IDFC Factsheet June 09 Complete - IDFC Mutual Funds Industries Ltd. 811.73 2.82 ... Ferrous Metals Consumer Non DurablesConstruction Project Industrial Capital Goods elecom - Services

June 2009

22

Equity Commentary

In May 2009, Indian stock markets delivered best 1 month return in over 17 years. It was driven by decisive outcome of the general elections, higher risk appetite among investors, and high cash balance with Investors. The breadth continued to be the dominant part of the market with the mid cap and small cap indices outpacing the main Index.

There has been a swing shift in the way equities are now perceived and the risk appetite has increased with a lot of new investors looking to increase beta on their portfolio. What started off as a fear to buy has now turned into a fear to sell. The same animal “liquidity” is on the prowl again and predicting the future is about as easy and calling the weather. With the background of all the eventful we focus on where we stand on equity valuations. Attached table.

While not comparatively cheap, Indian equities relative to their historical valuations are not frightfully expensive also. From a fundamental point of view the focus is now on execution. As a country we have always slipped up on execution. The Global macro environment is another place to watch out for. A deteriorating environment would cause some instability with capital flows but if we manage the former right the latter would remain a mere obstacle. Valuations already are factoring in a high probability of overcoming the execution challenges.

In the near term the old inefficiencies of 2007 have returned. There is a reported $10bn plus QIP in the system. And the old suspects are back at inflating balance sheets. Fund raising and wealth creation never go hand in hand. And this could be a longer term drag on these businesses. Still there are plentiful opportunities in this economy. And if growth is back there is just one asset class that participates in the expansion of the economy – That is equities.

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

FII MF SensexSource -SEBI

Debt Commentary

The bond markets are facing multiple headwinds in the near term with higher than scheduled government borrowing, higher global bond yields, rising commodity prices and signs of economic revival across the globe. Domestic bond yields are factoring in the uncertainties in interest rates with benchmark ten year bond yields rising up to levels of 6.69% from levels of 6.24% seen a month ago. The government is scheduled to borrow higher amounts in June 2009 against the schedule of Rs 48,000 given in the borrowing calendar for the 1st half. The higher borrowing is on the back of pressures on revenue. Global bond yields have risen almost 50bps over last month as bond investors are demanding higher price from governments running up high fiscal deficits. Oil and other commodity prices have moved to six month highs on the back of economic optimism while incremental global economic data is coming in better than expectations giving rise to hopes of economic revival.

The positives for interest rates are the good system liquidity which is running at over Rs 130,000 crores, high deposit growth in the banking system at over 22% year on year growth, low credit growth at 17% growth year on year, low inflation at close to all time lows of below 1% and expectations of slower economic growth going forward. The banking system is showing good demand for bonds on the back of good deposit growth and low credit offtake. The system is low on leverage with banks running at around 26% of government bond investments as a percentage of net demand and time liabilities. The statutory level prescribed by the RBI is 24%. The positives for interest rates is likely to play out in the medium term while in the short term interest rates are likely to be volatile on the back of current uncertainties

Market Indicators

Security 31st May 30th April 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 130000 105000 25000

Average Repo Rs Crores 0 0 0

Average Call Rate% 3.18 3.34 -16

Government Securities

91 Day T-Bill 3.30 3.21 9

364 Day T-Bill 3.75 3.75 0

Five Year Benchmark 6.30 6.01 29

Ten Year Benchmark 6.69 6.24 45

Currency

USD/INR Rs. 47.10 50.05 6%

Inflation (% Change Week Week

Year on Year) Ended Ended

16th May 2009 4th Apr 2009

WPI 0.61 0.57 4

Corporate Bonds

5 Year AAA Benchmark 8.15 7.60 55

3 Month CD Benchmark 3.90 3.75 15

1 Year CD Benchmark 5.80 5.50 30

Interest Rate Swaps

1 Year OIS* 4.03 3.82 21

5 Year OIS* 6.23 5.25 98

* Overnight Index Swap

Yield Curve

Source : CCIL, Bloomberg

30th April 2009

31st May 2009

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

1 5 10 30

-600

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-200

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Sensex Morgan Stanley Emerging Market Index

P/E P/B P/E P/B

31st May 2009 15.24 3.19 14.73 1.77Average 5 Years 17.38 3.87 12.70 2.03Average since Y2000 16.62 3.28 14.18 1.77

Source: Bloomberg

IDFC Classic Equity Fund(IDFC - CEF)An open-ended equity fund Data as of 29 May 2009

3

Portfolio as of 29 May 2009

Asset Allocation

Marketvalue in % of

Name Lac (Rs.) NAV

Hero Honda Motors Ltd. 1056.35 3.67

HDFC Bank Ltd. 1285.61 4.47State Bank of India 1178.31 4.09ICICI Bank Ltd. 999.20 3.47Bank of Baroda 986.42 3.43Allahabad Bank 351.55 1.22

Punj Lloyd Ltd. 1020.50 3.55Larsen & Toubro Ltd. 736.16 2.56

United Spirits Ltd. 832.15 2.89ITC Ltd 651.96 2.27

Jindal Steel & Power Ltd. 879.85 3.06

Power Finance Corporation Ltd. 846.34 2.94

Bharat Electronics Ltd. 1032.15 3.59Bharat Heavy Electricals Ltd. 992.19 3.45

Sintex Industries Ltd. 811.73 2.82

Sterlite Industries Ltd. 1464.17 5.09

Oil & Natural Gas Corporation Ltd. 1052.33 3.66

United Phosphorus Ltd. 775.25 2.69

Reliance Industries Ltd. 2356.28 8.19Indian Oil Corporation Ltd. 1834.92 6.38

Piramal Healthcare Ltd. 703.33 2.44

Reliance Infrastructure Ltd. 1017.60 3.54

Infosys Technologies Ltd. 1142.90 3.97

Bharti Airtel Ltd. 1230.24 4.27Idea Cellular Ltd. 1202.56 4.18

Grand Total 28782.00 100.00

Auto Total 1056.35 3.67

Banks Total 4801.09 16.68

Construction Project Total 1756.66 6.10

Consumer Non Durables Total 1484.11 5.16

Ferrous Metals Total 879.85 3.06

Finance Total 846.34 2.94

Industrial Capital Goods Total 2024.34 7.03

Industrial Products Total 811.73 2.82

Non - Ferrous Metals Total 1464.17 5.09

Oil Total 1052.33 3.66

Pesticides Total 775.25 2.69

Petroleum Products Total 4191.20 14.56

Pharmaceuticals Total 703.33 2.44

Power Total 1017.60 3.54

Software Total 1142.90 3.97

Telecom - Services Total 2432.80 8.45Others Total 1051.10 3.65Call / Reverse Repo/ CBLO Total 999.85 3.47Net Current Asset 291.02 1.01

Fund features

Fund performance

Nature : EquityFund size : Rs. 287.82 CroreFund Manager : Ajay BodkeInvestment 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 : IDFC-CEF - Plan A : Purchases of less than Rs. 5 Crores- 2.25%, Rs. 5 Crore or more (including by way of SIP/STP) - Nil, by an FOF (irrespective of the amount of Purchase)-Nil, by way of Dividend Re-investment - Nil. A switch-in/STP may also attract an Entry Load like any Purchase however no load shall be chargeable on investments switched in by investor from any other Equity Scheme(s) of IDFC Mutual Fund (other than in case of switch-ins of less than Rs. 5 Crores from IDFC Arbitrage Fund & Arbitrage Plus Fund, where entry load of 2.25% shall be applicable). Such switches may however be subject to exit load as applicable in the scheme from where the investments are switched out.IDFC-CEF - Plan B : NilExit 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 1 year 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 ( 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 9.31%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) 16.3406 (B) 12.9830Dividend (A) 11.8249 (B) 10.4862Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) : 95.52% / 3.47% / 1.01%Fund manager’s commentRun as a diversified portfolio the opportunity for the fund is to capture the breadth of the market growth across capitalizations. Currently with a high weightage to the large cap's the portfolio has the option to move to the mid to smaller cap companies when the growth in the economy returns to mean.

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

Data as of 29 May 2009under the IDFC-CEF-Growth as of 200929 May

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

CAGR

16.68%

14.56%

8.45%

7.03%6.10%

5.16%5.09%3.97%3.67%3.66%3.54%3.06%2.94%2.82%2.69%2.44%

0.61%

3.04%

Banks

Petr

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Pro

duct

s

Tele

com

-S

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Ind

ust

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apita

lG

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Const

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Pro

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Co

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mer

Non

Dura

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s

No

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Ferr

ous

Meta

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Softw

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AutoOil

Pow

er

Fe

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Meta

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Const

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Fin

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Indust

rial

Pro

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s

Pest

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Ph

arm

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utic

als

Gas

13.77%

46.69%

9.06%

46.99%

16.62%11.19%

0.19%

69.66% 66.88%

-1.26%

-13.05%-14.96%

IDFC Imperial Equity Fund(IDFC - IEF)An open-ended equity fund

4

Data as of 29 May 2009

Marketvalue in % of

Name Lac (Rs.) NAV

Maruti Suzuki India Ltd. 994.23 4.16

State Bank of India 1644.59 6.89Bank of Baroda 1087.04 4.55HDFC Bank Ltd. 985.15 4.13ICICI Bank Ltd. 613.10 2.57

Grasim Industries Ltd. 415.58 1.74

ITC LTD 734.60 3.08

Housing Development Finance Cor Ltd 697.47 2.92

GAIL (India) Ltd. 1075.50 4.50

Bharat Heavy Electricals Ltd. 1306.89 5.47



Reliance Industries Ltd. 1673.71 7.01Indian Oil Corporation Ltd. 974.40 4.08Reliance Petroleum Ltd. 536.45 2.25Bharat Petroleum Corporation Ltd. 418.23 1.75Hindustan Petroleum Corporation Ltd. 272.21 1.14

Cipla Ltd. 590.42 2.47

Infosys Technologies Ltd. 882.81 3.70Wipro Ltd. 573.38 2.40Oracle Financial Serv Software Ltd 536.32 2.25


Grand Total 23875.08 100.00

Auto Total 994.23 4.16


Cement Total 415.58 1.74



GAS Total 1075.50 4.50



Oil Total 1256.94 5.26


Pharmaceuticals Total 590.42 2.47


Telecom - Services Total 2327.33 9.75Other Total 217.34 0.91Corporate Debentures Total 0.03 0.00Money Market Instruments Total 2137.45 8.95Call / Reverse Repo/ CBLO Total 299.96 1.26Net Current Asset 663.45 2.78

Long Future Total 2226.75 9.33

Fund features

Fund performance

Nature : EquityFund size : Rs. 238.75 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 : IDFC-IEF - Plan A : Purchases of less than Rs. 5 Crores (including by way of SIP/STP) 2.25%, Rs. 5 Crore - or more (including by way of SIP/STP) - Nil, by an FOF (irrespective of the amount of Purchase)-Nil, by way of Dividend Re-investment - Nil. A switch-in/STP may also attract an Entry Load like any Purchase however no load shall be chargeable on investments switched in by investor from any other Equity Scheme(s) of IDFC Mutual Fund (other than in case of switch-ins of less than Rs. 5 Crores from IDFC Arbitrage Fund & Arbitrage Plus Fund, where entry load of 2.25% shall be applicable). Such switches may however be subject to exit load as applicable in the scheme from where the investments are switched out.IDFC-IEF - Plan B : NilExit 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 1 year 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 (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 0.82R Square 0.94Standard deviation 9.40%Last dividends (Rs./ unit) :14 May 2008 1.50 NAV 13.9431NAV (Rs.):Growth (A) 15.1920 (B) 13.0967Dividend (A) 13.7697 (B) 13.2849Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) : 87.01% / 10.21% / 2.78%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.


under the IDFC-IEF-Growth as of 200929 May

Portfolio as of 200929 May

Asset AllocationData as of 29 May 2009

18.14%

16.23%

9.75%

8.35%

5.47%5.26%4.50%4.16%4.02%

3.08%2.92%2.47%

0.91%1.74%

Banks

Petr

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Pro

du

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Tele

com

-S

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Softw

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Indust

rial C

apita

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Oil

Gas

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Non -

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Consu

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Non

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Fin

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Pharm

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Cem

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Const

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Pro

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IDFC-IEF - Growth BSE200


50.41%

15.55%

52.69%

9.46%

0.00%

13.94%

66.88%69.66%

-13.05%

0.19%

11.19%8.59%

3 Month (Absolute)

6 Month (Absolute)

Last 2 Years CAGR

Since Inception CAGR

Last 3 Years CAGR

Last 1 Year CAGR Rating & Rankings

Value Research Rating

Past performance is no guarantee of future results.For Methodology of Ranking Please refer Page No. 40.

