bank and has offices in many countries in the Asia Pacific 

Region, South Asia, the Middle East, Africa, United Kingdom. Through the 

years SCB has grown its operations and is now a truly international bank offering 

a wide array of financial products and services. As an organisation, SCB is 

committed to delivering consistently superior performance and to building shareholder 

value. With more than150 years in the emerging markets the Bank has 

unmatched knowledge and understanding of its customers in its markets. 

SCB operates in India through various branches which are spread in various 

cities and offer a complete range of banking and financial products. It is the 

largest foreign bank in India 

STANDARD CHARTERED TRUSTEE COMPANY PRIVATE LIMITED 

The Trustee is a company incorporated under the Companies Act, 1956 and is 

the Trustee to the Fund vide Trust Deed dated December 29, 1999 as amended 

from time to time. The Trustee is 100% owned by Standard Chartered Bank. 

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

for the benefit of the unitholders. The Trustee seeks to ensure that the Fund and 

2


the Schemes floated thereunder are managed by the AMC in accordance with the 

Trust Deed, the SEBI (Mutual Funds) Regulations, 1996 as amended from time to 

time, the Investment Management Agreement, the Stock Exchanges and other 

regulatory agencies. 

The Directors of Standard Chartered Trustee Company Private Limited are: 

Mr. Sanjeev Agrawal: He is the Chairman of the Company. He is a Chartered 

Accountant and is designated as the Chief Financial Officer - India & South Asia 

Region of Standard Chartered Bank with responsibilities for Finance functions of 

Standard Chartered Bank. He had successfully managed the integration process of 

Standard Chartered Bank and Standard Chartered Grindlays Bank. His efforts 

wererecognized by the Indian ManagementAssociation(IMA)andhewasawarded 

the CFO of the year award in the “Mergers & Acquisitions” category for the year 

2002. Prior to the assignment with SCB, he was associated with Tata Steel, 

Bombay and with Price Waterhouse-New Delhi. 

Mr. Dattatraya M. Sukthankar:In his career spanning over 34 years till 1990 as an 

IAS Officer, had held very important portfolios in the Govt. of Maharashtra 

including that of Secretary - Education Department, Secretary - Industries Dept, 

Metropolitan Commissioner, Municipal Commissioner - Greater Bombay, and finally 

as Chief Secretary to the Govt. of Maharashtra. He was also the Secretary, 

Ministry of Urban Development, Govt. of India for two years. 

Mr. Jamsheed G. Kanga: In his career as an IASofficer, had held various 

important positions including that of Managing Director - Maharashtra State Agro 

Industries Development Corporation and Maharashtra State Tourism Development 

Corporation, Joint Secretary -Finance Department, Maharashtra State, Joint Secretary 

(Projects & Finance) - Department of Atomic Energy, Secretary to Government 

of Maharashtra, Municipal Commissioner - Bombay Municipal Corporation, 

Chairman and Managing Director - Export Credit Guarantee Corporation of India in 

the rank of Secretary to Government of India. After retirement, he had been the 

Vice-Chairman and Managing Director of Tata Housing Development Co. Ltd. and 

now is a Senior Corporate Advisor to Tata Housing Development Co. Ltd. from 

April 1997. He is also a Consultant to Forbes Gokak Limited. 

Mr. Sukant Kelkar: He was initially associated with Bank of India. He is associated 

with Bombay Dyeing & Mfg. Co. Ltd since 1972. He was the Executive 

Director (Finance) in Bombay Dyeing & Mfg. Co. Ltd for a period of 7 years and still 

continues to be a Non - Executive Director, Member of Audit Committee and 

Investors Greivance Committee of the Board of Bombay Dyeing & Mfg. Co. Ltd. 

STANDARD CHARTERED ASSET MANAGEMENT COMPANY PRIVATE 

LIMITED 

As at March 31, 2006 equity share capital of the AMC was held by Standard 

Chartered Bank (74.99%), the Atul C. Choksey Group of Companies (25%) and a 

resident individual. The AMC formerly known as ANZ Grindlays Asset Management 

Company Private Limited was sponsored by the ANZ Banking Group, the 

holding of ANZ was acquired by Standard Chartered Bank and subsequently on 

March 13, 2001 the name of the AMC was changed to Standard Chartered Asset 

Management Company Private Limited. The AMC is the Investment Manager for 

all the Schemes under SCMF. 

The Directors of Standard Chartered Asset Management Company Private 

Limited as at March 31, 2006 were: 

Mr. Paul Jebson: He is the Head Funds Management, Global Markets with 

Standard Chartered Bank. He has been associated with Standard Chartered 

Bank since June 1977 with responsibilities of institutional and commercial bank 

sales and marketing and treasury functions. He was the Group Head of Institutional 

and Commercial Bank Sales and Marketing from 1999 to 2001 and the 

Global Head of Treasury Bank relationships from 1998 to 1999. 

Dr. A. C. Shah: He is a M.A., Ph.D (Economics) from the University of 

Bombay. He retired as the Chairman and Managing Director of Bank of Baroda 

after a meritorious service of over 30 years during which he held many responsible 

positions in the bank. He was advisor to UTI for setting up UTI Bank. 

Mr. Atul C. Choksey: He is a Chemical Engineer from Illinois Institute of 

Technology, Chicago, USA. He has also completed courses in management 

disciplines like Finance, Personnel, Micro and Macro Economics etc. during his 

stay abroad. He is the Chairman of Apcotex Lattices Limited (now known as 

Apcotex Industries Limited), Apcotex Financial Services Limited and Apcotex 

Infoway Private Limited as well as other group companies. He was the Managing 

Director of Asian Paints (India) Limited from 1984 to 1997. 

Mr. Pradip Madhavji: He was the Chairman of Thomas Cook (India) Limited for 8 

years and was responsible for enhancing its position externally, through further 

strengtheningthecompany’srelationshipswithbusinesspartners,tradebodiesand 

associates.HehasbeenwithThomasCooksince1977andhasheldseniorpositions 

as Managing Director, Deputy Chairman & Managing Director & Executive Chairman. 

Prior to this he was with Dena Bank for over 18 years where at the time of 

leaving he was in charge of the entire foreign exchange function of the Bank. 

Mrs. Bakul Patel: She is a Chartered Secretary from the Chartered Institute of 

Company Secretaries, U.K. She is a Member of Zonal Advisory Board, Western 

Zone, Life Insurance Corporation of India and Western Regional Advisory Committee, 

Industrial Development Bank of India. She was the Chairperson of 

Maharashtra State Financial Corporation from 1992 to 1995 and was the Sheriff 

of Mumbai from 1992 – 1993. She was a member on the Indian Advisory Board, 

Standard Chartered Grindlays Bank. 

Mr. Naval Bir Kumar: He is a rank holder in Mathematics from Bombay University 

and holds an MBA from the Indian Institute of Management, Calcutta. He is 

the Managing Director of Standard Chartered Asset Management Company Private 

Limited. Prior to this he was Director & Head Originations of Global Capital 

Markets for ANZ Investment Bank. In this role he has handled debt and equity 

capital market transactions for a number of leading Indian corporates and was 

successful in improving the Bank’s position in the domestic capital markets from 

193 to number 6. He is also on the Board of the Association of Mutual Funds of 

India (“AMFI”). He joined the Bank in 1990 in the Merchant Banking Division and 

was appointed Head of the Merchant Bank for West India in 1994 and subsequently 

Head of the Investment Bank for West India in 1996. In these roles he has 

worked on a cross-section of investment banking products such as: Infrasturcture 

financing, Corporate finance, Cross-Border debt financing and Domestic capital 

market transactions.He worked briefly with Colgate Palmolive (India) Limited as a 

Brand Manager prior to joining Standard Chartered Grindlays bank. 

Industry Review and Future Outlook 

The year saw the resurgence of growth in the equity-oriented funds. Equity funds 

grew by a whopping 152% during the fiscal year on the back of bullish sentiment 

3


in the equity markets. During the same period ELSS schemes also grew almost 

4 fold to Rs. 6589 crs. The interest rate environment in the economy remained 

bearish during the period. As a result of which long-term income funds were not 

sought after. Most mutual funds including ours actively advised investors against 

investing in long-term debt funds taking into consideration the underlying bearish 

interest rate environment. As a consequence, Income funds as a category 

experienced only a modest 26% growth, most of this coming from short duration 

funds rather than from long duration funds. Liquid category grew about 14% 

reflecting the parsimonious state of liquidity in the banking system. 

Outlook for the current year looks stable. With incisive corrections in the equity 

markets, growth oriented schemes have stopped being attracted to customers 

as of now. Short duration debt funds are back in vogue given the uncertain nature 

of interest rate movements in the economy. 

Details of the schemes covered under this report are given below:- 

OPEN ENDED SCHEMES : 

GRINDLAYS SUPER SAVER INCOME FUND – INVESTMENT, SHORT 

TERM & MEDIUM TERM PLANS (“GSSIF-IP, ST & MT”) 

The primary investment objective of the Scheme is to seek to generate stable 

returns with low risk strategy by creating a portfolio that is invested in good 

quality fixed income and money market securities. 

To achieve the above objective the underlying investment strategy is to endeavour 

to allocate the assets of the scheme between various fixed income securities 

with the objective of achieving consistent returns. 

The Scheme has three Plans viz. an Investment Plan, Short Term Plan & a 

Medium Term Plan. The objective of the Investment Plan of the Scheme is to 

provide stable returns and generally it will have a medium term maturity profile. It 

will provide stable returns over a relatively longer period of investment. The Plan 

attempts to maximise returns by moving the duration of the portfolio in line with 

interest rate changes. In a rising interest rate environment the duration of the fund 

will be reduced to protect returns and in a declining interest rate scenario the 

duration will be increased to improve returns. 

The Short term Plan is designed for investors seeking stable returns over shorter 

periods and it will generally have a much shorter average maturity of assets 

thereby providing consistent returns even over shorter periods of investment. 

The Medium Term Plan is designed for investors seeking a long term investment 

option and it will generally have a medium term maturity profile. It will provide 

stable returns over a relatively longer tenor period of investment. 

The Funds Under Management (“FuM”) of the Investment Plan as of March 31, 

2006 is Rs.115.69 crores (March 31, 2005 is Rs. 234.53 crores). Plan A of the 

Investment Plan of the scheme has delivered a CAGR of 3.09% for last one 

year and 8.62% from its inception date (i.e. the date of allotment ) of July 14, 

2000 (NAV of Rs. 10.00) to March 31, 2006. The NAV of the growth option in 

Plan A in the Investment Plan as of March 31, 2006 is Rs. 16.0435 (March 31, 

2005 is Rs. 15.5626 for Plan A) 

The FuM of the Short Term Plan as of March 31, 2006 is Rs. 131.34 crores 

(March 31 2005 is Rs. 78.34 crores). Plan A of the Short Term Plan of the 

Scheme has delivered a CAGR of 4.91% for last one year and 6.42% from its 

inception (i.e. date of allotment) date of December 14, 2000 (NAV of Rs. 10.00) 

to March 31, 2006. The NAV of the growth option in Plan A in the short term Plan 

as of March 31, 2006 is Rs. 13.9001(March 31, 2005 is Rs. 13.2500 for Plan A). 

The FuM of the Medium Term Plan as of March 31, 2006 is Rs. 4.60 crores. Plan 

A of the Medium Term Plan of the scheme has delivered a CAGR of 4.70% for the 

last one year and 3.96% from its inception i.e date of allotment July 8, 2003 (NAV 

of Rs. 10.00) to March 31, 2006. The NAV of the growth option in Plan A as of 

March 31, 2006 is Rs.11.1192 (March 31, 2005 is Rs. 10.6197 for Plan A). 

4


A Super Institutional Plan (Plan C) & MF Plan (Plan D) were introduced in GSSIF- 

IP, ST & MT with effect from April 2, 2004. Both growth and dividend options are 

available in the said plans. The following plans were wound up as they were unable 

to meet the criteria of the SEBI circular o minimum number of investors. 

Date of Winding up and name of thePlansoftheschemeswhichwerewoundup: 

August 12, 2004 

December 31, 2 004 

March 31, 2005 

Plan C& D of GSSIF - IP, Plan D of GSSIF - ST , Plan 

D of GSSIF - MT 

Plan B of GSSIF - IP, Plan C of GSSIF - ST , Plan B & 

C of GSSIF - MT 

Plan B of GSSIF - ST 

However Plan B, Plan C & Plan D under GSSIF-STwere reintroduced on 

September 02, 2005. 

GRINDLAYS GOVERNMENT SECURITIES FUND - INVESTMENT PLAN, 

SHORT TERM PLAN & PROVIDENT FUND PLANS ("GGSF-IP, ST & PF") 

An open- ended dedicated gilt scheme with an objective to seek optimal returns 

with high liquidity by investing in Government Securities was launched on February 

21, 2002 and the units were allotted on March 9, 2002. A new provident fund 

plan comprising sub plansA&Bwasintroduced in February 2004. 

To achieve the above objective the fund will endeavour to manage interest rate 

risk effectively by managing the duration of the portfolio which implies that it will 

attempt to reduce its duration when interest rates are rising and lengthen the 

duration when interest rates are falling and hence the portfolio of the scheme may 

move from treasury bills or money at call and short notice to short, medium and 

long dated securities. 

The Scheme has three Plans viz. an Investment Plan, Short Term Plan and a 

Provident Fund Plan. The Investment Plan of the Scheme is designed for investors 

seeking a long term investment option and it will generally have a medium term 

maturity profile. It will provide stable returns over a relatively longer tenor period of 

investment. The Investment Plan would invest in Central Government Securities 

of all maturities. Depending on market conditions a part of the assets would be 

invested in Treasury Bills and in call /repo and notice money markets from time to 

time. Pending deployment of funds, investments may also be made in Fixed 

Deposits of Scheduled Commercial Banks. The average maturity of the Plan would 

be monitored to suit different market conditions from time to time. 

The Short Term Plan of the scheme is designed for investors seeking stable 

returns over shorter periods and it will generally have a much shorter average 

maturity of assets thereby providing consistent returns even over a shorter period 

of investment. The Short Term Plan would predominantly invest in Central 

Government Securities of short and medium term maturities. It would also invest 

in Treasury Bills and in Call/repo and notice money markets. Depending on 

market conditions it could invest a small portion of its funds in long term Central 

Government Securities. Pending deployment of funds, investments may also be 

made in Fixed Deposits of Scheduled Commercial Banks. The average maturity 

of the portfolio would be monitored and maintained in such way so as to ensure 

lower volatility than the Investment Plan. 

The Provident Fund Plan of the scheme is designed for investors seeking a long 

term investment option and it will generally have a medium term maturity profile. 

5 

It will provide stable returns over a relatively longer Period of investment. 

The FuM of the Investment Plan as of March 31, 2006 is Rs. 6.81 crores (March 

31, 2005 is Rs. 12.10 crores). Plan A of the Investment Plan of the scheme has 

delivered a CAGR of 4.56% for the last one year and 6.55% from inception date 

of March 9, 2002. The NAV of the growth option Plan A in the Investment Plan 

as of March 31, 2006 is Rs. 12.9422 (March 31, 2005 is Rs. 12.3782 for Plan A). 

Plan B wound up on December 31, 2004. 

The FuM of the Short Term Plan as of March 31, 2006 is Rs. 1.99 crores (March 

31, 2005 is Rs. 1.25 crores). Plan A of the Short Term Plan of the scheme has 

delivered CAGR of 3.75 % for the last one year and 4.75% from inception date 

of March 9, 2005. The NAV of the growth option in the Short Term Plan as of 

March 31, 2006 is Rs. 12.0732 (March 31, 2005 is Rs.11.6363). 

The FuM of the Provident Fund Plan as of March 31 2006 is Rs. 24.17 crores. 

Plan A (March 31, 2005 is Rs 44.75 crores) of the Provident Fund plan of the 

scheme has delivered an CAGR of 5.23% for the last one year and 2.26% from 

inception date of March 29, 2004 (NAV of Rs. 10.00) to March 31, 2006. The 

NAV of the growth option PlanA&BasofMarch 31, 2006 is Rs. 10.4577 and 

Rs 10.4955 respectively (March 31, 2005 is 9.9375 & 9.9830 respectively.) 

Plan B Super institutional plan of GGSF - IP was wound up on December 31, 

2004 , as it was unable to meet the criteria of the SEBI circular on minimum 

number of investors. 

GRINDLAYS DYNAMIC BOND FUND ("GDBF") 

An open-ended income scheme with an objective to generate optimal returns 

with high liquidity by active management of the portfolio, by investing in high 

quality money market and debt instruments. It was launched on June 25, 2002. 

To achieve the above objective the fund will attempt to maximise returns to the 

investors by designing a portfolio which will dynamically track interest rate 

movements in the short term by reducing duration in a rising rate environment 

while increasing duration in a falling interest rate environment. 

The FuM of GDBF as of March 31, 2006 is Rs. 27.97 crores (March 31, 2005 is 

Rs. 111.92 crores). Plan A of the scheme has delivered a CAGR of 4.29% for 

the last one year and 6.54 % from inception date of June 25, 2002. The NAV of 

the growth option Plan A as of March 31, 2006 is Rs. 12.6956 (March 31, 2005 

is Rs. 12.1736 in Plan A). 

A Super Institutional Plan (Plan C) & MF Plan (Plan D) were introduced in 

GDBF with effect from April 2, 2004. Both growth and dividend options are 

available in the said plans. Plan C&Dhasbeen wound with effect from 

December 31, 2004, Plan B has been wound up with effect from March 31, 2005, 

as it was unable to meet the criteria of the SEBI circular on minimum number of 

investors. 

INVESTOR SERVICES 

The AMC successfully managed big sized NFOs like the Standard Chartered 

Classic Equity Fund, Standard Chartered Premier Equity Fund and Standard 

Chartered Imperial Equity Fund. 

The Investor Service team continued to innovate and among the more prominent 

ones was the Auto Switch facility during NFOs. This facility allowed investors to 

earn incremental returns for the days between the day of investment and the end


of the NFO. The appreciated amount then was automatically switched into the 

NFO on the last day. 

The AMC continues to see an impressive growth in the SIP numbers. The Fund 

is among the few funds to have a Any Day SIP facility. The AMC has entered 

into arrangements with various banks to ensure that investors in as many Indian 

towns can avail the benefits of SIP with the least amount of transactional 

inconvenience. Investors today can apply through any of the following modes: 

Post dated cheques, Auto Debits through the ECS facility and Standing Instructions 

(available for investors with accounts in select banks only). 

The Fund set up a Central Customer Care Cell in Chennai to ensure that all 

correspondences with our investors have a standardized quality response. The 

Customer Care cell serves to be a repository of all communication with investors. 

The Fund also entered into a Channel partner agreement with India Infoline and 

Kotak Street in the last financial year. 

Our unique Phone Transact service, that allows investors to redeem/ switch 

investments on the phone without any PIN, continues to grow in stature. It now 

extends to over 675 cities and redemptions through phone continue to grow as a 

proportion of total redemptions. 

The Fund now through a combination of own offices and registrars offices 

reaches to 78 cities. 

DISTRIBUTION OF INCOME 

The distribution of Dividend will be made out of Net Surplus under this subject to 

availability of distributable profits, as computed in accordance with SEBI Regulations. 

The AMC reserves the right to change the periodicity. 

