statement of additional information fund/pdf/hdfc.pdfhdfc - sai document 97 hdfc sai dt. 29.06.2009...

STATEMENT OF

ADDITIONAL INFORMATION

This Statement of Additional Information (SAI) contains details of HDFC Mutual Fund, its constitution, and certain

tax, legal and general information. It is incorporated by reference [is legally a part of the Scheme Information

Document].

This SAI is dated June 29, 2009.

Name of Mutual Fund: HDFC Mutual Fund

Name of Asset Management Company: HDFC Asset Management Company Limited

Name of Trustee Company: HDFC Trustee Company Limited

Addresses, Website of the entities:

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

Address:

Asset Management Company (AMC) :HDFC Asset Management Company LimitedA Joint Venture with Standard Life Investments LimitedRegistered Office :Ramon House, 3rd Floor, H. T. Parekh Marg,169, Backbay Reclamation, Churchgate, Mumbai 400 020.

Website:

www.hdfcfund.com

HDFC - SAI DOCUMENT

HDFC - SAI DOCUMENT

96HDFC SAI dt. 29.06.2009

LIST OF ADDENDUM TO STATEMENT OF ADDITIONAL INFORMATION (SAI) DATED JUNE 29, 2009

Addendum Date of Particulars

No. Addendum

1 July 31, 2009 Exemption from Requirement of PAN for Micro SIPs

2 August 21, 2009 Revision in the mode of payment for purchase of units of HDFC Index Fund

3 August 31, 2009 Change in the Key Personnel

ADDENDUM NO. 1

ADDENDUM to the Statement of Additional Information dated June 29, 2009

Exemption from Requirement of PAN for Micro SIPs

HDFC Trustee Company Limited, the Trustee to HDFC Mutual Fund has decided to insert the following clause in the'Permanent Account Number' section appearing in the Statement of Additional Information of HDFC Mutual Fundeffective August 1, 2009 as detailed below.

PAN - Micro SIPs

Pursuant to SEBI letter No. MRD/DoP/PAN/PM/166999/2009 dated June 19, 2009 addressed to AMFI and incompliance with AMFI Guidelines dated July 14, 2009, investment in micro financial products such as SystematicInvestment Plans (SIPs) where aggregate of installments in a rolling 12 months period or in a financial year i.e. Aprilto March does not exceed Rs. 50,000 per year per investor (hereinafter referred as "Micro SIPs"), will be exempt fromthe requirement of Permanent Account Number (PAN) with effect from August 1, 2009.

This exemption will be applicable only to investments by individuals (including Joint Holders who are individuals, NRIsbut not PIOs), Minors and Sole proprietary firms. HUFs and other categories will not be eligible for this exemption.

Investors may please note that Micro SIPs are offered under all the Schemes of HDFC Mutual Fund where SIP facilityis available subject to submission of any one of the necessary Photo Identification documents (being current and valid)along with Micro SIP Enrolment Form as a proof of identification in lieu of PAN. The list of acceptable PhotoIdentification documents is given in the Micro SIP Enrolment Form.

Investors who wish to enroll for Micro SIP are required to fill in the Micro SIP Enrolment Form available with the ISCs,distributors/agents and also displayed on the website www.hdfcfund.com. Investors are advised to read the termsand conditions carefully before enrolment.

All terms and conditions of Systematic Investment Plans (SIPs) shall apply to Micro SIPs. The Trustee reserves the rightto change/modify the terms and conditions of Micro SIPs at a later date on a prospective basis.

All other contents of the Statement of Additional Information will remain unchanged.

This addendum shall form an integral part of the Statement of Additional Information of HDFC Mutual Fund asamended from time to time.

This Addendum is dated July 31, 2009.

ADDENDUM NO. 2


Revision in the mode of payment for purchase of units of HDFC Index Fund

HDFC Trustee Company Limited, Trustee to HDFC Mutual Fund has approved the insertion of the following additionalparagraph under 'Mode of Payment' as disclosed in the Statement of Additional Information (SAI) / Key InformationMemorandum of HDFC Index Fund (the "Scheme") with effect from August 24, 2009:

All applications for purchase of units including additional purchases for an amount of Rupees Five Lakhs and abovewill be accepted with payment mode only as Real Time Gross Settlement (RTGS) /National Electronic Funds Transfer(NEFT)/Funds Transfer Letter/ Transfer Cheque of a bank where the Scheme has a collection account. Any applicationfor an amount of Rupees Five Lakhs and above with payment mode other than the above will be rejected.

All other terms & conditions of the Scheme will remain unchanged.

This addendum shall form an integral part of the Statement of Additional Information (SAI) as amended from timeto time.

This Addendum is dated August 21, 2009.

HDFC - SAI DOCUMENT

97 HDFC SAI dt. 29.06.2009

ADDENDUM NO. 3


Change in the Key Personnel

Mr. Pankaj Choksy, designated as Senior Equity Analyst has resigned from the services of HDFC Asset ManagementCompany Limited (“HDFC AMC”) with effect from the close of business hours on August 14, 2009 and hence, heceases to be a Key Personnel of HDFC AMC.

All other contents of the Statement of Additional Information will remain unchanged.

This addendum shall form an integral part of the Statement of Additional Information of HDFC Mutual Fund asamended from time to time.

This Addendum is dated August 31, 2009.

HDFC - SAI DOCUMENT

1 HDFC SAI dt. 29.06.2009

Definitions ............................................................ 2

I. INFORMATION ABOUT SPONSOR, ASSETMANAGEMENT COMPANY ANDTRUSTEE COMPANY .......................................... 4

A. CONSTITUTION OF THE MUTUAL FUND .. 4

B. SPONSORS ................................................. 4

� Housing Development FinanceCorporation Limited ................................ 4

� Standard Life Investments Limited ............ 4

C. THE TRUSTEE ............................................. 5

� Details of Trustee Directors ...................... 5

� Rights, Obligations, Responsibilitiesand Duties of the Trustee ........................ 5

D. THE ASSET MANAGEMENT COMPANY ...... 7

� Details of AMC Directors ......................... 8

� Duties and Responsibilities of the AMC .... 10

� Information on Key Personnel .................. 12

� Fund Management Team ......................... 15

� Research Team ........................................ 17

E. SERVICE PROVIDERS .................................. 19

� Custodians .............................................. 19

� Registrar and Transfer Agent ................... 19

� Statutory Auditors .................................... 19

� Legal Counsel ......................................... 19

� Fund Accountant ..................................... 19

� Collecting Bankers .................................. 19

F. CONDENSED FINANCIALINFORMATION (CFI) .................................. 20

II. HOW TO APPLY? ............................................... 39

� Suspension of Redemption / Switchingof the Units .................................................... 40

III. RIGHTS OF UNITHOLDERS OF THE SCHEME .... 41

� Unclaimed Redemption / Dividend Amount ..... 41

TABLE OF CONTENTS

Page No. Page No.

IV INVESTMENT VALUATION NORMS FOR SECURITIESAND OTHER ASSETS ......................................... 41

V TAX, LEGAL & GENERAL INFORMATION........... 46

A. TAXATION ON INVESTING INMUTUAL FUNDS ........................................ 46

B. LEGAL INFORMATION ............................... 49

� Nomination Facility ................................. 49

� Prevention of Money Laundering ............. 50

� Know Your Customer (KYC) Compliance .. 50

� Transfer and Transmission Facility ............ 51

� Duration of the Schemeand Winding Up ..................................... 51

� Permanent Account Number .................... 52

� Joint Holders .......................................... 53

� Pledge of Units ....................................... 53

� Powers to Remove Difficulties .................. 53

� Powers to Make Rules ............................. 53

C. GENERAL INFORMATION .......................... 53

� Investment Decisions ............................... 53

� Underwriting by The Mutual Fund ........... 54

� Stock Lending by The Mutual Fund .......... 54

� Borrowing by The Mutual Fund ............... 54

� Issue of Bonus Units ................................ 54

� E-mail Communication ............................ 54

� Disclosure to Intermediaries .................... 54

� Use of Intermediaries .............................. 54

� Website ................................................... 54

� Investors' Personal Information ................. 55

� Scheme(s) to be binding on theUnit Holders ........................................... 55

� Inter Scheme Transfer of Investments ....... 55

� Associate Transactions ............................. 55

� Documents Available for Inspection ......... 90

� Investor Grievances Redressal Mechanism 91

HDFC - SAI DOCUMENT

2HDFC SAI dt. 29.06.2009

STATEMENT OF ADDITIONAL INFORMATION

DEFINITIONSIn this Statement of Additional Information (SAI), the following words and expressions shall have the meaning specified herein,unless the context otherwise requires:

“AMC” or “Asset Management HDFC Asset Management Company Limited, incorporated under the

Company” or “Investment Manager” provisions of the Companies Act, 1956 and approved by the Securities andExchange Board of India to act as the Asset Management Company for thescheme(s) of HDFC Mutual Fund.

“Applicable NAV” The NAV applicable for purchase or redemption or switching, based on the timeof the Business Day on which the application is accepted.

“Business Day” A day other than:(i) Saturday and Sunday;(ii) A day on which the banks in Mumbai and / RBI are closed for business /

clearing;(iii) A day on which the National Stock Exchange of India Limited is closed;(iv) A day which is a public and /or bank holiday at a Investor Service Centre

where the application is received;(v) A day on which Sale / Redemption / Switching of Units is suspended by the

AMC;(vi) A day on which normal business cannot be transacted due to storms, floods,

bandhs, strikes or such other events as the AMC may specify from time totime.

Further, in case of HDFC Liquid Fund and HDFC Cash Management Fund -Savings Plan & Call Plan, the day(s) on which the money markets are closed /not accessible, shall not be treated as Business Day(s).

The AMC reserves the right to declare any day as a Business Day or otherwiseat any or all Investor Service Centres.

“Business Hours” Presently 9.30 a.m. to 5.30 p.m. on any Business Day or such other time as maybe applicable from time to time.

“Custodian” A person who has been granted a certificate of registration to carry on thebusiness of custodian of securities under the Securities and Exchange Board ofIndia (Custodian of Securities) Regulations 1996.

"Depository" Depository as defined in the Depositories Act, 1996 (22 of 1996) and includesNational Securities Depository Ltd (NSDL) and Central Depository Services Ltd(CDSL).

"Depository Participant" or "DP" 'Depository Participant' means a person registered as such under subsection (1A)of section 12 of the Securities and Exchange Board of India Act, 1992.

“Derivative“ Derivative includes (i) a security derived from a debt instrument, share, loanwhether secured or unsecured, risk instrument or contract for differences or anyother form of security; (ii) a contract which derives its value from the prices orindex of prices or underlying securities.

“Dividend” Income distributed by the Mutual Fund on the Units.

“Entry Load” or “Sales Load” Load on Sale / Switch in of Units.

"Equity Related Instruments" Equity Related Instruments includes convertible bonds and debentures, convertiblepreference shares, warrants carrying the right to obtain equity shares, equityderivatives and any other like instrument.

“Exit Load” or “Redemption Load” Load on Redemption / Switch out of Units.

“Foreign Institutional Investors” Foreign Institutional Investor, registered with SEBI under the Securities and ExchangeBoard of India (Foreign Institutional Investors) Regulations, 1995, as amendedfrom time to time.

“Gilts or Government Securities” Securities created and issued by the Central Government and/or a StateGovernment (including Treasury Bills) or Government Securities as defined in thePublic Debt Act, 1944, as amended or re-enacted from time to time.

“Investment Management Agreement” The agreement dated June 8, 2000 entered into between HDFC Trustee CompanyLimited and HDFC Asset Management Company Limited, as amended from timeto time.

“Investor Service Centres” or “ISCs” Designated HDFC Branches or Offices of HDFC Asset Management CompanyLimited or such other centres / offices as may be designated by the AMC fromtime to time.

“Load” In the case of Redemption / Switch out of a Unit, the sum of money deductedfrom the Applicable NAV on the Redemption / Switch out and in the case of Sale /Switch in of a Unit, a sum of money to be paid by the prospective investor onthe Sale / Switch in of a Unit in addition to the Applicable NAV.

HDFC - SAI DOCUMENT

3 HDFC SAI dt. 29.06.2009

“Money Market Instruments” Includes commercial papers, commercial bills, treasury bills, Government securitieshaving an unexpired maturity upto one year, call or notice money, certificate ofdeposit, usance bills and any other like instruments as specified by the ReserveBank of India from time to time.

“Mutual Fund” or “the Fund” HDFC Mutual Fund, a trust set up under the provisions of the Indian Trusts Act,1882.

”NRI” A Non-Resident Indian or a person of Indian origin residing outside India.

”Official Points of Acceptance” Places, as specified by AMC from time to time where application for subscription/redemption/ switch will be accepted on ongoing basis.

”Person of Indian Origin” A citizen of any country other than Bangladesh or Pakistan, if (a) he at any timeheld an Indian passport; or (b) he or either of his parents or any of his grandparents was a citizen of India by virtue of Constitution of India or the CitizenshipAct, 1955 (57 of 1955); or (c) the person is a spouse of an Indian citizen or personreferred to in sub-clause (a) or (b).

“Rating“ Rating means an opinion regarding securities, expressed in the form of standardsymbols or in any other standardised manner, assigned by a credit rating agencyand used by the issuer of such securities, to comply with any requirement of theSEBI (Credit Rating Agencies) Regulations, 1999.

”RBI” Reserve Bank of India, established under the Reserve Bank of India Act, 1934.

“Registrar and Transfer Agent” Computer Age Management Services Pvt. Limited (CAMS), Chennai, currentlyacting as registrar to the Scheme, or any other registrar appointed by the AMCfrom time to time.

“Regulatory Authority” GOI, SEBI, RBI or any other authority or agency entitled to issue or give anydirections, instructions or guidelines to the Mutual Fund.

“Repo” Sale of Government Securities with simultaneous agreement to repurchase themat a later date.

“Redemption” Redemption of Units of the Scheme as permitted.

”Sale / Subscription” Sale or allotment of Units to the Unit holder upon subscription by the investor/ applicant under the Scheme(s) of HDFC Mutual Fund.

“Scheme(s)” or “Scheme” Scheme(s) of HDFC Mutual Fund (including, as the context permits, the Plans andOptions thereunder), collectively referred to as 'the Scheme(s)' and individually,as the context permits, as 'the Scheme'.

“Scheme Information Document” The document issued by HDFC Mutual Fund setting forth concisely the informationor “SID” about offering of Units by Scheme(s) / Plan(s) for subscription that a prospective

investor ought to know before investing.

“Statement of Additional This document issued by HDFC Mutual Fund, containing details of HDFC MutualInformation” or “SAI” Fund, its constitution, and certain tax, legal and general information. SAI is legally

a part of the SID.

”Stock Lending” Lending of securities to another person or entity for a fixed period of time, at anegotiated compensation in order to enhance returns of the portfolio.

“SEBI” Securities and Exchange Board of India, established under the Securities andExchange Board of India Act, 1992.

“SEBI (MF) Regulations” or Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as“Regulations” amended from time to time.

“Sponsors” or “Settlors” Housing Development Finance Corporation Limited and Standard Life InvestmentsLimited.

“Switch” Redemption of a unit in any scheme (including the plans / options therein) of theMutual Fund against purchase of a unit in another scheme (including the plans /options therein) of the Mutual Fund, subject to completion of lock-in period, ifany, of the units of the scheme(s) from where the units are being switched.

“Trust Deed” The Trust Deed dated June 8, 2000 made by and between Housing DevelopmentFinance Corporation Limited and HDFC Trustee Company Limited (“Trustee”),thereby establishing an irrevocable trust, called HDFC Mutual Fund and deed ofvariations dated June 11, 2003 and June 19, 2003.

”Unit” The interest of the Unit holder which consists of each Unit representing oneundivided share in the assets of the Scheme(s) of HDFC Mutual Fund.

”Unit holder” or “Investor” A person holding Unit(s) in any of the Scheme(s) of the HDFC Mutual Fund.

INTERPRETATIONFor all purposes of this SAI, except as otherwise expressly provided or unless the context otherwise requires :

�all references to the masculine shall include the feminine and all references to the singular shall include the plural andvice-versa.

�all references to “dollars” or “$” refer to United States Dollars and “Rs” refer to Indian Rupees. A “crore” means “ten million”and a “lakh” means a “hundred thousand”.

�all references to timings relate to Indian Standard Time (IST).

HDFC - SAI DOCUMENT

4HDFC SAI dt. 29.06.2009

I. INFORMATION ABOUT SPONSOR,

ASSET MANAGEMENT COMPANY

AND TRUSTEE COMPANY

A. CONSTITUTION OF THE MUTUAL FUNDHDFC Mutual Fund has been constituted as a trust in accordancewith the provisions of the Indian Trusts Act, 1882, as per theterms of the trust deed dated June 8, 2000 with HousingDevelopment Finance Corporation Limited (HDFC) and StandardLife Investments Limited as the Sponsors / Settlors and HDFCTrustee Company Limited, as the Trustee. The Trust Deed hasbeen registered under the Indian Registration Act, 1908. TheMutual Fund has been registered with SEBI, under registrationcode MF / 044 / 00 / 6 on June 30, 2000.

B. SPONSORSHDFC Mutual Fund is sponsored by Housing DevelopmentFinance Corporation Limited and Standard Life InvestmentsLimited. The Sponsors are the Settlors of the Mutual Fund Trust.The Sponsors have entrusted a sum of Rs. one lac each to theTrustee as the initial contribution towards the corpus of theMutual Fund.

HOUSING DEVELOPMENT FINANCECORPORATION LIMITED (HDFC)HDFC was incorporated in 1977 as the first specialized MortgageCompany in India. HDFC is a Premier Housing Finance Companyin India. HDFC provides financial assistance to individuals,corporates and developers for the purchase or construction ofresidential housing. It also provides property related services(e.g. property identification, sales services and valuation), trainingand consultancy. Of these activities, housing finance remainsthe dominant activity. HDFC has a client base of around 10 lacborrowers, around 10 lac depositors, over 1,23,000shareholders and 50,000 deposit agents, as at March 31,2009. The Company has a total asset size of Rs. 96,993 croreas at March 31, 2009 and cumulative approvals anddisbursements of housing loans of Rs. 237,450 crore and Rs.191,806 crore respectively as at March 31, 2009.

HDFC had raised funds from international agencies such as theWorld Bank, IFC (Washington), USAID, DEG, ADB and KfW,international syndicated loans, domestic term loans from banksand insurance companies, bonds and deposits. HDFC hasreceived the highest rating for its deposits program for thefourteenth year in succession.

HDFC Standard Life Insurance Company Limited, promoted byHDFC was the first life insurance company in the private sectorto be granted a Certificate of Registration (on October 23,2000) by the Insurance Regulatory and Development Authorityto transact life insurance business in India. For more informationlog on to www.hdfc.com.

STANDARD LIFE INVESTMENTS LIMITEDStandard Life Investments Limited is the dedicated investmentmanagement company of the Standard Life group and is awholly owned subsidiary of Standard Life Investments (Holdings)Limited, which in turn is a wholly owned subsidiary of StandardLife plc. With global assets under management of approximatelyUS$ 169 billion as at March 31, 2009, Standard Life InvestmentsLimited is one of the world's major investment companies andis responsible for investing money on behalf of five million retailand institutional clients worldwide.

The Standard Life Assurance Company was established in 1825and has considerable experience in global financial markets.

The company was present in the Indian life insurance marketfrom 1847 to 1938 when agencies were set up in Kolkata andMumbai. The company re-entered the Indian market in 1995,when an agreement was signed with HDFC to launch aninsurance joint venture.

On April 2006, the Board of The Standard Life AssuranceCompany recommended that it should demutualise andStandard Life plc float on the London Stock Exchange. At aSpecial General Meeting held in May, voting membersoverwhelmingly voted in favour of this. The Court of Session inScotland approved this in June and Standard Life plc floatedon the London Stock Exchange on 10th July 2006.

Standard Life Investments was launched as an investmentmanagement company in 1998. It is a wholly owned subsidiaryof Standard Life Investments (Holdings) Limited, which in turnis a wholly owned subsidiary of Standard Life plc.

Standard Life Investments is a leading asset managementcompany, with approximately US$ 169 billion of assets undermanagement as at March 31, 2009. The company operates inthe UK, Canada, Hong Kong, China, Korea, Ireland, Paris,Sydney and the USA to ensure it is able to form a truly globalinvestment view. For more information log on towww.standardlifeinvestments.com.

Financial Performance of the Sponsors (past threeyears):Housing Development Finance Corporation Limited

(Rs. in crores)

Particulars 2008-2009 2007-2008 2006-2007(Audited) (Audited) (Audited)

Net worth 13,137.39 11,947.34 5,510.40

Total Income 11,017.66 8,196.06 5,863.26

Profit after tax 2,282.54 2,436.25 1,570.38

Assets under Management (If applicable) N.A. N.A. N.A.

N.A. : Not Applicable

Standard Life Investments Limited

Particulars January 1, January 1, January 1,2007 to 2006 to 2005 to

December 31, December 31, December 31,2007 2006 2005

(Audited)(see Note 1)

Net worth (GBP in '000s) 138,083 151,293 106,058

Total Income (GBP in '000s) 248,702 228,021 204,252

Profit after tax(GBP in '000s) 67,309 46,329 32,706

Assets under Management * US$ 285 US$ 258 US$ 204(if applicable) billion billion billion

GBP refers to Great Britain Pound Sterling

* as at December 31

Note:

1. The figures provided for 2006 are based on the auditedaccounts for the SLI Group and include the full year resultsof one subsidiary company, which was transferred to a newparent company during the year.

HDFC - SAI DOCUMENT

5 HDFC SAI dt. 29.06.2009

C. THE TRUSTEEHDFC Trustee Company Limited (the "Trustee"), through its Board of Directors, shall discharge its obligations as trustee of HDFCMutual Fund. The Trustee ensures that the transactions entered into by the AMC are in accordance with the "SEBI (MF) Regulations"and will also review the activities carried on by the AMC.

Details of Trustee Directors:

Name Age/Qualification Brief Experience

Mr. Anil Kumar Hirjee 70 years Mr. Anil Kumar Hirjee, the Chairman of the Board, is anB.A. (Hons.), LL.B. (Hons.), independent Director. Mr. Hirjee has 45 years ofBarrister-at-Law and Sloan experience in different areas of Business managementFellow of the London and his expertise extends to finance, banking, legal,Business School commercial, industrial and general administration.

Mr. Hirjee has been associated with The BombayBurmah Trading Corporation Limited since 1976 and ispresently its Vice Chairman. He is also a director on theBoard of various companies. He is also activelyassociated with leading Charitable Institutions.

Mr. Shishir K. Diwanji 69 years Mr. Shishir K. Diwanji is an independent Director on theBachelors degree in Law Board. He is a Partner with Messrs. Desai & Diwanji,

Advocates, Solicitors & Notaries. He is also a director onthe Board of various companies.

Mr. Vincent Joseph 43 years Mr. Vincent Joseph O’Brien has been appointed as anO'Brien ACII (U.K) associate Director on the Board of the Trustee Company. He

joined Standard Life Investments Limited in 2003 asCompany Secretary for Standard Life Investments Limitedand a number of its subsidiary companies. He is responsiblefor compliance with relevant Company Law and best practiceCorporate Governance. In addition, he is also responsiblefor the Compliance, Risk and Legal functions of theorganization. He directly reports to the CEO of StandardLife investments Limited. Prior to this, he joined StandardLife Bank in 1999 as its Company Secretary where he wasresponsible for compliance with relevant Company Lawand best practice Corporate Governance as well as theCompliance, Risk and Legal functions of the organizationHe is also a director on the Board of other companies.

Mr. V. Srinivasa 49 years Mr. V. Srinivasa Rangan is associated with HDFC Ltd.Rangan Graduate in Commerce, since 1986. Presently, he is the Senior General Manager

Grad. CWA and an Associate - Corporate Planning and Finance of HDFC Ltd. HisMember of the Institute of responsibilities include Budgeting, ManagementChartered Accountants of India. Information Systems (MIS), Strategic and Portfolio Equity

Investments in public and private markets, capitalmanagement, structured financing options andMortgage Backed Securitisation (MBS). Besides, he isalso responsible for the regulatory compliance includingliaison with the National Housing Bank and reporting tothe Audit Committee of Directors of HDFC Ltd.Over the years he was involved in various functions inHDFC Ltd. such as retail and wholesale lending, branchoperations, accounting, liaison with the Government andregulators, mobilization of deposits from institutions, etc.He is also a director on the Board of variouscompanies.

Mr. Ranjan Sanghi 65 years Mr. Ranjan Sanghi is an independent Director on theGraduate in Commerce and Board. He is Director / Partner with Sah & SanghiLaw from Bombay University. Group of Companies. He is also a director on the

Board of various companies.

Rights, Obligations, Responsibilities and Duties ofthe Trustee under the Trust Deed and the SEBI (MF)RegulationsPursuant to the Trust Deed dated June 08, 2000, constitutingthe Mutual Fund, and in terms of the SEBI (MF) Regulations, therights, obligations, responsibilities and duties of the Trustee areas under:

1 The Trustee and the AMC have with the prior approval ofSEBI entered into an Investment Management Agreement.

2 The Investment Management Agreement contains clauses

as are mentioned in the Fourth Schedule of the SEBI (MF)Regulations and such other clauses as are necessary for thepurpose of entrusting investment management of the MutualFund.

3 The Trustee shall have a right to obtain from the AMC suchinformation as is considered necessary by it.

4 The Trustee shall ensure before the launch of any Schemethat the AMC has:-

– systems in place for its back office, dealing room andaccounting;

HDFC - SAI DOCUMENT

6HDFC SAI dt. 29.06.2009

– appointed all key personnel including fund manager(s)for the Scheme and submitted their bio-data whichshall contain educational qualifications, past experiencein the securities market, with the Trustee, within 15days of their appointment;

– appointed auditors to audit its accounts;

– appointed a compliance officer to comply withregulatory requirements and to redress investors'grievances;

– appointed registrars and laid down parameters fortheir supervisions;

– prepared a compliance manual and designed internalcontrol mechanisms including internal audit systems;

– specified norms for empanelment of brokers andmarketing agents;

– obtained, wherever required under these regulations,prior in-principle approval from the recognised stockexchange(s) where units are proposed to be listed.

5 The Trustee shall ensure that -

– the AMC has been diligent in empanelling the brokersin monitoring securities transactions with brokers andavoiding undue concentration of business with anybroker;

– the AMC has not given any undue or unfair advantageto any associates or dealt with any of the associatesof the AMC in any manner detrimental to interest ofthe Unit holders;

– transactions entered into by the AMC are in accordancewith SEBI (MF) Regulations and the Scheme;

– the AMC has been managing the Schemeindependently of other activities and taken adequatesteps to ensure that the interest of the Unit holders ofa Scheme is not being compromised with those of anyother Scheme or of other activities of the AMC; and

– all the activities of the AMC are in accordance with theprovisions of SEBI (MF) Regulations.

6 Where the Directors of the Trustee have reason to believethat the conduct of business of the Mutual Fund is not inaccordance with the SEBI (MF) Regulations and / or theScheme, they shall forthwith take such remedial steps asare necessary and shall immediately inform SEBI of theviolation and the action taken by them.

7 Each Director of the Trustee shall file with the Mutual Funddetails of his transactions of dealings in securities of suchvalue on a periodical basis as may be specified under theSEBI (MF) Regulations from time to time.

8 The Trustee shall be accountable for, and be the custodianof the funds and property of the Scheme and shall hold thesame in trust for the benefit of the Unit holders in accordancewith SEBI (MF) Regulations and the provisions of the TrustDeed.

9 The Trustee shall take steps to ensure that the transactionsof the Mutual Fund are in accordance with the provisionsof the Trust Deed.

10 The Trustee shall be responsible for the calculation of anyincome due to be paid to the Mutual Fund and also of anyincome received in the Mutual Fund for the holders of theUnits of the Scheme in accordance with the SEBI (MF)Regulations and the Trust Deed.

11 The Trustee shall obtain the consent of the Unit holders:

– whenever required to do so by SEBI in the interest ofthe Unit holders; or

– whenever required to do so on the requisition madeby three-fourths of the Unit holders of any Scheme orsuch number of Unit holders as may be prescribed bySEBI from time to time; or

– when the majority of the Directors of the TrusteeCompany decide to wind up or prematurely redeemUnits of any Scheme.

12 The Trustee shall ensure that no change in the fundamentalattributes of any Scheme or the trust or fees and expensespayable or any other change which would modify theScheme or affect the interest of the Unit holders shall becarried out unless:

– a written communication about the proposed changeis sent to each Unit holder and an advertisement isgiven in one English daily newspaper having nationwidecirculation as well as in a newspaper published in thelanguage of the region where the Head Office of theMutual Fund is situated; and

– the Unit holders are given an option to exit at theprevailing Net Asset Value without any Exit Load.

13 The Trustee shall call for the details of transactions insecurities by the key personnel of the AMC in their ownpersonal names or on behalf of the AMC and shall reportto SEBI, as and when required.

14 The Trustee shall quarterly or at such frequency as may beprescribed by SEBI from time to time review all transactionscarried out between the Mutual Fund, AMC and itsassociates.

15 The Trustee shall quarterly, or at such frequency as may beprescribed by SEBI from time to time, review the networthof the AMC and in case of any shortfall, ensure that theAMC make up for the shortfall as per the SEBI (MF)Regulations.

16 The Trustee shall periodically review all service contractssuch as custody arrangement, transfer agency of thesecurities and satisfy itself that such contracts are executedin the interest of the Unit holders.

17 The Trustee shall ensure that there is no conflict of interestbetween the manner of deployment of its networth by theAMC and the interest of the Unit holders.

18 The Trustee shall periodically review the investor complaintsreceived and the redressal of the same by the AMC.

19 The Trustee shall abide by the Code of Conduct as specifiedin the Fifth Schedule to the SEBI (MF) Regulations.

20 The Trustee shall furnish to SEBI on a half yearly basis orat such frequency as may be prescribed by SEBI from timeto time;

– a report on the activities of the Mutual Fund.

– a certificate stating that the Directors have satisfiedthemselves that there have been no instances of selfdealing or front running by any of the directors andkey personnel of the AMC.

– a certificate to the effect that the AMC has beenmanaging the Scheme independently of the otheractivities and in case any activities of the nature referred

HDFC - SAI DOCUMENT

7 HDFC SAI dt. 29.06.2009

to in sub-regulation (2) of Regulation 24 of SEBI (MF)Regulations have been undertaken by the AMC andhas taken adequate steps to ensure that the interestof the Unit holders are protected.

21 The independent Directors of the Trustee shall give theircomments on the report received from the AMC regardingthe investments by the Mutual Fund in the securities ofgroup companies of the Settlor.

22 The Trustee shall exercise due diligence as under:

A. General Due Diligence:(i) The Directors of the Trustee shall be discerning in the

appointment of the directors on the Board of the AMC.

(ii) The Board of Directors shall review the desirability ofcontinuance of the AMC if substantial irregularitiesare observed in any of the scheme(s) and shall notallow the AMC to float new scheme(s).

(iii) The Trustee shall ensure that the trust property isproperly protected, held and administered by properpersons and by a proper number of such persons.

(iv) The Trustee shall ensure that all service providers areholding appropriate registrations from SEBI orconcerned regulatory authority.

(v) The Trustee shall arrange for test checks of servicecontracts.

(vi) The Trustee shall immediately report to SEBI of anyspecial developments in the Mutual Fund.

B. Specific Due Diligence:The Trustee shall:

(i) Obtain internal audit reports at regular intervals fromindependent auditors appointed by the Trustee.

(ii) Obtain compliance certificates at regular intervalsfrom the AMC.

(iii) Hold meetings of the Trustee more frequently.

(iv) Consider the reports of the independent auditor andcompliance reports of the AMC at the meetings ofTrustee for appropriate action.

(v) Maintain records of the decisions of the Trustee at theirmeetings and of the minutes of the meetings.

(vi) Prescribe and adhere to a code of ethics by the Trustee,AMC and its personnel.

(vii) Communicate in writing to the AMC of the deficienciesand checking on the rectification of deficiencies.