ICRA Rating

IDFC Premier Equity Fund(IDFC - PEF)An open-ended equity fund

5


Asset Allocation

Marketvalue in % of

Name Lac (Rs.) NAV

Exide Industries Ltd. 5419.32 6.79Motherson Sumi Systems Ltd. 2007.21 2.52

Shree Cement Ltd. 3430.94 4.30

Shree Renuka Sugars Ltd 4756.13 5.96Bata India Ltd. 2101.35 2.63Kaveri Seed Company Ltd. 2022.78 2.54United Spirits Ltd. 1759.49 2.21Gokul Refoils And Solvent Ltd. 1730.45 2.17GlaxoSmithkline Consumer Healthcare Ltd. 861.50 1.08


Coromandel Fertilisers Ltd. 3394.72 4.26

Shriram Transport Finance Co Ltd. 3787.45 4.75Rural Electrification Corp Ltd 3076.50 3.86SREI Infrastructure Finance Ltd. 2136.84 2.68

Deep Industries Ltd. 2032.36 2.55Petronet LNG Ltd 1162.11 1.46

ABG Infralogistics Ltd. 1195.39 1.50

PTC India Ltd. 2521.64 3.16

Pantaloon Retail (India) Ltd. 3589.83 4.50

Educomp Solutions Ltd. 2821.60 3.54

Onmobile Global Ltd. 1264.37 1.58

Page Industries Ltd. 2247.22 2.82

IRB Infrastructure Developers Ltd 2761.34 3.46Blue Dart Express Ltd. 2113.83 2.65

Grand Total 79772.26 100.00

Auto Ancillaries Total 7426.54 9.31




Fertilisers Total 3394.72 4.26


Gas Total 3194.47 4.00

Miscellaneous Total 1195.39 1.50


Retailing Total 3589.83 4.50


Telecom - Equipment & Accessories Total 1264.37 1.58

Textile Products Total 2247.22 2.82

Transportation Total 4875.16 6.11Others Total 2291.25 2.87Corporate Debentures Total 2544.20 3.19Money Market Instruments Total 7159.91 8.98Call / Reverse Repo/ CBLO Total 3099.55 3.89Net Current Asset 3544.31 4.44

Long Future Total 3983.66 4.99

Fund features

Fund performance

Nature : EquityFund Size : Rs. 797.72 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 : IDFC-PEF - Plan A : Purchases of less than Rs. 5 Crores- 2.25%, Rs. 5 Crore or more (including by way of SIP/STP) - Nil, by an FOF (irrespective of the amount of Purchase)-Nil, by way of Dividend Re-investment - Nil. A switch-in/STP may also attract an Entry Load like any Purchase however no load shall be chargeable on investments switched in by investor from any other Equity Scheme(s) of IDFC Mutual Fund (other than in case of switch-ins of less than Rs. 5 Crores from IDFC Arbitrage Fund & Arbitrage Plus Fund, where entry load of 2.25% shall be applicable). Such switches may however be subject to exit load as applicable in the scheme from where the investments are switched out.IDFC-PEF - Plan B : NilExit load: IDFC-PEF- (Plan A & Plan B): For Purchases / Switch irrespective of any amount - 1.00%, if redemption/switch is requested within 1 Year from the date of purchase. By a FOF (irrespective of the amount of Redemption) Nil. No Exit load will be chargeable in case of switches made between different options of the Plan.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 0.86Standard deviation 10.48%Last dividends (Rs./ unit) : 28 April 2009 1.50 NAV 13.1031NAV (Rs.):Growth (A) 18.8933 (B) 13.9326Dividend (A) 16.9583 (B) 13.9184Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) : 79.51% / 16.05% / 4.44%Fund manager’s commentThe 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 95% 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.



under the IDFC-PEF-Growth as of 200929 May


IDFC-PEF - Growth BSE200


3 Month

(Absolute)

6 Month

(Absolute)

Last 1 Year CAGR

Last 2 Years

CAGR

Last 3 Years

CAGR

Since Inception

CAGR

16.59%

11.28%

10.17%

6.11%

4.50%4.30%4.26%4.00%3.72%3.68%3.16%2.82%

1.50%0.66%0.64%0.53%

1.58%

Consu

mer

Non D

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ble

s

Fin

ance

Auto

Anci

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Tra

nsp

ort

atio

n

Reta

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Cem

ent

Fert

ilise

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Gas

Softw

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Ferr

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Me

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Po

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Text

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Tele

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-

Equip

ment

& A

ccess

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Mis

cella

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Pharm

ace

utic

alsOil

Banks

18.94%

-9.17%

9.29%

61.05%

18.08%

59.42%

14.00%11.19%

0.19%

-13.05%

69.66%66.88%

Rating & Rankings

Value Research RatingICRA Rating


MarketValue in % of Value of

Name Lac (Rs.) NAV Futures

Adlabs Films Ltd. 467.60 1.08 -470.53Arvind Ltd 305.88 0.71 -308.12Balrampur Chini Mills Ltd. 1266.23 2.93 -1268.40Bombay Dyeing & Manufacturing Co. Ltd. 237.25 0.55 -238.72Bharat Petroleum Corporation Ltd. 388.49 0.90 -390.70Idea Cellular Ltd. 554.38 1.28 -550.76Bharti Airtel Ltd. 262.69 0.61 -262.69CAIRN India Ltd. 347.78 0.81 -349.73Chambal Fertilisers & Chemicals Ltd. 602.63 1.40 -606.88GAIL (India) Ltd. 310.50 0.72 -312.57GTL Ltd 907.36 2.10 -913.52Grasim Industries Ltd. 155.46 0.36 -155.48Gujarat Alkalies & Chemicals 274.65 0.64 -277.81Hindustan Construction Co. Ltd. 1380.10 3.20 -1390.03Hindustan Petroleum Corporation Ltd. 754.94 1.75 -760.76Tata Teleservices (Mah) Ltd. 589.69 1.37 -592.37ICICI Bank Ltd. 20.72 0.05 -20.53India Cements Ltd. 639.26 1.48 -641.13IDBI Bank Ltd 343.36 0.80 -345.76IDFC Ltd. 977.34 2.26 -983.23IFCI Ltd. 1323.07 3.07 -1331.53Oracle Financial Serv Software Ltd 291.90 0.68 -292.793I Infotech Ltd. 214.47 0.50 -215.64Indian Oil Corporation Ltd. 730.80 1.69 -735.60ITC LTD 495.86 1.15 -498.69Jaiprakash Associates Ltd. 1048.82 2.43 -1053.11Jaiprakash Hydro Power Ltd. 703.50 1.63 -708.00Kotak Mahindra Bank Ltd. 358.27 0.83 -360.99KS Oil Ltd. 362.01 0.84 -365.58Mahanagar Telephone Nigam Ltd. 213.40 0.49 -215.24Chennai Petroleum Corporation Ltd. 297.08 0.69 -299.61Neyveli Lignite Corporation Ltd 461.07 1.07 -462.56Oil & Natural Gas Corporation Ltd. 915.52 2.12 -921.40Power Finance Corporation Ltd. 506.59 1.17 -509.86Petronet LNG Ltd 641.28 1.49 -631.76Praj Industries Ltd. 848.50 1.97 -853.95Reliance Industries Ltd. 2160.58 5.01 -2174.03Reliance Petroleum Ltd. 29.02 0.07 -28.92Rolta India Ltd. 288.27 0.67 -289.76State Bank of India 1095.30 2.54 -1080.70Sun Pharmaceutical Industries Ltd. 215.74 0.50 -216.80Shree Renuka Sugars Ltd 650.70 1.51 -654.57Strides Arcolab Ltd. 315.59 0.73 -316.90UltraTech Cement Ltd. 1929.45 4.47 -1948.26Vijaya Bank 366.60 0.85 -361.44Welspun Guj Stahl Rohren Ltd 849.06 1.97 -853.58

Grand Total 43156.31 100.00

Total 28098.76 65.11 -28220.98Call / Reverse Repo/ CBLO Total 399.94 0.93Bank Deposit Total 9500.00 22.01Net Current Asset 5157.61 11.95

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

Fund features

Fund performance

Nature : Equity & Equity DerivativesFund Size : Rs. 431.56 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 : NilExit 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. 1,00,000Additional 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) :13-Oct-08 A 0.0600 NAV 10.348513-Oct-08 B 0.0600 NAV 10.450211-Nov-08 A 0.0600 NAV 10.390311-Nov-08 B 0.0600 NAV 10.497510-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 10.3934NAV (Rs.):Plan A (Regular) Growth 11.8863Plan A (Regular) Dividend 10.2756Plan B (Institutional) Growth 12.0324Plan B (Institutional) Dividend 10.4143Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) : 65.11% / 22.94% / 11.95%Fund manager’s comment:Cash-future spreads improved with the continued rally in equity markets. The fund was able to successfully roll-over its futures positions.

6

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

under the IDFC-AF-Growth as of 200929 May


IDFC-AF-Growth CLFI


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


0.39%

7.34%

2.16%

6.63%

5.32%

4.16%

1.71%

8.66%

7.73%7.98%

IDFC Enterprise Equity Fund(IDFC - EEF)A Close Ended Equity Fund with automatic conversion into an Open Ended Equity Scheme,on completion of 36 months.

7


Asset Allocation

Marketvalue in % of

Name Lac (Rs.) NAV

ACC Ltd 474.40 0.48ABB Ltd 448.03 0.45Bharat Heavy Electricals Ltd. 3654.19 3.68Bharat Petroleum Corporation Ltd. 573.72 0.58Reliance Infrastructure Ltd. 1087.64 1.09Idea Cellular Ltd. 912.83 0.92Bharti Airtel Ltd. 5264.20 5.30Cairn India Limited 1523.05 1.53Cipla Ltd. 612.00 0.62DLF Ltd. 2292.52 2.31GAIL (India) Ltd. 1282.95 1.29Grasim Industries Ltd. 732.26 0.74Ambuja Cements Ltd. 491.13 0.49HCL Technologies Ltd. 430.22 0.43HDFC Bank Ltd. 2205.71 2.22Housing Development Finance Corp Ltd 2184.22 2.20Hero Honda Motors Ltd. 941.64 0.95Hindalco Industries Ltd. 504.01 0.51Hindustan UniLever Ltd. 1768.07 1.78ICICI Bank Ltd. 2989.74 3.01Infosys Technologies Ltd. 3316.07 3.34ITC Ltd 2452.16 2.47Larsen & Toubro Ltd. 2719.21 2.74Mahindra & Mahindra Ltd. 576.01 0.58Maruti Suzuki India Ltd. 1011.00 1.02National Aluminium Co. Ltd. 822.82 0.83NTPC Ltd. 5012.14 5.04Oil & Natural Gas Corporation Ltd. 8100.31 8.15Power Grid Corporation Ltd. 1642.34 1.65Punjab National Bank 754.57 0.76Ranbaxy Laboratories Ltd. 392.58 0.40Reliance Communications Ltd 2337.32 2.35Reliance Capital Ltd. 825.56 0.83Reliance Industries Ltd. 11194.70 11.26Reliance Petroleum Ltd. 2211.19 2.23Reliance Power Ltd. 1530.79 1.54Steel Authority of India Ltd. 2297.73 2.31State Bank of India 4100.33 4.13Siemens Ltd. 581.60 0.59Sterlite Industries Ltd. 1548.90 1.56Sun Pharmaceutical Industries Ltd. 959.19 0.97Suzlon Energy Ltd. 494.10 0.50Tata Consultancy Services Ltd. 2301.62 2.32Tata Motors Ltd. 560.36 0.56Tata Steel Ltd. 989.71 1.00Tata Power Co. Ltd. 853.46 0.86Unitech Ltd. 480.10 0.48Axis Bank Ltd. 1000.91 1.01Tata Communications Ltd. 547.88 0.55Wipro Ltd. 2056.81 2.07

Grand Total 99377.53 100.00

NIFTY 94044.01 94.63Call / Reverse Repo/ CBLO Total 3500.00 3.52Mutual Fund Units Total 2000.45 2.01Money Market Instruments Total 4117.30 4.14Bank Deposit Total 2500.00 2.52Net Current Asset -6784.23 -6.83

Fund features

Fund performance

Nature : EquityFund Size : Rs. 993.78 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.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 Exit load : To give liquidity to investors, repurchase facility is available on a half yearly basis on specified repurchase dates. The Repurchase date(s) at the applicable NAV in the scheme are December 31, 2006, June 30, 2007, December 31,2007, June 30,2008, July 1,2008, December 31, 2008 & June 9,2009(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.Options available: Growth, DividendMinimum investment amount : Rs. 5,000 Additional investment amount : Re.1Inception Date: 9 June 2006Statistical Measures : Beta (BSE 200) 0.83R Square (BSE 200) 0.88Beta (Nifty) 0.89Rsquare (Nifty) 0.91Standard deviation 4.46%Last 3 dividends (Rs./ unit) :14 May 2008 1.50 NAV 13.0106NAV (Rs.):Growth 12.3437Dividend 11.0671Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) : 94.63% / 12.19% / -6.83%Fund manager’s commentThe fund is currently invested in the Nifty stocks. The fund aims to generate alpha by participating in primary market issuances. The primary market pipeline has been quiet and we have not seen any large issuances in the recent past. As a strategy, Enterprise follows a 100% invested philosophy.


