IDFC Factsheet August 09 Complete - IDFC Mutual Funds by the end of September against a full year target of Rs 450,000 crores ... Call / Reverse Repo/ CBLO Total 1050.06 3.58 Net Current

August 2009

1

Equity Commentary Debt Commentary

Results this quarter did not throw out any big surprises PAT for 41 companies in the NIFTY was down 3% on a yoy basis. Technology and Auto's and Cement and Fmcg surprised the market. The rest of the companies were more or less in line with expectations. While commodity companies lost in profits the same was compensated by the users of the same. In the final reckoning Corporate India passed the stress test of the environment. Incremental data points continue to be mildly positive though on the ground both liquidity and demand have yet to see the surge. The markets continue to do much better than expectation – primarily led by the environment in global asset prices. Liquidity continued to find its way into equities and stressed companies. In a way corporate India found a way to clean up its gearing and quite a number of companies raised capital including prominent corporate houses across a diversified set of businesses. On relative valuation scale the market are pricing in an optimistic scenario. Valuations leave little room for Error on execution. And the monsoon shortfall is yet to be accounted for. Equities have done reasonably well so far. The idea and approach needs to see a small shift. Risk appetite seems to have improved though the environment is yet to undergo that dramatic change. Equities will make money over a term yet return expectations have to be moderated and one now needs to look at it as a longer term asset.

Net Equity Investments by FII & MFs (US $ Million for the month)

FII MF SensexSource -SEBI

The months of August and September will see the government borrowing Rs 48,000 crores and Rs 38,000 crores respectively from the market. These two months are likely to be heaviest months in terms of government bond supply for the rest of the fiscal 2009-10. The government would have borrowed Rs 299,000 crores by the end of September against a full year target of Rs 450,000 crores leaving Rs 123,000 crores (adjusted for Market Stabilization Scheme desequestering of Rs 28,000 crores) more to be raised from the market over a period of six months. The size of government borrowing after September does not look daunting.

The RBI in their policy review in July has reaffirmed their commitment to supporting the government borrowing program in light of the needs of the economy. The RBI has retained their accommodative monetary policy stance on the back of uncertainty of economic recovery. The RBI has sounded caution on inflation expectations brought about by high food and commodity prices as well as the negative impact of loose monetary policy on inflation.

The uncertainty of government borrowing and RBI policy is now behind the bond market. The market will now look at factors such as pace of economy recovery, commodity price movements and liquidity flows from abroad for judging the directing interest rates. The RBI as well as other global central banks has forecast a weak economic outlook as well as a benign inflation outlook on the back of weak aggregate demand due to rising unemployment and declining global trade. On the basis of central bank forecasts and their accommodative monetary policy, interest rates should stabilize at higher levels with a positive bias. Benchmark ten year bond yields at close to 7% looks well supported.

Liquidity continues to remain comfortable in the system with banks lending over Rs 110,000 crores to the RBI at 3.25% which is the reverse repo rate, on a daily basis. The high system liquidity coupled with low policy rates will keep short end yields low.

Market Indicators

Security 31st July 30th June Month on

2009 2009 Month

Change Basis

Points (bps).

Yield % Yield %

Policy Rates

Reverse Repo Rate 3.25 3.25 0

Repo Rate 4.75 4.75 0

Cash Reserve Ratio (CRR) 5.00 5.00 0

Liquidity

Average Reverse Repo Rs Crores 123000 120000 3000

Average Repo Rs Crores 0 0 0

Average Call Rate% 3.23 3.23 0

Government Securities

91 Day T-Bill 3.20 3.30 -10

364 Day T-Bill 3.80 3.90 -10

Five Year Benchmark 6.73 6.50 23

Ten Year Benchmark 7.00 7.00 0

Currency

USD/INR Rs. 47.92 47.90 0%

Inflation (% Change Week Week

Year on Year) Ended Ended

18th Jul 2009 13th Jun 2009

WPI -1.54 -1.14 -40

Corporate Bonds

5 Year AAA Benchmark 8.15 7.95 20

3 Month CD Benchmark 3.75 3.40 35

1 Year CD Benchmark 5.40 5.25 15

Interest Rate Swaps

1 Year OIS* 4.28 4.20 8

5 Year OIS* 6.35 6.23 12

* Overnight Index Swap Source : Bloomberg

-200.0

-100.0

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12000

12500

13000

13500

14000

14500

15000

15500

16000

Yield Curve

Source : CCIL, Bloomberg

30th June 2009

31st July 2009

3.00%3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

1 5 10 30

IDFC Classic Equity Fund(IDFC - CEF)An open-ended equity fund Data as of 31 July 2009

Portfolio as of 31 July 2009

Asset Allocation

Marketvalue in % of

Name Lac (Rs.) NAV

Hero Honda Motors Ltd. 626.07 2.13Bajaj Auto Ltd. 610.88 2.08

Exide Industries Ltd. 403.50 1.37

ICICI Bank Ltd. 2010.03 6.85Bank Of Baroda 1396.71 4.76Corporation Bank 884.09 3.01State Bank Of India 634.08 2.16

Grasim Industries Ltd. 919.22 3.13ACC Ltd. 616.56 2.10

Unitech Ltd. 946.05 3.22

Larsen & Toubro Ltd. 564.88 1.92

ITC Ltd 1183.70 4.03United Spirits Ltd. 1173.96 4.00Shree Renuka Sugars Ltd. 462.66 1.58

Jindal Steel & Power Ltd. 757.47 2.58

Housing Development Finance Corp Ltd. 1179.26 4.02

Bharat Heavy Electricals Ltd. 1751.95 5.97Crompton Greaves Ltd. 612.77 2.09

United Phosphorus Ltd. 810.72 2.76

Reliance Industries Ltd. 1701.20 5.80Hindustan Petroleum Corporation Ltd. 1449.39 4.94Bharat Petroleum Corporation Ltd. 1303.50 4.44

Piramal Healthcare Ltd. 613.43 2.09Dishman Pharmaceuticals & Chemicals Ltd. 364.50 1.24

Satyam Computers Ltd. 1334.29 4.55Educomp Solutions Ltd. 923.32 3.15

Idea Cellular Ltd. 1184.53 4.04Bharti Airtel Ltd. 687.86 2.34

Grand Total 29348.87 100.00

Auto Total 1236.94 4.21

Auto Ancillaries Total 403.50 1.37

Banks Total 4924.90 16.78

Cement Total 1535.78 5.23

Construction Total 946.05 3.22

Construction Project Total 564.88 1.92

Consumer Non Durables Total 2820.32 9.61

Ferrous Metals Total 757.47 2.58

Finance Total 1179.26 4.02

Industrial Capital Goods Total 2364.71 8.06

Pesticides Total 810.72 2.76

Petroleum Products Total 4454.09 15.18

Pharmaceuticals Total 977.93 3.33

Software Total 2257.61 7.69

Telecom - Services Total 1872.39 6.38Others Total 287.03 0.98Call / Reverse Repo/ CBLO Total 1050.06 3.58Net Current Asset 905.24 3.08

Long Future Total 580.78 1.98

Fund features

Fund performance

Nature : EquityFund Size : Rs. 293.49 CroreFund Manager : Tridib PathakInvestment objective : The investment objective of the scheme is to seek to generate long term capital growth from a diversified portfolio of predominantly equity and equity related instruments.However there is no assurance that the investment objective of the scheme will be realized.Investment style : The Scheme seeks to achieve out performance through sector rotation, theme selection, market cap bias and bottom up stock picking.Ideal investment horizon : 3 years or moreEntry load : (Plan A & Plan B) : Nil (w.e.f. August 01, 2009)Exit load: (Plan A & Plan B): Purchases of Rs. 5 Crores or more (including by way of SIP/STP)-Nil, In case of purchase of less than Rs. 5 Crores if redeemed within 3 years from the date of Purchase(s) applying First in First out basis (including Purchases made through SIP/STP) - 1.00%. There will be no exit load for investment made by FOF schemes irrespective of amount of redemption / switch outs. No Exit Loads / CDSC will be chargeable in case of switches made between different options of the Scheme.Options available: Growth, Dividend. Reinvestment facility is available under the Dividend Option.Minimum investment amount ( Plan A & Plan B): Rs. 5,000 & in multiples of Re. 1 Additional investment amount : Re.1SIP (minimum amount) ( Plan A & Plan B): Rs. 1000 Inception Date: 9 August 2005Statistical Measures : Beta 0.86R Square 0.95Standard deviation 9.17%Last 3 dividends (Rs./ unit) :22 August 2006 1.50 NAV 11.558028 May 2007 1.50 NAV 13.265922 Oct 2007 1.50 NAV 15.2703NAV (Rs.):Growth (A) 17.4117 (B) 13.8394Dividend (A) 12.5999 (B) 11.1734Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) : 93.34% / 3.58% / 3.08%Fund manager’s commentRun as a well-diversified portfolio, the opportunity for the fund is to capture the breadth of the market across sectors, market capitalizations, styles and themes. The fund has recently increased allocation to select mid cap companies and has achieved higher diversification across sectors.

Past performance may or may not be sustained in future.Benchmark : BSE 200

Data as of 31 July 2009under the IDFC-CEF-Growth as of 200931 July

IDFC-CEF - Growth BSE200

CAGR - Compounded Annualised Growth Rate

3 Month

(Absolute)6 Month

(Absolute)Last 1 Year

CAGR

Last 2 YearsCAGR

Last 3 YearsCAGR

Since Inception

16.98%

15.18%

9.61%

8.06%7.69%

6.38%5.23%

4.21%4.02%3.33%3.22%2.76%1.92%

1.37%0.78%

2.58%

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14.96%

3.91%

-2.22%

50.97%

12.63%

33.31%

18.03%14.39%

0.41%

9.18%

42.58%

72.50%

2

IDFC Imperial Equity Fund(IDFC - IEF)An open-ended equity fund Data as of 31 July 2009

Marketvalue in % of

Name Lac (Rs.) NAV

Maruti Suzuki India Ltd. 1343.73 3.80Mahindra & Mahindra Ltd. 967.31 2.74Bajaj Auto Ltd. 827.12 2.34

Bank Of Baroda 1967.64 5.56State Bank Of India 1671.25 4.73ICICI Bank Ltd. 930.19 2.63

ACC Ltd. 1400.47 3.96

ITC Ltd. 1495.20 4.23

Hindustan Unilever Ltd. 840.98 2.38

Housing Development Finance Corp Ltd. 1141.22 3.23

GAIL (India) Ltd. 1190.04 3.37

Bharat Heavy Electricals Ltd. 1449.70 4.10

Sterlite Industries Ltd. 1090.36 3.08

Oil & Natural Gas Corporation Ltd. 1658.77 4.69

Reliance Industries Ltd. 1036.36 2.93Hindustan Petroleum Corporation Ltd. 785.81 2.22

Cipla Ltd. 950.30 2.69

Reliance Infrastructure Ltd. 934.30 2.64NTPC Ltd. 862.40 2.44

Satyam Computers Ltd. 1240.10 3.51Infosys Technologies Ltd. 1135.39 3.21Wipro Ltd. 980.30 2.77Oracle Financial Serv Software Ltd. 711.03 2.01

Bharti Airtel Ltd. 1484.56 4.20Idea Cellular Ltd. 1080.83 3.06

Grand Total 35358.82 100.00

Auto Total 3138.16 8.88




Diversified Total 840.98 2.38


Gas Total 1190.04 3.37


Non - Ferrous Metals Total 1090.36 3.08

Oil Total 1658.77 4.69



Power Total 1796.70 5.08


Telecom - Services Total 2565.39 7.26Other Total 435.03 1.23Nifty Stock / Nifty Options 24.54 0.07Money Market Instruments Total 1220.74 3.45Call / Reverse Repo/ CBLO Total 3290.18 9.31Net Current Asset 1212.98 3.43


Fund features

Fund performance

Nature : EquityFund Size : Rs. 353.59 CroreFund Manager : Kenneth Andrade Investment objective : The investment objective of the Scheme is to seek to generate capital appreciation and/or provide income distribution from a portfolio of predominantly equity and equity related instruments. There is no assurance or gurantee that the objectives of the scheme will be realized. Investment style : The Scheme seeks to invest predominantly in companies based on the potential value unlocking (subsidiary listing), strong growth in domestic demand and emerging sectors in the Indian economy. Ideal investment horizon : 3 years or moreEntry load : (Plan A & Plan B) : Nil (w.e.f. August 01, 2009)Exit load: (Plan A & Plan B) : In case of purchases of Rs. 5 Crores or more (including by way of SIP/STP)-Nil, In case of purchase of less than Rs. 5 Crores if redeemed within 3 years from the date of Purchase(s) applying First In First Out basis (including Purchases made through SIP/STP) - 1.00%. There will be no exit load for investment made by FOF schemes irrespective of amount of redemption / switch outs. No Exit Loads / CDSC will be chargeable in case of switches made between different options of the Scheme.Options available: Growth, Dividend. Reinvestment facility is available under the Dividend Option.Minimum investment amount (Plan A & Plan B): Rs. 5,000 Additional investment amount : Re.1SIP (minimum amount) (Plan A & Plan B): Rs. 1,000 Inception Date: 16 March 2006Statistical measures : Beta 0.90R Square 0.94Standard deviation 9.23%Last dividends (Rs./ unit) :8 June 2009 1.20 NAV 12.4523 Plan A15 June 2009 1.20 NAV 12.0942 Plan B14 May 2008 1.50 NAV 13.9431NAV (Rs.):Growth (A) 16.1846 (B) 13.9473Dividend (A) 13.3792 (B) 12.8711Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash / Derivative Option) : 83.74% / 12.76% / 3.43% / 0.07%Fund manager’s commentThe capital markets have been battling a significant destruction in asset values through 2008. In 2009, though the outlook has not materially changed valuations and solvency risk of corporates are more identifiable. The focus of Imperial has always been to find itself as a core part of an investors portfolio. Hence the portfolio construction has revolved around selecting companies which have low financials risks and are self sustaining. We believe that these companies are not vulnerable to solvency risks in a down cycle and will be the first to change direction when the cycle re-emerges. The investment process revolves around taking a call on where valuations trade & not so much on the evolution of the organisation / company.

Past performance may or may not be sustained in future.Benchmark : S&P CNX Nifty

under the IDFC-IEF-Growth as of 200931 July

Portfolio as of 200931 July

Asset AllocationData as of 31 July 2009

IDFC-IEF - Growth S&P CNX Nifty


Rating & Rankings

Value Research Rating

Past performance is no guarantee of future results.For Methodology of Ranking Please refer Page No. 20.

ICRA Rating3 Month (Absolute)

6 Month (Absolute)

Since Inception CAGR

Last 3 Years CAGR

Last 1 Year CAGR

Last 2 Years CAGR

13.83%

11.50%

8.88%

7.26%

5.40%5.15%4.69%4.23%4.10%3.96%

3.37%3.23%2.69%2.38%

3.08%

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Div

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31.52%

18.98%

53.85%

9.13%

21.92%

15.32%

61.28%

33.46%

7.00%

1.18%

13.82% 11.33%

3

IDFC Premier Equity Fund(IDFC - PEF)An open-ended equity fund Data as of 31 July 2009

Asset Allocation

Marketvalue in % of

Name Lac (Rs.) NAV

Exide Industries Ltd. 6566.68 6.80Motherson Sumi Systems Ltd. 2388.14 2.47

Shree Cement Ltd. 4666.11 4.83

Shree Renuka Sugars Ltd. 5178.55 5.36GlaxoSmithkline Consumer Healthcare Ltd. 3604.46 3.73United Spirits Ltd. 2937.95 3.04Bata India Ltd. 2369.85 2.45Kaveri Seed Company Ltd. 2239.52 2.32Emami Ltd. 1806.43 1.87Gokul Refoils And Solvent Ltd. 1469.82 1.52


Coromandel Fertilisers Ltd. 3456.27 3.58

Shriram Transport Finance Co Ltd. 4778.63 4.95Rural Electrification Corp Ltd. 3445.90 3.57SREI Infrastructure Finance Ltd. 2004.00 2.08

Petronet LNG Ltd. 1496.57 1.55Deep Industries Ltd. 1462.89 1.52

Biocon Ltd. 2573.21 2.67Aurobindo Pharma Ltd. 1714.77 1.78

PTC India Ltd. 2483.39 2.57Torrent Power Ltd. 1621.15 1.68

Pantaloon Retail (India) Ltd. 3561.80 3.69

Educomp Solutions Ltd. 3177.25 3.29

Onmobile Global Ltd. 1838.28 1.90

Page Industries Ltd. 3034.16 3.14

IRB Infrastructure Developers Ltd. 4987.88 5.17Blue Dart Express Ltd. 2276.56 2.36

Grand Total 96540.49 100.00





Fertilisers Total 3456.27 3.58


Gas Total 2959.46 3.07



Retailing Total 3561.80 3.69


Telecom - Equipment & Accessories Total 1838.28 1.90

Textile Products Total 3034.16 3.14

Transportation Total 7264.44 7.52Others Total 6099.06 6.32Corporate Debentures Total 100.01 0.10Money Market Instruments Total 5393.88 5.59Call / Reverse Repo/ CBLO Total 1920.11 1.99Net Current Asset 3042.98 3.15

Fund features

Fund performance

Nature : EquityFund Size : Rs. 965.40 CroreFund Manager : Kenneth AndradeInvestment objective : The Scheme shall seek to generate long-term capital growth from an actively managed portfolio of predominantly equity and equity related instruments. However there is no assurance that the investment objective of the scheme will be realized.Investment style : Focus on buying great companies at low valuation with a longer term perspective. The scheme portfolio would seek to acquire, inter alia, small and medium size business with good long term potential, which are available at cheap valuation. Such securities would be identified through disciplined fundamental research keeping in view medium to long term trends in the business environment. The Scheme shall endeavor to accumulate long term investor wealth by opening subscriptions to units during periods when stocks are available at reasonable valuations. By doing so, the Fund managers would endeavor to prevent short term money from flowing into the fund which can prove detrimental to the interest of long term investors.Ideal investment horizon : 3 years or moreEntry load : (Plan A & Plan B) :Nil (w.e.f. August 01, 2009)Exit load: (Plan A & Plan B): In case of purchases of Rs. 5 Crores or more (including by way of SIP/STP)-Nil, In case of purchase of less than Rs. 5 Crores if redeemed within 3 years from the date of Purchase(s) applying First In First Out basis (including Purchases made through SIP/STP) - 1.00%. There will be no exit load for investment made by FOF schemes irrespective of amount of redemption / switch outs. No Exit Loads / CDSC will be chargeable in case of switches made between different options of the Scheme.Options available: Growth, Dividend. Reinvestment facility is available under the Dividend Option.Minimum investment amount (Plan A & Plan B): Rs. 25,000Additional investment amount : Re.1SIP (minimum amount) (Plan A & Plan B): Rs. 2000Inception Date: 28 September 2005Statistical measures : Beta 0.91R Square 0.88Standard deviation 10.31%Last dividends (Rs./ unit) : 28 April 2009 1.50 NAV 13.1031NAV (Rs.):Growth (A) 21.4680 (B) 15.8295Dividend (A) 19.2668 (B) 15.9385Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) : 89.17% / 7.68% / 3.15%Fund manager’s comment :The portfolio has attempted to identify emerging themes & segment leaders which have a strong correlation to the growth of the economy. The fund is invested close to 90% with the balance in cash. The investment process & the diversification have not undergone any radical shift. The focus remains on buying into emerging business & taking a call on the entrepreneur /organization to ride through successfully the growth curve of the business cycle.