23 Notwithstanding anything contained in any applicable SEBI(MF) Regulations, the Directors of the Trustee shall not beheld liable for acts done in good faith, if they have exercisedadequate due diligence honestly.

24 The independent Directors shall pay specific attention tothe following:

– the Investment Management Agreement and thecompensation paid under the agreement.

– service contracts with affiliates - whether the AMC hascharged higher fees than outside contractors for thesame services.

– selection of the AMC's independent directors.

– securities transactions involving affiliates to the extent

such transactions are permitted.

– selection and nomination of individuals to fillindependent Directors vacancies.

– designing of code of ethics to prevent fraudulent,deceptive or manipulative practices by insiders inconnection with personal securities transactions.

– the reasonableness of fees paid to Settlor, AMC andany others for services provided.

– principal underwriting contracts and their renewals.

– any service contract with the associates of the AMC.

On a regular basis, activity report forwarded by the AMCwill be discussed at the Board meeting of the Trustee. TheBoard meeting of the Trustee shall be held at least oncein every two calendar months and at least six such meetingsshall be held in every year or at such frequency as may beprescribed under the SEBI (MF) Regulations. The quorumfor a Board meeting of the Trustee shall not be constitutedunless such number of independent directors as may beprescribed by SEBI from time to time are present at themeeting. The supervisory role of the Trustee will also bedischarged by the Board of Directors of the Trustee byreviewing the internal auditors / compliance reports on aregular basis.

During the financial year 2008-2009, the Board of Directorsof the Trustee Company held 9 Board meetings. Further,during the period April 1, 2009 to June 29, 2009, theBoard of Directors of Trustee Company held 2 BoardMeetings. The Audit Committee comprising of threeindependent Directors and two Associate Directors of theBoard of Directors of Trustee, held 4 meetings during thefinancial year 2008-2009. Further, during the period April1, 2009 to June 29, 2009, the Audit Committee held 2meetings.

The Sponsor/ Settlor and the Trustee acting jointly shall beentitled by one or more Deed/s supplemental to the TrustDeed to modify, alter or add to the provisions of the TrustDeed in such manner and to such extent as they mayconsider expedient for any purpose, provided that:

(i) no such modification, alteration or addition shall bemade without the prior approval of the Unit holdersand SEBI;

(ii) no such modification, alteration or addition shallimpose upon any Unit holder any obligation to makeany further payment in respect of his Units or to acceptany liability in respect thereof.

(iii) The Trustee shall, if required to do so by SEBI, as soonas practicable after any modification or alteration ofor addition to the provisions of this Trust Deed, giveNotice of such modification, alteration or addition tothe Unit holders.

D. THE ASSET MANAGEMENT COMPANY (AMC)HDFC Asset Management Company Limited is a public limitedcompany incorporated under the Companies Act, 1956 onDecember 10, 1999, having its Registered Office at RamonHouse, 3rd Floor, H.T. Parekh Marg, 169, Backbay Reclamation,Churchgate, Mumbai - 400 020. HDFC Asset ManagementCompany Limited has been appointed as the Asset ManagementCompany of HDFC Mutual Fund by the Trustee vide InvestmentManagement Agreement (IMA) dated June 8, 2000, andexecuted between HDFC Trustee Company Limited and HDFCAsset Management Company Limited.

HDFC - SAI DOCUMENT

8HDFC SAI dt. 29.06.2009

Details of AMC Directors:


Mr. Deepak S. Parekh 64 years Mr. Deepak Parekh, the Chairman of the Board, isFellow of the Institute of associated with HDFC Ltd. in his capacity as ExecutiveChartered Accountants Chairman.(England & Wales) Mr. Parekh joined HDFC Ltd. in a senior management

position in 1978. He was inducted as WholetimeDirector of HDFC Ltd. in 1985 and was appointed asthe Executive Chairman in 1993. He is also a director onthe Board of various companies. He is also involved withvarious Committees of Central and State Government.

Mr. N. Keith Skeoch 52 years Mr. N. Keith Skeoch is associated with Standard LifeEconomics (BA Hons) from Investments Limited as its Chief Executive and isUniversity of Sussex and responsible for all company business and investmentMA (Economics) at University of operations within Standard Life Investments Limited. HeWarwick, FSI (Fellow of Securities is also a Director of Standard Life plc.& Investment Institute). Mr. Skeoch joined Standard Life Investments Limited as

Chief Executive Officer from James Capel & Co (nowHSBC Securities), where he was employed from 1980 to1999. From his first role at James Capel as anInternational Economist, he went on to become theSenior UK Economist in 1982 and Chief Economist twoyears later. In 1993, he was appointed Director ofEconomics and Strategy and was given theresponsibilities of Managing Director, InternationalEquities in 1998. He is also a director on the Board ofvarious companies.

Mr. Keki M. Mistry 54 years Mr. Keki M. Mistry is associated with HDFC Ltd. in hisFellow of the Institute of capacity as Vice-Chairman and Managing Director. He isChartered Accountants of India. with HDFC Ltd. since 1981 and was appointed as

the Executive Director of HDFC Ltd. in 1993. He wasappointed as the Deputy Managing Director in 1999,Managing Director in 2000 and Vice-Chairman &Managing Director in 2007. He is also a director on theBoard of various companies.

Mr. James Aird 48 years In his role as Investment Director, Head of StrategicGraduate in Economics from Development, Mr. James Aird is focused on developingEdinburgh university in 1981 and new international business for Standard Life Investments.is currently an Associate of the Mr. Aird also acts as Regional Head of Asia for StandardSociety of Investment Professionals. Life Investments. Mr. Aird joined Standard Life in 1997 as

an Investment Manager for the Corporate Pooled andSegregated Fund businesses. He was appointed InvestmentDirector, Head of Segregated Funds in April 1998 and tookup the current position in November 1999. Previously Mr.Aird worked for Scottish Equitable, joining as an InvestmentAnalyst in 1981 before moving on to Fund Manager in1984. Mr. Aird also managed both UK and internationalequity portfolios, before taking on the responsibility fordeveloping new investment business in the US institutionalmarket. He is also a director on the Board of variouscompanies.

In terms of the Investment Management Agreement, the Trusteehas appointed HDFC Asset Management Company Limited tomanage the Mutual Fund. The paid up capital of the AMC isRs. 25.161 crore.

The present equity shareholding pattern of the AMC is asfollows:

Particulars % of the paid upequity capital

Housing Development Finance 60Corporation Limited

Standard Life Investments Limited 40

HDFC - SAI DOCUMENT

9 HDFC SAI dt. 29.06.2009

Mr. P. M. Thampi 74 years Mr. Thampi is an independent Director on the Board.Graduate in Science, Post Graduate Mr. Thampi was the Chairman and Managing DirectorDiploma in Chem. Engineering, of BASF India Limited from January 1986 to MarchF.I. Chem. E. (UK) and C. Eng. (UK). 2000. Prior to this, he was with ICI India Limited from

1957 to 1985. His last position held at ICI India Limitedwas as Chief Executive, Fertilizer Division. He is also adirector on the Board of various companies.

Mr. Humayun 72 years Mr. Humayun Dhanrajgir is an independent Director onDhanrajgir B.Tech in Chemical Engineering, the Board. Mr. Dhanrajgir was associated with Kodak

Loughborough University, U.K. and India Limited as its Managing Director from OctoberM.I.Chem.E (London), 1995 to October 2000. Prior to this, he was theC.Eng.(London), A.M.P. (Harvard). Managing Director of Lupin Laboratories Limited from

December 1994. Mr. Dhanrajgir has held various seniormanagement positions in Glaxo India from 1969 to1994 and became M.D. in 1990 and retired asExecutive Vice-Chairman. From 1964 to 1969.Mr. Dhanrajgir was associated with Burmah Shell Indiain Senior positions. Earlier, Mr. Dhanrajgir was a ProcessDesign Engineer with British Oxygen Company, Londonfrom 1960-1963. He is also a director on the Board ofvarious companies.

Dr. Deepak B. Phatak 61 years Dr. Deepak B. Phatak is an independent Director on theB.E, M.Tech Ph.D. Board. He is associated with Indian Institute of

Technology (IIT) Bombay from December 1971 till date.He is presently the Chair Professor, Deptt. of ComputerScience & Engg., IIT Bombay. He is also a Director onthe Board of Bank of Baroda.

Mr. Hoshang S. 57 years Mr. Hoshang S. Billimoria is an independent Director onBillimoria Graduate in Commerce, Fellow of the Board. Mr. Billimoria is presently the Chief Executive

the Institute of Chartered Officer of Next Gen Publishing Limited. Prior to this,Accountants (England & Wales) Mr. Billimoria was associated with Tata Infomediaand Fellow of the Institute of Limited since 1990 to 2004. At the time of hisChartered Accountants of India. resignation, he was its Vice Chairman and Managing

Director. He was the Deputy CEO with Tata Sons Limitedfrom 1988 -1990. He was a Partner with S.B. Billimoriaand Co. from 1979 -1988. He is also a director on theBoard of various companies.

Mr. Rajeshwar 66 years Mr. Rajeshwar Raj Bajaaj is an independent director onRaj Bajaaj Graduate in Science and Law. the Board. He is the Chairman of Lerch Bates Private

Limited, a Specialised Consulting Company for VerticalTransportation. Mr. Bajaaj was the Chairman of theBoard of Directors and Managing Director of OtisElevators India. He also held the position of VicePresident, South and Southeast Asia based in Singaporewherein the Otis country heads from India, Singapore,Thailand, Malaysia, Indonesia, Philippines and Vietnamreported to him. In May 2001, Mr. Bajaaj joined SpecialOlympics Inc. as Managing Director, Asia Pacific, a non-profit organization created by the Joseph P Kennedy Jr.Foundation, Washington for the benefit of people withmental retardation. He is also a director on the Boardof various companies.

Mr. Vijay Merchant 65 years Mr. Vijay Merchant is an independent Director on theGraduate in Commerce and has Board. Mr. Merchant is presently a partner of Dynamalso done Post Graduate Plastics since 1987. Prior to this, Mr. Merchant workedProgramme in Business with Mafatlal Services Ltd in the Central FinanceManagement from IIM Ahmedabad. Department and interacted with the finance division of

all group companies. He headed a large ConsumerProduct Agency House and Marketing & Distribution Co.in South India for 10 years. He was the former Presidentof The All India Plastic Manufacturing Association for 3terms and also was the Founder member of Indian


HDFC - SAI DOCUMENT

10HDFC SAI dt. 29.06.2009


Centre for Plastics in Environment (non-profit body)created at the instance of Ministry of Environment &Forests Government of India. He has also served onnational bodies of Indian Institute of Packaging (Ministryof Commerce), Indian Merchants Chamber, EnviroplastPlastindia Foundation, Indian Plastics Institute, etc. andwas the Honorary Editor of Industry Journal PlasticsNews for 10 years. He is also a director on the Boardof other companies & institutions.

Ms. Renu S. Karnad 56 years Ms. Renu S. Karnad is associated with HDFC Ltd. in herGraduate in law from University of capacity as its Joint Managing Director. She has beenMumbai and holds a Master's employed with HDFC Ltd. since 1978. She wasdegree in economics from University appointed as the Executive Director of HDFC Ltd. inof Delhi and is a Pravin Fellow - 2000 and as Joint Managing Director in 2007. She isWoodrow Wilson School of responsible for the lending operations of HDFC Ltd. SheInternational Affairs, Princeton is also a director on the Board of various companies.University, U.S.A.

Mr. Milind Barve 51 years Mr. Milind Barve, Managing Director of the AMC (sinceGraduate in Commerce and an July, 2000) was associated with HDFC Ltd. in hisAssociate Member of the Institute capacity as General Manager - Treasury. Mr. Barve headedof Chartered Accountants of India. the treasury operations at HDFC Ltd. for 14 years.

Mr. Barve was responsible for the management ofHDFC's Treasury portfolio and for raising funds fromFinancial Institutions and Capital Markets. He was alsohead of marketing for retail deposit products andresponsible for investment advisory relationships forCommonwealth Equity Fund Mutual Fund and InvescoIndia Growth Fund. He is also a director on the Boardof other companies.

Duties and Responsibilities of the AssetManagement CompanyUnder the SEBI (MF) Regulations and the Investment ManagementAgreement, the AMC has, inter-alia, the following duties andresponsibilities:

1. The AMC shall take all reasonable steps and exercise duediligence to ensure that the investment of funds pertainingto any Scheme is not contrary to the provisions of the SEBI(MF) Regulations and the Trust Deed.

2. The AMC shall exercise due diligence and care in all itsinvestment decisions as would be exercised by other personsengaged in the same business.

3. The asset management company shall obtain, whereverrequired under these regulations, prior in-principle approvalfrom the recognized stock exchange(s) where units areproposed to be listed.

4. The AMC shall be responsible for the acts of commissionsor omissions by its employees or the persons whose serviceshave been procured by the AMC.

5. The AMC shall submit quarterly reports on the functioningof the Scheme and the compliance with SEBI (MF)Regulations to the Trustee or at such intervals as may berequired by the Trustee or SEBI.

6. The Trustee at the request of the AMC may terminate theassignment of the AMC at any time. Provided that suchtermination shall become effective only after the Trusteehas accepted the termination of assignment andcommunicated its decision in writing to the AMC.

7. Notwithstanding anything contained in any contract oragreement or termination, the AMC or its directors or other

officers shall not be absolved of any liability to the MutualFund for its / their acts of commission or omissions, whileholding such position or office.

8. The AMC shall not through any broker associated with theSponsor, purchase or sell securities, which is average of 5%or more of the aggregate purchases and sale of securitiesmade by the Mutual Fund in all its Scheme or as may beprescribed under SEBI (MF) Regulations. Provided that forthe purpose of this clause, aggregate purchase and saleof securities shall exclude sale and distribution of Unitsissued by the Mutual Fund. Provided further that theaforesaid limit of 5% shall apply for a block of any threemonths or as may be prescribed under SEBI (MF)Regulations.

9. The AMC shall not purchase or sell securities through anybroker (other than a broker referred to in clause above)which is average of 5% or more of the aggregate purchasesand sale of securities made by the Mutual Fund in all itsScheme or as may be prescribed under SEBI (MF) Regulationsunless the AMC has recorded in writing the justification forexceeding the limit of 5% or as may be prescribed underSEBI (MF) Regulations and reports of all such investmentsare sent to the Trustee on a quarterly basis. Provided thatthe aforesaid limit shall apply for a block of any threemonths or as may be prescribed under SEBI (MF)Regulations.

10. The AMC shall not utilise the services of the Sponsor or anyof its associates, employees or their relatives, for the purposeof any securities transaction and distribution and sale ofsecurities. Provided that the AMC may utilise such servicesif disclosure to that effect is made to the Unit holders andthe brokerage or commission paid is also disclosed in the

HDFC - SAI DOCUMENT

11 HDFC SAI dt. 29.06.2009

half yearly and annual accounts of the Mutual Fund.

Provided further that the Mutual Fund shall disclose at thetime of declaring half yearly and yearly results:

– any underwriting obligations undertaken by the Schemefor the Mutual Fund with respect to issue of securitiesof associate companies;

– devolvement, if any;

– subscription by the Scheme in the issues lead managedby associate companies;

– subscription to any issue of equity or debt on privateplacement basis where the Sponsor or its associatecompanies have acted as arranger or manager.

11. The AMC shall file with the Trustee the details of transactionsin securities by the key personnel of the AMC in their ownnames or on behalf of the AMC, and shall report to SEBI,as and when required by SEBI.

12. In case the AMC enters into any securities transactions withany of its associates a report to that effect shall be sent tothe Trustee at its next meeting.

13. In case any company has invested more than 5 per centof the Net Asset Value of a Scheme or as may be prescribedunder SEBI (MF) Regulations, the investment made by thatScheme or by any other Scheme in that company or itssubsidiaries shall be brought to the notice of the Trustee bythe AMC and be disclosed in the half yearly and annualaccounts of the respective Scheme with justification forsuch investment. The said disclosure will be made providedthe latter investment has been made within one year of thedate of the former investment, calculated on either side.

14. The AMC shall file with the Trustee and SEBI:-

– detailed bio-data of all its directors alongwith theirinterest in other companies within fifteen days of theirappointment;

– any change in the interest of directors every six months;and

– a quarterly report to the Trustee giving details andadequate justification about the purchase and sale ofthe securities of the group companies of the Sponsoror the AMC as the case may be by the Mutual Fundduring the said quarter.

15. Each director of the AMC shall file with the Trustee detailsof his transactions or dealings in securities of such valueon a periodical basis as may be specified under the SEBI(MF) Regulations from time to time.

16. The AMC shall not appoint any person as key personnelwho has been found guilty of moral turpitude or convictedof any economic offence or involved in violation of securitieslaws.

17. The AMC shall appoint registrars and share transfer agentswho are registered with SEBI. Provided if the work relatingto the transfer of Units is processed in-house, the chargeat competitive market rates may be debited to the Schemeand for rates higher than the competitive market rates,prior approval of the Trustee shall be obtained and reasonsfor charging higher rates shall be disclosed in the annualaccounts.

18. The AMC shall abide by the Code of Conduct as specifiedin the SEBI (MF) Regulations.

19. The AMC shall -

– not act as a Trustee of any mutual fund;

– not undertake any other business activities exceptactivities in the nature of portfolio managementservices, investment management and advisory servicesto domestic and offshore funds, pension funds,provident funds, venture capital funds, managementof insurance funds, financial consultancy and exchangeof research on commercial basis if any of such activitiesare not in conflict with the activities of the Mutual Fundwithout the prior approval of the Trustee and SEBI.Provided that the AMC may itself or through itssubsidiaries undertake such activities if it satisfies SEBIthat the key personnel of the AMC, the systems, backoffice, bank and securities accounts are segregatedactivity wise and there exist systems to prohibit accessto inside information of various activities. Providedfurther that AMC shall meet capital adequacyrequirements, if any, separately for each such activityand obtain separate approval, if necessary under therelevant regulations;

– not invest in any of its Scheme unless full disclosureof its intention to invest has been made in the SchemeInformation Document (SID);

Provided that the AMC shall not be entitled to chargeany fees on its investment in that Scheme;

– not acquire any assets out of the Trust Fund whichinvolves the assumption of any liability which isunlimited or which may result in encumbrance of theScheme property in any way.

20. The Managing Director of the AMC shall ensure that theMutual Fund complies with all the provisions of SEBI (MF)regulations, 1996 and the guidelines or circulars issued inrelation thereto from time to time and that the investmentsmade by the fund managers are in the interest of the unitholders and shall also be responsible for the overall riskmanagement function of the Mutual Fund.

21. (1) The AMC for each scheme shall keep and maintainproper books of account, records and documents, foreach scheme so as to explain its transactions and todisclose at any point of time the financial position ofeach scheme and in particular give a true and fairview of the state of affairs of the Fund and intimateto the SEBI the place where such books of account,records and documents are maintained.

(2) The AMC shall maintain and preserve for a period ofeight years its books of account, records anddocuments.

The AMC is also providing portfolio management / advisoryservices and such activities are not in conflict with the activitiesof the Mutual Fund. The AMC has renewed its registration fromSEBI vide Registration No. - PM / INP000000506 datedDecember 8, 2006 to act as a Portfolio Manager under the SEBI(Portfolio Managers) Regulations, 1993. The Certificate ofRegistration is valid from January 1, 2007 to December 31,2009.

HDFC - SAI DOCUMENT

12HDFC SAI dt. 29.06.2009

Information on Key Personnel:

Name Age Designation Educational Total No. of Years Assignments Held(yrs.) Qualifications of Experience/ Type &

Nature of Experience

Mr. Milind Barve 51 Managing B. Com., Collectively over July 2000 till DateDirector ACA 25 years of experience HDFC Asset Management

(including 14 years as Company LimitedHead of Treasury with Apr 1984 to June 2000Housing Development Housing DevelopmentFinance Corporation Finance Corporation LimitedLtd.) in treasury Last Position Held -management, raising General Manager - Treasury.of funds, marketing ofretail fixed deposits andinvestment advisory.

Mr. Prashant Jain 41 Executive CFA - AIMR, Collectively over June 20, 2003 till DateDirector & USA, 18 years of experience HDFC Asset ManagementChief PGDM-IIM in fund management Company Limited.Investment Bangalore, and research in Mutual July 1993 to June 19, 2003Officer B.Tech. - IIT, Fund Industry. Zurich Asset Management

Kanpur Company (India) PrivateLimitedLast Position Held - ChiefInvestment Officer1991 to June 1993SBI Mutual FundLast Position held -Fund In charge

Mr. V. Suresh Babu 42 Head - B. Com, Collectively over May 2000 till DateOperations Grad. ACWA 18 years of experience HDFC Asset Management

in banking, fund Company Limitedadministration, Sept 1996 to Apr 2000operations of Sundaram Newton Assetmutual fund, post trade Management Companysettlement, fund Limitedaccounting, audit Last Position Held -function, cash Senior Manager - Finance &management, risk Operations.management, Sept 1991 to Aug 1996managing Canbank Investmentintermediaries, Management Services Limitedmanaging systems Last Position Held - Managerand controls

Mr. Kiran M. Kaushik 53 Head – Sales B. Com. Collectively over 34 March 1, 2001 till Date& Distribution years of experience in HDFC Asset Management

commercial banking Company Ltd.(viz. InternationalBanking, Corporate July 1975 tilllending, loan recovery, January 2001mobilizing resources, Union Bank of IndiaNRI services), marketing Last position held – Assistantand distribution of General ManagerMutual Funds products.

Mr. Rahul Bhandari 37 Chief B. Com., Collectively over 13 July 2000 till DateFinancial ACA, ACS years of experience HDFC Asset ManagementOfficer in Financial Control, Company Limited

accounting, audit, Dec 1997 to June 2000regulatory, secretarial Citicorp Finance (India)and tax compliance. Limited

Last Position Held - FinanceManagerNov 1996 to June 2000Citicorp Brokerage (India)LimitedLast Position Held - FinanceManager & CompanySecretaryJune 1996 to Oct 1996Citicorp Securities &Investments LimitedLast Position Held - Manager- Accounts & Taxation

HDFC - SAI DOCUMENT

13 HDFC SAI dt. 29.06.2009

Mr. John Mathews 44 Head - B. Com., Collectively over July 2000 till DateClient PGDSM 23 years of experience HDFC Asset ManagementServices primarily in retail Company Limited

customer servicing, Appointed as PrincipalInvestor Relations & Officer under the PreventionRetail Deposit of Money Laundering Act,Operations. 2002

Dec 1997 to June 2000Housing DevelopmentFinance Corporation LimitedLast Position Held - AssistantManager - ManagementServices.July 1997 to Dec 1997Weizmann LimitedLast Position Held - SeniorAssistant Vice President.Nov 1996 to June 1997Wall Street Finance LimitedLast Position Held - MarketingManager - Deposits.Jan 1986 to Nov 1996Housing DevelopmentFinance Corporation LimitedLast Position Held - SeniorOfficer - Deposits.

Mr. Yezdi Khariwala 48 Chief B. Com., Collectively over Mid - May 2004 till DateCompliance PGDSL - 27 years of experience HDFC Asset ManagementOfficer Government in Operations, Client Company Limited

Law College, Services and Statutory Mid-Jan. 1995 -Mumbai. Compliances. Mid-May 2004

SUN F&C Asset Management(I) Pvt. LimitedLast Position held - ChiefCompliance OfficerMarch 1982 -Mid-Jan 1995Tata Share Registry LimitedLast Position held - GeneralManager - Operations.

Ms. Sylvia Furtado 39 Company B. Com., Collectively over Sept 2005 till DateSecretary ACS. LL.B. 15 years of experience HDFC Asset Management

in Secretarial and Company LimitedLegal. May 2004 - August 2005

In practice (CompanySecretary).August 2003 - Nov 2003Juris Corp. - Law FirmLast Position held - AssociateFeb 1998 - May 2003HDFC Bank LimitedLast Position held - Asst.Manager - Legal &Secretarial,March 1996 - July 1997Indus Venture ManagementLimited.Last Position Held-Dy. General Manager-Legal& SecretarialJune 1994 - Feb 1996Management Trainee withCEAT Ltd.



HDFC - SAI DOCUMENT

14HDFC SAI dt. 29.06.2009

Mr. Alok Sheopurkar 41 Head - B. Com, Collectively over May 5, 2006 till DateHuman M.P.M. & 17 years of experience HDFC Asset ManagementResources IR LLB. in HR viz. Employee Company Limited

Development, Sept 21, 2004 toRecruitment, Employee May 4, 2006Relations, TATA -AIG Group ofCompensation and companies viz. Tata - AIGBenefit, Performance General Insurance Co. Ltd.Management, HR Tata - AIG Life InsuranceCompliance, Company.OD Interventions Last Position Held -

Sr. Manager - HRSept 1996 to Sept 20, 2004Cadbury India LtdLast Position Held -HR ManagerSept 1991 to Sept 1996Crompton Greaves Ltd.Last Position Held -Personnel Executive.

Mr. Naveen Gogia 36 Head – B. Com. MBA - Collectively over March 1, 2002 till DateMarketing, Marketing - 12 years of HDFC Asset ManagementMumbai Nottingham experience in Company Ltd.Institutional & Trent University Marketing, Sales & March 2001 to Feb 2002Middle East Distribution and Birla Sunlife DistributionsSales Client servicing Company Ltd.

Last Position held: Manager:Private Client GroupJune 1997 to April 2000Ammirati Puris LintasLast Position held:Sr. Accounts Manager

Mr. Rajiv Maniar 37 Head - New B.E. Collectively over June 26, 2008 till DateInitiatives (Mechanical), 12 years experience HDFC Asset Management

M.M.S. in sales, distribution Company Limited(Finance) and advisory of mutual January 2007 - June 2008

fund products to retail AIG Global Assetand institutional Management Company Indiachannels Pvt. Ltd.

Last Position Held -National Head -Institutional SalesFeb 2005 - Jan 2007Kotak Mahindra Bank LimitedLast Position Held - BusinessHead - Corporate InvestmentProductsJune 2003 - Feb 2005ING Investment Management(India) Pvt. Ltd.Last Position Held - Sr. VicePresident & Zonal Manager(West)Dec 1999 - June 2003Zurich Asset ManagementCompany (India) Private Ltd.Last Position Held - RegionalManager - DistributionJune 1997 - Dec 1999ITC Threadneedle AssetManagement Company LimitedLast Position Held -Sales Manager



HDFC - SAI DOCUMENT

15 HDFC SAI dt. 29.06.2009

Fund Management Team

In addition to Mr. Prashant Jain - Executive Director & Chief Investment Officer, the Fund Management team comprises :



Mr. Shobhit Mehrotra 43 Senior Fund B. Text., Collectively over 16 Feb 16, 2004 till DateManager - M.S. MBA years of experience in HDFC Asset ManagementFixed Income (Clemson Fixed Income markets, Company Limitedand Head University, SC, credit rating etc. Feb 1997 to Feb 2004of Credit USA) Templeton Asset Management

(India) Pvt. Ltd.Last Position held - AVP &Portfolio Manager (FixedIncome)July 1992 to Jan 1997ICRA Ltd.Last Position held - Business /Investment Analyst, MemberExecutive Rating Committee.

Mr. Anil Bamboli 37 Senior Fund B. Com, Collectively over 14 July 25, 2003 till DateManager - Grad CWA, years of experience in HDFC Asset ManagementFixed Income MMS (Finance), Fund Management and Company Limited

CFA - CFA Research. May 1994 - July 2003Institute USA SBI Funds Management

Pvt. Ltd.Last Position held -Asst. Vice President

Mr. Vinay R. Kulkarni 43 Senior Fund B.Tech Collectively over 20 November 3, 2006 to dateManager - PGDM (IIM, which 18 years in Company LimitedEquities Bangalore) Fund Management and August 2, 2006 to

Equity Research and October 20, 20062 years in the Tata Asset ManagementIT industry. Limited

Last Position Held - SeniorFund ManagerJuly 26, 2005 toJuly 28, 2006Deutsche Asset Management(India) Pvt. Ltd.Last Position Held - SeniorFund ManagerJune 8, 1992 toJuly 25, 2005UTI Asset ManagementCompany (Pvt.) Ltd.Last Position Held -Fund ManagerJune 1, 1988 toJune 1, 1990Patni Computer SystemsLimitedLast Position Held -Software Engineer

Mr. Chirag Setalvad 35 Senior Fund B.Sc. in Collectively over 12 March 19, 2007 to dateManager - Business years of experience, HDFC Asset ManagementEquities Administration - of which 9 years in Company Limited

University of Fund Management and October 2004 -North Carolina, Equity Research and February 28, 2007Chapel Hill. 3 years in investment New Vernon Advisory

banking. Services Pvt. Ltd.Last Position Held:Vice PresidentJuly 2000 -

HDFC - SAI DOCUMENT

16HDFC SAI dt. 29.06.2009

August 31, 2004HDFC Asset ManagementCompany LimitedLast Position Held:Fund ManagerSeptember 1996 toJune 2000ING Barings N.V., MumbaiLast Position Held:Assistant Manager

Mr. Srinivas 36 Senior Fund B. Com, Collectively over 14 October 2004 till DateRao Ravuri Manager - MBA- Finance years of experience in HDFC Asset Management

Equities Indian financial Company Limited.markets, primarily in July 2003 toequity research & September 2004Fund Management Motilal Oswal Securities Ltd.

Last Position Held - SeniorAnalystDecember 1996 toJuly 2003Edelweiss Capital Ltd.Last Position Held -AVP - Equity ResearchNovember 1994 toNovember 1996Securities Capital Investments(I) Ltd.Last Position Held -Investment Analyst

Mr. Bharat Pareek 31 Fund B. Com.; Collectively over 8 years February 2001 till DateManager - A.C.A., of experience in treasury HDFC Asset ManagementFixed Completed operations and dealing Company LimitedIncome CFA-USA in debt market

awaitingmembership

Mr. Ajay Mehta 36 Head - Risk B. Com., Collectively over Aug 2001 till DateManagement MBA (Finance), 12 years of HDFC Asset Management

P.G. Diploma experience in Company Limited.in Equity investment advisory, Sept 2000 to Aug 2001Research research, dealing Times Online Money Limited

and Risk Management Last Position Held - PortfolioManagerOct 1996 to Sept 2000TATA Asset ManagementLimited.Last Position Held -Dy. Manager (Investment)

Mr. Nilesh Kapadia 43 Assistant B. Com. Collectively over 19 June 2000 till DateVice years of experience in HDFC Asset ManagementPresident- sales and dealings. Company LimitedEquities Oct 1989 to June 2000

VAR Shares and StocksPrivate LimitedLast Position Held -Head - Sales Trading



HDFC - SAI DOCUMENT

17 HDFC SAI dt. 29.06.2009

Mr. Anand Laddha 29 Manager - B. Com., Collectively over 5 Feb 2006 till DateEquities & A.C.A. years of experience in HDFC Asset ManagementFund Equity & Derivative Company LimitedManager - Research and Sales. Sept 2004 to Feb 2006Foreign Refco-Sify Securities IndiaSecurities Pvt. Ltd.

Last Position held -AVP - FII Equity & DerivativeSales.Aug 2003 to Sept 2004Alchemy Share & StockBrokers Pvt. Ltd.Last Position held - Equity &Derivative Sales.

