1 HDFC Cash Management Fund - Savings Plan

TrusTee reporTHDFC Trustee Company Limited (the “Trustee”) presents its 13th report and the audited financial statements of the Schemes of HDFC Mutual Fund (the “Fund”), for the year ended March 31, 2013.

The Fund continued to launch simple and innovative products / facilities for the investors during the year as under:

HDFC rajiv Gandhi equity savings scheme

The Fund launched its maiden HDFC Rajiv Gandhi Equity Savings Scheme – Series 1 - February 2013 on 18th February 2013. It is a Close Ended Equity Scheme investing in Eligible Securities as per Rajiv Gandhi Equity Savings Scheme, 2012 (a new tax savings scheme notified by the Central Government). The Scheme matures after three years from the date of allotment and the Units will be compulsorily redeemed on the maturity date.

As per Section 80CCG of the Income-tax Act, 1961, investment made by ‘New Retail Investor’ in this Scheme will qualify for a 50% deduction of the actual amount invested from the taxable income of the financial year. The maximum investment permissible for claiming deduction in a financial year is ` 50,000. Only new retail investors having gross total annual income less than or equal to ` 10 lakhs will be eligible to claim deduction under the said section from his/her taxable income for that financial year.

HDFC Annual Interval Fund - series I

Plan A and Plan B under HDFC Annual Interval Fund - Series I, an interval income scheme, were launched in March 2013. The Units of the Scheme are available for subscription/ redemption/ switch-in/ switch-outs directly with the Fund only during the specified transaction period i.e. on the 370th day and 371st

day from the date of allotment. The Units of the Scheme are listed on the Capital Market Segment of the National Stock Exchange Limited where the Units can be purchased/ sold during the trading hours.

HDFC Fixed Maturity plans

The Fund also launched 4 close-ended income schemes viz., 25 Fixed Maturity Plans (FMPs) under HDFC Fixed Maturity Plans – Series 22; 15 FMPs under HDFC Fixed Maturity Plans – Series 23; 6 FMPs under HDFC Fixed Maturity Plans – Series 24; and 1 FMP under HDFC Fixed Maturity Plans – Series 25. During the financial year, total of 55 FMPs were launched under the new/ existing FMP Schemes and listed on NSE / BSE, as applicable.

Securities and Exchange Board of India (SEBI) vide its Circular no. CIR/IMD/DF/21/2012 dated September 13, 2012, had required all Mutual Funds to introduce a Direct Plan under all their Schemes. Direct Plan is for investors who wish to invest directly without routing the investment through any distributor. This Plan shall have a lower expense ratio excluding distribution expenses, commission, etc and no commission for distribution of Units will be paid / charged under the Direct Plan. Accordingly, the Fund has introduced Direct Plan under all its Schemes (except HDFC Gold Exchange Traded Fund).

The Fund introduced HDFC InstaInvest facility in March 2013. This facility enables an investor to purchase and redeem the Units of the eligible scheme(s) by sending instructions through Short Messaging Service “SMS” from a registered mobile number to a dedicated number, as specified by the Fund/ the AMC. Currently, HDFC Cash Management Fund - Treasury Advantage Plan - Retail Option is the eligible Scheme to offer the facility. This facility is only open to resident individuals including sole proprietors and HUF, subject to terms and conditions as applicable.

HDFC CAsH MAnAGeMenT FunD - sAvInGs plAnAN OPEN-ENDED HIGH LIqUIDITy INCOME SCHEME

sponsorsHousing Development Finance Corporation limitedRegistered Office:Ramon House, H. T. Parekh Marg,169, Backbay Reclamation,Churchgate, Mumbai - 400 020.

standard life Investments limitedRegistered Office :1 George Street, Edinburgh, EH2 2LL,United Kingdom.

TrusTeeHDFC Trustee Company limitedRegistered Office :Ramon House, 3rd Floor, H. T. Parekh Marg,169, Backbay Reclamation,Churchgate, Mumbai - 400 020.

AsseT MAnAGeMenT CoMpAnyHDFC Asset Management Company limitedA Joint Venture with Standard Life Investments LimitedRegistered Office :Ramon House, 3rd Floor, H. T. Parekh Marg,169, Backbay Reclamation,Churchgate, Mumbai - 400 020.

CusToDIAnHDFC Bank limitedCustody Services,Lodha - I Think Techno Campus Office,Floor 8, Next to Kanjurmarg Railway Station,Kanjurmarg (East), Mumbai - 400 042.

sTATuTory AuDITorsDeloitte Haskins & sellsChartered AccountantsIndiabulls Finance Centre Tower 3, 27th – 32nd Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai - 400 013.

reGIsTrAr AnD TrAnsFer AGenTComputer Age Management services pvt. limitedNew No. 10, Old No. 178,M.G.R. Salai, Nungambakkam,Chennai - 600 034.

BoArD oF DIreCTors(As at March 31, 2013)

HDFC Trustee Company limitedMr. Anil Kumar Hirjee - ChairmanMr. Shishir K. DiwanjiMr. Vincent O’BrienMr. V. Srinivasa RanganMr. Ranjan Sanghi

BoArD oF DIreCTors(As at March 31, 2013)

HDFC Asset Management Company limitedMr. Deepak S. Parekh - ChairmanMr. N. Keith SkeochMr. Keki M. MistryMr. James AirdMr. P. M. ThampiMr. Humayun DhanrajgirDr. Deepak B. PhatakMr. Hoshang S. BillimoriaMr. Rajeshwar Raj BajaajMr. Vijay MerchantMs. Renu S. KarnadMr. Milind Barve - Managing Director

ABrIDGeD AnnuAl reporT For F.y. 2012-2013HDFC MuTuAl FunD

Ramon House, 3rd Floor, H. T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai - 400 020.TEL : (022) 6631 6333 l FAX : (022) 2282 1144 l WEBSITE : www.hdfcfund.com

2 HDFC Cash Management Fund - Savings Plan

During the year ending March 31, 2013, HDFC AMC managed 45 schemes of the Fund. The break-up being 10 open-ended equity schemes, 1 close-ended equity scheme, 1 open-ended index linked scheme, 2 open-ended equity linked savings schemes, 3 open-ended balanced schemes, 9 open-ended income schemes, 2 interval income scheme, 1 open-ended gilt scheme, 2 open-ended liquid income schemes, 1 open-ended exchange traded fund, 1 open – ended Fund of Fund Scheme and 12 close-ended income schemes.