under the IDFC-EEF-Growth as of 200927 May Data as of 27 May 2009

IDFC-EEF - Growth BSE200



14.07%

11.12%10.19%

9.68%9.12%

8.16%

5.21%

3.31%3.11%3.03%2.89%2.79%2.47%1.98%1.78%1.71%

1.29%

2.74%

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3 Month (Absolute)

6 Month (Absolute)

Last 1 Year CAGR

Last 2 Years CAGR


56.06%

7.35%

56.00%

-0.19%

-11.94%

62.32%64.16%

-15.53%

-0.98%

13.31%

Asset Allocation

Marketvalue in % of

Name Lac (Rs.) NAV

Hero Honda Motors Ltd. 200.57 3.34

Exide Industries Ltd. 365.59 6.09

HDFC Bank Ltd. 413.99 6.90State Bank of India 373.77 6.23Allahabad Bank 172.40 2.87

Madras Cements Ltd. 185.85 3.10

ITC Ltd 174.47 2.91

Hindustan UniLever Ltd. 168.95 2.82


Power Finance Corporation Ltd. 182.03 3.03Housing Development Finance Cor Ltd 166.17 2.77

Bharat Heavy Electricals Ltd. 269.00 4.48Voltamp Transformers Ltd. 92.57 1.54

Sintex Industries Ltd. 121.64 2.03Time Technoplast Ltd. 94.54 1.58




NTPC Ltd. 215.93 3.60


Bharti Airtel Ltd. 208.37 3.47

Grand Total 6000.27 100.00






Diversified Total 168.95 2.82




Industrial Products Total 216.18 3.60


Oil Total 238.53 3.98




Telecom - Services Total 208.37 3.47Call / Reverse Repo/ CBLO Total 299.96 5.00Net Current Asset 651.58 10.86

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. 60.00 CroreFund Manager : Ajay BodkeInvestment 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 0.80R Square 0.92Standard deviation 10.66%Dividends frequency : NANAV (Rs.):Growth 10.0650Dividend 10.0648Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) : 84.14% / 5.00% / 10.86%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 which has found its way into the markets.

8


under the IDFC-TS(ELSS)-Growth as of 200929 May Data as of 29 May 2009


IDFC-TS(ELSS) - Growth BSE200


3 Month (Absolute) 6 Month (Absolute)

Last 1 Year CAGR


Last 2 Year CAGR


44.74%

0.29%

43.54%

-3.33%

-17.88%

66.88%69.66%

-13.05%

0.19%

7.97%

16.00%

12.12%

6.09%6.03%5.80%5.12%

3.98%3.60%3.60%3.47%3.36%3.34%2.91%2.82%2.81% 3.10%

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MarketValue in % of Value of

Name Lac (Rs.) NAV Futures

3i Infotech Ltd. 381.28 0.89 -383.36Adlabs Films Ltd. 492.87 1.15 -495.96Arvind Ltd 76.47 0.18 -77.03Balrampur Chini Mills Ltd 1,073.36 2.50 -1,075.20Bank Of India 83.36 0.19 -83.88Bharti Airtel Ltd. 533.59 1.24 -533.59Cairn India Ltd. 736.12 1.71 -740.25Canara Bank 349.64 0.81 -345.39Century Textiles & Industries Ltd 1,044.53 2.43 -1,054.33Chambal Fertilizers & Chemical Ltd 184.75 0.43 -186.05Chennai Petroleum Corporation Ltd 209.31 0.49 -211.09Development Credit Bank Ltd. 59.22 0.14 -59.57GAIL (India) Ltd. 594.00 1.38 -597.96GTL Ltd 285.65 0.67 -287.59HCL Technologies Ltd 269.04 0.63 -270.98Hindustan Const Company Ltd 119.15 0.28 -120.00Housing Development Finance Corporation 114.43 0.27 -115.04ICICI Bank Ltd 103.62 0.24 -102.63IDBI Bank Ltd 419.16 0.98 -422.10IFCI Ltd. 1,419.16 3.31 -1,428.23India Cements Ltd 920.89 2.15 -923.58Indiabulls Real Estate Ltd. 1,637.13 3.81 -1,619.96Indian Oil Corporation Ltd. 193.66 0.45 -194.93Indian Overseas Bank 279.80 0.65 -281.64Infrastructure Development Finance Company Ltd. 514.39 1.20 -517.49Jaiprakash Associates Ltd. 1,179.93 2.75 -1,184.75Jaiprakash Hydro Power Ltd 202.26 0.47 -203.55Ks Oil Ltd. 240.14 0.56 -242.52Lakshmi Machine Works Ltd 87.81 0.20 -88.08Neyveli Lignite Corporation Ltd 386.97 0.90 -388.22NTPC Ltd. 563.54 1.31 -566.42Opto Circuits Ltd. 198.72 0.46 -200.08Oracle Financial Services Software Ltd. 222.40 0.52 -223.08Pantaloon Retail India Ltd 684.69 1.60 -687.92Petronet Lng Ltd 224.14 0.52 -220.81Polaris Software Lab Ltd 71.23 0.17 -71.74Praj Industries Ltd. 349.95 0.82 -352.20Ranbaxy Laboratories Ltd. 678.28 1.58 -681.20Reliance Industries Ltd. 2,071.97 4.83 -2,084.88Reliance Natural Resources Ltd 616.24 1.44 -619.22Shipping Corporation Of India Ltd 190.43 0.44 -191.75Shree Renuka Sugars Ltd 998.17 2.33 -1,004.09Steel Authority Of India Ltd 494.27 1.15 -493.27Strides Arcolabs Ltd. 266.00 0.62 -267.10Tata Chemicals Ltd. 549.10 1.28 -554.05Tata Consultancy Services Ltd. 218.43 0.51 -217.03Tata Tea Ltd. 949.27 2.21 -952.49Tata Teleservices (Maharashtra) Ltd 120.70 0.28 -121.25Ultratech Cement Ltd 999.18 2.33 -1,008.92Welspun Guj Stahl Rohren Ltd 1,097.82 2.56 -1,103.67

Novartis India Ltd. 263.39 0.61

Shaw Wallace & Company Ltd. 356.86 0.83United Spirits Ltd -389.86

ACC Ltd. 5.87 0.01ABB Ltd. Fv 2 5.49 0.01Bharat Heavy Electricals Ltd. 42.47 0.10Bharat Petroleum Corp Ltd 6.70 0.02Reliance Infrastructure Ltd. 11.56 0.03Idea Cellular Ltd. 10.40 0.02Bharti Airtel Ltd. 62.13 0.14Cairn India Ltd. 17.53 0.04Cipla Ltd. Fv 2 6.91 0.02DLF Ltd. 27.52 0.06GAIL (India) Ltd. 15.18 0.04Grasim Industries Ltd Fv 10 7.76 0.02Ambuja Cements Ltd Fv 2 5.56 0.01HCL Technologies Ltd Fv 2 4.46 0.01HDFC Bank 24.54 0.06Housing Development Finance Corporation 24.65 0.06Hero Honda Motors Ltd Fv 2 10.70 0.02Hindalco Industries Ltd Fv Inr 1 5.74 0.01Hindustan Unilever Ltd. Fv 1 20.06 0.05ICICI Bank Ltd 32.84 0.08Infosys Technologies Ltd. Fv 5 36.61 0.09ITC Ltd FV 1 27.64 0.06Larsen & Toubro Ltd. Fv 2 32.71 0.08Mahindra & Mahindra Ltd 7.42 0.02Maruti Suzuki India Ltd. 11.81 0.03National Aluminium Company Ltd 9.10 0.02NTPC Ltd. 70.81 0.16Oil & Natural Gas Corporation Ltd. 99.71 0.23Power Grid Corporation Of India Ltd. 19.29 0.04Punjab National Bank 8.45 0.02Ranbaxy Laboratories Ltd. Fv 5/- 4.68 0.01Reliance Communications Ltd. Fv - 5 25.15 0.06Reliance Capital Ltd. 9.22 0.02Reliance Industries Ltd. 142.52 0.33Reliance Petroleum Ltd. 25.91 0.06Reliance Power Ltd. 17.28 0.04Steel Authority Of India Ltd 28.44 0.07State Bank Of India 47.26 0.11Siemens Ltd Fv 2 6.58 0.02Sterlite Industries Ltd Fv 2 17.60 0.04Sun Pharmaceuticals Industries Ltd Fv 5 10.05 0.02Suzlon Energy Ltd. 5.85 0.01Tata Consultancy Services Ltd. 27.48 0.06Tata Motors Ltd. 6.03 0.01Tata Steel Ltd. 11.80 0.03Tata Power Fv 10 9.43 0.02Unitech Ltd. Fv 2 6.49 0.02Axis Bank Ltd. 11.15 0.03Tata Communications Ltd. 5.32 0.01Wipro Ltd. 22.33 0.053900 Call June 2009 Option -87.58 -0.204000 Call June 2009 Option -50.81 -0.122700 Put September 2009 Option 9.79 0.022900 Put September 2009 Option 2.00 0.00

Grand Total 42924.43 100.00

Total 25,756.20 60.00 -25,856.09

Open Position 263.39 0.61 0.00

Pair Trade 356.86 0.83 -389.86

Nifty Stock / Option 985.55 2.30Final Total 27,362.00 63.74 -26,245.95Bank Deposit Total 9500.00 22.13Call / Reverse Repo/ Cblo Total 199.97 0.47Money Market Instruments Total 194.31 0.45Net Current Asset 5668.14 13.20

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

Fund features

Fund performance

Nature : Equity DerivativesFund Size : Rs. 429.24 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.10,000, Plan B: Rs. 1,00,000Additional investment amount : Re.1Inception Date: 9 June 2008Statistical measures : Standard deviation 0.74%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)10.7408 (B)10.7424Dividend (A)10.3450 (B)10.3768Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash/Derivatives Option) : 64.04% / 23.05% / 13.20% / -0.29%Fund manager’s comment:Cash-future spreads improved with the continued rally in equity markets. The fund was able to successfully roll-over its futures positions related to arbitrage. The fund exited its pair trade positions as markets moved up sharply affecting the same.

9

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

under the IDFC-APF-Growth as of 29 May 2009



IDFC-APF - Growth CLFI

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

0.31%

2.87%

7.41%

4.16%

1.71%

8.47%

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.


10

Asset Allocation

Marketvalue in % of

Name Lac (Rs.) NAV

TVS Motor Company Ltd. 450.44 1.67Bajaj Auto Ltd. 365.30 1.35

Motherson Sumi Systems Ltd. 376.50 1.39

Federal Bank Ltd. 1125.23 4.16Allahabad Bank 595.88 2.20Kotak Mahindra Bank Ltd. 330.20 1.22

Shree Cement Ltd. 1215.20 4.49India Cements Ltd. 924.53 3.42

IVRCL Infrastructures & Projects Ltd. 1302.08 4.82

Lanco Infratech Ltd. 519.98 1.92

United Spirits Ltd. 1148.87 4.25Nestle India Ltd. 862.43 3.19GlaxoSmithkline Consumer Healthcare Ltd. 424.05 1.57

Engineers India Ltd 704.34 2.60


Rural Electrification Corp Ltd 1402.03 5.19Power Finance Corporation Ltd. 1107.45 4.10

Mcnally Bharat Engineering Co. Ltd 855.98 3.17

Nava Bharat Ventures Ltd. 759.09 2.81Sesa Goa Ltd. 548.96 2.03

Mphasis Ltd. 1212.56 4.48Oracle Financial Serv Software Ltd 536.67 1.98

Idea Cellular Ltd. 947.58 3.50

Mundra Port & Special Eco Zone Ltd 1347.46 4.98IRB Infrastructure Developers Ltd 956.29 3.54

Grand Total 27039.94 100.00





Construction Total 1302.08 4.82



Engineering Total 704.34 2.60




Minerals/Mining Total 1308.05 4.84


Telecom - Services Total 947.58 3.50

Transportation Total 2303.76 8.52Others Total 728.42 2.69Call / Reverse Repo/ CBLO Total 1100.00 4.07Money Market Instruments Total 2630.23 9.73Net Current Asset 1346.78 4.98

Fund features

Fund performance

Nature : EquityFund Size : Rs. 270.40 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 4.22%Dividends frequency : NANAV (Rs.):Growth 10.5193Dividend 10.5195Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) : 81.22% / 13.80% / 4.98%Fund manager’s commentThe fund philosophy is to capture the potential of the small and mid - cap companies in the country. The portfolio is built around a growth philosophy.