Data as of 31 July 2009

under the IDFC-PEF-Growth as of 200931 July


IDFC-PEF - Growth BSE500


3 Month

(Absolute)

6 Month

(Absolute)

Last 1 Year CAGR

Last 2 Years

CAGR

Last 3 Years

CAGR Since Inception

CAGR

Rating & Rankings

Value Research RatingICRA Rating


23.71%

10.60%9.59%

7.52%

5.58%4.83%4.25%3.69%3.58%3.41%3.14%3.07%1.90%

0.95%0.39%

2.95%

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Oil

22.01%15.74%

10.37%

73.85%

30.42%

44.65%

14.56%13.80%

-1.02%

7.50%

43.47%

73.35%

4

MarketValue in % of Value of

Name Lac (Rs.) NAV Futures

Dish TV India Ltd. 705.65 1.39 -711.24Bajaj Hindustan Ltd. 162.74 0.32 -163.36Balrampur Chini Mills Ltd. 1722.12 3.40 -1,727.92Bharat Forge Ltd. 63.12 0.12 -63.27Bombay Rayons Fashions Ltd. 300.84 0.59 -303.08Reliance Infrastructure Ltd. 73.20 0.14 -73.41Idea Cellular Ltd. 285.64 0.56 -286.91Bharti Airtel Ltd. 781.24 1.54 -784.29Cairn India Ltd. 605.90 1.20 -608.22Century Textiles & Industries Ltd. 644.69 1.27 -643.59Chambal Fertilizers & Chemical Ltd. 136.81 0.27 -137.29Essar Oil Ltd. 524.50 1.04 -527.11GAIL (India) Ltd. 575.10 1.14 -571.98Reliance Natural Resources Ltd. 904.20 1.79 -906.91GTL Ltd 670.50 1.32 -676.42GVK Power & Infrastructure Ltd. 111.32 0.22 -112.22Hindustan Const Company Ltd 717.13 1.42 -719.26Housing Development Finance Corporation 163.58 0.32 -163.30Housing Development & Infrastructure Ltd. 484.45 0.96 -484.63Hindustan Unilever Ltd. 102.03 0.20 -101.31Tata Teleservices (Maharashtra) Ltd. 758.20 1.50 -760.39India Cements Ltd. 1001.15 1.98 -1,007.58IDBI Bank Ltd. 258.63 0.51 -259.98IDFC Ltd. 552.95 1.09 -556.03IFCI Ltd. 1231.74 2.43 -1,238.95Oracle Financial Services Software Ltd. 387.00 0.76 -386.25India Infoline Ltd. 355.29 0.70 -356.46IVRCL Infrastructures & Projects Ltd. 515.52 1.02 -518.36Infosys Technologies Ltd. 400.48 0.79 -400.54Indian Oil Corporation Ltd. 197.06 0.39 -197.33ITC Ltd. 1129.81 2.23 -1,133.89Jaiprakash Associates Ltd. 1154.03 2.28 -1,155.95Jaiprakash Hydro Power Ltd. 400.58 0.79 -399.85KS Oil Ltd. 420.94 0.83 -423.67Larsen & Toubro Ltd. 518.18 1.02 -516.40Mahindra & Mahindra Ltd. 326.99 0.65 -327.52Mahanagar Telephone Nigam Ltd. 265.94 0.53 -266.98Chennai Petroleum Corporation Ltd. 289.16 0.57 -290.27NTPC Ltd. 329.33 0.65 -330.63Opto Circuits Ltd. 583.31 1.15 -585.31Oil & Natural Gas Corporation Ltd. 555.25 1.10 -558.21Petronet LNG Ltd. 700.74 1.38 -703.74Praj Industries Ltd. 611.57 1.21 -612.93Reliance Communications Ltd. 1219.92 2.41 -1,220.80Reliance Capital Ltd. 361.67 0.71 -362.73Reliance Industries Ltd. 2120.63 4.19 -2,132.24Reliance Petroleum Ltd. 585.63 1.16 -589.73Reliance Power Ltd. 181.66 0.36 -182.25Steel Authority Of India Ltd. 546.67 1.08 -549.79Sun Pharmaceuticals Industries Ltd. 76.65 0.15 -75.51Shree Renuka Sugars Ltd. 484.45 0.96 -486.04Tech Mahindra Ltd. 1083.94 2.14 -1,089.37Ultratech Cement Ltd. 2071.01 4.09 -2,080.34Unitech Ltd. 973.08 1.92 -974.16Vijaya Bank 376.91 0.74 -379.07Welspun Guj Stahl Rohren Ltd. 915.06 1.81 -917.68Wipro Ltd. 2.94 0.01 -2.94

Grand Total 50604.79 100.00

Total 33678.83 66.55 -33795.60Bank Deposits Total 9500.00 18.77Money Market Instruments Total 3906.37 7.72Call / Reverse Repo/ Cblo Total 200.01 0.40Net Current Asset 3319.58 6.56

IDFC Arbitrage Fund(IDFC - AF)An open-ended equity fund

Fund features

Nature : Equity & Equity DerivativesFund Size : Rs. 506.05 CroreFund Manager : Ashwin Patni & Arjun ParthasarathyInvestment objective : The investment objective of the Scheme is to generate capital appreciation and income by predominantly investing in arbitrage opportunity in the cash and the derivative segments of the equity markets and the arbitrage opportunity available within the derivative segments and by investing the balance in debt and money market instruments. However there is no assurance that the investment objective of the scheme will be realized. Investment style : The Scheme seeks to capture the “Cost of Carry” by executing simultaneous buy (in the cash market) and sell (In the futures) trades. The amount not so invested is invested in FDs and money market instruments.Ideal investment horizon : 1 year or moreEntry load : Nil Exit load: 0.25% in both Plan A and Plan B, if redemption / switch is requested within 30 days from the date of purchase, during ongoing period.Plans available: Plan A (Regular), Plan B (Institutional)Options available: Growth, DividendMinimum investment amount : Plan A: Rs. 5,000, Plan B: Rs. 25,00,000 (w.e.f. July 6, 2009)Additional investment amount : Re.1SIP (minimum amount) : NAInception Date: 21 December 2006Statistical Measures : Standard deviation 0.33%Dividend frequency: Monthly, subject to availability of distributable surplusLast 8 dividends (Rs./ unit) :10-Dec-08 A 0.0600 NAV 10.381110-Dec-08 B 0.0600 NAV 10.493206-Jan-09 A 0.0600 NAV 10.392106-Jan-09 B 0.0600 NAV 10.508910-Feb-09 A 0.0600 NAV 10.365910-Feb-09 B 0.0600 NAV 10.488112-Mar-09 A 0.0600 NAV 10.330012-Mar-09 B 0.0600 NAV 10.456816-Apr-09 A 0.0600 NAV 10.313716-Apr-09 B 0.0600 NAV 10.446019-May-09 A 0.0600 NAV 10.256319-May-09 B 0.0600 NAV 10.393415-June-09 A 0.0500 NAV 10.248115-June-09 B 0.0500 NAV 10.389613-July-09 A 0.0400 NAV 10.262613-July-09 B 0.0400 NAV 10.4089NAV (Rs.):Plan A (Regular) Growth 11.9835Plan A (Regular) Dividend 10.2691Plan B (Institutional) Growth 12.1412Plan B (Institutional) Dividend 10.4181Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) : 66.55% / 26.89% / 6.56%Fund manager’s comment:Cash-future spreads remained attractive with the positive sentiment in equity markets. The fund was able to successfully roll-over its futures positions.



Fund performance

Past performance may or may not be sustained in future.Benchmark : Crisil Liquid Fund Index

under the IDFC-AF-Growth as of 200931 July

IDFC-AF-Growth Crisil Liquid Fund Index


3 Month (Absolute) 6 Month (Absolute) Last 1 Year CAGR Last 2 Years CAGR Since Inception CAGR

0.91%

7.18%

1.73%

6.24%5.61%

2.85%

0.79%

7.88%7.39% 7.62%

5

IDFC Enterprise Equity Fund(IDFC - EEF)An Open Ended Equity Scheme. Data as of 31 July 2009

Asset Allocation

Marketvalue in % of

Name Lac (Rs.) NAV

ACC Ltd 497.62 0.57ABB Ltd 392.51 0.45Bharat Heavy Electricals Ltd. 2005.33 2.29Bharat Petroleum Corporation Ltd. 347.57 0.40Reliance Infrastructure Ltd. 947.61 1.08Idea Cellular Ltd. 701.16 0.80Bharti Airtel Ltd. 2919.14 3.33Cairn India Ltd. 584.13 0.67Cipla Ltd. 721.23 0.82DLF Ltd. 838.20 0.96GAIL (India) Ltd. 842.85 0.96Grasim Industries Ltd. 1051.92 1.20Ambuja Cements Ltd. 496.96 0.57HCL Technologies Ltd. 296.88 0.34HDFC Bank Ltd. 2857.40 3.26Housing Development Finance Cor Ltd 3535.84 4.03Hero Honda Motors Ltd. 816.47 0.93Hindalco Industries Ltd. 608.20 0.69Hindustan UniLever Ltd. 1704.19 1.94ICICI Bank Ltd. 4666.65 5.32Infosys Technologies Ltd. 5479.78 6.25ITC LTD 3586.47 4.09Jindal Steel & Power Ltd. 1057.80 1.21Larsen & Toubro Ltd. 3063.31 3.49Mahindra & Mahindra Ltd. 954.94 1.09Maruti Suzuki India Ltd. 1057.88 1.21National Aluminium Co. Ltd. 154.51 0.18NTPC Ltd. 1158.65 1.32Oil & Natural Gas Corporation Ltd. 2321.26 2.65Power Grid Corporation Ltd. 407.06 0.46Punjab National Bank 517.69 0.59Ranbaxy Laboratories Ltd. 241.74 0.28Reliance Communications Ltd 1054.51 1.20Reliance Capital Ltd. 568.75 0.65Reliance Industries Ltd. 7811.76 8.91Reliance Power Ltd. 366.66 0.42Steel Authority of India Ltd. 616.72 0.70State Bank of India 729.21 0.83Siemens Ltd. 409.64 0.47Sterlite Industries Ltd. 1004.71 1.15Sun Pharmaceutical Industries Ltd. 502.04 0.57Suzlon Energy Ltd. 324.05 0.37Tata Consultancy Services Ltd. 1436.21 1.64Tata Motors Ltd. 566.20 0.65Tata Steel Ltd. 135.92 0.15Tata Power Co. Ltd. 1076.87 1.23Unitech Ltd. 505.19 0.58Axis Bank Ltd. 1064.93 1.21Tata Communications Ltd. 197.27 0.22Wipro Ltd. 869.65 0.99

Grand Total 87695.41 100.00

NIFTY 66073.22 75.34Others Total 3499.60 3.99Call / Reverse Repo/ CBLO Total 13850.73 15.79Corporate Debentures Total 1000.00 1.14Money Market Instruments Total 2734.46 3.12Net Current Asset 1537.40 1.75


Fund features

Fund performance

Nature : EquityFund Size : Rs. 876.95 CroreFund Manager : Kenneth Andrade.Investment objective : The investment objective of the scheme is to seek to generate capital growth from a portfolio of predominantly equity and equity related instruments(Including Equity derivatives). The scheme may also invest in debt and money market instruments to generate reasonable income. However there is no assurance that the investment objective of the scheme will be realized.Investment Strategy (in brief): The term ‘Enterprise’ connotes activity, venture, project or an endeavour. The Scheme intends to invest in companies which are involved in or are in the process of setting up various business activites, ventures, projects or other commercial endeavours. The Scheme would invest in equities in the IPOs’ subsequent public offers or in the secondary market, other equity related instruments (including derivatives), benefit out of the cash and derivative markets arbitrage, opportunity and invest the residual sums in debt and money market instruments. For details please refer to the Offer document.The scheme will endeavour to generate capital appreciation through investing in equities by interalia adopting the mode of applying IPOs or subsequent public offering made by companies, if well-priced IPOs are not available the funds collected will be invested in other investment avenues such as index, cash futures arbitrage. Nifty spot futures arbitrage etc. as per the investment strategy of the scheme.Investment style : The Scheme endeavours to generate capital appreciation through investing in equities by inter alia adopting the mode of applying for IPOs or subsequent public offering made by companies. If well priced IPOs are not available the funds collected may be invested in the index, hence generating market return from the index and the alpha from the premium on listing of IPOs.Entry load : (Plan A & Plan B) : Nil (w.e.f. August 01, 2009)Exit load: (Plan A & Plan B): In case of purchases of Rs. 5 Crores or more (including by way of SIP/STP)-Nil, In case of purchase of less than Rs. 5 Crores if redeemed within 3 years from the date of Purchase(s) applying First In First Out basis (including Purchases made through SIP/STP) - 1.00%. There will be no exit load for investment made by FOF schemes irrespective of amount of redemption / switch outs. No Exit Loads / CDSC will be chargeable in case of switches made between different options of the Scheme.Options available: Growth, DividendMinimum investment amount (Plan A & Plan B): Rs. 5,000 (w.e.f. July 6, 2009)Additional investment amount : Re.1SIP (minimum amount) (Plan A & Plan B): Rs. 1000 (w.e.f. July 6, 2009)Inception Date: 9 June 2006Statistical Measures : Beta (BSE 200) 0.84R Square (BSE 200) 0.88Beta (Nifty) 0.89Rsquare (Nifty) 0.92Standard deviation 4.42%Last 3 dividends (Rs./ unit) :28 July 2009 1.00 NAV 10.753014 May 2008 1.50 NAV 13.0106NAV (Rs.):Growth (A) 13.2945 (B)10.9307Dividend (A) 10.9041Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) : 78.19% / 20.05% / 1.75%Fund manager’s comment : The fund is currently invested in the Nifty stocks. The fund aims to generate alpha by participating in primary market issuances. As a strategy, Enterprise follows a 100% invested philosophy. We have activated our participation in primary issuances which is of recent origin.

Past performance may or may not be sustained in future.Benchmark : S&P CNX Nifty

under the IDFC-EEF-Growth as of 200931 July Data as of 31 July 2009

IDFC-EEF - Growth S&P CNX Nifty



3 Month (Absolute)

6 Month (Absolute)

Last 1 Year CAGR

Since Inception CAGR

Last 3 Years CAGR

11.22%

9.30%9.22%

6.94%

5.56%4.68%4.51%

3.87%3.57%3.49%3.31%

2.33%2.02%1.94%1.67%1.53%

0.96%

2.06%

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-0.34%

Last 2 Years CAGR

32.57%

9.11%

62.79%

5.86%9.48%

62.71%

33.46%

7.46%

0.51%

14.15% 16.52%

6

Asset Allocation

Marketvalue in % of

Name Lac (Rs.) NAV

Hero Honda Motors Ltd. 192.64 2.97

Exide Industries Ltd. 257.55 3.97

ICICI Bank Ltd. 303.40 4.68Corporation Bank 294.70 4.54Allahabad Bank 287.63 4.43Indian Bank 237.27 3.66State Bank of India 135.87 2.09Bank of Baroda 121.21 1.87

Unitech Ltd. 180.20 2.78Gayatri Projects Ltd. 144.06 2.22Housing Development & Infrastr Ltd. 110.78 1.71

Emami Ltd. 210.05 3.24United Spirits Ltd. 203.60 3.14


Housing Development Finance Cor Ltd. 126.80 1.95


Allied Digital Services Ltd. 213.18 3.28


Jain Irrigation Systems Ltd. 134.43 2.07

Sun TV Network Ltd. 161.31 2.49



Reliance Industries Ltd. 488.85 7.53

Reliance Infrastructure Ltd. 120.56 1.86

Infosys Technologies Ltd. 247.72 3.82Wipro Ltd. 122.54 1.89

Bharti Airtel Ltd. 184.55 2.84Reliance Communications Ltd 137.88 2.12

Grand Total 6489.66 100.00

Auto Total 192.64 2.97







Gas Total 165.98 2.56

Hardware Total 213.18 3.28


Industrial Products Total 134.43 2.07

Media & Entertainment Total 161.31 2.49


Oil Total 232.81 3.59




Telecom - Services Total 322.42 4.97Others Total 123.06 1.90Call / Reverse Repo/ CBLO Total 98.35 1.52Net Current Asset 455.58 7.02

IDFC Tax Saver (ELSS) Fund(IDFC - TS[ELSS])A 10 year closed ended Equity Linked Saving Scheme

Fund features

Fund performance

Nature : EquityFund Size : Rs. 64.90 CroreFund Manager : Kenneth Andrade. w.e.f. 21 July, 2009Investment objective : The investment objective of the Scheme is to seek to generate long term capital growth from a diversified portfolio of predominantly equity and equity related instruments.There can be no assurance that the investment objective of the scheme will be realised.Investment style : The Scheme will invest in well- managed growth companies that are available at reasonable value. Companies would be identified through a systematic process of forecasting earnings based on a deep understanding of the industry growth potential and interaction with company management .

Exit load : To give liquidity to investors, repurchase facility is available on all business days. (On completion of lock in period of 3 years from the date of allotment). No load shall be charged at the time of exit, however in case of an exiting the scheme before amortisation is completed, the AMC shall redeem the units only after recovering the balance proportionate unamortised issue expenses, in accordance with SEBI Regulations.Options available: Growth, DividendMinimum investment amount : Rs. 500Additional investment amount : Re.500Inception Date: 15 March 2007Statistical Measures : Beta 0.81R Square 0.92Standard deviation 10.37%Dividends frequency : NANAV (Rs.):Growth 10.8859Dividend 10.8857Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) : 91.46% / 1.52% / 7.02%Fund manager’s commentThe focus is to invest in long term growth stocks at reasonable price. The portfolio is an eclectic mix of companies across sectors and is agnostic to capitalization bias. Given the plethora of opportunities which is there in domestic economy, the fund seeks to invest in companies with strong track record of execution, operating leverage and reasonable valuations. At the same time, our endeavor would be to guard against hype and hope and expectation which has been built around the Union Budget and found its way into the markets.

Entry load : Nil


under the IDFC-TS(ELSS)-Growth as of 200931 July Data as of 31 July 2009


IDFC-TS(ELSS) - Growth BSE200


3 Month (Absolute) 6 Month (Absolute) Last 1 Year CAGR Since Inception CAGRLast 2 Year CAGR


21.27%

7.53%6.70%6.37%

5.71%4.97%4.53%

3.97%3.97%3.78%3.59%3.42%2.97%2.56%2.07%1.95%1.86%0.96%

3.28%

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31.91%

3.63%

50.98%

-1.99%

3.95%

72.50%

42.58%

9.18%

0.41%

10.78%

7

MarketValue in % of Value of

Name Lac (Rs.) NAV Futures

Aban Offshore Ltd. 299.19 0.56 -299.75Bajaj Hindustan Ltd. 15.75 0.03 -15.81Balrampur Chini Mills Ltd. 1459.81 2.71 -1,464.73Reliance Infrastructure Ltd. 562.32 1.04 -563.90Bharti Airtel Ltd. 32.81 0.06 -32.94Cairn India Ltd. 935.32 1.74 -938.90Century Textiles & Industries Ltd. 1533.63 2.85 -1,531.03Chambal Fertilizers & Chemical Ltd. 164.17 0.30 -164.75Essar Oil Ltd. 692.94 1.29 -696.38GAIL (India) Ltd. 209.13 0.39 -207.99Reliance Natural Resources Ltd. 1157.86 2.15 -1,161.33GTL Ltd 648.00 1.20 -653.72Grasim Industries Ltd. 144.88 0.27 -145.13HCL Technologies Ltd. 122.19 0.23 -122.54Hindustan Const Company Ltd. 436.19 0.81 -437.49Housing Development & Infrastructure Ltd. 881.02 1.64 -881.33Hindustan Petroleum Corporation Ltd. 267.87 0.50 -264.12Tata Teleservices (Maharashtra) Ltd. 559.62 1.04 -561.24ICICI Bank Ltd. 169.90 0.32 -170.21India Cements Ltd. 777.77 1.44 -782.77IDBI Bank Ltd. 248.49 0.46 -249.78Infrastructure Development Finance Company Ltd. 159.12 0.30 -160.01IFCI Ltd. 1348.86 2.50 -1,356.75Oracle Financial Services Software Ltd. 294.85 0.55 -294.29India Infoline Ltd. 676.42 1.26 -678.65IVRCL Infrastructures & Projects Ltd. 636.03 1.18 -639.54Indian Bank 272.07 0.51 -272.45Infosys Technologies Ltd. 524.34 0.97 -524.42Indian Overseas Bank 85.23 0.16 -85.72Indian Oil Corporation Ltd. 292.31 0.54 -292.71Indiabulls Real Estate Ltd. 22.41 0.04 -22.48ITC Ltd 1326.06 2.46 -1,330.84Jaiprakash Associates Ltd. 1216.34 2.26 -1,218.36Jaiprakash Hydro Power Ltd. 418.67 0.78 -417.91KS Oil Ltd. 385.86 0.72 -388.36Larsen & Toubro Ltd. 488.06 0.91 -486.37United Spirits Ltd. 470.81 0.87 -473.00Chennai Petroleum Corporation Ltd. 203.73 0.38 -204.51Ispat Industries Ltd. 228.68 0.42 -230.21NTPC Ltd. 7.01 0.01 -7.03Opto Circuits Ltd. 1262.64 2.34 -1,266.99Oil & Natural Gas Corporation Ltd. 500.25 0.93 -502.91Oriental Bank Of Commerce 41.24 0.08 -41.50Petronet LNG Ltd. 587.02 1.09 -589.54Polaris Software Lab Ltd. 96.71 0.18 -97.29Praj Industries Ltd. 360.57 0.67 -361.37Reliance Communications Ltd. 1577.01 2.93 -1,578.16Reliance Capital Ltd. 268.81 0.50 -269.60Reliance Industries Ltd. 1871.32 3.47 -1,881.56Reliance Petroleum Ltd. 695.44 1.29 -700.31Steel Authority Of India Ltd. 565.61 1.05 -568.83Shipping Corporation Of India Ltd. 309.54 0.57 -310.81Shree Renuka Sugars Ltd. 208.81 0.39 -209.50Tata Chemicals Ltd. 562.69 1.04 -565.57Tata Motors Ltd. 1322.19 2.46 -1,308.55Tech Mahindra Ltd. 386.76 0.72 -388.69Tata Tea Ltd. 702.03 1.30 -684.83Ultratech Cement Ltd. 1080.25 2.01 -1,085.12Unitech Ltd. 1192.02 2.21 -1,193.35Welspun Guj Stahl Rohren Ltd. 1332.65 2.47 -1,336.47Zee Entertainment Enterprises Ltd. 338.43 0.63 -336.25Tata Steel Ltd. 56.07 0.10 -56.47