During the year ending March 31, 2013, HDFC Mutual Fund has recorded strong growth in Assets Under Management (AUM). The AUM as at March 31, 2013 was ` 93,766.13 crore as against ` 86,328.57 crore as at March 31, 2012, representing an increase of 8.62%.

The equity schemes’ assets constitute 34% of the total assets under management of the Fund as at March 31, 2013.

This year too, HDFC Mutual Fund remained the largest Mutual Fund in India by Assets under Management. The total number of investors serviced by the Fund was 49.44 lac as at March 31, 2013.

During the financial year 2012-13, 1,72,36,918 Systematic Investment Plan (SIP) and Systematic Transfer Plan (STP) transactions were processed by the Fund.

Dividends were declared under various schemes as per the provisions contained in the respective Scheme Information Documents, after considering the distributable surplus available under the respective Schemes. Details of dividends declared can be viewed on website of the Fund viz. www.hdfcfund.com

1. sCHeMe perForMAnCe, FuTure ouTlooK AnD operATIons

SCHEME PERFORMANCE AND OPERATIONS

The Scheme offers three Plans - Savings Plan, Treasury Advantage Plan and Call Plan.

Since the Scheme manages short-term surpluses for investors, who have short-term investment horizons, safety, liquidity and return (in that order) of each investment opportunity is carefully assessed before making any investment decision.

savings plan – An open-ended high liquidity income scheme The performance of HDFC Cash Management Fund - Savings Plan –

Growth Option as at March 28, 2013 is presented below:period returns (%) ^$$ Benchmark returns (%) #

Last 1 year 9.33 8.23Last 3 years 8.34 7.61Last 5 years 7.69 7.06Since Inception@ 6.95 N.A.

^ past performance may or may not be sustained in the future. Above returns are compounded annualized (CAGR) @Date of Inception/Allotment: November 18, 1999 #Benchmark Index: CRISIL Liquid Fund Index N.A.: Not Available Since Inception returns are calculated on ` 10 (allotment price per Unit) $$ All dividends declared prior to the splitting of the Scheme into Dividend

& Growth Options are assumed to be reinvested in the Units of the Scheme at the then prevailing NAV (ex-dividend NAV).

The performance of HDFC Cash Management Fund - Savings Plan – Direct Plan – Growth Option as at March 28, 2013 is presented below:

period Absolute returns (%) ^

Benchmark returns (%) #

Since Inception@ 2.03 1.89 ^ past performance may or may not be sustained in the future. @Date of Inception/Allotment: January 1, 2013 #Benchmark Index: CRISIL Liquid Fund Index Since Inception returns are calculated on ` 23.9920 (allotment price per Unit)

The Scheme outperformed its benchmark over the last one, three and five years.The Plan has delivered 6.95% p.a. returns since inception. The Benchmark returns since inception are not available.

The net assets of the Savings Plan amounted to ̀ 2,008.22 crore as at March 31, 2013 as against ` 2,106.48 crore as at March 31, 2012.

As at March 31, 2013, 115.66% of net assets of the Savings Plan were invested in Debt & money market instruments (including Fixed Deposits) and -15.66% in other current assets (including Reverse Repos / CBLO).

FUTURE OUTLOOK

Fund outlook

The Indian economy had a challenging year in view of macro imbalances arising out of slowing economy, high inflation, high fiscal and current account deficits. However, the assets under management of the mutual fund industry posted positive growth. With a series of measures taken by the government, the prospects of Indian economy are likely to improve. Further, inflation is showing a moderating trend. This should improve investible surplus and savings rate going forward. This augurs well for the mutual fund industry. We started operations in the year 2000 with limited number of branches and today have 136 branches. We have established leadership position in the mutual fund industry in terms of assets under management since the quarter ended September 2011 and maintained the same till date.

Our strength is the track record of the schemes that we manage, our brand which has been established over the years and our capabilities in the fund management space. SEBI in its circular dated September 13, 2012 announced measures to increase the penetration of mutual funds beyond the top 15 cities. Further to the announcement, HDFC Mutual Fund expanded its presence and opened 20 new branches beyond the Top 15 cities during the period October 1, 2012 to March 31, 2013 taking the total number of branches to 136.

We offer a basket of products across asset categories like equity, debt and gold. In our suite of services, we offer our investors the option to transact online, transact on mobile, receive account statements by email, multilingual account statement, transact via SMS etc. We intend to leverage on technology to offer convenience of transacting to our investors. We have a strong product pipeline and will be launching new products/ services to offer superior investment solutions to our investors.

Debt Market outlook

Global growth is expected to stay sluggish in 2013 as fiscal adjustments drag growth in advanced economies and, in turn, delay cyclical recovery in emerging market and developing economies. The International Monetary Fund (IMF) in its World Economic Outlook has forecast global growth to stay sluggish at 3.3 per cent in 2013 before improving to 4.0 per cent in 2014. While downside tail risks have reduced in early 2013 because of the supportive policy action in the euro area and the measures to tackle the fiscal cliff in the US, risks to global recovery have increased consequent to the Chinese economy slowing down.