Mr. Vikash Agarwal 27 Deputy C.A. - ICAI Collectively over 3 Sept 21, 2007 till dateManager - MS (Finance) - years experience in HDFC Asset ManagementDealing & ICFAI Forex dealing and Company LimitedInvestments B.Com (Hons.) economic research. Apr 3, 2006 to

Sept 14, 2007Larsen & Toubro LimitedLast Position Held - Executive

Mr. Praveen Jain 26 Deputy C.A. - ICAI Collectively around 4 Sept 26, 2007 till dateManager - CFA - USA years experience in HDFC Asset ManagementFixed Income B.Com (Hons.) Treasury and Company Limited

Mumbai Financial Analysis.University Aug 16, 2005 to

Sept 20, 2007Larsen & Toubro LimitedLast Position Held -Assistant ManagerNov 3, 2004 toAug 12, 2005Tata Motors LimitedLast Position Held -Senior Officer

Research Team

The Research Team comprises of the following key personnel :



Mr. Pankaj Choksy 37 Senior Equity B.Com., Collectively over 15 June 1, 2007 to date Analyst M.M.S. years experience HDFC Asset

(Mumbai in equity research Management CompanyUniversity) Limited

August 2006 to May 2007Deutsche Equities IndiaPvt. Ltd.Last Position Held - VicePresident

December 1999 toJuly 2006Enam Securities Pvt. Ltd.Last Position Held - LeadAnalyst

May 1994 toNovember 1999Zurich Asset ManagementCompany (India) Pvt. Ltd.Last Position Held - SeniorAnalyst



HDFC - SAI DOCUMENT

18HDFC SAI dt. 29.06.2009

Mr. Miten Lathia 31 Senior Equity CFA (AIMR); Collectively over 9 December 26, 2006Analyst CA (ICAI); years of experience to date

B. Com. in equity research. HDFC Asset Management(Mumbai Company LimitedUniversity); June 1, 2004 toFRM December 12, 2006

BRICS Securities LimitedLast Position Held:Vice President - Research

January 1, 2004 toMay 31, 2004Enam Securities Pvt. Ltd.Last Position Held: Analyst

January 1, 2001 toDecember 26, 2003SSKI Securities Pvt. Ltd.Last Position Held:AVP Research

October 1, 1999 toDecember 31, 2000Anand Rathi Securities Pvt. Ltd.Last Position Held: ManagerResearch

Mr. Bhagyesh 41 Senior Equity B.E.(Production) Collectively over 15 January 3, 2007 to dateKagalkar Analyst MMS (Finance) - experience in Equity HDFC Asset

Mumbai Research, investments Management CompanyUniversity and Finance Limited

June 1999 toDecember 2006Dolat Capital Markets Ltd.Last Position Held -Head of Research

January 2, 1999 toMay 31, 1999India Infoline Ltd.Last Position Held -Research Analyst

August 1, 1997 toDecember 31, 1998Sun Engineering Ltd.Last Position Held- Manager - Finance

June 1996 to July 1997Al Ahila Portfolio SecuritiesCo. MuscutLast Position Held- Investment Analyst

June 1994 to May 1996IIT InvestrustLast Position Held -Equity Analyst

Mr. Rajesh Pherwani 38 Manager - B.E. Collectively over 13 December 1, 2004 till DateEquity (Electronics), years of experience HDFC Asset ManagementResearch M.M.S. in equity research Company Limited.

(Finance), and investments. July 1996 to November 2004CFA - CFA Housing DevelopmentInstitute USA. Finance Corporation Limited

Last Position Held -Manager - Treasury.



HDFC - SAI DOCUMENT

19 HDFC SAI dt. 29.06.2009

E. SERVICE PROVIDERS

Custodians(1) HDFC Bank Limited

Kamala Mills Compound,Senapati Bapat Marg,Lower Parel, Mumbai 400 013.

SEBI Registration No: IN/CUS / 001

Currently, HDFC Bank Limited has been appointed as theCustodian for the following scheme(s) of HDFC Mutual Fund:

HDFC Growth Fund

HDFC Core & Satellite Fund

HDFC Premier Multi-Cap Fund

HDFC Index Fund

HDFC Long Term Advantage Fund

HDFC Balanced Fund

HDFC Income Fund

HDFC Short Term Plan

HDFC Liquid Fund

HDFC Gilt Fund

HDFC Arbitrage Fund

HDFC MF Monthly Income Plan

HDFC Children's Gift Fund

HDFC Floating Rate Income Fund

HDFC Mid-Cap Opportunities Fund

HDFC Quarterly Interval Fund

HDFC Multiple Yield Fund

HDFC High Interest Fund

HDFC Cash Management Fund

HDFC Fixed Maturity Plans (Plans launched prior to May 2006)

HDFC Fixed Maturity Plans - Series III

HDFC Fixed Maturity Plans - Series IV

HDFC Fixed Maturity Plans - Series V

HDFC Fixed Maturity Plans - Series VI

HDFC Fixed Maturity Plans - Series VII

HDFC Fixed Maturity Plans - Series VIII

HDFC Fixed Maturity Plans - Series IXHDFC Fixed Maturity Plans - Series X

(2) Citibank N.A.Ramnord House,77, Dr. Annie Besant Road,Worli, Mumbai 400 018.

SEBI Registration No: IN/CUS/004

Currently, Citibank N.A. has been appointed as the Custodianfor the following scheme(s) of HDFC Mutual Fund:

HDFC Equity Fund

HDFC Top 200 Fund

HDFC Capital Builder Fund

HDFC TaxSaver

HDFC Prudence Fund

HDFC Long Term Equity Fund

HDFC Infrastructure Fund

HDFC Multiple Yield Fund - Plan 2005

HDFC Fixed Maturity Plans (Plans launched post May 2006)

HDFC Fixed Maturity Plans - Series II

Registrar and Transfer AgentComputer Age Management Services Pvt. LimitedNew No. 10, Old No. 178, M.G.R. Salai,Nungambakkam, Chennai 600 034.SEBI Registration No: INR000002813

The Board of the Trustees and the AMC have ensured that theRegistrar and Transfer Agent has adequate capacity to dischargeresponsibilities with regard to processing of applications anddispatching unit certificates to unitholders within the time limitprescribed in the Regulations and also has sufficient capacityto handle investor complaints.

Statutory Auditor for the Mutual FundDeloitte Haskins & SellsChartered Accountants12, Dr. Annie Besant Road,Opp. Shiv Sagar Estate,Worli, Mumbai 400 018.

Legal CounselDave & Girish & Co.Sethna Building, 1st Floor, 55, MaharshiKarve Road, Marine Lines, Mumbai 400 002.

Fund AccountantFund accounting is handled in-house by the AMC.

Collecting Bankers (for New Fund Offers)

Name of Bank Registered SEBI RegistrationOffice Address Number

HDFC Bank Limited HDFC Bank House, INBI00000063Senapati Bapat Marg,Lower Parel(W),Mumbai - 400 013

Citibank N.A. Citibank Center, 7th Floor, INBI00000037Bandra Kurla Complex,Bandra (E),Mumbai - 400 051Maharashtra

Axis Bank Ltd. "TRISHUL", Third Floor, INBI00000017Opp. SamartheshwarTemple, Nr. Law Garden,Ellisbridge,Ahmedaabad - 380 006

ABN Amro Bank N.V. 909, Raheja Center, INBI00000034Nariman Point,Mumbai - 400021

Kotak Mahindra Bank Ltd. 36-38A, Nariman Bhavan, INBI00000927227, Nariman Point,Mumbai 400 021

ICICI Bank Ltd. Landmark, INBI00000004Race Course Circle,Vadodara 390 007

The above list is indicative and not exhaustive. The AMC reservesthe right to change / modify the list of collecting Bankers.

HDFC - SAI DOCUMENT

20HDFC SAI dt. 29.06.2009

F. CONDENSED FINANCIAL INFORMATION (CFI)Historical Per Unit Statistics is presented scheme wise for all the schemes launched by HDFC Mutual Fund during the last threefiscal years (excluding redeemed schemes) for each of the last three fiscal years.

Particulars HDFC Mid-Cap Opportunities Fund

25-6-2007 ~ 01-04-2008to to

31-03-2008 31-03-2009

NAV at beginning of the year/period (Rs.) 10.000 (G)* 9.488 (G)*

10.000 (D)^ 9.488 (D) ^

Dividends (Rs.) – –

NAV at the end of the year/period (Rs.) 9.488 (G)* 5.876 (G)*

9.488 (D) ^ 5.876 (D) ^

Returns from the date of allotment till the end of the period (%) -5.12 -25.98

Benchmark Returns from the date of allotment till the end of the period (%) 7.10 -26.19

CNX Midcap

Net Assets at the end of the year/period (Rs. In Crores) 1,167.56 703.41

Ratio of recurring expenses to net assets (%) 1.88 1.99

*Growth Option, ^ Dividend Option ~ Date of Allotment

Particulars HDFC Arbitrage Fund

Wholesale Plan Retail Plan Wholesale Plan Retail Plan

23-10-2007~ 01-04-2008to to

31-03-2008 31-03-2009

NAV at beginning of the year/period (Rs.) 10.000 (G)* 10.000 (G)* 10.415(G)* 10.403(G)*10.000 (MD)^ 10.000 (MD)^ 10.039(MD)^ 10.039(MD)^10.000 (QD)$ 10.000 (QD)$ 10.040(QD)$ 10.039(QD)$

Dividends (Rs.) 0.3650 (MD)^ 0.3550 (MD)^ 0.6190 (MD)^ 0.0500 (MD)^0.3640 (QD)$ 0.3580 (QD)$ 0.7500 (QD)$ 0.7230 (QD)$

NAV at the end of the year/period (Rs.) 10.415(G)* 10.403(G)* 11.202(G)* 11.161(G)*10.039(MD)^ 10.039(MD)^ 10.040(MD)^ 10.038(MD)^10.040(QD)$ 10.039(QD)$ 10.028(QD)$ 10.028(QD)$

Returns from the date of allotment till the end ofthe period (%) 4.15 4.03 8.21 7.94

Benchmark Returns from the date of allotment tillthe end of the period (%) 2.91 2.91 8.18 8.18

Crisil Liquid Fund Index Crisil Liquid Fund Index

Net Assets at the end of the year/period (Rs. in Crores) 346.57 346.57


*Growth Option, ^ Monthly Dividend Option, $Quarterly Dividend Option ~ Date of Allotment

Particulars HDFC Infrastructure Fund

10-03-2008~ 01-04-2008to to

31-03-2008 31-03-2009

NAV at beginning of the year/period (Rs.) 10.000 (G)* 9.354 (G)*

10.000 (D)^ 9.354 (D)^

Dividends (Rs.) - -

NAV at the end of the year/period (Rs.) 9.354 (G)* 5.182 (G)*9.354 (D)^ 5.182 (D)^

Returns from the date of allotment till the end of the period (%) - 6.46 -46.29

Benchmark Returns from the date of allotment till the end of the period (%) - 2.60 -39.84

S & P CNX 500 S & P CNX 500

Net Assets at the end of the year/period (Rs. in Crores) 1,609.63 838.71


*Growth Option, ^ Dividend Option ~ Date of Allotment

HDFC - SAI DOCUMENT

21 HDFC SAI dt. 29.06.2009

Plans launched under HDFC Fixed Maturity Plans - Series V

Particulars 24M May 2007- 24M May 2007 24M May 2007- 24M May 2007-Wholesale - Retail Wholesale Retail

22-5-2007~ 01-04-2008to to

31-03-2008 31-03-2009

NAV at beginning of the year/period (Rs.) 10.0000 (G)* 10.0000 (G)* 10.9955 (G)* 10.9684 (G)*

10.0000 (QD)$ 10.0000 (D)^ 10.2223 (QD)$ 10.9684 (D)^10.0000 (QD)$ 10.2219 (QD)$

Dividends (Rs.) 0.2947 # (QD)$ 0.2854 # (QD)$ 0.3649 # (QD)$ 0.8163 # (QD)$0.2743 &(QD)$ 0.2656 &(QD)$ 0.3396 &(QD)$ 0.7597 &(QD)$

NAV at the end of the year/period (Rs.) 10.9955 (G)* 10.9684 (G)* 12.0176 (G)* 11.9524 (G)*10.2223 (QD)$ 10.9684 (D)^ 10.1776 (QD)$ 11.9561 (D)^

10.2219 (QD)$ 10.1741 (QD)$Returns from the date of allotment tillthe end of the period (%) 9.96 9.68 10.38 10.06Benchmark Returns from the date of allotment tillthe end of the period (%) 7.23 7.23 9.17 9.17

Crisil Short Term Bond Fund Index Crisil Short Term Bond Fund Index

Net Assets at the end of the year/period (Rs. in Crores) 27.39 24.67Ratio of recurring expenses to net assets (%) 0.74 0.75

*Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option ~ Date of allotmentWholesale: Wholesale Plan, Retail: Retail Plan. # - For Individuals and HUF, & - For Others.

Particulars 36M June 2007- 36M June 2007- 36M June 2007- 36M June 2007-Wholesale Retail Wholesale Retail

6-07-2007~ 01-04-2008to to

31-03-2008 31-03-2009

NAV at beginning of the year/period (Rs.) 10.0000 (G)* 10.0000 (G)* 10.7640 (G)* 10.7326 (G)*10.0000 (QD)^ 10.0000 (D)^ 10.1889 (QD) $ 10.7326 (D)^

10.0000(QD)$ 10.1883 (QD)$Dividends (Rs.) 0.1489 # (QD)$ 0.1409 # (QD)$ 0.6202 # (QD)$ 0.6801 # (QD)$

0.1386 &(QD)$ 0.1312 &(QD)$ 0.5772 &(QD)$ 0.6329 &(QD)$NAV at the end of the year/period (Rs.) 10.7640 (G)* 10.7326 (G)* 11.6443 (G)* 11.5640 (G)*

10.1889 (QD) $ 10.7326 (D)^ 10.2838 (QD) $ 11.5640 (D)^10.1883 (QD)$ 10.1702 (QD)$

Returns from the date of allotment tillthe end of the period (%) 7.64 7.33 9.16 8.73Benchmark Returns from the date of allotment tillthe end of the period (%) 5.59 5.59 8.88 8.88


Net Assets at the end of the year/period (Rs. in Crores) 99.06 85.33Ratio of recurring expenses to net assets (%) 0.58 0.58

*Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option, ~ Date of AllotmentWholesale: Wholesale Plan, Retail: Retail Plan. # - For Individuals and HUF, & - For Others.

HDFC - SAI DOCUMENT

22HDFC SAI dt. 29.06.2009

Plans launched under HDFC Fixed Maturity Plans - Series VI

Particulars 18M September 18M September 18M September 18M September2007- 2007- 2007- 2007-

Wholesale Retail Wholesale Retail

9-10-2007~ 01-04-2008to to

31-03-2008 31-03-2009

NAV at beginning of the year/period (Rs.) 10.0000 (G)* 10.0000 (G)* 10.4238 (G)* 10.3944 (G)*10.0000 (QD)^ 10.0000 (D)^ 10.0376 (QD)^ 10.3944 (D)^

10.0000 (QD)$ 10.0369 (QD)$Dividends (Rs.) - - 0.3737 # (QD)$ 0.3457 # (QD)$

0.3479 &(QD)$ 0.3219 &(QD)$NAV at the end of the year/period (Rs.) 10.4238 (G)* 10.3944 (G)* 11.4393 (G)* 11.3389 (G)*

10.0376 (QD)^ 10.3944 (D)^ 10.5627 (QD)^ 11.3389 (D)^10.0369 (QD)$ 10.5340 (QD)$





*Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option ~ Date of AllotmentWholesale: Wholesale Plan, Retail: Retail Plan. # - For Individuals and HUF, & - For Others.

Particulars 18M October 18M October 18M October 18M October2007- 2007- 2007- 2007-


30-10-2007~ 01-04-2008to to

31-03-2008 31-03-2009

NAV at beginning of the year/period (Rs.) 10.0000 (G)* 10.0000 (G)* 10.3717 (G)* 10.3463 (G)*10.0000 (D)^ 10.0000 (D)^ 10.3717 (D)^ 10.3463 (D)^

10.0000 (QD)$ 10.0269 (QD)$Dividends (Rs.) - - - 0.3870 # (QD)$

0.3601 &(QD)$NAV at the end of the year/period (Rs.) 10.3717 (G)* 10.3463 (G)* 11.2658 (G)* 11.1710 (G)*

10.3717 (D)^ 10.3463 (D)^ 11.2658 (D)^ 11.1710 (D)^10.0269 (QD)$ 10.3625 (QD)$





*Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option ~ Date of AllotmentWholesale: Wholesale Plan, Retail: Retail Plan. . # - For Individuals and HUF, & - For Others

HDFC - SAI DOCUMENT

23 HDFC SAI dt. 29.06.2009

Particulars 18M November 18M November 18M November 18M November2007- 2007- 2007- 2007-


19-11-2007~ 01-04-2008to to

31-03-2008 31-03-2009


10.0000 (D)^ 10.2510 (D)^10.0000 (QD)$ 10.0332 (QD)$

Dividends (Rs.) - - - 0.5196 # (QD)$0.4836 &(QD)$

NAV at the end of the year/period (Rs.) 10.2730 (G)* 10.2510 (G)* 11.2766 (G)* 11.1854 (G)*10.2510 (D)^ 11.1854 (D)^10.0332 (QD)$ 10.3286 (QD)$





*Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option ~ Date of AllotmentWholesale: Wholesale Plan, Retail: Retail Plan. . # - For Individuals and HUF, & - For Others

Particulars 18M December 18M December 18M December 18M December 2007- 2007- 2007- 2007-


20-12-2007~ 01-04-2008to to

31-03-2008 31-03-2009

NAV at beginning of the year/period (Rs.) 10.0000 (G)* 10.0000 (G)* 10.1803 (G)* 10.1643 (G)*10.0000 (D)^ 10.1643 (D)^10.0000 (QD)$ 10.0249 (QD)$








Plans launched under HDFC Fixed Maturity Plans - Series VI (Contd...)

HDFC - SAI DOCUMENT

24HDFC SAI dt. 29.06.2009

Plans launched under HDFC Fixed Maturity Plans - Series VII

Particulars 18M January 18M January 18M January 18M January2008- 2008- 2008- 2008-


8-2-2008~ 01-04-2008to to

31-03-2008 31-03-2009

NAV at beginning of the year/period (Rs.) 10.0000 (G)* 10.0000 (G)* 10.0751 (G)* 10.0647 (G)*10.0000 (D)^ 10.0647(D)^10.0000 (QD)$ 10.0647 (QD)$








Particulars 15M February 15M February 15M February 15M February2008- 2008- 2008- 2008-


26-2-2008 ~ 01-04-2008to to

31-03-2008 31-03-2009





Crisil Short Term Bond Fund Index Crisil Short Term Bond Fund IndexNet Assets at the end of the year/period (Rs. in Crores) 42.97 28.13Ratio of recurring expenses to net assets (%) 0.39 1.41


HDFC - SAI DOCUMENT

25 HDFC SAI dt. 29.06.2009

Particulars 14M February 14M February 14M February 14M February2008- 2008- 2008- 2008-


5-3-2008~ 01-04-2008to to

31-03-2008 31-03-2009









Particulars 13M March 13 March 13M March 13 March2008- 2008- 2008- 2008-


11-3-2008~ 01-04-2008to to

31-03-2008 31-03-2009









Plans launched under HDFC Fixed Maturity Plans - Series VII (Contd...)

HDFC - SAI DOCUMENT

26HDFC SAI dt. 29.06.2009

Particulars 370D March 370D March 370D March 370D March2008 (1)- 2008 (1)- 2008 (1)- 2008 (1)-Wholesale Retail Wholesale Retail

31-03-2008~ 1-04-2008to to

31-03-2008 31-03-2009

NAV at beginning of the year/period (Rs.) 10.0000 (G)* 10.0000 (G)* 10.0110 (G)* 10.0110 (G)*10.0110 (D)^

Dividends (Rs.) – – – –NAV at the end of the year/period (Rs.) 10.0110 (G)* 10.0110 (G)* 10.9069 (G)* 10.9069 (G)*

10.0110 (D)^ 10.9069 (D)^


Crisil Short Term Bond Fund Index Crisil Short Term Bond Fund IndexNet Assets at the end of the year/period (Rs. in Crores) 543.65 587.19Ratio of recurring expenses to net assets (%) – 0.90


Particulars 370D March 370D March 370D March 370D March2008 (2)- 2008 (2)- 2008 (2)- 2008 (2)-Wholesale Retail Wholesale Retail

31-03-2008~ 1-04-2008to to

31-03-2008 31-03-2009


10.0000 (D)^ 10.0000 (D)^ 10.0000 (D)^ 10.0000 (D)^

10.0000 (QD)$ 10.0000 (QD)$


NAV at the end of the year/period (Rs.) 10.0025 (G)* 10.0025 (G)* 10.9952 (G)* 10.9952 (G)*

10.0025(D)^ 10.0025 (D)^ 10.9952 (D)^ 10.9952 (D)^10.0025 (QD)$ 10.3331 (QD)$

Returns from the date of allotment tillthe end of the period (%) 0.02 0.02 9.95 9.95


CRISIL Short Term Bond Fund Index Crisil Short Term Bond Fund Index


Ratio of recurring expenses to net assets (%) – 0.02

*Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option ~ Date of Allotment

Wholesale: Wholesale Plan, Retail: Retail Plan. # - For Individuals and HUF, & - For Others.


HDFC - SAI DOCUMENT

27 HDFC SAI dt. 29.06.2009

Particulars 13M March 13 March 13M March 13 March2008 (2)- 2008 (2)- 2008 (2)- 2008 (2)-Wholesale Retail Wholesale Retail

18-03-2008~ 01-04-2008to to

31-03-2008 31-03-2009

NAV at beginning of the year/period (Rs.) 10.0000 (G)* 10.0000 (G)*10.0000 (D)^10.0000 (QD)$

Dividends (Rs.) – – – –

NAV at the end of the year/period (Rs.) 10.0726 (G) 10.0718 (G) 11.0468 (G)* 11.0088 (G)*

10.0728 (D) 10.0718 (D) 11.0468 (D)^ 11.0088 (D)^10.0718 (QD) 10.5120 (QD)$

Returns from the date of allotment tillthe end of the period (%) 0.21 0.20 10.09 9.72


CRISIL Short Term Bond Fund Index CRISIL Short Term Bond Fund Index




Wholesale: Wholesale Plan, Retail: Retail Plan.

Particulars 18M April 18M April2008 - 2008 -

Wholesale Retail

22-04-2008~to

31-03-2009

NAV at beginning of the year/period (Rs.) 10.0000 (G)* 10.0000 (G)*10.0000 (D)^ 10.0000 (D)^

10.0000 (QD)$

Dividends (Rs.) - 0.6164 # (QD)$0.5737 &(QD)$

NAV at the end of the year/period (Rs.) 10.8079 (G)* 10.7481 (G)*10.8079 (D)^ 10.7481 (D)^

10.0266 (QD)$

Returns from the date of allotment till the end of the period (%) 8.08 7.48

9.29Benchmark Returns from the date of allotment tillthe end of the period (%) 9.29 9.29

Crisil Short Term Bond Fund Index

Net Assets at the end of the year/period (Rs. in Crores) 47.38

Ratio of recurring expenses to net assets (%) 0.68




HDFC - SAI DOCUMENT

28HDFC SAI dt. 29.06.2009

Particulars 18M April 18M April2008 (2)- 2008 (2)-Wholesale Retail

29-04-2008~ 29-04-2008~

to to31-03-2009 31-03-2009

NAV at beginning of the year/period (Rs.) 10.0000 (G)* 10.0000 (G)*10.0000 (QD)$ 10.0000 (D)^

10.0000 (QD)$

Dividends (Rs.) 0.4171 # (QD)$ 0.3752 # (QD)$0.3882 &(QD)$ 0.3492 &(QD)$

NAV at the end of the year/period (Rs.) 10.8589 (G)* 10.7983 (G)*

10.3637 (QD)$ 10.7983 (D)^

10.3538 (QD)$


Benchmark Returns from the date of allotment tillthe end of the period (%) 9.01 9.01

CRISIL Short Term CRISIL Short TermBond Fund Index Bond Fund Index





Plans launched under HDFC Fixed Maturity Plans - Series VIII

Particulars 370D May 370D May2008 - 2008 -

Wholesale Retail

15-05-2008~to

31-03-2009

NAV at beginning of the year/period (Rs.) 10.0000 (G)* 10.0000 (G)*10.0000 (D)^ 10.0000 (D)^10.0000 (QD)$ 10.0000 (QD)$


NAV at the end of the year/period (Rs.) 10.7846 (G)* 10.7543 (G)*10.7846 (D)^ 10.7543 (D)^10.2405 (QD)$ 10.2399 (QD)$


Benchmark Returns from the date of allotment till the end of the period (%) 8.57 8.57

Crisil Short Term Bond Crisil Short Term BondFund Index Fund Index






HDFC - SAI DOCUMENT

29 HDFC SAI dt. 29.06.2009

Particulars 370D May 370D May2008 (2) - 2008 (2) -Wholesale Retail

23-05-2008~to

31-03-2009


Dividends (Rs.) – 0.2910 # (QD)$0.2708 &(QD)$

NAV at the end of the year/period (Rs.) 10.7502 (G)* 10.7182 (G)*10.7182 (D)^10.3745 (QD)$

Returns from the date of allotment till the end of the period (%) 7.50 7.18Benchmark Returns from the date of allotment till the end of the period (%) 8.55 8.55






Particulars 370D May 370D May2008 (3) - 2008 (3) -Wholesale Retail

30-05-2008~to

31-03-2009


10.0000 (QD)$


NAV at the end of the year/period (Rs.) 10.6878 (G)* 10.6567 (G)*10.4562 (QD)$ 10.6567 (D)^

10.4467 (QD)$Returns from the date of allotment till the end of the period (%) 6.88 6.57Benchmark Returns from the date of allotment till the end of the period (%) 8.41 8.41





Plans launched under HDFC Fixed Maturity Plans - Series VIII (Contd...)

HDFC - SAI DOCUMENT

30HDFC SAI dt. 29.06.2009

Particulars 370D June 370D June2008 (1) - 2008 (1) -Wholesale Retail

24-06-2008~to

31-03-2009






2008 (2) -at the end of the year/period (Rs. in Crores) 180.79Ratio of recurring expenses to net assets (%) 0.74


Particulars 370D June 370D June2008 (2) - 2008 (2) -Wholesale Retail

27-06-2008~to

31-03-2009


10.0000 (QD)$Dividends (Rs.) – 0.3450 # (QD)$

0.3211 &(QD)$NAV at the end of the year/period (Rs.) 10.7158 (G)* 10.6850 (G)*

10.7158 (D)^ 10.6850 (D)^10.2853 (QD)$

Returns from the date of allotment till the end of the period (%) 7.16 6.85Benchmark Returns from the date of allotment tillthe end of the period (%) 8.81 8.81






HDFC - SAI DOCUMENT

31 HDFC SAI dt. 29.06.2009

Particulars 370D July 370D July2008 (1) - 2008 (1) -Wholesale Retail

8-07-2008~to

31-03-2009




Returns from the date of allotment till the end of the period (%) 6.99 6.56Benchmark Returns from the date of allotment tillthe end of the period (%) 8.66 8.66


Net Assets at the end of the year/period (Rs. in Crores) 158.57Ratio of recurring expenses to net assets (%) 0.57


Particulars 181D October 181D October2008 (1) - 2008 (1) -Wholesale Retail

24-10-2008~to

31-03-2009


Dividends (Rs.) – –NAV at the end of the year/period (Rs.) 10.5288(G)* 10.5241(G)*

10.5288 (D)^ 10.5241 (D)^Returns from the date of allotment till the end of the period (%) 5.29 5.24Benchmark Returns from the date of allotment till the end of the period (%) 4.04 4.04

Crisil Liquid Fund Index Crisil Liquid Fund IndexNet Assets at the end of the year/period (Rs. in Crores) 99.70Ratio of recurring expenses to net assets (%) 1.39

*Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option ~ Date of AllotmentWholesale: Wholesale Plan, Retail: Retail Plan. # - For Individuals and HUF, & - For Others

Plans launched under HDFC Fixed Maturity Plans - Series IX

Particulars 370D July 2008 (2) - 370D July 2008 (2) -Wholesale Retail

23-07-2008~to

31-03-2009



NAV at the end of the year/period (Rs.) 10.7168 (G)* 10.6762 (G)*10.6762 (D)^10.2362 (QD)$






HDFC - SAI DOCUMENT

32HDFC SAI dt. 29.06.2009

Particulars 20M August 20M August2008 - 2008 -

Wholesale Retail

28-08-2008~to

31-03-2009



NAV at the end of the year/period (Rs.) 10.6594(G)* 10.6059(G)*10.6059 (D)^10.0485 (QD)$





Particulars 370D August 370DAugust2008 (1) - 2008 (1) -Wholesale Retail

19-08-2008~to

31-03-2009



0.0971 &(QD)$NAV at the end of the year/period (Rs.) 10.6497(G)* 10.5890(G)*

10.6497 (D)^ 10.5890 (D)^10.4663(QD)$





Plans launched under HDFC Fixed Maturity Plans - Series IX (Contd...)

HDFC - SAI DOCUMENT

33 HDFC SAI dt. 29.06.2009


22-08-2008~to

31-03-2009


Dividends (Rs.) – –NAV at the end of the year/period (Rs.) 10.6845(G)* 10.6845(G)*

10.6845 (D)^10.5890(QD)$






9-09-2008~to

31-03-2009



NAV at the end of the year/period (Rs.) 10.6565(G)* 10.6034(G)*10.6034 (D)^10.0682(QD)$








HDFC - SAI DOCUMENT

34HDFC SAI dt. 29.06.2009

Particulars 22M September 22M September2008 - 2008 -

Wholesale Retail

23-09-2008~to

31-03-2009



0.3360 &(QD)$NAV at the end of the year/period (Rs.) 10.5873(G)* 10.5390(G)*

10.5873 (D)^ 10.5390 (D)^10.1193(QD)$





Particulars 370D September 370D September2008 (1) - 2008 (1) -Wholesale Retail

23-09-2008~to

31-03-2009


10.0000 (QD)$Dividends (Rs.) 0.4432 # (QD)$ 0.3857 # (QD)$

0.4124 &(QD)$ 0.3590 &(QD)$NAV at the end of the year/period (Rs.) 10.6832(G)* 10.6306(G)*

10.1685(QD)$ 10.6306 (D)^10.1836(QD)$







HDFC - SAI DOCUMENT

35 HDFC SAI dt. 29.06.2009

Particulars 18M October 18M October2008 (1) - 2008 (1) -Wholesale Retail

16-10-2008~to

31-03-2009



NAV at the end of the year/period (Rs.) 10.8986(G)* 10.8515(G)*10.8986 (D)^ 10.8515 (D)^10.4447(QD)$ 10.4401(QD)$


Benchmark Returns from the date of allotment till the end of the period (%) 9.29 9.29Crisil Short Term Bond Crisil Short Term Bond

Fund Index Fund IndexNet Assets at the end of the year/period (Rs. in Crores) 49.60



Particulars 370D October 370D October2008 (1) - 2008 (1) -Wholesale Retail

21-10-2008~to

31-03-2009











HDFC - SAI DOCUMENT

36HDFC SAI dt. 29.06.2009

Particulars 18M October 18M October2008 (2) - 2008 (2) -Wholesale Retail

3-11-2008~to

31-03-2009


10.0000 (QD)$


NAV at the end of the year/period (Rs.) 10.7132(G)* 10.7132(G)*10.7132 (D)^ 10.7132 (D)^

10.5519(QD)$







Particulars 370D November 370D November2008 (1) - 2008 (1) -Wholesale Retail

7-11-2008~to

31-03-2009










HDFC - SAI DOCUMENT

37 HDFC SAI dt. 29.06.2009

Particulars 17M November 17M November2008 (1) - 2008 (1) -Wholesale Retail

27-11-2008~to

31-03-2009

NAV at beginning of the year/period (Rs.) 10.0000 (G)* 10.0000 (G)*10.0000 (D)^ 10.0000 (D)^10.0000(QD)$ 10.0000(QD)$








Particulars 370D December 370D December2008 (1) - 2008 (1) -Wholesale Retail

11-12-2008~to

31-03-2009


10.0000 (QD)$


NAV at the end of the year/period (Rs.) 10.2984(G)* 10.2815(G)*10.2984 (D)^ 10.2815 (D)^

10.0635(QD)$







HDFC - SAI DOCUMENT

38HDFC SAI dt. 29.06.2009

Plan launched under HDFC Fixed Maturity Plans - Series X

Particulars 16M December 2008 (1) - 16M December 2008 (1) -Wholesale Retail

10-12-2008~to

31-03-2009








HDFC Quarterly Interval Fund

Particulars Plan A - Plan A - Plan A - Plan B - Plan B - Plan C - Plan C -Wholesale Wholesale Wholesale Wholesale Wholesale Wholesale Wholesale

& Retail & Retail & Retail & Retail & Retail & Retail & Retail

30-03-2007~ 1-4-2007 1-04-2008 18-4-2007~ 1-04-2008 15-5-2007~ 1-04-2008to to to to to to to

31-03-2007 31-03-2008 31-03-2009 31-03-2008 31-03-2009 31-03-2008 31-03-2009

NAV at beginning of the 10.0000 (G)* 10.0060 (G)* 10.9712 (G)* 10.0000 (G)* 10.7931 (G)* 10.0000 (G)* 10.7756 (G)*year/period (Rs.) 10.0000 (D)^ 10.0060 (D)^ 10.0564 (D)^ 10.0000 (D)^ 10.2111 (D)^ 10.0000 (D)^ 10.1350 (D)^

Dividends (Rs.) – 0.6041 # (D) 0.8925 # (D) 0.3525 # (D) 0.9030 # (D) 0.3818 # (D) 0.8618 # (D)0.5621 &(D) 0.8307 &(D) 0.3282 &(D) 0.8404 &(D 0.3554 &(D) 0.8021 &(D

NAV at the end of the 10.0060 (G)* 10.9712 (G)* 12.0825 (G)* 10.7931 (G)* 12.0153 (G)* 10.7756 (G)* 11.8603 (G)*year/period (Rs.) 10.0060 (D)^ 10.0564 (D)^ 10.0162 (D)^ 10.2111 (D)^ 10.2629 (D)^ 10.1350 (D)^ 10.1223 (D)^Returns from the date 0.02 9.66 9.89 7.93 9.85 7.76 9.50of allotment till the endof the period (%)Benchmark Returns from – 7.50 8.15 6.70 7.94 5.99 4.59the date of allotment tillthe end of the period (%)

Crisil Liquid Fund Index Crisil Liquid Fund Index Crisil Liquid Fund IndexNet Assets at the end of 327.72 215.04 16.89 407.06 34.35 471.38 21.81the year/period(Rs. in Crores)Ratio of recurring 0.19 0.32 0.36 0.37 0.32 0.41 0.10expenses to net assets (%)

*Growth Option, ^ Dividend Option, Wholesale: Wholesale Plan, Retail: Retail Plan ~ Date of AllotmentWG - Wholesale Plan - Growth Option. RG - Retail Plan - Growth Option

The New Fund Offer (NFO) of HDFC FMP 14M February 2009(1) opened on February 24, 2009 and closed on March 24, 2009. NFO of HDFC FMP 13MMarch 2009(1) opened on March 3, 2009 and closed on March 24, 2009. NFO of HDFC FMP 367D March 2009(1) opened on March 27, 2009 andclosed on March 30, 2009. As the date of allotment of HDFC FMP 14M February 2009(1) and HDFC FMP 13M March 2009(1) is March 25, 2009 andthe date of allotment of HDFC FMP 367D March 2009(1) is March 31, 2009, the Condensed Financial Information of these Plans has not been provided.