Name of thr Scheme / Plan 

GSSIF - IP 

GSSIF - MT 

GSSIF - ST 

GCF 

GDBF 

GGSF - IP 

GGSF - ST 

GGSF - PF 

Dividend Option 

Quarterly, Half Yearly & Annual 

Bi - Monthly , Fortnightly & Monthly 

Monthly 

Daily & Weekly with compulsory re - invest 

ment & Periodic (in Plan B only), 

Monthly (in Plan C only) 

Quarterly & Annual 

Quarterly, Half Yearly & Annual 

Monthly & Quarterly 

Quarterly & Annual 

GFRF - ST Daily & Weekly with compulsory 

reinvestment & Monthly 

GFRF - LT Weekly (with reinvest facility in Plan B only) , 

Monthly, Quarterly, Annual 

SCASBF 

Quarterly, Half Yearly, Annual 

The dividend history of Plan A of various schemes is as under: 

GSSIF - IP 

Date of declaration Frequency Non-Corporates Corporates 

07-Jun-05 Quarterly 0.1000 0.0931 

01-Sep-05 Half Yearly 0.2500 0.2328 

08-Sep-05 Quarterly 0.1000 0.0931 

06-Dec-05 Quarterly 0.0719 0.0670 

28-Feb-06 Half Yearly 0.1500 0.1397 

28-Feb-06 Yearly 0.1500 0.1397 

GSSIF - ST 


29-Apr-05 Monthly 0.0600 0.0559 

31-May-05 Monthly 0.0500 0.0466 

30-June-05 Monthly 0.0500 0.0466 

29-July-05 Monthly 0.0500 0.0466 

30-Aug-05 Monthly 0.0300 0.0279 

28-Sep-05 Monthly 0.0400 0.0372 

27-Oct-05 Monthly 0.0300 0.0279 

30-Nov-05 Monthly 0.0410 0.0381 

29-Dec-05 Monthly 0.0055 0.0051 

30-Jan-06 Monthly 0.0317 0.0296 

27-Feb-06 Monthly 0.0132 0.0123 

31-Mar-06 Monthly 0.0410 0.0382 

GSSIF - MT 


02-May-05 Bi - Monthly 0.0275 0.0256 

04-Jul-05 Bi - Monthly 0.0275 0.0256 

01-Sep-05 Bi - Monthly 0.0375 0.0350 

10-Nov-05 Bi - Monthly 0.0375 0.0350 

30-Dec-2005 Bi - Monthly 0.0616 0.0573 

28-Feb-2006 Bi - Monthly 0.0500 0.0466 

GDBF 


07-Jun-05 Quarterly 0.1000 0.0931 

08-Sep-05 Quarterly 0.1000 0.0931 

06-Dec-05 Quarterly 0.0929 0.0865 

GGSF - IP 


07-June-05 Quarterly 0.0750 0.0698 

08-Sep-05 Quarterly 0.0931 0.1000 

06-Dec-05 Quarterly 0.0843 0.0785 

01-Sep-05 Half Yearly 0.1500 0.1397 

28-Feb-06 Half Yearly 0.2000 0.1863 

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28-Feb-06 Yearly 0.3500 0.3260 

06-Mar-06 Quarterly 0.0858 0.0799 

GGSF - ST 


29-Apr-05 Monthly 0.0250 0.0233 

31-May-05 Monthly 0.0250 0.0233 

07-June-05 Quarterly 0.0750 0.0698 

30-June-05 Monthly 0.0250 0.0233 

29-July-05 Monthly 0.0500 0.0466 

30-Aug-05 Monthly 0.0225 0.0210 

08-Sep-05 Quarterly 0.0750 0.0698 

28-Sep-05 Monthly 0.0150 0.0140 

27-Oct-05 Monthly 0.0200 0.0186 

30-Nov-05 Monthly 0.0257 0.0276 

06-Dec-05 Quarterly 0.0630 0.0586 

29-Dec-05 Monthly 0.0284 0.0265 

30-Jan-06 Monthly 0.0020 0.0019 

27-Feb-06 Monthly 0.0317 0.0295 

31-Mar-06 Monthly 0.0496 0.0462 

GGSF - PF 


08-Sep-05 Quarterly 0.1000 0.0931 

06-Dec-05 Quarterly 0.1014 0.0944 

28-Feb-06 Yearly 0.3000 0.2794 

06-Mar-06 Quarterly 0.0946 0.0881 

The schemes of the mutual fund under their respective dividend options have 

declared dividend. Looking at market conditions and due to inadequate distributable 

surplus no dividend was declared in following schemes: 

Scheme Name 

GGSF - ST 

GGSF - IP 

GGSF - PF 

GSSIF - IP 

GDBF 

GSSIF - MT 

Particulars 

Dividend was not declared in the monthly dividend option for 

the months of June 05, September 05, December 05 and 

March 06. 

Dividend was not declared under the quarterly dividend 

optionin Plan B for the quarter ended June, September, 

December 2005 and March 2006; & Half Yearly dividend for 

the half year September 2005 and March 2006 in Plan B and 

Yearly Dividend in Plan B 

Dividend was not declared under the quarterly dividend option 

for quarter June 2005 in Plan A and Plan B. 


for the quarter March 2006 (Plan A) . 


for the March 2006 (Plan A), For quarters June 2005 to 

March 2006 (PlanB&C)andunder Yearly dividend for the 

year ended March 2006 (Plan A)., Plan B & Plan C 

No Dividend was declared under PlanB&Cduring the year 

ended March 2006 

GSSIF - ST Dividend was not declared under the Monthly Dividend option 

for the months April to August 2005, September and October 

2005 (Plan B & C), April to December 2005 in Plan D 

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. 

On written request, present and prospective unitholder/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. 

ACKNOWLEDGEMENT 

The trustees 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 and Sponsor 

(present and erstwhile) of SCMF for support provided by them during the year. 

For Standard Chartered Trustee Company Private Limited 

(The Trustee of Standard Chartered Mutual Fund) 

Chairman 

Place: Mumbai 

Date: August 2, 2006 

7


AUDITORS’ REPORT 

To the Board of Trustees of 

Standard Chartered Mutual Fund 

We have audited the attached Balance Sheet of Standard Chartered Mutual 

Fund - Grindlays Super Saver Income Fund ('the Scheme') consisting of three 

Plans viz. Investment Plan, Short Term Plan and Medium Term Plan as at 31 

March 2006 and the related Revenue Account for the year ended on that date 

annexed thereto. 

These financial statements are the responsibility of the Trustees of Standard 

Chartered Mutual Fund and the management of Standard Chartered Asset Management 

Company Private Limited. Our responsibility is to express an opinion 

on these financial statements based on our audit. 

We conducted our audit in accordance with auditing standards generally accepted 

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 misstatement. An audit includes examining, on a test basis, evidence 

supporting the amounts and disclosures in the financial statements. An audit 

also includes assessing the accounting principles used and significant estimates 

made by management, as well as evaluating the overall financial statement 

presentation. We believe that our audit provides a 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 for the purpose of the audit; and 

• The Balance Sheet and the related Revenue Account dealt with by this 

report are in agreement with the books of account of the Scheme. 

• In our opinion and to the best of our information and according to the 

explanations given to us; 

- the Balance Sheet as at 31 March 2006 and the related Revenue 

Account for the year ended on that date, together with the notes 

thereon, 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 and 

amendments thereto, as applicable; 

- The Balance Sheet as at 31 March 2006 and the related Revenue 

Account for the year ended on that date together with the notes 

thereon give the information required by the Securities and Exchange 

Board of India (Mutual Funds) Regulations, 1996 and amendments 

thereto, as applicable, and give a true and fair view: 

- In so far as it relates to the Balance Sheet, of the state of 

affairs of the Scheme as at 31 March 2006; and 

- In so far as it relates to the Revenue Account, of the surplus for 

the year ended on that date. 


explanations given to us, the methods used to value non-traded/thinly traded 

securities in good faith are fair and reasonable. 




Fund - Grindlays Dynamic Bond Fund ('the Scheme') as at 31 March 2006 and 

the related Revenue Account for the year ended on that date annexed thereto. 













opinion. 


























For BSR & Co. 

Chartered Accountants 

For BSR & Co. 


Mumbai 


Akeel Master 

Partner 

Membership No.: 46768 

Mumbai 


Akeel Master 

Partner 


8


AUDITORS’ REPORT 




Fund - Grindlays Government Securities Fund ('the Scheme') consisting of three 

Plans viz. Investment Plan, Short Term Plan and Provident Fund Plan as at 31 

March 2006 and the related Revenue Account for the year ended on that date 

annexed thereto. 













opinion. 


























For BSR & Co. 


Mumbai 


Akeel Master 

Partner 


9


Balance Sheet as at March 31, 2006 

(Currency: Indian Rupee) 

March 31, 2006 

March 31, 2005 

Schedule GSSIF-IP GSSIF-ST GSSIF-MT GDBF GGSF-IP GGSF-ST GGSF-PF 

LIABILITIES 

Unit capital 3 864,284,365 1,449,166,643 43,483,813 244,427,860 58,158,071 16,541,192 245,625,194 

1,806,306,822 642,762,101 214,879,976 899,968,251 103,969,320 11,082,719 449,810,239 

Reserves and surplus 4 291,801,777 64,158,497 2,272,297 35,249,471 13,450,345 3,349,851 9,639,504 

529,596,334 125,102,391 7,131,425 123,162,538 17,090,306 1,399,907 (2,339,816) 

Current liabilities and provision 5 6,878,018 3,081,296 754,807 3,984,145 3,597,571 76,668 2,506,413 

19,921,051 36,178,818 3,328,985 106,493,838 838,248 53,920 2,525,644 

1,162,964,160 1,516,406,436 46,510,917 283,661,476 75,205,987 19,967,711 257,771,111 

2,355,824,207 804,043,310 225,340,386 1,129,624,627 121,897,874 12,536,546 449,996,067 

ASSET 

Investment 6 1,133,098,428 1,291,786,968 44,783,706 261,151,069 66,989,661 17,539,269 251,405,654 

2,297,256,535 725,073,109 218,043,344 968,046,017 116,785,274 10,023,700 437,599,440 

Deposits 7 - - - - - - - 

8,750,000 11,250,000 3,750,000 126,250,000 - - - 

Current assets 8 29,865,732 224,619,468 1,727,211 22,510,407 8,216,326 2,428,442 6,365,457 

49,817,672 67,720,201 3,547,042 35,328,610 5,112,600 2,512,846 12,396,627 

1,162,964,160 1,516,406,436 46,510,917 283,661,476 75,205,987 19,967,711 257,771,111 

2,355,824,207 804,043,310 225,340,386 1,129,624,627 121,897,874 12,536,546 449,996,067 

Net Asset Value per unit 

Growth Option - Plan A 16.0435 13.8991 11.1192 12.6955 12.9421 12.0732 10.4578 

15.5626 13.2501 10.6197 12.1738 12.3782 11.6363 9.9375 

Growth Option - Plan B - 10.2387 - - - 10.4953 

- - - - - 9.9830 

Growth Option - Plan C - 10.2557 - - - - - 

- - - - - - 

Dividend (Monthly) Option - Plan A - 10.0143 - - - 10.0050 - 

- 10.0394 - - - 10.0053 - 

Dividend (Monthly) Option - Plan B - 10.0143 - - - - - 

- - - - - - - 

Dividend (Monthly) Option - Plan C - 9.9931 - - - - - 

- - - - - - - 

Dividend (Monthly) Option - Plan D - 9.9994 - - - - - 

- - - - - - - 

Dividend (Bi-Monthly) Option - Plan A - - 10.2564 - - - - 

- - 10.0640 - - - - 

Dividend (Quarterly) Option - Plan A 10.0258 - - 10.0533 10.0505 10.0727 10.0370 

10.0289 - - 10.0281 9.9956 10.0188 9.8526 

Dividend (Quarterly) Option - Plan B - - - - - - 10.0368 

- - - - - - 9.8700 

Dividend (Half-Yearly) Option - Plan A 10.0701 - - - 10.0756 - - 

10.2141 - - - 10.0230 - - 

Dividend (Annual) Option - Plan A 10.0826 - - 10.1114 10.1138 10.1153 

9.9466 - - 10.1335 10.0515 9.9376 

Significant accounting policie 2 

Notes to Account 11 

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

As per our report attached of even date. 

For BSR & Co. 

For Standard Chartered Asset Management 


Company Private Limited 

Akeel Master Paul Jebson Naval Bir Kumar Rajiv Anand 

Partner Chairman Managing Director Head-Investments Director 

Membership No. 046768 

Place : Mumbai 

August 2, 2006 

10


Revenue Account for the year ended 


March 31, 2006 

March 31, 2005 


INCOME AND GAINS 

Interest 9 154,870,010 191,994,363 11,872,302 104,351,439 6,943,529 472,247 19,829,757 

606,232,406 295,940,565 255,691,796 499,534,614 16,831,159 959,308 25,049,200 

Profit on sale / redemption of 13,817,674 10,188,043 1,271,706 10,060,541 2,622,230 33,800 8,038,672 

investments (other than inter-scheme 213,472,144 26,758,350 30,359,625 155,801,266 13,867,900 54,075 27,372,225 

transfer/sale of investments) 

Profit on inter-scheme 1,946,218 - - 12,723,677 - - 40,150 

transfer/sale of investments 55,176,346 73,691,305 5,876,570 3,974,699 15,225 - - 

Provision for depreciation in 26,961,123 3,024,188 48,065,560 82,086,261 7,400 18,650 58,650 

value of investments written back - 30,867,462 51,756,255 8,776,629 - - - 

197,595,025 205,206,594 61,209,568 209,221,918 9,573,159 524,697 27,967,229 

874,880,896 427,257,682 343,684,246 668,087,208 30,714,284 1,013,383 52,421,425 

EXPENSES AND LOSSES 

Loss on sale / redemption of 24,064,616 44,798,663 1,347,732 7,669,130 2,259,300 22,700 6,571,239 

investments (other than inter- 409,119,046 87,307,021 37,856,894 354,834,985 30,889,013 462,100 49,194,680 

scheme transfer/sale of investments) 

Loss on inter-scheme 21,659,819 - 53,872,596 105,357,706 - - - 

transfer/sale of investments 142,156,147 112,880,593 213,757,358 111,018,353 21,900 355,995 47,028 

Management fees 18,517,440 8,108,275 398,582 4,306,450 1,315,909 12,189 2,986,950 

72,289,509 23,227,647 12,591,469 70,230,905 3,235,084 86,523 2,549,180 

Trusteeship Fees 330,600 - - - - - - 

362,500 - - - - - - 

Registrar and Transfer 1,781,928 2,893,351 101,093 685,812 77,281 9,275 205,886 

Agent’s fees and expenses 7,277,890 4,308,237 2,157,996 5,727,842 164,062 13,221 273,924 

Custodian fees 303,199 777,831 20,578 142,164 - - - 

1,112,438 560,718 312,327 477,796 - - - 

Commission to agents 11,102,004 4,619,239 303,535 2,359,115 437,008 26,197 1,051,256 

31,524,595 8,424,946 7,813,398 26,752,221 642,602 77,192 1,685,335 

Publicity and Marketing expenses 118,085 2,426 565 39,559 497 51 1,328 

8,804,132 25,119 14,929 2,892,355 1,441 69 1,630 

Audit fees 180,381 235,104 31,300 80,064 32,634 28,629 67,930 

245,211 108,610 61,067 180,039 8,651 789 22,113 

Service tax 2,034,739 1,109,123 49,247 501,224 142,022 2,173 325,689 

6,808,743 2,209,999 1,203,124 6,552,753 316,769 8,624 273,716 

Other operating expenses 10 1,600,938 1,081,833 334,721 495,689 384,683 15,518 933,010 

4,062,782 1,876,449 1,419,478 9,470,466 272,877 26,005 461,153 

11


Revenue Account for the year ended (Contd.) 


March 31, 2006 

March 31, 2005 


Provision for depreciation in 58,690,093 15,978,054 - 55,376,053 - - - 

value of investments 26,961,123 3,024,188 48,065,560 82,086,261 7,400 18,650 58,650 

140,383,842 79,603,900 56,459,949 177,012,966 4,649,334 116,732 12,143,288 

710,724,116 243,953,526 325,253,600 670,223,976 35,559,799 1,049,169 54,567,409 

Surplus / (Deficit) for the year 57,211,183 125,602,694 4,749,619 32,208,952 4,923,825 407,965 15,823,941 

164,156,780 183,304,156 18,430,646 (2,136,768) (4,845,515) (35,786) (2,145,984) 

Transfer from Equalisation Reserve (209,628,758) 13,466,110 3,773,716 (108,881,405) (26,079,361) 1,539,382 (2,934,919) 

(3,153,809,926) (336,887,680) (76,154,678) (564,998,422) (4,076,336) (346,529) 128,806 

Distributable Surplus (152,417,575) 139,068,804 8,523,335 (76,672,453) (21,155,536) 1,947,347 12,889,022 

(2,989,653,146) (153,583,524) (57,724,032) (567,135,190) (8,921,850) (382,315) (2,017,177) 

Income Distributed (including distribution tax) (17,055,620) (70,261,483) (1,515,355) (7,596,344) (1,164,948) (58,694) (1,633,466) 

(152,130,941) (133,273,276) (26,513,607) (88,977,953) (1,126,223) (52,369) (905,721) 

Retained Surplus, beginning of year (219,202,416) 82,275,801 (3,428,105) (47,640,452) 33,694,140 1,518,747 (2,429,755) 

2,922,581,671 369,132,601 80,809,534 608,472,691 43,742,213 1,953,431 493,143 

Retained Surplus / (Deficit), end of the year (388,675,611) 151,083,122 3,579,875 (131,909,248) 11,373,656 3,407,400 8,825,801 

(219,202,416) 82,275,801 (3,428,105) (47,640,452) 33,694,140 1,518,747 (2,429,755) 

Significant accounting policies 2 

Notes to Accounts 11 

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


For BSR & Co. 


For Standard Chartered Asset Management 


Akeel Master Paul Jebson Naval Bir Kumar Rajiv Anand 

Partner Chairman Managing Director Head-Investments Director 




12


Cash Flow Statement for the year ended March 31, 2006 


GSSIF - IP GSSIF - ST GSSIF - MT GDBF 

April 1, 2005 to April 1, 2004 to April 1, 2005 to April 1, 2004 to April 1, 2005 to April 1, 2004 to April 1, 2005 to April 1, 2004 to 

March31,2006 March 31, 2005 March31,2006 March 31, 2005 March31,2006 March 31, 2005 March31,2006 March 31, 2005 

A. Cashflow from operating activities 

Surplus as per revenue account 57,211,183 164,156,780 125,602,694 183,304,156 4,749,619 18,430,646 32,208,952 (2,136,768) 

Adjustments for : 

Depreciation / (Provision for depreciation 31,728,969 (370,459,133) 12,953,866 (42,184,966) (48,065,560) (344,755) (26,710,208) 73,309,632 

written back) in value of investments 

Operating Surplus Before Working 88,940,152 (206,302,353) 138,556,560 141,119,190 (43,315,941) 18,085,890 5,498,744 71,172,863 

Capital Changes 

Adjustments for : 

(Increase)/Decrease in Other Current Assets 24,075,560 451,897,533 5,125,701 523,321,233 1,317,849 231,434,714 7,703,201 461,608,735 

(Increase)/Decrease in Money 8,750,000 - 11,250,000 1,450,000,000 3,750,000 800,000,000 126,250,000 (120,000,000) 

Market Lending (Deposits) 

(Increase)/Decrease in Investments 1,131,473,891 13,749,087,111 (579,667,726) 6,395,854,785 221,076,041 2,902,304,592 734,020,260 6,851,879,202 

Increase/(Decrease) in Current (4,644,034) (179,944,823) (2,124,813) (189,067,177) (2,210,747) (139,633,681) (7,044,474) (279,639,533) 

Liabilities and Provisions 

Net Cash Generated / (Used in) Operations (A) 1,248,595,569 13,814,737,468 (426,860,278) 8,321,228,031 180,617,202 3,812,191,515 866,427,731 6,985,021,267 

B. Cashflow from financing activities 

Increase/(Decrease) in Unit Capital (942,022,457) (10,500,957,310) 806,404,541 (7,615,468,710) (171,396,164) (3,720,029,413) (655,540,391) (6,084,006,227) 

Increase/(Decrease) in (8,399,762) (18,919,389) (31,845,335) (368,060) (95,465,219) (5,771,045) 

Redemption Money payable 

Increase/(Decrease) in Unit Premium (276,993,347) (3,621,902,146) (116,285,103) (636,111,328) (7,844,234) (84,010,260) (112,940,780) (847,452,959) 

Reserve (including Equalisation Reserve) 

Dividend paid during the year (17,056,383) (152,152,648) (69,388,856) (134,237,798) (1,510,726) (26,518,237) (7,596,344) (88,977,953) 

(including dividend tax paid) 

Net Cash Generated / (Used in) (B) (1,244,471,949) (14,293,931,493) 588,885,248 (8,385,817,836) (181,119,183) (3,830,557,910) (871,542,734) (7,026,208,184) 

financing activities 

Net Increase/(Decrease) in Cash (A+B) 4,123,620 (479,194,025) 162,024,970 (64,589,806) (501,981) (18,366,394) (5,115,003) (41,186,917) 

and Cash Equivalents 

Cash and Cash Equivalents as 25,038,018 504,262,044 42,484,500 112,606,306 2,229,192 20,635,585 27,625,409 68,812,326 

at the beginning of the year 

Cash and Cash Equivalents 29,161,638 25,068,019 204,509,470 48,016,500 1,727,211 2,269,191 22,510,406 27,625,409 

as at the end of the year 

Net Increase/(Decrease) in 4,123,620 (479,194,025) 162,024,970 (64,589,806) (501,981) (18,366,394) (5,115,003) (41,186,917) 

Cash and Cash Equivalents 

Components of Cash and Cash equivalents 

Balance with schedule banks 29,161,638 25,038,019 204,509,470 42,484,500 1,727,211 2,229,191 22,510,406 27,595,409 

Cheques on hand - 30,000 - 5,532,000 - 40,000 - 30,000 

29,161,638 25,068,019 204,509,470 48,016,500 1,727,211 2,269,191 22,510,406 27,625,409 


ForBSR&Co. For Standard Chartered Asset For Standard Chartered Trustee 

Chartered Accountants ManagementCompanyPrivateLimited CompanyPrivateLimited 

Akeel Master Paul Jebson NavalBirKumar RajivAnand 

Partner Chairman Managing Director Head-Investments Chairman / Director 



Date : August 2, 2006 

13


Schedules to the financial statements for the period ended March 31, 2006 


1. Background 

Standard Chartered Mutual Fund (‘the Fund’) is sponsored by Standard 

Chartered Bank, U.K. (‘SCB’) and is constituted as a Trust under the Indian 

Trust Act, 1882 with Standard Chartered Trustee Company Private 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 the Trustees have entrusted the investment management 

function to Standard Chartered Asset Management Company 

Private Limited (‘the AMC’). 