Zenotech Laboratories Ltd. 45.23 0.08

ACC Ltd. 99.83Ambuja Cements Ltd. 106.65Grasim Industries Ltd. -198.35Bank Of Baroda 48.69Punjab National Bank -95.57State Bank Of India 52.63HDFC Bank 17.99 0.03 89.90ICICI Bank Ltd. 169.90 0.32Infrastructure Development Finance Company Ltd. 4.85 0.01Axis Bank Ltd. -99.34

4300 Call August 2009 Option -29.84 -0.064800 Call August 2009 Option -15.19 -0.034900 Call August 2009 Option -7.21 -0.014100 Put August 2009 Option -4.13 -0.014200 Put August 2009 Option -4.09 -0.012700 Put September 2009 Option 0.53 0.002900 Put September 2009 Option 0.59 0.00

Grand Total 53855.92 100.00

Total 35693.78 66.28 -35763.11

Open Position 45.23 0.08 0.00

Pair Trade 192.75 0.36 4.44Nifty 440.42

Nifty Future / Option -59.34 -0.11 440.42Final Total 35872.43 66.61 -35318.25Bank Deposits Total 10900.00 20.24Money Market Instruments Total 585.96 1.09Call / Reverse Repo/ Cblo Total 350.02 0.65Corporate Debentures Total 4020.84 7.47Net Current Asset 2126.68 3.95

IDFC Arbitrage Plus Fund(IDFC - APF)An open-ended equity fund

Fund features

Nature : Equity DerivativesFund Size : Rs. 538.56 CroreFund Manager : Ashwin Patni & Arjun ParthasarathyInvestment objective : The investment objective of the scheme is to generate income (absolute to low volatility returns) by taking advantage of opportunities in the cash and the derivative segments of the equity markets including the arbitrage opportunities available within the derivative segment, by using other derivative based strategies and by investing the balance in debt and money market instruments. However there is no assurance that the investment objective of the scheme will be realized.Investment style : The fund aimed to generate absolute returns by investing in trades in the equity and derivative markets. The trades can consist of cash-futures arbitrage as well as relative value (such as pair trades and corporate event- based strategies) and derivatives strategies. Ideal investment horizon : 1 year or moreEntry load : NilExit load: IDFC- APF - Plan A : 0.75% of NAV on investors who purchase/switch in and seek to redeem/switch out such units (of amount less than or equal to 1 Crore) within 1 Year such from the date of effecting such purchase/switch in Plan A (Regular Plan). No Exit Load shall be applicable in case of Purchases / Switch ins of amounts greater than Rs. 1 Crore whether redeemed partly or fully. 0.25% of NAV on investors who purchase/switch in and seek to redeem/switch out such units within 1 month from the date of investment in Plan B. Exit Load shall be Nil beyond 1 month for plan B. Options available: Growth, DividendMinimum investment amount : Plan A : Rs.5,000, Plan B: Rs. 25,00,000 (w.e.f. July 6, 2009)Additional investment amount : Re.1Inception Date: 9 June 2008Statistical measures : Standard deviation 0.68%Last 3 dividends (Rs. / unit):10 Feb 2009 A 0.06 NAV 10.370510 Feb 2009 B 0.06 NAV 10.394312 Mar 2009 A 0.06 NAV 10.347612 Mar 2009 B 0.06 NAV 10.373516 Apr 2009 A 0.06 NAV 10.360016 Apr 2009 B 0.06 NAV 10.3886Dividend frequency : Monthly, subject to availability of distributable surplusNAV (Rs.):Growth (A)10.8531 (B)10.8593Dividend (A)10.4532 (B)10.4898Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash/Derivatives Option) : 66.68% / 29.44% / 3.95% / -0.07%Fund manager’s comment:Cash-future spreads remained attractive with the positive sentiment in equity markets. The fund was able to successfully roll-over its futures positions related to arbitrage. The fund also had positions in open offers.



Fund performance

Past performance may or may not be sustained in future.Benchmark : Crisil Liquid Fund Index

under the IDFC-APF-Growth as of 31 July 2009

IDFC-APF - Growth Crisil Liquid Fund Index

3 Month (Absolute) 6 Month (Absolute) Since Inception (CAGR)Last 1 Year (CAGR)

1.04%

1.99%

7.43%7.78%

2.85%

0.79%

7.88% 7.80%

8

IDFC Small & Midcap Equity (SME) Fund(IDFC - SMEF)A Close Ended Equity Scheme with automatic conversion into an Open Ended Equity Scheme,on completion of 36 months.


Asset Allocation

Marketvalue in % of

Name Lac (Rs.) NAV

Bajaj Auto Ltd. 481.82 1.88

Federal Bank Ltd. 1075.28 4.19Allahabad Bank 658.13 2.56Indusind Bank Ltd. 545.31 2.12

Shree Cement Ltd. 1423.89 5.54UltraTech Cement Ltd. 1121.87 4.37

Indiabulls Real Estate Ltd. 642.60 2.50IVRCL Infrastructures & Projects Ltd. 633.60 2.47Simplex Infrastrutcure Ltd. 474.50 1.85

United Spirits Ltd. 1236.79 4.81Nestle India Ltd. 1030.28 4.01Colgate-Palmolive (India) Ltd. 997.05 3.88Shree Renuka Sugars Ltd. 834.75 3.25Lakshmi Energy And Foods Ltd. 763.59 2.97GlaxoSmithkline Consumer Healthcare Ltd. 536.78 2.09

Engineers India Ltd. 951.53 3.70


Rural Electrification Corp Ltd. 1809.50 7.04Shriram Transport Finance Co Ltd. 455.55 1.77

Mcnally Bharat Engineering Co. Ltd. 932.83 3.63AIA Engineering Ltd. 660.15 2.57

Astral Poly Technik Ltd. 299.89 1.17

CESC Ltd. 333.95 1.30

Mphasis Ltd. 1629.23 6.34Oracle Financial Serv Software Ltd. 673.60 2.62Satyam Computers Ltd. 610.65 2.38Sasken Communication Technologies 314.00 1.22

Mundra Port & Special Eco Zone Ltd. 1247.27 4.86

Grand Total 25688.12 100.00






Engineering Total 951.53 3.70




Industrial Products Total 299.89 1.17



Transportation Total 1247.27 4.86Others Total 986.35 3.84Money Market Instruments Total 439.38 1.71Net Current Asset 724.98 2.82

Fund features

Fund performance

Nature : EquityFund Size : Rs. 256.88 CroreFund Manager : Kenneth AndradeInvestment objective : The investment objective of the Scheme is to seek to generate capital appreciation from a diversified portfolio of equity and equity related instruments.The Scheme will predominantly invest in small and midcap equity and equity related instruments. Small and Midcap equity and equity related instruments will be the stocks included in the CNX Midcap index or equity and equity related instruments of such companies which have a market capitalization lower than the highest components of CNX Midcap Index. The Scheme may also invest in stock other than mid cap stocks (i.e. in stocks, which have a market capitalisation of above the market capitalisation range of the defined small midcap stocks) and derivatives. On defensive consideration, the Scheme may also invest in debt and money market instruments. However there is no assurance that the investment objective of the scheme will be realized.Entry Load: NilExit load: To give liquidity to investors, repurchase facility is available on a half yearly basis on specified repurchase dates after the completion of the first two calendar half years from the date of allotment. The repurchase date(S) at the applicable NAV in the scheme are June 30,2009, Dec.31,2009, June 30,2010, Dec. 31, 2010 & March 7, 2011 (maturity date ). No load shall be charged at the time of exit, however in case of an investor exiting the scheme before amortisation is completed, the AMC shall redeem the units only after recovering the balance proportionate unamortised issue expenses, in accordance with SEBI Regulation. Please read the SID for further details.Options available: Growth, DividendMinimum investment amount : Rs. 5,000 Additional investment amount : Re.1Inception Date: 7 March 2008Statistical Measures : Standard deviation 4.14%Dividends frequency : NANAV (Rs.):Growth 12.0302Dividend 12.0305Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) : 95.47% / 1.71% / 2.82%Fund manager’s commentThe fund philosophy is to capture the potential of the small and mid - cap companies in the country. The underlying companies in the portfolio are growth oriented though the fund seeks to optimize valuations in this space.

Past performance may or may not be sustained in future.Benchmark : CNX Midcap

under the IDFC-SMEF-Growth as of 200929 July

IDFC-SMEF - Growth CNX Midcap


Portfolio as of 29 2009 July

3 Month (Absolute) 6 Month (Absolute)

Since Inception (CAGR)

Last 1 Year CAGR

21.96%

12.56%

9.91%8.87%8.82%

6.82%6.20%

4.86%4.53%3.70%

1.88%1.30%1.16%0.97%0.76%1.17%

Con

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33.77%

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71.45%

42.93%

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5.23%

51.65%

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9

IDFC Strategic Sector (50-50) Equity FundIDFC-SS (50-50)-EFA Open Ended Equity Fund Data as of 31 July 2009

Asset Allocation

Marketvalue in % of

Name Lac (Rs.) NAV

Sector - Energy Total 1529.76 45.23

Energy Total 1529.76 45.23Diversified Total 1532.94 45.33

Automobile Total 155.59 4.60


Consumer Goods Total 112.14 3.32

Financial Services Total 590.43 17.46

Industrial Manufacturing Total 78.06 2.31

Information Technology Total 291.44 8.62

Telecom Total 217.91 6.44Net Current Asset 319.25 9.44

Gas Authority Of India Ltd. 282.16 8.34Oil & Natural Gas Corpn Ltd. 279.37 8.26Bharat Petroleum Corporation Ltd. 218.04 6.45Indian Oil Corporation Ltd. 191.59 5.67NTPC Ltd. 161.70 4.78Hindustan Petroleum Corporation Ltd. 136.91 4.05Reliance Industries Ltd. 97.77 2.89Tata Power Company Ltd. 91.09 2.69Reliance Infrastructure Ltd. 71.13 2.10

Maruti Suzuki India Ltd. 155.59 4.60

Larsen & Toubro Ltd. 87.37 2.58

ITC Ltd. 112.14 3.32

ICICI Bank Ltd. 121.36 3.59State Bank of India 108.70 3.21Housing Development Finance Corporation Ltd. 92.57 2.74Axis Bank Ltd. 90.85 2.69HDFC Bank Ltd. 89.95 2.66Bank of Baroda 87.00 2.57


Infosys Technologies Ltd. 173.67 5.14Satyam Computer Services Ltd. 117.77 3.48

Bharti Airtel Ltd. 143.63 4.25Idea Cellular Ltd. 74.28 2.20

Grand Total 3381.95 100.00

Fund features

Fund performance

Nature : EquityFund Size: Rs. 33.82 CroreFund Manager : Kenneth AndradeInvestment objective : The investment objective of the scheme is to seek to generate long-term capital appreciation by investing in Equity and Equity related instruments.The investment objective of the fund shall be achieved by investing up to fifty percent of the assets of the scheme in a chosen sector (sector specific exposure) while the balance amount may be invested in companies across market capitalizations and across sectors (diversified exposure). The scheme may also invest in debt and money market instruments.There is no assurance or guarantee that the objectives of the scheme will be realized and the scheme does not assure or guarantee any returns.Ideal investment horizon : 3 years or moreEntry Load: (Plan A & Plan B) : Nil (w.e.f. August 01, 2009)Exit Load: (Plan A & Plan B) : For Redemption / Switch Out for purchase of Rs. 5 Crores or more - Nil, In case of purchases of less than Rs. 5 crores if redeemed within 3 year from the date of purchases applying First in First Out basis, (including purchases made through SIP/STP)-1.00%, By a FOF (irrespective of the amount of Redemption) - Nil.No Entry / Exit Loads / CDSC will be chargeable in case of switches made between different options of the Scheme.Options available: Growth, Dividend. Reinvestment facility is available under the Dividend Option.Minimum investment amount (Plan A & Plan B): Rs. 5,000 Additional investment amount : Re.1Inception Date: 3 October 2008Statistical Measures : Beta 0.84R Square 0.95Standard deviation 9.43%Dividend frequency : NANAV (Rs.):Growth (A)12.0294 (B) 13.1801Dividend (A)11.9028 (B) 13.1836Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) : 90.56% / NA / 9.44%Fund manager’s comment :The fund is built around allocating 50% of its invested portfolio to one sector. Till date the Oil & Gas sector was currently the dominant part of the portfolio, which we have broadened this month to capture the entire energy vertical. The sector offers a diversified opportunity to participate with the growth of the business across exploration – refining and marketing of petroleum products in the country. The new additions which essentially have been power generators and Utilities have been added to the portfolio of companies. These companies address an emerging country basic need of energy.

We believe that the sector which is the largest in terms of market capitalization would be the mainstay of the economy for all of 2009. The Strategic Sector Fund is positioned to be a more aggressive fund with a concentration risk. The portfolio would be in stocks which are industry leaders.

Past performance may or may not be sustained in future.Benchmark : S & P CNX Nifty

under the IDFC Strategic Sector (50-50) Equity Fund-Growth as of 31 July 2009

IDFC Strategic Sector (50-50) Equity Fund Growth S & P CNX Nifty



3 Month (Absolute) Since Inception (Absolute)6 Month (Absolute)

20.29%

45.94%

23.58% 21.43%

33.46%

61.28% 45.23%

17.46%

8.62%6.44%

4.60%3.32%2.58%2.31%

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10

IDFC Tax Advantage (ELSS) FundIDFC TA (ELSS) FundAn open ended Equity Linked Saving Scheme with lock in period of 3 years. Data as of 31 July 2009

Asset Allocation

Marketvalue in % of

Name Lac (Rs.) NAV

Hero Honda Motors Ltd. 19.26 2.87Bajaj Auto Ltd. 18.33 2.73

Allahabad Bank 35.40 5.28ICICI Bank Ltd. 34.13 5.09Corporation Bank 31.20 4.65Indian Bank 28.76 4.29State Bank of India 13.59 2.03Bank of Baroda 8.70 1.30

Birla Corporation Ltd. 7.72 1.15

Unitech Ltd. 22.53 3.36Gayatri Projects Ltd. 19.21 2.86Housing Development & Infra. Ltd 16.62 2.48

United Spirits Ltd. 25.45 3.79Emami Ltd. 21.01 3.13


Allied Digital Services Ltd. 28.42 4.24

Bharat Heavy Electricals Ltd. 24.53 3.66Voltamp Transformers Ltd. 11.79 1.76

Sun TV Network Ltd. 16.13 2.40Jagran Prakashan Ltd. 13.99 2.09



Reliance Industries Ltd. 48.89 7.29

Reliance Infrastructure Ltd. 12.06 1.80

Infosys Technologies Ltd. 25.80 3.85Wipro Ltd. 14.70 2.19

Bharti Airtel Ltd. 20.51 3.06Reliance Communications Ltd 11.03 1.64

Grand Total 670.84 100.00






Gas Total 16.60 2.47

Hardware Total 28.42 4.24




Oil Total 23.28 3.47




Telecom - Services Total 31.54 4.70Others Total 6.49 0.97Net Current Asset 68.93 10.28

Fund features

Fund performance

Nature : EquityFund Size : Rs. 6.71 CroreFund Manager : Kenneth Andrade. w.e.f. 21 July, 2009 Investment objective : The investment objective of the Scheme is to seek to generate long term capital growth from a diversified portfolio of predominantly equity and equity related securities.There can be no assurance that the investment objective of the scheme will be realised.Investment style : The Scheme will invest in well- managed growth companies that are available at reasonable value. Companies would be identified through a systematic process of forecasting earnings based on a deep understanding of the industry growth potential and interaction with company management .Entry load : Nil (w.e.f. August 01, 2009)Exit load : Purchases of Rs. 5 Crores or more (including by way of SIP/STP)-Nil, In case of purchase of less than Rs. 5 Crores if redeemed within 3 years from the date of Purchase(s) applying First in First out basis (including Purchases made through SIP/STP) - 1.00%. There will be no exit load for investment made by FOF schemes irrespective of amount of redemption / switch outs. No Entry / Exit Loads / CDSC will be chargeable in case of switches made between different options of the Scheme.Options available: Growth, Dividend. Reinvestment facility is available under the Dividend Option.Minimum investment amount : Rs. 500Additional investment amount : Rs. 500SIP (minimum amount) : Rs. 500Inception Date: 26 December 2008Statistical Measures : Beta 0.67R Square 0.92Standard deviation 9.46%Dividends frequency : NANAV (Rs.):Growth 14.3345Dividend 14.3387Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) : 89.73% / NA / 10.27%Fund manager’s comment :The focus is to invest in long term growth stocks at reasonable price. The portfolio is an diverse mix of companies across sectors and is agnostic to capitalization bias. Given the plethora of opportunities which is there in domestic economy, the fund seeks to invest in companies with strong track record of execution, high operating leverage and reasonable valuations. At the same time, our endeavor would be to guard against complacency regarding hope of economic recovery (both domestic as well as international). Monsoons, so far, have been erratic and it is a wild card which could stifle initial recovery efforts.


under the IDFC TA (ELSS) - Growth as of 200931 July Data as of 31 July 2009

Portfolio as of 31 2009 July

IDFC-TA(ELSS) - Growth BSE200

Since Inception absolute 3 Month (Absolute) 6 Month (Absolute)

22.63%

8.70%7.29%6.92%

6.04%5.60%5.42%4.70%4.49%4.24%3.84%3.47%1.80%

1.15%0.97%

2.47%

Bank

s

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Petr

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Ente

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Har

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Non

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Oil

Gas

Pow

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Cem

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Phar

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43.35%44.17%

26.61%

71.14%

42.58%

72.50%

11

Asset Allocation

Marketvalue in % of

Name Lac (Rs.) NAV

Shree Renuka Sugars Ltd 289.00 5.64

United Phosphorus Ltd. 197.11 3.85

Hero Honda Motors Ltd. 84.39 1.65

Shree Cement Ltd. 146.60 2.86


Engineers India Ltd 90.60 1.77


Bank Of Baroda 267.06 5.21ICICI Bank Ltd. 227.55 4.44Indian Bank 218.80 4.27Axis Bank Ltd. 135.19 2.64State Bank Of India 105.17 2.05

Unitech Ltd. 187.06 3.65Indiabulls Real Estate Ltd. 172.41 3.37


Sun Tv Network Ltd. 114.26 2.23Jagran Prakashan Ltd. 69.80 1.36

Reliance Industries Ltd. 294.19 5.74Indian Oil Corporation Ltd. 122.23 2.39Hindustan Petroleum Corporation Ltd. 104.78 2.05

Cipla Ltd. 60.27 1.18

Tata Power Co. Ltd. 130.14 2.54NTPC Ltd. 104.51 2.04

Satyam Computers Ltd. 231.28 4.52Infosys Technologies Ltd. 158.95 3.10Everonn Systems India Ltd. 101.71 1.99Educomp Solutions Ltd. 67.30 1.31

Idea Cellular Ltd. 256.59 5.01Bharti Airtel Ltd. 173.68 3.39

Grand Total 5121.29 100.00

Broad Classification % Nav Agriculture Total 9.49Industry Total 11.78Services Total 66.51Cash 12.22Total 100.00


Pesticides Total 197.11 3.85




Engineering Total 90.60 1.77




Gas Total 103.25 2.02






Telecom - Services Total 430.26 8.40Others Total 33.30 0.65Money Market Instrument Total 195.32 3.81Net Current Asset 397.32 7.76


IDFC India GDP Growth Fund(IDFC - IGGF)An Open Ended Equity Scheme

Fund features

Fund performance

Nature : EquityFund Size : Rs. 51.21 CroreFund Manager : Ajay BodkeInvestment objective : The investment objective of the scheme is to seek to generate long-term capital appreciation by investing in Equity and Equity related instruments. The scheme aims to capture the growth in India's Gross Domestic Product (GDP). The scheme would endeavour to represent the growth in GDP by capturing the growth in the constituents of the GDP. The scheme may also invest in debt and money market instruments.There is no assurance or guarantee that the objectives of the scheme will be realized and the scheme does not assure or guarantee any returns.Investment style : The Scheme will invest in well- managed growth companies that are available at reasonable value. Companies would be identified through a systematic process of forecasting earnings based on a deep understanding of the industry growth potential and interaction with company management.Entry Load : Nil

Options available: Growth, Dividend. Reinvestment facility is also available under the dividend option.Minimum investment amount : Rs. 5000Additional investment amount : Re.1Inception Date: 11 March 2009Statistical Measures : Beta 0.32R Square 0.72Standard deviation 5.45%Dividends frequency : NANAV (Rs.):Growth 13.1635Dividend 13.1616Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) :88.43% / 3.81% / 7.76%