India’s GDP growth is likely to witness a slow-paced recovery later this year contingent upon improved policy thrust and concerted action to resolve structural bottlenecks. Subdued business investment climate and consumer confidence is expected to drag growth down. Headline inflation is likely to remain range-bound in 2013-14, with further moderation in first half but slight increase in the second half on account of strong base effects. The outlook for global commodity prices during 2013-14 remains benign, with a further decline expected in metal and oil prices. This should help reduce imported inflation in the domestic economy, subject to prevalence of stable exchange rate movements.

Given the outlook of slow paced recovery and well-contained inflation risks additional space for monetary policy easing may be created as the year progresses. Therefore, the outlook on interest rates for the coming year is positive.

3 HDFC Cash Management Fund - Savings Plan

2. BrIeF BACKGrounD oF sponsors, TrusT, TrusTee CoMpAny AnD AsseT MAnAGeMenT CoMpAny

a. sponsors

HDFC Mutual Fund is sponsored by Housing Development Finance Corporation Limited and Standard Life Investments Limited. The Sponsors are the Settlors of the Mutual Fund Trust. The Sponsors have entrusted a sum of ̀ 1 lakh each to the Trustee as the initial contribution towards the corpus of the Mutual Fund.

HousInG DevelopMenT FInAnCe CorporATIon lIMITeD (HDFC)

HDFC Ltd. was incorporated in 1977 as the first specialised mortgage company in India. HDFC provides financial assistance to individuals, corporates and developers for the purchase or construction of residential housing. It also provides property related services (e.g. property identification, sales services and valuation), training and consultancy. Of these activities, housing finance remains the dominant activity. HDFC has a client base of around 13 lac borrowers, over 15 lac depositors, over 1.9 lac shareholders and over 25,000 deposit agents, as at March 31, 2013. The Company has a total asset size of ` 1,95,530 crore as at March 31, 2013 and cumulative approvals and disbursements of housing loans of ` 5,66,660 crore and ` 4,56,098 crore respectively as at March 31, 2013. As at March 31, 2013, HDFC had mortgage loan assets of ̀ 1,700.46 billion (US$ 31.43 billion). Since inception, HDFC has financed over 4.4 million housing units. 74% of shareholders in HDFC are foreign investors. HDFC’s market capitalisation as at March 31, 2013 stood at approximately US$ 24 billion.

HDFC’s borrowings consist of domestic term loans from banks and insurance companies, bonds and retail deposits. HDFC has received the highest rating for its bonds and deposits program for the eighteenth year in succession.

As part of HDFC’s developmental initiatives, the company has set up institutions in various fields including credit rating, consumer finance, leasing, infrastructure, and IT-enabled services.

Over the years, the HDFC group has emerged as a strong financial conglomerate in the Indian capital markets with a presence in banking, life and general insurance, asset management and venture capital. HDFC’s key associate and subsidiary companies include HDFC Bank Limited, HDFC Standard Life Insurance Company Limited, HDFC Ergo General Insurance Company Limited, HDFC Asset Management Company Limited, HDFC Trustee Company Limited, GRUH Finance Limited, HDFC Venture Capital Limited and Credila Financial Services Limited. For more information log on to www.hdfc.com

sTAnDArD lIFe InvesTMenTs lIMITeD

The Standard Life Assurance Company was established in 1825 and has considerable experience in global financial markets. The company was present in the Indian life insurance market from 1847 to 1938 when agencies were set up in Kolkata and Mumbai. The company re-entered the Indian market in 1995, when an agreement was signed with HDFC to launch an insurance joint venture.

On April 2006, the Board of The Standard Life Assurance Company recommended that it should demutualise and Standard Life plc float on the London Stock Exchange. At a Special General Meeting held in May voting members overwhelmingly voted in favour of this. The Court of Session in Scotland approved this in June and Standard Life plc floated on the London Stock Exchange on 10 July 2006.

Standard Life Investments was launched as an investment management company in 1998. It is the dedicated investment management company of the Standard Life group and is a wholly owned subsidiary of Standard Life Investments (Holdings) Limited, which in turn is a wholly owned subsidiary of Standard Life plc.

With global assets under management of approximately US$272.6 billion (£167.7 billion) as at December 31, 2012 Standard Life Investments Limited is a leading asset manager with an expanding global reach operating in the UK, Canada, Hong Kong, China, Korea, Ireland, France, Australia and the USA, and is responsible for investing money on behalf of five million retail and institutional clients worldwide.

In order to meet the different needs and risk profiles of its clients, Standard Life Investments Limited manages a diverse portfolio covering all of the major markets world-wide, which includes a range of private and public equities, government and company bonds, property investments and various derivative instruments. The company’s current holdings in UK equities account for approximately 1.8% of the market capitalisation of the London Stock Exchange. For more information log on to the website www.standardlifeinvestments.com

b. HDFC MuTuAl FunD

HDFC Mutual Fund (the “Fund”) has been constituted as a trust in accordance with the provisions of the Indian Trusts Act, 1882, as per the terms of the trust deed dated June 8, 2000 with Housing Development Finance Corporation Limited (HDFC) and Standard Life Investments Limited as the Sponsors / Settlors and HDFC Trustee Company Limited, as the Trustee. The Trust Deed has been registered under the Indian Registration Act, 1908. The Trustee has entered into an Investment Management Agreement dated June 8, 2000 with HDFC Asset Management Company Ltd. to function as the Investment Manager for all the Schemes of the Fund. The Fund was registered with SEBI on June 30, 2000.

c. HDFC TrusTee CoMpAny lIMITeD

HDFC Trustee Company Limited (the “Trustee”) is the exclusive owner of the Trust Fund and holds the same in trust for the benefit of the Unitholders. The Trustee has been discharging its duties and carrying out the responsibilities as provided in the SEBI (Mutual Funds) Regulations, 1996 (the “Regulations”) and the Trust Deed. The Trustee seeks to ensure that the Fund and the Schemes floated thereunder are managed by HDFC Asset Management Company Limited in accordance with the Trust Deed, the Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies.