Note:1. Returns for less than one year are computed as absolute returns from the date of allotment of respective Schemes and returns

for more than 1 year are computed as compounded annualized returns from the date of allotment of the respective Schemes.2. Per unit NAV on the date of allotment is taken as Rs.10 for computation of returns.3. Figures for the period April 1, 2008 to March 31, 2009 are un-audited.4. The ratio of recurring expenses to net assets is annualised.5. March 31, 2007 was a non Business Day, hence Returns and NAVs are as of March 30, 2007.6. Returns of the Schemes/Plans are given for Growth Option.

HDFC - SAI DOCUMENT

39 HDFC SAI dt. 29.06.2009

II. HOW TO APPLY?

1. The application form for the Sale of Units of the respectiveScheme(s)/ Plans will be available and accepted at theoffice of the ISCs / Official Points of acceptance during theirbusiness hours on their respective business days.

2. Applications must be completed in Block Letters in English.

3. Signatures should be in English or in any Indian Language.

4. All cheques and bank drafts must be drawn in favour of"a Specific Scheme" (e.g. In case of HDFC Growth Fundthe cheque should be drawn in favour of "HDFC GrowthFund" and in case of HDFC Index Fund the name of therespective Plan should also be mentioned) and crossed"A/c Payee only". A separate cheque or bank draft mustaccompany each application/ each scheme. Investors mustuse separate application forms for investing simultaneouslyin more than one Plan of the Scheme subject to the minimumsubscription requirements under each Plan.

5. All cheques and bank drafts accompanying the applicationform should contain the application form number / folionumber on its reverse.

6. In order to protect the interest of Investors fromfraudulent encashment of cheques, the current SEBI(MF) Regulations, has made it mandatory for Investorsto mention in their Application / Redemption request,their bank name and account number.

7a. Investors should note that it is mandatory for all applicationsfor subscription of value of Rs.50,000/- and above toquote the KYC Compliance Status of each applicant(guardian in case of minor) in the application for subscriptionand attach proof of KYC Compliance viz. KYCAcknowledgement Letter (or the erstwhile Mutual FundIdentification Number* (MIN) Allotment Letter) / Printout ofKYC Compliance Status downloaded from CVL website(www.cvlindia.com) using the PAN Number.

* Valid only where investors who have already obtained theerstwhile Mutual Fund Identification Number (MIN) bysubmitting the PAN copy as the proof of identity.

b. Applicants intending to apply for units through a Power ofAttorney (PoA) must ensure that the issuer of the PoA andthe holder of the PoA must mention their KYC ComplianceStatus and attach proof of KYC Compliance at the time ofinvestment above Rs.50,000/-.

In the event of non compliance of KYC requirements, theTrustee / AMC reserves the right to freeze the folio of theinvestor(s) and affect mandatory redemption of unit holdingsof the investors at the applicable NAV, subject to paymentof exit load, if any.

8. Applicants must satisfy the minimum Application Amountrequirements mentioned in the 'Scheme InformationDocument' of the respective scheme(s) of HDFC MutualFund.

9. Applications not complete in any respect are liable to berejected.

10. The AMC / Trustee retains the sole and absolute discretionto reject any application.

MODE OF PAYMENTResident Investors(a) For Investors having a bank account with HDFC Bank

Limited or such banks with whom the AMC would have anarrangement from time to time:Payment may be made for subscription to the Units of theScheme either by issuing a cheque drawn on such banksor by giving a debit mandate to their account with a branchof HDFC Bank Limited situated at the same location as theISC or such other banks with whom the AMC would havean arrangement from time to time.

(b) For other Investors not covered by (a) above:Payment may be made by cheque or bank draft drawn onany bank, which is situated at and is a member of theBankers’ Clearing House, located at the place where theapplication is submitted. No cash, money orders, outstationcheques, post dated cheques [except through SystematicInvestment Plan (SIP)] and postal orders will be accepted.Bank charges for outstation demand drafts will be borneby the AMC and will be limited to the bank chargesstipulated by the State Bank of India. Outstation DemandDraft has been defined as a demand draft issued by a bankwhere there is no ISC available for Investors. The AMC willnot accept any request for refund of demand draft charges,in such cases.

�NRIs, FIIsRepatriation Basis

� In the case of NRIs, payment may be made either byinward remittance through normal banking channelsor out of funds held in his Non - Resident (External)Rupee Account (NRE) / Foreign Currency (Non-Resident)Account (FCNR). In case Indian rupee drafts arepurchased abroad or from Foreign Currency Accountsor Non-resident Rupee Accounts an account debitcertificate from the Bank issuing the draft confirmingthe debit shall also be enclosed.

� FIIs shall pay their subscription either by inwardremittance through normal banking channels or outof funds held in Foreign Currency Account or Non-Resident Rupee Account maintained by the FII with adesignated branch of an authorised dealer.Provided that -(i) The FII shall restrict allocation of its total investment

between equity and debt instruments (includingdated Government Securities and Treasury Bills inthe Indian capital market) in the ratio of 70:30and

(ii) If the FII desires to invest upto 100% in datedGovernment Securities including Treasury Bills,non-convertible debentures / bonds issued by anIndian company, it shall form a 100% debt fundand get such fund registered with SEBI.

Non-repatriation Basis� In the case of NRIs, payment may be made either by

inward remittance through normal banking channelsor out of funds held in his NRE / FCNR / Non-ResidentOrdinary Rupee Account (NRO). In case Indian rupeedrafts are purchased abroad or from Foreign CurrencyAccounts or Non-resident Rupee Accounts an accountdebit certificate from the Bank issuing the draftconfirming the debit shall also be enclosed.All cheques and bank drafts must be drawn in favourof ‘a Specific Scheme’ and crossed “Account Payeeonly”. A separate cheque or bank draft mustaccompany each Scheme / each Plan.Returned cheque(s) are liable not to be presentedagain for collection, and the accompanying ApplicationForm is liable to be rejected. In case the returnedcheque(s) are presented again, the necessary chargesare liable to be debited to the Investor.

Additional facilities for subscription of units:� WEB Transactions

The Mutual Fund may allow subscriptions of Units byelectronic mode through the various web sites with whomthe AMC would have an arrangement from time to time.For details investors are advised to refer to ‘SchemeInformation Document’ of the respective Scheme(s) of HDFCMutual Fund.

HDFC - SAI DOCUMENT

40HDFC SAI dt. 29.06.2009

� eServices facility

The eServices facility includes HDFCMFOnline ,HDFCMFMobile,eDocs, eAlerts and ePayouts.

� HDFCMFOnline

This facility enables investors to transact online onwww.hdfcfund.com using HDFCMFOnline . OnHDFCMFOnline, Unitholders can execute transactionsonline for purchase*, redemption or switching of units ofscheme(s) of HDFC Mutual Fund and other services as maybe introduced by HDFC Mutual Fund from time to time.Unitholders can also view account details and portfoliovaluation online, download account statements and requestfor documents via email, besides other options.

*facility available with select banks and subject to submissionof Permanent Account Number (PAN) and Know YourCustomer (KYC) compliance proof by all Unitholder(s).Please refer to paragraphs on Permanent Account Number(PAN) and Know Your Customer (KYC) for further details.

� HDFCMFMobile

This facility enables investors to transact on their mobilehandsets. On HDFCMFMobile, Unitholders can executetransactions on their mobile phone for purchase*, redemptionor switching of units of schemes of HDFC Mutual Fund andother services as may be introduced by HDFC Mutual Fundfrom time to time. Unitholders can also view account detailsand portfolio valuation on their mobile phone, request foraccount statements, besides other options.

* Payment arrangement for purchase of units is availableat present with HDFC Bank only. Please visit our websitefrom time to time for an updated list of banks. You alsoneed to have opted for the mobile-banking facility withyour Bank. As per RBI’s operative guidelines on Mobilebanking effective 10th October 2008, presently there is arestriction of Rs.10,000 per customer per day fortransactions.

� eDocsThis facility enables the Unit holder to receive documentsviz. account statements, etc. by email to the email addressprovided by the Unit holder in HDFCMF eServices RequestForm.

� eAlertsThis facility enables the Unit holder to receive SMSconfirmation for purchase, redeem or switch, dividenddeclaration details and other alerts.

Apart from above mentioned facilities, the facility ofePayouts comprising of mode of payment of Redemption /Dividend Proceeds if any, via Direct Credit / NEFT / ECSis covered under eServices facility for further details, pleaserefer eServices booklet available to all Investor ServiceCentres (ISCs) as well as on our Website onwww.hdfcfund.com

� Subscription of Units through Electronic Mode

Subject to the investor fulfilling certain terms and conditionsas stipulated by AMC from time to time, the AMC, MutualFund, Registrar or any other agent or representative of theAMC, Mutual Fund, the Registrar (“Receipient”) may accepttransactions through any electronic mode (“fax/web/electronic transactions”) as permitted by SEBI or otherregulatory authorities. For details, investors are advised torefer to ‘Scheme Information Document’ of the respectiveScheme(s) of HDFC Mutual Fund.

12. How to Apply for KYC?

� Investors who wish to obtain a KYC AcknowledgementLetter have to submit a completed Application Formfor Know Your Customer ('KYC Form') along with all

the prescribed documents listed in the KYC Form, atany of the Point of Service ('POS'). The KYC Form isavailable at our website - www.hdfcfund.com andAMFI website - www.amfiindia.com. List of and locationof POS is available at our website www.hdfcfund.comand www.amfiindia.com.

� On submission of KYC Form, documents andinformation to the satisfaction of the POS, the investorwill be issued a provisional KYC AcknowledgementLetter across the counter.

� Subsequently, the Central Agency will verify theinformation and documents submitted by the investor.The verification process will be completed within 10working days from the date of provisional KYCAcknowledgment Letter. In case of any deficiency/insufficiency in documentation, intimation will be sentto the investors.

� However, the Central Agency may cancel the KYCAcknowledgement Letter within 10 working days fromthe date of issue of provisional KYC AcknowledgementLetter, in case of any deficiency in the document/information.

� The KYC status will be validated with the records of theCentral Agency before allotting units.

Who can apply for KYC?

� All investors (both individual and non-individual) canapply for KYC compliance.

� Any investment in the name of minors should bethrough a Guardian, who should be KYC compliantfor the purpose of investing with a Mutual Fund.

� Also, applicants / unit holders intending to apply forunits/ currently holding units and operating their MutualFund folios through a Power of Attorney (PoA) mustensure that the issuer of the PoA and the holder of thePoA must mention their KYC compliance status at thetime of investment, if such investment(s) are aboveRs.50,000/- or any such threshold limit fixed fromtime to time.

� PoA holders are not permitted to apply for KYCcompliance on behalf of the issuer of the PoA.

For more details please refer to Part B relating to“Know Your Customer (KYC) compliance” in SectionVII on page 50 of this document.

SUSPENSION OF REDEMPTION / SWITCHING OFTHE UNITSThe Mutual Fund at its sole discretion reserves the right towithdraw Redemption or Switching of the Units (including anyone of the Plan of the Scheme) temporarily or indefinitely, if inthe opinion of the AMC the general market conditions are notfavourable.

The Redemption and Switching of the Units may be temporarilysuspended under the following conditions:

1. When one or more stock exchanges or markets, whichprovide basis for valuation for a substantial portion of theassets of the Scheme are closed otherwise than for ordinaryholidays.

2. When, as a result of political, economic or monetary eventsor any circumstances outside the control of the Trustee andthe AMC, the disposal of the assets of the Scheme are notreasonable, or would not reasonably be practicable withoutbeing detrimental to the interests of the Unit holders.

3. In the event of breakdown in the means of communicationused for the valuation of investments of the Scheme, withoutwhich the value of the securities of the Scheme cannot be

HDFC - SAI DOCUMENT

41 HDFC SAI dt. 29.06.2009

accurately calculated.

4. During periods of extreme volatility of markets, which in theopinion of the AMC are prejudicial to the interests of theUnit holders of the Scheme.

5. In case of natural calamities, war, strikes, riots and bandhs.

6. In the event of any force majeure or disaster that affectsthe normal functioning of the AMC or the ISC.

7. During the period of Book Closure.

8. If so directed by SEBI.

Suspension or restriction of Redemption facility shall be madeapplicable only after the approval of the Board of Directors ofthe AMC and the Trustee. The approval from the AMC Boardand the Trustee giving details of circumstances and justificationfor the proposed action shall also be informed to SEBI inadvance.

III. RIGHTS OF UNITHOLDERS OF THE

SCHEME

� Unit holders of the Scheme have a proportionate right inthe beneficial ownership of the assets of the Scheme.

� When the Mutual Fund declares a dividend under theScheme/ Plan, the dividend warrants shall be despatchedwithin 30 days of the declaration of the dividend. AccountStatement reflecting the new or additional subscription aswell as Redemption / Switch of Units shall be despatchedto the Unit holder within 10 Business Days of the date ofreceipt of the request from the unitholder. Provided if a Unitholder so desires the Mutual Fund shall issue a Unit certificate(non- transferable) within 30 days of the receipt of requestfor the certificate. However, under normal circumstances,the Mutual Fund shall endeavour to despatch the AccountStatement within 3 Business Days from the date of receiptof the request.

The first-named Unit holder shall receive the accountstatements, all notices and correspondence with respect tothe account, as well as the proceeds of any Redemptionrequests or dividends or other distributions. In addition,such holder shall have the voting rights, as permitted,associated with such Units as per the applicable guidelines.

� As per SEBI (MF) Regulations, the Mutual Fund shall despatchRedemption proceeds within 10 Business Days of receivingthe Redemption request. A penal interest of 15% or suchother rate as may be prescribed by SEBI from time to time,will be paid in case the Redemption proceeds are not madewithin 10 Business Days of the date of Redemption request.

However under normal circumstances, the Mutual Fundwould endeavour to pay the redemption proceeds within3-4 Business Days (as applicable) from the date ofredemption.

For more details please refer to section 'Redemption'in 'Scheme Information Document’ of respectivescheme(s) of HDFC Mutual Fund.

� The Trustee is bound to make such disclosures to the Unitholders as are essential in order to keep them informedabout any information known to the Trustee which mayhave a material adverse bearing on their investments.

� The appointment of the AMC for the Mutual Fund can beterminated by majority of the directors of the Trustee or by75% of the Unit holders of the Scheme.

� 75% of the Unit holders of a Scheme can pass a resolutionto wind-up a Scheme.

� The Trustee shall obtain the consent of the Unit holders:

– whenever required to do so by SEBI, in the interest ofthe Unit holders.

– whenever required to do so on the requisition madeby three-fourths of the Unit holders of the Scheme.

– when the Trustee decides to wind up the Scheme orprematurely redeem the Units.

� The Trustee shall ensure that no change in the fundamentalattributes of any Scheme or the trust or fees and expensespayable or any other change which would modify theScheme and affects the interest of Unit holders, shall becarried out unless :

(i) a written communication about the proposed changeis sent to each Unit holder and an advertisement isgiven in one English newspaper having nationwidecirculation as well as in a newspaper published in thelanguage of the region where the head office of theMutual Fund is situated; and

(ii) the Unit holders are given an option to exit at theprevailing Net Asset Value without any Exit Load.

� In specific circumstances, where the approval of unitholdersis sought on any matter, the same shall be obtained by wayof a postal ballot or such other means as may be approvedby SEBI.

UNCLAIMED REDEMPTION / DIVIDEND AMOUNTThe unclaimed Redemption amount and dividend amounts (thefunds) may be deployed by the Mutual Fund in call moneymarket or money market instruments only and the investorswho claim these amounts during a period of three years fromthe due date shall be paid at the prevailing Net Asset Value ofthe said fund. After a period of three years, this amount will betransferred to a pool account and the investors can claim theamount at NAV prevailing of the said fund at the end of the thirdyear. The income earned on such funds will be used for thepurpose of investor education. The AMC will make a continuouseffort to remind the investors through letters to take theirunclaimed amounts. Further, the investment management feecharged by the AMC for managing the said unclaimed amountsshall not exceed 50 basis points.

IV. INVESTMENT VALUATION NORMS

FOR SECURITIES AND OTHER

ASSETS:

Mutual Fund shall value its investments according to the followingvaluation norms : -

1. Traded Securities

� Traded securities are valued at the last quoted closingprice on the National Stock Exchange of India Limited(NSEIL).

� When the securities are traded on more than onerecognised stock exchange, the securities shall bevalued at the last quoted closing price on the stockexchange where the security is principally traded. TheAMC will select the appropriate stock exchange, butthe reasons for the selection would be recorded inwriting. All scrips may be valued at the prices quotedon the stock exchange where a majority in value of theinvestments are principally traded.

� Once a Stock Exchange has been selected for valuationof a particular security, reasons for change of theexchange shall be recorded in writing by the AMC.

� When on a particular valuation day, a security has notbeen traded on the NSEIL, the value at which it istraded on another stock exchange may be used.

� When a security (other than debt securities) is nottraded on any stock exchange on a particular valuationday, the value at which it was traded on the selectedstock exchange, as the case may be, on the earliest

HDFC - SAI DOCUMENT

42HDFC SAI dt. 29.06.2009

previous day may be used provided such date is notmore than thirty days prior to valuation date.

� When a debt security (other than Government Securities)is not traded on any stock exchange on any particularvaluation day, the value at which it was traded on theprincipal stock exchange or any other stock exchange,as the case may be, on the earliest previous day maybe used provided such date is not more than fifteendays prior to valuation date.

� When a debt security (other than Government Securities)is purchased by way of private placement, the valueat which it was bought may be used for a period offifteen days beginning from the date of purchase.

2. Thinly Traded Securities

� Thinly Traded Equity / Equity related securities arethose securities whose trade in a month, are both lessthan Rs 5 lakhs and the total volume is less than50,000 shares. Non-Traded / Thinly Traded EquitySecurities will be fair valued as per proceduresdetermined by the AMC and approved by Trustee ofHDFC Mutual Fund, in accordance with the SEBI (MF)Regulations and related circulars. Further it is clarifiedthat in order to determine whether a security is thinlytraded or not, the volumes traded in all recognisedstock exchanges in India may be taken into account.

� In case trading in an equity security is suspended upto30 days, then the last traded price would be consideredfor valuation of that security. If an equity security issuspended for more than 30 days, then the AssetManagement Company/Trustees will decide thevaluation norms to be followed and such norms wouldbe documented and recorded.

� A debt security (other than Government Securities) isconsidered as a thinly traded security if on the valuationdate, there are no individual trades in that security inmarketable lots (presently Rs. 5 crore) on the principalstock exchange or any other stock exchange.

� A thinly traded debt security as defined above wouldbe valued as per the norms set for non-traded debtsecurity.

3. Non-Traded Securities

� Non-traded Equity / Equity related securities are thosesecurities when it is not traded on any stock exchangefor a period of thirty days prior to the valuation date.Non-traded Equity Securities will be fair valued as perprocedures determined by the AMC and approved byTrustee of HDFC Mutual Fund in accordance with theSEBI (MF) Regulations and related circulars.

� When a debt security (other than Government Securities)is not traded on any stock exchange on a particularvaluation day, the security is considered as 'Non TradedSecurity'. The value at which it was traded on theprincipal stock exchange or any other stock exchange,as the case may be, on the earliest previous day isused provided such date is not more than 15 daysprior to valuation date. When a debt security (otherthan Government Securities) is purchased by way ofprivate placement, the value at which it was boughtis used for a period of 15 days from the date ofpurchase.

4. Valuation of Non-traded / Thinly Traded Securities

Non traded/ thinly traded securities shall be valued "ingood faith" by the asset management company on thebasis of the valuation principles laid down below:

(i) Non-traded / thinly traded equity securities:

Based on the latest available Balance Sheet, net worthshall be calculated as follows:

a) Net Worth per share = [share capital+ reserves(excluding revaluation reserves) - Misc. expenditureand Debit Balance in P&L A/c] Divided by No. ofPaid up Shares.

b) Average capitalisation rate (P/E ratio) for theindustry based upon either BSE or NSE data (whichshould be followed consistently and changes, ifany noted with proper justification thereof) shallbe taken and discounted by 75% i.e. only 25% ofthe Industry average P/E shall be taken ascapitalisation rate (P/E ratio). Earnings per shareof the latest audited annual accounts will beconsidered for this purpose.

c) The value as per the net worth value per shareand the capital earning value calculated as aboveshall be averaged and further discounted by 10%for ill-liquidity so as to arrive at the fair value pershare.

d) In case the EPS is negative, EPS value for that yearshall be taken as zero for arriving at capitalisedearning.

e) In case where the latest balance sheet of thecompany is not available within nine monthsfrom the close of the year, unless the accountingyear is changed, the shares of such companiesshall be valued at zero.

f) In case an individual security accounts for morethan 5% of the total assets of the scheme, anindependent valuer shall be appointed for thevaluation of the said security.

To determine if a security accounts for more than 5%of the total assets of the scheme, it should be valuedby the procedure above and the proportion which itbears to the total net assets of the scheme to which itbelongs would be compared on the date of valuation.

(ii) (a) Non Traded / Thinly Traded Debt securities / assetbacked securities purchased with residual maturityof upto 182 days are valued at cost (includingaccrued interest till the beginning of the day) plusthe difference between the redemption value(inclusive of interest) and cost spread uniformlyover the remaining maturity period of theinstrument. Non Traded / Thinly Traded Debtsecurities / asset backed securities purchased withmaturity greater than 182 days at the time ofpurchase, the last valuation price plus accruedinterest is used instead of purchase cost.

(b) Non-Traded/Thinly Traded Securities/Asset BackedSecurities of over 182 days to maturity:

All other non traded Non Government debt instrumentsshould be valued using the method suggested below:

� For the purpose of valuation, all Non Traded DebtSecurities will be classified into "Investment grade"and "Non Investment grade" securities based ontheir credit ratings. The non-investment gradesecurities will further be classified as "Performing"and "Non Performing" assets

� All Non Government investment grade debtsecurities, classified as not traded, will be valuedon yield to maturity basis as described below.

� All Non Government non investment gradeperforming debt securities will be valued at adiscount of 25% to the face value.

� All Non Government non investment grade nonperforming debt securities will be valued basedon the provisioning norms.

HDFC - SAI DOCUMENT

43 HDFC SAI dt. 29.06.2009

� The approach in valuation of non traded debtsecurity is based on the concept of using spreadsover the benchmark rate to arrive at the yields forpricing the non traded security.

The yields for pricing the non-traded debt security wouldbe arrived at using the process as defined below:

Step A

A risk free benchmark yield is built using the governmentsecurities (GoI Securities) as the base. GoI Securities areused as the benchmarks as they are traded regularly, freeof credit risk and traded across different maturity spectrumsevery week.

Step B

A matrix of spreads (based on the credit risk) are built formarking up the benchmark yields. The matrix is built basedon traded corporate paper on the wholesale debt segmentof an appropriate stock exchange and the primary marketissuances. The matrix is restricted only to investment gradecorporate paper.

Step C

The yields as calculated above are marked-up / marked-down for illiquidity risk.

Step D

The yields so arrived are used to price the portfolio.

Methodology

A. Construction of Risk Free Benchmark

Using Government of India dated securities, the benchmarkshall be constructed as below:

Government of India dated securities will be grouped intothe following duration buckets viz., 0.5-1 years, 1-2 years,2-3 years, 3-4 years, 4-5 years, 5-6 years and 6 years andthe volume weighted yield would be computed for eachbucket. These duration buckets may be changed to reflectthe market value more closely by any agency suggested byAMFI giving benchmark yield / matrix of spreads overbenchmark yield. Accordingly, there will be a benchmarkYTM for each duration bucket.

The benchmark as calculated above will be set at leastweekly, and in the event of any significant movement ofprices of Government securities on account of any eventimpacting interest rates on any day such as change in theRBI policies, the benchmark will be reset to reflect anychange in the market conditions.

Note: The concept of duration over tenor has been chosenin order to capture the reinvestment risk. It is intended togradually move towards a methodology that incorporatesthe continuous curve approach for valuation of suchsecurities. However, in view of the current lack of liquidity inthe corporate bond markets, a continuous curve approachto valuation would be necessarily based on limited datapoints, and this would result in out of line valuations. As aninterim methodology therefore it is proposed that the DurationBucket approach be adopted and continuously tracked inorder to fine-tune the duration buckets on a periodic basis.Over the next few years it is expected that with the deepeningof the secondary market trading, it would be possible tomake a gradual move from the Duration Bucket approachtowards a continuous curve approach.

B. Building a Matrix of Spreads for Marking-up theBenchmark Yield

Mark-up for credit risk over the risk free benchmark YTMas calculated in step A, will be determined using the tradesof corporate debentures / bonds of different ratings. All

trades on appropriate stock exchange during the fortnightprior to the benchmark date will be used in building thecorporate YTM and spread matrices. Initially these matriceswill be built only for corporate securities of investmentgrade. The matrices are dynamic and the spreads will becomputed every week. The matrix will be built for allduration buckets for which the benchmark GOI matrix isbuilt to effectively link the corporate matrix with the GOIsecurities matrix. Accordingly:

� All traded paper (with minimum traded value of Rs.1 crore) (Rupees One Crore Only) will be classified bytheir ratings and grouped into 7 duration buckets; forrated securities, the most conservative publicly availablerating will be used;

� For each rating category, average volume weightedyield will be obtained both from trades on theappropriate stock exchange and from the primarymarket issuances;

� Where there are no secondary trades on theappropriate stock exchange in a particular ratingcategory and no primary market issuances during thefortnight under consideration, then trades onappropriate stock exchange during the 30 days periodprior to the benchmark date will be considered forcomputing the average YTM for such rating category;

� If the matrix cannot be populated using any or all ofthe above steps, then credit spreads from trades onappropriate stock exchange of the relevant ratingcategory over the AAA trades will be used to populatethe matrix;

� In each rating category, all outliers will be removed forsmoothening the YTM matrix;

� Spreads will be obtained by deducting the YTM ineach duration category from the respective YTM of theGOI securities;

� In the event of lack of trades in the secondary marketand the primary market the gaps in the matrix wouldbe filled by extrapolation. If the spreads cannot beextrapolated for the reason of practicality, carrying thespreads from the last matrix will fill the gaps in thematrix.

C. Mark-up / Mark-down Yield

The Yields calculated would be marked-up / marked-downto account for the ill-liquidity risk, promoter background,finance company risk and the issuer class risk. As the levelof ill-liquidity risk would be higher for non-rated securitiesthe marking process for rated and non-rated securitieswould be differentiated as follows:

C(I). Adjustments for Securities rated by External Rating Agencies

The Yields so derived out of the above methodology couldbe adjusted to account for risk mentioned above by anappropriate discount or premium as may be required. SEBIhas revised the discretionary mark up and mark downlimits vide SEBI Circular SEBI / IMD / CIR No. 2/166256/2009 dated June 12, 2009 as given below.

In case of rated debt securities:

Category Discretionary Mark Up &Mark Down Limit

+ -

Rated instruments withduration upto 2 years 100 bps 50 bps

Rated instruments withduration over 2 years 75 bps 25 bps

HDFC - SAI DOCUMENT

44HDFC SAI dt. 29.06.2009

C(II). Adjustments for Internally Rated Securities

To value an unrated security, the fund manager has toassign an internal credit rating, which will be used forvaluation. The discretionary mark up will be as givenbelow.

In case of unrated debt securities :

Category Discretionary Mark Up Limit

Unrated instruments with Discretionary discount of upto +50 bpsduration upto 2 years over and above mandatory discount of

+50 bps

Unrated instruments with Discretionary discount of upto +50 bpsduration over 2 years over and above mandatory discount of

+25 bps

The following shall apply in case of discretionary mark up/mark down limits for valuation of rated and unrated debtsecurities :

(i) For valuation of rated and unrated debt securitiespurchased after June 12, 2009, the discretionary markup or down limit, as detailed above, should be applied.

(ii) For cases where on June 12, 2009, the increaseddiscretionary mark up or down limit is being used, itshould be brought back to the proposed levels asdetailed above within a period of two months i.e.August 11, 2009.

(iii) Chief Executive Officer (whatever his designation maybe) of the Asset Management Company shall giveprior approval to the use of discretionary mark up ordown limit.

C(III). The benchmark yield / matrix of spreads over benchmarkyield obtained from any agency suggested by AMFI as aprovider of benchmark yield / matrix of spreads overbenchmark yield to mutual funds, must be applied forvaluation of securities on the day on which the benchmarkyield / matrix of spreads over benchmark yield is releasedby the aforesaid agency.

5. Unlisted Equity Shares

Unlisted equity shares of a company shall be valued "ingood faith" on the basis of the valuation principles laiddown below:

a) Based on the latest available audited balance sheet,net worth shall be calculated as lower of (i) and (ii)below:

i. Net worth per share = [share capital plus freereserves (excluding revaluation reserves) minusMiscellaneous expenditure not written off ordeferred revenue expenditure, intangible assetsand accumulated losses] divided by Number ofPaid up Shares.

ii. After taking into account the outstanding warrantsand options, net worth per share shall again becalculated and shall be = [share capital plusconsideration on exercise of Option / Warrantsreceived / receivable by the Company plus freereserves (excluding revaluation reserves) minusMiscellaneous expenditure not written off ordeferred revenue expenditure, intangible assetsand accumulated losses] divided by [Number ofPaid up Shares plus Number of Shares that wouldbe obtained on conversion / exercise ofOutstanding Warrants and Options].

The lower of (i) and (ii) above shall be used for calculationof net worth per share and for further calculation in (c)below.