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

under the IDFC-SMEF-Growth as of 200927 May

IDFC-SMEF - Growth CNX Midcap



3 Month (Absolute) 6 Month (Absolute)

Since Inception (CAGR)Last 1 Year CAGR

10.00%9.28%

8.52%7.91%

7.59%

6.47%

5.62%

4.84%4.49%

3.50%3.17%3.02%

1.92%1.39%

0.89%

2.60%

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7.76% 4.23%

57.80%

50.24%

-16.65%-20.79%

63.06%58.14%

IDFC Strategic Sector (50-50) Equity FundIDFC-SS (50-50)-EFA Open Ended Equity Fund

11


Asset Allocation

Marketvalue in % of

Name Lac (Rs.) NAV

Maruti Suzuki India Ltd. 112.98 4.12

State Bank of India 112.13 4.09Kotak Mahindra Bank Ltd. 100.15 3.65Bank of Baroda 87.76 3.20HDFC Bank Ltd. 86.67 3.16ICICI Bank Ltd. 59.21 2.16

Ambuja Cements Ltd. 113.43 4.14

Larsen & Toubro Ltd. 98.15 3.58

GAIL (India) Ltd. 180.00 6.56

Bharat Heavy Electricals Ltd. 98.02 3.57

Oil & Natural Gas Corporation Ltd. 222.16 8.10Cairn India Ltd. 190.30 6.94

Indian Oil Corporation Ltd. 286.23 10.43Reliance Industries Ltd. 272.63 9.94Bharat Petroleum Corporation Ltd. 118.96 4.34Hindustan Petroleum Corporation Ltd. 66.78 2.43Reliance Petroleum Ltd. 30.32 1.11



Grand Total 2743.17 100.00





Gas Total 180.00 6.56


Gas Total 412.46 15.04



Telecom - Services Total 256.85 9.36Net Current Asset 35.13 1.28

Fund features

Fund performance

Nature : EquityFund Size : Rs. 27.43 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 more**Entry Load: IDFC-SS (50-50) -EF - Plan A :For Purchases / switch ins of less than Rs. 5 Crores (including by way of SIP / STP) -2.25%, of Rs. 5 Crores or more (including by way of SIP / STP) - Nil, by an FOF (irrespective of the amount of Purchase) - Nil, by way of Dividend Re-investment -Nil. **However, no entry load shall be charged in case of direct applications received by the AMC i.e. applications received through internet, submitted to AMC or collection centre / Investor Service Center that are not routed through any distributor/ agent / broker. It shall also be applicable to additional purchases done directly by the investor under the same folio and switch-in to a scheme from other schemes if such a transaction is done directly by the investor.A switch-in/STP may also attract an Entry Load Like any Purchase, however no load shall be chargeable on investments switched in by investor from any other Equity Scheme(s) of IDFC Mutual Fund (other than in case of switch-ins of less than Rs.5 Crores from IDFC Arbitrage Fund and IDFC Arbitrage Plus Fund where entry load of 2.25% shall be applicable). Such switches may however be subject to exit load as applicable in the scheme from where the investments are switched out.IDFC-SS (50-50) -EF - Plan B : NilExit 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 1 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 0.81R Square 0.95Standard deviation 9.90%Dividend frequency : NANAV (Rs.):Growth (A)11.7751 (B) 12.9019Dividend (A)11.7765 (B) 12.9020Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) : 98.72% / NA / 1.28%Fund manager’s comment :Conceptually the fund is built around allocating 50% of its portfolio to one sector. The Oil & Gas sector is currently the dominant part of the portfolio. 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. 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 29 May 2009

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



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

28.25%

16.26%15.04%

9.36%7.85%

6.56%4.14%4.12%3.58%3.57%

Petr

ole

um

Pro

duct

s

BanksO

il

Tele

com

-S

erv

ices

Softw

are

Gas

Cem

ent

Auto

Co

nst

ruct

ion

Pro

ject

Ind

ust

rial C

apita

lG

oods

17.75%

53.65%

47.62%

16.52%

60.98% 61.48%

IDFC Tax Advantage (ELSS) Fund(IDFC - TA[ELSS])An open ended Equity Linked Saving Scheme with lock in period of 3 years.

12


Asset Allocation

Marketvalue in % of

Name Lac (Rs.) NAV

Bajaj Auto Ltd. 20.69 3.33Hero Honda Motors Ltd. 18.05 2.91

HDFC Bank Ltd. 39.36 6.34State Bank of India 37.38 6.02ICICI Bank Ltd. 29.61 4.77

J Kumar Infraprojects Ltd. 22.24 3.58B.L.Kashyap & Sons Ltd 15.87 2.56

United Spirits Ltd. 20.53 3.31ITC LTD 16.16 2.60

Allied Digital Services Ltd. 17.90 2.88

Bharat Heavy Electricals Ltd. 22.87 3.69Voltamp Transformers Ltd. 17.76 2.86




GVK Power & Infrastructure Ltd 18.32 2.95


Idea Cellular Ltd. 48.70 7.85Bharti Airtel Ltd. 19.70 3.18

Grand Total 620.47 100.00



Construction Total 38.11 6.14


Hardware Total 17.90 2.88



Oil Total 28.06 4.52




Telecom - Services Total 68.40 11.02Net Current Asset 123.32 19.88

Fund features

Fund performance

Nature : EquityFund Size : Rs. 6.20 CroreFund Manager : Ajay BodkeInvestment 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 : Entry Load (Subscriptions / Switch ins) of less than Rs. 5 Crores (including for SIPs & STPs): 2.25%, Of Rs. 5 Crores or more (including for SIPs & STPs): Nil, By an FOF (irrespective of the amount of Purchase): Nil. A switch-in may also attract an Entry Load like any Purchase during the continuous offer. However no load shall be chargeable on investments switched in by investors from other Equity Scheme(s) except IDFC Arbitrage Fund & IDFC Arbitrage Plus Fund of IDFC Mutual Fund (such switches may however be subject to exit load as applicable in the scheme from where the investments are switched out).Exit load : NilOptions 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 0.64R Square 0.94Standard deviation 10.37%Dividends frequency : NANAV (Rs.):Growth 14.0681Dividend 14.0703Face value (Rs. / unit) : 10Asset allocation (equity / debt / cash) : 80.12% / NA / 19.88%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 which has found its way into the markets.


under the IDFC TA (ELSS) - Growth as of 200929 May Data as of 29 May 2009

Portfolio as of 29 2009 May

IDFC-TA(ELSS) - Growth BSE200

Since Inception absolute 3 Month (Absolute)

17.14%

11.02%

8.72%

6.55%6.24%6.14%5.91%

4.52%4.02%4.01%2.95%2.88%

Banks

Tele

com

-S

erv

ices

Petr

ole

um

Pro

duct

s

Ind

ust

rial C

apita

lG

oods

Auto

Co

nst

ruct

ion

Co

nsu

mer

Non

Dura

ble

s

Oil

No

n -

Ferr

ous

Meta

ls

Softw

are

Pow

er

Hard

ware

40.68%42.22%

69.66%

58.87%

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

13



% of Name Rating NAV

CBLO 83.01

Indian Railway Finance Corp. Ltd. AAA 10.64Power Finance Corporation Ltd. AAA 9.87Export Import Bank Of India AAA 8.03Rural Electrification Corp Ltd AAA 4.76

6.35% GOI MD 02-01-2020 SOV 4.62

Grand Total 100.00

CBLO Total 83.01

Non Convertible Debentures Total 33.30

Govt Securities(GSE) Total 4.62Net Current Asset -20.93

Fund features

Nature : DebtFund Size : Rs. 520.94 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 : 1.00% 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.IDFC-SSIF-IP - Plan B : NilIDFC-SSIF-IP - Plan C : 1.25% of NAV on investors who purchase/switch in and seek to redeem/switch out such units (amount less than or equal to Rs. 1 Crore) 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 will not be levied an exit load.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. 5,000 and in multiples of Re. 1 in Plan C.Additional investment amount : Re.1SIP (minimum amount) : in Plan A Rs. 1,000Inception date : 14 July 2000Statistical Measures : Standard deviation 1.68%Modified Duration 2.00 YearsDividend frequency : Quarterly, Half Yearly, AnnuallyLast 3 dividends :Date Nav Freq. Others I & HIDFC-SSIF-IP-Plan A30-Sep-08 10.3256 Half Yearly 0.4076 0.43831-Dec-08 11.9631 Quarterly 0.2935 0.315330-Sep-08 10.2178 Quarterly 0.2038 0.21930-Mar-09 10.4462 Quarterly 0.3669 0.394230-Mar-09 10.6717 Half Yearly 0.5462 0.586930-Mar-09 10.9413 Annual 0.7663 0.8234NAV (Rs.):Plan A Dividend Quarterly 10.8033Plan A Growth 21.7321Plan A Dividend Annual 11.3153Plan A Dividend Half Yearly 11.0365Plan B Growth 10.4293Plan B Dividend 10.2971Plan C Growth 10.0669Plan C Dividend 10.0665Face Value (Rs. / unit): 10Fund manager's comment:The fund reduced average maturities in recognition of interest rate uncertainties. The fund will look to increase average maturity once uncertainty passes. 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 29 May 2009


Past performance may or may not be sustained in future.

1 Govt. Securities (GSE) 4.62%

2 Net Current Asset -20.93%

3 Non Convertible Debentures 33.30%

4 CBLO 83.01%

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

12.83%

10.39%

6.72%

9.14%

14.55%

4.96%

6.71%

8.80% 8.26%

Rating & Rankings

ICRA Rating



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

14



CBLO 99.20

Grand Total 100.00

CBLO Total 99.20Net Current Asset 0.80

Fund features

Nature : DebtFund Size : Rs. 459.12 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. 1 Crore and in multiples of Re. 1 in plan B (Institutional Plan).Additional investment amount : Re.1SIP (minimum amount) : in Plan A Rs. 1,000Inception date : 25 June 2002Statistical Measures : Standard deviation 1.83%Modified Duration -Dividend frequency : Quarterly & AnnuallyLast 3 dividends :Date Nav Freq. Others I & HIDFC- DBF - Plan A30-Sep-08 10.2152 Quarterly 0.2038 0.21931-Dec-08 12.0332 Quarterly 0.2853 0.306630-Mar-09 10.5857 Quarterly 0.4158 0.446730-Mar-09 11.1462 Annual 0.8560 0.9197NAV (Rs.):Plan A Growth 18.0216Plan A Dividend Annual 11.5822Plan A Dividend Quarterly 11.9998Plan B Growth 10.5110Plan B Dividend 10.4709Face Value (Rs. / unit): 10Fund manager's comment :The fund aggressively moved into cash as interest rates moved up. The fund will wait for good opportunities to deploy the cash. 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 29 May 2009



1 Net Current Asset 0.80%

2 CBLO 99.20%

12

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


14.43%

12.16%

8.28%

17.47%

8.87%

6.18%

8.26%8.80%

6.71%4.96%

Rating & Rankings

ICRA Rating Value Research Rating



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

15

1 CBLO 27.97%

2 Govt. Securities 21.32%


4 Certificate of Deposit 61.65%

5 Non Convertible Debentures 23.10%



CBLO 27.97

UCO Bank P1+ 11.31Export Import Bank Of India P1+ 10.69Allahabad Bank P1+ 10.60Oriental Bank of Commerce P1+ 10.52Punjab National Bank PR1+ 10.33Canara Bank P1+ 8.21

Power Finance Corporation Ltd. AAA 12.43Rural Electrification Corp Ltd AAA 10.67

6.07% GOI 2014 MD 15-05-2014 SOV 21.32

Grand Total 100.00

CBLO Total 27.97

Certificate Of Deposit Total 61.65


Govt Securities(GSE) Total 21.32Net Current Asset -34.04

Fund features

Nature : DebtFund Size : Rs. 46.47 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. 1,00,000 and in multiples of Re. 1 in Plan B (Institutional Plan).Additional investment amount : Re.1SIP (minimum amount) : in Plan A Rs. 1,000Inception date : 8 July 2003Statistical Measures : Standard deviation 1.26%Modified Duration 2.57 YearsDividend frequency : Bi-monthly, Monthly, Fortnightly & DailyLast 3 dividends :Date Nav Freq. Others I & HIDFC- SSIF-MT Plan A18-May-09 10.0324 Daily 0.02834880 0.0304587915-May-09 10.0268 Daily 0.00451448 0.0048504214-May-09 10.0268 Daily 0.01590145 0.0170851629-May-09 10.3489 Bimonthly 0.1223 0.131408-May-09 10.0500 Fortnightly 0.1461 0.157029-May-09 10.1732 Monthly 0.0189 0.0203NAV (Rs.):Plan A Growth 14.4422Plan A Dividend Bi-Monthly 10.3489Plan A Dividend Fortnightly 10.0404Plan A Dividend Monthly 10.1732Plan A Dividend Daily 9.9682Plan B Dividend 10.2085Face 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 29 May 2009