Exit load: In case of purchases of Rs. 5 Crores or more (including by way of SIP/STP)-Nil, In case of purchase of less than Rs. 5 Crores if redeemed within 3 years from the date of Purchase(s) applying First In First Out basis (including Purchases made through SIP/STP) - 1.00%. There will be no exit load for investment made by FOF schemes irrespective of amount of redemption / switch outs. No Exit Loads / CDSC will be chargeable in case of switches made between different options of the Scheme.


under the IDFC-IGGF- Growth as of 200931 July Data as of 31 July 2009


IDFC-IGGF - Growth BSE500


3 Month (Absolute) Since Inception (Absolute)


18.62%

10.92%10.18%

8.40%

7.02%5.64%

4.58%3.85%3.59%2.86%2.77%2.72%

1.83%1.77%1.65%2.02%

Bank

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Petr

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Goo

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Gas

Phar

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Engi

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Aut

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23.23%

31.63%

95.71%

43.47%

12

IDFC Super Saver Income Fund - Investment Plan(IDFC - SSIF-IP)An Open - Ended Income Fund



% of Name Rating NAV

CBLO 9.71

Power Finance Corporation Ltd. AAA 13.02Rural Electrification Corp Ltd. AAA 11.68Export Import Bank Of India AAA 6.80Indian Railway Finance Corpn. Ltd. AAA 6.51

6.90% GOI MD 13-07-2019 SOV 30.176.49% GOI MD 08-06-2015 SOV 16.587.50% GOI MD 10-08-2034 SOV 4.997.40% GOI MD 09-09-2035 SOV 1.23

Grand Total 100.00

CBLO Total 9.71

Non Convertible Debentures Total 38.01

Govt Securities(GSE) Total 52.97Net Current Asset -0.70

Fund features

Nature : DebtFund Size : Rs. 385.07 CroreFund manager : Arjun ParthasarthyInvestment objective : Seek to generate stable returns by creating a portfolio that is invested in good quality fixed income and money market securities. However there is no assurance that the investment objective of the scheme will be realized.Investment Style: The Scheme seeks to invest in a mix of government securities and highly rated corporate bonds and aims to generate stable long-term returns through mix of accrual income and capital appreciation.Ideal investment horizon : 1 year or moreEntry load : NilExit load : IDFC-SSIF-IP - Plan A : 1.25% of NAV on investors who purchase/switch in and seek to redeem/switch out such units (of amount less than or equal to Rs. 1 Crore) within 1 Year such from the date of effecting such purchase/switch in Plan A (Regular Plan). Investors opting for PEP / Dividend reinvestment option / SWP or switch between options will not be levied an exit load. No exit load shall be applicable in case of purchases / switch ins of amounts greater than Rs. 1 Crore whether redeemed partly or fully. (w.e.f. July 6, 2009)IDFC-SSIF-IP - Plan B : NilIDFC-SSIF-IP - Plan C : Nil (w.e.f. July 6, 2009)Options available : Growth, Dividend. Reinvestment facility is available under the Dividend option.Minimum investment amount : Rs. 5,000 and in multiples of Re. 1 in Plan A (Regular Plan), Rs. 25 Lakh and in multiples of Re. 1 in Plan B (Institutional Plan)(w.e.f. July 6, 2009), Rs. 5 Crores and in multiples of Re. 1 in Plan C. (w.e.f. July 6, 2009)Additional investment amount : Re.1SIP (minimum amount) : in Plan A Rs. 1,000Inception date : 14 July 2000Statistical Measures : Standard deviation 1.67%Modified Duration 5.49 YearsDividend frequency : Quarterly, Half Yearly, AnnuallyLast 3 dividends :Date Nav Freq. Others I & HIDFC-SSIF-IP-Plan A30-Sep-08 10.2178 Quarterly 0.2038 0.21930-Mar-09 10.4462 Quarterly 0.3669 0.394230-Jun-09 10.4659 Quarterly 0.3669 0.394230-Sep-08 10.3256 Half Yearly 0.4076 0.43830-Mar-09 10.6717 Half Yearly 0.5462 0.586930-Mar-09 10.9413 Annual 0.7663 0.8234IDFC-SSIF-IP-Plan B30-Jun-09 10.2589 0.1223 0.1314IDFC-SSIF-IP-Plan C30-Jun-09 10.1243 0.0408 0.0438NAV (Rs.):Plan A Dividend Quarterly 10.4459Plan A Growth 21.9168Plan A Dividend Annual 11.4115Plan A Dividend Half Yearly 11.1303Plan B Growth 10.5238Plan B Dividend 10.2442Plan C Growth 10.1581Plan C Dividend 10.1078Face Value (Rs. / unit): 10Fund manager's comment:The fund is invested in a mix of government bonds and high quality corporate bonds. The fund will actively monitor the dynamic interest rate and credit spread environment to optimize performance.Benchmark : Crisil Composite Bond Fund Index (CCBFI)

Asset Allocation

Fund performance IDFC-SSIF-IP Growth as of 31 July 2009


Past performance may or may not be sustained in future.

1 Govt. Securities (GSE) 52.97%

2 Net Current Asset -0.70%

3 Non Convertible Debentures 38.01%

4 CBLO 9.71%

1

2

CAGR Last 1 Year

CAGR Last 2 Years

CAGR Last 3 Years

CAGR Last 5 Years

CAGR SinceAllotment

14/07/2000IDFC-SSIF-IP - Growth CCBFI


3

4

Rating & Rankings

ICRA Rating


11.25% 10.45%

7.28%9.06%

16.50%

5.50%6.77%

11.59%

6.93%

13


IDFC Dynamic Bond Fund(IDFC - DBF)An Open - Ended Income Fund



CBLO 15.66

Rural Electrification Corp Ltd. AAA 6.51Shriram Transport Finance Co Ltd. AA(IND) 6.51Power Finance Corporation Ltd. AAA 4.01Indian Railway Finance Corpn. Ltd. AAA 3.92

6.90% GOI MD 13-07-2019 SOV 33.636.49% GOI MD 08-06-2015 SOV 15.358.20% GOI MD 15-02-2022 SOV 6.907.50% GOI MD 10-08-2034 SOV 6.267.94% GOI MD 24-05-2021 SOV 1.36

Grand Total 100.00

CBLO Total 15.66


Govt Securities(GSE) Total 63.49Net Current Asset -0.10

Fund features

Nature : DebtFund Size : Rs. 383.91 CroreFund manager : Arjun ParthasarthyInvestment objective : Seek to generate optimal returns with high liquidity by active management of the portfolio; by investing in high quality money market & debt instruments. However there is no assurance that the investment objective of the scheme will be realized.Investment Style: The Scheme seeks to invest in a mix of government securities and highly rated corporate bonds and seeks to generate returns by actively managing the interest rate volatility.Ideal investment horizon : 1 year or moreEntry load : NilExit load : IDFC-DBF - Plan A: 1.00% of NAV on investors who purchase/switch in and seek to redeem/switch out such units (of amount less than or equal to 10 Lakhs) within 1 Year from the date of effecting such purchase/switch in Plan A (Regular Plan). Investors opting for PEP / Dividend reinvestment option / SWP or switch between options will not be levied an exit load. No exit load shall be applicable in case of purchases / switch ins of amounts greater than Rs. 10 lakhs whether redeemed partly or fully.IDFC-DBF - Plan B : NilOptions available : Growth, Dividend. Reinvestment facility is available under the Dividend option.Minimum investment amount : Rs. 5,000 and in multiples of Re. 1 in Plan A (Regular Plan), Rs. 25 Lakh and in multiples of Re. 1 in plan B (Institutional Plan). (w.e.f. July 6, 2009)Additional investment amount : Re.1SIP (minimum amount) : in Plan A Rs. 1,000Inception date : 25 June 2002Statistical Measures : Standard deviation 1.81%Modified Duration 5.23 YearsDividend frequency : Quarterly & AnnuallyLast 3 dividends :Date Nav Freq. Others I & HIDFC- DBF - Plan A31-Dec-08 12.0332 Quarterly 0.2853 0.306630-Mar-09 10.5857 Quarterly 0.4158 0.446730-Jun-09 10.5502 Quarterly 0.4158 0.446730-Mar-09 11.1462 Annual 0.8560 0.9197IDFC- DBF - Plan B6-Jul-09 10.2050 0.2853 0.3066NAV (Rs.):Plan A Growth 18.0711Plan A Dividend Annual 11.6140Plan A Dividend Quarterly 10.5214Plan B Growth 10.5466Plan B Dividend 10.1580Face Value (Rs. / unit): 10Fund manager's comment :The fund has deployed cash into the market at higher levels of yields. The fund will actively monitor the dynamic interest rate and credit spread environment to optimize performance. Benchmark : Crisil Composite Bond Fund Index (CCBFI)

Asset Allocation

Fund performance IDFC-DBF Growth as of 31 July 2009




2 Government Securities 63.49%

3 CBLO 15.66%

4 Net Current Asset -0.10%1

2

CAGR Last 1 Year

CAGR Last 2 Years

CAGR Last 3 Years

CAGR Last 5 Years

CAGR Since Allotment

25/06/2002IDFC-DBF - Growth CCBFI


Rating & Rankings

ICRA Rating Value Research Rating


34

12.86%11.83%

8.41%

18.39%

8.69%

6.10%6.93%

11.59%

6.77%5.50%

14


IDFC Super Saver Income Fund - Medium Term(IDFC-SSIF-MT)An Open - Ended Income Fund

1 CBLO 27.42%

2 Govt. Securities 20.90%


4 Certificate of Deposit 31.45%




CBLO 27.42

UCO Bank P1+ 10.99Allahabad Bank P1+ 10.26Oriental Bank of Commerce P1+ 10.20

Indian Railway Finance Corpn. Ltd. AAA 10.34Rural Electrification Corp Ltd AAA 10.30

7.94% GOI 2021 MD 24-05-2021 SOV 10.776.49% GOI 2015 MD 08-06-2015 SOV 10.13

Grand Total 100.00

CBLO Total 27.42

Certificate Of Deposit Total 31.45


Govt Securities (GSE) Total 20.90Net Current Asset -0.41

Fund features

Nature : DebtFund Size : Rs. 48.51 CroreFund manager : Anupam JoshiInvestment objective : Seek to generate stable returns with a low risk strategy by investing in good quality fixed income securities and money market securities. However there is no assurance that the investment objective of the scheme will be realized.Investment Style: The Scheme seeks to invest in a mix of government securities and highly rated corporate bonds and aims to generate stable long-term returns through mix of accrual income and capital appreciation.Ideal investment horizon : 6 months or moreEntry load : NilExit load : IDFC-SSIF-MT - Plan A: 0.50% of NAV shall be the exit load payable by investors who purchase / switch in and seek to redeem / switch out such units (of amount less than or equal to 1 Crore) within 6 months from the date of effecting such purchase / switch in. Investors opting for PEP / Dividend reinvestment option / SWP or switch between options will not be levied an exit load. No exit load shall be applicable in case of purchase / switch ins of amounts greater than Rs. 1 Crore whether redeemed partly or fully.IDFC-SSIF-MT - Plan B: NilOptions available : Growth, Dividend. Reinvestment facility is available under the Dividend option.Minimum investment amount : Rs. 5,000 and in multiples of Re. 1 in Plan A (Regular Plan), Rs. 25 Lakh and in multiples of Re. 1 in Plan B (Institutional Plan). (w.e.f. July 6, 2009)Additional investment amount : Re.1SIP (minimum amount) : in Plan A Rs. 1,000Inception date : 8 July 2003Statistical Measures : Standard deviation 1.25%Modified Duration 2.67 YearsDividend frequency : Bi-monthly, Monthly, Fortnightly & DailyLast 3 dividends :Date Nav Freq. Others I & HIDFC- SSIF-MT Plan A28-Jul-09 10.0000 Daily 0.00089560 0.0009626916-Jul-09 10.0000 Daily 0.00732229 0.007867253-Jul-09 10.0230 Daily 0.00122533 0.0013166029-May-09 10.3489 Bimonthly 0.1223 0.13143-Jul-09 10.0533 Fortnightly 0.0734 0.078831-Jul-09 10.1544 Monthly 0.0062 0.0067NAV (Rs.):Plan A Growth 14.7104Plan A Dividend Bi-Monthly 10.5412Plan A Dividend Fortnightly 10.0101Plan A Dividend Monthly 10.1544Plan A Dividend Daily 9.9699Plan B Growth 9.9714Plan B Dividend 10.4044Face Value (Rs. / unit): 10Fund manager's commentThe fund is invested in a mix of medium tenor corporate bonds and government bonds with weights allocated to certificate of deposits to temper duration. The fund will aim to maintain an average maturity between three to four years.Benchmark : CRISIL Short-Term Bond Fund Index (CSTBFI)

Asset Allocation

Fund performance IDFC-SSIF-MT - Growth as of 31 July 2009



1

32

4

5

CAGR Last 1 Year

CAGR Last 2 Years

CAGR Last 3 Years

CAGR Last 5 Years


08/07/2003IDFC-SSIF-MT - Growth CSTBFI


9.18% 8.88%

6.91%

13.18%

6.57%

8.59%

11.46%

8.19%6.73% 6.25%

15


IDFC Super Saver Income Fund - Short Term(IDFC-SSIF-ST)An Open - ended Income Fund



CBLO 1.41

State Bank Of Patiala A1+ 6.80State Bank of Hyderabad A1+ 6.80State Bank Of Mysore A1+ 6.79State Bank Of Bikaner & Jaipur P1+ 6.78Syndicate Bank Ltd. PR1+ 4.74Punjab National Bank PR1+ 3.40IDBI Bank Ltd P1+ 3.38Oriental Bank of Commerce P1+ 1.71ING Vysya Bank Ltd. P1+ 1.69Central Bank of India A1+ 1.68

Rural Electrification Corp Ltd P1+ 1.69

Power Finance Corporation Ltd. AAA 11.10Rural Electrification Corp Ltd. AAA 10.63Indian Railway Finance Corpn. Ltd. AAA 9.29Export Import Bank Of India AAA 6.99L&T Finance Ltd. CAREAA+ 1.77Shriram Transport Finance Co Ltd. AA(IND) 1.76NABARD AAA 1.49Larsen & Toubro Ltd. AAA 0.73LIC Housing Finance Ltd. AAA 0.36

6.49% GOI 2013 MD 08-06-2015 SOV 2.086.07% GOI 2014 MD 15-05-2014 SOV 1.72

Grand Total 100.00

CBLO Total 1.41


Commercial Paper Total 1.69


Govt Securities(GSE) Total 3.79Net Current Asset 5.22

Fund features

Asset Allocation

Fund performance IDFC-SSIF-ST Growth as of 31 July 2009



1

2345

6

CAGR Last 1 Year

CAGR Last 2 Years

CAGR Last 3 Years

CAGR Last 5 Years


14/12/2000IDFC-SSIF-ST - Growth CSTBFI


1 44.12%

2 Net Current Asset 5.22%

3 Commercial Paper 1.69%

4 CBLO 1.41%

5 Govt. Securities 3.79%


Non Convertible Debentures

Rating & Rankings

ICRA Rating


Nature : DebtFund Size : Rs. 1418.03 CroreFund manager : Anupam JoshiInvestment objective : Seek to generate stable returns with a low risk strategy by investing in good quality fixed income securities and money market securities. However there is no assurance that the investment objective of the scheme will be realized.Investment Style: The Scheme seeks to invest in a mix of government securities and highly rated corporate bonds and aims to generate stable long-term returns through mix of accrual income and capital appreciation.Ideal investment horizon : 3 months or moreEntry load : NilExit load : IDFC- SSIF- ST Plan A : 0.50% of NAV shall be the exit load payable by investors who purchase/switch in and seek to redeem/switch out such units (of amount less than or equal to 1 Crore) within 6 months from the date of effecting such purchase/switch in. Investors opting for PEP / Dividend reinvestment option / SWP or switch between options will not be levied an exit load. No exit load shall be applicable in case of purchase / switch ins of amounts greater than Rs. 1 Crore whether redeemed partly or fully. (w.e.f. July 6, 2009)IDFC- SSIF- ST Plan B : NilIDFC- SSIF- ST Plan C : Nil (w.e.f. July 6, 2009)IDFC- SSIF- ST Plan D : NilOptions available : Growth, DividendMinimum investment amount : Rs. 5,000 and in multiples of Re. 1 in Plan A (Regular Plan), Rs. 25 Lakh and in multiples of Re. 1 in Plan B (Institutional Plan), Rs. 5 Crores and in multiples Re. 1 in Plan C , Rs. 5000 and in multiples of Re. 1 in Plan D (MF Plan). (w.e.f. July 6, 2009)Additional investment amount : Re.1SIP (minimum amount) : in Plan A Rs. 1,000Inception date : 14 December 2000Statistical Measures : Standard deviation 0.77%Modified Duration 1.79 YearsDividend frequency : Monthly, Fortnightly Last 3 dividends :Date Nav Freq. Others I & HIDFC- SSIF-ST Plan A17-Jul-09 10.0546 Fortnightly 0.0103 0.01103-Jul-09 10.0546 Fortnightly 0.0408 0.043831-Jul-09 10.0654 Monthly 0.0186 0.0200IDFC- SSIF-ST Plan B17-Jul-09 10.0550 Fortnightly 0.0102 0.01093-Jul-09 10.0550 Fortnightly 0.0408 0.043831-Jul-09 10.0655 Monthly 0.0186 0.0200IDFC-SSIF-ST Plan C17-Jul-09 10.0546 Fortnightly 0.0103 0.01103-Jul-09 10.0546 Fortnightly 0.0408 0.043831-Jul-09 10.0656 Monthly 0.0190 0.0204IDFC-SSIF-ST Plan D17-Jul-09 10.0567 Fortnightly 0.0120 0.01293-Jul-09 10.0567 Fortnightly 0.0408 0.043831-Jul-09 10.0706 Monthly 0.0224 0.0241NAV (Rs.) :Plan A Growth 18.6607Plan A Dividend Monthly 10.0654Plan A Dividend Fortnightly 10.0425Plan B Growth 10.3449Plan B Dividend Monthly 10.0655Plan B Dividend Fortnightly 10.0430Plan C Growth 10.4207Plan C Dividend Monthly 10.0656Plan C Dividend Fortnightly 10.0425Plan D Growth 11.9365Plan D Dividend Monthly 10.0706Plan D Dividend Fortnightly 10.0467Face Value (Rs. / unit): 10Fund manager's commentThe fund is invested in a mix of certificate of deposits and short duration corporate bonds to optimize performance. The fund is well positioned to take advantage of the current interest rate scenario. Benchmark : CRISIL Short-Term Bond Fund Index (CSTBFI)

9.59% 9.44%

7.65%

14.03%

7.49%8.59%

11.46%

8.19%6.73%

16

IDFC Cash Fund(IDFC-CF)An Open - Ended Liquid Fund



% of Name Rating NAVCBLO 5.87

Corporation Bank P1+ 8.38Oriental Bank of Commerce P1+ 7.58United Bank Of India Ltd. A1+ 7.55Punjab National Bank PR1+ 6.30Barclays Bank Plc P1+ 4.12Bank of India P1+ 3.71Indian Bank F1+(IND) 3.44State Bank of Hyderabad A1+ 2.86Kotak Mahindra Bank Ltd. P1+ 2.76State Bank Of Travancore P1+ 2.60State Bank Of Bikaner & Jaipur P1+ 2.16Allahabad Bank A1+ 2.07Canara Bank P1+ 2.07Bank of Maharashtra. P1+ 2.06ICICI Bank Ltd. A1+ 1.65Allahabad Bank P1+ 1.61IDBI Bank Ltd P1+ 1.52Karur Vysya Bank Ltd. F1+(IND) 1.38Vijaya Bank P1+ 1.38UCO Bank P1+ 1.37Punjab National Bank A1+ 1.24Bank of Baroda A1+ 1.10Jammu & Kashmir Bank Limited P1+ 0.96State Bank Of Patiala P1+ 0.82Union Bank of India A1+ 0.69NABARD P1+ 0.67State Bank Of Indore P1+ 0.67National Housing Bank A1+ 0.67Export Import Bank Of India P1+ 0.28

Power Finance Corporation Ltd. P1+ 4.94Rural Electrification Corp Ltd. P1+ 3.45Housing Development Finance Cor Ltd P1+ 3.43L&T Finance Ltd. PR1+ 0.69Morgan Stanley (I) Capital Pvt Ltd. F1+(IND) 0.69Housing Development Finance Cor Ltd A1+ 0.14

Housing Development Finance Cor Ltd AAA 1.24

Nuclear Power Corpn. Of India Ltd. AAA 0.62

Loan Securitisation Trust 59 A1+(SO) 2.77PSE Loan Trust Sr 1 A1+(SO) 0.06

Citicorp Finance India Ltd. AAA 0.80Citifinancial Consumer Finance India Ltd. AAA 0.60