As at March 31, 2013, HDFC holds 100% of the paid-up equity share capital of HDFC Trustee Company Limited.

During the year under review, there has been no change in the composition of the Board of Directors of the Trustee.

d. HDFC AsseT MAnAGeMenT CoMpAny lIMITeD

HDFC Asset Management Company Limited (“HDFC AMC”) is a public limited company incorporated under the Companies Act, 1956 on December 10, 1999. HDFC AMC has been appointed as the Asset Management Company of HDFC Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated June 8, 2000, and executed between HDFC Trustee Company Limited and HDFC AMC. HDFC AMC was approved to act as an Asset Management Company for HDFC Mutual Fund by SEBI vide its letter dated July 3, 2000. HDFC AMC is also registered with SEBI as a Portfolio Manager. Further, HDFC AMC shall also act as investment manager for HDFC AMC Real Estate AIF, a Category II Alternative Investment Fund.

During the year under review, there has been no change in the composition of the Board of Directors of HDFC AMC.

4 HDFC Cash Management Fund - Savings Plan

shareholding pattern

During the year under review, there has been a change in the equity shareholding pattern of HDFC AMC. The equity shareholding pattern as at March 31, 2013 of HDFC AMC is as follows:

name of the equity shareholders % of the paid up equity capital

Housing Development Finance Corporation Limited (HDFC)

59.81

Standard Life Investments Limited (SLI) 39.87Other Shareholders (shares issued on exercise of stock options)

0.32

3. InvesTMenT oBJeCTIve oF THe sCHeMename of the scheme Investment objectiveHDFC Cash Management Fund - Savings Plan

To generate optimal returns while maintaining safety and high liquidity.

4. sIGnIFICAnT ACCounTInG polICIes

The Significant Accounting Policies form part of the Notes to the Accounts annexed to the Balance Sheet of the Schemes in the Full Annual Report. The Accounting Policies are in accordance with Securities Exchange Board of India (Mutual Funds) Regulations, 1996.

5. unClAIMeD DIvIDenDs & reDeMpTIons

Summary of No. of Investors & Corresponding amount as at March 31, 2013:

name of the scheme

unclaimed Dividends unclaimed redemptions

Amount (`) no. of Investors

Amount (`) no. of Investors

HDFC Cash Management Fund - Savings Plan

27,260.77 78 1,240,391.83 29

6. sTATuTory InForMATIon

a. Housing Development Finance Corporation Limited and Standard Life Investments Limited (the Sponsors) are not responsible or liable for any loss resulting from the operation of the Schemes of the Fund beyond their initial contribution of ` 1 lakh each for setting up the Fund, and such other accretions / additions to the same.

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

c. Full Annual Report shall be disclosed on the website (www.hdfcfund.com) and shall be available for inspection at the Head Office of HDFC Mutual Fund. Present and prospective Unitholder can obtain copy of the trust deed, the full Annual Report of the Fund / HDFC AMC at a price.

7. ACKnoWleDGeMenTs

The Trustee thanks SEBI, AMFI, the investors, Investor Service Centres, distributors, key partners, service providers, HDFC AMC and its employees for their commitment and looks forward to their continued support.

For and on behalf of the Board of Directors HDFC Trustee Company limited

Sd/-Ranjan Sanghi

DirectorPlace : MumbaiDate : June 26, 2013

5 HDFC Cash Management Fund - Savings Plan

To THe BoArD oF DIreCTors oFHDFC TrusTee CoMpAny lIMITeDHDFC MuTuAl FunD – CAsH MAnAGeMenT FunD - sAvInGs plAn

report on the Financial statements

We have audited the accompanying financial statements of HDFC MuTuAl FunD – HDFC CAsH MAnAGeMenT FunD - sAvInGs plAn (the “Scheme”) which comprise the Balance Sheet as at March 31, 2013 and the Revenue Account for the year then ended and a summary of the significant accounting policies and other explanatory information.

Management’s responsibility for the Financial statements

The Managements of HDFC Trustee Company Limited (the “Trustee”) and HDFC Asset Management Company Limited (the “AMC”) are responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Scheme in accordance with accounting policies and standards as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors’ responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Scheme’s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

AuDITors’ reporTopinion

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

(a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2013 and

(b) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended on that date.

emphasis of Matter

We draw attention to Note No. 2.2 in Schedule 8 of the financial statements wherein the Management of the AMC has explained its rationale regarding Accounting Standards issued by the Institute of Chartered Accountants of India as not being applicable to mutual funds.

Our opinion is not qualified in respect of this matter.

report on regulatory requirements

1. As required by paragraph 55 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, we report that:

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

(b) The Balance Sheet and the Revenue Account dealt with by this Report are in agreement with the books of account of the Scheme.

(c) The financial statements have been prepared in accordance with accounting policies and standards as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.

2. As required by clause 2 (ii) of Eighth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, we report that, Non - traded securities have been valued following the “Principles of Fair Valuation” approved by the Board of Directors of the Trustee and the AMC, at the yield as determined appropriate by the Investment Manager. In our opinion, these valuations are fair and reasonable.