1

3

2

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


9.64%8.69%

6.55%

11.35%

6.43%

9.35%10.47%

8.25%

6.51% 6.27%


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

16



CBLO 2.38

State Bank Of Mysore A1+ 12.42State Bank Of Patiala A1+ 8.52State Bank of Hyderabad A1+ 7.10State Bank Of Bikaner & Jaipur P1+ 7.07Syndicate Bank Ltd. PR1+ 4.94Punjab National Bank PR1+ 3.55Oriental Bank of Commerce P1+ 1.78IDBI Bank Ltd A1+ 1.77ING Vysya Bank Ltd. P1+ 1.76

Sterlite Industries Ltd. P1+ 3.51ONGC Videsh Ltd. P1+ 2.48Rural Electrification Corp Ltd P1+ 1.77

Indian Railway Finance Corp. Ltd. AAA 11.35Power Finance Corporation Ltd. AAA 11.29Export Import Bank Of India AAA 5.02LIC Housing Finance Ltd. AAA 4.42Rural Electrification Corp Ltd AAA 4.15National Bank for Agri. & Rural Dev AAA 1.94Larsen & Toubro Ltd. AAA 0.76

Clearing Corporation Of India Ltd. 0.07

Grand Total 100.00

CBLO Total 2.38


Commercial Paper Total 7.76


Fixed Deposits - Security Total 0.07Net Current Asset 1.95

Fund features

Nature : DebtFund Size : Rs. 1346.18 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 3 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- ST Plan B : NilIDFC- SSIF- ST Plan C : 0.50% of NAV shall be the exit load payable by investors who purchase/switch in (irrespective of any amount) and redeem/switch out such investments within 6 months such 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.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. 1 Lakh and in multiples of Re. 1 in Plan B (Institutional Plan), Rs. 5,000 and in multiples Re. 1 in Plan C , Rs. 5000 and in multiples of Re. 1 in Plan D (MF Plan).Additional investment amount : Re.1SIP (minimum amount) : in Plan A Rs. 1,000Inception date : 14 December 2000Statistical Measures : Standard deviation 0.78%Modified Duration 1.69 YearsDividend frequency : Monthly, Fortnightly Last 3 dividends :Date Nav Freq. Others I & HIDFC- SSIF-ST Plan A22-May-09 10.0500 Fortnightly 0.0186 0.020008-May-09 10.1000 Fortnightly 0.0192 0.020629-May-09 10.0150 Monthly 0.0046 0.0049IDFC- SSIF-ST Plan B22-May-09 10.0500 Fortnightly 0.0187 0.020108-May-09 10.1000 Fortnightly 0.0191 0.020529-May-09 10.0150 Monthly 0.0046 0.0049IDFC-SSIF-ST Plan C22-May-09 10.0500 Fortnightly 0.0186 0.020008-May-09 10.1000 Fortnightly 0.0192 0.020629-May-09 10.0150 Monthly 0.0051 0.0054IDFC-SSIF-ST Plan D22-May-09 10.0500 Fortnightly 0.0204 0.021908-May-09 10.1000 Fortnightly 0.0209 0.022429-Apr-09 10.0500 Monthly 1.2843 1.3799NAV (Rs.) :Plan A Growth 18.4702Plan A Dividend Monthly 10.0150Plan A Dividend Fortnightly 10.0236Plan B Growth 10.2393Plan B Dividend Monthly 10.0150Plan B Dividend Fortnightly 10.0236Plan C Growth 10.3143Plan C Dividend Monthly 10.0150Plan C Dividend Fortnightly 10.0236Plan D Growth 11.8034Plan D Dividend Monthly 10.0252Plan D Dividend Fortnightly 10.0247Face 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 reduced average maturity of the portfolio on the back of uncertain interest rate scenario. The fund will aim to keep average maturity of around 2 years to minimize volatility in.Benchmark : CRISIL Short-Term Bond Fund Index (CSTBFI)

Asset Allocation

Fund performance IDFC-SSIF-ST Growth as of 29 May 2009



1

234

5

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 38.93%


3 Commercial Paper 7.76%

4 CBLO 2.38%


6 Fixed Deposits Security 0.07%

Non Convertible Debentures

10.62%9.46%

7.52%

12.48%

7.52%

9.35%10.47%

8.25%

6.51%

Rating & Rankings

ICRA Rating


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

17




CBLO 3.58

ICICI Bank Ltd. A1+ 8.10Corporation Bank P1+ 3.90UCO Bank P1+ 3.68Bank of India P1+ 3.68United Bank Of India Ltd. A1+ 3.67IDBI Bank Ltd P1+ 3.66Punjab National Bank PR1+ 3.13State Bank Of Bikaner & Jaipur P1+ 2.88Oriental Bank of Commerce P1+ 2.75State Bank Of Patiala A1+ 2.62Indian Bank F1+(IND) 2.57State Bank Of Travancore P1+ 2.54Export Import Bank Of India P1+ 2.39Citibank N.A. P1+ 1.86Canara Bank P1+ 1.84Bank of Baroda A1+ 1.83State Bank Of Indore P1+ 1.82Jammu & Kashmir Bank Limited P1+ 1.27Union Bank of India A1+ 0.91National Bank for Agri. & Rural Dev P1+ 0.90National Housing Bank A1+ 0.89Allahabad Bank P1+ 0.73Punjab National Bank A1+ 0.73State Bank of Hyderabad A1+ 0.33

National Bank for Agri. & Rural Dev P1+ 7.39Housing Development Finance Cor Ltd P1+ 1.86Standard Chartered Invest & Loans Ltd. P1+ 1.12Rural Electrification Corp Ltd P1+ 0.92Housing Development Finance Cor Ltd A1+ 0.18

Credit Asset Trust Series L F1+(SO) 1.49

5.48% GOI MD 12-06-2009 SOV 7.45

91 Days Tbill 12-06-2009 SOV 7.9991 Days Tbill 05-06-2009 SOV 2.79

Canara Bank 6.51

Grand Total 100.00

CBLO Total 3.58



Pass Through Certificates Total 1.49

Govt Securities(Gse) Total 7.45

Treasury Bills Total 10.78

Fixed Deposits Total 6.51Net Current Asset 0.04

Fund features

Nature : Liquid FundFund Size : Rs. 2687.53 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 0.16 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-May-09 10.5819 Daily 0.00106964 0.0010696430-May-09 10.5819 Daily 0.00096908 0.0009690829-May-09 10.5819 Daily 0.00108748 0.0010874829-May-09 10.1915 Weekly 0.0068 0.006822-May-09 10.1915 Weekly 0.0067 0.006715-May-09 10.1915 Weekly 0.0067 0.0067IDFC-CF Plan B31-May-09 10.5816 Daily 0.00109222 0.0010922230-May-09 10.5816 Daily 0.00099166 0.0009916629-May-09 10.5816 Daily 0.00111004 0.0011100429-May-09 10.0010 Weekly 0.0068 0.006822-May-09 10.0010 Weekly 0.0069 0.006915-May-09 10.0010 Weekly 0.0069 0.0069IDFC-CF Plan C31-May-09 10.0025 Daily 0.00106741 0.0010674130-May-09 10.0025 Daily 0.00097234 0.0009723429-May-09 10.0025 Daily 0.00112405 0.0011240506-Mar-09 10.0010 Weekly 0.0020 0.002019-Feb-09 10.0009 Weekly 0.0008 0.000826-Dec-08 10.0010 Weekly 0.0010 0.001029-May-09 10.0234 Monthly 0.0158 0.0158NAV (Rs.) :Plan A Growth 15.9064Plan A Dividend Daily 10.5819Plan A Dividend Weekly 10.1915Plan B Growth (IP ) 16.0057Plan B Dividend (IP ) Daily 10.5816Plan B Dividend (IP ) Weekly 10.0010Plan C Growth (SIP ) 10.8007Plan C Dividend (SIP ) Daily 10.0025Plan C Dividend (SIP) Monthly 10.0234Face 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 29 May 2009



1 58.68%

2 Commercial Paper 11.47%

3 Pass Through Certificates 1.49%

4 Govt. Securities 7.45%

5 CBLO 3.58%

6 Fixed Deposits 6.51%

7 Treasury Bills 10.78%

8 Net Current Assets 0.04%

Certificate of Deposit

12

3

4

5

6

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 8

6.75%6.04%6.03%

7.79%

0.37%0.18%

6.78%

0.08%

6.43%

7.55%7.73%

8.67%

0.34%0.06% 0.14%




CBLO 27.04

State Bank Of Bikaner & Jaipur P1+ 25.72Allahabad Bank A1+ 25.70United Bank Of India Ltd. A1+ 25.65

Grand Total 100.00

CBLO Total 27.04

Certificate Of Deposit Total 77.07Net Current Asset -4.11

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

Fund features

Nature : Liquid FundFund Size : Rs. 19.23 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 0.13%Modified Duration 0.14 YearsDividend frequency : Daily with compulsory re-investment, Weekly with compulsory re-investment and Monthly.Last 3 dividends :Date Nav Freq. Others I & H

30-May-09 10.0125 Daily 0.00101566 0.0010156629-May-09 10.0125 Daily 0.00105743 0.0010574329-May-09 10.0026 Weekly 0.0072 0.007222-May-09 10.0026 Weekly 0.0072 0.0072 15-May-09 10.0026 Weekly 0.0069 0.006929-May-09 10.0220 Monthly 0.0153 0.0153NAV (Rs.):Growth 12.2067Dividend Daily 10.0125Dividend Weekly 10.0026Dividend Monthly 10.0220Face 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-May-09 10.0125 Daily 0.00101572 0.00101572

18


Asset Allocation

Fund performance IDFC-LM Growth as of 29 May 2009



1 27.04%

2 -4.11%


CBLO

Net Current Asset1

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%

7.55% 7.42%

5.93%

0.09%

5.98% 6.11%6.12%

0.20%

7.73%

8.67%

0.34%0.06% 0.14%



CBLO 12.00

UCO Bank P1+ 21.27State Bank Of Indore P1+ 21.10State Bank Of Patiala A1+ 20.95United Bank Of India Ltd. A1+ 16.80Jammu & Kashmir Bank Limited P1+ 4.16

Grand Total 100.00

CBLO Total 12.00

Certificate Of Deposit Total 84.28Net Current Asset 3.72

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

Fund features

Nature : Liquid FundFund Size : Rs. 117.48 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 0.09%Modified Duration 0.13 YearsDividend frequency : Daily & Weekly (with Compulsory re-investment) Monthly.Last 3 dividends :Date Nav Freq. Others I & H

30-May-09 1000.21 Daily 0.10054623 0.1005462329-May-09 1000.21 Daily 0.10042250 0.1004225029-May-09 1000.20 Weekly 0.6984 0.698422-May-09 1000.20 Weekly 0.6988 0.698815-May-09 1000.20 Weekly 0.7304 0.730429-May-09 1002.3017 Monthly 1.5598 1.5598NAV (Rs.):Plan A Growth 1250.1301Plan A Dividend Daily 1000.2100Plan A Dividend Weekly 1000.2000Plan A Dividend Monthly 1002.3017Plan D Growth 10.0044Face 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-May-09 1000.21 Daily 0.10042694 0.10042694

19


Asset Allocation

Fund performance IDFC-LF Growth as of 29 May 2009



1 CBLO 12.00%


3 Certificate of Deposit 84.28%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

0.19% 0.40%

7.28%7.31%6.53%

0.09%

7.12%7.54%7.55%

0.14%0.06%0.34%

8.67%7.73%


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

20



% of Name Rating NAVCBLO 4.67

State Bank of Hyderabad A1+ 4.70Punjab National Bank PR1+ 4.18Corporation Bank P1+ 3.87State Bank Of Bikaner & Jaipur P1+ 3.85State Bank Of Mysore A1+ 3.79Union Bank of India A1+ 3.52Oriental Bank of Commerce P1+ 3.48Allahabad Bank P1+ 2.90Canara Bank P1+ 2.48State Bank Of Travancore P1+ 2.09Vijaya Bank P1+ 1.66Andhra Bank Ltd F1+(IND) 1.60Kotak Mahindra Bank Ltd. P1+ 1.58State Bank Of Indore P1+ 1.48Punjab National Bank A1+ 1.42Bank of Baroda A1+ 1.32Indian Bank F1+(IND) 1.19Syndicate Bank Ltd. PR1+ 0.94UCO Bank P1+ 0.90Bank of Maharashtra. P1+ 0.84Hongkong & Shanghai Banking Corpn. Ltd. F1+(IND) 0.84ICICI Bank Ltd. A1+ 0.82Allahabad Bank A1+ 0.81Andhra Bank Ltd PR1+ 0.63ICICI Bank Ltd. PR1+ 0.61Vijaya Bank PR1+ 0.49National Bank for Agri. & Rural Dev P1+ 0.43Jammu & Kashmir Bank Limited P1+ 0.43Bank of India P1+ 0.42IDBI Bank Ltd A1+ 0.41ING Vysya Bank Ltd. P1+ 0.37State Bank Of Patiala A1+ 0.29IDBI Bank Ltd P1+ 0.22Export Import Bank Of India P1+ 0.21Citibank N.A. P1+ 0.21National Housing Bank A1+ 0.21Small Industrial Dev Bank Of India PR1+ 0.08HDFC Bank Ltd. F1+(IND) 0.04