91 Days Tbill 21-08-2009 SOV 1.16

Grand Total 100.00

CBLO Total 5.87



Floating Rate Note Total 1.24


Pass Through Certificates Total 2.83

Pass Through Certificates (ZCB) Total 1.40

Treasury Bills Total 1.16Net Current Asset -0.11

Fund features

Nature : Liquid FundFund Size : Rs. 3621.56 CroreFund manager : Anupam JoshiInvestment objective : IDFC-CF is an open-ended liquid fund with an objective to generate optimal returns with high liquidity by investing in high quality money market and debt instruments. However there is no assurance that the investment objective of the scheme will be realized.Investment Style: The Scheme aims to invest in a highly quality money market instruments with high liquidity and seeks to generate accrual income with low volatility.Ideal investment horizon : 1 day or moreEntry load : NilExit load : NilOptions available : Growth & Dividend. Reinvestment facility is available under the Dividend option.Minimum investment amount : Rs. 5,000 and in multiples of Re. 1 in Plan A (Regular Plan), Rs. 1 Crore and in multiples of Re. 1 in Plan B (Institutional Plan), Rs. 5 Crores and in multiples Re. 1 in Plan C (Super Institutional Plan).Additional investment amount : Re.1SIP (minimum amount) : NAInception date : 2 July 2001Statistical Measures : Standard deviation 0.11%Modified Duration 0.11 YearsDividend frequency : Daily, Weekly with compulsory re-investment, Periodic (in Plan B only) and Monthly (in Plan C only)Last 3 dividends :Date Nav Freq. Others I & HIDFC- CF Plan A31-Jul-09 10.5819 Daily 0.00089895 0.0008989530-Jul-09 10.5819 Daily 0.00094962 0.0009496229-Jul-09 10.5819 Daily 0.00100443 0.0010044331-Jul-09 10.0101 Weekly 0.0064 0.006424-Jul-09 10.0101 Weekly 0.0067 0.006717-Jul-09 10.0101 Weekly 0.0066 0.0066IDFC-CF Plan B31-Jul-09 10.5816 Daily 0.00095548 0.0009554830-Jul-09 10.5816 Daily 0.00114055 0.0011405529-Jul-09 10.5816 Daily 0.00106088 0.0010608831-Jul-09 10.0061 Weekly 0.0069 0.006924-Jul-09 10.0061 Weekly 0.0069 0.006917-Jul-09 10.0061 Weekly 0.0070 0.0070IDFC-CF Plan C31-Jul-09 10.0025 Daily 0.00095655 0.0009565530-Jul-09 10.0025 Daily 0.00100440 0.0010044029-Jul-09 10.0025 Daily 0.00106690 0.0010669031-Jul-09 10.0102 Weekly 0.0072 0.007224-Jul-09 10.0102 Weekly 0.0074 0.007417-Jul-09 10.0102 Weekly 0.0074 0.007431-Jul-09 10.0407 Monthly 0.0326 0.0326NAV (Rs.) :Plan A Growth 16.0267Plan A Dividend Daily 10.5819Plan A Dividend Weekly 10.0101Plan B Growth (IP ) 16.1325Plan B Dividend (IP ) Daily 10.5816Plan B Dividend (IP ) Weekly 10.0061Plan C Growth (SIP ) 10.8916Plan C Dividend (SIP ) Daily 10.0025Plan C Dividend (SIP ) Weekly 10.0102Plan C Dividend (SIP) Monthly 10.0407Face Value (Rs. / unit): 10Fund manager's commentThe scheme is well positioned for a period of anticipated liquidity easing enabling it to deliver returns while managing the flows.Benchmark : Crisil Liquid Fund Index (CLFI)

Asset Allocation

Fund performance IDFC-CF - Growth as of 31 July 2009



1 73.66%


3 Floating Rate Note 1.24%


5 CBLO 5.87%

6 Treasury Bills 1.16%

7 Net Current Assets -0.11%

8 Pass Through Certificates 2.83%

9 Pass Through Certificates (ZCB) 1.40%

Certificate of Deposit

1

2

34

56

IDFC-CF - Growth CLFI


CAGR Last 1 Year

CAGR Last 2 Years

CAGR Since

Allotment

02/07/2001

CAGR Last 3 Years

(Absolute)30 Days

(Absolute)15 Days

(Absolute)7 Days

CAGR Last 5 Years

7


89

6.67%6.01%6.03%

7.09%

0.36%0.18%

6.71%

0.08%

6.39%

7.38%7.39%7.88%

0.19%0.04% 0.09%

17



CBLO 60.47

State Bank Of Bikaner & Jaipur P1+ 21.02Allahabad Bank A1+ 21.01United Bank Of India Ltd. A1+ 20.95

Grand Total 100.00

CBLO Total 60.47

Certificate Of Deposit Total 62.97Net Current Asset -23.44

IDFC Liquidity Manager(IDFC-LM)An Open - Ended Liquid Fund

Fund features

Nature : Liquid FundFund Size : Rs. 23.79 CroreFund manager : Anupam JoshiInvestment objective : Seek to provide high liquidity by investing in a portfolio of money market instruments and debt instruments. Whilst the scheme would endeavour to provide high liquidity to the investors, the surplus funds will be invested to deliver reasonable returns.

Investment Style: The Scheme aims to invest predominantly in the overnight money market so as to represent the returns of that part of the money market.Ideal investment horizon : 1 day or moreEntry load : NilExit load : Nil Options available : Growth & Dividend. Reinvestment facility is available under the Dividend option.Minimum investment amount : Minimum of Rs. 5,000 and in multiples of Re. 1 thereafter.Additional investment amount : Re.1SIP (minimum amount) : Rs. 1,000Inception date : 17 January 2006Statistical Measures : Standard deviation 0.12%Modified Duration 0.01 YearsDividend frequency : Daily with compulsory re-investment, Weekly with compulsory re-investment and Monthly.Last 3 dividends :Date Nav Freq. Others I & H

30-Jul-09 10.0125 Daily 0.00098854 0.0009885429-Jul-09 10.0125 Daily 0.00103557 0.0010355731-Jul-09 10.0040 Weekly 0.0071 0.007124-Jul-09 10.0040 Weekly 0.0076 0.0076 17-Jul-09 10.0040 Weekly 0.0070 0.007031-Jul-09 10.0382 Monthly 0.0312 0.0312NAV (Rs.):Growth 12.3060Dividend Daily 10.0125Dividend Weekly 10.0040Dividend MonthlyFace Value (Rs. / unit): 10Fund manager's commentThe scheme is invested in overnight CBLO & upto 3 month CD's in line with its objectives.Benchmark : Crisil Liquid Fund Index (CLFI)

However there is no assurance that the investment objective of the scheme will be realized.

31-Jul-09 10.0125 Daily 0.00089897 0.00089897

10.0382


Asset Allocation

Fund performance IDFC-LM Growth as of 31 July 2009



1 60.47%

2 -23.44%


CBLO

Net Current Asset

1

2

3

IDFC-LM - Growth CLFI


CAGR Last 1 Year

CAGR Last 2 Years

CAGR Since

Allotment

17/01/2006

CAGR Last 3 Years

(Absolute)30 Days

(Absolute)15 Days

(Absolute)7 Days

0.39%

7.38% 7.18%

6.07%

0.09%

5.50%6.04%6.09%

0.20%

7.39%7.88%

0.19%0.04% 0.09%

18



CBLO 7.39

State Bank Of Patiala P1+ 21.14Bank of Maharashtra. P1+ 21.11United Bank Of India Ltd. A1+ 16.96Bank of India P1+ 12.70Jammu & Kashmir Bank Ltd. P1+ 4.21

Power Finance Corporation Ltd. P1+ 12.67

Grand Total 100.00

CBLO Total 7.39


Commercial Paper Total 12.67Net Current Asset 3.83

IDFC Liquid Fund(IDFC-LF)An Open - Ended Liquid Fund

Fund features

Nature : Liquid FundFund Size : Rs. 117.59 CroreFund manager : Anupam JoshiInvestment objective : Seek to provide high liquidity by investing in a portfolio of money market instruments and debt instruments. Whilst the scheme would endeavour to provide high liquidity to the investors, the surplus funds will be invested to deliver reasonable returns.

Investment Style: The Scheme aims to invest in a highly quality money market instruments with high liquidity and seeks to generate accrual Income with low volatility.Ideal investment horizon : 1 day or moreEntry load : NilExit load : NilOptions available : Growth & Dividend. Reinvestment facility is available under the Dividend option.Minimum investment amount : Minimum of Rs. 5,000 and in multiples of Re. 1 in Plan A, Rs. 500 & in multiples of Re. 1 in Plan D.Additional investment amount : Re.1SIP (minimum amount) : Rs. 1,000 (Plan A)Inception date : 27 March 2006Statistical Measures : Standard deviation 0.10%Modified Duration 0.10 YearsDividend frequency : Daily & Weekly (with Compulsory re-investment) Monthly.Last 3 dividends :Date Nav Freq. Others I & H

30-Jul-09 1000.21 Daily 0.08809180 0.0880918029-Jul-09 1000.21 Daily 0.08822878 0.0882287831-Jul-09 1001.1827 Weekly 0.6309 0.630924-Jul-09 1001.1827 Weekly 0.6726 0.672617-Jul-09 1001.1827 Weekly 0.7229 0.722931-Jul-09 1003.4891 Monthly 3.0639 3.0639NAV (Rs.):Plan A Growth 1260.2676Plan A Dividend Daily 1000.2100Plan A Dividend Weekly 1001.1827Plan A Dividend Monthly 1003.4891Plan D Growth 10.0947Face Value (Rs. / unit): Plan A: 1000, Plan D: 10.Fund manager's commentThe scheme is invested in short maturity certificate of deposits in line with its objectives.Benchmark : Crisil Liquid Fund Index (CLFI)


31-Jul-09 1000.21 Daily 0.08605933 0.08605933


Asset Allocation

Fund performance IDFC-LF Growth as of 31 July 2009



1 CBLO 7.39%




1

2

3

IDFC-LF - Growth CLFI


CAGR Last 1 Year

CAGR Last 2 Years

CAGR Since

Allotment

27/03/2006

CAGR Last 3 Years

(Absolute)30 Days

(Absolute)15 Days

(Absolute)7 Days


4

0.18%0.38%

7.15%7.20%

5.89%

0.08%

6.97%7.28%7.38%

0.09%0.04% 0.19%

7.88%7.39%

19

IDFC Money Manager Fund - Treasury Plan(IDFC-MMF-TP)An Open - Ended Income Fund



% of Name Rating NAVCBLO 2.53

State Bank of Hyderabad A1+ 7.41Punjab National Bank PR1+ 5.99Oriental Bank of Commerce P1+ 4.58State Bank Of Bikaner & Jaipur P1+ 4.55Corporation Bank P1+ 4.50Union Bank of India A1+ 3.26Syndicate Bank Ltd. PR1+ 2.97State Bank Of Travancore P1+ 2.68State Bank Of Patiala P1+ 2.66Barclays Bank Plc P1+ 2.58Allahabad Bank P1+ 2.43UCO Bank P1+ 2.25Bank of Maharashtra. A1+ 2.16Andhra Bank Ltd F1+(IND) 2.12Allahabad Bank A1+ 2.12State Bank Of Mysore A1+ 1.79IDBI Bank Ltd P1+ 1.79Bank of Baroda A1+ 1.61Vijaya Bank PR1+ 1.54ICICI Bank Ltd. A1+ 1.50State Bank Of Indore P1+ 1.26Punjab National Bank A1+ 1.21Canara Bank P1+ 1.17Punjab & Sind Bank A1+ 1.11United Bank Of India Ltd. A1+ 1.09Vijaya Bank P1+ 1.08Canara Bank PR1+ 1.06State Bank Of Patiala A1+ 0.68Indian Bank F1+(IND) 0.37HDFC Bank Ltd. PR1+ 0.36Federal Bank Ltd. P1+ 0.36Central Bank of India P1+ 0.35Jammu & Kashmir Bank Ltd. P1+ 0.22National Housing Bank AAA 0.18IDBI Bank Ltd. A1+ 0.18Citibank N.A. P1+ 0.18National Housing Bank A1+ 0.18Export Import Bank Of India P1+ 0.07Small Industries Dev Bank Of India PR1+ 0.07Standard Chartered Bank P1+ 0.07ING Vysya Bank Ltd. P1+ 0.07

ONGC Videsh Ltd. P1+ 2.98Hindustan Petroleum Corporation Ltd. P1+ 1.25Rural Electrification Corp Ltd P1+ 1.10Reliance Industries Ltd. P1+ 0.73Export Import Bank Of India P1+ 0.37Sundaram Finance Ltd. P1+ 0.36L&T Finance Ltd. PR1+ 0.33Reliance Capital Ltd. A1+ 0.18Housing Development Finance Cor Ltd. A1+ 0.11Bennett Coleman & Co Ltd. P1+ 0.04

Indian Railway Finance Corpn. Ltd. AAA 0.99Housing Development Finance Cor Ltd. AAA 0.76LIC Housing Finance Ltd. AAA 0.71Sterlite Industries Ltd. P1+ 0.37Export Import Bank Of India AAA 0.37Union Bank of India AAA 0.30Axis Bank Ltd. LAA+ 0.30ICICI Bank Ltd. LAAA 0.11

Housing Development Finance Cor Ltd. AAA 1.36Export Import Bank Of India AAA 0.67Power Finance Corporation Ltd. AAA 0.46IDBI Bank Ltd. AA+ 0.30Infrastructure Development Finance Company Ltd. AA+ 0.19National Bank for Agri. & Rural Dev AAA 0.15Power Grid Corporation Ltd. AAA 0.07LIC Housing Finance Ltd. AAA 0.04Union Bank of India AAA 0.02Rural Electrification Corp Ltd. AAA 0.01

Loan Securitisation Trust 59 A1+(SO) 1.49Corporate Debt Trust 2009-10 Sr 2 A1+(SO) 0.38Loan Sec Trust ICICI Bank Ser XVI AAA(SO) 0.11

Nova IV Trust Sr B F1+(IND)(SO) 0.37Nova IV Trust Sr C AAA(IND)(SO) 0.17

91 Days Tbill MD 16-10-2009 SOV 2.9891 Days Tbill MD 21-08-2009 SOV 1.8591 Days Tbill MD 25-09-2009 SOV 1.1191 Days Tbill MD 18-09-2009 SOV 0.7891 Days Tbill MD 28-08-2009 SOV 0.5991 Days Tbill MD 11-09-2009 SOV 0.5591 Days Tbill MD 07-08-2009 SOV 0.37182 Days Tbill MD 18-09-2009 SOV 0.2291 Days Tbill MD 09-10-2009 SOV 0.1891 Days Tbill MD 04-09-2009 SOV 0.04182 Days Tbill MD 28-10-2009 SOV 0.04

ING Vysya Bank Ltd. 0.37

Kotak Mahindra Bank Ltd. 0.37

Grand Total 100.00

CBLO Total 2.53



Floating Rate Note Total 3.91


Pass Through Certificates Total 1.98

Pass Through Certificates (ZCB) Total 0.54

Treasury Bills Total 8.72

Fixed Deposit Total 0.37

Bills Re Discounted Total 0.37Net Current Asset -0.96

Fund features

Nature : Debt FundFund Size : Rs. 13479.31 CroreFund manager : Anupam JoshiInvestment objective : Seek to generate stable returns with a low risk strategy by creating a portfolio that is substantially invested in good quality floating rate debt or money market instruments, fixed rate debt or money market instruments swapped for floating returns and fixed rate debt and money market instruments. However there is no assurance that the investment objective of the scheme will be realized.Investment Style: The Scheme aims to invest only in highly rated money market instruments including floating rate instruments with short term benchmarks. The Scheme seeks to generate returns predominantly through accrual income.Ideal investment horizon : 1 day or moreEntry load : NilExit load : IDFC-MMF - TP : Plan A: NilIDFC-MMF - TP : Plan B: NilIDFC-MMF - TP : Plan C: NilIDFC-MMF - TP : Plan D : 1.00% of NAV on investors in case of redemptions / switch-outs to any debt / liquid schemes of IDFC Mutual Fund (including IDFC Tax Advantage (ELSS) Fund) within 1 year such from the date of effecting such purchase / switch in.Options available : Growth & Dividend. Reinvestment facility is available under the Dividend option.Minimum investment amount : Rs. 5,000 and in multiples of Re. 1 in Plan A (Regular Plan), Rs. 1 Crore and in multiples of Re. 1 in Plan B (Institutional Plan), Rs. 5 Crores and in multiples Re. 1 in Plan C (Super Institutional Plan), Rs. 25,000 and in multiples Re. 1 in Plan D.Additional investment amount : Re.1SIP (minimum amount) : Rs. 1,000 (Plan A)Inception date : 18 Feb 2003Statistical Measures : Standard deviation 0.10%Modified Duration 0.41 YearsDividend frequency : Monthly & Daily / Weekly with compulsory reinvestmentLast 3 dividends :Date Nav Freq. Others I & HIDFC- MMF -TP Plan A31-Jul-09 10.0699 Daily 0.00104246 0.0011200530-Jul-09 10.0699 Daily 0.00086135 0.0009254629-Jul-09 10.0699 Daily 0.00098569 0.0010590631-Jul-09 10.0079 Weekly 0.0070 0.007524-Jul-09 10.0079 Weekly 0.0069 0.007417-Jul-09 10.0079 Weekly 0.0073 0.007831-Jul-09 10.0438 Monthly 0.0324 0.0349IDFC-MMF -TP Plan B31-Jul-09 10.0703 Daily 0.00115485 0.0012408130-Jul-09 10.0703 Daily 0.00104454 0.0011222929-Jul-09 10.0703 Daily 0.00109803 0.0011797731-Jul-09 10.0133 Weekly 0.0077 0.008324-Jul-09 10.0133 Weekly 0.0077 0.008217-Jul-09 10.0133 Weekly 0.0079 0.008531-Jul-09 10.0433 Monthly 0.0350 0.0376IDFC-MMF -TP Plan C31-Jul-09 10.0015 Daily 0.00116940 0.0012564530-Jul-09 10.0015 Daily 0.00106549 0.0011448029-Jul-09 10.0015 Daily 0.00109080 0.0011720031-Jul-09 10.0070 Weekly 0.0078 0.008424-Jul-09 10.0070 Weekly 0.0077 0.008317-Jul-09 10.0070 Weekly 0.0081 0.0087IDFC-MMF -TP Plan D31-Jul-09 10.0007 Daily 0.00084560 0.0009085430-Jul-09 10.0007 Daily 0.00073609 0.0007908129-Jul-09 10.0007 Daily 0.00078914 0.00084796NAV (Rs.) :Plan A Growth 14.4236Plan A Dividend Monthly 10.0438Plan A Dividend Daily 10.0699Plan A Dividend Weekly 10.0079Plan B Growth 14.2866Plan B Dividend Daily 10.0703Plan B Dividend Weekly 10.0133Plan B Dividend Monthly 10.0433Plan C Dividend Daily 10.0015Plan C Growth 10.5866Plan C Dividend Weekly 10.0070Plan D Growth 10.0936Plan D Dividend Daily 10.0007Face Value (Rs. / unit): 10Fund manager's commentThe scheme is invested in short maturity liquid instruments in line with stated objectives.Benchmark : NSE MIBOR INDEX

Asset Allocation

Fund performance IDFC-MMF-TP Growth as of 31 July 2009



1 Certificate of Deposit 71.82%2 Commercial Paper 7.46%3 Floating Rate Note 3.91%4 Non Convertible Debentures 3.26%5 Pass Through Certificates 1.98%6 Pass Through Certificates (ZCB) 0.54%7 Net Current Asset -0.96%8 CBLO 2.53%9 Treasury Bills 8.72%10 Fixed Deposits 0.37%11 Bills Re-Discounted 0.37%

1

2

34

567 8

9

CAGR Last 1 Year

CAGR Last 2 Year

CAGR Last 3 Year

CAGR Last 5 Year


18/02/2003IDFC-MMF-TP - Growth NSE MIBOR


10


11

6.68%6.11%

6.84%

5.84%

7.50%

5.94%6.25%6.71%

6.00%6.63%

20



CBLO 7.07

Export Import Bank Of India P1+ 21.22Punjab National Bank PR1+ 17.68Canara Bank P1+ 17.29IDBI Bank Ltd P1+ 17.06Jammu & Kashmir Bank Ltd. P1+ 7.07State Bank Of Travancore P1+ 3.55Allahabad Bank P1+ 3.49

Grand Total 100.00

CBLO Total 7.07

Certificate Of Deposit Total 87.35Net Current Asset 5.57

IDFC Money Manager Fund - Investment Plan(IDFC-MMF-IP)An Open - Ended Income Fund

Fund features

Nature : DebtFund Size : Rs. 139.94 CroreFund Manager : Anupam Joshi Investment objective : Seek to generate stable returns with a low risk strategy by creating a portfolio that is substantially invested in good quality floating rate debt or money market instruments, fixed rate debt or money market instruments swapped for floating returns and fixed rate debt and money market instruments.