For DeloITTe HAsKIns & sells Chartered Accountants

(Registration No. 117365W)

Z. F. Billimoria Partner

(Membership No. 42791)

Mumbai, June 26, 2013

6 HDFC Cash Management Fund - Savings Plan

ABrIDGeD revenue ACCounT For THe yeAr enDeD MArCH 31, 2013

` in LacsCurrent year previous year

InCoMeDividend - -Interest 32,957.63 30,038.53Realised Gain / (Loss) on Foreign Exchange Transactions - -Realised Gains / (Losses) on Interscheme sale of investments (0.01) 6.40Realised Gains / (Losses) on External sale / redemption of investments 198.89 41.45Realised Gains / (Losses) on Derivative Transactions - -Other Income (See Note 5) 0.94 13.12

(A) 33,157.45 30,099.50eXpensesManagement fees 112.71 674.55Service tax on Management fees 13.93 69.48Transfer agents fees and expenses 95.44 89.36Custodian fees 25.60 21.47Trusteeship fees 41.42 36.40Commission to Agents 238.44 166.33Marketing & Distribution expenses 0.02 3.89Audit fees 0.05 0.84Interest on Borrowings 51.01 156.04Transaction Costs (See note 7) 6.39 -Investor Education and Awareness expenses 38.57 -Other operating expenses * (218.17) 27.14

(B) 405.41 1,245.50neT reAlIseD GAIns / (losses) For THe yeAr / perIoD (A -B=C) 32,752.04 28,854.00Change in Unrealised Depreciation in value of investments (D) 145.58 -neT GAIns / (losses) For THe yeAr / perIoD (e=(C-D)) 32,606.46 28,854.00Change in unrealised appreciation in the value of investments (F) 0.62 149.06neT surplus / (DeFICIT) For THe yeAr / perIoD (e+F=G) 32,607.08 29,003.06Add: Balance transfer from Unrealised Appreciation Reserve ** 5,808.98 -Less: Balance transfer to Unrealised Appreciation Reserve - -Add / (Less): Equalisation (20,727.05) (4,141.08)Total 17,689.01 24,861.98Dividend appropriationIncome Distributed during the year / period 13,504.93 10,725.17Tax on income distributed during the year / period 4,184.08 3,166.29Retained Surplus / (Deficit) carried forward to Balance sheet - 10,970.52 ** Amount transferred from Revenue Reserve

* Expenses recovered from Asset Management Company are included in other operating expenses.

` in LacsAs at

Mar 31, 2013As at

Mar 31, 2012lIABIlITIesunit Capital 140,289.60 144,917.68 reserves & surplus

Unit Premium Reserves (3,683.87) (4,294.95)Unrealised Appreciation Reserve - - Other Reserves 64,216.42 70,025.40

Loans & Borrowings 86,350.00 10,000.00 Current liabilities & provisions

Provision for doubtful Income/Deposits - - Other Current Liabilities & Provisions 1,026.72 1,591.31

ToTAl 288,198.87 222,239.44 AsseTsInvestmentslisted securities:

Equity Shares - - Preference Shares - - Equity Linked Debentures - - Other Debentures & Bonds - - Securitised Debt securities - -

Securities Awaited Listing:Equity Shares - Preference Shares - - Equity Linked Debentures - - Other Debentures & Bonds - - Securitised Debt securities - -

unlisted securitiesEquity Shares - - Preference Shares - - Equity Linked Debentures - - Other Debentures & Bonds - - Securitised Debt securities - -

Government Securities - - Treasury Bills - - Commercial Paper 88,340.35 12,727.58 Certificate of Deposits 129,143.79 117,317.62 Bill Rediscounting 14,789.27 4,897.95 Units of Domestic Mutual Fund - - Foreign Securities - - Total Investments 232,273.41 134,943.15 Deposits 51,500.00 56,000.00 other Current Assets

Cash & Bank Balance 463.75 269.56 CBLO/ Reverse Repo Lending 3,540.83 30,839.89 Others 420.88 186.84

Deferred revenue expenditure - - (to the extent not written off)

ToTAl 288,198.87 222,239.44

ABrIDGeD BAlAnCe sHeeT As AT MArCH 31, 2013

7 HDFC Cash Management Fund - Savings Plan

notes to Accounts - Annexure I to the Abridged Balance sheet and revenue Account for the year ended March 31, 20131 Investments:- 1.1. All investments of the scheme except Government Securities and

Treasury Bills are registered in the name of the Trustees for the benefits of the Schemes Unitholders. All investments in Government Securities and Treasury Bills are held in an SGL account in the name of “HDFC Mutual Fund”.

1.2. Open Position of derivatives as at March 31, 2013 is ` Nil (as at March 31, 2012 was ` Nil).

1.3. Investments in Associates and Group Companies. Refer Annexure III 1.4. There are no open position of securities borrowed and / or lent by the

scheme as at March 31, 2013 and as at March 31, 2012. 1.5. Non Performing Assets as at March 31, 2013 is ` Nil (as at March 31,

2012 was ` Nil). 1.6. The Aggregate Unrealised Gain / (Loss) as at March 31, 2013 is ̀ 13.69

Lacs (as at March 31, 2012 was ` 158.65 Lacs) and as a percentage of net assets of the scheme as at March 31, 2013 is 0.01% (as at March 31, 2012 was 0.08%)

1.7. The Aggregate value of investments purchased and sold (including matured) during the financial year and as a percentage of average weekly net assets are as under:

purchase value (` in lacs)

% sales value (` in lacs)

%

Current year 2,227,814.59 604.28 2,154,513.49 584.40 Previous year 1,627,808.79 493.23 1,687,049.33 511.18

1.8. The aggregate fair value of non-traded investments, valued in ‘good faith’ by the Investment Manager on the basis of the valuation principles laid down by SEBI as at March 31, 2013 is ` 164,125.97 Lacs (as at March 31, 2012 was ` 134,943.15 Lacs) and as a percentage of net assets of the scheme as at March 31, 2013 is 81.73% (as at March 31, 2012 was 64.06%).

2 Disclosure Under Regulation 25(8) of the SEBI Regulations and other applicable Regulations.

Refer Annexure IV3 There are no Unit Holders holding over 25% of the Net Asset Value of the

Scheme as at March 31, 2013 and as at March 31, 2012.4 Unit Capital movement during the year ended March 31, 2013. Refer Annexure II5 Other Income, if any includes load credited to scheme, compensation and

expense reimbursed by AMC.6 Expenses other than management fee are inclusive of service tax wherever

applicable.7 Transaction costs represent, costs incurred from November 1, 2012 which

are charged to the scheme and not considered for computation of the total expense ratio as per SEBI Notification dated September 26, 2012.