(b) Average capitalisation rate (P / E ratio) for the industrybased upon either BSE or NSE data (which should befollowed consistently and changes, if any, noted withproper justification thereof) shall be taken anddiscounted by 75% i.e. only 25% of the Industry averageP / E shall be taken as capitalisation rate (P / E ratio).Earnings per share of the latest audited annual accountswill be considered for this purpose.

(c) The value as per the net worth value per share andthe capital earning value calculated as above shall beaveraged and further discounted by 15% for illiquidityso as to arrive at the fair value per share.

The above methodology for valuation shall be subject tothe following conditions:

i. All calculations as aforesaid shall be based on auditedaccounts.

ii. In case where the latest balance sheet of the companyis not available within nine months from the close ofthe year, unless the accounting year is changed, theshares of such companies shall be valued at zero.

iii. If the net worth of the company is negative, the sharewould be marked down to zero.

iv. In case the EPS is negative, EPS value for that year shallbe taken as zero for arriving at capitalised earning.

v. In case an individual security accounts for more than5% of the total assets of the scheme, an independentvaluer shall be appointed for the valuation of the saidsecurity. To determine if a security accounts for morethan 5% of the total assets of the scheme, it should bevalued in accordance with the procedure as mentionedabove on the date of valuation.

At the discretion of the AMC and with the approval of thetrustees, an unlisted equity share may be valued at a pricelower than the value derived using the aforesaidmethodology.

6. Valuation of warrants

In respect of warrants to subscribe for shares attached toinstruments, the warrants would be valued at the value ofthe share which would be obtained on exercise of thewarrant as reduced by the amount which would be payableon exercise of the warrant. A discount similar to the discountto be determined in respect of convertible debentures shallbe deducted to account for the period, which must elapsebefore the warrant can be exercised.

7. Until they are traded, the value of "rights" shares shall becalculated as:

Vr = n ÷ m x (Pex - Pof)

Where

Vr = Value of rights

n = no. of rights offered

m = no. of original shares held

Pex = Ex-rights price

Pof = Rights Offer Price

Where the rights are not treated pari passu with the existingshares, suitable adjustments shall be made to the value of

HDFC - SAI DOCUMENT

45 HDFC SAI dt. 29.06.2009

the rights. Where it is decided not to subscribe for the rightsbut to renounce them and renunciations are being traded,the rights can be valued at the renunciation value.

8. Investments in call money, bills purchased underrediscounting scheme and short term deposits with bankswill be valued at cost plus accrual. Other money marketinstruments will be valued at the yield at which they arecurrently traded. For this purpose, non-traded instrumentsthat are instruments not traded for a period of seven dayswill be valued at cost plus interest accrued till the beginningof the day plus the difference between the redemptionvalue and the cost spread uniformly over the remainingmaturity period of the instruments.

9. Derivative Products

� The traded derivative shall be valued at market pricein conformity with the stipulations of sub clauses (i) to(v) of clause 1 of the Eighth Schedule to the SEBI (MF)Regulations.

� The valuation of untraded derivatives shall be done inaccordance with the valuation method for untradedinvestments prescribed in sub clauses (i) and (ii) ofclause 2 of the Eighth Schedule to the SEBI (MF)Regulations.

10. Valuation of securities with Put/Call Options

The option embedded securities would be valued as follows:

(i) Securities with call option :

a) The securities with call option shall be valued atthe lower of the value as obtained by valuing thesecurity to final maturity and valuing the securityto call option.

b) In case there are multiple call options, the lowestvalue obtained by valuing to the various calldates and valuing to the maturity date is to betaken as the value of the instrument.

(ii) Securities with Put option :

a) The securities with put option shall be valued atthe higher of the value as obtained by valuing thesecurity to final maturity and valuing the securityto put option.

b) In case there are multiple put options, the highestvalue obtained by valuing to the various put datesand valuing to the maturity date is to be taken asthe value of the instruments.

(iii) Securities with both Put and Call option on the sameday.

The securities with both Put and Call option on thesame day would be deemed to mature on the Put/Callday and would be valued accordingly.

11. Government Securities

Government Securities are valued at the prices released byCRISIL, which is currently the only approved agencysuggested by Association of Mutual Funds in India (AMFI).

12. Valuation of Convertible debentures and bonds

The non-convertible and convertible components ofconvertible debentures and bonds shall be valuedseparately. The non-convertible component would be valuedon the same basis as would be applicable to a debtinstrument. The convertible component shall be valued onthe same basis as would be applicable to an equityinstrument. If, after conversion the resultant equity instrument

would be traded pari passu with an existing instrument,which is traded, the value of later instrument can be adoptedafter an appropriate discount for the non-tradability of theinstrument during the period preceding conversion. Whilevaluing such instruments, the fact whether the conversionis optional will also be factored in.

13. Illiquid Securities

a) Aggregate value of "illiquid securities" of scheme, whichare defined as non-traded, thinly traded and unlistedequity shares, shall not exceed 15% of the total assetsof the scheme and any illiquid securities held above15% of the total assets shall be assigned zero value.

b) All funds shall disclose as on March 31 and September30 the scheme-wise total illiquid securities in valueand percentage of the net assets while makingdisclosures of half yearly portfolios to the unitholders.In the list of investments, an asterisk mark shall alsobe given against all such investments which arerecognised as illiquid securities.

c) Mutual Funds shall not be allowed to transfer illiquidsecurities among their scheme(s) w.e.f. October 1,2000.

14. Foreign Securities

There are no specific SEBI guidelines on valuation of foreignsecurities at present. In the absence of any guidelines, thefollowing policy will be followed:

The security issued outside India and listed on the stockexchanges outside India shall be valued at the closing priceon the stock exchange at which it is listed. However in casea security is listed on more than one stock exchange, theAMC reserves the right to determine the stock exchange,the price of which would be used for the purpose ofvaluation of that security. Any subsequent change in thereference stock exchange used for valuation will be backedby reasons for such change being recorded in writing bythe AMC. Further in case of extreme volatility in the overseasmarkets, the securities listed in those markets may bevalued on a fair value basis.

If a significant event has occurred after security prices wereestablished for the computation of NAV of the Scheme, theAMC reserves the right to value the said securities on fairvalue basis.

When on a particular valuation day, a security has not beentraded on the selected stock exchange; the security will bevalued in accordance with SEBI guidelines applicable forsecurity listed in India.

In case of investment in foreign debt securities, on theValuation Day, the securities shall be valued in line with thevaluation norms specified by SEBI for Indian debt securities.However, in case valuation for a specific debt security is notcovered by SEBI (MF) Regulations, then the security will bevalued on fair value basis.

Due to difference in time zones of different markets, closingprice of overseas securities/ units of overseas mutual fundmay be available only after the prescribed time limit fordeclaration of NAV in India. In such cases, the NAV of theScheme for any Business Day (T day) will be available onthe next Business Day (T+1 day) and the same shall beposted, on each Business Day, on the Fund's website andon the AMFI website - www.amfiindia.com on date ofcomputation of NAV.

On the Valuation Day, all assets and liabilities denominated

HDFC - SAI DOCUMENT

46HDFC SAI dt. 29.06.2009

in foreign currency will be valued in Indian Rupees at theexchange rate available on Bloomberg / Reuters / RBI atthe close of banking hours in India. The Trustees reservethe right to change the source for determining the exchangerate.

The exchange gain / loss resulting from the aforesaidconversion shall be recognized as unrealized exchangegain / loss in the books of the Scheme on the day ofvaluation.

Further, the exchange gain / loss resulting from the settlementof assets / liabilities denominated in foreign currency shallbe recognized as realized exchange gain / loss in thebooks of the scheme on the settlement of such assets /liabilities.

15. Valuation of "Repo"

Where instruments have been bought on 'repo' basis, theinstrument would be valued at the resale price afterdeduction of applicable interest upto date of resale. Wherean instrument has been sold on a 'repo' basis, adjustmentwould be made for the difference between the Redemptionprice (after deduction of applicable interest upto date ofRedemption) and the value of the instrument. If theRedemption price exceeds the value, the depreciation willbe provided for and if the Redemption price is lower thanthe value, credit will be taken for the appreciation.

16. Accrual of expenses and income

All expenses and incomes accrued upto the valuation dateshall be considered for computation of net asset value. Forthis purpose, major expenses like management fees andother periodic expenses would be accrued on a day-to-daybasis. The other minor expenses and income will be accruedon a periodic basis, provided the non-accrual does notaffect the NAV calculations by more than 1%.

17. Recording of changes

Any changes in securities and in the number of Units willbe recorded in the books not later than the first valuationdate following the date of transaction. If this is not possiblegiven the frequency of the Net Asset Value disclosure, therecording may be delayed upto a period of seven daysfollowing the date of the transaction, provided that as aresult of the non-recording, the Net Asset Value calculationsshall not be affected by more than 1%.

In case the Net Asset Value of a Scheme differs by morethan 1%, due to non - recording of the transactions, theinvestors or Scheme(s) as the case may be, shall be paidthe difference in amount as follows: -

(i) If the investors are allotted Units at a price higher thanNet Asset Value or are given a price lower than NetAsset Value at the time of sale of their Units, they shallbe paid the difference in amount by the Scheme.

(ii) If the investors are charged lower Net Asset Value atthe time of purchase of their Units or are given higherNet Asset Value at the time of sale of their Units, theAMC shall pay the difference in amount to theScheme(s). The AMC may recover the difference fromthe investors.

18. Non Performing Assets (NPA)

An “asset” shall be classified as non performing, if theinterest and/or principal amount have not been receivedor remained outstanding for one quarter from the day suchincome / instalment has fallen due.

The valuation of Non Performing Assets (NPA) would be in

accordance with SEBI Circular MFD/CIR/8/92/2000 datedSeptember18, 2000 and SEBI Circular no. MFD / CIR /14 / 088 / 2001 dated March 28, 2001 as amended fromtime to time.

The valuation guidelines as outlined above are as per SEBI (MF)Regulations and are subject to change from time to time inconformity with changes made by SEBI.

V. TAX & LEGAL & GENERALINFORMATION:

A. TAXATION ON INVESTING IN MUTUAL FUNDSThe information given is included only for general purpose andis based on advise received by the AMC regarding the law andpractise currently in force in India and the Investors/Unit holdersshould be aware that the relevant fiscal rules or their interpretationmay change. As is the case with any investment, there can beno guarantee that the tax position or the proposed tax positionprevailing at the time of an investment in the Scheme willendure indefinitely. In view of the individual nature of taxconsequences, each Investor / Unit holder is advised to consulthis / her own professional tax advisor.

As per the taxation laws in force, Chapter VII of the Finance (No.2) Act, 2004 pertaining to Securities Transaction Tax (STT), thetax benefits / consequences as applicable, to HDFC MutualFund in respect of its Mutual Fund scheme(s) (being an equityoriented fund / other than equity oriented fund / money marketmutual fund / liquid fund) and investors investing in the Unitsof its Mutual Fund Scheme(s) [on the assumption that the unitsare not held as stock-in-trade] are stated as follows:

1. Tax Benefits / Consequences to the Mutual Fund

HDFC Mutual Fund is a Mutual Fund registered with the Securities& Exchange Board of India and hence the entire income of theMutual Fund will be exempt from income-tax in accordancewith the provisions of Section 10(23D) of the Income-tax Act,1961 (the Act).

The Mutual Fund will receive all income without any deductionof tax at source under the provisions of Section 196(iv) of the Act.

On income distribution, if any, made by the Mutual Fund,additional income-tax is payable under section 115R of the Act,in the case of its Scheme(s) (other than equity-oriented fundsi.e. such fund where the investible funds are invested by wayof equity shares in domestic companies to the extent of morethan 65% of the total proceeds of such fund). The additionalincome-tax on distribution of income to an individual / HinduUndivided Family (HUF) shall be payable by the mutual fundat the rate of 14.1625%* and at the rate of 22.66%* ondistribution of income to any other investor. The additionalincome-tax on distribution of income by a money market mutualfund or a liquid fund shall be payable the rate of 28.325%*.

As per the Act, a money market mutual fund means a moneymarket mutual fund as defined in the SEBI (Mutual Funds)Regulations, 1996 and a liquid fund means a scheme or planof a mutual fund which is classified by the SEBI as a liquid fundin accordance with the guidelines issued by it in this behalfunder the SEBI Act, 1992 or regulations made thereunder.

Under the terms of the Scheme Information Document (SID)/Offer Documents, a Fixed Maturity Plan is classified as "other-than money market mutual fund or a liquid fund" and accordinglythe additional income-tax on distribution of income to anIndividual and Hindu Undivided Family (HUF) is payable by theMutual Fund at the rate of 14.1625%* and at the rate of22.66%* on distribution of income to any other investor.

However, if such Fixed Maturity Plan is subsequently classifiedas "Liquid Fund", then additional income-tax on distribution ofincome will be payable by the Mutual Fund at the rate of28.325%*.

HDFC - SAI DOCUMENT

47 HDFC SAI dt. 29.06.2009

Further, in case of distribution of income already paid by suchFixed Maturity Plan, the Trustee/AMC reserves the right to recoverthe differential additional income-tax on distribution of incomeso paid from the unit holders of respective Fixed Maturity Plan.

* including applicable surcharge, education cess and secondaryand higher education cess.

Securities Transaction Tax (STT)As per Chapter VII of the Finance (No. 2) Act, 2004 pertainingto STT, the STT shall be payable, wherever applicable, asfollows:

Sr. Taxable Securities Transaction Rate PayableNo. by

1 Purchase of an equity share in a 0.125 Purchasercompany or a unit of an equityoriented fund, where:(a) the transaction of such purchase

is entered into in a recognizedstock exchange; and

(b) the contract for purchase of suchshare or unit is settled by theactual delivery or transfer ofsuch share or unit.

2 Sale of an equity share in a company 0.125 Selleror a unit of an equity oriented fund,where:(a) the transaction of such sale is

entered into in a recognizedstock exchange; and

(b) the contract for sale of such shareor unit per cent is settled by theactual delivery or transfer ofsuch share or unit.

3 Sale of an equity share in a company 0.025 Selleror a unit of an equity oriented fund,where:(a) the transaction of such sale is

entered into in a recognizedstock exchange; and

(b) the contract for sale of such shareor unit per cent is settledotherwise than by the actualdelivery or transfer of such shareor unit.

4 (a) Sale of an option in securities 0.017 Seller(b) Sale of an option in securities, 0.125 Purchaser

where option is exercised(c) Sale of a futures in securities 0.017 Seller

5 Sale of a unit of an equity orientedfund to the Mutual Fund. 0.25 Seller

2. Tax Benefits / Consequences to Unit holdersi. Income-tax

All Unit holders

Income received, otherwise than on transfer (subject to theexemption of long-term capital gains provided for in section10(38) of the Act, discussed elsewhere in this Statement),in respect of units of a mutual fund would be exempt fromtax under Section 10(35) of the Act.

� Tax Deduction at Source

All Unit holders

No income-tax is deductible at source, on any incomedistribution by the Mutual Fund under the provisions ofSection 194K and 196A of the Act.

� Capital Gains Tax

Foreign Institutional Investors

Long-term capital gains on sale of Units, held for a period

of more than twelve months, would be taxed at the rate of10% (plus applicable surcharge, education cess andsecondary and higher education cess) under Section 115ADof the Act (subject to the exemption of long-term capitalgains provided for in section 10(38) of the Act, discussedelsewhere in this Statement). Such gains would be calculatedwithout indexation of cost of acquisition. Short-term capitalgains would be taxed at 30% (plus applicable surcharge,education cess and secondary and higher education cess)(subject to the concessional rate of tax provided for inSection 111A of the Act, discussed elsewhere in thisStatement).

As per Section 111A of the Act, short-term capital gains onsale of units of an equity-oriented fund, where suchtransaction of sale is chargeable to STT, shall be subjectto tax at a rate of 15 per cent (plus applicable surcharge,education cess and secondary and higher education cess).

Exemption of capital gain from income tax

� As per Section 10(38) of the Act, any long-term capitalgains arising from the sale of units of an equity-orientedfund where such transaction of sale is chargeable to STT,shall be exempt from tax.

Income by way of long term capital gain of a companyshall be taken into account in computing the Book profitand income-tax payable under Section 115JB (MinimumAlternate Tax)[MAT]. The matter is however not free fromdoubt in case of Corporate Foreign Institutional Investors.

Other Unit holders

� Long-term capital gains in respect of Units, held for aperiod of more than twelve months, will be chargeableunder Section 112 of the Act, at concessional rate of tax,at 20% (plus applicable surcharge, education cess andsecondary and higher education cess) (subject to theexemption of long-term capital gains provided for in Section10(38) of the Act, discussed elsewhere in this Statement).

� The following amounts would be deductible from the fullvalue of consideration, to arrive at the amount of capitalgains:

� Cost of acquisition of Units (as adjusted by Cost InflationIndex notified by the Central Government in case oflong term capital gain) and

� Expenditure incurred wholly and exclusively inconnection with such transfer (excluding any sum paidon account of STT)

� However, where the tax payable on such long-term capitalgains computed before indexation, exceeds 10% (plusapplicable surcharge, education cess and secondary andhigher education cess) of the amount of capital gains, suchexcess tax shall not be payable by the Unit holder.

� In case of resident individuals and Hindu Undivided Families,where taxable income as reduced by long-term capitalgains, is below the basic exemption limit, the long-termcapital gains will be reduced to the extent of the shortfalland only the balance long-term capital gains will besubjected to the flat rate of income-tax (plus applicablesurcharge, education cess and secondary and highereducation cess).

As per Section 111A of the Act, short-term capital gains onsale of units of an equity oriented fund where suchtransaction of sale is chargeable to STT shall be subject totax at a rate of 15 per cent plus applicable surcharge,education cess and secondary and higher education cess).Further in case of resident individuals and HUFs wheretaxable income as reduced by short-term capital gains, isbelow the basic exemption limit, the short-term capitalgains will be reduced to the extent of the shortfall and onlythe balance short-term capital gains will be subjected to theflat rate of income-tax (plus applicable surcharge, educationcess and secondary and higher education cess).

HDFC - SAI DOCUMENT

48HDFC SAI dt. 29.06.2009

Exemption of capital gain from income tax

� As per Section 10(38) of the Act, any long-term capitalgains arising from the sale of units of an equity-orientedfund where such transaction of sale is chargeable to STT,shall be exempt from tax.

Income by way of long term capital gain of a companyshall be taken into account in computing the Book profitand income-tax payable under Section 115JB [MAT].

� As per the provisions of section 54EC of the Act and subjectto the conditions and investment limits specified therein,capital gains (subject to the exemption of long-term capitalgains provided for in section 10(38) of the Act, discussedelsewhere in this Statement), arising on transfer of a long-term capital asset shall not be chargeable to tax to theextent such capital gains are invested in certain notifiedbonds within six months from the date of transfer.

� As per the provisions of Section 54F of the Act and subjectto the conditions specified therein, in the case of an individualor a HUF, capital gains (subject to the exemption of long-term capital gains provided for in section 10(38) of the Act,discussed elsewhere in this Statement) arising on transferof a long term capital asset (not being a residential house)are not chargeable to tax if the entire net considerationreceived on such transfer is invested within the prescribedperiod in a residential house. If part of such net considerationis invested within the prescribed period in a residentialhouse, then such gains would not be chargeable to tax ona proportionate basis. For this purpose, net considerationmeans full value of the consideration received or accruingas a result of the transfer of the capital asset as reducedby any expenditure incurred wholly and exclusively inconnection with such transfer.

All Unit holders

Under the provisions of Section 94(7) of the Act, lossarising on sale of Units, which are bought within 3 monthsprior to the record date (i.e. the date fixed by the MutualFund for the purposes of entitlement of the Unit holders toreceive income or additional units without any consideration,as the case may be) and sold within 9 months after therecord date, shall be ignored for the purpose of computingincome chargeable to tax to the extent of exempt incomereceived or receivable on such Units.

Under the provisions of Section 94(8) of the Act, where anyperson purchases units ('original units') within a period of3 months prior to the record date, who is allotted additionalunits without any payment and sells all or any of theoriginal units within a period of 9 months after the recorddate, while continuing to hold all or any of the additionalunits, then any loss arising on sale of the original units shallbe ignored for the purpose of computing income chargeableto tax. The amount of loss so ignored shall be deemed tobe the cost of purchase of the additional units as are heldon the date of such sale.

� Tax Deduction at SourceAll Unit holdersNo income-tax is deductible at source from income by wayof capital gains under the present provisions of the Act incase of residents. However, the provisions of section 195of the Act may apply to non-residents (other than ForeignInstitutional Investors and long-term capital gains exemptunder Section 10(38) of the Act).

Accordingly income tax may have to be deducted at sourcein the case of a non- resident (other than foreign companies)at the rate of 15% (plus applicable surcharge, educationcess and secondary and higher education cess) on short-term capital gains referred to in section 111A and at therate of 30% (plus applicable surcharge, education cessand secondary and higher education cess) in case of short-term capital gains (other than under section 111A), unlessa lower withholding tax certificate is obtained from the tax

authorities, and at the rate of 20% (plus applicablesurcharge, education cess and secondary and highereducation cess) in case of long-term capital gains, unlessa lower withholding tax certificate is obtained from the taxauthorities.

In the case of foreign companies the rate of tax to bededucted at source on short-term capital gains referred toin section 111A would be 15% (plus applicable surcharge,education cess and secondary and higher education cess)and at the rate of 40% (plus applicable surcharge, educationcess and secondary and higher education cess) in case ofshort-term capital gains (other than under section 111A),unless a lower withholding tax certificate is obtained fromthe tax authorities, and at the rate of 20% (plus applicablesurcharge, education cess and secondary and highereducation cess) in case of long term capital gains, unlessa lower withholding tax certificate is obtained from the taxauthorities.

� Clubbing of income

Subject to the provisions of section 64(1A) of the Act,taxable income accruing or arising in the case of a minorchild shall be included in the income of the parent whosetotal income is greater or where the marriage of the parentsdoes not subsist, in the income of that parent who maintainsthe minor child. An exemption under section 10(32) of theAct, is granted to the parent in whose hand the income isincluded upto Rs. 1,500/- per minor child. When the childattains majority, the tax liability will be on the child.

� Deduction under section 80C

As per section 80C, and subject to the provisions, anindividual / HUF is entitled to a deduction from Gross TotalIncome upto Rs. 1.00 lac (along with other prescribedinvestments) for amounts invested in any units of a mutualfund referred to in section 10(23D) of the Act, under anyplan formulated in accordance with such scheme as theCentral Government may notify.

Note : Investments in HDFC TaxSaver and HDFC LongTerm Advantage Fund, both Equity Linked Savings Scheme(s)will be eligible for a deduction under Section 80C.

� Securities Transaction Tax

All Unit holders

As per Chapter VII of the Finance (No. 2) Act, 2004pertaining to STT, the STT shall be payable by the seller atthe rate 0.25 per cent on the sale of a unit of an equity-oriented fund to the mutual fund.

OTHER BENEFITSInvestments in Units of the Mutual Fund will rank as an eligibleform of investment under Section 11(5) of the Act read with Rule17C of the Income-tax Rules, 1962, for Religious and CharitableTrusts.

TAX TREATY BENEFITSAn investor has an option to be governed by the provisions ofthe Act or the provisions of a Tax Treaty that India has enteredinto with another country of which the investor is a tax resident,whichever is more beneficial.

ii. Wealth-taxUnits of the Mutual Fund are not treated as assets as definedunder Section 2(ea) of the Wealth-tax Act, 1957 and thereforewould not be liable to wealth-tax.

iii. Gift-taxThe Gift-tax Act, 1958 has ceased to apply to gifts made on orafter October 1, 1998. Gifts of Units of the Mutual Fund wouldtherefore, be exempt from gift-tax.

The above Statement of Possible Direct Tax Benefits /Consequences sets out the provisions of law in a summarymanner only and is not a complete analysis or listing ofall potential tax consequences of the purchase, ownership

HDFC - SAI DOCUMENT

49 HDFC SAI dt. 29.06.2009

and disposal of mutual fund units. The statements madeabove are based on the tax laws in force and Chapter VIIof the Finance (No. 2) Act, 2004 pertaining to SecuritiesTransaction Tax and as interpreted by the relevant taxationauthorities as of date. Investors/Unit Holders are advisedto consult their tax advisors with respect to the taxconsequences of the purchase, ownership and disposal ofmutual fund units.

B. LEGAL INFORMATION� Nomination FacilityThe Nomination Facility hereinafter detailed is applicableto all Schemes except HDFC Children's Gift Fund. In caseof HDFC Children's Gift Fund, the Nomination Facilityhereinafter detailed is applicable only upon Unit holderattaining Majority.

Pursuant to Regulation 29A of the SEBI (MF) Regulations, theAMC is providing an option to the Unit holder to nominate (inthe manner prescribed under the SEBI (MF) Regulations), aperson(s) in whom the Units held by him shall vest in the eventof his death. Where the Units are held by more then one personjointly, the joint Unit holders may together nominate a person(s)in whom all the rights in the Units shall vest in the event of deathof all the joint Unit holders. By provision of this facility the AMCis not in any way attempting to grant any rights other than thosegranted by law to the nominee(s). A nomination in respect ofthe Units does not create an interest in the property after thedeath of the Unit holder. The nominee(s) shall receive the Unitsonly as an agent and trustee for the legal heirs or legatees asthe case may be. It is hereby clarified that the nominees(s) underthe nomination facility provided herein shall not necessarilyacquire any title or beneficial interest in the property by virtueof this nomination.

Non-individuals including society, trust, body corporate,partnership firm, Karta of Hindu Undivided Family, holder ofPower of Attorney cannot nominate. The Nominee shall not bea trust other than a religious or charitable trust, society, bodycorporate, partnership firm, Karta of Hindu Undivided Familyor a Power of Attorney holder. A non-resident Indian can be aNominee subject to the exchange controls in force from timeto time.

Minor(s) can be nominated and in that event, the name andaddress of the guardian of the minor nominee shall be providedby the Unit holder. Nomination can also be in favour of theCentral Government, State Government, a local authority, anyperson designated by virtue of his office or a religious orcharitable trust.

Nomination can be made for maximum of three nominees. Incase of multiple nominees, the percentage of allocation / sharein favour of each of the nominees should be indicated againsttheir name and such allocation / share should be in wholenumbers without any decimals making a total of 100 percent.

In the event of Unitholders not indicating the percentage ofallocation / share for each of the nominees, HDFC MutualFund / HDFC Asset Management Company Limited (AMC), byinvoking default option shall settle the claim equally amongstall the nominees.

Nomination in respect of the Units stands rescinded upon theRedemption of Units. Cancellation of nomination can be madeonly by those individuals who hold Units on their own behalfsingly or jointly and who made the original nomination. Oncancellation of the nomination the nomination shall standrescinded and the Mutual Fund / AMC shall not be under anyobligation to transfer the Units in favour of the nominee(s).

The nomination facility extended under the Scheme is subjectto existing laws. The AMC shall, subject to production of suchevidence which in their opinion is sufficient, proceed to effectthe payment to the Nominee(s). Transfer of Units / payment tothe nominee(s) of the sums shall discharge the Mutual Fund /AMC of all liability towards the estate of the deceased Unitholder and his/her/their successors/legal heirs.

For Units held in Electronic (Demat) Mode

For units of the Scheme(s) held in electronic (demat) form withthe Depository, the nomination details provided by the Unitholder to the depository will be applicable to the Units of theScheme. Such nomination including any variation, cancellationor substitution of Nominee(s) shall be governed by the rules andbye-laws of the Depository.

Payment to the nominee of the sums shall discharge the MutualFund of all liability towards the estate of the deceased Unitholder and his/her legal successors/legal heirs.

In case nomination has been made for DP account with jointholders, in case of death of any of the joint holder(s), thesecurities will be transmitted to the surviving holder(s). Only inthe event of death of all the joint holders, the securities will betransmitted to the nominee.

In case nomination is not made by the sole holder of DPaccount, the securities would be transmitted to the account oflegal heir(s), as may be determined by an order of the competentcourt.

For HDFC Children's Gift Fund

The nomination facility extended under the Scheme is subjectto existing laws. The AMC shall, subject to production of suchevidence which in their opinion is sufficient, proceed to effectthe payment to the Nominee. Transfer of Units / payment to thenominee of the sums shall discharge the Mutual Fund / AMCof all liability towards the estate of the deceased Unit holder andhis/her/their successors/legal heirs.

Nomination in respect of the Units stands rescinded upon theRedemption of Units. Cancellation of nomination can be madeonly by those individuals who hold Units on their own behalfsingly or jointly and who made the original nomination. Oncancellation of the nomination the nomination shall standrescinded and the Mutual Fund / AMC shall not be under anyobligation to transfer the Units in favour of the nominee.

Before The Unit Holder Attains Majority

The parent / legal guardian of the Unit holder may nominatean alternate child (as nominee) not exceeding 18 years ofage at any time before the Unit holder attains Majority.Where an alternate child is nominated, the parent / legalguardian of such an alternate child, at the time of suchnomination shall sign such forms or any other documentsas may be required by the AMC. The AMC shall recognizesuch nomination only upon and from the date of receivingthe duly completed forms and documents as it may require.Any nomination of an alternate child wherein the parent /legal guardian of the alternate child has not been namedshall be an invalid nomination and the AMC shall be underno obligation to recognise the nominee as an alternatechild or any claims made thereof.

In the event of death of the Unit holder before attainingMajority and in the event that an alternate child has beennamed, the alternate child shall stand transposed in respectof the Units held by the deceased Unit holder. Such alternatechild (new Unit holder) will hold the Units in trust for andon behalf of the estate of the original Unit holder and his /her successors / legal heirs.

Any payment to be made to the alternate child (new Unitholder) shall be made to the legal guardian appointed bythe competent court or where no such guardian has beenappointed, to either parent of the alternate child, or whereneither parent is alive, to any other guardian of the alternatechild, which shall be a full and valid discharge of theAMC / Fund from all further liabilities in respect of the sumso paid. At the time of making any payment to the parent /legal guardian of the alternate child as aforesaid the AMCmay require any additional information or documentationit deems fit as proof of guardianship including but not

HDFC - SAI DOCUMENT

50HDFC SAI dt. 29.06.2009

limited to procuring an indemnity bond.

The alternate child will also be entitled to be covered underthe personal accident insurance cover (in the event of thedeath of the Unit holder) subject to the terms and conditionsof the personal accident insurance cover.

In the event of death of the Unit holder (before attainingMajority) during the tenor of the Scheme and where noalternate child has been named, the value of Units (at theRedemption Price) at the credit of the deceased Unit holderwill be paid by the Fund to the legal guardian appointedby the competent court or where no such guardian hasbeen appointed, to either parent of the Unit holder, orwhere neither parent is alive, to any other guardian of theUnit holder, which shall be a full and valid discharge of theAMC / Fund from all further liabilities in respect of the sumso paid. At the time of making any payment as aforesaidthe AMC may require any additional information ordocumentation it deems fit as proof of guardianshipincluding but not limited to procuring an indemnity bond.

In the event of simultaneous death of the Unit holder andthe alternate child, the legal guardian of the Unit holderappointed by the competent court or where no such guardianhas been appointed, either parent of the Unit holder, orwhere neither parent is alive, any other guardian of theUnit holder, alone shall have the right to claim the valueof Units (at the Redemption Price) at the credit of thedeceased Unit holder, which shall be a full and validdischarge of the AMC / Fund from all further liabilities inrespect of the sum so paid. At the time of making anypayment as aforesaid the AMC may require any additionalinformation or documentation it deems fit as proof ofguardianship including but not limited to procuring anindemnity bond.

For the substitution or cancellation of a nomination to bevalid an application in the prescribed form shall be madeto the AMC. For e.g. in the event of death of the alternatechild before the Unit holder attains Majority, the parent /legal guardian of the Unit holder may name another childnot exceeding 18 years of age as the alternate child.

After The Unit Holder Attains Majority

Anytime after attaining Majority, the Unit holders can writeto the ISC requesting for a Nomination Form in order tonominate any person to receive the Units upon his / her /their death, subject to completion of necessary formalities.Nomination made by the Unit holder upon attainingMajority, shall override all prior nominations. Payment tothe nominee of the sums shall discharge the Mutual Fundof all liabilities towards the estate of the deceasedUnitholders and his / her / their successors / legal heirs.The nomination facility extended under the Scheme issubject to the then prevalent laws.