ONGC Videsh Ltd. P1+ 3.33Power Finance Corporation Ltd. P1+ 1.65Housing Development Finance Cor Ltd A1+ 1.13National Bank for Agri. & Rural Dev P1+ 0.64National Housing Bank A1+ 0.43Hindustan Petroleum Corporation Ltd. P1+ 0.41Export Import Bank Of India P1+ 0.26Reliance Capital Ltd. A1+ 0.21Bennett Coleman & Co Ltd P1+ 0.04

Housing Development Finance Cor Ltd AAA 1.28Indian Railway Finance Corpn. Ltd. AAA 1.15LIC Housing Finance Ltd. AAA 0.82Infrastructure Development Finance Company Ltd. AAA 0.69RHC Holding Pvt Ltd A1+ 0.64Nirma Ltd. P1+ 0.43Export Import Bank Of India AAA 0.43Union Bank of India AA+ 0.34Axis Bank Ltd. LAA+ 0.34National Housing Bank AAA 0.30ICICI Bank Ltd. LAAA 0.13

Housing Development Finance Cor Ltd AAA 0.44Export Import Bank Of India AAA 0.39IDBI Bank Ltd AA+ 0.35Infrastructure Development Finance Company Ltd. AAA 0.22Power Grid Corporation Ltd. AAA 0.09L&T FINANCE LTD CAREAA+ 0.04Union Bank of India AA+ 0.02Power Finance Corporation Ltd. AAA 0.01

Credit Asset Trust Series L F1+(SO) 0.26RB Loan Sec Trust Sr 22 P1+(SO) 0.21Loan Sec Trust ICICI Bank PTC Ser XVI AAA(SO) 0.15RB Loan Sec Trust Sr 23 P1+(SO) 0.09Indian Retail ABS Series XVII LAAA(SO) 0.00

Nova IV Trust PTC F1+(IND)(SO) 0.21Nova IV Trust PTC AAA(IND)(SO) 0.19

5.48% GOI MD 12-06-2009 SOV 8.12

91 Days Tbill MD 05-06-2009 SOV 1.4291 Days Tbill MD 12-06-2009 SOV 1.2991 Days Tbill MD 25-06-2009 SOV 0.86364 Days Tbill MD 19-06-2009 SOV 0.6491 Days Tbill MD 19-06-2009 SOV 0.60364 Days Tbill MD 25-03-2010 SOV 0.08

Canara Bank 4.94Standard Chartered Bank 2.15Citibank N.A. 1.29Bank Of Nova Scotia 1.29Clearing Corporation Of India Ltd. 0.02

Grand Total 100.00

CBLO Total 4.67



Floating Rate Note Total 6.56


Pass Through Certificates Total 0.71

Pass Through Certificates (ZCB) Total 0.40

Govt Securities(GSE) Total 8.12

Treasury Bills Total 4.89

Fixed Deposits - Security Total 9.69Net Current Asset -0.02

Fund features

Nature : Debt FundFund Size : Rs. 11629.89 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 0.11%Modified Duration 0.30 YearsDividend frequency : Monthly & Daily / Weekly with compulsory reinvestmentLast 3 dividends :Date Nav Freq. Others I & HIDFC- MMF -TP Plan A29-May-09 10.0699 Daily 0.00113475 0.0012192128-May-09 10.0699 Daily 0.00112983 0.0012139327-May-09 10.0699 Daily 0.00109659 0.0011782129-May-09 10.0669 Weekly 0.0077 0.008222-May-09 10.0669 Weekly 0.0077 0.008315-May-09 10.0669 Weekly 0.0080 0.008629-May-09 10.0310 Monthly 0.0171 0.0184IDFC-MMF -TP Plan B29-May-09 10.0703 Daily 0.00123301 0.0013247928-May-09 10.0703 Daily 0.00123110 0.0013227427-May-09 10.0703 Daily 0.00113704 0.0012216729-May-09 10.0914 Weekly 0.0083 0.008922-May-09 10.0914 Weekly 0.0082 0.008815-May-09 10.0914 Weekly 0.0085 0.009129-May-09 10.0324 Monthly 0.0182 0.0196IDFC-MMF -TP Plan C29-May-09 10.0015 Daily 0.00121569 0.0013061828-May-09 10.0015 Daily 0.00121390 0.0013042627-May-09 10.0015 Daily 0.00118081 0.0012687029-May-09 10.0014 Weekly 0.0083 0.008922-May-09 10.0014 Weekly 0.0083 0.008915-May-09 10.0014 Weekly 0.0083 0.0089IDFC-MMF -TP Plan D29-May-09 10.0007 Daily 0.00093421 0.0010037828-May-09 10.0007 Daily 0.00093082 0.0010000927-May-09 10.0007 Daily 0.00090303 0.00097016NAV (Rs.) :Plan A Growth 14.3056Plan A Dividend Monthly 10.0310Plan A Dividend Daily 10.0699Plan A Dividend Weekly 10.0669Plan B Growth 14.1610Plan B Dividend Daily 10.0703Plan B Dividend Weekly 10.0914Plan B Dividend Monthly 10.0324Plan C Dividend Daily 10.0015Plan C Growth 10.4924Plan C Dividend Weekly 10.0014Plan D Growth 10.0262Plan D Dividend Daily 10.0007Face Value (Rs. / unit): 10Fund manager's commentThe scheme is invested in short maturity liquid instruments in line with its objectives to deliver marginally higher returns over cash fund.Benchmark : NSE MIBOR INDEX

Asset AllocationFund performance IDFC-MMF-TP Growth as of 29 May 2009 Data as of 29 May 2009


1 Certificate of Deposit 55.33%2 Commercial Paper 8.10%3 Floating Rate Note 6.56%4 Non Convertible Debentures 1.56%5 Pass Through Certificates 0.71%6 Pass Through Certificates (ZCB) 0.40%7 Net Current Asset -0.02%8 Fixed Deposits 9.69%9 CBLO 4.67%10 Treasury Bills 4.89%11 Govt. Securities (GSE) 8.12%

1

2

3

45

CAGR Last 1 Year

CAGR Last 2 Year

CAGR Last 3 Year

CAGR Last 5 Year


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


6 7

8

9

10 11

6.75%6.09%

6.88%

5.87%

7.80%

6.02%6.30%6.86%6.93%

6.50%





CBLO 1.08

Vijaya Bank PR1+ 17.79Export Import Bank Of India P1+ 17.55State Bank Of Patiala A1+ 14.86Punjab National Bank PR1+ 14.66Canara Bank P1+ 14.35Indian Bank F1+(IND) 8.85Jammu & Kashmir Bank Ltd. P1+ 5.84

Grand Total 100.00

CBLO Total 1.08

Certificate Of Deposit Total 93.91Net Current Asset 5.01

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

Fund features

Nature : DebtFund Size : Rs. 167.11 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 0.30 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 A29-May-09 10.0150 Daily 0.00109085 0.0011719928-May-09 10.0150 Daily 0.00109311 0.0011745027-May-09 10.0150 Daily 0.00105354 0.0011319329-May-09 10.0130 Weekly 0.0075 0.008122-May-09 10.0130 Weekly 0.0075 0.008115-May-09 10.0130 Weekly 0.0076 0.008129-May-09 10.0304 Monthly 0.0167 0.018030-Mar-09 10.1689 Quarterly 0.1141 0.1226

IDFC-MMF-IP Plan B29-May-09 10.0150 Daily 0.00114734 0.0012327128-May-09 10.0150 Daily 0.00113906 0.0012238227-May-09 10.0150 Daily 0.00110942 0.0011920429-May-09 10.0130 Weekly 0.0078 0.008422-May-09 10.0130 Weekly 0.0079 0.008515-May-09 10.0130 Weekly 0.0079 0.0085NAV (Rs.) :Plan A Growth 13.5157Plan A Dividend Quarterly 10.2520Plan A Dividend Annual 10.6368Plan A Dividend Monthly 10.0304Plan A Dividend Daily 10.0150Plan A Dividend Weekly 10.0130Plan B Growth 13.7326Plan B Dividend Weekly 10.0130Plan B Dividend Daily 10.0150Face Value (Rs. / unit) : 10Fund Manager's comment The fund is invested in short maturity money market instruments which will help the fund in current period of tight liquidity.Benchmark : NSE MIBOR INDEX


30-Mar-09 10.5505 Annual 0.4158 0.4467

21


Asset Allocation

Fund performance IDFC-MMF-IP Growth as of 29 May 2009




2 CBLO 1.08%


CAGR Last 1 Year

CAGR Last 2 Years

CAGR Last 3 Years


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


12

3

7.35%

6.47%

7.54%7.34%

6.37%6.86%6.93%

6.50%


IDFC Government Securities Fund - Investment Plan(IDFC-GSF-IP)An Open Ended - Dedicated Gilt Fund Data as of 29 May 2009

22



CBLO 75.86

7.59% GOI MD 12-04-2016 SOV 38.857.56% GOI MD 03-11-2014 SOV 16.836.35% GOI MD 02-01-2020 SOV 15.447.46% GOI MD 28-08-2017 SOV 5.49

364 Days Tbill MD 25-03-2010 SOV 5.19

Grand Total 100.00

CBLO Total 75.86

Govt Securities(GSE) Total 76.62

Treasury Bills Total 5.19Net Current Asset -57.67

Fund features

Nature : DebtFund Size : Rs. 93.58 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. 1Crore and in multiples of Re. 1 in Plan B (Institutional Plan).Additional investment amount : Re. 1SIP (minimum amount) : Rs. 1000 (Plan A)Inception Date : 9 March 2002Statistical Measures : Standard deviation 2.25%Modified Duration 4.30 YearsDividend frequency : Quarterly / Half yearly / Yearly. Last 3 Dividends :Date NAV Freq. Others I & HIDFC-GSF-IP Plan A30-Mar-09 10.4055 Quarterly 0.3098 0.332930-Mar-09 10.7886 Half Yearly 0.6196 0.665730-Mar-09 11.0733 Annual 0.8479 0.911008-Dec-08 11.1693 Quarterly 0.6522 0.700830-Sep-08 10.4494 Half Yearly 0.3261 0.350424-Mar-08 10.7722 Annual 0.4076 0.4380NAV (Rs.) :Plan A Growth 17.3485Plan A Dividend Quarterly 10.7810Plan A Dividend Half Yearly 11.1779Plan A Dividend Annual 11.4727Plan B Growth 10.0648Plan B Dividend 10.1598Face Value (Rs. / unit) : 10Fund Manager's comment The funds reduced average maturity of the portfolio on the back of uncertain interest rate scenario. The fund will position in the segment of the yield curve where returns will be optimum.Benchmark : ISEC Composite INDEX

Asset Allocation

Fund performance IDFC-GSF-IP Growth as of 29 May 2009



1 Govt. Securities (GSE) 76.62%

2 Net Current Aset -57.67%

3 CBLO 75.86%


1

2

CAGR Last 1 Year

CAGR Last 2 Years

CAGR Last 3 Years

CAGR Last 5 Years


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


34

11.57%10.17%

6.86%7.92%

14.06%

6.74%

9.79%

15.78%

11.57%



CBLO 20.36

Clearing Corporation Of India Ltd. 13.39

182 DAYS TBILL (MD 12/06/2009) SOV 40.12

91 DAYS TBILL (MD 05/06/2009) SOV 26.71

Grand Total 100.00

CBLO Total 20.36

Fixed Deposits - Security Total 13.39

Treasury Bills. Total 66.83

Net Current Asset -0.59

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

Fund features

Nature : DebtFund Size : Rs. 37.33 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 15 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. 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. 1 Crore and in multiples of Re. 1 in Plan B (Institutional Plan) Additional investment amount : Re. 1SIP (minimum amount) : Rs. 1000 (Plan A)Inception Date : 9 March 2002Statistical Measures : Standard deviation 0.93%Modified Duration 0.02 YearsDividend frequency : Quarterly /Monthly Last 3 Dividends :Date NAV Freq. Others I & HIDFC-GSF-ST Plan A

29-Apr-09 10.0217 Weekly 0.0026 0.00288-May-09 10.0217 Weekly 0.0042 0.004529-May-09 10.0176 Monthly 0.0062 0.006730-Mar-09 10.0947 Quarterly 0.0652 0.0701IDFC-GSF-ST Plan B29-May-09 10.0217 Weekly 0.0029 0.003222-May-09 10.0217 Weekly 0.0024 0.002615-May-09 10.0217 Weekly 0.0026 0.0028NAV (Rs.) :Plan A Growth 13.5900Plan A Dividend Monthly 10.0176Plan A Dividend Quarterly 10.1412Plan B Growth 10.1798Plan B Dividend Weekly 10.0217