8 Prior year figures have been reclassified wherever necessary.9 Contingent Liability as at March 31, 2013 is ` Nil (as at March 31, 2012 was

` Nil).

Annexure II - unit Capital Movement(Figures in lacs)

particularsMarch 31, 2013 March 31, 2012

units ` units `

(A) Growth Option

At the beginning of the year 4,802.394 48,023.94 4,622.964 46,229.63

Issued during the year 163,128.736 1,631,287.36 191,752.391 1,917,523.91

167,931.130 1,679,311.30 196,375.355 1,963,753.54

Repurchased during the year (165,331.430)

(1,653,314.30) (191,572.960)

(1,915,729.60)

At the end of the year (A) 2,599.701 25,997.00 4,802.394 48,023.94

(B) Weekly Dividend option

At the beginning of the year 2,819.357 28,193.57 2,656.786 26,567.86

Issued during the year (including dividend reinvested) 9,973.028 99,730.28 7,796.659 77,966.59

12,792.385 127,923.85 10,453.445 104,534.45

Repurchased during the year (10,693.657) (106,936.57) (7,634.088) (76,340.88)

At the end of the year (B) 2,098.728 20,987.28 2,819.357 28,193.57

(C) Daily Dividend reinvestment option

At the beginning of the year 6,870.017 68,700.17 7,363.631 73,636.32

Issued during the year (including dividend reinvested) 167,974.552 1,679,745.52 171,567.419 1,715,674.18

174,844.569 1,748,445.69 178,931.050 1,789,310.50

Repurchased during the year (168,377.152)

(1,683,771.52) (172,061.033)

(1,720,610.33)

At the end of the year (C) 6,467.417 64,674.17 6,870.017 68,700.17

(D) Direct Plan - Growth option

At the beginning of the year - - - -

Issued during the year 102,894.282 1,028,942.82 - -

102,894.282 1,028,942.82 - -

Repurchased during the year (101,775.389)

(1,017,753.89) - -

At the end of the year (D) 1,118.893 11,188.93 - -

(e) Direct plan - Weekly Dividend option

At the beginning of the year - - - -

Issued during the year (including dividend reinvested) 102.194 1,021.94 - -

102.194 1,021.94 - -

Repurchased during the year (14.237) (142.37) - -

At the end of the year (e) 87.957 879.57 - -

(F) Direct plan - Daily Dividend reinvestment option

At the beginning of the year - - - -

Issued during the year (including dividend reinvested) 7,414.782 74,147.82 - -

7,414.782 74,147.82 - -

Repurchased during the year (5,758.517) (57,585.17) - -

At the end of the year (F) 1,656.264 16,562.65 - -

ToTAl (A) + (B) + (C) + (D) + (e) + (F) 14,028.960 140,289.60 14,491.768 144,917.68

Face value of units is ` 10.

8 HDFC Cash Management Fund - Savings Plan

Annexure Iv - Disclosure under regulation 25 (8) of the seBI regulations as amended(i) Disclosure under Regulation 25(8) of the SEBI Regulation have been made

in respect of amount paid to parties associated with sponsors in which the Asset Management Company or its major shareholders have a substantial interest as in accordance with the requirements given in SEBI’s Circular No. SEBI/IMD/CIR No 18 / 198647 /2010 dated March 15, 2010.

(a) No brokerage on investments is paid to associates/related parties/group companies of sponsor/AMC during the current year and previous year.

(b) Commission on distribution of units paid to associates/related parties/group companies of sponsor/AMC

Current yearname of

associate/related parties/group companies of

sponsor/AMC

nature of Association/

nature of relation

(% holding)

Business given Commission related to the scheme

Amount (` in lacs)

% of total business

received by the scheme

Amount (` in lacs)

% of total commission

related to the scheme

HDFC Bank Ltd.

Associate (22.83$)

149,490.61 1.81 14.52 6.09

previous yearname of associate/

related parties/group companies of

sponsor/AMC

nature of Association/

nature of relation

(% holding)

Business given Commission related to the scheme

Amount (` in lacs)

% of total business

received by the scheme

Amount (` in lacs)

% of total commission

related to the scheme

HDFC Bank Ltd.

Associate (23.15$) 210,174.34 3.53 7.70 4.63

Gruh Finance Ltd.

Group company

of sponsor (60.36 **) 107,680.85 1.81 @@ @

The commission includes commission on retained business of prior periods.

Pursuant to SEBI directives, no payment of commission has been made in respect of investments made by the Sponsor of the Mutual Fund.

The above commission amount represents payments made to associates and is netted for the amount borne by the AMC, if any.

@ less than 0.01%

(ii) The Scheme has made payments to its associates, for services rendered by them, during the year as under: -

entity nature of payment

Amount (` in lacs)

% of equity capital held by the sponsors

& its subsidiary/ associates as at

Current year

previous year

March 31, 2013

March 31, 2012

HDFC Asset Management Company Ltd.

Investment Management and Advisory Fees 126.64 744.02 99.68# 99.97*

HDFC Trustee Company Ltd.

Trusteeship Fees 41.42 36.40 100** 100**

HDFC Bank Ltd.

Bank Charges 1.74 1.59 22.83$ 23.15$

HDFC Bank Ltd.

Custody Charges 25.60 21.47 22.83$ 23.15$

Computer Age Management Services Pvt. Ltd.

Registrar and Transfer Agent Fees 95.44 89.36 ## ##

(iii) Amounts outstanding as at the Balance Sheet date :-entity nature of

paymentAmount

(` in lacs)% of equity

capital held by the sponsors & its subsidiary/ associates as at

As At March

31, 2013

As At March

31, 2012

March 31, 2013

March 31, 2012

payableHDFC Asset Management Company Ltd.