Investment Style : The Scheme aims to invest in highly rated money market instruments including floating rate instruments with short term benchmarks. The Scheme seeks to generate returns predominantly through accrual income.Ideal investment horizon : 1 day or moreEntry Load : NilExit Load : NilOptions available : Growth & Dividend. Reinvestment facility is available under the Dividend OptionMinimum investment amount : Rs. 5000 and in multiples of Re.1 in plan A (Regular Plan), Rs. 1 Crore and in multiplies of Re.1 in plan B (institutional Plan).Additional investment amount : Re.1SIP (minimum amount) : Rs. 1000 (Plan A)Inception Date : 9 August 2004Statistical Measures : Standard deviation 0.12%Modified Duration 0.35 YearsDividend frequency : Days, weekly (with reinvest facility in both plan A & plan B), Monthly, Quarterly & Annual. Last 3 Dividends :Date Nav freq. Others I & HIDFC-MMF-IP Plan A31-Jul-09 10.0150 Daily 0.00100159 0.0010761230-Jul-09 10.0150 Daily 0.00102817 0.0011046129-Jul-09 10.0150 Daily 0.00101314 0.0010884931-Jul-09 10.0130 Weekly 0.0072 0.007724-Jul-09 10.0130 Weekly 0.0073 0.007917-Jul-09 10.0130 Weekly 0.0076 0.008131-Jul-09 10.0434 Monthly 0.0334 0.035930-Jun-09 10.1560 Quarterly 0.1141 0.1226

IDFC-MMF-IP Plan B31-Jul-09 10.0150 Daily 0.00105714 0.0011357730-Jul-09 10.0150 Daily 0.00108451 0.0011652029-Jul-09 10.0150 Daily 0.00106963 0.0011493031-Jul-09 10.0138 Weekly 0.0076 0.008124-Jul-09 10.0138 Weekly 0.0077 0.008317-Jul-09 10.0138 Weekly 0.0083 0.0089NAV (Rs.) :Plan A Growth 13.6291Plan A Dividend Quarterly 10.1975Plan A Dividend Annual 10.7261Plan A Dividend Monthly 10.0434Plan A Dividend Daily 10.0150Plan A Dividend Weekly 10.0130Plan B Growth 13.8535Plan B Dividend Weekly 10.0138Plan B Dividend Daily 10.0150Face Value (Rs. / unit) : 10Fund Manager's comment The scheme is invested in overnight CBLO & upto 3 month CD's in line with its objectives.Benchmark : NSE MIBOR INDEX


30-Mar-09 10.5505 Annual 0.4158 0.4467


Asset Allocation

Fund performance IDFC-MMF-IP Growth as of 31 July 2009




2 CBLO 7.07%


CAGR Last 1 Year

CAGR Last 2 Years

CAGR Last 3 Years


09/08/2004IDFC-MMF-IP - Growth NSE MIBOR


12

3


7.29%6.42%

7.33%6.79%

6.26%6.71%

6.00%6.63%

21

IDFC Government Securities Fund - Investment Plan(IDFC-GSF-IP)An Open Ended - Dedicated Gilt Fund Data as of 31 July 2009



CBLO 34.73

8.20% GOI MD 15-02-2022 SOV 33.556.90% GOI MD 13-07-2019 SOV 17.627.40% GOI MD 09-09-2035 SOV 10.80

Grand Total 100.00

CBLO Total 34.73


Fund features

Nature : DebtFund Size : Rs. 78.90 CroreFund Manager : Arjun Parthasarthy Investment objective : IDFC – GSF -IP is an open-ended dedicated gilt scheme with an objective to generate optimal returns with high liquidity by investing Government Securities. However there is no assurance that the investment objective of the scheme will be realized.Investment Style : The Scheme proposes to invest only in government securities with the aim of generating stable medium-term returns.Ideal investment horizon : 1 year or more Entry Load : NilExit Load : IDFC-GSF - IP : Plan A : 1.00% of NAV on investors who purchase/switch in and seek to redeem/switch out such units (of amount less than or equal to 10 Lacs) within 1 Year from the date of effecting such purchase/switch in Plan A (Regular Plan). Investors opting for PEP / Dividend reinvestment option / SWP or switch between options will not be levied an exit load. No exit load shall be applicable in case of purchases / switch ins of amount greater than Rs. 10 Lakhs whether redeemed partly or fully.IDFC-GSF - IP : Plan B: NilOptions available : Growth, Dividend. Reinvestment facility is available under the Dividend OptionMinimum investment amount : Rs. 5000 and in multiples of Re. 1 in Plan A (Regular Plan), Rs. 25 Lakh and in multiples of Re. 1 in Plan B (Institutional Plan). (w.e.f. July 6, 2009)Additional investment amount : Re. 1SIP (minimum amount) : Rs. 1000 (Plan A)Inception Date : 9 March 2002Statistical Measures : Standard deviation 2.22%Modified Duration 4.97 YearsDividend frequency : Quarterly / Half yearly / Yearly. Last 3 Dividends :Date NAV Freq. Others I & HIDFC-GSF-IP Plan A30-Jun-09 10.5064 Quarterly 0.3098 0.332930-Mar-09 10.4055 Quarterly 0.3098 0.332908-Dec-08 11.1693 Quarterly 0.6522 0.700830-Mar-09 10.7886 Half Yearly 0.6196 0.665730-Mar-09 11.0733 Annual 0.8479 0.911030-Sep-08 10.4494 Half Yearly 0.3261 0.350424-Mar-08 10.7722 Annual 0.4076 0.4380IDFC-GSF-IP Plan B30-Jun-09 10.1637 0.0815 0.0876NAV (Rs.) :Plan A Growth 17.6198Plan A Dividend Quarterly 10.5671Plan A Dividend Half Yearly 11.3524Plan A Dividend Annual 11.6519Plan B Growth 10.2308Plan B Dividend 10.2268Face Value (Rs. / unit) : 10Benchmark : ISEC Composite INDEX

Asset Allocation

Fund performance IDFC-GSF-IP Growth as of 31 July 2009



1 Govt. Securities (GSE) 61.97%

2 Net Current Aset 3.30%

3 CBLO 34.73%

1

2

3

CAGR Last 1 Year

CAGR Last 2 Years

CAGR Last 3 Years

CAGR Last 5 Years


09/03/2002IDFC-GSF-IP - Growth ISCI


11.32%10.42%

7.49% 7.96%

18.25%

7.35%

10.12%

20.04%

9.67%

22



CBLO 21.54

91 DAYS TBILL MD 04-09-2009 SOV 29.83

91 DAYS TBILL MD 11-09-2009 SOV 29.41

364 DAYS TBILL MD 25-03-2010 SOV 5.84

Grand Total 100.00

CBLO Total 21.54

Treasury Bills Total 65.08

Net Current Asset 13.38

IDFC Government Securities Fund - Short Term Plan(IDFC-GSF-ST)An Open Ended - Dedicated Gilt Fund

Fund features

Nature : DebtFund Size : Rs. 33.43 CroreFund Manager : Arjun Parthasarthy Investment objective : IDFC – GSF-ST is an open-ended dedicated gilt scheme with an objective to generate optimal returns with high liquidity by investing Government Securities.

Investment Style : The Scheme proposes to invest only in government securities with the aim of generating stable medium-term returns.Ideal investment horizon : 1 day or more Entry Load : NilExit Load : IDFC-GSF - ST Plan A : 0.25% of NAV on investors who purchase / switch in and seek to redeem / switch out such units within 30 days from the date of effecting such purchase / switch in Plan A (Regular Plan). Investors opting for PEP/Dividend reinvestment option / SWP or switch between options will not be levied an exit load. (w.e.f. July 6, 2009) IDFC-GSF - ST Plan B : NilOptions available : Growth, Dividend Minimum investment amount : Rs. 5000 and in multiples of Re. 1 in Plan A (Regular Plan), Rs. 25 Lakh and in multiples of Re. 1 in Plan B (Institutional Plan) (w.e.f. July 6, 2009)Additional investment amount : Re. 1SIP (minimum amount) : Rs. 1000 (Plan A)Inception Date : 9 March 2002Statistical Measures : Standard deviation 0.92%Modified Duration 0.10 YearsDividend frequency : Quarterly /Monthly Last 3 Dividends :Date NAV Freq. Others I & HIDFC-GSF-ST Plan A

17-Jul-09 10.0084 Weekly 0.0025 0.002731-Jul-09 10.0164 Monthly 0.0146 0.015730-Jun-09 10.0302 Quarterly 0.1060 0.1139IDFC-GSF-ST Plan B31-Jul-09 10.0086 Weekly 0.0025 0.002724-Jul-09 10.0086 Weekly 0.0013 0.001417-Jul-09 10.0086 Weekly 0.0025 0.0027

NAV (Rs.) :Plan A Growth 13.6398Plan A Dividend Monthly 10.0164Plan A Dividend Quarterly 10.0480

Plan B Dividend Weekly 10.0086

Face Value (Rs. / unit) : 10Fund manager’s comment : The fund has a good mix of short dated treasury bills and overnight money markets to reduce volatility.Benchmark : ISEC Composite INDEX


31-Jul-09 10.0084 Weekly 0.0025 0.002724-Jul-09 10.0084 Weekly 0.0014 0.0015

30-Jun-09 10.0465 Quarterly 0.0408 0.0438

Plan A Dividend Weekly 10.0084Plan B Growth 10.0139

Plan B Dividend Quarterly 10.0644


Asset Allocation

Fund performance IDFC-GSF-ST Growth as of 31 July 2009



1 CBLO 21.54%

2 Treasury Bills 65.08%

3 Net Current Asset 13.38%1

2

CAGR Last 1 Year

CAGR Last 2 Years

CAGR Last 3 Years

CAGR Last 5 Years


09/03/2002IDFC-GSF-ST - Growth ISCI


3

3.76% 3.39%2.67%4.28%3.84%

7.35%10.12%

20.04%

9.67%

23



CBLO 0.49

6.90% GOI MD 13-07-2019 SOV 43.867.40% GOI MD 09-09-2035 SOV 27.898.20% GOI MD 15-02-2022 SOV 25.98

Grand Total 100.00

CBLO Total 0.49


IDFC Government Securities Fund - Provident Fund Plan(IDFC-GSF-PF)An Open Ended - Dedicated Gilt Fund

Fund features

Nature : DebtFund Size : Rs. 20.38 CroreFund Manager : Arjun Parthasarthy Investment objective : Seek to generate optimal returns with high liquidity by investing in Government Securities.

Investment Style : The Scheme propose to invest only in government securities with the aim of generating stable medium-term returns.Ideal investment horizon : 1 year or moreEntry Load : NilExit Load : IDFC- GSF- PF Plan A : NilIDFC- GSF- PF Plan B : Exit load of 1.00% of NAV shall be applicable in case of investors who purchase / switch in amounts less than or equal to Rs. 5 crore and redeem / switch out such investments within 1 year such from the date of effecting such purchase / switch. Investors opting for PEP / Dividend reinvestment option / SWP or switch between options within the plan will not be levied an exit load. No exit load shall be applicable in case of purchases / switch ins of amounts greater than Rs. 5 crores.Options available : Growth, Dividend Minimum investment amount : Rs. 5000 and in multiples of Re. 1 in plan A (Regular Plan), Rs. 25,00,000 and in multiplies of Re.1 in plan B (institutional Plan).(w.e.f. July 6, 2009)Additional investment amount : Re. 1SIP (minimum amount) : Rs. 1000(Plan A)Inception Date : 29 March 2004Statistical Measures : Standard deviation 2.47%Modified Duration 8.10 YearsDividend frequency : Quarterly / Yearly Last 3 Dividends :Date NAV Freq. Others I & HIDFC-GSF-PF Plan A30-Jun-09 10.6523 Quarterly 0.3995 0.4292

IDFC-GSF-PF Plan B30-Jun-09 10.6814 Quarterly 0.3913 0.4205NAV (Rs.) :Plan A Growth 14.6811Plan A Dividend Quarterly 10.6689Plan A Dividend Annual 11.5743Plan B Growth 14.7553Plan B Dividend Quarterly 10.7021Face Value (Rs. / unit) : 10Fund Manager's comment :The funds are positioned in the segment of the yield curve where returns will be optimum.Benchmark : ISEC Composite Index


30-Mar-09 10.8942 Annual 0.7174 0.7708


Asset Allocation

Fund performance IDFC-GSF-PF Growth as of 31 July 2009



1 CBLO 0.49%


3 Govt. Securities 97.73%1 2

CAGR Last 1 Year

CAGR Last 2 Years

CAGR Last 3 Years


29/03/2004IDFC-GSF-PF - Growth ISCI


CAGR Last 5 Years

3

Rating & Rankings

Value Research Rating


11.50%

8.12%

12.81%

7.45%

20.06%

6.27%7.35%

10.12%

20.04%

9.67%

24

IDFC All Seasons Bond Fund(IDFC-ASBF)An Open - Ended Fund of Funds Scheme Data as of 31 July 2009



CBLO 4.71

IDFC - SSIF - Investment Plan - Growth Option 29.24

IDFC Dynamic Bond Fund - Growth 25.12

IDFC GSF - Investment Plan - Growth 22.84

IDFC GSF - Investment Plan -Plan B Growth 19.86

Grand Total 100.00

CBLO Total 4.71

Mutual Fund Units Total 97.07

Net Current Asset -1.77

Fund features

Nature : DebtFund Size : Rs. 12.75 CroreFund Manager : Arjun Parthasarthy Investment objective : Seek to generate optimal returns with high liquidity by active management of the portfolio, by investing predominantly in debt oriented mutual fund schemes and money market instruments. However there is no assurance that the investment objective of the scheme will be realized.Investment Style : The Scheme aims to actively manage the interest rate environment by allocating funds to various fixed income schemes based on the interest rate outlook.Ideal investment horizon : 1 year or moreEntry Load : NilExit Load : IDFC-ASBF - Plan A : 0.75% of NAV on investors who purchase/switch in and seek to redeem/switch out such units (of amount less than or equal to 10 Lakhs) within 1 Year from the date of effecting such purchase/switch in Plan A. Investors opting for PEP / Dividend reinvestment option / SWP or switch between options will not be levied an exit load. No exit load shall be applicable in case of purchases / switch ins of amounts greater than Rs. 10 Lakhs whether redeemed partly or fully.Options available : Growth, Dividend Minimum investment amount : Rs. 5,000 and in multiples of Re. 1 in plan A (Regular Plan).Additional investment amount : Re. 1SIP (minimum amount) : Rs. 1000Inception Date : 13 September 2004Statistical Measures : Standard deviation 1.98%Dividend frequency : Quarterly, Half Yearly & AnnualLast 3 Dividends :Date Nav Freq. Others I & HIDFC-ASBF Plan A30-Jun-09 10.9623 Quarterly 0.2446 0.262830-Mar-09 10.7592 Quarterly 0.2446 0.262831-Dec-08 12.1828 Quarterly 0.0815 0.087630-Mar-09 10.8909 Half Yearly 0.3424 0.367930-Sep-08 10.4756 Half Yearly 0.2038 0.219030-Mar-09 10.9681 Annual 0.4076 0.4380Nav (Rs.) :Plan A Growth 14.5565Plan A Dividend Quarterly 10.9703Plan A Dividend Half Yearly 11.4084Plan A Dividend Annual 11.4894Face Value (Rs. / unit) : 10Fund Manager's comment The fund is invested in income, dynamic and gilt funds to capture movements in interest rates.Benchmark : Crisil Composite Bond Fund Index (CCBFI)

Asset Allocation

Fund performance under the IDFC-ASBF-Growth as of 31 July 2009



1 Mutual Fund Units 97.07%


3 CBLO 4.71%

1

2

CAGR Last 1 Year

CAGR Last 2 Years

CAGR Last 3 Years


13/09/2004IDFC-ASBF - Growth CCBFI


3

9.91%

7.99%

10.95%

14.85%

5.62%6.77%

11.59%

6.93%

25

IDFC Fixed Maturity Plan(IDFC-FMP)A Close - Ended Income Fund

IDFC-FMP - 9 (Allotment Date 28 Feb 2005) Fund Size Rs. 21.16 Crores I Date of Maturity 07 Apr 2010


Portfolio as of 31 July 2009 Portfolio Contd...

NAV as on 29 July 2009

PLAN (Rs./Unit*)Plan A - Growth 13.2867Plan A - Dividend 11.1985* Face value per unit = Rs 10/-

Sr. Name of Market Value % to Net AssetNo. Instrument (In Rs. Lakh) of the scheme

A Bonds & Debentures of :

B Securitised Debt Instruments

C Money Market Instruments

(I) Private Corporate Bodies - - (II) PSUs 199.28 9.42 (III) Banks/FI (including NBFC) 1,749.24 82.65 (IV) Others - -

Sub Total 1,948.52 92.07

(V) Single Loan - - (VI) Pool - -

Sub Total - -

(VII) CPs - - (VIII) CDs 124.55 5.88 (IX) T Bills - - (X) CBLOs/Repos - - (XI) Bills Rediscounting/BRDS - -

(XII) Others - - Sub Total 124.55 5.88

- - E Fixed Deposits - - F Cash and Net Current Assets 43.31 2.05 G Others (Pls specify) - -

Net Assets 2,116.38 100.00

D Government Securities


(V)

(VI)

AnnexureA) Bonds & Debentures

Category of Issuer Name of the Issuer Market Value (in Rating % to Net Assets of Rs.lakh) the Scheme

Total - -

Indian Railway Finance Corpn. Ltd. 199.28 AAA 9.42Total 199.28 9.42

Housing Development Finance Cor Ltd 500.56 AAA 23.65ICICI Bank Ltd. 500.32 AAA 23.64

Union Bank of India 249.90 AAA 11.81Total 1,749.24 82.65

Total - -

(I) Private Corporate Bodies

(II) PSUs

(III) Banks/FI (including NBFC)

(IV) Others

IDBI Bank Ltd 498.46 AA+ 23.55

B) Securitised Debt InstrumentsSingle Loan

Obligor Originator Trust Details Name of Guarantor / Level of Guarantee Market Value RatingDetails of Underlying Security (as % of Loan) (in Rs. Lakh)

Total Pool

Originator Seller Trust Details Type of Pool Credit enhancement Market Value Rating(as % of Loan) (in Rs. Lakh)

Total

D) Government Securities

Details of Market Value % to Securities (in Rs. Lakh) of the Scheme

Net Assets

Total Total

E) Fixed Deposits

Bank Name Amount % to of the Scheme

(in Rs. Lakh) Net Assets

C) Money Market InstrumentsName of Market Value Rating % to

the Schemethe Issuer (in Rs. Lakh) Net Assets of

Total - -

Corporation Bank 99.96 P1+ 4.72Canara Bank 24.59 P1+ 1.16Total 124.55 5.88

Total - -

Total - -

Total - -

Total - -

(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos

(XI) Bills Rediscounting/BRDS

(XII) Others

26


IDFC - FMP - NMS - 1 (Allotment Date 14 Oct 2008) Fund Size Rs. 21.00 Crores I Date of Maturity 06 May 2010




PLAN (Rs./Unit*)Plan A - Growth 11.2012Plan A - Dividend 11.2011Plan B - Growth -Plan B - Dividend -* Face value per unit = Rs 10/-





(I) Private Corporate Bodies 194.91 9.28 (II) PSUs 769.75 36.66 (III) Banks/FI (including NBFC) 509.07 24.25 (IV) Others - -

Sub Total 1,473.73 70.19


Sub Total - -

(VII) CPs 491.68 23.42 (VIII) CDs 70.03 3.34 (IX) T Bills - - (X) CBLOs/Repos - - (XI) Bills Rediscounting/BRDS - -


Net Assets 2,099.63 100.00

D Government Securities - - E Fixed Deposits - - F Cash and Net Current Assets 64.19 3.06 G Others (Pls specify) - -


(V)

(VI)



Tata Sons Ltd. 194.91 AAA 9.28Total 194.91 9.28

Rural Electrification Corp Ltd 290.17 AAA 13.82

Power Grid Corporation Ltd. 250.12 AAA 11.91Indian Railway Finance Corpn. Ltd. 199.28 AAA 9.49Power Finance Corporation Limited 30.18 AAA 1.44Total 769.75 36.66

LIC Housing Finance Ltd. 254.87 AAA 12.14

Total 509.07 24.25

Total - -


(II) PSUs


(IV) Others

Housing Development Finance Cor Ltd 254.20 AAA 12.11



Total Pool


Total



Housing Development Finance Cor Ltd 491.68 A1+ 23.42Total 491.68 23.42

Canara Bank 39.34 P1+ 1.87Allahabad Bank 24.89 P1+ 1.19Oriental Bank of Commerce 5.80 P1+ 0.28Total 70.03 3.34