Grindlays Super Saver Income Fund 

Grindlays Super Saver Income Fund (‘GSSIF’) is an open ended scheme. 

The Scheme has three plans, Investment Plan (‘GSSIF-IP’), Short Term 

Plan (‘GSSIF-ST’) and Medium Term Plan (‘GSSIF-MT). 

GSSIF – ST offers four further sub-plans viz. Plan A – available for 

investment by all categories of investors and Plan B (Institutional Plan) 

available for investment by non-individuals only, Plan C (super institutional 

plan) available for investments for corporates and Plan D available for 

investment by all categories of investors. 

All the sub-plans of GSSIF-IP offer a choice of four Investment Options viz., 

Dividend (Quarterly), Dividend (Half yearly), Dividend (Annual) and Growth 

Option. All the sub-plans of GSSIF-ST offer a choice of two Investment 

Options viz., Dividend (Monthly) and Growth. All the sub-plans of GSSIF-MT 

offer a choice of two Investment Options viz., Growth and Dividend (Bi- 

Monthly). Under all Dividend Options reinvestment facility is available. 

Grindlays Dynamic Bond Fund 

Grindlays Dynamic Bond Fund (‘GDBF’) is an open-ended income Scheme. 

As stated in the Offer document, the Scheme is designed to generate 

optimal returns with high liquidity by active management of the portfolio and 

investing in high quality money market and debt instruments. 

The Scheme offer a choice of three Investment Options viz., Dividend 

(Annual), Dividend (Quarterly) and Growth Option. Under all Dividend Options 

reinvestment facility is available. 

Grindlays Government Securities Fund 

Grindlays Government Securities Fund (‘GGSF’) has three plans Investment 

Plan (GGSF-IP), Short Term (GGSF-ST) and Provident Fund (PF) 

Plan (GGSF-PF). 

As stated in the Offer document, GGSF – IP is designed for investors 

seeking a long-term investment option and generally has a medium term 

maturity profile. It provides stable returns over a relatively longer tenor 

period of investments. GGSF - ST is designed for investors seeking stable 

returns over shorter periods and generally has a much shorter average 

maturity of assets thereby providing consistent returns even over a shorter 

period of investments. GGSF – PF is designed for PF trusts and investors 

seeking optimal returns by investing in government securities. 

GGSF-PF offers two further sub-plans viz. Plan A (Regular Plan) – available 

for investment by all categories of investors and Plan B (Institutional 

Plan) available for investment by non-individuals only. 

GGSF – IP offers a choice of four Investment Options viz., Dividend 

(Quarterly), Dividend (Half yearly), Dividend (Annual) and Growth Option. 

GGSF-ST offers a choice of three Investment Options viz., Dividend 

(Monthly), Dividend (Quarterly) and Growth. Both sub-plans A and B of 

GGSF – PF offers investment options of Growth, Dividend (Quarterly) 

and Dividend (Annual). Under all Dividend Options 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, as modified for investments which are ‘marked-to-market’, 

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 standards issued 

by the Institute of Chartered Accountants of India. 

2.2 Use of estimates 

The preparation of financial statements in conformity with generally accepted 

accounting principles (‘GAAP’) requires management to make estimates 

and assumptions that affect the reported amounts of assets and 

liabilities and the disclosure of contingent liabilities as at the date of financial 

statements. The estimates and the assumptions used in accompanying 

financial statements are based upon managements evaluation of relevant 

facts and circumstances as at the date of financial statements. 

Actual results could differ from those estimates and assumptions used in 

preparing financial statements. Any revision to accounting estimates is 

recognized 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. Cost of investments includes brokerage. Any front enddiscount 

on privately placed investments is reduced from the cost of 

such investments. 

• Broken period interest paid/received is debited/credited to Interest 

Receivable account and is not included in the cost of purchase/sale 

value. 

• Inter scheme purchase/sale of securities are recorded at prevailing 

market rates. 

Valuation 

• Investments for the purpose of valuation are classified as traded and 

non traded in accordance with the provisions of the Regulations. 

• Investments are stated at market/fair value as follows: 

Traded debt securities 

Government securities 

• Government securities are valued at prices obtained from Credit 

Rating Information Services of India Limited (‘CRISIL’) in accordance 

with the guidance note for valuation of securities for Mutual 

funds issued by SEBI. 

14


Schedules to the financial statements for the period ended March 31, 2006 (Contd.) 


Other 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 nontraded 

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. 

Non-traded/ thinly traded debt securities 

• Non traded debt securities (other than Government Securities) are 

securities that are not traded on any stock exchange for a period of 

fifteen days prior to the valuation date. 

• Non traded/thinly traded debt securities with residual maturity of over 

182 days to maturity are being valued as per CRISIL Bond Valuer 

(‘CBV’) from the day on which the security is not traded. These are 

valued “in good faith” by the AMC 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 upto 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 instruments. 

• 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 accordingly. 

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. 

However, the effect of this change in the accounting policy on the 

financial statements is not ascertainable. 

Repos 

• Instruments bought on ‘repo’ basis are valued at the resale price after 

deduction of applicable interest upto date of resale. 

Collateralized Borrowings and Lending Obligation (CBLO) 

• CBLOs 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. 

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. 

• Asset backed securities with a residual maturity upto 182 days and 

having variable cash flows are valued on the basis of amortization, 

the last valued yield being the base for amortization. 

Mutual Fund Units 

• Mutual Fund Units are valued at Net Asset Value (‘NAV’) prevailing 

as at end of the valuation day. 

In accordance with the Guidance Note on Accounting for Investments 

in the Financial Statements of Mutual funds issued by the 

Institute of Chartered Accountants of India, pursuant to the Eleventh 

Schedule of the Regulations, the net unrealized 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 

period or year is charged to the revenue account instead of being first 

adjusted against the provision for depreciation, if already created in 

the previous year, as recommended by the Guidance note. 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 Scheme’s net assets 

and the financial statements of the Scheme. 

2.4 Revenue recognition 

Interest income is accrued on a daily 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 Institute of Chartered 

Accountants of India, appreciation/depreciation in value of securities is 

computed category wise, wherein the cost is compared with the market/ 

fair value and the resultant appreciation is credited to Unrealized Appreciation 

Reserve and any depreciation is charged to the Revenue account. 

2.5 Computation of Net Asset Value (NAV) 

The NAV of the units of each of the various schemes is computed separately 

for units issued under the various options of the relevant plans, 

15




although the corresponding scheme’s investments and other net assets are 

managed as a single portfolio. For computing the NAV for various plans/ 

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 plans/sub-plans/options in proportion 

to the net assets of each plans/sub-plan/options. 

2.6 Dividend distribution 

Dividend distributed on units is recognised on the date of declaration of 

dividend. 

2.7 Unit premium reserve 

When units are issued or redeemed, the net premium or discount to the face 

value is transferred to the unit premium reserve, after an appropriate portion 

of the issue proceeds and redemption payout is credited or debited respectively 

to the equalisation reserve. The unit premium reserve is available for 

dividend distribution except to the extent it is represented by unrealised net 

appreciation in investments. 

2.8 Equalisation reserve 

The net distributable income (after providing for the net unrealised depreciation 

in the value of investments) relating to units issued/redeemed is transferred 

to equalisation reserve for determining the net surplus/deficit, from 

unit premium reserve. 

2.9 Load charges 

Load collected is retained under a separate account in the Scheme and is 

used to meet the selling and distribution expenses of the Scheme. 

2.10 Initial issue expenses 

Initial issue expenses are borne by the AMC. 

16




March 31, 2006 

March 31, 2005 

GSSIF - IP GSSIF - ST GSSIF - MT GDBF GGSF-IP GGSF-ST GGSF-PF 

(Units) Amount (Rs.) (Units) Amount (Rs.) (Units) Amount (Rs.) (Units) Amount (Rs.) (Units) Amount (Rs.) (Units) Amount (Rs.) (Units) Amount (Rs.) 

3 Unit capital 

Units of Rs. 10 each fully paid 

Growth Option - Plan A 

Units issued, initial offer - - - - - - - - - - - - - - 

- - - - - - - - - - - - - - 

Units outstanding, beginning of the yea 94,678,545.070 946,785,451 38,101,346.565 381,013,466 10,359,144.398 103,591,444 55,971,746.769 559,717,468 7,122,366.504 71,223,665 853,651.556 8,536,516 11,019,085.095 110,190,851 

611,305,036.540 6,113,050,365 114,223,921.622 1,142,239,216 117,704,659.866 1,177,046,599 259,272,085.992 2,592,720,860 13,778,783.585 137,787,836 1,100,653.099 11,006,531 7,763,994.381 77,639,944 

Units issued during the year 29,072,165.492 290,721,655 170,972,573.547 1,709,725,735 32,784.583 327,846 64,670,726.732 646,707,267 3,296,958.599 32,969,586 1,323,602.738 13,236,027 469,710.395 4,697,104 

57,595,529.822 575,955,298 37,853,299.241 378,532,992 61,107,409.503 611,074,095 182,776,272.874 1,827,762,729 7,671,530.372 76,715,304 2,381,712.768 23,817,128 7,655,347.851 76,553,479 

Units repurchased during the year (75,757,014.439) (757,570,144) (195,897,401.237) (1,958,974,012) (9,050,764.352) (90,507,643) (107,837,962.674) (1,078,379,627) (5,877,160.570) (58,771,606) (562,284.530) (5,622,845) (6,151,349.532) (61,513,495) 

(574,222,021.292) (5,742,220,213) (113,899,581.167) (1,138,995,812) (168,452,924.971) (1,684,529,250) (386,076,612.097) (3,860,766,121) (14,327,947.453) (143,279,475) (2,628,714.311) (26,287,143) (4,400,257.137) (44,002,571) 

Units outstanding, end of the year 47,993,696.123 479,936,962 13,176,518.875 131,765,189 1,341,164.629 13,411,647 12,804,510.827 128,045,108 4,542,164.533 45,421,645 1,614,969.764 16,149,698 5,337,445.958 53,374,460 

94,678,545.070 946,785,451 38,177,639.696 381,776,397 10,359,144.398 103,591,444 55,971,746.769 559,717,468 7,122,366.504 71,223,665 853,651.556 8,536,516 11,019,085.095 110,190,851 

Growth Option - Plan B 


- - - - - - - - - - - - - - 

Units outstanding, beginning of the year - - - - - - - - - - - - 24,369,857.005 243,698,570 

114,225,055.854 1,142,250,559 120,366,053.304 1,203,660,533 64,298,912.163 642,989,122 231,912,544.379 2,319,125,444 33,087,765.413 330,877,654 - - 16,744,933.482 167,449,335 

Units issued during the year - - 38,998,794.302 389,987,943 - - - - - - - - 3,000,371.792 30,003,718 

22,359,467.675 223,594,677 88,980,755.512 889,807,555 29,916,466.859 299,164,669 102,791,837.138 1,027,918,371 - - - - 8,739,411.565 87,394,116 

Units repurchased during the year - - (36,884,134.302) (368,841,343) - - - - - - - - (13,389,014.110) ######### 

(136,584,523.529) (1,365,845,235) (209,346,808.816) (2,093,468,088) (94,215,379.022) (942,153,790) (334,704,381.517) (3,347,043,815) (33,087,765.413) (330,877,654) - - (1,114,488.042) (11,144,880) 

Units outstanding, end of the year - - 2,114,660.000 21,146,600 - - - - - - - - 13,981,214.687 139,812,147 

- - - - - - - - - - - - 24,369,857.005 243,698,570 

Growth Option - Plan C 


- - - - - - - - - - - - - - 

Units outstanding, beginning of the year - - - - - - - - - - - - - - 

- - - - - - - - - - - - - - 

Units issued during the year - - 279,403,705.660 2,794,037,057 - - - - - - - - - - 

- - 151,170,745.205 1,511,707,452 39,098,885.093 390,988,851 - - - - - - - - 

Units repurchased during the year - -(235,169,173.566) (2,351,691,736) - - - - - - - - - - 

- - (151,170,745.205) (1,511,707,452) (39,098,885.093) (390,988,851) - - - - - - - - 

17




March 31, 2006 

March 31, 2005 



Units outstanding, end of the year - - 44,234,532.094 442,345,321 - - - - - - - - - - 

- - - - - - - - - - - - - - 

Dividend (Monthly) Option - Plan A 


- - - - - - - - - - - - - - 

Units outstanding, beginning of the year - - 26,174,863.692 261,748,637 - - - - - - 124,863.422 1,248,634 - - 

- - 101,262,433.562 1,012,624,336 - - - - - - 777,003.353 7,770,034 - - 

Units issued during the year - - 166,626,203.229 1,666,262,032 - - - - - - 5,142.330 51,423 - - 

- - 65,627,319.019 656,273,190 - - - - - - 23,054.057 230,541 - - 

Units repurchased during the year - -(177,187,016.232) (1,771,870,162) - - - - - - (112,910.715) (1,129,107) - - 

- - (140,791,182.151) (1,407,911,822) - - - - - - (675,193.988) (6,751,940) - - 

Units outstanding, end of the year - - 15,614,050.689 156,140,507 - - - - - - 17,095.037 170,950 - - 

- - 26,098,570.430 260,985,704 - - - - - - 124,863.422 1,248,635 - - 

Dividend (Monthly) Option - Plan B 


- - - - - - - - - - - - - - 


- - 489,970,672.524 4,899,706,725 83,089,516.443 830,895,164 - - - - - - - - 

Units issued during the year - - 26,206,262.902 262,062,629 - - - - - - - - - - 

- - 94,835,842.332 948,358,423 2,136,581.881 21,365,819 - - - - - - - - 

Units repurchased during the year - - (26,160,809.438) (261,608,094) - - - - - - - - - - 

- - (584,806,514.856) (5,848,065,149) (85,226,098.324) (852,260,983) - - - - - - - - 

Units outstanding, end of the year - - 45,453.464 454,535 - - - - - - - - - - 

- - - - - - - - - - - - - - 

Dividend (Monthly) Option - Plan C 


- - - - - - - - - - - - - - 


- - - - - - - - - - - - - - 

Units issued during the year - - 418,309,195.381 4,183,091,954 - - - - - - - - - - 

- - 359,717,811.852 3,597,178,119 - - - - - - - - - - 

Units repurchased during the year - -(348,579,249.859) (3,485,792,499) - - - - - - - - - - 

- - (359,717,811.852) (3,597,178,119) - - - - - - - - - - 

18




March 31, 2006 

March 31, 2005 



Units outstanding, end of the year - - 69,729,945.522 697,299,455 - - - - - - - - - - 

- - - - - - - - - - - - - - 

Dividend (Monthly) Option - Plan D 


- - - - - - - - - - - - - - 


- - - - - - - - - - - - - - 

Units issued during the year - - 1,503.622 15,036 - - - - - - - - - - 

- - - - - - - - - - - - - - 

Units repurchased during the year - - - - - - - - - - - - - - 

- - - - - - - - - - - - - - 

Units outstanding, end of the year - - 1,503.622 15,036 - - - - - - - - - - 

- - - - - - - - - - - - - - 

Dividend (Bi-Monthly) Option - Plan A 


- - - - - - - - - - - - - - 

Units outstanding, beginning of the year - - - - 11,128,853.227 111,288,532 - - - - - - - - 

- - - - 128,397,850.616 1,283,978,506 - - - - - - - - 

Units issued during the year - - - - 206,503.199 2,065,032 - - - - - - - - 

- - - - 42,673,006.781 426,730,068 - - - - - - - - 

Units repurchased during the year - - - - (8,328,139.798) (83,281,398) - - - - - - - - 

- - - - (159,942,004.170) (1,599,420,042) - - - - - - - - 

Units outstanding, end of the year - - - - 3,007,216.628 30,072,166 - - - - - - - - 

- - - - 11,128,853.227 111,288,532 - - - - - - - - 

Dividend (Bi-Monthly) Option - Plan B 


- - - - - - - - - - - - - - 


- - - - 83,089,516.443 830,895,164 - - - - - - - - 

Units issued during the year - - - - - - - - - - - - - - 

- - - - 2,136,581.881 21,365,819 - - - - - - - - 


- - - - (85,226,098.324) (852,260,983) - - - - - - - - 

19




March 31, 2006 

March 31, 2005 



Units outstanding, end of the year - - - - - - - - - - - - - - 

- - - - - - - - - - - - - - 

Dividend (Bi-Monthly) Option - Plan C 


- - - - - - - - - - - - - - 


- - - - - - - - - - - - - - 


- - - - 40,160,284.649 401,602,846 - - - - - - - - 


- - - - (40,160,284.649) (401,602,846) - - - - - - - - 


- - - - - - - - - - - - - - 

Dividend (Quarterly) Option Plan A - - 


- - - - - - - - - - - - - - 

Units outstanding, beginning of the year 66,236,284.680 662,362,847 - - - - 28,818,423.608 288,184,236 1,508,462.587 15,084,626 129,756.830 1,297,568 3,067,875.347 30,678,753 

329,721,782.934 3,297,217,829 - - - - 148,423,860.640 1,484,238,606 3,209,991.034 32,099,910 119,822.900 1,198,229 1,442,294.459 14,422,945 

Units issued during the year 2,511,362.674 25,113,627 - - - - 1,301,606.014 13,016,060 1,501,635.126 15,016,351 1,186.451 11,865 6,411,477.738 64,114,777 

26,274,632.864 262,746,329 - - - - 158,400,610.868 1,584,006,109 880,048.148 8,800,481 125,086.672 1,250,867 3,033,516.154 30,335,162 

Units repurchased during the year (41,103,808.160) (411,038,082) - - - - (20,445,477.034) (204,454,770) (2,104,848.765) (21,048,488) (108,888.870) (1,088,889) (5,790,657.418) (57,906,574) 

(289,760,131.118) (2,897,601,311) - - - - (278,006,047.900) (2,780,060,479) (2,581,576.595) (25,815,766) (115,152.742) (1,151,527) (1,407,935.266) (14,079,353) 

Units outstanding, end of the year 27,643,839.194 276,438,392 - - - - 9,674,552.588 96,745,526 905,248.948 9,052,489 22,054.411 220,544 3,688,695.667 36,886,956 

66,236,284.680 662,362,847 - - - - 28,818,423.608 288,184,236 1,508,462.587 15,084,626 129,756.830 1,297,569 3,067,875.347 30,678,753 

Dividend (Quarterly) Option Plan B 


- - - - - - - - - - - - - - 

Units outstanding, beginning of the year - - - - - - - - - - - - 5,564,256.904 55,642,569 

121,310,930.065 1,213,109,301 - - - - 47,140,608.849 471,406,088 - - - - 5,500,000.000 55,000,000 

Units issued during the year - - - - - - - - - - - - 13,924.420 139,244 

11,510,784.744 115,107,847 - - - - 53,387,347.955 533,873,480 - - - 459,541.163 4,595,412 

Units repurchased during the year - - - - - - - - - - (5,000,000.000) (50,000,000) 

(132,821,714.809) (1,328,217,148) - - - - (100,527,956.804) (1,005,279,568) - - - (395,284.259) (3,952,843) 

20




March 31, 2006 

March 31, 2005 



Units outstanding, end of the year - - - - - - - - - - - - 578,181.324 5,781,813 

- - - - - - - - - - - - 5,564,256.904 55,642,569 

Dividend (Half yearly) Option Plan A 


- - - - - - - - - - - - - - 

Units outstanding, beginning of the year 7,745,018.570 77,450,186 - - - - - - 1,155,365.946 11,553,659 - - - - 

26,799,876.126 267,998,761 - - - - - - 2,823,520.895 28,235,209 - - - - 

Units issued during the year 261,252.410 2,612,524 - - - - - - 536.238 5,362 - - - - 