Investment Management and Advisory Fees 4.72 15.52 99.68# 99.97*

HDFC Trustee Company Ltd.

Trusteeship Fees 0.55 0.20 100** 100**

HDFC Bank Ltd. Bank Charges 0.37 0.23 22.83$ 23.15$HDFC Bank Ltd. Custody

Charges 1.70 0.82 22.83$ 23.15$Computer Age Management Services Pvt. Ltd.

Registrar and Transfer Agent Fees

7.29 6.61 ## ##

Annexure III - Investments in Associates and Group Companies (` in Lacs)nature of instruments Bill re-discounting Deep Discount Bonds equity shares Floating rate Bonds/

notesnCD/ Khokha

name of the Issuer # Investment by the scheme

Aggregate Investment

by all schemes

Investment by the scheme

Aggregate Investment

by all schemes

Investment by the scheme

Aggregate Investment

by all schemes

Investment by the scheme

Aggregate Investment

by all schemes

Investment by the scheme

Aggregate Investment

by all schemes

Cadila Healthcare Ltd. - - - - - 4,866.17 - - - - HDFC Bank Ltd. 89,063.58 697,256.79 - - - 527.37 - - - - Housing Development Fin. Corp. Ltd. - - 2,710.36 73,329.73 - 248.33 - - 19,971.42 2,50,516.67 IDFC Ltd. - - - 20,949.95 - 15.57 - - - 1,57,594.68 Mahindra & Mahindra Ltd. - - - - - 5,522.73 - - - - Siemens Ltd. - - - - - 4.13 - - - - Sun Pharmaceutical Industries Ltd. - - - - - 55.76 - - - - Strides Arcoblab Ltd. - - - - 391.82 - Total 89,063.58 697,256.79 2,710.36 94,279.68 - 11,631.88 - - 19,971.42 408,111.35 # This disclosure has been made as Director(s) of the AMC is/are also a Director on the Board of the above Companies. The above investments were considered sound at the point of investment. Before making an investment, the same is evaluated on merits and on arm’s length basis and in accordance with the objective of the scheme. The investments under the respective Plans of HDFC Index Fund were made pursuant to their Investment Objectives.

9 HDFC Cash Management Fund - Savings Plan

receivable

HDFC Asset Management Company Ltd.

Recovery of Expenses

117.79 1.94 99.68# 99.97*

* 59.98% by HDFC Ltd.; 39.99% by Standard Life Investments Ltd.# 59.81% by HDFC Ltd.; 39.87% by Standard Life Investments Ltd.** Held by HDFC Ltd.$ Held by HDFC Ltd. (including through HDFC Investments Ltd. and HDFC

Holdings Ltd.)## Held by HDFC Ltd. (15.09%), HDFC Bank Ltd. (10.17%), HDB Employees

Welfare Trust (5.91%).@@ less than 0.01 Lac

MuTuAl FunD InvesTMenTs Are suBJeCT To MArKeT rIsKs, reAD All sCHeMe relATeD DoCuMenTs CAreFully.

Key sTATIsTICs For THe yeAr enDeD MArCH 31, 2013

Current year Previous year1. NAV per unit (`):

openGrowth Option 22.4083 20.4920Weekly Dividend Option 10.6275 10.6411Daily Dividend Reinvestment Option 10.6364 10.6364Direct Plan - Growth Option NA$ NA$Direct Plan - Weekly Dividend Option NA$ NA$Direct Plan - Daily Dividend Reinvestment Option

NA$ NA$

HighGrowth Option 24.4747 22.4023Weekly Dividend Option 10.6604 10.6558Daily Dividend Reinvestment Option 10.6364 10.6364Direct Plan - Growth Option 24.4795 NA$Direct Plan - Weekly Dividend Option 10.6489 NA$Direct Plan - Daily Dividend Reinvestment Option

10.6364 NA$

LowGrowth Option 22.4203 20.5158Weekly Dividend Option 10.6247 10.6247Daily Dividend Reinvestment Option 10.6364 10.6364Direct Plan - Growth Option 23.9920 NA$Direct Plan - Weekly Dividend Option 10.6247 NA$Direct Plan - Daily Dividend Reinvestment Option

10.6364 NA$

endGrowth Option 24.5022 22.4083Weekly Dividend Option 10.6536 10.6275Daily Dividend Reinvestment Option 10.6364 10.6364Direct Plan - Growth Option 24.5071 NA$Direct Plan - Weekly Dividend Option 10.6538 NA$Direct Plan - Daily Dividend Reinvestment Option

10.6364 NA$

2. Closing Assets Under Management (` in Lacs) End 200,822.15 210,648.13 Average (AAuM) 368,670.26 330,028.46

3. Gross income as % of AAuM1 8.99 9.124. Expense Ratio5: a. Total Expense as % of AAuM (plan wise)

Regular Plan 0.10 0.33Direct Plan NA$ 0.05 NA$

b. Management Fee as % of AAuM (plan wise)Regular Plan 0.03 0.20Direct Plan NA$ 0.03 NA$

5. Net Income as a percentage of AAuM2 8.88 8.74

Current year Previous year6. Portfolio turnover ratio (%)3 NA NA7. Total Dividend per unit distributed during the

yearWeekly Dividend OptionIndividual 0.7273 0.7590Corporate 0.6979 0.7332Daily Dividend Reinvestment OptionIndividual 0.7482 0.7377Corporate 0.7160 0.7117Direct Plan - Weekly Dividend OptionIndividual 0.1607 NA$Corporate 0.1282 NA$Direct Plan - Daily Dividend Reinvestment OptionIndividual 0.1813 NA$Corporate 0.1736 NA$