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


15-May-09 10.0217 Weekly 0.0026 0.0028

Plan B Dividend Quarterly 10.0777

23


Asset Allocation

Fund performance IDFC-GSF-ST Growth as of 29 May 2009



1 CBLO 20.36%

2 Fixed Deposits Security 13.39%



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

4

3.77% 3.17%3.29%4.34%

2.03%

6.74%

9.79%

15.78%

11.57%



CBLO 96.17%

Grand Total 100.00%

CBLO Total 96.17%Net Current Asset 3.83%

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

Fund features

Nature : DebtFund Size : Rs. 22.87 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. 25,00,001 and in multiplies of Re.1 in plan B (institutional Plan).Additional investment amount : Re. 1SIP (minimum amount) : Rs. 1000(Plan A)Inception Date : 29 March 2004Statistical Measures : Standard deviation 2.51%Modified Duration -Dividend frequency : Quarterly / Yearly Last 3 Dividends :Date NAV Freq. Others I & HIDFC-GSF-PF Plan A30-Mar-09 10.5038 Quarterly 0.3995 0.4292

IDFC-GSF-PF Plan B30-Mar-09 10.5099 Quarterly 0.3913 0.4205NAV (Rs.) :Plan A Growth 14.5344Plan A Dividend Quarterly 11.0481Plan A Dividend Annual 11.4587Plan B Growth 14.5965Plan B Dividend Quarterly 11.0627Face Value (Rs. / unit) : 10Fund Manager's comment :The funds reduced average maturity of the portfolio on the back of uncertain interest rate scenario. The fund will position 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

24


Asset Allocation

Fund performance IDFC-GSF-PF Growth as of 29 May 2009



1 CBLO 96.17%


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

11.48%

7.77%

13.50%

7.50%

16.73%

6.53%6.74%

9.79%

15.78%

11.57%

IDFC All Seasons Bond Fund(IDFC-ASBF)An Open - Ended Fund of Funds Scheme

25




IDFC - SSIF - Short Term - Growth 29.58

IDFC Dynamic Bond Fund - Growth 25.50

IDFC GSF - Investment Plan - Growth 22.89

IDFC GSF - Investment Plan -Plan B Growth 19.89

Grand Total 100.00

Mutual Fund Units Total 97.85

Net Current Asset 2.15

Fund features

Nature : DebtFund Size : Rs. 12.53 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 2.01%Dividend frequency : Quarterly, Half Yearly & AnnualLast 3 Dividends :Date Nav Freq. Others I & HIDFC-ASBF Plan A30-Mar-09 10.7592 Quarterly 0.2446 0.262830-Mar-09 10.8909 Half Yearly 0.3424 0.367930-Mar-09 10.9681 Annual 0.4076 0.438031-Dec-08 12.1828 Quarterly 0.0815 0.087630-Sep-08 10.4756 Half Yearly 0.2038 0.2190Nav (Rs.) :Plan A Growth 14.4375Plan A Dividend Quarterly 11.1784Plan A Dividend Half Yearly 11.3151Plan A Dividend Annual 11.3954Face Value (Rs. / unit) : 10Fund Manager's comment The fund has reduced exposure to active funds in light of short term uncertainties in interest rates. The fund is invested in dynamic bond fund, liquid fund and gilt fund.Benchmark : Crisil Composite Bond Fund Index (CCBFI)

Asset Allocation

Fund performance under the IDFC-ASBF-Growth as of 29 May 2009



1 Mutual Fund Units 97.85%


1

2

CAGR Last 1 Year

CAGR Last 2 Years

CAGR Last 3 Years


13/09/2004IDFC-ASBF - Growth CCBFI


10.02%

8.11%

11.61%

14.74%

5.71%6.71%

8.80% 8.26%

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

IDFC-FMP - 9 (Allotment Date 28 Feb 2005) Fund Size Rs. 20.76 Crores I Date of Maturity 07 Apr 2010


26

Portfolio as of 31 May 2009 Portfolio Contd...

NAV as on 27 May 2009

PLAN (Rs./Unit*)Plan A - Growth 12.8787Plan A - Dividend 10.8546* 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 193.64 9.33 (III) Banks/FI (including NBFC) 1,717.06 82.70 (IV) Others - -

Sub Total 1,910.70 92.03

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

Sub Total - -

(VII) CPs - - (VIII) CDs 98.76 4.76 (IX) T Bills - - (X) CBLOs/Repos - - (XI) Bills Rediscounting/BRDS - -

(XII) Others - - Sub Total 98.76 4.76

Net Assets 2,076.17 100.00

D Government Securities - - E Fixed Deposits - - F Cash and Net Current Assets 66.72 3.21 G Others - -


(V)

(VI)

AnnexureA) Bonds & Debentures

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

(I) Private Corporate Bodies

(II) PSUs

(III) Banks/FI (including NBFC)

(IV) Others

Total - -

Indian Railway Finance Corpn. Ltd. 193.64 AAA 9.33Total 193.64 9.33

IDBI Bank Ltd 496.42 AA+ 23.91Housing Development Finance Cor Ltd 489.60 AAA 23.58ICICI Bank Ltd. 487.38 AAA 23.47Union Bank of India 243.66 AA+ 11.74Total 1,717.06 82.70

Total - -

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

(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos

(XI) Bills Rediscounting/BRDS

(XII) Others

Total - -

Corporation Bank 98.76 P1+ 4.76Total 98.76 4.76

Total - -

Total - -

Total - -

Total - -


IDFC - FMP - NMS - 1 (Allotment Date 14 Oct 2008) Fund Size Rs. 20.44 Crores I Date of Maturity 06 May 2010


27



Plan B - Growth -Plan B - Dividend -

PLAN (Rs./Unit*)Plan A - Growth 10.8533Plan A - Dividend 10.8533

* Face value per unit = Rs 10/-





(I) Private Corporate Bodies 193.78 9.48 (II) PSUs 753.35 36.86 (III) Banks/FI (including NBFC) 488.94 23.93 (IV) Others - -

Sub Total 1,436.08 70.27


Sub Total - -

(VII) CPs 482.46 23.61 (VIII) CDs 30.36 1.49 (IX) T Bills - - (X) CBLOs / Repos - -(XI) Bills Rediscounting/BRDS - -


Net Assets 2,043.55 100.00

D Government Securities - - E Fixed Deposits - - F Cash and Net Current Assets 94.66 4.63 G Others - -


(V)

(VI)




(II) PSUs


(IV) Others

Tata Sons Ltd. 193.78 AAA 9.48Total 193.78 9.48

Rural Electrification Corp Ltd 284.26 AAA 13.91Power Grid Corporation Ltd. 245.84 AAA 12.03Indian Railway Finance Corpn. Ltd. 193.64 AAA 9.48Power Finance Corporation Limited 29.62 AAA 1.45Total 753.35 36.86

Housing Development Finance Cor Ltd 246.43 AAA 12.06LIC Housing Finance Ltd. 242.51 AAA 11.87Total 488.94 23.93

Total - -



Total Pool


Total



(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others

Housing Development Finance Cor Ltd 482.46 A1+ 23.61Total 482.46 23.61

Allahabad Bank 24.63 P1+ 1.21Oriental Bank of Commerce 5.72 P1+ 0.28Total 30.36 1.49

Total - -

Total - -

Total - -

Total - -

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


IDFC - FMP - YS - 22 (Allotment Date 18 Jun 2008) Fund Size Rs. 51.17 Crores I Date of Maturity 24 Jun 2009


28



Plan B - Growth 11.0290Plan B - Dividend 11.0290







(I) Private Corporate Bodies - - (II) PSUs 543.77 10.63 (III) Banks/FI (including NBFC) 1,519.93 29.70 (IV) Others - -

Sub Total 2,063.70 40.33

(V) Single Loan 701.27 13.70 (VI) Pool - -

Sub Total 701.27 13.70

(VII) CPs - - (VIII) CDs 2,188.68 42.77 (IX) T Bills - - (X) CBLOs/Repos - - (XI) Bills Rediscounting/BRDS - -

(XII) Others - - Sub Total 2,188.68 42.77

Net Assets 5,117.22 100.00

D Government Securities - - E Fixed Deposits - - F Cash and Net Current Assets 163.57 3.20 G Others (Pls specify) - -





(II) PSUs


(IV) Others

Total - -

Power Finance Corporation Limited 493.01 AAA 9.63Rural Electrification Corp Ltd 50.76 AAA 0.99Total 543.77 10.63

LIC Housing Finance Ltd. 507.41 AAA 9.92

Housing Development Finance Cor Ltd 506.07 AAA 9.89Total 1,519.93 29.70

Total - -

National Bank for Agri. & Rural Dev 506.45 AAA 9.90



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

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

Total



(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others

Total - -

IDBI Bank Ltd 1,645.34 P1+ 32.15Punjab National Bank 492.33 PR1+ 9.62Allahabad Bank 44.34 P1+ 0.87Oriental Bank of Commerce 6.68 P1+ 0.13Total 2,188.68 42.77

Total - -

Total - -

Total - -

Total - -


Net Assets

Total Total



(V)

(VI)

Vodafone Essar Cellular Ltd HSBC CREDIT ASSET TRUST SR L Vodafone Essar Limited 0% 500.71 F1+(SO)SREI Equipment Finance Pvt Ltd GE Capital Services India PSE LOAN TRUST SR A1 Unsecured Term Loan 0% 200.56 A1+(SO)

Total 701.27


IDFC - FMP - YS - 23 (Allotment Date 15 July 2008) Fund Size Rs. 92.67 Crores I Date of Maturity 16 July 2009


29


NAV as on 27 May 2009PLAN (Rs./Unit*)Plan A - Growth 10.8198Plan A - Dividend 10.8198Plan B - Growth 10.8963Plan B - Dividend 10.8963* Face value per unit = Rs 10/-





(I) Private Corporate Bodies - - (II) PSUs 70.51 0.76 (III) Banks/FI (including NBFC) - - (IV) Others - -

Sub Total 70.51 0.76

(V) Single Loan 1,399.94 15.11 (VI) Pool - -

Sub Total 1,399.94 15.11

(VII) CPs - - (VIII) CDs 7,791.88 84.08 (IX) T Bills - - (X) CBLOs/Repos - - (XI) Bills Rediscounting/BRDS - -

(XII) Others - - Sub Total 7,791.88 84.08

Net Assets 9,266.70 100.00

D Government Securities - - E Fixed Deposits - - F Cash and Net Current Assets 4.37 0.05G Others - -





(II) PSUs


(IV) Others

Total - -

Rural Electrification Corp Ltd 50.76 AAA 0.55Power Finance Corporation Limited 19.75 AAA 0.21Total 70.51 0.76

Total - -

Total - -





Total



(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others

Total - -

ICICI Bank Ltd. 2,470.08 A1+ 26.66Kotak Mahindra Bank Ltd. 2,466.20 P1+ 26.61Export Import Bank Of India 1,481.65 P1+ 15.99Corporation Bank 989.94 P1+ 10.68Punjab National Bank 384.01 PR1+ 4.14Total 7,791.88 84.08

Total - -

Total - -

Total - -

Total - -


Net Assets

Total Total



(V)

(VI)

Bennett Coleman & Co Ltd Standard Chartered Bank RB LOAN TR SR 23 Unsecured Loan 0% 1,399.94 P1+(SO)Total 1,399.94


IDFC - FMP - YS - 24 (Allotment Date 31 July 2008) Fund Size Rs. 177.44 Crores I Date of Maturity 03 Aug 2009


30










(I) Private Corporate Bodies - - (II) PSUs - - (III) Banks/FI (including NBFC) 2,006.92 11.31 (IV) Others - -

Sub Total 2,006.92 11.31

(V) Single Loan 2,599.88 14.65 (VI) Pool - -

Sub Total 2,599.88 14.65

(VII) CPs 11,798.78 66.49 (VIII) CDs 1,142.07 6.44 (IX) T Bills - - (X) CBLOs/Repos - -(XI) Bills Rediscounting/BRDS - - (XII) Others - -

Sub Total 12,940.85 72.93

Net Assets 17,744.35 100.00






(II) PSUs


Total 2,006.92 11.31 (IV) Others

Total - -

Total - -

SREI Equipment Finance Pvt. Ltd. 1,499.51 A1+ 8.45LIC Housing Finance Ltd. 507.41 AAA 2.86

Total - -



Bennett Coleman & Co Ltd Standard Chartered Bank RB LOAN TR SR 23 Unsecured Loan 0% 2,599.88 P1+(SO)Total 2,599.88



Total



(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others

Reliance Telecom Ltd. 3,443.29 A1+ 19.41Sundaram Finance Limited 2,951.18 P1+ 16.63Reliance Capital Ltd. 2,944.74 A1+ 16.60Cholamandalam DBS Finance Ltd. 2,459.56 P1 13.86Total 11,798.78 66.49

ING Vysya Bank Ltd. 1,073.08 P1+ 6.05Corporation Bank 44.35 P1+ 0.25Allahabad Bank 24.63 P1+ 0.14Total 1,142.07 6.44