1,464,223.005 14,642,230 - - - - - - 1,292,452.632 12,924,526 - - - - 

Units repurchased during the year (4,394,400.931) (43,944,009) - - - - - - (1,127,293.259) (11,272,933) - - - - 

(20,519,080.561) (205,190,806) - - - - - - (2,960,607.581) (29,606,076) - - - - 

Units outstanding, end of the year 3,611,870.049 36,118,701 - - - - - - 28,608.925 286,089 - - - - 

7,745,018.570 77,450,186 - - - - - - 1,155,365.946 11,553,659 - - - - 

Dividend (Annual) Option Plan A 


- - - - - - - - - - - - - - 

Units outstanding, beginning of the year 11,970,834.103 119,708,341 - - - - 5,206,654.718 52,066,547 610,737.005 6,107,370 - - 959,949.610 9,599,496 

27,363,731.875 273,637,319 - - - - 11,648,347.733 116,483,477 1,014,416.971 10,144,170 - - 1,333,895.910 13,338,959 

Units issued during the year 1,220,431.432 12,204,314 - - - - 33,157.638 331,576 580.944 5,809 - - 23,838.664 238,387 

533,273.817 5,332,738 - - - - 6,597,113.063 65,971,131 401,765.614 4,017,656 - - 29,921.672 299,217 

Units repurchased during the year (6,012,234.453) (60,122,345) - - - - (3,276,089.726) (32,760,897) (271,533.247) (2,715,332) - - (6,806.464) (68,065) 

(15,926,171.589) (159,261,716) - - - - (13,038,806.078) (130,388,061) (805,445.580) (8,054,456) - - (403,867.972) (4,038,680) 

Units outstanding, end of the year 7,179,031.082 71,790,310 - - - - 1,963,722.630 19,637,226 339,784.702 3,397,847 - - 976,981.810 9,769,818 

11,970,834.103 119,708,341 - - - - 5,206,654.718 52,066,547 610,737.005 6,107,370 - - 959,949.610 9,599,496 

Dividend (Annual) Option Plan B 


- - - - - - - - - - - - - - 


- - - - - - - - - - - - 400,000.000 4,000,000 


- - - - - - - - - - - - 5,077,894.908 50,778,949 


- - - - - - - - - - - - (5,477,894.908) (54,778,949) 

21




March 31, 2006 

March 31, 2005 




- - - - - - - - - - - - - - 

Total 


- - - - - - - - - - - - - - 

Units outstanding, beginning of the year 180,630,682.423 1,806,306,825 64,276,210.126 642,762,103 21,487,997.625 214,879,976 89,996,825.095 899,968,251 10,396,932.042 103,969,320 1,108,271.808 11,082,718 44,981,023.961 449,810,240 

1,230,726,413.394 12,307,264,132 825,823,081.012 8,258,230,810 476,580,455.531 4,765,804,555 698,397,447.593 6,983,974,476 53,914,477.898 539,144,779 1,997,479.352 19,974,794 33,185,118.232 331,851,182 

Units issued during the year 33,065,212.008 330,652,120 1,100,518,238.643 11,005,182,386 239,287.782 2,392,878 66,005,490.384 660,054,903 4,799,710.907 47,997,109 1,329,931.519 13,299,315 9,919,323.009 99,193,230 

119,737,911.927 1,197,379,119 798,185,773.161 7,981,857,732 217,229,216.647 2,172,292,166 503,953,181.898 5,039,531,819 10,245,796.766 102,457,968 2,529,853.497 25,298,535 24,995,633.313 249,956,333 

Units repurchased during the year (127,267,457.983) (1,272,674,580) (1,019,877,784.634) (10,198,777,846) (17,378,904.150) (173,789,041) (131,559,529.434) (1,315,595,294) (9,380,835.841) (93,808,358) (784,084.115) (7,840,841) (30,337,827.524) (303,378,275) 

(1,169,833,642.898) (11,698,336,429) (1,559,732,644.047) (15,597,326,440) (672,321,674.553) (6,723,216,746) (1,112,353,804.396) (11,123,538,044) (53,763,342.622) (537,633,426) (3,419,061.041) (34,190,610) (13,199,727.584) (131,997,276) 

Units outstanding, end of the year 86,428,436.448 864,284,365 144,916,664.266 1,449,166,643 4,348,381.257 43,483,813 24,442,786.045 244,427,860 5,815,807.108 58,158,071 1,654,119.212 16,541,192 24,562,519.446 245,625,194 

180,630,682.423 1,806,306,822 64,276,210.126 642,762,101 21,487,997.625 214,879,976 89,996,825.095 899,968,251 10,396,932.042 103,969,320 1,108,271.808 11,082,719 44,981,023.961 449,810,239 

4 Reserves and surplus 

Unit Premium Reserve 

Opening Balance 747,428,399 42,826,591 10,310,373 170,802,990 (16,623,026) (118,840) 89,939 

1,215,520,618 342,050,239 18,165,952 453,257,527 75,512,544 (218,541) 77,528 

Additions during the year (67,366,115) (129,751,216) (11,617,951) (4,059,375) 18,189,609 (44,729) 723,764 

(468,092,219) (299,223,648) (7,855,579) (282,454,537) (92,135,570) 99,701 12,411 

Closing Balance 680,062,284 (86,924,625) (1,307,578) 166,743,615 1,568,382 (163,569) 813,703 

747,428,399 42,826,591 10,310,373 170,802,990 (16,623,026) (118,840) 89,939 

Equalisation Reserve 

Additions during the year 209,628,758 13,466,110 3,773,716 (108,881,405) (26,079,361) 1,539,382 (2,934,919) 

(3,153,809,926) (336,887,680) (76,154,678) (564,998,422) (4,076,336) (346,529) 128,806 

Transferred to Revenue account (209,628,758) (13,466,110) (3,773,716) 108,881,405 26,079,361 (1,539,382) 2,934,919 

3,153,809,926 336,887,680 76,154,678 564,998,422 4,076,336 346,529 (128,806) 

Closing Balance - - - - - - - 

- - - - - - - 

Unrealised Appreciation Reserve 

Opening Balance 1,370,351 249,157 - 19,192 - - 

371,829,484 42,184,966 593,912 - 5,598,113 144,405 651,250 

22




March 31, 2006 

March 31, 2005 


Amount (Rs.) Amount (Rs.) Amount (Rs.) Amount (Rs.) Amount (Rs.) Amount (Rs.) Amount (Rs.) 

Less : Reversed during the year (1,370,351) (249,157) - (19,192) - - 

(371,829,484) (42,184,966) (593,912) - (5,598,113) (144,405) (651,250) 

Additions during the year 415,104 - 415,104 510,106 106,020 - 

1,370,351 249,157 - 19,192 - - 

Closing Balance 415,104 - - 415,104 510,106 106,020 - 

1,370,351 - 249,157 - 19,192 - - 

Retained Surplus as at the end of the year (388,675,611) 151,083,122 3,579,875 131,909,248 11,373,656 3,407,400 8,825,801 

(219,202,416) 82,275,801 (3,428,105) (47,640,452) 33,694,140 1,518,747 (2,429,755) 

291,801,777 64,158,497 2,272,297 35,249,471 13,450,345 3,349,851 9,639,504 

529,596,334 125,102,392 7,131,425 123,162,538 17,090,306 1,399,907 (2,339,816) 

The Reserves and surplus for each option are:- 

Growth Option - Plan A 290,241,420 52,477,193 1,501,104 34,515,166 13,363,838 3,348,159 2,443,274 

526,663,161 124,080,329 6,420,025 121,658,258 17,038,981 1,396,803 (688,904) 

Growth Option - Plan B - 504,828 - - - 6,925,808 

- - - - - (415,198) 

Growth Option - Plan C - 11,436,554 - - - - - 

- - - - - - - 

Dividend (Monthly) Option - Plan A - 224,029 - - - 87 - 

- 1,022,063 - - - 667 - 

Dividend (Monthly) Option - Plan B - 650 - - - - - 

- - - - - - - 

Dividend (Monthly) Option - Plan C - (484,756) - - - - - 

- - - - - - - 

Dividend (Monthly) Option - Plan D - (1) - 

- - - 

Dividend (Bi - Monthly) Option - Plan A - - 771,193 - - - - 

- - 711,400 - - - - 

Dividend (Bi - Monthly) Option - Plan B - - - - - - 

- - - - - - 

Dividend (Quarterly) Option - Plan A 714,180 - - 515,577 45,686 1,605 136,497 

1,913,850 - - 809,449 (6,685) 2,437 (452,238) 

Dividend (Quarterly) Option - Plan B - - - 21,287 

- - - - (723,531) 

23




March 31, 2006 

March 31, 2005 



Dividend (Half yearly) Option - Plan A 253,090 - - 2,162 - 

1,658,519 - - 26,544 - 

Dividend (Half yearly) Option - Plan B - - - - 

- - - - 

Dividend (Annual) Option - Plan A 593,087 - - 218,728 38,659 - 112,638 

(639,196) - - 694,831 31,466 - (59,945) 

Dividend (Annual) Option - Plan B - - - - - - 

- - - - - - - 

291,801,777 64,158,497 2,272,297 35,249,471 13,450,345 3,349,851 9,639,504 

529,596,334 125,102,392 7,131,425 123,162,538 17,090,306 1,399,907 (2,339,816) 

5 Current liabilities and provisions 

Management fees payable (net of tax) 1,135,318 - 35,382 142,207 66,327 1,420 170,334 

2,205,209 682,418 240,868 2,659,157 498,353 3,154 301,722 

Trusteeship fees payable 312,048 - - - - - - 

189,545 - - - - - - 

Repurchase money payable 1,383,158 499,532 15,375 89,266 3,147,347 - 936,144 

9,782,920 32,344,868 383,435 95,554,485 - - 2,051,067 

Service Tax payable 156,733 41,667 4,012 27,241 10,524 595 25,440 

304,798 98,733 27,651 294,471 67,157 598 35,699 

Commision payable 1,974,073 1,163,215 57,817 125,885 73,742 17 261,876 

4,664,274 399,817 300,730 4,045,309 137,215 10,391 16,634 

Exitload 27,515 - - 13,607 2,669 - 279,682 

- - 90,545 - - - - 

Tax deducted at source payable 48,547 42,467 - 25,222 12,656 1,893 28,972 

450,860 47,526 4,058 282,344 21,333 238 14,888 

Provision for dividend payable 763 872,627 4,629 - - 1,331 1,115 

21,707 964,522 4,630 - - - - 

Other liabilities 1,839,863 461,787 637,592 3,560,717 284,306 71,412 802,850 

2,301,737 1,640,934 2,277,068 3,658,072 114,190 39,539 105,634 

6,878,018 3,081,296 754,807 3,984,145 3,597,571 76,668 2,506,413 

19,921,051 36,178,818 3,328,985 106,493,838 838,248 53,920 2,525,644 

24




March 31, 2006 

March 31, 2005 



6 Investments 

(net of appreciation / depreciation) Cost Market / Fair Value * Cost Market / Fair Value * Cost Market / Fair Value * Cost Market / Fair Value * Cost Market / Fair Value * Cost Market / Fair Value * Cost Market / Fair Value * 

Privately placed debentures/bonds - - - - - - - - - - - - - - 

- - - - - - - - - - - - - - 

Debentures & bondslisted / awaiting listing 50,000,000 50,000,000 403,368,140 402,911,078 - - - - - - - - - - 

on recognised stock exchange 660,845,850 661,561,158 206,232,810 206,071,200 11,066,670 10,973,890 52,398,400 52,332,500 - - - - - - 

Government securities - - - - - - - - - - - - - - 

10,826,990 10,415,000 - - - - - - 44,775,400 44,768,000 10,042,350 10,023,700 163,265,450 163,206,800 

Commercial paper 181,708,015 181,708,015 171,293,299 171,293,299 - - - - - - - - - 

96,236,598 96,236,598 - - - - - - - - - - - - 

Certificate of deposit 604,375,672 604,375,672 659,934,398 659,934,398 44,783,706 44,783,706 180,822,404 180,822,404 - - - - - - 

723,774,301 723,774,301 228,087,916 228,087,916 85,733,397 85,733,397 286,278,714 286,278,714 - - - - - - 

Securitised Debt 343,290,480 284,600,387 73,169,185 57,648,193 - - 120,791,302 65,415,249 - - - - - - 

561,755,353 535,206,220 293,776,571 290,913,993 148,681,857 100,709,077 643,010,144 560,989,783 - - - - - - 

Reverse repos - - - - - - - - - - - - - - 

16,133,469 16,133,469 - - 5,377,823 5,377,823 68,445,020 68,445,020 - - - - 4,400,037 4,400,037 

Mutual Fund Units 10,000,000 10,415,104 - - - - 10,000,000 10,415,104 12,000,000 12,510,106 - - - - 

35,000,000 35,579,343 - - 15,000,000 15,249,157 - - 2,000,000 2,019,192 - - - - 

Treasury Bills - - - - - - - - - - 9,436,250 9,542,270 - - 

48,279,400 48,355,100 - - - - - - - - - - - - 

Collateralised Borrowing and Lending (CBLO) 1,999,250 1,999,250 - - - - 4,498,312 4,498,312 54,479,555 54,479,555 7,996,999 7,996,999 251,405,654 251,405,654 

169,995,346 169,995,346 - - - - - - 69,998,082 69,998,082 - - 269,992,603 269,992,603 

MIBOR linked debentures - - - - - - - - - - - - - - 

- - - - - - - - - - - - - - 

Bills Rediscounting - - - - - - - - - - - - - - 

- - - - - - - - - - - - - - 

1,191,373,417 1,133,098,428 1,307,765,022 1,291,786,968 44,783,706 44,783,706 316,112,018 261,151,069 66,479,555 66,989,661 17,433,249 17,539,269 251,405,654 251,405,654 

2,322,847,307 2,297,256,535 728,097,297 725,073,109 265,859,747 218,043,344 1,050,132,278 968,046,017 116,773,482 116,785,274 10,042,350 10,023,700 437,658,090 437,599,440 

* Cost includes interest accreted in respect of money market instruments till valuation date. Investments of the Scheme are registered in the name of the Scheme except for government securities, treasury bills, reverse repos and deposits which are registered in the name of the 

Fund for the benefit of Scheme's unitholders. 

25




March 31, 2006 

March 31, 2005 



7 Deposits 

Margin deposits with Clearing Corporation - - - - - - - 

Of India Limited 8,750,000 11,250,000 3,750,000 26,250,000 - - - 

Fixed deposits with scheduled banks - - - - - - - 

- - - 100,000,000 - - - 

- - - - - - - 

- 11,250,000 3,750,000 126,250,000 - - - 

8 Current assets 

Balances with banks in current account ** 29,161,638 204,509,469 1,727,211 22,510,407 8,216,326 2,428,441 3,256,202 

25,038,018 42,484,500 2,229,192 27,595,409 3,486,267 2,464,778 7,731,787 

Cheques on hand - - - - - - - 

30,000 5,532,000 40,000 30,000 - - - 

Interest accrued 704,094 18,760,000 - - - - - 

24,749,654 9,445,101 952,213 7,703,201 1,626,333 48,068 4,664,840 

Other assets - 1,350,000 - - 3,109,255 

- 10,258,600 325,637 - - 

29,865,732 224,619,469 1,727,211 22,510,407 8,216,326 2,428,441 6,365,457 

49,817,672 67,720,201 3,547,042 35,328,610 5,112,600 2,512,846 12,396,627 

** Certain bank accounts of the schemes are held in the name of the Fund for the benefit of Scheme’s unitholders. 

9 Net Interest Income 

Privately Placed debentures and bonds / 

Debentures and bonds listed / awaiting listing 30,458,438 81,718,038 270,329 79,130,041 - - - 

275,942,541 108,622,362 67,969,160 54,629,329 - - - 

Government securities 34,243,481 6,457,958 2,065,236 9,034,222 4,144,936 106,619 11,266,897 

119,648,666 7,814,503 12,199,930 87,235,027 13,687,279 808,743 18,275,848 

Bills rediscounting - 51,665 - - - - - 

268,151 - - 5,625,000 - - - 

Commercial paper 1,348,030 10,400,760 116,074 687,430 - - - 

1,875,316 12,867 968,100 4,383,161 - - - 

26




March 31, 2006 

March 31, 2005 



Certificate of deposit 11,952,795 66,007,022 955,748 8,561,852 - - - 

1,544,885 4,225,017 402,867 3,660,074 - - - 

Collatralised Borrowing and Lending (CBLO) 2,196,611 3,179,143 161,585 1,936,069 430,072 63,239 3,103,730 

3,868,851 2,123,512 2,740,151 28,875,977 143,928 1,096 775,358 

Call deposits with banks - - - - - - - 

14,272 4,034 698 2,437 6,165 596 822 

MIBOR linked Debentures/Fixed Deposit 70,850,196 19,825,147 7,016,815 - - - - 

178,699,082 88,903,364 135,751,534 204,183,976 - - - 

Reverse repos 3,820,459 4,137,386 1,286,515 4,630,411 2,368,521 302,389 5,459,130 

22,154,870 7,914,173 11,316,126 76,254,502 2,993,787 148,873 5,819,214 

Fixed deposits - 217,244 - 371,414 - - - 

2,659,466 72,553,358 21,195,557 5,713,912 - - - 

Interest rate swaps - - - - - - - 

(493,522) 84,481 195,138 308,631 - - - 

Treasury bills - - - - - - - 

49,828 3,682,894 2,952,534 28,662,588 - - 177,958 

154,870,010 191,994,363 11,872,302 104,351,439 6,943,529 472,247 19,829,757 

606,232,406 295,940,565 255,691,796 499,534,614 16,831,159 959,308 25,049,200 

10 Other operating expenses 

Printing and Stationery 97,947 169,576 4,611 37,198 7,041 1,184 19,376 

695,597 410,890 228,389 2,374,007 25,985 2,069 43,750 

Bank charges 410,926 324,054 10,129 48,595 20,425 698 6,274 

23,924 26,134 12,073 329,278 439 79 1,085 

Courier charges 267,959 390,578 15,483 104,379 18,705 2,522 50,835 

1,273,807 633,917 333,555 1,214,207 41,247 3,934 82,251 

Clearing charges 268,393 96,013 304,498 143,799 54,500 2,699 157,317 

1,172,648 639,787 770,413 2,607,606 192,701 3,365 316,192 

Other Operating expenses 555,713 101,613 - 161,718 284,012 8,415 699,208 

896,806 165,721 75,048 2,945,369 12,505 16,559 17,875 

1,600,938 1,081,833 334,721 495,689 384,683 15,518 933,010 

4,062,783 1,876,449 1,419,478 9,470,466 272,877 26,006 461,153 

27


11. NOTES TO ACCOUNTS 

11.1 Investment management fees 

The schemes have paid or provided for investment management fees in 

accordance with the agreement with the AMC as amended from time to 

time and the offer document. In terms of the offer document, the AMC is 

entitled to receive such fee upto an annual rate upto 1.25% of the Scheme's 

average daily net assets on the first Rs 100 crores and @ 1% on the 

excess amount over Rs 100 crores. For the current year, the Scheme has 

accrued management fees at an average annual rate of average daily net 

asset values for the following schemes: 

Scheme For the year ended For the year ended 

Name March 31, 2006 March 31, 2005 

Plan A Plan B Plan C Plan A Plan B Plan C 

GSSIF-IP 1.11% NA NA 1.05% 0.75% 0.55% 

GSSIF-ST 0.34% 0.41% 0.26% 0.48% 0.59% 0.56% 

GSSIF-MT 0.71% - - 0.62% 0.53% 0.41% 

GDBF 0.59% - - 1.07% 1.03% 1.10% 

GGSF-IP 1.12% - - 1.24% 0.56% - 

GGSF-ST 0.09% - - 0.43% - - 

GGSF-PF 1.01% 0.91% - 0.30% 0.74% - 

*Annualised from the date of allotment as the sub-plan commenced during 

the previousyear. Income represents income from the date when minimum 

subscription was achieved and expenses represents expenses from the 

date of allotment. 

11.2 Trustee fees 

In accordance with the trust deed as amended from time to time, GSSIF 

- IP has accrued trustee fees of Rs 330,600 (Previous Year: Rs 362,500) 

for all the schemes of the Fund. 

11.3 Custodian fees 

Deutsche Bank AG, India provides custodian services to the schemes for 

which it charges custodian fees as per the terms of the custodian agreement. 

11.4 Income tax 

No accounting for income tax has been made as the schemes qualify as a 

recognised Mutual Fund under section 10 (23D) of the Income Tax Act, 

1961 and the Direct Tax Laws (Amendment) Act, 1988. 