8. Returns (%) ^ $$: a. last one year

Growth Option 9.33** 9.35**Direct Plan - Growth Option NA$ NA$Benchmark # 8.23** 8.44**

b. since InceptionGrowth Option 6.95** 6.77**Benchmark # NA* NA*Direct Plan - Growth Option 2.03* NA$Benchmark # 1.89* NA$

* Absolute Returns** Compounded Annualised Returns# CRISIL Liquid Fund Index$$ Adjusted for the dividends declared under the scheme prior to its splitting

into the Dividend and Growth Plans^ past performance may or may not be sustained in the futureNA - Not ApplicableNA* - Not AvailableNA$ Direct Plan has been introduced w.e.f. January 01, 20131. Gross income = amount against (A) in the Revenue account i.e. Income.2. Net income = amount against (C) in the Revenue account i.e. NET

REALISED GAINS / (LOSSES) FOR THE yEAR / PERIOD3. Portfolio Turnover = Lower of sales or purchase divided by the Average

AuM for the year/period.4. AAuM=Average daily net assets5. Expense Ratio = Planwise expense divided by Planwise Average AuM for

the year/period.Auditors’ Report and Abridged Audited Results have been extracted from the Auditors’ Report, Audited Balance Sheet, Revenue Account and Notes to Accounts. Full Annual Report shall be disclosed on the website (www.hdfcfund.com) and shall be available for inspection at the Head Office of HDFC Mutual Fund. Unit holder can obtain a copy of the same at a price.

10 HDFC Cash Management Fund - Savings Plan

Have you…Updated your KYC information with us?provide us your latest KyC informationKyC is mandatory for all investments with effect from January 1, 2011. Unit holders have to keep their KyC information with HDFC Mutual Fund updated at all times. With effect from January 1, 2012, mutual funds have to conduct in-person verification (IPV) of individual unit holders and collect additional information from all investors as part of the KyC process. Unit holders who have completed their KyC procedure on or before December 31, 2011 may visit an Investor Service Centre (ISC) of HDFC Mutual Fund / CAMS or their financial advisor, if any, at the earliest for providing additional KyC information and undergoing IPV. KyC procedure can be completed at the Point of Service of any KyC Registration Agency (KRA) authorized by SEBI.Done your bit towards the environment?provide us your latest contact information and opt for receiving documents by emailUpdate your email ID and mobile number in your folio(s) and experience the convenience of receiving transaction alerts and account statements immediately upon transacting. you can also request for scheduling an account statement to be sent regularly to your email ID. HDFC Mutual Fund offers eDocs facility which enables you to receive documents (account statements, annual reports etc.) by email. eDocs are convenient, easy to store / retrieve, free of cost as well as eco-friendly. After opting for the facility, if you need any document in the physical form, you may request for the same and we shall provide it at no cost to you.Transact using HDFCMFOnline, HDFCMFInvestOnline and HDFCMF InstaInvestOur transacting facility HDFCMFOnline enables unit holders to transact online on our website www.hdfcfund.com on a 24*7 basis. On HDFCMFOnline unit holders can purchase, redeem or switch units, register for systematic transactions, view their account details online, download account statements and view their account profile. Unit holders can login using their HDFCMF Personal Identification Number (HPIN) to access the wide array of information available online. The HPIN can be requested for by submitting a duly filled eServices form at any our ISCs.HDFCMFInvestOnline is a facility that enables existing investors (KyC verified) to subscribe units of schemes of HDFC Mutual Fund or register for SIP online, without an HPIN.Unit holders can effect payment for subscription of units using the net banking facility or debit cards issued by designated banks and they receive an instant email confirmation of their transaction.HDFCMF InstaInvestHDFC InstaInvest is a facility through which an investor can purchase / redeem units by sending instructions through Short Messaging Service (SMS) from a registered mobile number to a dedicated number. Currently, the facility is available in HDFC Cash Management Fund – Treasury Advantage Plan – Retail Option.Experienced the convenience of receiving your dividend and redemption payout(s), if any, directly into your bank account?Update your IFSC code for receiving payouts electronically vide NEFT / RTGSSave your time and experience the convenience of receiving your dividend and redemption payout(s), if any, directly into your bank account. Electronic payouts facilitate safer, faster, reliable and hassle-free credit of redemption / dividend into your bank account.Registered a nominee in your folio?Submit the form for nominationNomination is highly recommended for all unit holders, especially those who hold units in a single name, so as to avoid any inconvenience, should there be an unforeseen event in future. By registering a nominee / nominees, the unit holding can be transmitted directly to the nominee with some simple procedures.Checked if you have received the redemptions and dividends, if any, in your folio?Check for any unclaimed redemptions / dividendsUnit holders should ensure that they have received all redemptions and dividends, if any, in their folio(s). If any payouts have not been received, our Investor Service Centres will assist unit holders in receiving any such payments.

Did you know?

units of select schemes of HDFC Mutual Fund can be held in your demat account and are available for transactions on the stock exchanges.

some of our facilities:• Consolidation of folios• Registration of multiple bank accounts• Multilingual Statement of Account

For more information on the above and a suite of other facilities and services offered by HDFC Mutual Fund, visit your financial advisor, if any, or visit our Investor Service Centre closest to you or log on to www.hdfcfund.com. you may also call us on 1800 3010 6767 or email us at cliser@hdfcfund.com.

Our new contact number : 1800 3010 6767 (toll-free)[Our call centre executives will be available Monday to Friday 8:00 a.m. to 8:00 p.m. and on Saturdays 8:00 a.m. to 1:00 p.m. to assist you]

IMporTAnT!

11 HDFC Cash Management Fund - Savings Plan

12 HDFC Cash Management Fund - Savings Plan

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Computer Age Management services (p) ltd.unit : HDFC Mutual Fund“Rayala Towers”, Tower I, 6th Floor,158, Anna Salai, Chennai- 600 002.