For details on nomination by the Unit Holder after attainingMajority, please refer to the Section 'Nomination Facility'on Page 49.

� Prevention Of Money LaunderingPrevention of Money Laundering Act, 2002 (hereinafter referredto as "Act") came into effect from July 1, 2005 vide NotificationNo. GSR 436(E) dated July 1, 2005 issued by Department ofRevenue, Ministry of Finance, Government of India. Further,SEBI vide its circular reference number ISD/CIR/RR/AML/1/06dated January 18, 2006 mandated that all intermediariesincluding Mutual Funds should formulate and implement aproper policy framework as per the guidelines on anti moneylaundering measures and also to adopt a Know Your Customer(KYC) policy. The intermediaries may, according to theirrequirements specify additional disclosures to be made byclients for the purpose of identifying, monitoring and reportingincidents of money laundering and suspicious transactionsundertaken by clients. SEBI also issued another circular reference

no. ISD/CIR/RR/AML/2/06 dated March 20, 2006 advising allintermediaries to take necessary steps to ensure compliancewith the requirement of section 12 of the Act inter-aliamaintenance and preservation of records and reporting ofinformation relating to cash and suspicious transactions toFinancial Intelligence Unit-India (FIU-IND), New Delhi.

The investor(s) should ensure that the amount invested in thescheme is through legitimate sources only and does not involveand is not designated for the purpose of any contravention orevasion of the provisions of the Income Tax Act, Prevention ofMoney Laundering Act, Prevention of Corruption Act and / orany other applicable law in force and also any laws enactedby the Government of India from time to time or any rules,regulations, notifications or directions issued thereunder.

To ensure appropriate identification of the investor(s) under itsKYC policy and with a view to monitor transactions for theprevention of money laundering, HDFC Asset ManagementCompany Limited ("the AMC") / HDFC Mutual Fund ("the MutualFund") reserves the right to seek information, record investor'stelephonic calls and / or obtain and retain documentation forestablishing the identity of the investor, proof of residence,source of funds, etc. It may re-verify identity and obtain anyincomplete or additional information for this purpose.

The investor(s) and their attorney, if any, shall produce reliable,independent source documents such as photographs, certifiedcopies of ration card/ passport/ driving license/PAN card, etc.and/or such documents or produce such information as maybe required from time to time for verification of the identity,residential address and financial information of the investor(s)by the AMC/Mutual Fund. If the investor(s) or the person makingpayment on behalf of the investor(s), refuses / fails to providethe required documents/ information within the period specifiedin the communication(s) sent by the AMC to the investor(s) thenthe AMC, after applying appropriate due diligence measures,believes that the transaction is suspicious in nature within thepurview of the Act and SEBI circulars issued from time to timeand/or on account of deficiencies in the documentation, shallhave absolute discretion to report suspicious transactions toFIU-IND and / or to freeze the folios of the investor(s), rejectany application(s) / allotment of units and effect mandatoryredemption of unit holdings of the investor(s) at the applicableNAV subject to payment of exit load, if any, in terms of the saidcommunication sent by the AMC to the investor(s) in this regard.

The KYC documentation shall also be mandatorily compliedwith by the holders entering the Register of Members by virtueof operation of law e.g. transmission, etc.

The Mutual Fund, HDFC Asset Management Company Limited,HDFC Trustee Company Limited and their Directors, employeesand agents shall not be liable in any manner for any claimsarising whatsoever on account of freezing the folios / rejectionof any application / allotment of units or mandatory redemptionof units due to non-compliance with the provisions of the Act,SEBI circular(s) and KYC policy and / or where the AMC believesthat transaction is suspicious in nature within the purview of theAct and SEBI circular(s) and reporting the same to FIU-IND.

� Know Your Customer (KYC) ComplianceIn terms of the Prevention of Money Laundering Act, 2002, theRules issued there under and the guidelines/circulars issued bySEBI regarding the Anti Money Laundering (AML Laws), allintermediaries, including Mutual Funds, have to formulate andimplement a client identification programme, verify and maintainthe record of identity and address(es) of investors.

In order to make the data capture and document submissioneasy and convenient for the investors, Mutual Fund Industry hascollectively entrusted the responsibility of collection of documentsrelating to identity and address of the investor(s) to anindependent agency [presently CDSL Ventures Limited ("CVL")]which will act as central record keeping agency ('Central Agency').As a token of having verified the identity and address of theinvestor(s) and for efficient retrieval of records, the CentralAgency will issue a KYC Acknowledgement Letter (previously

HDFC - SAI DOCUMENT

51 HDFC SAI dt. 29.06.2009

known as Mutual Fund Identification Number - MIN* AllotmentLetter) to each investor who submits an application and theprescribed documents to the Central Agency.

Investors should note that it is mandatory for all applicationsfor subscription of value of Rs.50,000/- and above to quote theKYC Compliance Status of each applicant (guardian in case ofminor) in the application for subscription and attach proof ofKYC Compliance viz. KYC Acknowledgement Letter (or theerstwhile Mutual Fund Identification Number* (MIN) AllotmentLetter) / Printout of KYC Compliance Status downloaded fromCVL website (www.cvlindia.com) using the PAN Number.Applicants intending to apply for units through a Power ofAttorney (PoA) must ensure that the issuer of the PoA and theholder of the PoA must mention their KYC Compliance Statusand attach proof of KYC Compliance at the time of investmentabove the threshold.

Investors who wish to obtain a KYC Acknowledgement Letterhave to submit a completed Application Form for Know YourCustomer ('KYC Form') along with all the prescribed documentslisted in the KYC Form, at any of the Point of Service ('POS'). TheKYC Form is available at our website - www.hdfcfund.com andAMFI website - www.amfiindia.com. POS are the designatedcentres appointed by the Central Agency for receiving applicationforms, processing the same and issuance of KYCAcknowledgement Letter. List of and location of POS is availableat our website www.hdfcfund.com and www.amfiindia.com.

On submission of KYC Form, documents and information to thesatisfaction of the POS, the investor will be issued a provisionalKYC Acknowledgement Letter across the counter. Subsequently,the Central Agency will verify the information and documentssubmitted by the investor. The verification process will becompleted within 10 working days from the date of provisionalKYC Acknowledgment Letter. In case of any deficiency/insufficiency in documentation, intimation will be sent to theinvestors. However, the Central Agency may cancel the KYCAcknowledgement Letter within 10 working days from the dateof issue of provisional KYC Acknowledgement Letter, in case ofany deficiency in the document/information. Intimation ofcancellation of KYC Acknowledgement Letter will be despatchedby the Central Agency to the investor immediately. Nocommunication will be sent to the investor if the KYC documentsare in order. The KYC Acknowledgement Letter is presentlybeing issued free of cost.

Presently, it is mandatory for all applications for subscription ofvalue of Rs. 50,000 and above to quote the KYC compliancestatus of all the applicants (guardian in case of minor) in theapplication for subscription and attach proof of KYC complianceviz. KYC Acknowledgement Letter (or the erstwhile Mutual FundIdentification Number* (MIN) Allotment Letter) / Printout of KYCCompliance Status downloaded from CVL website(www.cvlindia.com) using the PAN number. The KYC status willbe validated with the records of the Central Agency beforeallotting units. HDFC Mutual Fund will not be held responsibleand /or liable for rejection of KYC Form, if any, by the CentralAgency. Applications for subscriptions of value of Rs. 50,000and above without a valid KYC compliance may be rejected.Provided further, where it is not possible to verify the KYCcompliance status of the investor at the time of allotment ofunits, the Trustee / AMC shall verify the KYC compliance statusof the investor within a reasonable time after the allotment ofunits. In the event of non compliance of KYC requirements, theTrustee / AMC reserves the right to freeze the folio of theinvestor(s) and affect mandatory redemption of unit holdings ofthe investors at the applicable NAV, subject to payment of exitload, if any.

All investors (both individual and non-individual) can apply forKYC compliance. However, applicants should note that minorscannot apply for KYC compliance and any investment in thename of minors should be through a Guardian, who should beKYC compliant for the purpose of investing with a Mutual Fund.Also, applicants / unit holders intending to apply for units /currently holding units and operating their Mutual Fund folios

through a Power of Attorney (PoA) must ensure that the issuerof the PoA and the holder of the PoA must mention their KYCcompliance status at the time of investment, if such investment(s)are above the prescribed threshold limit. PoA holders are notpermitted to apply for KYC compliance on behalf of the issuerof the PoA. Separate procedures are prescribed for change inname, address and other KYC related details, should theapplicant desire to change such information. POS will extendthe services of effecting such changes.

* Valid only where investors who have already obtained theerstwhile Mutual Fund Identification Number (MIN) by submittingthe PAN copy as the proof of identity.

� Transfer and Transmission FacilityThe Mutual Fund will be repurchasing (subject to completion ofLock-in Period) and issuing units on an ongoing basis andhence the transfer facility is found redundant. Any addition /deletion of name from the folio of the Unit holder is deemedas transfer of Units. In view of the same, additions / deletionsof names will not be allowed under any folio of the Scheme.The said provisions in respect of deletion of names will not beapplicable in case of death of a Unit holder (in respect of jointholdings) as this is treated as transmission (transfer of units byoperation of law) of Units and not transfer.

If a transferee becomes a holder of the Units by operation oflaw or upon enforcement of a pledge, then the AMC shall,subject to production of such evidence and submission of suchdocuments, which in their opinion is sufficient, proceed to effectthe transfer, if the intended transferee is otherwise eligible tohold the Units. In case the Unit holder holds Units in a singlename, Units shall be transmitted in favour of the nomineewhere the Unit holder has appointed a nominee upon productionof death certificate or any other documents to the satisfactionof the Mutual Fund/AMC. If the Unit holder has not appointeda nominee or in the case where the nominee dies before theUnit holder, the Units shall be transmitted in favour of or asotherwise directed by the Unit holder's legal representative(s) onproduction of the death certificate and / or any other documentsto the satisfaction of the Mutual Fund/AMC. If Units are heldby more than one registered Unit holder, then, upon death ofone of the Unit holders, the Units shall be transmitted in favourof the remaining Holder(s) (in the order in which the namesappear in the register of Unit holders with the Registrar) onproduction of a death certificate and / or any other documentsto the satisfaction of the Mutual Fund/AMC and to the nomineeonly upon death of all the Unit holders, upon the nomineeproducing a Death Certificate and / or any other document tothe satisfaction of the Mutual Fund / AMC.

It may, however, be noted that in the event of death of the Unitholder of HDFC TaxSaver & HDFC Long Term AdvantageFund, open-ended equity linked savings schemes, the nominee/legal heir, subject to production of requisite documentaryevidence to the satisfaction of the AMC, will be able to redeemthe investment only after the completion of one year or any timethereafter, from the date of allotment of Units to the deceasedUnit holder.

Units held in Electronic (Demat) Mode

For units of the Scheme(s) held in electronic (demat) form, theUnits will be transferable and will be subject to the transmissionfacility in accordance with the provisions of SEBI (Depositoriesand Participants) Regulations, 1996 as may be amended fromtime to time.

The delivery instructions for transfer of units will have to belodged with the DP in the requisite form as may be requiredfrom time to time and transfer will be effected in accordancewith such rules/regulations as may be in force governing transferof securities in dematerialized form.

� Duration Of The Scheme And Winding Up(A) Duration of the Scheme:(i) Close - Ended Scheme(s)

HDFC - SAI DOCUMENT

52HDFC SAI dt. 29.06.2009

� Each closed-ended Scheme/ Plan will have a MaturityDate / Final Redemption Date and will be compulsorilyand without any act by the unit holder(s) redeemed onMaturity Date / Final Redemption Date. On Maturity /Final Redemption Date of the Scheme/ Plan, the unitswill be redeemed at the Applicable NAV.

� The Mutual Fund may convert the Scheme/ Plansunder the Scheme after the Maturity Date / FinalRedemption Date into an open-end Scheme/ Plan andthis shall be in accordance with the SEBI (MF)Regulations.

� The Units of close-ended Scheme/ Plan may beconverted into open-ended scheme, -

(a) if the Scheme Information Document (SID)/ OfferDocument of such scheme discloses the optionand the period of such conversion; or

(b) the Unit holders are provided with an option toredeem their units in full.

� A close-ended scheme shall be fully redeemed at theend of the maturity period.

� Provided that a close ended scheme may be allowedto be rolled over if the purpose, period and otherterms of the roll over and all other material details ofthe scheme including the likely composition of assetsimmediately before the roll over, the net assets and netasset value of the scheme, are disclosed to the Unitholders and a copy of the same has been filed withSEBI.

� Provided further, that such roll over will be permittedonly in case of those Unit holders who express theirconsent in writing and the Unit holders who do not optfor the roll over or have not given written consent shallbe allowed to redeem their holdings in full at net assetvalue based price.

� A closed-ended Scheme/ Plan shall be wound up onthe expiry of duration fixed in the Scheme/ Plan on theredemption of the Units unless it is rolled-over for afurther period under sub-regulation (4) of regulation33.

� In terms of SEBI (MF) Regulations, the Scheme may bewound up as provided in (B) below.

(ii) Open - Ended / Interval Scheme(s)

� An Open-ended / Interval Scheme has a perpetuallife. However in terms of SEBI (MF) Regulations, theScheme may be wound up as provided in (B) below.

(iii) Close - Ended Scheme(s) with automatic conversion intoOpen-Ended Scheme upon Maturity

� Such scheme(s) will remain close - ended for theperiod mentioned in the SID/ Offer Documents andsubsequently the scheme will automatically beconverted into an open-ended scheme without anyfurther reference from the Mutual Fund/ Trustee/ AMC/Unit holders. Thereafter, the duration of the Schemeis perpetual. However in terms of SEBI (MF) Regulations,the Scheme may be wound up as provided in (B)below.

(B) Winding Up(i) A scheme of a Mutual Fund may be wound up, after

repaying the amount due to the Unit holders, -

(a) on the happening of any event which, in the opinionof the Trustees, requires the scheme to be wound up;or

(b) if seventy five per cent of the Unit holders of a schemepass a resolution that the scheme be wound up; or

(c) if SEBI so directs in the interest of the Unit holders.

Further in case of non-fulfillment of SEBI Circular SEBI/IMD/CIR No. 10/22701/03 dated December 12, 2003

relating to Minimum Number of Investors in Scheme(s)/Plans of Mutual Funds the provisions of Regulation 39(2)(c) of SEBI (Mutual Funds) Regulations, 1996 would becomeapplicable automatically without any reference form SEBI.

Accordingly, the scheme(s) shall be wound up by followingthe guidelines laid down by SEBI. Please refer to the OfferDocument/ Scheme Information Document of respectivescheme(s) for more details.

(ii) Where a Scheme is to be wound up pursuant to sub clause(i) above, the Trustee shall give notice of the circumstancesleading to the winding up of the Scheme:

(a) to SEBI; and

(b) in two daily newspapers having circulation all overIndia and also in a vernacular newspaper circulatingat the place where the Mutual Fund is established.

Effect of Winding Up

On and from the date of the publication of the notice as statedabove, the Trustee or the AMC as the case maybe, shall

(a) cease to carry on any business activities in respect of theScheme so wound up;

(b) cease to create or cancel Units in the Scheme;

(c) cease to issue or redeem Units in the Scheme.

Procedure And Manner of Winding Up

In the event of the Scheme being wound up, the AMC shallproceed as follows:

1. The Trustee shall call a meeting of the Unit holders of theScheme to consider and pass necessary resolutions bysimple majority of Unit holders present and voting at themeeting for authorising the AMC or any other person /agency to take the steps for winding up of the Scheme.

Provided that a meeting shall not be necessary if theScheme is wound up at the end of the maturity period.

(a) The Trustee or the person authorised as above, shalldispose the assets of the Scheme concerned in the bestinterests of the Unit holders of the Scheme.

(b) The proceeds of the sale made in pursuance of theabove, shall in the first instance be utilised towardsdischarge of such liabilities as are properly due underthe Scheme and after making appropriate provisionfor meeting the expenses connected with such windingup, the balance shall be paid to the Unit holders inproportion to their respective interests in the assets ofthe Scheme as on the date when the decision for thewinding up was taken.

2. On the completion of the winding up, the Trustee shallforward to SEBI and the Unit holders, a report on thewinding up containing particulars such as circumstancesleading to the winding up, the steps taken for disposal ofassets of the Scheme before winding up, expenses of theScheme for winding up, net assets available for distributionto the Unit holders and a certificate from the Auditors ofthe Mutual Fund.

3. Notwithstanding anything contained herein, the applicationof the provisions of SEBI (MF) Regulations in respect ofdisclosures of half-yearly reports and annual reports shallcontinue to be applicable until the winding up is completedor the Scheme ceases to exist.

4. After the receipt of report referred to the above under"Procedure and Manner of Winding up" if SEBI is satisfiedthat all measures for winding up of the Scheme have beencomplied with, the Scheme shall cease to exist.

� Permanent Account NumberSEBI has made it mandatory for all applicants (in the case ofapplication in joint names, each of the applicants) to mentionhis/her permanent account number (PAN) irrespective of theamount of purchase*. Where the applicant is a minor, and doesnot posses his / her own PAN, he / she shall quote the PAN of

HDFC - SAI DOCUMENT

53 HDFC SAI dt. 29.06.2009

his/ her father or mother or the guardian, as the case may be.However PAN is not mandatory in the case of CentralGovernment, State Government entities and the officialsappointed by the courts e.g. Official liquidator, Court receiveretc. (under the category of Government) for transacting in thesecurities market. HDFC Mutual Fund reserves the right toascertain the status of such entities with adequate supportingdocuments.

In order to verify that the PAN of the applicants (in case ofapplication in joint names, each of the applicants) has beenduly and correctly quoted therein, the applicants shall attachalong with the purchase* application, a photocopy of the PANcard duly self-certified along with the original PAN Card. Theoriginal PAN Card will be returned immediately across thecounter after verification.

* includes fresh/additional purchase, Systematic Investment#.

Further, as per the Notification No. 288 dated December 1,2004, every person who makes payment of an amount of Rs.50,000 or more to a Mutual Fund for purchase^ of its unitsshould provide PAN.

^ includes fresh/additional purchase, switch, SystematicInvestment# / Transfer and Dividend Reinvestment / DividendTransfer.

Since dividend reinvestment/ transfer of Rs. 50,000 or morequalifies as purchase of units for aforesaid Notification, PAN isrequired to process such reinvestment/ transfer, failing whichdividend reinvestment/ transfer shall be automatically convertedinto payout option.

# However, the requirement of PAN is exempted in respect ofSystematic Investment Plan (SIP) upto Rs.50,000/- per year perinvestor.

Applications not complying with the above requirementmay not be accepted/ processed.

Additionally, in the event of any application form beingsubsequently rejected for mismatch of applicant's PAN detailswith the details on the website of the Income Tax Department,the investment transaction will be cancelled and the amountmay be redeemed at the applicable NAV, subject to paymentof exit load, if any.

Please contact any of the Investor Service Centres/ CAMS/Distributors or visit our website www.hdfcfund.com for furtherdetails.

� Joint HoldersIn the event the account has more than one registered holderthe first-named Unit holder shall receive the account statements,all notices and correspondence with respect to the account, aswell as the proceeds of any Redemption requests or dividendsor other distributions. In addition, such holder shall have thevoting rights, as permitted, associated with such Units as perthe applicable guidelines.

The Unit holder must specify the 'mode of holding' in theapplication form as 'Jointly' or 'Anyone or Survivor'. In the caseof holding specified as 'Jointly', Redemptions would have to besigned by all joint holders. However, in cases of holding specifiedas 'Anyone or Survivor', any one of the Unit holders will havethe power / authority to make Redemption requests, without itbeing necessary for all the Unit holders to sign. However, in allcases, the proceeds of the Redemption will be paid to the first-named Unit holder.

In case of death / insolvency of any one or more of the personsnamed in the Register of Unit holders as the joint holders of anyUnits, the AMC shall not be bound to recognise any person(s)other than the remaining holders. In all such cases, the proceedsof the Redemption will be paid to the first-named of suchremaining Unit holders.


For DP account held in joint names, the rules of the Depositoryfor operation of such DP accounts will be applicable.

� Pledge of UnitsThe Units under the respective Scheme(s) (subject to completionof Lock-in Period, if any) may be offered as security by way ofa pledge / charge in favour of scheduled banks, financialinstitutions, non-banking finance companies (NBFC's), or anyother body. The AMC and / or the ISC will note and record suchPledged Units. A standard form for this purpose is available onrequest from any of the ISCs. The AMC shall mark a lien onlyupon receiving the duly completed form and documents as itmay require. Disbursement of such loans will be at the entirediscretion of the bank / financial institution / NBFC or any otherbody concerned and the Mutual Fund assumes no responsibilitythereof.

The Pledgor will not be able to redeem Units that are pledgeduntil the entity to which the Units are pledged provides writtenauthorisation to the Mutual Fund that the pledge / lien chargemay be removed. As long as Units are pledged, the Pledgeewill have complete authority to redeem such Units.


For units of the Scheme(s) held in electronic (demat) form, therules of Depository applicable for pledge will be applicable forPledge/Assignment of units of the Scheme(s).

Pledgor and Pledgee must have a beneficial account with theDepository. These accounts can be with the same DP or withdifferent DPs.

� Powers To Remove DifficultiesIf any difficulty arises in giving effect to the provisions of theScheme, the Trustee may take such steps that are not inconsistentwith these provisions which appear to them to be necessary andexpedient, for the purpose of removing difficulties.

� Powers To Make RulesThe AMC may from time to time prescribe such forms and makesuch rules for the purpose of giving effect to the provisions ofthe Scheme, and add to, alter or amend all or any of the formsand rules that may be framed from time to time.

C. GENERAL INFORMATION� Investment Decisions :The Investment Committee, comprising of the Managing Director,the Chief Investment Officer, Fund Manager(s) - Equities (forauthorising equity transactions only), Senior Fund Manager(Fixed Income) & Head of Credit (for authorising fixed incometransactions only), Senior Fund Manager - Fixed Income (forauthorising fixed income transactions only), Company Secretaryand the Chief Compliance Officer, will decide on the investmentproposals (quorum of any two disinterested members). Theinvestment proposals precede each investment decision andare reviewed by members of the Investment Committee. Theinitial investment proposals inter-alia will contain details likecompany and management background, business outlook,financial analysis / valuation and reasons for recommendation,as necessary. Subsequent proposals inter-alia will contain keyinvestment characteristics, valuation and reasons forrecommendation. The investment proposals for the arbitragetransactions of the Scheme will contain details such as the netassets of the Scheme, the percentage exposure to the company,the percentage exposure to derivative instruments, gross yieldetc. Periodic presentations will be made to the Board of Directorsof the AMC and Trustee Company to review the performanceof the Scheme(s).

All investment decisions shall be recorded in terms of SEBICircular No. MFD/CIR/6/73/2000, dated July 27, 2000 asamended from time to time.

The Managing Director of the AMC shall inter-alia ensure thatthe investments made by the fund managers are in the interestof the Unit holders.The Fund Manager shall ensure that thefunds of the Scheme(s) are invested in line with the investmentobjective of the Scheme(s) and in the interest of the Unit holders.

HDFC - SAI DOCUMENT

54HDFC SAI dt. 29.06.2009

� Underwriting By The Mutual FundSubject to SEBI (MF) Regulations, the Scheme may enter intounderwriting agreements after the Mutual Fund obtains acertificate of registration in terms of the Securities and ExchangeBoard of India (Underwriters) Rules and Securities and ExchangeBoard of India (Underwriters) Regulations, 1993 authorising itto carry on activities as underwriters. The capital adequacynorms for the purpose of underwriting shall be the net assetsof the respective Scheme/ Plans and the underwriting obligationof the respective Scheme/ Plans shall not at any time exceedthe total net asset value of the respective Scheme/ Plans.

� Stock Lending By The Mutual FundSubject to the SEBI (MF) Regulations (in case of HDFC TaxSaver& HDFC Long Term Advantage Fund - Equity Linked SavingsScheme guidelines), as applicable from time to time, the MutualFund may, if the Trustee permits, engage in Stock Lending. StockLending means the lending of stock to another person or entityfor a fixed period of time, at a negotiated compensation inorder to enhance returns of the portfolio. The securities lent willbe returned by the borrower on the expiry of the stipulatedperiod.

In case of HDFC Equity Fund, HDFC Top 200 Fund, HDFCCapital Builder Fund, HDFC Prudence Fund, HDFC TaxSaver,HDFC Cash Management Fund and HDFC High Interest Fund,the AMC shall adhere to the following limits should it engagein Stock Lending.

1. The exposure of the Scheme(s) at the time of lending willpresently be restricted to 40% of its Total Assets.

2. The exposure to a single approved intermediary will presentlynot exceed 10% of the Total Assets of the Scheme(s) or Rs.5 crore whichever is higher.

In case of Scheme(s) other than mentioned above, the AMCshall adhere to the following limits should it engage in StockLending.

1. Not more than 25% of the net assets of the Scheme cangenerally be deployed in Stock Lending.

2. Not more than 5% of the net assets of the Scheme cangenerally be deployed in Stock Lending to any singlecounter party.

The Mutual Fund may not be able to sell such lent out securitiesand this can lead to temporary illiquidity.

� Borrowing By The Mutual FundUnder the SEBI (MF) Regulations, the Mutual Fund is allowedto borrow to meet the temporary liquidity requirements of itsScheme for the purpose of Redemption or Redemption of Unitsor the payment of interest or dividend to the Unit holders.Further, as per the SEBI (MF) Regulations, the Mutual Fund shallnot borrow more than 20% of the Net Assets of the Scheme andthe duration of such borrowing shall not exceed a period of sixmonths.

The Mutual Fund may raise such borrowings after approval bythe Trustee from Sponsors or any of their Associate / GroupCompanies or Banks in India or any other entity at marketrelated rates prevailing at the time and applicable to similarborrowings. The security for such borrowings, if required, willbe as determined by the Trustee. Such borrowings, if raised,may result in a cost, which would be dealt with in consultationwith the Trustee.

� Issue of Bonus UnitsIn the interest of the Unit holders and smooth functioning of theFund, at an appropriate time, the Asset Management Companymay decide to issue Bonus Units to all existing Unit holders. TheBonus Units may be declared in the Bonus Option of theScheme. For such declaration the Fund will announce a RecordDate / Book Closure and all Unit holders whose names appearin the Register of Unit holders as on the Record Date / BookClosure shall be eligible to be issued such Bonus Units. These

Units will be pari-passu with the original Units. Bonus Units soissued will be credited to the Unit holders’ account in the BonusOption. Pursuant to allotment of Bonus Units, the per Unit NAVof the Bonus Option would fall in proportion to the Bonus Unitsallotted and as a result the total value of Units held by the Unitholder would remain the same. The issue of such Units willincrease the number of Units held by the Unit holder in theBonus Option of the Scheme and so also the total number ofUnits outstanding in the Bonus Option of the Scheme. This willresult in proportionate fall in the NAV per Unit of the BonusOption of the Scheme. Fresh account statements will be sent toall Unit holders after the allotment of bonus units.

� E-mail CommunicationAccount Statements / Annual Reports can be sent to each Unitholder by courier / post / e-mail (as applicable).

Unit holders who have opted to receive these documents by e-mail will be required to download and print the documents afterreceiving e-mail from the Mutual Fund. Should the Unit holderexperience any difficulty in accessing the electronically delivereddocuments, the Unit holder shall promptly advise the MutualFund to enable the Mutual Fund to make the delivery throughalternate means. It is deemed that the Unit holder is aware ofall security risks including possible third party interception of thedocuments and contents of the documents becoming known tothird parties.

The Monthly / Quarterly Newsletter, shall be displayed at thewebsite of the Mutual Fund. The Unit holders can request fora copy of the Newsletter by post / e-mail. The AMC wouldarrange to dispatch these documents to the concerned Unitholder.

� Disclosure to IntermediariesThe Mutual Fund may disclose details of the investor's accountand transactions thereunder to those intermediaries whosestamp appears on the application form / transaction slips. TheMutual Fund may disclose such details to the bankers, as maybe necessary for the purpose of effecting payments to theinvestor.

� Use of IntermediariesThe investor is aware that the Mutual Fund or AMC need to useintermediaries such as post office, local and internationalcouriers, banks and other intermediaries for correspondencewith the investor and for making payments to the investor bycheques, drafts, warrants, through Electronic Clearing Services(ECS) etc. The investor expressly agrees and authorises theMutual Fund or AMC or their Agents to correspond with theinvestor or make payments through intermediaries includingbut not limited to post office, local and international couriersand banks. The investor clearly understands that the MutualFund or AMC uses such intermediaries for convenience of theinvestor and such intermediaries are agents of the investor andnot the Mutual Fund or AMC. The Mutual Fund or AMC or theirAgents are not responsible in any manner whatsoever fordelayed receipt or non-receipt of any correspondence or paymentthrough such intermediaries.

� WebsiteThe website of the Fund/AMC is intended solely for the use ofResident Indians, Non Resident Indians, persons of Indian Originand Foreign Institutional Investors registered with SEBI. It shouldnot be regarded as a solicitation for business in any jurisdictionother than India. In particular the information is not for distributionand does not constitute an offer to sell or the solicitation of anoffer to buy securities in any jurisdiction where such activity isprohibited. Any persons resident outside India who neverthelessintend to respond to this material must first satisfy themselvesthat they are not subject to any local requirements, which restrictor prohibit them from doing so. Information other than thatrelating specifically to the AMC/Fund and its products is forinformation purposes only and should not be relied upon as abasis for investment decisions. The AMC cannot be responsible

HDFC - SAI DOCUMENT

55 HDFC SAI dt. 29.06.2009

for any information contained in any website linked from theMutual Fund website.

� Investors’ Personal InformationThe AMC may share investors’ personal information with thefollowing third parties:

� Registrar, Banks and / or authorised external third partieswho are involved in transaction processing, despatches,etc., of investors’ investment in the Scheme;

� Distributors or Sub-brokers through whom applications ofinvestors are received for the Scheme; or

� Any other organisations for compliance with any legal orregulatory requirements or to verify the identity of investorsfor complying with anti-money laundering requirements.

Account statements or financial information pertaining to theinvestor, if it is to be sent over the internet to the Unitholder,distributors or any other entity as indicated above, will be sentonly through a secure means and / or through encryptedelectronic mail.

� Scheme(s) to be binding on the Unit HoldersSubject to the SEBI (MF) Regulations, the Trustee may, from time

to time, add or otherwise vary or alter all or any of the featuresof investment options/ facilities and terms of any of the Scheme(s)after obtaining the prior permission of SEBI and Unit holders(where necessary), and the same shall be binding on all the Unitholders of such Scheme and any person or persons claimingthrough or under them as if each Unit Holder or such personexpressly had agreed that such features and terms shall be sobinding. Any change in fundamental attribute of the Scheme(s)shall be done only in accordance with Regulation 18(15A) ofSEBI (MF) Regulations.

� Inter Scheme Transfer of InvestmentsTransfer of investments from one Scheme to another Schemein the same Mutual Fund, shall be allowed only if: -

(a) such transfers are made at the prevailing market price forquoted Securities on spot basis

Explanation : spot basis shall have the same meaning asspecified by Stock Exchange for spot transactions

(b) the Securities so transferred shall be in conformity with theinvestment objective of the Scheme to which such transferhas been made.