Total - -

Total - -

Total - -

Total - -

(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others

D) Government SecuritiesDetails of Market Value % to Securities (in Rs. Lakh) of the Scheme

Net Assets

Total Total

E) Fixed DepositsBank Name Amount % to

of the Scheme(in Rs. Lakh) Net Assets

27


IDFC - FMP - YS - 24 (Allotment Date 31 July 2008) Fund Size Rs. 180.50 Crores I Date of Maturity 03 Aug 2009




PLAN (Rs./Unit*)Plan A - Growth 11.0300Plan A - Dividend 11.0300Plan B - Growth 11.0989Plan B - Dividend 11.0989* Face value per unit = Rs 10/-





(I) Private Corporate Bodies - - (II) PSUs - - (III) Banks/FI (including NBFC) 2,004.84 11.11 (IV) Others - -

Sub Total 2,004.84 11.11


Sub Total - -

(VII) CPs 11,388.85 63.09 (VIII) CDs 2,694.70 14.93 (IX) T Bills - - (X) CBLOs/Repos 330.02 1.83 (XI) Bills Rediscounting/BRDS - - (XII) Others - -

Sub Total 14,413.57 79.85

Net Assets 18,050.47 100.00

D Government Securities - - E Fixed Deposits - - F Cash and Net Current Assets 1,632.06 9.04 G Others (Pls specify) - -




Total - -

Total - -

SREI Equipment Finance Pvt Ltd 1,499.97 A1+ 8.31LIC Housing Finance Ltd. 504.87 AAA 2.80Total 2,004.84 11.11

Total - -


(II) PSUs


(IV) Others



Total

PoolOriginator Seller Trust Details Type of Pool Credit enhancement Market Value Rating

(as % of Loan) (in Rs. Lakh)

Total



Export Import Bank Of India 4,935.62 P1+ 27.34Rural Electrification Corp Ltd 3,455.82 P1+ 19.15Reliance Capital Ltd. 2,997.41 A1+ 16.61Total 11,388.85 63.09

United Bank Of India Ltd. 2,555.99 A1+ 14.16Canara Bank 68.85 P1+ 0.38Corporation Bank 44.98 P1+ 0.25Allahabad Bank 24.89 P1+ 0.14Total 2,694.70 14.93

Total - -

CBLO/Repo Transaction 330.02 1.83Total 330.02 1.83

Total - -

Total - -

(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others


Net Assets

Total Total



(V)

(VI)

28


IDFC - FMP - YS - 25 (Allotment Date 14 Aug 2008) Fund Size Rs. 22.91 Crores I Date of Maturity 17 Aug 2009









(I) Private Corporate Bodies - - (II) PSUs 391.99 17.11 (III) Banks/FI (including NBFC) - - (IV) Others - -

Sub Total 391.99 17.11

(V) Single Loan 300.84 13.13 (VI) Pool - -

Sub Total 300.84 13.13

(VII) CPs 497.71 21.72 (VIII) CDs 1,052.68 45.95 (IX) T Bills - - (X) CBLOs/Repos - - (XI) Bills Rediscounting/BRDS - - (XII) Others - -

Sub Total 1,550.39 67.67

Net Assets 2,291.05 100.00





Total - -

Rural Electrification Corp Ltd 331.63 AAA 14.47Power Finance Corporation Limited 60.36 AAA 2.63Total 391.99 17.11

Total - -

Total - -


(II) PSUs


(IV) Others



SREI Equipment Finance GE Capital Services India PSE LOAN TRUST SR A1 Unsecured Term Loan 0% 300.84 A1+(SO)Total 300.84



Total



Reliance Capital Ltd. 497.71 A1+ 21.72Total 497.71 21.72

Allahabad Bank 660.29 P1+ 28.82Punjab National Bank 294.03 PR1+ 12.83Canara Bank 98.35 P1+ 4.29Total 1,052.68 45.95

Total - -

Total - -

Total - -

Total - -

(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others


Net Assets

Total Total



(V)

(VI)

29


IDFC - FMP - YS - 26 (Allotment Date 23 Sep 2008) Fund Size Rs. 11.76 Crores I Date of Maturity 24 Sep 2009


30



PLAN (Rs./Unit*)Plan A - Growth 10.9608Plan A - Dividend 10.9608Plan B - Growth 11.0215Plan B - Dividend -* Face value per unit = Rs 10/-





(I) Private Corporate Bodies - - (II) PSUs 80.49 6.84 (III) Banks/FI (including NBFC) 101.95 8.67 (IV) Others - -

Sub Total 182.43 15.51


Sub Total - -



Net Assets 1,176.10 100.00





Total - -

Power Finance Corporation Limited 80.49 AAA 6.84Total 80.49 6.84

LIC Housing Finance Ltd. 101.95 AAA 8.67Total 101.95 8.67

Total - -


(II) PSUs


(IV) Others



Total Pool


Total




IDBI Bank Ltd 778.31 P1+ 66.18Total 778.31 66.18

Total - -

Total - -

Total - -

Total - -

(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others


Net Assets

Total Total



(V)

(VI)


IDFC - FMP - YS - 27 (Allotment Date 31 Oct 2008) Fund Size Rs. 7.50 Crores I Date of Maturity 02 Nov 2009


31



PLAN (Rs./Unit*)Plan A - Growth 10.8055Plan A - Dividend 10.8055Plan B - Growth 10.8055Plan B - Dividend -* Face value per unit = Rs 10/-





(I) Private Corporate Bodies 97.45 13.00 (II) PSUs 100.61 13.42 (III) Banks/FI (including NBFC) - - (IV) Others - -

Sub Total 198.06 26.42


Sub Total 42.26 5.64



Net Assets 749.67 100.00






Power Finance Corporation Limited 100.61 AAA 13.42Total 100.61 13.42

Total - -

Total - -


(II) PSUs


(IV) Others

B) Securitised Debt InstrumentsSingle LoanObligor Originator Trust Details Name of Guarantor / Level of Guarantee Market Value Rating

Details of Underlying Security (as % of Loan) (in Rs. Lakh)

NTPC ICICI Bank LOAN SECURITISATION TRUST SR XVI Negative lien on the assets of the borrower, with certain exceptions 0% 42.26 AAA(SO)Total 42.26



Total




Canara Bank 196.70 P1+ 26.24Total 196.70 26.24

Total - -

Total - -

Total - -

Total - -

(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others


Net Assets

Total Total



(V)

(VI)


IDFC-FMP - FMS-1 (Allotment Date 20 Aug 2008) Fund Size Rs. 14.63 Crores I Date of Maturity 12 Nov 2009




PLAN (Rs./Unit*)Plan A - Dividend 11.1424Plan A - Growth 11.1424Plan B - Dividend 11.2109Plan B - Growth 11.2109* Face value per unit = Rs 10/-






Sub Total 1,053.16 71.99


Sub Total - -



Net Assets 1,463.03 100.00



32





Total - -

Allahabad Bank 155.44 P1+ 10.62Punjab National Bank 98.01 PR1+ 6.70Corporation Bank 69.97 P1+ 4.78Canara Bank 39.34 P1+ 2.69Total 362.76 24.79

Total - -

Total - -

Total - -

Total - -

(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others


Net Assets

Total Total




Power Finance Corporation Limited 222.62 AAA 15.22Rural Electrification Corp Ltd 207.27 AAA 14.17Indian Railway Finance Corpn. Ltd. 99.64 AAA 6.81Power Grid Corporation Ltd. 70.03 AAA 4.79Total 599.56 40.98

Housing Development Finance Cor Ltd 254.20 AAA 17.37LIC Housing Finance Ltd. 101.95 AAA 6.97Total 356.15 24.34

Total - -


(II) PSUs


(IV) Others



Total Pool


Total

(V)

(VI)


IDFC-FMP - FMS-2 (Allotment Date 28 Aug 2008) Fund Size Rs. 8.36 Crores I Date of Maturity 23 Nov 2009


33









Sub Total 532.75 63.76


Sub Total 63.39 7.59



Net Assets 835.50 100.00






Power Grid Corporation Ltd. 180.08 AAA 21.55Rural Electrification Corp Ltd 103.63 AAA 12.40Power Finance Corporation Limited 100.61 AAA 12.04Total 384.32 46.00

LIC Housing Finance Ltd. 50.97 AAA 6.10Total 50.97 6.10

Total - -


(II) PSUs


(IV) Others

B) Securitised Debt InstrumentsSingle LoanObligor Originator Trust Details Name of Guarantor / Level of Guarantee Market Value Rating

Details of Underlying Security (as % of Loan) (in Rs. Lakh)



Total



Total - -

Punjab National Bank 98.01 PR1+ 11.73Corporation Bank 69.97 P1+ 8.37Canara Bank 39.34 P1+ 4.71Allahabad Bank 9.96 P1+ 1.19Total 217.28 26.01

Total - -

Total - -

Total - -

Total - -

(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others


Net Assets

Total Total



(V)

(VI)

NTPC ICICI Bank LOAN SECURITISATION TRUST SR XVI Negative lien on the assets of the borrower, with certain exceptions 0% 63.39 AAA(SO)Total 63.39


IDFC-FMP - TMS-1 (Allotment Date 27 Mar 2009) Fund Size Rs. 221.44 Crores I Date of Maturity 21 Apr 2010


34


NAV as on

PLAN (Rs./Unit*)Plan A - Dividend 10.3285Plan A - Growth 10.3285Plan B - Dividend 10.3338Plan B - Growth 10.3338* Face value per unit = Rs 10/-

29 July 2009





(I) Private Corporate Bodies - - (II) PSUs - - (III) Banks/FI (including NBFC) - - (IV) Others - -

Sub Total - -


Sub Total - -

(VII) CPs - - (VIII) CDs 22,115.08 99.87 (IX) T Bills - - (X) CBLOs/Repos - - (XI) Bills Rediscounting/BRDS - - (XII) Others - -

Sub Total 22,115.08 99.87

Net Assets 22,144.26 100.00

D Government Securities - - E Fixed Deposits - - F Cash and Net Current Assets 29.18 0.13G Others (Pls specify) - -





(II) PSUs


(IV) Others

Total - -

Total - -

Total - -

Total - -



Total Pool


Total



Total - -

ICICI Bank Ltd. 6,329.90 A1+ 28.58ING Vysya Bank Ltd. 6,214.84 P1+ 28.07Standard Chartered Bank 6,205.40 P1+ 28.02State Bank of Bikaner & Jaipur 3,364.95 P1+ 15.20Total 22,115.08 99.87

Total - -

Total - -

Total - -

Total - -

(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others


Net Assets

Total Total



(V)

(VI)

Risk Factors

35

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 and may not necessarily provide a basis for comparison with other investments. IDFC Classic Equity Fund (IDFC - CEF), IDFC Imperial Equity Fund (IDFC - IEF), IDFC Premier Equity Fund (IDFC - PEF), IDFC Arbitrage Fund (IDFC - AF), IDFC Enterprise Equity Fund (IDFC - EEF),IDFC Tax Saver (ELSS) Fund(IDFC –TS[ELSS]), IDFC Arbitrage Plus Fund (IDFC - APF), IDFC Small & Midcap Equity (SME) Fund (IDFC - SMEF), IDFC Strategic Sector (50-50) Equity Fund IDFC-SS (50-50)-EF, IDFC Tax Advantage (ELSS) Fund (IDFC TA-ELSS), IDFC India GDP Growth Fund (IDFC-IGGF), IDFC Super Saver Income Fund - Investment Plan (IDFC - SSIF-IP), IDFC Dynamic Bond Fund (IDFC - DBF), IDFC Super Saver Income Fund - Medium Term (IDFC-SSIF-MT), IDFC Super Saver Income Fund - Short Term (IDFC-SSIF-ST), IDFC Cash Fund (IDFC-CF) IDFC Liquidity Manager (IDFC-LM), IDFC Liquid Fund (IDFC-LF), IDFC Money Manager Fund - Treasury Plan (IDFC-MMF-TP), IDFC Money Manager Fund - Investment Plan(IDFC – MMF-IP) IDFC Government Securities Fund - Investment Plan (IDFC-GSF-IP), IDFC Government Securities Fund – Short Term Plan (IDFC-GSF-ST), IDFC Government Securities Fund – Provident Fund Plan (IDFC-GSF-PF), IDFC All Seasons Bond Fund (IDFC-ASBF), IDFC Fixed Maturity Plan – 9, (IDFC-FMP – 9), IDFC Fixed Maturity Plan – Nineteen Months Series 1 (IDFC - FMP - NMS – 1), IDFC Fixed Maturity Plan –Yearly Series 24 (IDFC - FMP - YS – 24), IDFC Fixed Maturity Plan –Yearly Series 25 (IDFC - FMP - YS – 25), IDFC Fixed Maturity Plan –Yearly Series 27 (IDFC - FMP - YS – 27), IDFC Fixed Maturity Plan – Fifteen Months Series 1 (IDFC-FMP - FMS-1), IDFC Fixed Maturity Plan – Fifteen Months Series 2 (IDFC-FMP - FMS-2), and IDFC Fixed Maturity Plan – Thirteen Months Series 1 (IDFC-FMP - TMS-1 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. 30,000/-. Terms of Issue & Load Structure: IDFC-CEF, IDFC-IEF IDFC-PEF, IDFC-AF, IDFC - EEF, IDFC TA-ELSS, IDFC-APF, IDFC-SMEF, IDFC-SS(50-50)-EF, IDFC TA( ELSS ), IDFC-IGGF, IDFC-SSIF (IP), IDFC-DBF, IDFC-SSIF (MT), IDFC-SSIF (ST), IDFC-CF, IDFC-LM, IDFC-MMF-TP,IDFC-MMF-IP, IDFC-GSF (IP), IDFC-GSF-PF, IDFC-ASBF,IDFC-FMP – 9, IDFC - FMP - NMS – 1, IDFC - FMP - YS – 24, IDFC - FMP - YS – 25,IDFC - FMP - YS – 27, IDFC-FMP - FMS-1,IDFC-FMP - FMS-2, and IDFC-FMP - TMS-1: 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 . Entry Loads – Nil for all the schemes. Exit Load for all equity schemes (except IDFC Arbitrage Fund and IDFC Arbitrage Plus Fund): During the Ongoing Offer Period load will be charged as follows: Purchase of Rs. 5 Crores or more (including by way of SIP/STP) - Nil, In case of purchase of less than Rs.5 crores if redeemed within 3years from the date of purchase(s) applying First in First out basis (including purchase made through the STP/SIP) -1.00% There will be no exit load for investment made by FOF schemes Irrespective of amount of redemption /switch outs .No exit load /CDSC will be chargeable in case of switches made between different options of the schemes. IDFC-AF - (Plan A& Plan B) :is an Open Ended Equity scheme. The Units are available at applicable NAV during continuous offer. During the Ongoing Offer Period: For redemptions including switch outs (including Switches from Plan A to Plan B and vice-versa) – 0.25% up to 30 days from the date of investment in Both Plans A and B. IDFC-APF –Plan A 0.75% of NAV on investors who purchase /switch in added seek to redeem /switch out such units (of amount less than or equal to Rs. 1 crore) within 1 Year such from the date of effecting such purchase/switch in Plan A (Regular Plan).No Exit Load shall be applicable in case of Purchase/switch ins of amounts greater than Rs. 1crore whether redeemed partly or fully.0.25% of NAV on investors who purchase/switch out such units within 1 month from the date of investment in Plan B. Exit load shall be Nil beyond 1month for Plan B.IDFC-TS[ELSS]: To give liquidity to investors, repurchase facility is available on all business days.(On completion of lock in period of 3 years from the date of allotment). No load shall be charged at the time of exit ,however in case of an existing the scheme before amortization is completed , the AMC shall redeem the units only after recovering the balance proportionate unamortized issue expenses , in accordance with SEBI Regulations, IDFC-SMEF: Close Ended Equity scheme with automatic conversion into an open ended equity on the completion of 36 months. The AMC will calculate and publish the NAV on weekly basis till the time the scheme remains close ended. To give liquidity to investors, repurchase facility will be made available on a half yearly basis on specified repurchase dates after the completion of the first two calendar half years from the date of allotment. The Repurchase date(s) at the applicable NAV in the scheme are June 30, 2009, December 31, 2009, June 30, 2010, December 31, 2010 & March 7, 2011 (maturity date). No load shall be charged at the time of exit, however in case of an investor exiting the scheme before amortization is completed, the AMC shall redeem the units only after recovering the balance proportionate unamortized issue expenses, in accordance with SEBI Regulations. Please read the SID for further details. IDFC-IGGF, IDFC-SSIF (IP) 1.25% of NAV shall be applicable in case of investors who purchase / switch in amounts less than or equal to Rs 1 Crore and redeem / switch out such investments within 1 year from the date of effecting such purchase / switch in. Investors opting for PEP / Dividend reinvestment option / SWP or switch between options within the Plan will not be levied an exit load. No exit load shall be applicable in case of purchases / switch ins of amounts greater than Rs. 1 Crore whether redeemed partly or fully. IDFC –DBF: Plan A- 1% of NAV shall be applicable in case of investors who purchase / switch in amounts less than or equal to Rs 1 Lakh and redeem / switch out such investments within 1 year from the date of effecting such purchase / switch in. Investors opting for PEP / Dividend reinvestment option / SWP or switch between options within the Plan will not be levied an exit load. No exit load shall be applicable in case of purchases / switch ins of amounts greater than Rs. 10 Lakh whether redeemed partly or fully IDFC-SSIF Medium Term Plan (MT) - Plan A - 0.50% of NAV shall be applicable in case of investors who purchase / switch in amounts less than or equal to Rs. 1 Crore and redeem / switch out such investments within 6 months from the date of effecting such purchase / switch in. Investors opting for PEP / Dividend reinvestment option / SWP or switch between options within the plan will not be levied an exit load. No exit load shall be applicable in case of purchases / switch ins of amounts greater than Rs. 1 Crore whether redeemed partly or fully. IDFC-SSIF Medium Term Plan (MT) - Plan B –Nil, IDFC-SSIF Short Term Plan (ST) – Plan A - 0.50% of NAV shall be applicable in case of investors who purchase / switch in amounts less than or equal to Rs. 1 Crore and redeem / switch out such investments within 6 months such from the date of effecting such purchase / switch. Investors opting for PEP / Dividend reinvestment option / SWP or switch between options within the plan will not be levied an exit load. No exit load shall be applicable in case of purchases / switch ins of amounts greater than Rs. 1 Crore whether redeemed partly or fully. IDFC-SSIF Short Term Plan (ST) – Plan B, Plan C and Plan D - NIL.IDFC –CF: Nil. IDFC MMF TP ( Plan A, Plan B ,Plan C) –Nil Plan D-1.00% of NAV on investors in case of redeem options/switch-outs to any debt/liquid schemes of IDFC mutual Fund (including IDFC Tax Advantage (ELSS) Fuind ) within 1year such from the date of effecting such purchase /switch in. IDFC-CF,IDFC LM,IDFC-LF : Nil, IDFC-SSIF Medium Term Plan (MT) - Plan A - 0.50% of NAV shall be applicable in case of investors who purchase / switch in amounts less than or equal to Rs. 1 Crore and redeem / switch out such investments within 6 months from the date of effecting such purchase / switch in. Investors opting for PEP / Dividend reinvestment option / SWP or switch between options within the plan will not be levied an exit load. No exit load shall be applicable in case of purchases / switch ins of amounts greater than Rs. 1 Crore whether redeemed partly or fully. IDFC-SSIF Medium Term Plan (MT) - Plan B –Nil. IDFC-MMF-IP: Nil. IDFC-GSF Investment Plan (IP) – Plan A - 1% of NAV shall be applicable in case of investors who purchase / switch in amounts less than or equal to Rs. 10 Lakhs and redeem / switch out such investments within 1 year such from the date of effecting such purchase / switch in. Investors opting for PEP / Dividend reinvestment option / SWP or switch between options within the plan will not be levied an exit load. No exit load shall be applicable in case of purchases / switch ins of amounts greater than Rs. 10 Lakhs whether redeemed partly or fully IDFC-GSF Investment Plan (IP) – Plan B- Nil, IDFC-GSF Provident fund (PF)- 1% of NAV shall be applicable in case of investors who purchase / switch in amounts less than or equal to Rs.5 crores and redeem / switch out such investments within 1 year such from the date of effecting such purchase / switch in. Investors opting for PEP / Dividend reinvestment option / SWP or switch between options within the plan will not be levied an exit load. No exit load shall be applicable in case of purchases / switch ins of amounts greater than Rs. 5 crores. IDFC-ASBF - 0.75% of NAV shall be applicable in case of investors who purchase / switch in amounts less than or equal to Rs. 10 Lakhs and redeem / switch out such investments within 1 year such from the date of effecting such purchase / switch in. Investors opting for PEP / Dividend reinvestment option / SWP or switch between options within the plan will not be levied an exit load. No exit load shall be applicable in case of purchases / switch ins of amounts greater than Rs. 10 Lakhs whether redeemed partly or fully.IDFC-FMP-9: 2%if redeem before 13 Nov.2006 IDFC - FMP - YS – 24/25/26/27 & IDFC-FMP - FMS-1&2:: 2%if repurchase on every first Wednesday of any calendar month & Nil on Maturity. & IDFC-FMP - TMS-1:Nil Investment Objective :IDFC – CEF: The investment objective of the scheme is to seek to generate long term capital growth from a diversified portfolio of predominantly equity and equity related instruments. However there is no assurance that the investment objective of the scheme will be realized. IDFC-IEF: The investment objective of the Scheme is to seek to generate capital appreciation and/or provide income distribution from a portfolio of predominantly equity and equity related instruments. There is no assurance or