11.5 Aggregate value of purchases and sales 

The aggregate value of purchases and sales during the year as a percentage 

of the schemes average daily net assets is as follows: 

Scheme Name March 31, 2006 March 31, 2005 

Purchases Percentage Sale Percentage 

GSSIF-IP 46,116,475,225 2,762.63 216,491,247,884 2,744.98 

GSSIF-ST 52,998,266,038 1,365.52 93,969,632,387 2,051.89 

GSSIF-MT 8,642,601,024 15,367.87 120,873,227,357 4,749.45 

GDBF 42,159,230,514 5,801.20 778,531,761,502 11,095.96 

GGSF-IP 15,104,103,709 12,827.65 26,717,315,325 6,637.80 

GGSF-ST 1,854,514,444 13,806.47 1,057,614,981 5,316.07 

GGSF-PF 46,037,242,799 14,614.15 52,047,544,665 16,553.38 


Sale Percentage Sale Percentage 

GSSIF-IP 47,255,243,444 2,830.84 229,840,766,918 2,914.24 

GSSIF-ST 52,471,495,325 1,351.95 100,146,905,727 2,186.78 

GSSIF-MT 8,815,526,754 15,675.36 123,542,956,336 4,854.35 

GDBF 42,823,158,865 5,892.56 785,134,995,036 11,190.07 

GGSF-IP 15,159,316,166 12,874.54 27,180,951,148 6,752.99 

GGSF-ST 1,847,652,336 13,755.38 1,057,744,961 5,316.72 

GGSF-PF 46,239,710,100 14,678.42 51,882,796,233 16,500.98 

11.6 Appreciation/depreciation on investments 

The aggregate appreciation and depreciation in the value of investments is 

as follows: 

Scheme / Category 

Of Investment As at March 31, 2006 As at March 31, 2005 

Appreciation Depreciation Appreciation Depreciation 

GSSIF-IP 

Privately placed 

debentures and bonds - - 4,841,866 (31,390,999) 

Debentures and bonds 

listed/ awaiting listing on 

recognised stock exchange - - 3,386,158 (2,670,850) 

Government Securities - - - (411,990) 

Treasury Bills - - 75,700 - 

Mutual Fund Units 415,104 - 579,343 - 

Securitised Debt - (58,690,093) - - 

GSSIF-ST 


debentures and bonds - (680,562) 212,456 (3,236,644) 

Debentures and bonds 

listed/ awaiting listing on 

recognised stock exchange 223,500 - - - 


GSSIF-MT 


debentures and bonds - -(48,065,560) - 

GDBF 


debentures and bonds - - 12,918,921 (95,005,182) 

Mutual Fund Units 415,104 - - - 


GGSF-IP 


Mutual Fund Units 510,106 - 19,192 - 

GGSF-ST 

Government Securities - (18,650) 

Treasury Bills 106,020 - 

GGSF-PF 


28


11.7 Non-traded investments 

As at March 31, 2006 the aggregate fair value of non-traded/thinly traded 

investments (as defined by the Regulations) is as follows: 


GSSIF-IP 1,131,099,152 2,052,357,620 

GSSIF-ST 1,291,786,968 725,073,108 

GSSIF-MT 44,783,705 212,665,521 

GDBF 256,652,757 899,600,997 

GGSF-IP 12,510,106 2,019,192 

GGSF-ST Nil Nil 

GGSF-PF Nil Nil 

11.8 Income and expenditure 

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

unrealised depreciation in value of investments) and expenditure and these 

amounts as a percentage of the Scheme's average daily net assets: 

Scheme Name Income * 

March 31, 2006 

March31,2005 

Amount Percentage Amount Percentage 

GSSIF-IP 66,219,374 3.97 296,644,578 3.76 

GSSIF-ST 141,405,689 3.64 224,045,880 4.89 

GSSIF-MT (42,076,320) (74.82) 44,004,433 1.73 

GDBF (41,267,233) (5.68) 120,147,609 1.71 

GGSF-IP 7,306,459 6.21 (204,029) (0.05) 

GGSF-ST 483,347 3.60 176,638 0.89 

GGSF-PF 21,337,340 6.77 3,121,066 0.72 

Scheme Name 

Expenditure 

March 31, 2006 

March31,2005 

Plan A Plan B Plan C 

Amount % Amount % Amount % 

GSSIF-IP 35,969,313 2.15 - - - 

119,022,566 1.91 12,463,518 1.40 1,002,266 0.89 

GSSIF-ST 10,125,004 0.94 1,186,553 0.86 7,515,625 0.52 

15,706,903 1.03 18,852,268 0.94 6,183,344 0.84 

GSSIF-MT 1,239,621 2.20 - - - - 

16,664,059 1.34 7,194,808 1.01 1,714,949 0.65 

GDBF 8,610,076 1.17 - - - - 

71,875,601 2.05 31,898,580 1.70 18,511,203 1.50 

GGSF-IP 2,390,034 2.03 - - - - 

3,511,550 1.88 1,129,936 0.69 - - 

GGSF-ST 94,032 0.70 - - - - 

212,423 1.07 - - - - 

GGSF-PF 1,997,025 1.68 3,575,024 1.82 - - 

2,251,569 1.51 3,015,482 1.07 - - 

11.9 Segment reporting 

The schemes are a part of the Mutual Fund, which have been incorporated 

as a trust and is exclusively engaged in raising monies through the sale of 

units to the public for investing in securities. This business is considered 

to constitute one single primary segment in the context of Accounting 

Standard 17 on Segmental Reporting issued by the Institute of Chartered 

Accountants of India. There are no geographical reportable segments 

since the Fund provides investment management services to customers in 

the Indian market only and does not distinguish any reportable regions 

within India. 

11.10Disclosure under regulation 25 (8) of SEBI Regulations 

a) Commission and charges incurred on security transactions with 

sponsor or any of its associates as defined in the regulation 25(8): 

Standard Chartered Bank, India branches is an associate of Standard 

Chartered Bank UK, the sponsor of the trust. 

Scheme Name Commission Paid / Payable to 

Standard Chartered Bank, India branches 

March 31, 2006 March 31, 2005 

Amount 

Amount 

GSSIF-IP 2,165,219 11,162,989 

GSSIF-ST 909,305 858,284 

GSSIF-MT 94,850 2,541,122 

GDBF 549,378 6,437,169 

GGSF-IP 20,124 52,409 

GGSF-ST 2,474 6,063 

GGSF-PF 11,164 130,162 

b) The investments made by the schemes during the year in issues 

lead managed by Standard Chartered Bank - India Branches: Nil 

11.11 Details of investment in companies that hold more than 5% of 

NAV of any scheme of Standard Chartered Mutual Fund: Refer 

Annexure A 

11.12 Details of large holdings 

Details of unit holdings over 25% of the net assets as on March 31, 2006 

is Nil (Previous Year: Nil) 

11.13 Portfolio holding (market / fair value) as at March 31, 2006: Refer 

Annexure B 

All investments, except for mutual fund units, are held in safe custody 

with Deutsche Bank AG, India /Reserve Bank of India. 

11.14 Unpaid redemption and unclaimed dividend 

The details of unpaid redemption and unclaimed dividend as at March 31, 

2006 as given in the table below are based on confirmations as received 

29


from the Scheme’s Registrars that maintain information of unclaimed 

redemption/dividends on behalf of the Scheme: 

Unpaid Redemptions 


No of Cases Amount NoofCases Amount 

GSSIF - IP 76 1,149,977 70 3,403,892 

GSSIF - ST 5 210,708 4 124,195 

GSSIF - MT 5 4,539 10 537,129 

GDBF 12 126,471 21 146,213 

GGSF - IP Nil Nil 2 5,947 

GGSF - ST Nil Nil Nil Nil 

GGSF-PF Nil Nil Nil Nil 

Unclaimed Dividend 


No of Cases Amount NoofCases Amount 

GSSIF - IP 2,792 2,534,377 4,511 3,103,122 

GSSIF - ST 7 190 248 273,465 

GSSIF - MT 22 890 173 13,515 

GDBF Nil Nil 482 311,001 

GGSF - IP Nil Nil Nil Nil 

GGSF - ST Nil Nil 7 190 

GGSF - PF Nil Nil Nil Nil 

In accordance with the guidelines issued by SEBI on unclaimed dividend, 

after a period of three years from the due dates of the respective dividend 

declaration, all unclaimed amounts is being transferred to a fixed deposit on 

a quarterly basis. Such amounts along with further interest earned would be 

paid off to the relevant investors on claim by them. 

11.15Historical Per Unit Statistics: Refer Annexure C 

11.16Related party disclosures in accordance with Accounting Standard 

18 issued by the Institute of Chartered Accountants of India: 

Entities under common control 

Standard Chartered Plc. 

Standard Chartered Bank (UK) 

Standard Chartered Bank - India branches (SCB) 

Standard Chartered Trustee Company Private Limited (Trustee Company) 

Grindlays Super Saver Income Fund - Investment Plan (GSSIF - IP) 

Grindlays Super Saver Income Fund - Short Term Plan (GSSIF - ST) 

Grindlays Super Saver Income Fund - Medium Term Plan (GSSIF - MT) 

Grindlays Dynamic Bond Fund (GDBF) 

Grindlays Government Securities Fund - Investment Plan (GGSF - IP) 

Grindlays Government Securities Fund - Short Term Plan (GGSF - ST) 

Grindlays Government Securities Fund - Provident Fund Plan (GGSF - PF) 

Grindlays Floating Rate Fund - Short Term Plan (GFRF - ST) 

Grindlays Floating Rate Fund - Long Term Plan (GFRF - LT) 

Standard Chartered All Seasons Bond Fund (ASBF) 

Standard Chartered Classic Equity Fund (SCCEF) 

Standard Chartered Premier Equity Fund (SCPEF) 

Standard Chartered Imperial Equity Fund (SCIEF) 

Standard Chartered Liquidity Manager (SCLM) 

Standard Chartered Liquidity Manager Plus (SCLM - Plus) 

Grindlays Fixed Maturity - 3rd Plan (GFMP - 3) 

Grindlays Fixed Maturity - 4th Plan (GFMP - 4) 















Grindlays Fixed Maturity - 21st Plan (GFMP - 21) 

Grindlays Fixed Maturity - 22nd Plan (GFMP - 22) 

Grindlays Fixed Maturity Plus - Plan 1 (GFMPP - 1) 

Standard Chartered Fixed Maturity - 3rd Plan (SCFMP - 3) 

Standard Chartered Tristar Series - I (SCTS - I) 

Grindlays Fixed Maturity Plan - Quarterly (GFMP - Q) 

Grindlays Fixed Maturity Plan - Annual (GFMP - A) 

Grindlays Fixed Maturity Plan - Annual Plan 2 (GFMP - A2) 

Related Party transactions during the year: 

Refer Annexure D 

11.16Prior year comparatives 

The prior year figures have been reclassified / restated wherever necessary 

to confirm with the current year's presentation. Prior period figures have 

been shown in italics. 

For Standard Chartered Asset 

Manasgement Company Private Limited 

Paul Jebson 

Chairman 

Naval Bir Kumar 

Managing Director 

Rajiv Anand 

Head-Investments 

Mumbai 


For Standard Chartered Trustee 


Chairman / Director 

Director 

30


Annexure A 

Details of investment in companies / subsidiaries that hold more than 5% of NAV of any scheme of Standard Chartered Mutual Fund 

Company Schemes invested in Investing Aggregate for *Outstanding as at *Outstanding as at 

by the company Scheme Name the period under 31/03/2006 At 31/03/2005 At 

Regulation 25(11) Market/Fair Market/Fair 

At Cost (Rs.) Value (Rs.) Value (Rs.) 

Bajaj Auto Finance Limited GCF GCF 1,025,458,459.00 - 49,290,992.23 

GFRF ST 138,203,260.00 - 49,290,992.23 

GDBF 49,807,700.00 - - 

GFRF LT 48,719,649.00 - - 

SCLM 119,808,240.00 - - 

GFMPP-I 51,123,595.00 - - 

GFMPP-II 256,789.00 274,625.00 - 

SCCEF 271,652,207.70 203,222,500.00 - 

SCIEF 45,054,341.00 44,763,875.00 - 

Bajaj Hindustan Limited SCCEF 424,519,600.15 176,560,022.25 - 

GFMPP1 5,437,070.00 7,566,750.00 - 

GFMPP2 199,717.30 206,824.50 - 

Bharti Tele Ventures Limited GSSIF-ST SCCEF 397,700,515.00 - - 

GFMPP1 1,816,070.00 - - 

Finolex Cables Limited GGSF-IP SCCEF 60,415,643.39 - - 

Hindalco Industries Limited GFMP A GSSIF-IP 52,115,400.00 - - 

GFMP A2 GSSIF-ST 51,890,300.00 - - 

GFMP 3 GFMPP1 106,989,108.00 100,329,300.00 - 

GSSIF-ST 

Hindustan Lever Limited GCF GFMPP1 3,112,061.00 - - 

GFMP 20 SCTS 995,805.00 - - 

GFMP 22 GFMPP-2 197,581.00 - - 

SCFMP2 SCPEF 60,093,144.00 - - 

HDFC Bank Limited GFRF-LT GCF 8,238,164,356.11 170,083,336.10 - 

GSSIF-ST GFRF-ST 2,689,044,392.77 - - 

GFRF-LT 1,173,573,437.50 157,970,487.25 157,649,955.00 

FMP-4 314,888,801.62 315,813,186.57 315,713,711.00 

FMP-19 343,700,000.00 348,320,000.00 - 

FMP-21 1,963,161,644.00 1,986,901,917.92 - 

SCLM 4,790,465,312.00 656,121,556.04 - 

SCLM Plus 388,580,600.00 388,643,690.61 - 

FMP-18 1,478,626,848.00 - - 

SCPEF 246,081,250.00 - - 

SCFMP-3 2,203,785,616.00 2,220,217,397.01 - 

FMP-5 127,710,050.00 229,406,038.30 - 

Housing Development Fin. Corp. GSSIF MT GSSIF-IP 599,680,000.00 99,864,053.88 49,521,050.00 

Limited GSSIF-ST 489,898,950.00 - - 

GCF 14,579,884,297.00 744,850,639.78 900,277,900.00 

GDBF 168,743,500.00 - - 

GFRF ST 7,075,944,340.00 451,311,550.00 950,381,550.00 

GFRF LT 5,825,532,214.00 301,315,900.00 1,250,540,350.00 

FMP-A2 103,838,800.00 - 

FMP-6 100,980,680.00 195,801,300.00 100,406,600.00 

31


Annexure A (Contd.) 