� Associate Transactions

INVESTMENT IN GROUP COMPANIES

During the period April 1, 2006 to March 31, 2007, the following investments were made in the securities of Sponsorsand its Group Companies :

(Rs. in Crores)Name of the Particulars Quantity SX NY SX+ LTEF MIP - HMYF MY05 HIF HHIF HSTP HLF CMS CMS+ CMC FRIP- 13M 13M 13M 14M 90DCompany (Nos.) LTP STP Jun 06 Jul 06 Aug 06 Mar 07 Mar 07

(1) (1) (1)

Housing Equity 2,875 - 0.410 - - - - - - - - - - - - - - - - - -Development Shares 5,892 - - 0.870 - - - - - - - - - - - - - - - - -Finance Purchase 16,544 2.460 - - - - - - - - - - - - - - - - - - -CorporationLimited $ Sale 1,867 - 0.250 - - - - - - - - - - - - - - - - - -

3,953 - - 0.580 - - - - - - - - - - - - - - - - - 10,672 1.610 - - - - - - - - - - - - - - - - - - -

FloatingRateBonds/NotesSale 200 - - - - 20.000 - - - - - - - - - - - - - - -

NCD/ 100 - - - - - - - - - - - - - - - - - 10.000 - -Khokha 157 - - - - - - - - - - - - - - - 15.720 - - - -Purchase 25 - - - - - - - - 2.500 - - - - - - - - - - -

75 - - - - - - - 7.500 - - - - - - - - - - - - 50 - - - - - - - - - - 4.980 - - - - - - - - - 200 - - - - - - - - - - - - - 20.000 - - - - - - 500,051 - - - - - - - - - - - 9.970 - - - - - - - - 50 - - - - - 4.900 - - - - - - - - - - - - - - 500,000 - - - - - - - - - 5.020 - - - - - - - - - - 100 - - - - 10.000 - - - - - - - - - - - - - - - 250 - - - - - - - - - - - - - - - - 25.000 - - - 12 - - - - - - - - - - - - - - - - - - - 1.200

- - Sale 500,000 - - - - - - - - 5.020 - - - - - - - - - - -

40 - - - - - - - - - - - - 4.000 - - - - - - - 550 - - - - - - - - - - 55.010 - - - - - - - - - 200 - - - - - - - - - - - - - 20.000 - - - - - - 450 - - - - - - - - - - - 45.010 - - - - - - - - 50 - - - - - 4.870 - - - - - - - - - - - - - - 500,000 - - - - - - - - - 5.000 - - - - - - - - - - 200 - - - - - - - - - - - - - - 20.010 - - - - - 350 - - - 35.000 - - - - - - - - - - - - - - - - 110 - - - - 11.000 - - - - - - - - - - - - - - - 170 - - - - - - - - - - - - - - - - 17.010 - - - 250 - - - - - - 25.000 - - - - - - - - - - - - -

DeepDiscountBondsPurchase 1100 - - - - - - - - - - - - - - - - - - 95.530 -

GRUH FloatingFinance Ltd.^ Rate

Bonds/NotesPurchase 490 - - - - - - - - - - - 49.000 - - - - - - - -

150 - - - - - 15.000 - - - - - - - - - - - - - - 250 - - - - 25.000 - - - - - - - - - - - - - - - 160 - - - - - - 16.000 - - - - - - - - - - - - -

Sale 150 - - - - - 15.000 - - - - - - - - - - - - - -NCD/KhokhaSale 250 - - - - - - - - - - 25.000 - - - - - - - - -

$ Sponsor ^ Group Company

HDFC - SAI DOCUMENT

56HDFC SAI dt. 29.06.2009

SX : HDFC Index Fund - SENSEX Plan, NY : HDFC Index Fund - Nifty Plan, SX+ : HDFC Index Fund - SENSEX Plus Plan, LTEF : HDFC LongTerm Equity Fund, MIP - LTP : HDFC MF Monthly Income Plan - Long Term Plan, HMYF : HDFC Multiple Yield Fund, MY05 : HDFC Multiple YieldFund - Plan 2005, HIF : HDFC Income Fund, HHIF : HDFC High Interest Fund, HSTP : HDFC Short Term Plan, HLF : HDFC Liquid Fund, CMS: HDFC Cash Management Fund - Savings Plan, CMS+ : HDFC Cash Management Fund - Treasury Advantage Plan, CMC : HDFC CashManagement Fund - Call Plan, FRIP-STP : HDFC Floating Rate Income Fund - Short Term Plan, 13M Jun 06 (1) : HDFC FMP 13M June 2006(1), 13M Jul 06 (1) : HDFC FMP 13M July 2006 (1), 13M Aug 06(1) : HDFC FMP 13M August 2006 (1), 14M Mar 07 : HDFC FMP 14M March2007, 90D Mar 07 : HDFC FMP 90D March 2007.

During the period April 1, 2007 to March 31, 2008, the following investments were made in the securities of Sponsors and its Group Companies:(Rs. in Crores)

Name of the Particulars Quantity HAF HGF CMS+ HIF HLF CMS NY HPMCF HPF SX+ HSTP SX HT200 FRIF- LTEF HHIF- MIP-LTP 16M 13M 13M 14M 370D 370D 90D 367D 17M 18M 18M 18M 90D 13M 18M 13MCompany STP STP Jan 07 Jul 07 Mar 08 Mar 07 Mar 08 Mar 08 Mar 07 May 07 Nov 06 Nov 07 Sep 07 Oct 07 Nov 07 Aug 07 Dec 07 Jun 06

(2) (1) (2) (2)

Housing Dev. Deep Discount 25 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2.33 - - -Finance Corpn Bonds Purchase 150 14.17 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -Ltd. $ 445 - - 39.87 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

205 - - - - - 19.09 - - - - - - - - - - - - - - - - - - - - - - - - - - -250 - - - - - - - - - - 22.86 - - - - - - - - - - - - - - - - - - - - - -250 - - - - - - - - - - - - - 44.51 - - - - - - - - - - - - - - - - - - -145 - - - - - - - - - - - - - - - 13.54 - - - - - - - - - - - - - - - - -

22 - - - - - - - - - - - - - - - - - 2.14 - - - - - - - - - - - - - - -150 - - - - - - - - - - - - - - - - - - - - - - - - 13.65 - - - - - - - -

15 - - - - - - - - - - - - - - - - - - - - - - - - - 1.40 - - - - - - -Sale 25 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2.32 - - -

150 14.05 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -150 - - - - - - - - - - 14.01 - - - - - - - - - - - - - - - - - - - - - -

50 - - - - - - - - - - - - - 4.48 - - - - - - - - - - - - - - - - - - -310 - - - - - - - - - - - - - - - - - - - - 27.63 - - - - - - - - - - - -

22 - - - - - - - - - - - - - - - - - - - - - - - - 2.02 - - - - - - - -Equity Shares 147,500 - 32.44 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -Purchase 8,335 - - - - - - 2.12 - - - - - - - - - - - - - - - - - - - - - - - - - -

92 - - - - - - - 0.03 - - - - - - - - - - - - - - - - - - - - - - - - -16,292 - - - - - - - - - 4.19 - - - - - - - - - - - - - - - - - - - - - - -18,206 - - - - - - - - - - - 4.59 - - - - - - - - - - - - - - - - - - - - -

160,000 - - - - - - - - - - - - 33.96 - - - - - - - - - - - - - - - - - - - -87,500 - - - - - - - - - - - - - - 21.78 - - - - - - - - - - - - - - - - - -

Sale 6,279 - - - - - - 1.58 - - - - - - - - - - - - - - - - - - - - - - - - - -92 - - - - - - - 0.03 - - - - - - - - - - - - - - - - - - - - - - - - -

12,105 - - - - - - - - - 3.05 - - - - - - - - - - - - - - - - - - - - - - -11,827 - - - - - - - - - - - 2.66 - - - - - - - - - - - - - - - - - - - - -

160,000 - - - - - - - - - - - - 38.87 - - - - - - - - - - - - - - - - - - - -87,500 - - - - - - - - - - - - - - 23.32 - - - - - - - - - - - - - - - - - -

Floating Rate 750 - - 75.00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -Bonds / Notes 250 - - - - 25.00 - - - - - - - - - - - - - - - - - - - - - - - - - - - -Purchase 500 - - - - - - - - - - - - - 100.00 - - - - - - - - - - - - - - - - - - -NCD/ Khokha 10 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1.00 - - - -Purchase 30 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3.00 -

1,700 - - 194.76 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -250 - - - - 24.99 - - - - - - - - - - - - - - - - - - - - - - - - - - - -100 - - - - - 9.96 - - - - - - - - - - - - - - - - - - - - - - - - - - -550 - - - - - - - - 70.61 - - - - - - - - - - - - - - - - - - - - - - - -650 - - - - - - - - - - 64.99 - - - - - - - - - - - - - - - - - - - - - -362 - - - - - - - - - - - - - 36.19 - - - - - - - - - - - - - - - - - - -

30 - - - - - - - - - - - - - - - 3.00 - - - - - - - - - - - - - - - - -220 - - - - - - - - - - - - - - - - 22.01 - - - - - - - - - - - - - - - -200 - - - - - - - - - - - - - - - - - - - 20.00 - - - - - - - - - - - - -

1,040 - - - - - - - - - - - - - - - - - - - - - 103.65 - - - - - - - - - - -1,360 - - - - - - - - - - - - - - - - - - - - - - 136.00 - - - - - - - - - -

380 - - - - - - - - - - - - - - - - - - - - - - - - - - 38.00 - - - - - -80 - - - - - - - - - - - - - - - - - - - - - - - - - - - 8.00 - - - - -

Sale 100 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 9.96 - -157 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 15.70400 - - 39.99 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -170 - - - 16.11 - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

500,151 - - - - - 20.10 - - - - - - - - - - - - - - - - - - - - - - - - - - -650 - - - - - - - - - - 64.77 - - - - - - - - - - - - - - - - - - - - - -212 - - - - - - - - - - - - - 21.20 - - - - - - - - - - - - - - - - - - -150 - - - - - - - - - - - - - - - - 15.45 - - - - - - - - - - - - - - - -

80 - - - - - - - - - - - - - - - - - - 8.00 - - - - - - - - - - - - - -12 - - - - - - - - - - - - - - - - - - - - - - - 1.20 - - - - - - - - -30 - - - - - - - - - - - - - - - - - - - - - - - - - - - 3.00 - - - - -

Name of Particulars Quantity HAF HBF HCBF HCSF HEF HDFC HGF HDFC CMS+ HLF CMS HMYF NY HPMCF HPF SX+ HSTP SX HT200 HLTAF HTS HFRIF- LTEF HINF MIP-LTP MIP- 90D HMOF MY05 13M 13Mthe Company (Nos.) CGF-IP CGF-SP STP STP Mar 07 Sep 06 Aug 07

GRUH Finance Ltd.^ Floating Rate Bonds/ Notes Purchase 90 - - - - - - - - - - 9.00 - - - - - - - - - - - - - - - - - - - - Sale 580 - - - - - - - - - - 58.00 - - - - - - - - - - - - - - - - - - - -

250 - - - - - - - - - - - - - - - - - - - - - - - - 25.00 - - - - - - 160 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 16.00 - -

$ - Sponsor ^ Group Company

HAF : HDFC Arbitrage Fund, HGF : HDFC Growth Fund, CMS+ : HDFC Cash Management Fund -Treasury Advantage, Plan, HIF : HDFC Income Fund, HLF : HDFC Liquid Fund, CMS : HDFC Cash ManagementFund - Savings Plan, NY : HDFC Index Fund - Nifty, HPMCF: HDFC Premier Multi-Cap Fund Plan, HPF : HDFC Prudence Fund, SX+ : HDFC Index Fund - Sensex Plus Plan, HSTP : HDFC Short Term Plan,SX : HDFC Index Fund - Sensex Plan, HT200 : HDFC Top 200 Fund, FRIF-STP : HDFC Floating Rate Income Fund - Short Term Plan, LTEF : HDFC Long Term Equity Fund, HHIFSTP : HDFC High InterestFund - Short Term Plan, MIP-LTP : HDFC MF Monthly Income Plan - Long Term Plan, 13M Jul 07 : HDFC FMP 13M July 2007, 14M Mar 07 : HDFC FMP 14M March 2007, 90D Mar 07 : HDFC FMP 90DMarch 2007, 367D May 07 : HDFC FMP 367D May 2007, 17M Nov 06 : HDFC FMP 17M November 2006, 18M Nov 07 : HDFC FMP 18M November 2007, 18M Sep 07 : HDFC FMP 18M September2007, 18M Oct 07 : HDFC FMP 18M October 2007, 90D Nov 07(2) : HDFC FMP 90D November 2007(2), 13M Aug 07 : HDFC FMP 13M August 2007, 16M Jan 07: HDFC FMP 16M January 2007,13M Mar 08 (2): HDFC FMP 13M March 2008 (2), 370D Mar 08 (1): HDFC FMP 370D March 2008 (1), 370D Mar 08 (2): HDFC FMP 370D March 2008 (2), 18M Dec 07: HDFC FMP 18M December2007, 13M Jun 06: HDFC FMP 13M June 2006, MY05 : HDFC Multiple Yield Fund - Plan 2005,

HDFC - SAI DOCUMENT

57 HDFC SAI dt. 29.06.2009

During the period April 1, 2008 to March 31, 2009, the following investments were made in the securities of Sponsors andits Group Companies:

(Rs. in Crores)

Name of Particulars Quantity APR182 APRM18 HDFCARHDFCEQ HDFCGR HDFCIG HDFCLI HDFCMS HDFCNY HDFCPR HDFCSX HDFCT2 HDFLSP HDFLTE HDINFG HIFSTP HMIPLT HQIFB MAY373 HDFCHIthe Company (Nos.)

Housing Development Deep Discount 5,849 - - - - - 541.02 - - - - - - - - - - - - - -Fin. Corp. Ltd. Bonds 2,713 - - - - - - 257.62 - - - - - - - - - - - - -

Purchase 765 - - - - - - - 71.40 - - - - - - - - - - - -15 - - - - - - - - - - - - - - - - - - - -50 - - - - - - - - - - - - - - - 4.81 - - - -14 - - - - - - - - - - - - - - - - - - - -20 - - - - - - - - - - - - - - - - - 1.95 - -34 - - - - - - - - - - - - - - - - - - - -430 - - - - - - - - - - - - - - - - - - - -27 - - - - - - - - - - - - - - - - - - - -520 - - - - - - - - - - - - - - - - - - - -

Sale 3,544 - - - - - 333.20 - - - - - - - - - - - - - -1,213 - - - - - - 121.30 - - - - - - - - - - - - -220 - - - - - - - 22.00 - - - - - - - - - - - -100 - - - - - - - - - - - - - - - - - - - -450 - - - - - - - - - - - - 39.88 - - - - - - -15 - - - - - - - - - - - - - - - - - - - -195 - - - - - - - - - - - - - - - 19.50 - - - -22 - - - - - - - - - - - - - - - - - - - -790 - - - - - - - - - - - - - - - - - - - -128 - - - - - - - - - - - - - - - - - - - -15 - - - - - - - - - - - - - - - - - - - -14 - - - - - - - - - - - - - - - - - - - -20 - - - - - - - - - - - - - - - - - 2.00 - -34 - - - - - - - - - - - - - - - - - - - -430 - - - - - - - - - - - - - - - - - - - -27 - - - - - - - - - - - - - - - - - - - -520 - - - - - - - - - - - - - - - - - - - -

Equity Shares 114,750 - - 15.61 - - - - - - - - - - - - - - - - -Purchase 250,000 - - - 54.02 - - - - - - - - - - - - - - - -

35,000 - - - - 7.34 - - - - - - - - - - - - - - -5,436 - - - - - - - - 1.06 - - - - - - - - - - -6,808 - - - - - - - - - - - - - - - - - - - -17,078 - - - - - - - - - - 2.92 - - - - - - - - -418,000 - - - - - - - - - - - 82.56 - - - - - - - -42,500 - - - - - - - - - - - - - - 8.59 - - - - -80,000 - - - - - - - - - - - - - - - - - - - -

Sale 70,650 - - 9.84 - - - - - - - - - - - - - - - - -5,621 - - - - - - - - 1.23 - - - - - - - - - - -6,052 - - - - - - - - - - - - - - - - - - - -17,561 - - - - - - - - - - 3.11 - - - - - - - - -

Floating Rate 500 - - - - - 50.00 - - - - - - - - - - - - - -Bonds/Notes 600 - - - - - - 60.00 - - - - - - - - - - - - -Purchase 250 - - - - - - - 25.01 - - - - - - - - - - - -

100 - - - - - - - - - - - 10.01 - - - - - - - -100 - - - - - - - - - - - - - 10.01 - - - - - -

Sale 200 - - - - - - - - - 20.02 - - - - - - - - - -1,250 - - - - - - - - - - - - 125.01 - - - - - - -100 - - - - - - - - - - - - - - - - - - - -

NCD/ Khokha 345 34.73 - - - - - - - - - - - - - - - - - - -Purchase 179 - 18.01 - - - - - - - - - - - - - - - - - -

150 - - 15.10 - - - - - - - - - - - - - - - - -150 - - - - 15.13 - - - - - - - - - - - - - - -3,578 - - - - - 355.78 - - - - - - - - - - - - - -1,055 - - - - - - 104.92 - - - - - - - - - - - - -1,235 - - - - - - - 123.12 - - - - - - - - - - - -20 - - - - - - - - - - - - - - - - - - - -805 - - - - - - - - - - - - 79.44 - - - - - - -1,800 - - - - - - - - - - - - - - - - - - - -530 - - - - - - - - - - - - - - - 52.87 - - - -850 - - - - - - - - - - - - - - - - 85.08 - - -360 - - - - - - - - - - - - - - - - - - - -90 - - - - - - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - - - - - - -240 - - - - - - - - - - - - - - - - - - - -40 - - - - - - - - - - - - - - - - - - - -260 - - - - - - - - - - - - - - - - - - 26.00 -290 - - - - - - - - - - - - - - - - - - - 29.0395 - - - - - - - - - - - - - - - - - - - -300 - - - - - - - - - - - - - - - - - - - -500 - - - - - - - - - - - - - - - - - - - -365 - - - - - - - - - - - - - - - - - - - -20 - - - - - - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - - - - - - -50 - - - - - - - - - - - - - - - - - - - -19 - - - - - - - - - - - - - - - - - - - -104 - - - - - - - - - - - - - - - - - - - -80 - - - - - - - - - - - - - - - - - - - -30 - - - - - - - - - - - - - - - - - - - -20 - - - - - - - - - - - - - - - - - - - -500 - - - - - - - - - - - - - - - - - - - -20 - - - - - - - - - - - - - - - - - - - -135 - - - - - - - - - - - - - - - - - - - -300 - - - - - - - - - - - - - - - - - - - -300 - - - - - - - - - - - - - - - - - - - -

Sale 25 2.49 - - - - - - - - - - - - - - - - - - -94 - 9.50 - - - - - - - - - - - - - - - - - -150 - - 15.01 - - - - - - - - - - - - - - - - -150 - - - - 15.14 - - - - - - - - - - - - - - -

HDFC - SAI DOCUMENT

58HDFC SAI dt. 29.06.2009

2,965 - - - - - 294.38 - - - - - - - - - - - - - -350 - - - - - - 34.88 - - - - - - - - - - - - -400 - - - - - - - - - 39.80 - - - - - - - - - -20 - - - - - - - - - - - - - - - - - - - -685 - - - - - - - - - - - - 68.75 - - - - - - -1,800 - - - - - - - - - - - - - - - - - - - -505 - - - - - - - - - - - - - - - 51.09 - - - -520 - - - - - - - - - - - - - - - - 55.52 - - -560 - - - - - - - - - - - - - - - - - - - -534 - - - - - - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - - - - - - -150 - - - - - - - - - - - - - - - - - - - -50 - - - - - - - - - - - - - - - - - - - -115 - - - - - - - - - - - - - - - - - - 11.15 -140 - - - - - - - - - - - - - - - - - - - 13.87475 - - - - - - - - - - - - - - - - - - - -300 - - - - - - - - - - - - - - - - - - - -740 - - - - - - - - - - - - - - - - - - - -259 - - - - - - - - - - - - - - - - - - - -20 - - - - - - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - - - - - - -4 - - - - - - - - - - - - - - - - - - - -4 - - - - - - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - - - - - - -30 - - - - - - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - - - - - - -200 - - - - - - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - - - - - - -20 - - - - - - - - - - - - - - - - - - - -300 - - - - - - - - - - - - - - - - - - - -300 - - - - - - - - - - - - - - - - - - - -

Name of Particulars Quantity MAR371 JUN372 JAN18M OCT182 DEC371 AUG371 HDFCIN SEP371 HDFCS+ HDFLTP HDFCGF HDFCSP JUL371 AUG904 NOV18M FEB14M MAY372 SEP901 DEC161 SEP902the Company (Nos.)

Housing Development Deep Discount 5,849 - - - - - - - - - - - - - - - - - - - -Fin. Corp. Ltd. Bonds 2,713 - - - - - - - - - - - - - - - - - - - -

Purchase 765 - - - - - - - - - - - - - - - - - - - -

15 - - - - - - - - - 1.44 - - - - - - - - - -

50 - - - - - - - - - - - - - - - - - - - -

14 - - - - - - - - - - - - - - - - - - - 1.36

20 - - - - - - - - - - - - - - - - - - - -

34 - - - - - - - - - - - - - - - - - 3.30 - -

430 - - - - - - - - - - - - - - - - - - - -

27 - - - - - - - - - - - - - 2.62 - - - - - -

520 - - - - - - - - - - - - - - - - - - - -

Sale 3,544 - - - - - - - - - - - - - - - - - - - -

1,213 - - - - - - - - - - - - - - - - - - - -

220 - - - - - - - - - - - - - - - - - - - -

100 - - - - - - - - - - - 8.86 - - - - - - - -

450 - - - - - - - - - - - - - - - - - - - -

15 - - - - - - - - - 1.44 - - - - - - - - - -

195 - - - - - - - - - - - - - - - - - - - -

22 - - - - - - - - - - - - - - - - - - - -

790 - - - - - - - - - - - - - - - - - - - -

128 - - - - - - - - - - - - - - - - - - - -

15 - - - - - - - - - - - - - - - - - - - -

14 - - - - - - - - - - - - - - - - - - - 1.39

20 - - - - - - - - - - - - - - - - - - - -

34 - - - - - - - - - - - - - - - - - 3.32 - -

430 - - - - - - - - - - - - - - - - - - - -

27 - - - - - - - - - - - - - 2.64 - - - - - -

520 - - - - - - - - - - - - - - - - - - - -

Equity Shares 114,750 - - - - - - - - - - - - - - - - - - - -

Purchase 250,000 - - - - - - - - - - - - - - - - - - - -

35,000 - - - - - - - - - - - - - - - - - - - -

5,436 - - - - - - - - - - - - - - - - - - - -

6,808 - - - - - - - - 1.64 - - - - - - - - - - -

17,078 - - - - - - - - - - - - - - - - - - - -

418,000 - - - - - - - - - - - - - - - - - - - -

42,500 - - - - - - - - - - - - - - - - - - - -

80,000 - - - - - - - - - - - - - - - - - - - -

Sale 70,650 - - - - - - - - - - - - - - - - - - - -

5,621 - - - - - - - - - - - - - - - - - - - -

(Rs. in Crores)

Name of Particulars Quantity APR182 APRM18 HDFCARHDFCEQ HDFCGR HDFCIG HDFCLI HDFCMS HDFCNY HDFCPR HDFCSX HDFCT2 HDFLSP HDFLTE HDINFG HIFSTP HMIPLT HQIFB MAY373 HDFCHIthe Company (Nos.)

HDFC - SAI DOCUMENT

59 HDFC SAI dt. 29.06.2009

6,052 - - - - - - - - 1.61 - - - - - - - - - - -

17,561 - - - - - - - - - - - - - - - - - - - -

Floating Rate 500 - - - - - - - - - - - - - - - - - - - -

Bonds/Notes 600 - - - - - - - - - - - - - - - - - - - -

Purchase 250 - - - - - - - - - - - - - - - - - - - -

100 - - - - - - - - - - - - - - - - - - - -

100 - - - - - - - - - - - - - - - - - - - -

Sale 200 - - - - - - - - - - - - - - - - - - - -

1,250 - - - - - - - - - - - - - - - - - - - -

100 - - - - - - - - - 10.00 - - - - - - - - - -

NCD/ Khokha 345 - - - - - - - - - - - - - - - - - - - -

Purchase 179 - - - - - - - - - - - - - - - - - - - -

150 - - - - - - - - - - - - - - - - - - - -

150 - - - - - - - - - - - - - - - - - - - -

3,578 - - - - - - - - - - - - - - - - - - - -

1,055 - - - - - - - - - - - - - - - - - - - -

1,235 - - - - - - - - - - - - - - - - - - - -

20 - - - - - - - - - - - 1.95 - - - - - - - -

805 - - - - - - - - - - - - - - - - - - - -

1,800 - - - - - - - - - 180.51 - - - - - - - - - -

530 - - - - - - - - - - - - - - - - - - - -

850 - - - - - - - - - - - - - - - - - - - -

360 - - - - - - - - - - - - - - - - - - - -

90 - - - - - - - - - - - - - - - - - - - -

10 - - - - - - - - - - - - - - - - - - - -

240 - - - - - - - - - - - - - - - - 24.00 - - -

40 - - - - - - - - - - - - - - - - - - 4.12 -

260 - - - - - - - - - - - - - - - - - - - -

290 - - - - - - - - - - - - - - - - - - - -

95 - - - - - - - - - - - - - - 9.26 - - - - -

300 - - - - - - - - - - - - - - - - - - - -

500 49.96 - - - - - - - - - - - - - - - - - - -

365 - 36.15 - - - - - - - - - - - - - - - - - -

20 - - 1.99 - - - - - - - - - - - - - - - - -

10 - - - - - - - - - - - - - - - 0.99 - - - -

50 - - - 5.02 - - - - - - - - - - - - - - - -

19 - - - - - - - - - - - - - - - - - - - -

104 - - - - 10.34 - - - - - - - - - - - - - - -

80 - - - - - - - - - - - - - - - - - - - -

30 - - - - - 2.92 - - - - - - - - - - - - - -

20 - - - - - - - - - - - - - - - - - - - -

500 - - - - - - 50.03 - - - - - - - - - - - - -

20 - - - - - - - - - - - - - - - - - - - -

135 - - - - - - - 13.24 - - - - - - - - - - - -

300 - - - - - - - - - - - - 29.80 - - - - - - -

300 - - - - - - - - - - - - - - - - - - - -

Sale 25 - - - - - - - - - - - - - - - - - - - -

94 - - - - - - - - - - - - - - - - - - - -

150 - - - - - - - - - - - - - - - - - - - -

150 - - - - - - - - - - - - - - - - - - - -

2,965 - - - - - - - - - - - - - - - - - - - -

350 - - - - - - - - - - - - - - - - - - - -

400 - - - - - - - - - - - - - - - - - - - -

20 - - - - - - - - - - - 1.93 - - - - - - - -

685 - - - - - - - - - - - - - - - - - - - -

1,800 - - - - - - - - - 179.78 - - - - - - - - - -

505 - - - - - - - - - - - - - - - - - - - -

520 - - - - - - - - - - - - - - - - - - - -

560 - - - - - - - - - - - - - - - - - - - -

534 - - - - - - - - - - - - - - - - - - - -

10 - - - - - - - - - - - - - - - - - - - -

150 - - - - - - - - - - - - - - - - 14.49 - - -

50 - - - - - - - - - - - - - - - - - - - -

115 - - - - - - - - - - - - - - - - - - - -

140 - - - - - - - - - - - - - - - - - - - -

(Rs. in Crores)


HDFC - SAI DOCUMENT

60HDFC SAI dt. 29.06.2009

475 - - - - - - - - - - - - - - 46.52 - - - - -

300 - - - - - - - - - - - - - - - - - - - -

740 74.45 - - - - - - - - - - - - - - - - - - -

259 - 25.32 - - - - - - - - - - - - - - - - - -

20 - - 1.94 - - - - - - - - - - - - - - - - -

10 - - - - - - - - - - - - - - - 0.97 - - - -

10 - - - 1.03 - - - - - - - - - - - - - - - -

10 - - - - - - - - - - - - - - - - - - - -

4 - - - - 0.41 - - - - - - - - - - - - - - -

4 - - - - - - - - - - - - - - - - - - - -

10 - - - - - - - - - - - - - - - - - - - -

30 - - - - - 2.92 - - - - - - - - - - - - - -

10 - - - - - - - - - - - - - - - - - - - -

200 - - - - - - 19.71 - - - - - - - - - - - - -

10 - - - - - - - 0.99 - - - - - - - - - - - -

20 - - - - - - - - - - 1.95 - - - - - - - - -

300 - - - - - - - - - - - - 29.49 - - - - - - -

300 - - - - - - - - - - - - - - - - - - - -

(Rs. in Crores)

Name of Particulars Quantity OCTM18 AUG902 HDFCTA 18MOCT DEC18M FEBM15 NOV171 SEP18M MAY371 MAR372 AUG372 JUN903 MAY367 JAN16M MAR132 NOV17M MAR14M MAY904the Company (Nos.)