Total - -

Total - -

Total - -

Total - -


Net Assets

Total Total



(V)

(VI)


IDFC - FMP - YS - 25 (Allotment Date 14 Aug 2008) Fund Size Rs. 22.50 Crores I Date of Maturity 17 Aug 2009


31










(I) Private Corporate Bodies - - (II) PSUs 384.10 17.07 (III) Banks/FI (including NBFC) 300.66 13.36 (IV) Others - -

Sub Total (A=I+II+III+IV) 684.77 30.43


Sub Total (B=V+VI) 300.84 13.37

(VII) CPs 489.00 21.73 (VIII) CDs 651.40 28.95 (IX) T Bills - - (X) CBLOs/Repos - - (XI) Bills Rediscounting/BRDS - - (XII) Others - -

Sub Total (C=VII+VIII+IX+X+XI+XII) 1,140.40 50.68

Net Assets (A+B+C+D+E+F+G) 2,250.04 100.00






(II) PSUs


(IV) Others

Total - -

Rural Electrification Corp Ltd 324.86 AAA 14.44Power Finance Corporation Limited 59.24 AAA 2.63Total 384.10 17.07

National Bank for Agri. & Rural Dev 300.66 AAA 13.36Total 300.66 13.36

Total - -



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



Total



(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others

Reliance Capital Ltd. 489.00 A1+ 21.73Total 489.00 21.73

Allahabad Bank 651.40 P1+ 28.95Total 651.40 28.95

Total - -

Total - -

Total - -

Total - -


Net Assets

Total Total



(V)

(VI)


IDFC - FMP - YS - 26 (Allotment Date 23 Sep 2008) Fund Size Rs. 11.52 Crores I Date of Maturity 24 Sep 2009


32



Plan B - Growth 10.7705Plan B - Dividend -







(I) Private Corporate Bodies - - (II) PSUs 88.86 7.71 (III) Banks/FI (including NBFC) 97.00 8.42 (IV) Others - -

Sub Total 185.86 16.13


Sub Total - -

(VII) CPs 192.98 16.75 (VIII) CDs 764.60 66.35 (IX) T Bills - - (X) CBLOs/Repos - - (XI) Bills Rediscounting/BRDS - -


Net Assets (A+B+C+D+E+F+G) 1,152.42 100.00






(II) PSUs


(IV) Others

Total - -

Power Finance Corporation Limited 88.86 AAA 7.71Total 88.86 7.71

LIC Housing Finance Ltd. 97.00 AAA 8.42Total 97.00 8.42

Total - -



Total Pool


Total



(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others


IDBI Bank Ltd 764.60 P1+ 66.35Total 764.60 66.35

Total - -

Total - -

Total - -

Total - -


Net Assets

Total Total



(V)

(VI)


IDFC - FMP - YS - 27 (Allotment Date 31 Oct 2008) Fund Size Rs. 7.43 Crores I Date of Maturity 02 Nov 2009


33



Plan B - Growth 10.6137Plan B - Dividend -







(I) Private Corporate Bodies 96.89 13.04 (II) PSUs 98.73 13.29 (III) Banks/FI (including NBFC) - - (IV) Others - -

Sub Total 195.63 26.33



(VII) CPs 289.47 38.96 (VIII) CDs 189.17 25.46 (IX) T Bills - - (X) CBLOs/Repos - - (XI) Bills Rediscounting/BRDS - -


Net Assets (A+B+C+D+E+F+G) 742.91 100.00






(II) PSUs


(IV) Others


Power Finance Corporation Limited 98.73 AAA 13.29Total 98.73 13.29

Total - -

Total - -

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% 49.88 AAA(SO)Total 49.88



Total



(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others


Hongkong & Shanghai Banking Corpn. Ltd. 189.17 F1+(IND) 25.46Total 189.17 25.46

Total - -

Total - -

Total - -

Total - -


Net Assets

Total Total



(V)

(VI)


IDFC-FMP - FMS-1 (Allotment Date 20 Aug 2008) Fund Size Rs. 14.18 Crores I Date of Maturity 12 Nov 2009




PLAN (Rs./Unit*)Plan A - Dividend 10.8079Plan A - Growth 10.8079Plan B - Dividend 10.8621Plan B - Growth 10.8621* Face value per unit = Rs 10/-






Sub Total 1,126.17 79.44


Sub Total - -



Net Assets 1,417.57 100.00



34





(VII) CPs

(VIII) CDsAllahabad Bank 153.35 P1+ 10.82Corporation Bank 69.00 P1+ 4.87

(IX) T Bills

(X) CBLOs/Repos


(XII) Others

Total - -

Total 222.35 15.69

Total - -

Total - -

Total - -

Total - -


Net Assets

Total Total




(II) PSUs


(IV) Others


Power Finance Corporation Limited 216.92 AAA 15.30Rural Electrification Corp Ltd 203.04 AAA 14.32Indian Railway Finance Corpn. Ltd. 96.82 AAA 6.83Power Grid Corporation Ltd. 68.84 AAA 4.86Total 585.62 41.31

Housing Development Finance Cor Ltd 246.43 AAA 17.38National Bank for Agri. & Rural Dev 100.22 AAA 7.07LIC Housing Finance Ltd. 97.00 AAA 6.84Total 443.66 31.30

Total - -



Total Pool


Total

(V)

(VI)


IDFC-FMP - FMS-2 (Allotment Date 28 Aug 2008) Fund Size Rs. 8.16 Crores I Date of Maturity 23 Nov 2009


35



Plan A - Dividend 10.8086Plan A - Growth 10.8086Plan B - Dividend 10.8611Plan B - Growth 10.8613

PLAN (Rs./Unit*)







Sub Total 622.87 76.32






Net Assets 816.12 100.00





(II) PSUs


(IV) Others


Power Grid Corporation Ltd. 177.01 AAA 21.69Rural Electrification Corp Ltd 101.52 AAA 12.44Power Finance Corporation Limited 98.73 AAA 12.10Total 377.26 46.23

National Bank for Agri. & Rural Dev 100.22 AAA 12.28LIC Housing Finance Ltd. 48.50 AAA 5.94Total 148.72 18.22

Total - -

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



(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others

Total - -

Corporation Bank 69.02 P1+ 8.46Allahabad Bank 9.85 P1+ 1.21Total 78.87 9.66

Total - -

Total - -

Total - -

Total - -


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% 74.82 AAA(SO)Total 74.82


IDFC-FMP - EMS-1 (Allotment Date 21 Dec 2007) Fund Size Rs. 6.40 Crores I Date of Maturity 18 Jun 2009


36






- -B Securitised Debt Instruments

- -


-

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

Sub Total

(V) Single Loan - -(VI) Pool

Sub Total - -

(VII) CPs 638.94 (VIII) CDs - -(IX) T Bills - -(X) CBLOs/Repos - -(XI) Bills Rediscounting/BRDS -

99.80

(XII) Others - -Sub Total 638.94 99.80

Net Assets 640.19 100.00

D Government Securities - -E Fixed Deposits - -F Cash and Net Current Assets 1.25 0.20





(II) PSUs


(IV) Others

Total - -

Total - -

Total - -

Total - -



Total Pool


Total



(VII) CPsHousing Development Finance Cor Ltd 638.94 A1+ 99.80

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others

Total 638.94 99.80

Total - -

Total - -

Total - -

Total - -

Total - -


Net Assets

Total Total



(V)

(VI)


IDFC-FMP - TMS-1 (Allotment Date 27 Mar 2009) Fund Size Rs. 218.76 Crores I Date of Maturity 21 Apr 2010


37


NAV as on


27 May 2009


A Bonds & Debentures



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

Sub Total - -

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

Sub Total - -

(VII) CPs - -(VIII) CDs 21838.20 99.83(IX) T Bills - -(X) CBLOs/Repos - -(XI) Bills Rediscounting/BRDS - -

(XII) Others - -Sub Total 21838.20 99.83

D Government Securities - -E Fixed Deposits - -F Cash and Net Current Assets 37.62 0.17

Net Assets 21875.82 100.00





(II) PSUs


(IV) Others

Total - -

Total - -

Total - -

Total - -



Total Pool


Total



(VII) CPs

(VIII) CDs

(IX) T Bills

(X) CBLOs/Repos


(XII) Others

Total - -

ICICI Bank Ltd. 7,663.85 A1+ 35.03ING Vysya Bank Ltd. 7,094.65 P1+ 32.43Standard Chartered Bank 7,079.71 P1+ 32.36Total 21,838.20 99.83

Total - -

Total - -

Total - -

Total - -


Net Assets

Total Total



(V)

(VI)

Risk Factors

38

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 Super Saver Income Fund (IDFC-SSIF), IDFC Cash Fund (IDFC-CF), IDFC Government Securities Fund (IDFC-GSF), IDFC Dynamic Bond Fund (IDFC-DBF), IDFC All Seasons Bond Fund (IDFC-ASBF), IDFC Money Manager Fund – Treasury Plan (IDFC-MMF-TP), IDFC Classic Equity Fund (IDFC-CEF), IDFC Premier Equity Fund (IDFC-PEF), IDFC Imperial Equity Fund (IDFC-IEF), IDFC Arbitrage Fund (IDFC-AF), IDFC Enterprise Equity Fund (IDFC-EEF), IDFC Arbitrage Plus Fund (IDFC-APF), IDFC Small and Midcap Equity (SME) Fund (IDFC-SMEF) , IDFC Strategic Sector (50-50) Equity Fund, IDFC Tax Advantage (ELSS) Fund, IDFC Liquid Fund (IDFC-LF), IDFC Liquidity Manager (IDFC-LM), IDFC Tax Saver (ELSS) Fund (IDFC - TS[ELSS]), 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 22 (IDFC - FMP - YS – 22), IDFC Fixed Maturity Plan –Yearly Series 23 (IDFC - FMP - YS – 23), 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 26 (IDFC - FMP - YS – 26), 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), IDFC Fixed Maturity Plan –Eighteen Months Series 1 (IDFC-FMP - EMS-1) 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/-. Investment Objective: IDFC-SSIF is an open-ended income scheme, seeking to generate stable returns with a low risk strategy by investing in good quality fixed income securities. IDFC-CF is an open-ended income fund with an objective to generate optimal returns with high liquidity by investing in high quality money market and debt instruments. IDFC-GSF is an open-ended dedicated gilt scheme with an objective to generate optimal returns with high liquidity by investing in Government Securities. IDFC-LM & IDFC-LF: To seeking 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-DBF is an open ended income scheme seeking to generate optimal returns with high liquidity by active management of the portfolio; by investing in high quality money market & debt instruments. IDFC-MMF-TP is an open-ended income scheme seeking 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. IDFC-ASBF is an open-ended fund of funds scheme seeking 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. IDFC-CEF is an open ended Equity Scheme to generate long term capital growth from a diversified portfolio of predominantly equity and equity related instruments. IDFC-PEF (in brief): The Scheme shall seek to generate long-term capital growth from an actively managed portfolio of predominantly equity and equity related instruments. The Scheme portfolio would seek to acquire, inter alia, small and medium size businesses with good long term potential, which are available at cheap valuations. 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 interests of long-term investors. 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 guarantee that the objectives 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 opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. There is no assurance or guarantee that the objectives 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. 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 derivatives segment of the equity markets including the arbitrage opportunities available within the derivatives segment, by using another derivative based strategies and by investing the balance in debt and money market instruments. However there is no assurance or guarantee that the objectives 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) F: 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. IDFC-LF: The investment objective

Risk Factors

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-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 - 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 realised. 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 – 22: The investment objective of the Scheme is to seek to generate income by investing in a portfolio of debt and money market instruments normally in line with the duration of the scheme. There can be no assurance that the investment objective of the scheme will be realized. IDFC - FMP - YS – 23: 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 - YS – 24: 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 - YS – 25: 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 - YS – 26: 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 Fixed Maturity Plan –Yearly Series 27 (IDFC - FMP - YS – 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 - EMS-1: The investment objective of the Scheme is to seek to generate income by investing in a portfolio of debt (including securitized debt) and money market instruments. The debt and money market instruments may have coupons providing fixed / floating returns (including payouts linked to equities / equity indices). 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." NSE Disclaimer: “It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Scheme Information Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Draft Scheme Information Document. The investors are advised to refer to the Scheme Information Document for the full text of the Disclaimer Clause of NSE”. 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 Private Ltd (Company with limited liability) as the trustee and IDFC Asset Management Company Private Ltd (Company with limited liability) 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.

39

Methodology of Ranking


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 April 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.

40

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 : Narain Automobiles, 4 Shahnazaf Road, Lucknow - 226 001. Tel.: 0522-2200097.

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 : Cabin No. 2, Dhanalaxmi Business Point, Sathe Baagh, M.G. Road, Nashik-422001. Phone - 0253-2312971/2/3/4. Mob. 9970625856

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 : L 11, Jolly Plaza, Athwa Gate, Surat: 395001. Phone: 2745060 & 2745070

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.

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