FMP-5 164,888,790.00 59,986,150.00 105,093,700.00 

FMP-7 156,408,300.00 50,091,650.00 155,947,500.00 

FMP-4 249,968,750.00 249,509,500.00 - 

FMP-9 50,000,000.00 - - 

FMP-17 986,022,000.00 - - 

SCCEF 1,491,941,520.00 - - 

GFMPP1 101,759,463.00 - - 

SCLM 1,562,494,700.00 451,642,158.92 - 

GFMP-20 98,361,000.00 - - 

SCPEF 1,377,274,640.00 - - 

SCLM Plus 136,707,060.00 136,800,476.72 - 

SCIEF 346,961,812.00 - - 

HCL Technologies Limited GFRF-ST GFMPP1 2,978,530.00 - - 

SCCEF 173,896,457.16 157,985,374.80 - 

ICICI Bank Limited GFRF ST GSSIF-IP 366,091,290.00 - - 

GCF GSSIF-ST 563,419,400.00 42,285,559.25 - 

GCF 10,660,866,040.00 70,766,920.00 2,804,042,890.40 

GSSIF MT 359,254,650.00 7,389,295.44 28,850,501.34 

GDBF 1,916,479,900.00 - 96,378,864.53 

GFRF ST 8,965,733,540.00 150,000,000.00 1,714,726,182.44 

FMPA 323,301,550.00 - 309,053,650.00 

FMPA2 178,726,000.00 - 154,124,500.00 

FMP-6 106,103,600.00 101,843,300.00 106,473,600.00 

FMP-5 157,909,650.00 40,438,240.00 156,663,000.00 

FMP-3 2,957,142,000.00 - - 

FMP-7 75,541,130.00 70,533,770.00 75,090,450.00 

FMP-9 50,000,000.00 - 49,434,000.00 

FMP-10 1,971,358,000.00 - 1,733,843,894.18 

FMP-4 96,040,900.00 - - 

FMP-11 1,676,932,000.00 - - 

FMP-8 14,639,988.00 13,868,923.20 - 

GFRF LT 2,063,008,730.00 - 1,384,885,765.46 

SCPEF 92,192,580.00 - - 

GFMPP1 106,041,122.00 104,199,500.00 - 

GFMP-20 103,011,400.00 101,843,300.00 - 

GFMP-21 98,121,800.00 99,029,244.91 - 

SCCEF 374,432,659.25 - - 

SCLM 9,744,752,250.00 - - 

SCFMP1 717,407,660.00 718,086,746.32 - 

SCFMP2 1,554,268,230.00 1,561,080,768.99 - 

SCFMP4 4,213,049,700.00 4,231,823,060.21 - 

SCLM Plus 137,158,140.00 - - 

32








ICICI Securities Limited GSSIF-ST 100,000,000.00 - - 

FMP-16 100,666,100.00 - - 

SCLM 200,000,000.00 - - 

GCF 308,565,380.00 - - 

GFMPP-I 68,572,980.00 - - 

ITC Limited GCF SCCEF 922,054,802.16 251,743,500.00 - 

GSSIF-ST SCTS 1,497,200.00 1,697,805.00 - 

GFRF-ST GFMPP1 5,169,243.00 6,830,250.00 - 

GFRF-LT GFMPP2 282,550.00 331,755.00 - 

SCIEF 49,953,957.00 58,545,000.00 - 

Infosys Technologies Limited GCF GFMPP-1 4,613,587.00 - - 

SCCEF 1,002,996,409.65 199,753,800.00 - 

SCIEF 229,607,224.00 187,828,200.00 - 

Indian Petro Chemicals Limited SCLM SCPEF 148,569,197.00 - - 

GFMPP-1 4,047,224.00 - - 

SCCEF 197,036,650.00 - - 

Mahindra & Mahindra Limited GSSIF-ST GSSIF-IP 252,858,760.00 - - 

GSSIF-ST 308,376,170.00 - - 

GSSIF-MT 9,536,840.00 - - 

GCF 7,557,604,280.00 196,731,856.74 - 

GDBF 580,068,710.00 - - 

GFRF ST 5,416,122,710.00 - - 

FMPA2 9,543,140.00 - - 

FMP-4 188,972,400.00 - - 

FMP-5 22,646,314.00 - - 

FMP-6 49,089,430.00 29,686,140.00 - 

FMP-12 57,277,770.00 - - 

FMP-7 16,072,926.00 - - 

FMP-19 196,558,800.00 199,082,346.68 - 

GFMPP1 5,323,445.00 5,956,975.00 - 

SCLM 2,108,045,140.00 1,282,502,415.75 - 

SCLM Plus 743,908,800.00 744,046,195.50 - 

GFMP-20 170,000,000.00 168,221,460.00 - 

GFMP-21 146,404,800.00 147,778,761.60 - 

GFRF LT 1,266,954,810.00 - - 

SCCEF 579,793,347.50 211,631,256.15 - 

SCPEF 60,817,162.00 57,811,981.60 - 

SCIEF 89,210,919.00 141,810,938.48 - 

SCTS 1,393,961.00 1,410,862.50 - 

GFMPP2 299,995.50 297,848.75 - 

Maruti Udyog Limited GFRF-LT GFMPP1 2,032,624.00 2,579,185.00 - 

SCCEF 205,346,035.80 150,904,180.00 - 

SCIEF 43,980,148.00 48,086,500.00 - 

33








**Reliance Industries Limited GCF SCCEF 913,709,306.05 318,140.00 - 

GFRF-ST FMP-4 152,771,880.00 149,444,550.00 - 

FMP-16 99,521,900.00 97,016,700.00 - 

FMP-A 53,608,650.00 - - 

GDBF 752,421,050.00 - - 

GFRF-ST 102,324,600.00 - - 

GSSIF-IP 834,215,940.00 - - 

GSSIF-MT 107,288,550.00 - - 

GSSIF-ST 880,187,830.00 - - 

GFMP-20 98,590,300.00 97,016,700.00 - 

GFMPP1 9,301,982.20 6,203,730.00 - 

SCIEF 153,095,658.86 159,070,000.00 - 

Reliance Energy Limited GCF GFMPP1 1,773,114.00 1,376,325.00 - 

SCIEF 85,326,247.00 79,521,000.00 - 

Reliance Capital Limited GFMPP1 70,227.00 

Reliance Communication Venture Limited GFMPP1 3,594,819.92 3,303,090.00 - 

SCIEF 83,525,796.00 84,892,500.00 - 

SCTS 1,000,655.00 956,970.00 - 

Reliance Natural Resources Limited GFMPP1 18,900.00 - - 

Reliance Tele Ventures Limited GCF 245,246,000.00 - - 

SCFMP-3 245,566,500.00 247,275,801.12 - 

Sterlite Industries Limited GSSIF-IP GCF 2,090,000,000.00 - - 

GSSIF-ST GFRF ST 1,040,000,000.00 - - 

GDBF GFRF LT 160,000,000.00 - - 

GFRF-LT SCLM 420,000,000.00 - - 

SCIEF 122,193,671.00 157,327,350.00 - 

Sterlite Optical Technologies Limited SCCEF 164,086,478.50 - - 

Tata Sons Limited GCF FMP A 101,433,100.00 - - 

GFMP 3 FMP A2 151,075,950.00 - - 

FMP-5 299,294,200.00 199,992,600.00 - 

GDBF 100,221,500.00 - - 

GCF 150,360,500.00 - - 

GFRF LT 100,592,200.00 - - 

Tata Consultancy Services Limited GCF GFMPP1 3,356,361.00 3,831,000.00 - 

SCCEF 145,165,289.00 80,067,900.00 - 

GFMPP2 200,387.52 199,212.00 - 

Tata Power Company Limited GCF 40,932,737.74 - - 

GFMPP1 2,321,238.00 2,912,000.00 - 

Tata Tea Limited GFMPP1 622,618.00 - - 

Tata Iron & Steel Company Limited GCF GFMPP1 1,131,894.00 - - 

GSSIF-ST SCCEF 395,935,676.00 394,327,500.00 - 

Tata Motors Limited SCCEF 372,933,783.00 216,189,200.00 - 

SCIEF 39,660,592.00 46,592,500.00 - 

34








Tata Coffee Limited GCF 296,755,950.00 - - 

GFRF ST 148,000,200.00 - - 

UCO Bank Limited GSSIF-ST GSSIF-ST 350,462,260.00 48,327,297.36 - 

GSSIF-IP 49,054,800.00 49,385,235.65 - 

GCF 4,441,495,670.00 265,091,189.92 - 

GDBF 105,542,280.00 - - 

GFRF LT 1,322,243,750.00 - - 

GFRF ST 4,210,854,200.00 - - 

GFMP 12 47,120,500.00 49,728,047.09 - 

GFMP 17 336,251,000.00 - - 

SCPEF 49,257,550.00 - - 

SCLM 1,606,943,950.00 912,002,187.26 - 

SCLM Plus 165,742,690.00 165,821,045.41 - 

SCFMP-3 621,171,816.30 624,248,409.26 - 

GFMP-21 245,229,950.00 247,530,539.00 - 

UTI Bank Limited GCF GFRF ST 5,824,945,951.00 350,180,313.65 237,710,600.35 

GSSIF-ST GDBF 312,461,400.00 - 113,300,373.12 

FMPA 195,391,200.00 - - 

FMPA2 97,716,250.00 - - 

FMP-4 575,666,900.00 - 311,576,014.94 

FMP-16 73,383,590.00 71,085,840.00 - 

GCF 7,894,867,347.00 395,043,715.17 1,991,618,092.09 

GSSIF-ST 551,938,490.00 145,487,807.98 18,883,398.29 

GFRF-LT 1,209,727,150.00 - - 

GSSIF-MT 28,253,100.00 - 28,325,087.70 

GSSIF IP 47,192,500.00 - 47,208,497.16 

GFMPP1 32,674,600.00 33,112,625.40 - 

GFMP-20 31,015,440.00 30,465,360.00 - 

SCLM 5,328,483,220.00 159,839,148.33 - 

SCLM Plus 242,186,200.00 194,360,353.18 - 

* Market Value for Close Ended Scheme is considered as on 31-03-2006 

** Reliance Industries Limited and Reliance Energy Limited had invested in schemes of SCMF during the concerned period. The schemes which have invested in 

Reliance have been included in the report. As RIL had demerged into multiple entities according to the demerger scheme applied to it, name of demerged entities 

are also appearing for the purpose of information. Cost of investment of the schemes in demerge entities of RIL have been spilt in the ratio provided by RIL and 

accordingly disclosed. 

35


Annexure B 

Portfolio holding (market / fair value) as at March 31, 2006 

March 31, 2006 

March 31, 2005 

Amount (Rs) % Amount (Rs) % Amount (Rs) % Amount (Rs) % Amount (Rs) % Amount (Rs) % Amount (Rs) % 

GSSIF - IP GSSIF - ST GSSIF - MT GDBF GGSF - IP GGSF - ST GGSF - PF 

Privately placed debentures and bonds 

Non Banking Financial Companies (NBFC) 

IDFCLimited - - 150,871,350 58.65 - - - - - - - - - - 

- - - - - - - - - - - - - - 

Rabo India Finance Private Limited - - - - - - - - - - - - - - 

- - - - - - - - - - - - - - 

Sundaram Finance Limited - - - - - - - - - - - - - - 

- - - - - - - - - - - - - - 

Banks and Financial Institutions 

ICICIBankLimited - - 40,438,240 15.72 - - - - - - - - - - 

- - - - - - - - - - - - - - 

NABARD - - 15,926,288 6.19 - - - - - - - - - - 

Oriental Bankof Commerce Limited - - - - - - - - - - - - - - 

105,967,800 100.00 - - - - - - - - - - - - 

Union Bank of India Limited 50,000,000 19.44 

Total - - 257,235,878 100.00 - - - - - - - - - - 

105,967,800 100.00 - - - - - - - - - - - - 

Securitised Paper 

Others 

Fleet Trust Series - - - - - - - - - - - - - - 

- - 209,008,050 71.85 - - 86,218,420 15.37 - - - - - - 

GECSILoanTrust 100,646,718 35.36 - - - - - - - - - - - - 

102,852,320 19.22 - - - - - - - - - - - - 

Indian Retail ABS Trust - - 34,285,604 59.47 - - - - - - - - - - 

- - 45,938,415 15.79 - - - - - - - - - - 

Loan Securitisation Trust 165,263,598 58.07 - - - - 56,070,214 85.71 - - - - - - 

403,579,878 75.41 - - - - 359,675,275 64.11 - - - - - - 

NTPC Securatised Loan 18,690,071 6.57 23,362,589 40.53 - - 9,345,036 14.29 - - - - - - 

28,774,022 5.38 35,967,528 12.36 100,709,077 100.00 115,096,088 20.52 - - - - - - 

Total 284,600,387 100.00 57,648,193 100.00 - - 65,415,250 100.00 - - - - - - 

535,206,220 100.00 290,913,993 100.00 100,709,077 100.00 560,989,783 100.00 - - - - - - 

36


Annexure B 

Portfolio holding (market / fair value) as at March 31, 2006 (Contd.) 

March 31, 2006 

March 31, 2005 



Debentures And Bonds Listed/Awaiting Listing 

On Recognised Stock Exchange 


Citifinancial Consumer Finance India Limited - - 145,675,200 100.00 - - - - - - - - - - 

- - - - - - - - - - - - - - 

Indian Railway Financial Corporation Limited - - - - - - - - - - - - - - 

155,597,550 28.01 50,557,900 24.53 - - 52,332,500 100.00 - - - - - - 

Power Finance Corporation Limited - - - - - - - - - - - - - - 

49,754,150 8.96 - - - - - - - - - - - - 


Bank Of India - - - - - - - - - - - - - - 

- - 55,023,000 26.70 - - - - - - - - - - 

EXIMBank 50,000,000 100.00 - - - - - - - - - - - - 

- - - - - - - - - - - - - - 

Industrial Development Bank Of India - - - - - - - - - - - - - - 

53,527,700 9.63 - - 10,973,890 100.00 - - - - - - - - 

National Housing Bank - - - - - - - - - - - - - - 

- - 50,415,350 24.47 - - - - - - - - - - 

Housing & Finance 

HDFCLimited - - - - - - - - - - - - - - 

49,521,050 8.91 - - - - - - - - - - - - 

LIC Housing Finance Limited - - - - - - - - - - - - - - 

205,603,800 37.01 50,074,950 24.30 - - - - - - - - - - 

Power & Gas 

Tata Power Company Limited - - - - - - - - - - - - - - 

41,589,108 7.49 - - - - - - - - - - - - 

Total 50,000,000 100.00 145,675,200 100.00 - - - - - - - - - - 

555,593,358 100.00 206,071,200 100.00 10,973,890 100.00 52,332,500 100.00 - - - - - - 

364 DTB ((Maturity Date: Jan 05, 2007) - - - - - - - - - - 9,542,270 100.00 - - 

- - - - - - - - - - - - 

364 DTB ((Maturity Date: November 12, 2005) - - - - - - - - - - - - - - 

48,355,100 100.00 - - - - - - - - - - - - 

37


March 31, 2006 

March 31, 2005 



Total - - - - - - - - - - 9,542,270 100.00 - - 

48,355,100 100.00 - - - - - - - - - - - - 

Government Securities 

7.37% GOI 2014 - - - - - - - - - - - - - - 

10,415,000 100.00 - - - - - - - - - - - - 

11.90% GOI 2007 - - - - - - - - - - - - - - 

- - - - - - - - 44,768,000 100.00 - - 123,112,000 75.43 

6.18% GOI 2005 - - - - - - - - - - - - - - 

- - - - - - - - - - 10,023,700 100.00 40,094,800 24.57 

Total - - - - - - - - - - - - - - 

10,415,000 100.00 - - - - - - 44,768,000 100.00 10,023,700 100.00 163,206,800 100.00 

Commercial Paper 


GE Capital Services Limited - - 9,924,672 5.79 - - - - - - - - - - 

- - - - 

Rabo India Finance Limited 49,009,526 26.97 - - - - - - - - - - - - 

- - - - - - - - - - - - - - 

Sundaram Finance Limited - - 98,456,901 57.48 - - - - - - - - - - 

- - - - - - - - - - - - - - 


EximIndia 32,834,435 18.07 62,911,726 36.73 - - - - - - - - - - 

96,236,598 100.00 - - - - - - - - - - - - 

HDFCLimited 99,864,054 54.96 - - - - - - - - - - - - 

- - - - - - - - - - - - - - 

Total 181,708,015 100.00 171,293,299 100.00 - - - - - - - - - - 

96,236,598 100.00 - - - - - - - - - - - - 

Certificate Of Deposits 


Allahabad Bank 83,001,765 13.73 - - - - - - - - - - - - 

194,816,614 26.92 - - - - 29,222,492 10.21 - - - - - - 

American Express Bank 96,796,312 16.02 - - - - 49,023,097 27.11 - - - - - - 

- - - - - - - - - - - - - 

38


March 31, 2006 

March 31, 2005 



ICICIBankLimited - - 1,847,320 0.28 7,389,296 16.50 - - - - - - - - 

- - - - 28,850,501 33.65 96,378,865 33.67 - - - - - - 

INGVysyaBankLimited 49,261,926 8.15 - - - - 4,953,584 2.74 - - - - - - 

285,577,992 39.46 161,827,536 70.95 28,557,808 33.31 - - - - - - - - 

Jammu & Kashmir Bank Limited - - 92,132,757 13.96 37,394,410 83.50 - - - - - - - - 

- - - - - - - - - - - - - - 

Karnataka Bank Limited 48,976,733 8.10 39,181,393 5.94 - - 29,386,064 16.25 - - - - - - 

- - - - - - - - - - - - 

Kotak Mahindra Bank Limited - - - - - - - - - - - - - - 

196,171,197 27.10 47,376,981 20.77 - - 47,376,984 16.55 - - - - - - 

State Bank of Indore 97,235,430 16.09 95,302,461 14.44 - - - - - - - - - - 

- - - - - - - - - - - - - - 

State Bank of Patiala 97,299,955 16.10 237,655,362 36.01 - - 48,718,572 26.94 - - - - - - 

- - - - - - - - - - - - - - 

State Bank of Tranvancore 82,418,315 13.64 - - - - 48,741,086 26.96 - - - - - - 

- - - - - - - - - - - - - - 

UCOBankLimited 49,385,236 8.17 48,327,297 7.32 - - - - - - - - - - 

- - - - - - - - - - - - - - 

UTI Bank Limited - - 145,487,808 22.05 - - - - - - - - - - 

47,208,497 6.52 18,883,398 8.28 28,325,088 33.04 113,300,373 39.58 - - - - - - 

Total 604,375,672 100.00 659,934,398 100.00 44,783,706 100.00 180,822,403 100 - - - - - - 

723,774,300 100.00 228,087,915 100.00 85,733,397 100.00 286,278,714 100 - - - - - - 

Mutual Fund Units 

Investment in Grindlays Dynamic Bond Fund - - - - - - - - - - - - - - 

35,579,343 100.00 - - 15,249,157 100.00 - - - - - - - - 

Investment in Grindlays Government Securities Fund - PF Plan 10,415,104 100.00 - - - - 10,415,104 100.00 10,415,104 83.25 - - - - 

- - - - - - - - - - - - - - 

Investment in Grindlays Government Securities Fund - Short Term - - - - - - - - 2,095,002 16.75 - - - - 

- - - - - - - - 2,019,192 100.00 - - - - 

Total 10,415,104 100.00 - - - - 10,415,104 100 12,510,106 100.00 - - - - 

35,579,343 100.00 - - 15,249,157 100.00 - - 2,019,192 100.00 - - - - 

39


March 31, 2006 

March 31, 2005 



Collateralised Borrowing and Lending Obligation 

Maturity Date 03/04/2006 1,999,250 100.00 - - - - 4,498,312 100.00 54,479,555 100.00 7,996,999 100.00 251,405,654 100.00 

Maturity Date 02/04/2005 169,995,346 100.00 - - - - 69,998,082 100.00 - - 269,992,603 100.00 

Total 1,999,250 100.00 - - - - 4,498,312 100.00 54,479,555 100.00 7,996,999 100.00 251,405,654 100.00 

169,995,346 100.00 - - - - - - 69,998,082 100.00 - - 269,992,603 100.00 

Reverse Repos 

364 Day T - Bill (Maturity Date - 02/09/05) - - - - - - - - - - - - - - 

16,133,469 100.00 - - 5,377,823 100.00 68,445,020 100.00 - - - - 4,400,037 100.00 

- - - - - - - - - - - - - - 

16,133,469 100.00 - - 5,377,823 100.00 68,445,020 100.00 - - - - 4,400,037 100.00 

TOTAL INVESTMENTS 1,133,098,428 1,291,786,968 44,783,706 261,151,069 66,989,661 17,539,269 251,405,654 

2,297,256,534 725,073,108 218,043,344 968,046,017 116,785,274 10,023,700 437,599,440 

40


Annexure C: Historical per unit Statistics for the period 

for the year ended (Currency: Indian Rupee) 

A 


2006 2006 2006 2006 2006 2006 2006 

2005 2005 2005 2005 2005 2005 2005 

2004 2004 2004 2004 2004 2004 2004 

NAV 

Growth Option - Plan A 16.0435 13.8991 11.1192 12.6955 12.9421 12.0732 10.4578 

15.5626 13.2501 10.6197 12.1738 12.3782 11.6363 9.9375 

15.7336 12.7766 10.4537 12.0857 12.5732 11.6405 10.0361 

Growth Option - Plan B - 10.2387 - - - - 10.4953 

- - - - - - 9.9830 

15.8054 12.7560 10.4881 - 12.6312 - 10.0366 

Growth Option - Plan C - 10.2557 - - - - - 

- - - - - - - 

- - - - - - - 

Dividend (Monthly) Option - Plan A - 10.0143 - - - 10.0050 - 

- 10.0394 - - - 10.0053 - 

- 10.1553 - - - 10.0767 - 

Dividend (Monthly) Option - Plan B - 10.0143 - - - - - 

- - - - - - - 

- 10.1811 - - - - - 

Dividend (Monthly) Option - Plan C - 9.9931 - - - - - 

- - - - - - - 

- - - - - - - 

Dividend (Monthly) Option - Plan D - 9.9994 - - - - - 

- - - - - - - 

- - - - - - - 

Dividend (Bi-Monthly) Option - Plan A - - 10.2564 - - - - 

- - 10.0640 - - - - 

- - 10.0684 - - - - 

Dividend (Bi-Monthly) Option - Plan B - - - - - - - 

- - - - - - - 

- - 10.0721 - - - - 

Dividend (Bi-Monthly) Option - Plan C - - - - - - - 

- - - - - - - 

- - - - - - - 

41





2006 2006 2006 2006 2006 2006 2006 

2005 2005 2005 2005 2005 2005 2005 

2004 2004 2004 2004 2004 2004 2004 

B 

Dividend (Quarterly) Option - Plan A 10.0258 - - 10.0533 10.0505 10.0727 10.0370 

10.0289 - - 10.0281 9.9956 10.0188 9.8526 

10.6682 - - 10.3104 10.4942 10.0533 10.0357 

Dividend (Quarterly) Option - Plan B - - - - - - 10.0368 

- - - - - - 9.8700 

10.7285 - - - 10.659 - 10.0357 

Dividend (Half yearly) Option - Plan A 10.0701 - - - 10.0756 - - 

10.2141 - - - 10.0230 - - 

11.1788 - - - 10.1807 - - 

Dividend (Half yearly) Option - Plan B - - - - - - - 

- - - - - - - 

11.1788 - - - 10.1807 - - 

Dividend (Annual) Option - Plan A 10.0826 - - 10.1114 10.1138 - 10.1153 

9.9466 - - 10.1335 10.0515 - 9.9376 

10.0559 - - 10.3412 10.2356 - 10.0361 

Dividend (Annual) Option - Plan B - - - - - - - 

- - - - - - 9.9376 

11.0293 - - - 10.2356 - 10.0000 

Gross Income 

i Income other than profit on sale of investment 1.7919 1.3249 2.7303 4.2692 1.1939 0.2855 0.8073 

3.3562 4.6042 11.8993 5.5506 1.6189 0.8656 0.6085 

1.5848 1.0130 0.8622 0.6549 0.7346 0.2714 0.0160 

ii Income from profit on inter scheme 

Sales / transfer of investment (0.2281) - (12.3891) (3.7898) - - 0.0016 

(0.4815) (0.6097) (9.6743) (1.1894) (0.0006) (0.3212) (0.0010) 

0.0301 0.0474 (0.0105) - 0.0237 0.0970 - 

iii Income from profit on sale 

of investment to third party (0.1186) (0.2388) (0.0175) 0.0978 0.0624 0.0067 0.0597 

(1.0831) (0.9420) (0.3489) (2.2116) (1.6371) (0.3682) (0.4851) 

0.7490 0.0171 0.0891 0.4211 0.3720 - (0.0010) 

42





2006 2006 2006 2006 2006 2006 2006 

2005 2005 2005 2005 2005 2005 2005 

2004 2004 2004 2004 2004 2004 2004 

C Aggregateofexpenses,writeoff,amortisationandcharges 0.4162 0.1299 0.2851 0.3523 0.4110 0.0568 0.2269 

0.7335 1.0670 1.3619 2.1734 0.4464 0.1916 0.1171 

0.3266 0.1758 0.2875 0.2096 0.1714 0.0731 0.0009 

D NetIncome 1.0290 0.9562 (9.9614) 0.2249 0.8453 0.2354 0.6417 

1.0581 1.9855 0.5142 (0.0238) (0.4652) (0.0154) 0.0053 

2.0373 0.9017 0.6533 0.8665 0.9589 0.2953 0.0141 

E Unrealised Appreciation / Depreciation in 

value of investments (0.6743) (0.1103) - (2.2486) 0.0877 0.0641 - 

0.0492 0.0033 0.0116 0.1435 (0.0007) (0.0168) (0.0007) 

0.3021 0.0511 0.0015 0.0593 0.1038 0.0723 0.0199 

F (a) NAV Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest 

Growth Option - Plan A 16.0598 15.5688 13.9001 13.2585 11.1192 10.6268 12.7071 10.1952 12.9422 12.3480 12.0732 10.6775 10.4578 9.9180 

15.8575 15.1751 13.2501 12.7908 10.6197 10.3818 12.1738 11.9014 12.7001 11.9620 11.6695 11.4439 10.1391 9.5730 

15.7336 14.4117 12.7766 12.0279 10.4537 10.0157 12.0857 11.0139 12.6144 11.3305 11.6405 10.8717 10.0361 10.0247 

Growth Option - Plan B - - 10.2394 10.0053 - - - - - - - 10.4955 9.9630 

15.9336 15.2856 13.4758 12.7709 10.6245 10.4363 12.2651 11.9735 12.7647 12.2370 - - 10.1349 9.5251 