Risk Factors

guarantee that the objectives of the scheme will be realized. IDFC-PEF: The Scheme shall seek to generate long-term capital growth from an actively managed portfolio of predominantly equity and equity related instruments. However there is no assurance that the investment objective of the scheme will be realized. IDFC-AF: The investment objective of the Scheme is to generate capital appreciation and income by predominantly investing in arbitrage opportunity in the cash and the derivative segments of the equity markets and the arbitrage opportunity available within the derivative segments and by investing the balance in debt and money market instruments. However there is no assurance that the investment objective of the scheme will be realized. IDFC-EEF: The investment objective of the scheme is to seek to generate capital growth from a portfolio of predominantly equity and equity related instruments (Including Equity derivatives). The scheme may also invest in debt and money market instruments to generate reasonable income. However there is no assurance that the investment objective of the scheme will be realized. . IDFC - TS [ELSS]: The investment objective of the Scheme is to seek to generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities. There can be no assurance that the investment objective of the scheme will be realized IDFC-APF: The investment objective of the scheme is to generate income (absolute to low volatility returns) by taking advantage of opportunities in the cash and the derivative segments of the equity markets including the arbitrage opportunities available within the derivative segment, by using other derivative based strategies and by investing the balance in debt and money market instruments. However there is no assurance that the investment objective of the scheme will be realized. IDFC-SMEF: The investment objective of the Scheme is to seek to generate capital appreciation from a diversified portfolio of equity and equity related instruments. The Scheme will predominantly invest in small and midcap equity and equity related instruments. Small and Midcap equity and equity related instruments will be the stocks included in the CNX Midcap index or equity and equity related instruments of such companies which have a market capitalization lower than the highest components of CNX Midcap Index. The Scheme may also invest in stock other than mid cap stocks (i.e. in stocks, which have a market capitalization of above the market capitalization range of the defined small midcap stocks) and derivatives. On defensive consideration, the Scheme may also invest in debt and money market instruments. However there is no assurance that the investment objective of the scheme will be realized. IDFC-SS (50-50)-EF: The investment objective of the scheme is to seek to generate long-term capital appreciation by investing in Equity and Equity related instruments. The investment objective of the fund shall be achieved by investing up to fifty percent of the assets of the scheme in a chosen sector (sector specific exposure) while the balance amount may be invested in companies across market capitalizations and across sectors (diversified exposure). The scheme may also invest in debt and money market instruments. There is no assurance or guarantee that the objectives of the scheme will be realized and the scheme does not assure or guarantee any returns. IDFC TA (ELSS): The investment objective of the Scheme is to seek to generate long term capital growth from a diversified portfolio of predominantly equity and equity related securities. There can be no assurance that the investment objective of the scheme will be realized. IDFC –IGGF: The investment objective of the scheme is seek to generate long term capital appreciation by investing in Equity and Equity related instruments. The scheme aims to capture the growth in India's Gross Domestic Product (GDP). The scheme would endevour to represent the growth in GDP by capturing the growth in the constituents of the GDP. The scheme may also invest in Debt and money market instruments. There is no assurance or guarantee that the objectives of the scheme will be realized and the scheme does not assure or guarantee any returns. IDFC - SSIF-IP: Seek to generate stable returns by creating a portfolio that is invested in good quality fixed income and money market securities. IDFC – DBF: Seek to generate optimal returns with high liquidity by active management of the portfolio; by investing in high quality money market & debt instruments. IDFC-SSIF-MT: Seek to generate stable returns with a low risk strategy by investing in good quality fixed income securities and money market securities. However there is no assurance that the investment objective of the scheme will be realized. IDFC-SSIF-ST: Seek to generate stable returns with a low risk strategy by investing in good quality fixed income securities and money market securities. However there is no assurance that the investment objective of the scheme will be realized. IDFC-CF: IDFC-CF is an open-ended liquid fund with an objective to generate optimal returns with high liquidity by investing in high quality money market and debt instruments. However there is no assurance that the investment objective of the scheme will be realized. IDFC-LM: The investment objective of the Scheme is to seek to provide high liquidity by investing in a portfolio of money market instruments and debt instruments. Whilst the scheme would endeavour to provide high liquidity to the investors, the surplus funds will be invested to deliver reasonable returns. There can be no assurance that the investment objective of the scheme will be realised IDFC-LF: The investment objective of the Scheme is to seek to provide high liquidity by investing in a portfolio of money market instruments and debt instruments. Whilst the scheme would endeavour to provide high liquidity to the investors, the surplus funds will be invested to deliver reasonable returns. There can be no assurance that the investment objective of the scheme will be realised. IDFC-MMF-TP& IDFC-MMF-IP: Seek to generate stable returns with a low risk strategy by creating a portfolio that is substantially invested in good quality floating rate debt or money market instruments, fixed rate debt or money market instruments swapped for floating returns and fixed rate debt and money market instruments. However there is no assurance that the investment objective of the scheme will be realized IDFC-GSF-IP: IDFC – GSF -IP is an open-ended dedicated gilt scheme with an objective to generate optimal returns with high liquidity by investing Government Securities. However there is no assurance that the investment objective of the scheme will be realized. IDFC-ASBF: Seek to generate optimal returns with high liquidity by active management of the portfolio, by investing predominantly in debt oriented mutual fund schemes and money market instruments. However there is no assurance that the investment objective of the scheme will be realized. IDFC-FMP – 9: The investment objective of the Scheme is to seek to achieve growth of capital by investing in a portfolio of fixed income securities normally in line with the duration of the scheme. There can be no assurance that the investment objective of the scheme will be realised. IDFC - FMP - NMS – 1: The investment objective of the Scheme is to seek to generate income by investing in a portfolio of debt and money market instruments maturing normally in line with the duration of the scheme. There can be no assurance that the investment objective of the scheme will be realised.. IDFC - FMP - YS – 24/25/26/27: The investment objective of the Scheme is to seek to generate income by investing in a portfolio of debt and money market instruments. There can be no assurance that the investment objective of the scheme will be realized. IDFC-FMP - FMS-1: The investment objective of the Scheme is to seek to generate income by investing in a portfolio of debt and money market instruments. There can be no assurance that the investment objective of the scheme will be realized. IDFC-FMP - FMS-2: The investment objective of the Scheme is to seek to generate income by investing in a portfolio of debt and money market instruments. There can be no assurance that the investment objective of the scheme will be realized. IDFC-FMP - TMS-1: The investment objective of the Scheme is to seek to generate income by investing in a portfolio of debt and money market instruments. There can be no assurance that the investment objective of the scheme will be realized. IISL Disclaimer: “S&P®” and “Standard and Poor's®” are trademarks of the McGraw-hill Companies, Inc. (“S&P”), and have been licensed for use by India Index Services & Products Limited in connection with the S&P CNX Nifty Index. “The Product is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited ("IISL") or Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"). Neither IISL nor S&P makes any representation or warranty, express or implied, to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product. Please read the full Disclaimers in relation to the S&P CNX Nifty Index in the Offer Document / Prospectus / Information Statement." Statutory Details: IDFC Mutual Fund has been set up as a trust by Infrastructure Development Finance Company Limited (IDFC) (liability restricted to corpus of Trust of Rs. 30,000) with IDFC AMC Trustee Company Ltd as the trustee and IDFC Asset Management Company Ltd as the investment manager. Investors in the scheme(s) are not being offered any guaranteed or assured rate of return. Copy of Scheme Information Document and Key Information Memorandum along with application form for all the schemes may be obtained from the office of IDFC Mutual Fund, One India Bulls Centre, 841, Jupiter Mills Compound, Senapati Bapat Marg,, Elphinstone Road, (West), Mumbai 400 013. Contact 1-800-226622 for details.For details please read the respective Scheme Information Document (SID) (including those of FMPs)/ Offer Document (OD) / Statement of Additional Information (SAI) carefully before investing

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Methodology of Ranking

Data as of 30 June 2009

Value Research Rating:Value Research Fund Ratings are a composite measure of historical risk-adjusted returns. In the case of equity and hybrid funds this rating is based on the weighted average monthly returns for the last 3 and 5-year periods. In the case of debt funds this rating is based on the weighted average weekly returns for the last 18 months and 3-year periods and in case of short-term debt funds - weekly returns for the last 18 months. These ratings do not take into consideration any entry or exit load.

Five-stars indicate that a fund is in the top 10% of its category in terms of historical risk-adjusted returns. Four stars indicate that a fund is in the next 22.5%, middle 35% receive three stars, the next 22.5% are assigned two stars while the bottom 10% receive one star. The number of schemes in each category is mentioned along side the categories name. Equity Diversified (142), Equity : Index (17), Equity Tax Planning (23), Hybrid Equity Oriented (25), Hybrid: Monthly Income (32), Debt: Medium-term (40), Gilt: Medium and Long-term (28), Gilt: Short-term (13), Debt: Ultra Short-term (40), Debt: Ultra Short-term Institutional (46), Debt: Short-term (15), Debt: Floating Rate Short-term (15),Debt: Floating Rate Long-term (10), Hybrid: Debt-oriented (16), Debt: Liquid Plus: (24), Debt: Liquid Plus Institutional:(23). These Fund Ratings are as on June 30, 2009.

The Value Research Ratings are published in Monthly Mutual Fund Performance Report and Mutual Fund Insight. The Ratings are subject to change every month. The Rating is based on primary data provided by respective funds, Value Research does not guarantee the accuracy.

ICRA Credit Risk Rating Methodology:ICRA's Credit Risk rating is an analytical process characterised by both width and depth, and following on the organisation's extensive knowledge base encompassing almost every sector of the Indian economy, besides the economy itself. Our goal in Credit Risk Rating of debt mutual funds is to provide investors with a simple-to-use measure of credit risk. The Credit Risk Ratings incorporate ICRA's assessment of a debt fund's published investment objectives and policies, its management characteristics, and the creditworthiness of its investment portfolio.

ICRA's analysts obtain and rely on relevant data from public and non-public sources. While this data may vary according to the type and nature of the debt fund, the following information is typically used in the Rating process:

Prospectus and related documents:-Debt fund portfolio data, including periodic investor reports and public filings.- Industry surveys, studies, and special reports - Internal documents describing the Asset Management Company's (AMC's) structure, investment philosophy, decision making process, and performance track record

In addition, ICRA encourages continual dialogue with the AMC's management. ICRA's analysts would normally meet the company representatives for a discussion of the relevant factors in connection with the assignment of an initial Credit Risk Rating, and on a periodic basis thereafter.

ICRA's Credit Matrix provides debt fund managers with investment decision flexibility. The Credit Matrix is a tool used by ICRA to analyse the investment portfolios of debt mutual funds. The analysis involves measuring a portfolio's aggregate credit quality through a review of the credit quality of each underlying debt security. A portfolio's weighted average credit quality is then measured against the appropriate benchmark credit score. Separate benchmark credit scores are used for liquid and bond funds. Short-term debt funds have weighted average portfolio maturities of up to one year and are typically liquid/cash funds. Long-term debt funds, on the other hand, have weighted average maturity of more than one year and are typically bond funds. ICRA benchmarks short-term debt funds including liquid/cash funds against a 12-month benchmark credit score, while long-term debt funds are benchmarked against the long-term benchmark credit score. ICRA generally assigns short-term MF Credit Risk Ratings to short-term/liquid funds, but gives an option to these funds to seek long-term MF Credit Risk Rating. Similarly, ICRA generally assigns long-term MF Credit Risk Ratings to bond funds, but gives an option to these funds with weighted average maturity of less than 12 months to seek short-term MF Credit Risk Ratings.

ICRA Mutual Fund Awards 2009:IDFC Dynamic Bond Fund - Plan A has been ranked as a 4 Star Fund in the category of 'Open Ended Debt – Long Term' schemes (25 Schemes) for its 1 year performance till March 31, 2009.IDFC Super Saver Income – Investment Plan – Plan A has been ranked as a 4 Star Fund in the category of 'Open Ended Debt – Long Term' schemes (25 Schemes) for its 1 year performance till March 31, 2009.IDFC Super Saver Income – Short Term Fund has been ranked as a 5 Star Fund in the category of 'Open Ended Debt – Short Term' schemes (11 Schemes) for its 1 year performance till March 31, 2009.IDFC Imperial Equity Fund – Plan A has been ranked as a 5 Star Fund in the category of 'Open Ended Diversified Equity - Defensive' schemes (65 Schemes) for its 1 year performance till March 31, 2009.IDFC Premier Equity Fund – Plan A has been ranked as a 4 Star Fund in the category of 'Open Ended Diversified Equity - Defensive' schemes (65 Schemes) for its 1 year performance till March 31, 2009.IDFC Dynamic Bond Fund - Plan A has been ranked as a 5 Star Fund in the category of 'Open Ended Debt – Long Term' schemes (20 Schemes) for its 3 year performance till March 31, 2009.IDFC Super Saver Income – Investment Plan – Plan A has been ranked as a 4 Star Fund in the category of 'Open Ended Debt – Long Term' schemes (20 Schemes) for its 3 year performance till March 31, 2009.IDFC Super Saver Income – Short Term Fund has been ranked as a 4 Star Fund in the category of 'Open Ended Debt – Short Term' schemes (11 Schemes) for its 3 year performance till March 31, 2009.IDFC Premier Equity Fund – Plan A has been ranked as a 5 Star Fund in the category of 'Open Ended Diversified Equity - Aggressive' schemes (39 Schemes) for its 3 year performance till March 31, 2009.IDFC Imperial Equity Fund – Plan A has been ranked as a 5 Star Fund in the category of 'Open Ended Diversified Equity - Defensive' schemes (57 Schemes) for its 3 year performance till March 31, 2009.The rank is an outcome of an objective and comparative analysis against various parameters, including: risk adjusted return, fund size, company concentration, portfolio turnover and liquidity. The ranking methodology did not take into account entry and exit loads imposed by the Fund. The ranks are neither a certificate of statutory compliance nor any guarantee on the future performanceRanking Source & Publisher : ICRA Online Ltd.

ICRA Credit Risk Rating:IDFC Money Manager Fund - Treasury Plan: “Credit Risk Rating mfAAA” - The Fund carries the lowest credit risk, similar to that associated with long-term debt obligations rated in the highest-credit-quality category.IDFC Money Manager Fund – Investment Plan: “Credit Risk Rating mfAAA” - The Fund carries the lowest credit risk, similar to that associated with long-term debt obligations rated in the highest-credit-quality category.IDFC Cash Fund: “Credit Risk Rating mfA1+” - The highest-credit-quality short-term rating assigned by ICRA to debt funds. Debt funds rated in this category carry the lowest credit risk in the short term and are similar to that of fixed income obligations of highest-credit-quality category with maturity of upto one year.This rating should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns.Source: ICRA Ltd.

CRISIL Credit Quality Rating:IDFC Super Saver Income Fund - Investment Plan: “Credit Quality Rating AAAf” - The assigned rating AAAf is valid only for “IDFC Super Saver Income Fund - Investment Plan”. The rating of CRISIL is not an opinion on the Asset Management Company’s willingness or ability to make timely payments to the investor. The rating is also not an opinion on the stability of the NAV of the Fund, which could vary with market developments.

CRISIL Credit Quality Rating Methodology:CRISIL's credit quality ratings are based on the analysis of the credit risk of securities held by the fund. CRISIL has developed a Credit Quality Matrix to evaluate fund’s overall level of protection against losses associated with credit default. The matrix is a set of credit factors and credit scores derived scientifically from CRISIL’s rating default and transition rates.

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IDFC AMC Offices

Ahmedabad : Ground Floor, Zodiac Avenue, Opp. Mayor’s Bunglow, Near Law Garden, Ahmedabad - 380 006. Tel.: 079-64505881/5857.

Bangalore : Raheja Point, 2nd Floor, Magrath Road, Opp. Garuda Mall, Bangalore - 25. Tel.: 080-64501951/52,66111504/05/06.

Chandigarh : Suite No. 5, 3rd Floor, SCO No. 37-38, Sector 17-C, Chandigarh - 160017. Tel. :0172-5071919/1918.

Chennai : Maalavika Centre, Old no. 144/145, New No. 60, Kodambakkam High Road, Nungambakkam, Chennai - 600 034.

Tel.: 044-39185409/ 10/ 11.

Cochin : 39/3993 B2, Ground floor, Vantage Point, VRM Road, Ravipuram, Cochin-682 016, Kerala. Tel: 0484-3012639/4029291, Fax: 0484-2358639

Coimbatore : Red Rose Plaza, 509 H, II Floor, D.B. Road, R.S. Puram, Coimbatore - 641 002. Tel.: 0422-2542645, 2542678.

Dehradun : C/o EBD BUSINESS CENTRE, cubicle no 3, 49, Rajpur Road, Dehradun- 248001, Tel.: 09837500990

Goa : Advani Bussiness Centre, Neelkamal Arcade, A B Road, Panjim, Goa - 403001. TEl: 0832-6650403, Fax: 0832-6650310.

Mobile : 9823289903.

Hyderabad : 4th Floor, Central Plaza, #6-3-902/A, Raj Bhavan Road, Somajiguda, Hyderabad - 500082 Tel.: 040-42014646/47, Fax-040-40037521.

Indore : 416 – B, 4th Floor, 21 / 1, D.M. Tower, Race Course Road, Indore – 452 001.Phone: 0731-4206927/ 0731-4208048. Fax 0731-4206923

Jaipur : G-7, G-8, Anukampa Towers, Church Road, Jaipur - 302 001. Tel.: 0141-5105797, 5105798.

Kanpur : Office No. 214, 215, IInd Floor, KAN Chambers, 14/113, Civil Lines, Kanpur - 208 001. Tel: 0512-2331071, 2331119.

Kolkata : Oswal Chambers, 1st Floor, 2 Church Lane, Kolkata - 700 001. Tel.: 033-3024 9794/ 78/ 89/ 88/ 90.

Lucknow : Flat No. 2, 1st Floor, SAS House, 6B, Tej Bhadur Sapru Marg, Lucknow -226001. Tel : 0522 – 3056900/01/02/03/04/05. Fax – 0522 - 3056900

Ludhiana : SCO 16-17, Basement, Feroze Gandhi Market, Ludhiana - 141 001. Tel.: 0161-5022155, 5022156.

Mumbai : 1601, 16th Floor, Maker Chambers V, Nariman Point, Mumbai 400 02. Maharashtra. Phone 022-66226000. Fax: 022 6622 6034

Nagpur : Fortune Business Centre, First Floor, 6 Vasant Vihar, W.H.C.Rd., Shankar Nagar, Nagpur-440010.

Nashik : Kavita Complex 2nd Floor, Madan Services, Near Big Bazar, College Road, Nasik 422005. Contact No. 09970625856.

New Delhi : 4th Floor, Narain Manzil, 23 Barakhamba Road, New Delhi - 110 001. Tel.: 011-41513040, 41513041, 41513042.

Pune : 1st Floor, Dr. Herekar Park Building, Next to Kamala Nehru Park, Off. Bhandarkar Road, Pune - 411 004. Tel: 020-66020965/ 4.

Rajkot : “Star Plaza”, 2nd Floor, Office No. 201, Phulchab Chowk, Rajkot - 360 001. Tel. 0281-6626012.

Surat : U-15/16, Jolly Plaza, Athwagate, SURAT – 395001 Phone: 2475060 & 2475070

Vadodara : Ground Floor, Akash Ganga Complex, Adjacent to Vanijya Bhavan, Race Course Circle, Vadodara - 390 007. Tel.: 0265 - 6620919/ 939.

Visakhapatnam : Visakha Executive Centre, 47-11-1/5, Eswar Arcade, Dwarakanagar,1st Lane, Visakhapatnam-530016,

Mob: 99634-39222.

Phone TransactREDEEM SWITCH CHECK BALANCE

Call Free: 1-800-226622** Available from 8.00 am to 7.00 pm on all business days.www.idfcmf.com

IDFC Asset Management Company Ltd. Registered Office: One IndiaBulls Centre, Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinstone (W), Mumbai - 400013. Tel No. 24399999; 66289999; Fax: 24215051-52.

IDFC Factsheet August 09 Complete - IDFC Mutual Funds by the end of September against a full year target of Rs 450,000 crores ... Call / Reverse Repo/ CBLO Total 1050.06 3.58 Net Current

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