15.8054 14.4131 12.7565 12.0087 10.4881 10.0158 12.1367 11.0139 12.6312 11.4348 - - 10.0366 10.0249 

Growth Option - Plan C - - 10.2564 10.0053 - - - - - - - - - 

- - 10.0695 10.0000 10.0951 9.9984 10.0351 9.8387 - - - - - - 

- - - - - - - - - - - - - 

Growth Option - Plan D - - - - - - - - - - - - 

- - - - 10.0538 9.8609 - - - - - - 

- - - - - - - - - - - - 

Dividend (Monthly) Option - Plan A - - 10.0832 10.0020 - - - - - - 10.0692 10.0035 - - 

- - 10.1387 9.9958 - - - - - - 10.0450 9.8399 - - 

- - 10.3519 10.0995 - - - - - - 10.9483 9.9560 - - 

Dividend (Monthly) Option - Plan B - - 10.1507 10.0053 - - - - - - - - - - 

- - 10.1661 9.9930 - - - - - - - - - - 

- - 10.3563 10.1229 - - - - - - - - - - 

Dividend (Monthly) Option - Plan C - - 10.1595 9.9931 - - - - - - - - - - 

- - 10.0434 9.9939 - - - - - - - - - - 

- - - - - - - - - - - - - - 

43





2006 2006 2006 2006 2006 2006 2006 

2005 2005 2005 2005 2005 2005 2005 

2004 2004 2004 2004 2004 2004 2004 

Dividend (Monthly) Option - Plan D - - 10.2529 9.9989 - - - - - - - - - - 

- - - - - - - - - - - - - - 

- - - - - - - - - - - - - - 

Dividend (Bi-Monthly) Option - Plan A - - - - 10.2670 10.0645 - - - - - - - - 

- - - - 10.1185 9.8688 - - - - - - - - 

- - - - 10.1869 10.0157 - - - - - - - - 

Dividend (Bi-Monthly) Option - Plan B - - - - - - - - - - - - - 

- - - - 10.1261 9.8773 - - - - - - - - 

- - - - 10.2023 10.0158 - - - - - - - - 

Dividend (Bi-Monthly) Option - Plan C - - - - - - - - - - - - - - 

- - - - 10.0541 9.8837 - - - - - - - - 

- - - - - - - - - - - - - - 

Dividend (Quarterly) Option - Plan A 10.1560 9.9955 - - - - 10.7888 10.0063 10.1469 9.9695 10.1068 10.0161 10.3436 9.8342 

10.7522 9.7958 - - - - 10.3799 9.8203 10.6003 9.6595 10.0784 9.8559 10.1318 9.4913 

11.2219 10.6081 - - - - 10.8707 10.2511 11.1062 10.4096 10.6288 10.0239 10.0357 10.0247 

Dividend (Quarterly) Option - Plan B - - - - - - - - - - - - 10.1437 9.8501 

10.8134 8.4552 - - - - 10.4258 9.8540 10.6590 10.6590 - - 10.1349 9.4940 

11.2456 10.6634 - - - - 10.8956 10.2926 11.1118 10.4491 - - 10.0357 10.0249 

Dividend (Quarterly) Option - Plan C - - - - - - - - - - - - 

- - - - 10.0364 9.8063 - - - - - - 

- - - - - - - - - - - - 

Dividend (Quarterly) Option - Plan D - - - - - - - - - - - - 

- - - - 10.0000 10.0000 - - - - - - 

- - - - - - - - - - - - 

Dividend (Half yearly) Option - Plan A 10.4231 10.0437 - - - - - - 10.2705 9.9986 - - - - 

11.2668 10.1801 - - - - - - 10.2836 9.6860 - - - - 

11.9983 11.0478 - - - - - - 11.2782 10.0278 - - - - 

Dividend (Half yearly) Option - Plan B - - - - - - - - - - - - - - 

11.2668 10.2361 - - - - - - 10.2836 9.6860 - - - - 

11.9983 11.0478 - - - - - - 11.2782 10.0278 - - - - 

44





2006 2006 2006 2006 2006 2006 2006 

2005 2005 2005 2005 2005 2005 2005 

2004 2004 2004 2004 2004 2004 2004 

(b) 

Dividend (Annual) Option - Plan A 10.2644 9.9505 - - - - 10.5654 10.1017 10.4749 10.0270 - - 10.4194 9.9190 

10.1351 9.6989 - - - - 10.4111 10.1064 10.3391 9.7382 - - 10.1391 9.5731 

11.3488 10.0197 - - - - 11.4601 10.3061 11.4244 10.1887 - - 10.0361 10.0247 

Dividend (Annual) Option - Plan B - - - - - - - - - - - - - - 

11.0293 11.0293 - - - - 10.4111 10.1064 10.3391 9.7382 - - 10.0819 9.5251 

11.4561 10.3067 - - - - 11.4601 10.3061 11.4244 10.1887 - - 10.0000 10.0000 

Dividend (Annual) Option - Plan C - - - - - - - - - - - - 

- - - - 10.0000 10.0000 - - - - - - 

- - - - - - - - - - - - 

Dividend (Annual) Option - Plan D - - - - - - - - - - - - 

- - - - 10.0000 10.0000 - - - - - - 

- - - - - - - - - - - - 

Repurchase Price 


15.8575 15.1751 13.2501 12.7908 10.6197 10.3818 12.1738 11.9014 12.7001 11.9620 11.6695 11.4439 10.1391 9.5730 

15.7336 14.4117 12.7766 12.0279 10.4537 10.0157 12.0857 11.0139 12.6144 11.3305 11.6405 10.8717 10.0361 10.0247 

Growth Option - Plan B - - 10.2394 10.0053 - - - - - - - - 10.4955 9.9630 

15.9336 15.2856 13.4758 12.7709 10.6245 10.4363 12.2651 11.9735 12.7647 12.2370 - - 10.1349 9.5251 

15.8054 14.4131 12.7565 12.0087 10.4881 10.0158 12.1367 11.0139 12.6312 11.4348 - - 10.0366 10.0249 


- - 10.0695 10.0000 10.0951 9.9984 10.0351 9.8387 - - - - - - 

- - - - - - - - - - - - - - 

Growth Option - Plan D - - - - - - - - - - - - 

- - - - 10.0538 9.8609 - - - - - - 

- - - - - - - - - - - - 


- - 10.1387 9.9958 - - - - - - 10.0450 9.8399 - - 

- - 10.3519 10.0995 - - - - - - 10.9483 9.9560 - - 


- - 10.1661 9.9930 - - - - - - - - - - 

- - 10.3563 10.1229 - - - - - - - - - - 

45





2006 2006 2006 2006 2006 2006 2006 

2005 2005 2005 2005 2005 2005 2005 

2004 2004 2004 2004 2004 2004 2004 


- - 10.0434 9.9939 - - - - - - - - - - 

- - - - - - - - - - - - - - 


- - - - - - - - - - - - - - 

- - - - - - - - - - - - - - 


- - - - 10.1185 9.8688 - - - - - - - - 

- - - - 10.1869 10.0157 - - - - - - - - 


- - - - 10.1261 9.8773 - - - - - - - - 

- - - - 10.2023 10.0158 - - - - - - - - 

Dividend (Bi-Monthly) Option - Plan C - - - - - - - - - - - - - 

- - - - 10.0541 9.8837 - - - - - - - - 

- - - - - - - - - - - - - - 


10.7522 9.7958 - - - - 10.3799 9.8203 10.6003 9.6595 10.0784 9.8559 10.1318 9.4913 

11.2219 10.6081 - - - - 10.8707 10.2511 11.1062 10.4096 10.6288 10.0239 10.0357 10.0247 


10.8134 8.4552 - - - - 10.4258 9.8540 10.6590 10.6590 - - 10.1349 9.4940 

11.2456 10.6634 - - - - 10.8956 10.2926 11.1118 10.4491 - - 10.0357 10.0249 

Dividend (Quarterly) Option - Plan C - - - - - - - - - - - - - - 

- - - - - - 10.0364 9.8063 - - - - - - 

- - - - - - - - - - - - - - 

Dividend (Quarterly) Option - Plan D - - - - - - - - - - - - - - 

- - - - - - 10.0000 10.0000 - - - - - - 

- - - - - - - - - - - - - - 


11.2668 10.1801 - - - - - - 10.2836 9.6860 - - - - 

11.9983 11.0478 - - - - - - 11.2782 10.0278 - - - - 

46





2006 2006 2006 2006 2006 2006 2006 

2005 2005 2005 2005 2005 2005 2005 

2004 2004 2004 2004 2004 2004 2004 

(c) 


11.2668 10.2361 - - - - - - 10.2836 9.6860 - - - - 

11.9983 11.0478 - - - - - - 11.2782 10.0278 - - - - 


10.1351 9.6989 - - - - 10.4111 10.1064 10.3391 9.7382 - - 10.1391 9.5731 

11.3488 10.0197 - - - - 11.4601 10.3061 11.4244 10.1887 - - 10.0361 10.0247 


11.0293 11.0293 - - - - 10.4111 10.1064 10.3391 9.7382 - - 10.0819 9.5251 

11.4561 10.3067 - - - - 11.4601 10.3061 11.4244 10.1887 - - 10.0000 10.0000 

Dividend (Annual) Option - Plan C - - - - - - - - - - - - - - 

- - - - - - 10.0000 10.0000 - - - - - - 

- - - - - - - - - - - - - - 

Dividend (Annual) Option - Plan D - - - - - - - - - - - - - - 

- - - - - - 10.0000 10.0000 - - - - - - 

- - - - - - - - - - - - - - 

Resale Price 


15.8575 15.1751 13.2501 12.7908 10.6197 10.3818 12.1738 11.9014 12.7001 11.9620 11.6695 11.4439 10.1391 9.5730 

15.7336 14.4117 12.7766 12.0279 10.4537 10.0157 12.0857 11.0139 12.6144 11.3305 11.6405 10.8717 10.0361 10.0247 

Growth Option - Plan B - - 10.2394 10.0053 - - - - - - - - 10.4955 9.9630 

15.9336 15.2856 13.4758 12.7709 10.6245 10.4363 12.2651 11.9735 12.7647 12.2370 - - 10.1349 9.5251 

15.8054 14.4131 12.7565 12.0087 10.4881 10.0158 12.1367 11.0139 12.6312 11.4348 - - 10.0366 10.0249 


- - 10.0695 10.0000 10.0951 9.9984 10.0351 9.8387 - - - - - - 

- - - - - - - - - - - - - - 

Growth Option - Plan D - - - - - - - - - - - - - - 

- - - - - - 10.0538 9.8609 - - - - - - 

- - - - - - - - - - - - - - 


- - 10.1387 9.9958 - - - - - - 10.0450 9.8399 - - 

- - 10.3519 10.0995 - - - - - - 10.9483 9.956 - - 

47





2006 2006 2006 2006 2006 2006 2006 

2005 2005 2005 2005 2005 2005 2005 

2004 2004 2004 2004 2004 2004 2004 


- - 10.1661 9.9930 - - - - - - - - - - 

- - 10.3563 10.1229 - - - - - - - - - - 


- - 10.0434 9.9939 - - - - - - - - - - 

- - - - - - - - - - - - - - 


- - - - - - - - - - - - - - 

- - - - - - - - - - - - - - 


- - - - 10.1185 9.8688 - - - - - - - - 

- - - - 10.1869 10.0157 - - - - - - - - 


- - - - 10.1261 9.8773 - - - - - - - - 

- - - - 10.2023 10.0158 - - - - - - - - 

Dividend (Bi-Monthly) Option - Plan C - - - - - - - - - - - - - 

- - - - 10.0541 9.8837 - - - - - - - - 

- - - - - - - - - - - - - - 


10.7522 9.7958 - - - - 10.3799 9.8203 10.6003 9.6595 10.0784 9.8559 10.1318 9.4913 

11.2219 10.6081 - - - - 10.8707 10.2511 11.1062 10.4096 10.6288 10.0239 10.0357 10.0247 


10.8134 8.4552 - - - - 10.4258 9.8540 10.6590 10.6590 - - 10.1349 9.4940 

11.2456 10.6634 - - - - 10.8956 10.2926 11.1118 10.4491 - - 10.0357 10.0249 

Dividend (Quarterly) Option - Plan C - - - - - - - - - - - - 

- - - - 10.0364 9.8063 - - - - - - 

- - - - - - - - - - - - 

Dividend (Quarterly) Option - Plan D - - - - - - - - - - - - 

- - - - 10.0000 10.0000 - - - - - - 

- - - - - - - - - - - - 

48





2006 2006 2006 2006 2006 2006 2006 

2005 2005 2005 2005 2005 2005 2005 

2004 2004 2004 2004 2004 2004 2004 

G 


11.2668 10.1801 - - - - - - 10.2836 9.6860 - - - - 

11.9983 11.0478 - - - - - - 11.2782 10.0278 - - - - 


11.2668 10.2361 - - - - - - 10.2836 9.6860 - - - - 

11.9983 11.0478 - - - - - - 11.2782 10.0278 - - - - 


10.1351 9.6989 - - - - 10.4111 10.1064 10.3391 9.7382 - - 10.1391 9.5731 

11.3488 10.0197 - - - - 11.4601 10.3061 11.4244 10.1887 - - 10.0361 10.0247 


11.0293 11.0293 - - - - 10.4111 10.1064 10.3391 9.7382 - - 10.0819 9.5251 

11.4561 10.3067 - - - - 11.4601 10.3061 11.4244 10.1887 - - 10.0000 10.0000 

Dividend (Annual) Option - Plan C - - - - - - - - - - - - - - 

- - - - - - 10.0000 10.0000 - - - - - - 

- - - - - - - - - - - - - - 

Dividend (Annual) Option - Plan D - - - - - - - - - - - - - - 

- - - - - - 10.0000 10.0000 - - - - - - 

- - - - - - - - - - - - - - 

Ratio of Expenses to Average Net Assets by percentage (Annualised) 

Plan A (Regular Plan) 2.15% 0.94% 2.20% 1.17% 2.03% 0.70% 1.68% 

1.91% 1.03% 1.34% 2.05% 1.88% 1.07% 1.51% 

1.64% 1.17% 1.66% 2.01% 1.93% 1.24% 1.50% 

Plan B (Institutional Plan) NA 0.86% NA - - - 1.82% 

1.40% 0.94% 1.01% 1.70% 0.69% - 1.07% 

1.18% 0.91% 1.16% 1.58% 1.08% - 1.00% 

Plan C (Super Institutional Plan) NA 0.52% NA - - - - 

0.89% 0.84% 0.65% 1.50% - - - 

- - - - - - - 

49





2006 2006 2006 2006 2006 2006 2006 

2005 2005 2005 2005 2005 2005 2005 

2004 2004 2004 2004 2004 2004 2004 

H 

Ratio of Gross Income to Average Net Assets 

by percentage ( Annualised) 3.97% 3.64% -74.82% -5.68% 6.21% 3.60% 6.77% 

3.76% 4.89% 1.73% 1.71% -0.05% 0.89% 0.72% 

11.34% 7.25% 7.48% 10.07% 9.01% 6.62% 19.00% 

Note 

FOR GSSIF-IP, GSSIF-ST & GSSIF-MT 

Plan B (Institututional Plan) was wound up on December 31, 2004 for GSSIF - IP & GSSIF - MT 

Plan C (Super Institututional Plan) was launched on April 2, 2004 and was wound up on December 31, 2004 for GSSIF - IP & GSSIF - MT 

FOR GDBF 

Plan B (Institutional Plan) was launched on March 24, 2003 and was wound up on March 31, 2005. 

Plan C (Super Institutional Plan) was launched on April 4, 2004 and was wound up on December 31, 2004. 

Plan D (MF Plan) was launched on April 4, 2004 and was wound up on December 31, 2004. 

FOR GGSF-IP 

Plan B (Institututional Plan) was wound up on December 31, 2004. 

50


Annexure - D: Related Party transactions 

Description GSSIF - IP GSSIF - ST GSSIF - MT GCF GFRF-ST GFRF-LT SCCEF GDBF 

AMC 

Management fees 18,517,440 8,108,275 398,582 48,669,633 39,616,747 31,696,156 62,091,016 4,306,450 

72,289,508 23,227,647 12,591,469 104,136,728 51,256,078 16,249,061 Nil 70,230,905 

Value of units purchased Nil 372,525,746 Nil 124,457,762 1,505,201 3,565,249 Nil Nil 

Nil Nil 124,161,594 614,969,524 45,314,256 124,171,991 Nil Nil 

Value of units redeemed Nil Nil Nil 428,161,420 46,682,718 128,519,378 Nil Nil 

37,017,961 Nil 211,355,196 315,529,481 Nil Nil Nil Nil 

SCUTI 

Purchase of securities 379,577,217 Nil 12,349,514 940,978,400 Nil 194,661,400 Nil 275,332,258 

116,650,278 108,363,097 294,642,507 671,623,705 Nil Nil Nil 600,141,472 

Sale of Securities 52,633,847 Nil 54,304,917 Nil Nil Nil Nil 52,362,986 

192,531,569 170,946,889 225,144,333 447,925,500 Nil Nil Nil 625,722,250 

Reverse Repo Nil Nil Nil Nil Nil Nil Nil Nil 

1,521,085,945 546,648,586 279,778,637 1,982,518,432 Nil Nil Nil 4,290,213,947 

Reverse Repo matured Nil Nil Nil Nil Nil Nil Nil Nil 

1,521,316,959 546,767,261 279,837,988 1,982,733,912 Nil Nil Nil 4,291,011,864 

SCB 

Purchase of securities 423,597,708 840,886,610 Nil 3,555,051,832 Nil 1,657,767,719 Nil 323,851,310 

1,335,549,081 1,035,509,065 1,380,669,903 2,250,317,470 Nil Nil Nil 3,129,780,318 

Sale of securities 51,212,528 331,715,650 52,295,347 3,025,102,339 49,535,850 243,399,000 Nil Nil 

267,914,889 488,584,903 578,379,722 960,710,279 Nil Nil Nil 1,540,801,931 

Reverse Repo Nil Nil Nil Nil Nil Nil Nil Nil 

21,215,360,658 4,235,376,378 7,726,254,067 9,806,530,204 Nil Nil Nil 37,242,728,507 

Reverse Repo matured Nil Nil Nil Nil Nil Nil Nil Nil 

21,218,010,520 4,235,970,164 7,727,173,635 9,807,769,253 Nil Nil Nil 37,248,183,646 

Fixed deposits placed Nil Nil Nil Nil Nil Nil Nil Nil 

Nil Nil Nil 750,000,000 Nil Nil Nil Nil 

Fixed deposits matured Nil Nil Nil Nil Nil Nil Nil Nil 

Nil Nil Nil 750,902,397 Nil Nil Nil Nil 

Bank Charges 302,390 281,315 6,823 366,037 75,843 48,486 718,666 22,017 

3,497 4,162 9,422 35,645 19,986 24,939 Nil 34,567 

Derivatives 

Notional Nil Nil Nil Nil 2,750,000,000 3,750,000,000 Nil Nil 

750,000,000 250,000,000 Nil 6,250,000,000 Nil Nil Nil 250,000,000 

Interest Nil Nil Nil Nil -1,973,076 907,320 Nil Nil 

(636,737) 24,497 Nil 1,719,256 Nil Nil Nil (104,425) 

51 

March 31, 2006 

March 31, 2005


Annexure - D: Related Party transactions (Contd.) 

Intra-scheme investments March 31, 2006 

March 31, 2005 

GSSIF-IP GSSIF-ST GSSIF-MT GCF GFRF - ST GFRF - LT SCCEF GGSF - PF GDBF 

Purchase Sale Purchase Sale Purchase Sale Purchase Sale Purchase Sale Purchase Sale Purchase Sale Purchase Sale Purchase Sale 

GFRF - LT - - 150,000,000 150,282,179 - - - - - - - - - - - - - - 

- - - - - - - - - - - - - - - - - - 

GSSIF - IP - - - - - - - - - - - - - - 10,000,000 - - - 

- - - - - - - - - - - - - - - - - - 

GFMP - A - - - - - - 552,100,000 1,257,135,162 - 14,885,246 - - - - 

- - - - - - 1,800,000 625,425,025 14,400,000 - - - - - - - - - 

GFMP - A2 - - - - - - - - - 14,878,722 - - - - - - - - 

- - - - - - - - 14,400,000 - - - - - - - - - 

GFMP-A3 - - - - - - - - - - - - - - - - - - 

- - - - - - 180,000,000 490,734,464 - - - - - - - - - - 

GFMP-A4 - - - - - - - - - - - - - - - - - - 

- - - - - - 126,700,000 126,840,003 - - - - - - - - - - 

GFMP - 5 - - - - - - - 25,060,213 - 5,825,318 - - - - 

- - - - - - 23,700,000 - 5,500,000 - - - - - - - - - 

GFMP - 7 - - - - - - 25,190,084 - - - - - - - - - - 

- - - - - - 24,000,000 - - - - - - - - - - - 

GFMP - 9 - - - - - - 1,800,000 - - - - - - - - - - 

- - - - - - 9,700,000 1,800,000 - - - - - - - - - - 

GFMPP - I - - - - - - 171,715,000 160,124,266 - - - - - - - - - - 

- - - - - - - - - - - - - - - - 

SCTS - - - - - - 187,000,091 180,392,290 - - - - - - - - - - 

- - - - - - - - - - - - - - - - - - 

ASBF 351,000,000 352,584,989 1,053,035,726 1,059,693,077 - - 969,460,000 1,186,021,055 75,546,000 369,063,609 344,900,000 1,342,419,572 - - - - 546,330,000 551,779,797 

100,000,000 99,847,747 100,000,000 99,935,233 594,147,594 592,213,186 3,615,439,175 3,299,748,940 - - - - - - - - 1,120,000,000 1,115,656,363 

52



Related party balances March 31, 2006 

March 31, 2005 

Description GSSIF - IP GSSIF - ST GSSIF - MT GCF GDBF GGSF - PF GFRF - ST GFRF - LT SCCEF 

AMC 

Year-end units 

outstanding (Value at last declared NAV)) - 373,200,377 - - - - - - - 

- - - 302,382,168 53,120,745 - 

Management fees payable 1,135,318 - 35,382 - 142,208 - 318,232 - 10,163,316 

2,205,210 682,418 240,867 4,410,015 2,659,157 - 14,583,508 - - 

Investor Scheme 

GSSIF - IP - - - - - 10,415,104 - - - 

- - - - 35,579,343 - - - - 

GSSIF-MT - - - - - - - - - 

- - - - 15,249,157 - - - - 

GDBF - - - - - 10,415,104 - - - 

- - - - - - - - - 

SCTS - 1 - - - 7,017,845 - - - - - 

- - - - - - - - - 

GFMPP-1 - - - 11,751,064 - - - - - 

- - - - - - - - - 

GFMP - A - - - - - - - - - 

- - - 703,288,516 - - - - - 

GFMP - 5 - - - - - - - - - 

- - - 23,900,405 - - 5,553,091 - - 

GFMP - 6 - - - - - - - - - 

- - - - - - 19,220,151 

GFMP - 7 - - - - - - - - - 

- - - 24,031,785 - - - - - 

GFMP - 9 - - - 8,329,475 - - - - - 

- - - 9,712,846 - - - - - 

ASBF - - - 130,237,473 - - - - - 

- - - 340,100,530 - - 1,270,615,007 - - 

53



Inter-scheme Sales/Purchases March 31, 2006 

March 31, 2005 

Seller GSSIF - IP GSSIF-ST GSSIF - MT GCF GDBF GGSF - IP GGSF - ST GGSF - PF 

GSSIF - IP - 489,448,137 - 894,546,237 49,253,150 - - - 

- - 108,230,992 2,103,390,847 3,728,116,282 

GSSIF - ST 1,069,522,181 - 7,369,880 1,684,488,579 278,070,700 18,965,080 - 75,860,320 

1,036,326,837 1,340,825,939 906,718,194 2,429,441,347 41,412,267 

GSSIF - MT - 28,353,870 - - - - - - 

345,347,181 1,482,133,581 - 618,451,516 900,509,663 2,932,233 49,507,650 

GCF 778,562,866 1,407,415,928 147,027,600 - 559,086,264 - - 94,746,350 

2,521,943,113 49,498,600 16,595,103,364 

GDBF 142,938,150 172,680,109 - 827,599,022 - - - - 

2,435,512,038 465,687,787 367,062,621 14,246,409,266 - 

GGSF - IP - - - - - 

- - - - - - 

GGSF - ST - - - - - 

- - - - - - 

GGSF - PF - - - - - 

- 41,407,667 49,685,600 - 

GFRF - ST 116,375,140 807,325,900 49,903,080 25,822,543,534 410,306,878 - - - 

946,304,344 362,677,114 176,245,740 3,013,369,094 4,542,470,622 

GFRF - LT 209,129,044 480,276,255 - 5,887,329,309 205,266,578 - - - 

- 255,600,874 2,851,154,991 2,483,736,717 

SCCEF - 286,288,709 - 3,700,570,369 9,916,950 - - - 

- 

SCIEF 247,235,700 219,922,251 - - - - - - 

- 

SCPEF - 100,976,866 - 3,119,418,913 - - - - 

- 

SCLM 147,008,800 - 7,865,008 7,608,248,432 - - - - 

- 

SCLM Plus 29,257,170 - - - - - - - 

- 

FMP-Q - - - - 

- - - 340,732,427 

54



Inter-scheme Sales/Purchases (Contd.) March 31, 2006 

March 31, 2005 

Seller GSSIF - IP GSSIF-ST GSSIF - MT GCF GDBF GGSF - IP GGSF - ST GGSF - PF 

FMP - A - - - 1,229,931,702 - - - - 

107,774,927 55,285,511 616,182,167 

FMP - A2 - 19,718,040 - 731,190,223 9,719,580 - - - 

- 

GFMP - 4 - 28,518,640 - - - - - - 

47,192,500 66,925,650 189,098,400 48,051,850 

GFMP - 5 - 10,487,796 - 104,877,963 - - - - 

- 47,454,950 

GFMP - 6 - 368,058,413 - - 33,584,890 - - - 

- 

GFMP - 7 - 9,893,450 - - - - - - 

- - - - - - - - 

GFMP - 9 - - - - - - - - 

- 47,454,950 - - - - - - 

GFMP - 10 - - - - - - - - 

- 

GFMP - 12 - - 9,536,840 - - - - - 

- 

GFMP - 15 - - - 122,978,570 - - - - 

- 

GFMP - 16 - 353,265,882 - - - - - - 

- 

GFMP - 17 - 195,003,600 - - - - - - 

- 

GFMP - 20 - - - 580,086,494 - - - - 

- 

GFMP - 21 - - - - - - - - 

- 

GFMPP - 1 - - - 628,730,040 - - - - 

- 

Grand Total 2,740,029,051 4,977,633,846 221,702,408 52,942,539,387 1,555,204,990 18,965,080 - 170,606,670 

7,440,400,940 2,769,342,572 2,146,835,003 24,885,506,901 30,727,429,846 - 2,932,233 90,919,917 

55




March 31, 2005 

Seller GFRF - ST GFRF - LT SCCEF SCPEF SCIEF SCLM SCLM Plus FMP - A 

GSSIF - IP 588,244,700 - 50,562,843 - - 483,025,381 - - 

299,277,046 650,148,504 

GSSIF - ST 522,067,996 552,283,900 158,590,761 283,102,480 487,399,765 741,626,130 - - 

1,211,909,230 903,600,474 266,449,878 

GSSIF - MT 9,725,190 135,775,497 - - 41,357,370 18,782,300 - - 

282,392,516 407,368,605 271,909,932 

GCF 16,446,137,642 3,164,819,320 4,644,151,429 2,811,047,855 1,760,383,789 26,104,658,882 1,470,849,300 - 

3,590,439,055 5,170,257,165 

GDBF 340,373,149 435,727,381 19,881,360 - - 306,680,917 - - 

2,570,827,697 2,491,844,129 59,327,143 

GGSF - IP 

GGSF - ST 

GGSF - PF 

GFRF - ST - 4,105,390,951 740,303,061 911,415,381 279,176,173 2,865,191,420 - - 

3,507,205,298 49,393,700 

GFRF - LT 9,362,525,497 - 1,603,537,781 1,369,911,624 617,063,618 1,276,728,938 - - 

1,096,525,808 109,478,186 

SCCEF 814,447,929 806,803,259 - 273,287,117 10,411,684 840,175,092 - - 

SCIEF - 107,815,256 - 108,312,418 - - - - 

- 

SCPEF 301,755,493 543,106,826 213,643,741 - - - - - 

SCLM 949,363,016 690,580,055 825,016,957 699,019,175 - - - - 

SCLM Plus - - - - - - - - 

FMP-Q 

56




March 31, 2005 

Seller GFRF - ST GFRF - LT SCCEF SCPEF SCIEF SCLM SCLM Plus FMP - A 

FMP - A 312,430,340 103,070,008 - - - - - - 

586,948,787 306,916,438 

FMP - A2 480,619,860 - 

51,833,637 

GFMP - 4 391,314,005 - - - - - - - 

GFMP - 5 - - - - - - - - 

GFMP - 6 - - - - - - - - 

GFMP - 7 - - - - - - - - 

- - - - - - - - 

GFMP - 9 - - - - - - - - 

- - - - - - - - 

GFMP - 10 249,281,250 259,504,300 - - - - - - 

GFMP - 12 - 38,147,360 - - - - - - 

GFMP - 15 - - - - - - - - 

GFMP - 16 - - - - - - - - 

GFMP - 17 - - - - - - - - 

GFMP - 20 - - - - - - - - 

GFMP - 21 48,935,450 - - - - - - - 

GFMPP - 1 79,511,600 48,313,900 99,154,400 - - - - - 

Grand Total 30,896,733,116 10,991,338,013 8,354,842,335 6,456,096,050 3,195,792,399 32,636,869,061 1,470,849,300 - 

9,690,153,775 13,437,340,613 - - - - - 756,558,839 

57




March 31, 2005 

Seller FMP - A2 GFMP - 3 GFMP - 4 GFMP - 5 GFMP - 6 GFMP - 7 GFMP - 8 GFMP - 9 

GSSIF - IP - - 26,903,916 63,723,362 79,125,002 17,793,630 - 8,749,512 

412,788,242 252,084,899 897,388,135 544,790,313 49,631,447 

GSSIF - ST - - 74,914,622 204,568,754 388,850,111 135,939,253 11,449,012 9,236,408 

272,495,529 262,689,161 45,161,304 100,372,362 262,235,176 146,466,998 

GSSIF - MT 19,274,500 - - - 9,584,100 - - - 

11,492,808 204,893,816 116,190,152 44,170,845 

GCF - - 4,938,585 30,395,109 36,545,529 36,271,607 - 4,938,585 

377,619,000 47,415,650 

GDBF - - - 22,051,606 11,035,388 11,037,134 - - 

427,502,016 430,629,370 364,766,866 906,447,798 365,244,304 

GGSF - IP 

GGSF - ST 

GGSF - PF 

GFRF - ST 49,444,750 - 391,327,237 - - - - - 

16,277,333 282,935,600 

GFRF - LT 9,543,140 - - 11,108,305 9,660,660 9,607,740 - - 

489,886,170 209,786,298 

SCCEF - - - - - - - - 

SCIEF - - - - - - - - 

SCPEF - - - - - - - - 

SCLM - - - - - - - - 

SCLM Plus - - - - - - - - 

FMP-Q 

58




March 31, 2005 


FMP-A - - - - - - - - 

FMP - A2 - - - - - - - - 

GFMP - 4 - - - - - - - - 

GFMP - 5 - - - - - - - - 

GFMP - 6 - - - - - - - - 

GFMP - 7 - - - - - - - - 

- - - - - - - - 

GFMP - 9 - - - - - - - - 

- - - - - - - - 

GFMP - 10 - - - - - - - - 

GFMP - 12 - - - - - - - - 

GFMP - 15 - - - - - - - - 

GFMP - 16 - - - - - - - - 

GFMP - 17 - - - - - - - - 

GFMP - 20 - - - - - - - - 

GFMP - 21 - - - - - - - - 

GFMPP - 1 - - - - - - - - 

Grand Total 78,262,390 - 498,084,360 331,847,135 534,800,790 210,649,364 11,449,012 22,924,505 

1,189,883,715 16,277,333 1,987,940,479 866,906,885 2,020,398,447 1,216,440,638 - 243,514,095 

59




March 31, 2005 

Seller GFMP - 10 GFMP - 11 GFMP - 12 GFMP - 15 GFMP - 16 GFMP - 17 GFMP - 18 GFMP - 19 

GSSIF - IP - - 75,976,972 - 228,871,847 - - - 

GSSIF - ST - - - - 1,142,484,837 192,480,000 - - 

GSSIF - MT - - - - - - - - 

GCF - 197,300,400 7,901,736 262,828,076 15,803,472 576,467,200 - 633,747,420 

1,482,964,030 

GDBF - - 20,206,841 - - - - - 

GGSF - IP 

GGSF - ST 

GGSF - PF 

GFRF - ST - - 47,120,500 - - 528,164,800 9,528,010 - 

GFRF - LT - - 41,206,739 - - 32,522,190 - - 

SCCEF - - - - - - - - 

SCIEF - - - - - - - - 

SCPEF - - - - - - - - 

SCLM - - - - - - - - 

SCLM Plus - - - - - - - - 

FMP-Q 

60




March 31, 2005 


FMP-A - - - - - - - - 

FMP - A2 - - - - - - - - 

GFMP - 4 - - - - - - - - 

GFMP - 5 - - - - - - - - 

GFMP - 6 - - - - - - - - 

GFMP - 7 - - - - - - - - 

- - - - - - - - 

GFMP - 9 - - - - - - - - 

- - - - - - - - 

GFMP - 10 - - - - - - - - 

GFMP - 12 - - - - - - - - 

GFMP - 15 - - - - - - - - 

GFMP - 16 - - - - - - - - 

GFMP - 17 - - - - - - - - 

GFMP - 20 - - - - - - - - 

GFMP - 21 - - - - - - - - 

GFMPP - 1 - - - - - - - - 

Grand Total - 197,300,400 192,412,788 262,828,076 1,387,160,156 1,329,634,190 9,528,010 633,747,420 

1,482,964,030 - - - - - - - 

61




March 31, 2005 

Seller GFMP - 20 GFMP - 21 GFMP - 22 GFMPP - 1 SCFMP - 3 Grand Total 

GSSIF - IP 49,473,506 - 16,535,611 - - 66,009,117 

- 

GSSIF - ST 695,882,248 - 115,685,682 110,147,977 - 921,715,908 

- 

GSSIF - MT - - - - - - 

- 

GCF 530,180,010 645,927,050 - 886,740,980 866,738,316 2,929,586,356 

- 

GDBF - - 14,703,895 - - 14,703,895 

- 

GGSF - IP - 

- 

GGSF - ST - 

- 

GGSF - PF - 

- 

GFRF - ST - - - - - - 

- 

GFRF - LT 51,338,024 - - 107,831,923 - 159,169,947 

- 

SCCEF - - - - - - 

- 

SCIEF - - - - - - 

- 

SCPEF - - - - - - 

- 

SCLM - - - - - - 

- 

SCLM Plus - - - - - - 

- 

FMP-Q - 

- 

62




March 31, 2005 

Seller GFMP - 20 GFMP - 21 GFMP - 22 GFMPP - 1 SCFMP - 3 Grand Total 

FMP-A - - - - - - 

- 

FMP-A2 - - - - - 

- 

GFMP - 4 - - - - - - 

- 

GFMP - 5 - - - - - - 

- 

GFMP - 6 - - - - - - 

- 

GFMP - 7 - - - - - - 

- - - - - - 

GFMP - 9 - - - - - - 

- - - - - - 

GFMP - 10 - - - - - - 

- 

GFMP - 12 - - - - - - 

- 

GFMP - 15 - - - - - - 

- 

GFMP - 16 - - - - - - 

- 

GFMP - 17 - - - - - - 

- 

GFMP - 20 - - - - - - 

- 

GFMP - 21 - - - - - - 

- 

GFMPP - 1 - - - - - - 

- 

Grand Total 1,326,873,788 645,927,050 146,925,188 1,104,720,880 866,738,316 4,091,185,223 

- - - - - - 

63


RISK FACTORS 

Risk Factors: Mutual Funds and securities investments are subject to market risks, reinvestment risk, changes in political, economic environment and government 

policy and there is no assurance or guarantee that the objectives of the Scheme/s will be achieved. The NAV of the Scheme/s can go up or down depending on factors 

and forces affecting the Securities Market including fluctuation in interest rates, trading volumes and reinvestment risk. Past performance of the Sponsor/AMC/ 

Mutual Fund is not necessarily indicative of the future performance of the Scheme/s. Grindlays Super Saver Income Fund (GSSIF), Grindlays Government 

Securities Fund (GGSF) and Grindlays Dynamic Bond Fund (GDBF) are names of the Schemes and do not in any manner indicate either the quality of the Schemes, 

their future prospects or returns. The Sponsor or any of its associates is not responsible or liable for any loss resulting from the operation of the Schemes beyond 

the corpus of the Trust of Rs. 20,000/-. Standard Chartered Mutual Fund has been set up as a trust by Standard Chartered Bank (liability restricted to corpus of Trust 

of Rs. 20,000) with Standard Chartered Trustee Company Private Limited (Company with limited liability) as the trustee and Standard Chartered AssetManagement 

Company Private Limited (Company with limited liability) as the investment manager. 

Terms of Issue & Load Structure: GSSIF, GGSF and GDBF: During the continuous offer the AMC calculates and publishes NAVs and offers for sale and 

redemption of units of the Scheme on all Business days. There is no entry/exit load on GGSF-ST and GSSIF Short Term (ST). There is no Entry Load on GSSIF- 

Investment Plan (IP), GSSIF-Medium Term (MT), GDBF, GGSF-Provident Fund Plan (PF) and GGSF Investment Plan (IP). A Contingent Exit Load of 0.50% 

of NAV will be levied on Units of GSSIF-IP (Plan A) purchased/switched in upto Rs. 10 lacs and redeemed within 6 months of date of purchase/switch in. An exit 

load of 0.25% of NAV will be levied on units of GSSIF-MT (Plan A) purchased/switched in and redeemed within 30 days of date of purchase/switch in. An exit load 

of 0.50% of NAV will be levied on units of GGSF-IP (Plan A) purchased/switched in upto Rs 10 lacs & redeemed within 6 months of the date of purchase/switch 

in. An exit load of 0.50% of NAV will be levied on units of GDBF(Plan A) purchased/switched in upto Rs 5 lacs & redeemed within 6 months of date of purchase 

/ switch in. An exit load of 0.60% of NAV will be levied on units of GGSF-PF, purchased/switched in and redeemed within a period of less than or equal to 1 year 

(365 days) under all the options in Plan A (Regular Plan) & B (Institutional Plan). Investors opting for Growth-Defined Maturity Date (DMD) or Growth-Appreciation 

with DMD of GGSFPF, who wish to redeem before DMD or change the designated DMD date to a shorter time zone the following load structure will be applicable 

for Plan A(Regular Plan): Exit load of 0.60% of NAV on investors opting for a DMD for a period of less than or equal to 2 year s and who wish to redeem within / 

switch or change the DMD to a period less than or equal to 1 year. Exit load of 0.75% of NAV on investors opting for a DMD for a period greater than 2 years and 

less than 3 years and who wish to redeem within/switch or change the DMD to, a period less than or equal to 2 years. Exit load of 0.90% of NAV on investors opting 

for a DMD for a period greater than or equal to 3 years and who wish to redeem within/switch or change the DMD to a period less than 3 years or redeem before the 

DMD. In case of GGSF PF, Plan B (Institutional Plan) is available for investments by non individuals with minimum application amount of Rs 2500001/-. In case 

of GSSIF ST, Plan B (Institutional plan) is available for investment by all categories of investors with minimum application amount of Rs. 25,00,000/-. A Super 

Institutional Plan (Plan C) is available for investment by all categories of investors under GSSIF ST with a minimum application amount of Rs. 5 Crores. A MF Plan 

(Plan D) is available for investment by all categories of investors with a minimum application amount of Rs 500 and in multiples of Rs 1 thereafter in GSSIF-ST 

Investment Objective: GSSIF is an open-ended income scheme, seeking to generate stable returns with a low risk strategy by investing in good quality fixed income 

and money market securities. GGSF is an open-ended dedicated gilt scheme with an objective to generate optimal returns with high liquidity by investing in 

Government Securities. GDBF is an open ended income scheme seeking to generate optimal returns with high liquidity by active management of the portfolio; by 

investing in high quality money market & debt instruments. There can be no assurance that the investment objective of the scheme / s will be realized. 

This document is issued by Standard Chartered Mutual Fund (SCMF). It is for information purposes only. It does not constitute any offer, 

recommendation or solicitation to any person to enter into any transaction or adopt any hedging trading or investment strategy, nor does it constitute 

any prediction of likely future movements in rates or prices. You are advised to make your own independent judgment with respect to any matter 

contained herein. 

64

Annual Report Open Ended Debt-1 - IDFC Mutual Fund

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