Housing Development Deep Discount 5,849 - - - - - - - - - - - - - - - - - -

Fin. Corp. Ltd. Bonds 2,713 - - - - - - - - - - - - - - - - - -

Purchase 765 - - - - - - - - - - - - - - - - - -

15 - - - - - - - - - - - - - - - - - -

50 - - - - - - - - - - - - - - - - - -

14 - - - - - - - - - - - - - - - - - -

20 - - - - - - - - - - - - - - - - - -

34 - - - - - - - - - - - - - - - - - -

430 - 41.18 - - - - - - - - - - - - - - - -

27 - - - - - - - - - - - - - - - - - -

520 - - - - - - - - - - - 49.18 - - - - - -

Sale 3,544 - - - - - - - - - - - - - - - - - -

1,213 - - - - - - - - - - - - - - - - - -

220 - - - - - - - - - - - - - - - - - -

100 - - - - - - - - - - - - - - - - - -

450 - - - - - - - - - - - - - - - - - -

15 - - - - - - - - - - - - - - - - - -

195 - - - - - - - - - - - - - - - - - -

22 - - - - - - - - - - - - - 2.14 - - - -

790 - - - - - - - - - - - - - - - - 71.50 -

128 - - - - - - - - - - - - 12.80 - - - - -

15 - - - - - - - - - - - - - - - 1.39 - -

14 - - - - - - - - - - - - - - - - - -

20 - - - - - - - - - - - - - - - - - -

34 - - - - - - - - - - - - - - - - - -

430 - 41.98 - - - - - - - - - - - - - - - -

27 - - - - - - - - - - - - - - - - - -

520 - - - - - - - - - - - 49.11 - - - - - -

Equity Shares 114,750 - - - - - - - - - - - - - - - - - -

Purchase 250,000 - - - - - - - - - - - - - - - - - -

35,000 - - - - - - - - - - - - - - - - - -

5,436 - - - - - - - - - - - - - - - - - -

6,808 - - - - - - - - - - - - - - - - - -

17,078 - - - - - - - - - - - - - - - - - -

418,000 - - - - - - - - - - - - - - - - - -

42,500 - - - - - - - - - - - - - - - - - -

80,000 - - 11.36 - - - - - - - - - - - - - - -

Sale 70,650 - - - - - - - - - - - - - - - - - -

5,621 - - - - - - - - - - - - - - - - - -

6,052 - - - - - - - - - - - - - - - - - -

17,561 - - - - - - - - - - - - - - - - - -

Floating Rate 500 - - - - - - - - - - - - - - - - - -

Bonds/Notes 600 - - - - - - - - - - - - - - - - - -

(Rs. in Crores)


HDFC - SAI DOCUMENT

61 HDFC SAI dt. 29.06.2009

Purchase 250 - - - - - - - - - - - - - - - - - -

100 - - - - - - - - - - - - - - - - - -

100 - - - - - - - - - - - - - - - - - -

Sale 200 - - - - - - - - - - - - - - - - - -

1,250 - - - - - - - - - - - - - - - - - -

100 - - - - - - - - - - - - - - - - - -

NCD/ Khokha 345 - - - - - - - - - - - - - - - - - -

Purchase 179 - - - - - - - - - - - - - - - - - -

150 - - - - - - - - - - - - - - - - - -

150 - - - - - - - - - - - - - - - - - -

3,578 - - - - - - - - - - - - - - - - - -

1,055 - - - - - - - - - - - - - - - - - -

1,235 - - - - - - - - - - - - - - - - - -

20 - - - - - - - - - - - - - - - - - -

805 - - - - - - - - - - - - - - - - - -

1,800 - - - - - - - - - - - - - - - - - -

530 - - - - - - - - - - - - - - - - - -

850 - - - - - - - - - - - - - - - - - -

360 - - - - - - - - - - - - - - 35.98 - - -

90 - - - - - - - - - 9.00 - - - - - - - -

10 - - - - - - - - 0.99 - - - - - - - - -

240 - - - - - - - - - - - - - - - - - -

40 - - - - - - - - - - - - - - - - - -

260 - - - - - - - - - - - - - - - - - -

290 - - - - - - - - - - - - - - - - - -

95 - - - - - - - - - - - - - - - - - -

300 - - - - - - - - - - 29.23 - - - - - - -

500 - - - - - - - - - - - - - - - - - -

365 - - - - - - - - - - - - - - - - - -

20 - - - - - - - - - - - - - - - - - -

10 - - - - - - - - - - - - - - - - - -

50 - - - - - - - - - - - - - - - - - -

19 - - - - - 1.85 - - - - - - - - - - - -

104 - - - - - - - - - - - - - - - - - -

80 7.94 - - - - - - - - - - - - - - - - -

30 - - - - - - - - - - - - - - - - - -

20 - - - 1.96 - - - - - - - - - - - - - -

500 - - - - - - - - - - - - - - - - - -

20 - - - - - - 1.90 - - - - - - - - - - -

135 - - - - - - - - - - - - - - - - - -

300 - - - - - - - - - - - - - - - - - -

300 - - - - - - - - - - - - - - - - - 29.90

Sale 25 - - - - - - - - - - - - - - - - - -

94 - - - - - - - - - - - - - - - - - -

150 - - - - - - - - - - - - - - - - - -

150 - - - - - - - - - - - - - - - - - -

2,965 - - - - - - - - - - - - - - - - - -

350 - - - - - - - - - - - - - - - - - -

400 - - - - - - - - - - - - - - - - - -

20 - - - - - - - - - - - - - - - - - -

685 - - - - - - - - - - - - - - - - - -

1,800 - - - - - - - - - - - - - - - - - -

505 - - - - - - - - - - - - - - - - - -

520 - - - - - - - - - - - - - - - - - -

560 - - - - - - - - - - - - - - 55.14 - - -

534 - - - - - - - - - 53.41 - - - - - - - -

10 - - - - - - - - 0.97 - - - - - - - - -

150 - - - - - - - - - - - - - - - - - -

50 - - - - - - - 4.89 - - - - - - - - - -

115 - - - - - - - - - - - - - - - - - -

140 - - - - - - - - - - - - - - - - - -

475 - - - - - - - - - - - - - - - - - -

300 - - - - - - - - - - 29.29 - - - - - - -

740 - - - - - - - - - - - - - - - - - -

259 - - - - - - - - - - - - - - - - - -

(Rs. in Crores)


HDFC - SAI DOCUMENT

62HDFC SAI dt. 29.06.2009

20 - - - - - - - - - - - - - - - - - -

10 - - - - - - - - - - - - - - - - - -

10 - - - - - - - - - - - - - - - - - -

10 - - - - - 0.98 - - - - - - - - - - - -

4 - - - - - - - - - - - - - - - - - -

4 0.40 - - - - - - - - - - - - - - - - -

10 - - - - 0.98 - - - - - - - - - - - - -

30 - - - - - - - - - - - - - - - - - -

10 - - - 0.98 - - - - - - - - - - - - - -

200 - - - - - - - - - - - - - - - - - -

10 - - - - - - - - - - - - - - - - - -

20 - - - - - - - - - - - - - - - - - -

300 - - - - - - - - - - - - - - - - - -

300 - - - - - - - - - - - - - - - - - 29.96

APR182 - HDFC FMP 18M April 2008 (2),APRM18 - HDFC FMP 18M April 2008, HDFCAR - HDFC Arbitrage Fund, HDFCEQ - HDFC Equity Fund, HDFCGR - HDFCGrowth Fund, HDFCIG - HDFC Cash Management Fund - Treasury Advantage Plan, HDFCLI - HDFC Liquid Fund, HDFCMS - HDFC Cash Management Fund - SavingsPlan, HDFCNY - HDFC Index Fund - Nifty Plan, HDFCPR - HDFC Prudence Fund, HDFCSX - HDFC Index Fund - Sensex Plan, HDFCT2 - HDFC Top 200 Fund, HDFLSP- HDFC Floating Rate Income Fund - Short Term Plan, HDFLTE - HDFC Long Term Equity Fund, HDINFG - HDFC Infrastructure Fund, HIFSTP - HDFC High Interest Fund- Short Term Plan, HMIPLT - HDFC MF Monthly Income Plan - Long Term Plan, HQIFB - HDFC Quarterly Interval Fund - Plan B, MAY373 - HDFC FMP 370D May 2008(3),HDFCHI - HDFC High Interest Fund, MAR371 - HDFC FMP 370D March 2008(1), JUN372 - HDFC FMP 370D June 2008(2), JAN18M - HDFC FMP 18M January 2008,OCT182 - HDFC FMP 18M October 2008(2), DEC371 - HDFC FMP 370D December 2008(1), AUG371 - HDFC FMP 370D August 2008(1), HDFCIN - HDFC IncomeFund, SEP371 - HDFC FMP 370D September 2008(1), HDFCS+ - HDFC Index Fund - Sensex Plus Plan, HDFLTP - HDFC Floating Rate Income Fund - Long Term Plan,HDFCGF - HDFC Children's Gift Fund - Investment Plan, HDFCSP - HDFC Short Term Plan, JUL371 - HDFC FMP 370D July 2008(1), AUG904 - HDFC FMP 90D August2008(4), NOV18M - HDFC FMP 18M November 2008, FEB14M - HDFC FMP 14M February 2008, MAY372 - HDFC FMP 370D May 2008(2), SEP901 - HDFC FMP 90DSeptember 2008(1), DEC161 - HDFC FMP 16M December 2008(1), SEP902 - HDFC FMP 90D September 2008(2), OCTM18 - HDFC FMP 18M October 2008(1), AUG902- HDFC FMP 90D August 2008(2), HDFCTA - HDFC Long Term Advantage Fund, 18MOCT - HDFC FMP 18M October 2007, DEC18M - HDFC FMP 18M December 2007,FEBM15 - HDFC FMP 15M February 2008, NOV171 - HDFC FMP 17M November 2007(1), SEP18M - HDFC FMP 18M September 2007, MAY371 - HDFC FMP 370DMay 2008 (1), MAR372 - HDFC FMP 370D March 2008 (2), AUG372 - HDFC FMP 370D August 2008 (2), JUN903 - HDFC FMP 90D June 2008(3), MAY367 - HDFCFMP 367D May 2007, JAN16M - HDFC FMP 16M January 2008, MAR132 - HDFC FMP 13M March 2008(2), NOV17M - HDFC FMP 17M November 2008, MAR14M- HDFC FMP 14M March 2008, MAY904 - HDFC FMP 90D May 2008(4).

The above investments were considered sound. Before making an investment, the AMC evaluated the same on merits and on arm’s length basis and in accordancewith the objective of the scheme. The investments under the respective Plans of HDFC Index Fund were made pursuant to their Investment Objectives.

(Rs. in Crores)


HDFC - SAI DOCUMENT

63 HDFC SAI dt. 29.06.2009

During the period April 1, 2006 to March 31, 2007, the Mutual Fund has invested in the following securities of the AssociateCompanies of the Sponsor:

(Rs. in Crores)

Name of Particulars Quantity HEF HGF HT200 HCBF HCSF HPMCF SX NY SX+ HLTAF HTS HLTEF HPF HBF HDFC HDFC HMYF HMY05 HMIP- HMIP- HSTP HLF HCMFS HCMFS+ HCMFC HFRIF- HFRIF- HDFC HDFC HDFC HDFC HDFC HDFCthe Company (Nos.) CGF- CGF- LTP STP STP LTP FMP FMP FMP FMP FMP FMP

IP SP 3M 13M 13M 3M 13M 90DMarch March Aug Sep Sep March2006 2006 2006 2006 2006 2007(1) (1) (1) (1) (1)

Bank of Baroda Equity Shares Purchase 200,000 - - - - - - - - - - - - - 4.35 - - - - - - - - - - - - - - - - - - -

5,000,000 125.10 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 100,000 - - - - - - - - - - - - - - 2.15 - - - - - - - - - - - - - - - - - - 200,000 - - - - - 4.26 - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,747,395 - - - - - - - - - - - - 64.31 - - - - - - - - - - - - - - - - - - - - 600,000 - - 14.35 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 697,112 - - - - - - - - - - - - - - - - - - 16.26 - - - - - - - - - - - - - -

Sale 261,040 - - - - - - - - - - - - 5.86 - - - - - - - - - - - - - - - - - - - -

NCD/ Khokha Sale 200 - - - - - - - - - - - - - - - - - - - - - - - - 2.00 - - - - - - - -

1,000 - - - - - - - - - - - - - - - - - - - - 10.00 - - - - - - - - - - - -

Exide Industries Ltd. Equity SharesPurchase 4,428,750 55.43 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

405,056 - - - - - - - - - - - - 8.90 - - - - - - - - - - - - - - - - - - - - 3,629,666 - - 16.95 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 200,000 - - - - - - - - - - - 5.85 - - - - - - - - - - - - - - - - - - - - - 11,835 - - - - - - - - - - - - - - - - - - 0.31 - - - - - - - - - - - - - - 1,500,000 - - - - - - - - - - - - - - - - - 6.62 - - - - - - - - - - - - - - -

Sale 750,000 - - - 3.22 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3,186,500 14.29 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5,797,687 - - - - - - - - - - - - 28.29 - - - - - - - - - - - - - - - - - - - - 200,000 - - - - - - - - - - - - - - - - - - 6.08 - - - - - - - - - - - - - -

GlaxoSmithklinePharmaceuticals Ltd Equity Shares

Purchase 964 - - - - - - - 0.11 - - - - - - - - - - - - - - - - - - - - - - - - - 161,030 - - 18.44 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Sale 633 - - - - - - - 0.07 - - - - - - - - - - - - - - - - - - - - - - - - - 161,030 - - 17.85 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

HDFC Bank Ltd. BillsRe-discountingPurchase 7 - - - - - - - - - - - - - - - - - - - - - - - 144.39 - - - - - - - - -

39 - - - - - - - - - - - - - - - - - - - - - 209.41 - - - - - - - - - - - 3 - - - - - - - - - - - - - - - - - - - - - - - - 48.93 - - - - - - - - 33 - - - - - - - - - - - - - - - - - - - - - - 849.67 - - - - - - - - - - 5 - - - - - - - - - - - - 121.78 - - - - - - - - - - - - - - - - - - - - 1 - - - - - - - - - - - - - - - - - - - - 8.84 - - - - - - - - - - - - 6 - - - - - - - - - - - - - - - - - - - - - - - - - 148.09 - - - - - - - 8 - - - - - - - - - - - - - - - - - - 171.03 - - - - - - - - - - - - - - 4 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 92.31 - -

Sale 30 - - - - - - - - - - - - - - - - - - - - - - - - - - - 29.88 - - - - - 7 - - - - - - - - - - - - - - - - - - - - - - - 144.39 - - - - - - - - - 39 - - - - - - - - - - - - - - - - - - - - - 210.28 - - - - - - - - - - - 43 - - - - - - - - - - - - - - - - - - - - - - - - 89.00 - - - - - - - - 63 - - - - - - - - - - - - - - - - - - - - - - 893.61 - - - - - - - - - - 5 - - - - - - - - - - - - 122.00 - - - - - - - - - - - - - - - - - - - - 1 - - - - - - - - - - - - - - - - - - - - 8.84 - - - - - - - - - - - - 6 - - - - - - - - - - - - - - - - - - - - - - - - - 148.83 - - - - - - - 8 - - - - - - - - - - - - - - - - - - 173.00 - - - - - - - - - - - - - - 4 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 94.00 - -

Equity SharesPurchase 3,630 - - - - - - - 0.33 - - - - - - - - - - - - - - - - - - - - - - - - -

6,518 - - - - - - - - 0.61 - - - - - - - - - - - - - - - - - - - - - - - - 18,476 - - - - - - 1.79 - - - - - - - - - - - - - - - - - - - - - - - - - -

Sale 2,357 - - - - - - - 0.21 - - - - - - - - - - - - - - - - - - - - - - - - - 4,330 - - - - - - - - 0.41 - - - - - - - - - - - - - - - - - - - - - - - - 11,875 - - - - - - 1.16 - - - - - - - - - - - - - - - - - - - - - - - - - -

Hindustan Lever Ltd. Equity SharesPurchase 1,850,000 - - - - 51.16 - - - - - - - - - - - - - - - - - - - - - - - - - - - -

125,000 - - - - - - - - - - - - - - 3.03 - - - - - - - - - - - - - - - - - - 300,000 - 6.52 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 25,404 - - - - - - - 0.56 - - - - - - - - - - - - - - - - - - - - - - - - - 2,000,000 - - - - - 58.25 - - - - - - - - - - - - - - - - - - - - - - - - - - - 28,486 - - - - - - - - 0.63 - - - - - - - - - - - - - - - - - - - - - - - - 80,756 - - - - - - 1.81 - - - - - - - - - - - - - - - - - - - - - - - - - - 2,250,000 - - 53.89 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 150,000 - - - - - - - - - 3.41 - - - - - - - - - - - - - - - - - - - - - - - 1,150,000 - - - - - - - - - - 28.64 - - - - - - - - - - - - - - - - - - - - - - 600,000 - - - - - - - - - - - 15.79 - - - - - - - - - - - - - - - - - - - - - 150,000 - - - - - - - - - - - - - - - - - - - 3.64 - - - - - - - - - - - - -

Sale 330,000 - - - 7.34 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,500,000 - - - - 31.59 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,000,000 55.98 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 200,000 - 4.53 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 16,580 - - - - - - - 0.37 - - - - - - - - - - - - - - - - - - - - - - - - - 450,000 - - - - - 9.99 - - - - - - - - - - - - - - - - - - - - - - - - - - - 19,051 - - - - - - - - 0.43 - - - - - - - - - - - - - - - - - - - - - - - - 52,099 - - - - - - 1.16 - - - - - - - - - - - - - - - - - - - - - - - - - - 2,300,000 - - 49.91 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 100,000 - - - - - - - - - - 2.15 - - - - - - - - - - - - - - - - - - - - - - 15,000 - - - - - - - - - - - - - - - - - - - 0.35 - - - - - - - - - - - - -

HindustanOil ExplorationCo. Ltd. Equity Shares

Purchase 700,000 - - - - - 5.32 - - - - - - - - - - - - - - - - - - - - - - - - - - - 83,333 - - - - - - - - - 0.63 - - - - - - - - - - - - - - - - - - - - - - - 116,666 - - - - - - - - - - 0.89 - - - - - - - - - - - - - - - - - - - - - - 66,666 - - - - - - - - - - - - - - - - - - - 0.51 - - - - - - - - - - - - -

Sale 700,000 - - - - - 7.89 - - - - - - - - - - - - - - - - - - - - - - - - - - - 83,333 - - - - - - - - - 0.93 - - - - - - - - - - - - - - - - - - - - - - - 116,666 - - - - - - - - - - 1.32 - - - - - - - - - - - - - - - - - - - - - -

HDFC - SAI DOCUMENT

64HDFC SAI dt. 29.06.2009

66,666 - - - - - - - - - - - - - - - - - - - 0.75 - - - - - - - - - - - - -

Infrastructure Dev. Fin. Floating RateCo. Ltd. Bonds/Notes

Purchase 100 - - - - - - - - - - - - - - - - - - - 10.01 - - - - - - - - - - - - -Sale 100 - - - - - - - - - - - - - - - - - - - - - - - - - - 10.01 - - - - - -

NCD/ KhokhaPurchase 100 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 10.00 - - -

250 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 25.00 - - - - 201 - - - - - - - - - - - - - - - - - - - - - - 19.90 - - - - - - - - - - 211 - - - - - - - - - - - - - - - - 21.04 - - - - - - - - - - - - - - - - 20 - - - - - - - - - - - - 1.98 - - - - - - - - - - - - - - - - - - - - 205 - - - - - - - - - - - - - - - - - - 24.79 - - - - - - - - - - - - - - 100 - - - - - - - - - - - - - - - - - - - 10.00 - - - - - - - - - - - - - 10 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 0.99 15 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1.48 -

Sale 46 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4.56 - - - 250 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 25.00 - - - - 50 - - - - - - - - - - - - - - - - - - - - - - 4.96 - - - - - - - - - - 211 - - - - - - - - - - - - - - - - 20.90 - - - - - - - - - - - - - - - - 5 - - - - - - - - - - - - - - - - - - - 4.79 - - - - - - - - - - - - -

Mahindra & Equity SharesMahindra Ltd. Purchase 50,000 - - - - - - - - - - - - - 4.61 - - - - - - - - - - - - - - - - - - -

12,000 - - - - - - - - - - - - - - - - 0.95 - - - - - - - - - - - - - - - - 2,869 - - - - - - - 0.21 - - - - - - - - - - - - - - - - - - - - - - - - - 350,000 - - 23.34 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Sale 50,000 - - - - - - - - - - - - - 3.70 - - - - - - - - - - - - - - - - - - - 12,000 - - - - - - - - - - - - - - - - 1.00 - - - - - - - - - - - - - - - - 1,843 - - - - - - - 0.12 - - - - - - - - - - - - - - - - - - - - - - - - - 285,000 - - 21.89 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 800,000 - - - - - - - - - - - 65.80 - - - - - - - - - - - - - - - - - - - - -

Motor Industries Equity SharesCo Ltd. Purchase 64,009 - - 17.78 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Sale 12,500 - - 4.08 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Siemens Ltd. Equity SharesPurchase 25,000 13.23 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

2,315 - - - - - - - 0.23 - - - - - - - - - - - - - - - - - - - - - - - - - 25,000 - - - - - 2.89 - - - - - - - - - - - - - - - - - - - - - - - - - - - 15,454 - - - - - - - - - - - - 6.85 - - - - - - - - - - - - - - - - - - - - 65,000 - - 6.79 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6,000 - - - - - - - - - 2.57 - - - - - - - - - - - - - - - - - - - - - - - 25,000 - - - - - - - - - - 2.89 - - - - - - - - - - - - - - - - - - - - - - 74,889 - - - - - - - - - - - 36.05 - - - - - - - - - - - - - - - - - - - - - 10,000 - - - - - - - - - - - - - - - - - - 4.59 - - - - - - - - - - - - - -

Sale 435,000 52.79 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,157 - - - - - - - 0.12 - - - - - - - - - - - - - - - - - - - - - - - - - 310,000 - - - - - 41.20 - - - - - - - - - - - - - - - - - - - - - - - - - - - 247,475 - - - - - - - - - - - - 28.27 - - - - - - - - - - - - - - - - - - - - 65,000 - - 7.38 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 50,000 - - - - - - - - - - 5.94 - - - - - - - - - - - - - - - - - - - - - - 97,500 - - - - - - - - - - - - - - - - - - 14.79 - - - - - - - - - - - - - -

Sparsh BPO Equity SharesServices Ltd. Purchase 20,000 - - - - - - - - - - - - - - - 0.10 - - - - - - - - - - - - - - - - -

^ Shares in Sparsh BPO Services Ltd. were allotted pursuant to Scheme of arrangment between Spanco Telesystems & Solutions Ltd. and Sparsh BPO Serviecs Ltd. Sparsh BPO Services Ltd. was formerly known as Internet BPO Services Ltd.

HEF - HDFC Equity Fund, HGF - HDFC Growth Fund, HT200 - HDFC Top 200 Fund, HCBF - HDFC Capital Builder Fund, HCSF - HDFC Core& Satellite Fund, HPMCF - HDFC Premier Multi-Cap Fund, SX : HDFC Index Fund - Sensex Plan, NY : HDFC Index Fund - Nifty Plan, SX+ : HDFCIndex Fund - Sensex Plus Plan, HLTAF - HDFC Long Term Advantage Fund, HTS - HDFC TaxSaver, HLTEF - HDFC Long Term Equity Fund, HPF- HDFC Prudence Fund, HBF - HDFC Balanced Fund, HDFC CGF IP - HDFC Children's Gift Fund - Investment Plan, HDFC CGF SP - HDFC Children'sGift Fund - Savings Plan, HMYF - HDFC Multiple Yield Fund, HMY05 - HDFC Multiple Yield Fund - Plan 2005, HMIP-LTP - HDFC MF MonthlyIncome Plan - Long Term Plan, HMIP-STP - HDFC MF Monthly Income Plan - Short Term Plan, HSTP - HDFC Short Term Plan, HLF - HDFC LiquidFund, HCMFS - HDFC Cash Management Fund - Savings Plan, HCMFS+ - HDFC Cash Management Fund - Treasury Advantage Plan, HCMFC- HDFC Cash Management Fund - Call Plan, HFRIF-STP - HDFC Floating Rate Income Fund - Short Term Plan, HFRIF-LTP - HDFC Floating RateIncome Fund - Long Term Plan.

(Rs. in Crores)

Name of Particulars Quantity HEF HGF HT200 HCBF HCSF HPMCF SX NY SX+ HLTAF HTS HLTEF HPF HBF HDFC HDFC HMYF HMY05 HMIP- HMIP- HSTP HLF HCMFS HCMFS+ HCMFC HFRIF- HFRIF- HDFC HDFC HDFC HDFC HDFC HDFCthe Company (Nos.) CGF- CGF- LTP STP STP LTP FMP FMP FMP FMP FMP FMP

IP SP 3M 13M 13M 3M 13M 90DMarch March Aug Sep Sep March2006 2006 2006 2006 2006 2007(1) (1) (1) (1) (1)

HDFC - SAI DOCUMENT

65 HDFC SAI dt. 29.06.2009


(Rs. in Crores)Name of Particulars Quantity HAF HBF HCBF HCSF HEF HDFC HGF HDFC CMS+ HLF CMS HMYF NY HPMCF HPF SX+ HSTP SX HT200 HLTAF HTS HFRIF- LTEF HINF MIP-LTP MIP-STP 90D HMOF MY05 13M 13Mthe Company (Nos.) CGF-IP CGF-SP STP Mar 07 Sep 06 Aug 07

Bank of Baroda Equity Shares 364,000 12.99 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Purchase 435,000 - - - 14.58 - - - - - - - - - - - - - - - - - - - - - - - - - - -

1,125,000 - - - - 31.89 - - - - - - - - - - - - - - - - - - - - - - - - - - 25,000 - - - - - - - - - - - 0.93 - - - - - - - - - - - - - - - - - - -

300,000 - - - - - - - - - - - - - 10.96 - - - - - - - - - - - - - - - - - 613,241 - - - - - - - - - - - - - - - - - - 16.86 - - - - - - - - - - - - 778,000 - - - - - - - - - - - - - - - - - - - - 28.79 - - - - - - - - - -

1,026,000 - - - - - - - - - - - - - - - - - - - - - - - 37.62 - - - - - - - Sale 130,000 - 4.92 - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

2,300,000 - - - - 73.75 - - - - - - - - - - - - - - - - - - - - - - - - - - 25,000 - - - - - - - - - - - 1.00 - - - - - - - - - - - - - - - - - - -

200,000 - - - - - - - - - - - - - 5.45 - - - - - - - - - - - - - - - - - 781,200 - - - - - - - - - - - - - - 26.57 - - - - - - - - - - - - - - - - 163,241 - - - - - - - - - - - - - - - - - - 6.02 - - - - - - - - - - - - 481,582 - - - - - - - - - - - - - - - - - - - - - - - - 13.66 - - - - - -

Brigade Enterprises Limited Equity Shares Purchase 65,450 2.17 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 963,543 - - - - 37.58 - - - - - - - - - - - - - - - - - - - - - - - - - -

Sale 59,400 1.63 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 963,543 - - - - 32.37 - - - - - - - - - - - - - - - - - - - - - - - - - -

Castrol India Ltd. Equity Shares Purchase 553,603 - - - - - - 15.20 - - - - - - - - - - - - - - - - - - - - - - - - 250,000 - - - - - - - - - - - - - 6.51 - - - - - - - - - - - - - - - - - 433,603 - - - - - - - - - - - - - - - - - - - - - - - - 11.68 - - - - - - 50,000 - - - - - - - - - - - - - - - - - - - - - - - - - 1.30 - - - - -

804,316 - - - - - - - - - - - - - - - - - - - - - - - - - - - 22.05 - - - 25,500 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 0.68 - -

Sale 250,000 - - - - - - - - - - - - - 6.84 - - - - - - - - - - - - - - - - - 433,603 - - - - - - - - - - - - - - - - - - - - - - - - 12.05 - - - - - - 50,000 - - - - - - - - - - - - - - - - - - - - - - - - - 1.55 - - - - - 10,500 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 0.35 - -

Exide Industries Ltd. Equity Shares Purchase 766,000 - - 3.36 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 584,000 - - - 2.75 - - - - - - - - - - - - - - - - - - - - - - - - - - - 523,507 - - - - 1.77 - - - - - - - - - - - - - - - - - - - - - - - - - -

3,500,000 - - - - - - 25.76 - - - - - - - - - - - - - - - - - - - - - - - - 9,045,458 - - - - - - - - - - - - - - 46.14 - - - - - - - - - - - - - - - -

221,977 - - - - - - - - - - - - - - - - - - 0.67 - - - - - - - - - - - - 1,602,494 - - - - - - - - - - - - - - - - - - - 6.99 - - - - - - - - - - - 5,770,280 - - - - - - - - - - - - - - - - - - - - - - 25.40 - - - - - - - -

593,333 - - - - - - - - - - - - - - - - - - - - - - - - 3.21 - - - - - - 3,336,229 - - - - - - - - - - - - - - - - - - - - - - - - - - - 16.83 - - -

Sale 584,000 - - - 3.87 - - - - - - - - - - - - - - - - - - - - - - - - - - - 12,563,507 - - - - 84.46 - - - - - - - - - - - - - - - - - - - - - - - - - - 17,179,960 - - - - - - - - - - - - - - 109.85 - - - - - - - - - - - - - - - -

775,045 - - - - - - - - - - - - - - - - - - 4.92 - - - - - - - - - - - - 10,682,840 - - - - - - - - - - - - - - - - - - - - - - 64.12 - - - - - - - - 2,993,333 - - - - - - - - - - - - - - - - - - - - - - - - 18.56 - - - - - - 1,500,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 8.81 - -

GlaxoSmithkline Equity Shares Purchase 68,505 - - - 7.65 - - - - - - - - - - - - - - - - - - - - - - - - - - -Pharmaceuticals Ltd 2,518 - - - - - - - - - - - - 0.26 - - - - - - - - - - - - - - - - - -

28 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Sale 51,808 - - - 5.40 - - - - - - - - - - - - - - - - - - - - - - - - - - -

3,094 - - - - - - - - - - - - 0.33 - - - - - - - - - - - - - - - - - - 28 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

HDFC Bank Ltd. Bills Re-discounting Purchase 2 - - - - - - - - 97.73 - - - - - - - - - - - - - - - - - - - - - - 3 - - - - - - - - - 249.03 - - - - - - - - - - - - - - - - - - - - - 3 - - - - - - - - - - 249.03 - - - - - - - - - - - - - - - - - - - - 3 - - - - - - - - - - - - - - - - - - - - - 146.59 - - - - - - - - -

Equity Shares Purchase 3,200 0.46 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 50,000 - - - 8.01 - - - - - - - - - - - - - - - - - - - - - - - - - - -

105,000 - - - - 17.58 - - - - - - - - - - - - - - - - - - - - - - - - - - 10,556 - - - - - - - - - - - - 1.55 - - - - - - - - - - - - - - - - - - 45,116 - - - - - - - - - - - - - 8.05 - - - - - - - - - - - - - - - - - 19,148 - - - - - - - - - - - - - - - 2.83 - - - - - - - - - - - - - - - 21,375 - - - - - - - - - - - - - - - - - 3.18 - - - - - - - - - - - - -

310,000 - - - - - - - - - - - - - - - - - - 49.49 - - - - - - - - - - - - 100,000 - - - - - - - - - - - - - - - - - - - - 17.03 - - - - - - - - - -

Sale 3,200 0.46 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 105,000 - - - - 15.82 - - - - - - - - - - - - - - - - - - - - - - - - - -

7,997 - - - - - - - - - - - - 1.13 - - - - - - - - - - - - - - - - - - 116 - - - - - - - - - - - - - 0.02 - - - - - - - - - - - - - - - - -

14,034 - - - - - - - - - - - - - - - 2.07 - - - - - - - - - - - - - - - 13,478 - - - - - - - - - - - - - - - - - 1.75 - - - - - - - - - - - - -

Hindustan Oil Equity Shares Purchase 1,296,666 - - - - - - - - - - - - - 15.17 - - - - - - - - - - - - - - - - -Exploration Co. Ltd. 200,000 - - - - - - - - - - - - - - - - - - - - 2.34 - - - - - - - - - -

Sale 3,396,666 - - - - - - - - - - - - - 42.46 - - - - - - - - - - - - - - - - - 250,000 - - - - - - - - - - - - - - - - - - - 2.79 - - - - - - - - - - - 550,000 - - - - - - - - - - - - - - - - - - - - 6.22 - - - - - - - - - - 200,000 - - - - - - - - - - - - - - - - - - - - - - - - - 2.25 - - - - -

Hindustan Unilever Ltd. Equity Shares Purchase 65,000 1.49 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 65,660 - - - - - - - - - - - - 1.36 - - - - - - - - - - - - - - - - - -

713 - - - - - - - - - - - - - 0.01 - - - - - - - - - - - - - - - - - 73,660 - - - - - - - - - - - - - - - 1.53 - - - - - - - - - - - - - - - 82,421 - - - - - - - - - - - - - - - - - 1.70 - - - - - - - - - - - - -

2,513,000 - - - - - - - - - - - - - - - - - - 53.77 - - - - - - - - - - - - Sale 950,000 - - 18.80 - - - - - - - - - - - - - - - - - - - - - - - - - - - -

350,000 - - - 6.82 - - - - - - - - - - - - - - - - - - - - - - - - - - - 125,000 - - - - - 2.49 - - - - - - - - - - - - - - - - - - - - - - - - - 93,145 - - - - - - 1.81 - - - - - - - - - - - - - - - - - - - - - - - - 51,691 - - - - - - - - - - - - 1.09 - - - - - - - - - - - - - - - - - -

1,550,713 - - - - - - - - - - - - - 29.91 - - - - - - - - - - - - - - - - - 56,028 - - - - - - - - - - - - - - - 1.17 - - - - - - - - - - - - - - - 56,308 - - - - - - - - - - - - - - - - - 1.17 - - - - - - - - - - - - -

3,003,000 - - - - - - - - - - - - - - - - - - 63.86 - - - - - - - - - - - - 650,000 - - - - - - - - - - - - - - - - - - - 12.57 - - - - - - - - - - -

1,050,000 - - - - - - - - - - - - - - - - - - - - 21.10 - - - - - - - - - - 2,200,000 - - - - - - - - - - - - - - - - - - - - - - 43.43 - - - - - - - -

135,000 - - - - - - - - - - - - - - - - - - - - - - - - - 2.77 - - - - -Indian Hotels Equity Shares Purchase 569,101 7.25 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -Company Ltd. Sale 183,604 2.03 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -Infrastructure Dev. Deep Discount Bonds Purchase 50 - - - - - - - - 4.79 - - - - - - - - - - - - - - - - - - - - - -Fin. Company Ltd. 50 - - - - - - - - - - - - - - - - - - - - - 4.80 - - - - - - - - -

Sale 50 - - - - - - - - 4.78 - - - - - - - - - - - - - - - - - - - - - - Equity Shares Purchase 337,775 6.47 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Sale 317,125 6.49 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - NCD/ Khokha Purchase 265 - - - - - - - - 26.42 - - - - - - - - - - - - - - - - - - - - - -

HDFC - SAI DOCUMENT

66HDFC SAI dt. 29.06.2009

(Rs. in Crores)Name of Particulars Quantity HAF HBF HCBF HCSF HEF HDFC HGF HDFC CMS+ HLF CMS HMYF NY HPMCF HPF SX+ HSTP SX HT200 HLTAF HTS HFRIF- LTEF HINF MIP-LTP MIP-STP 90D HMOF MY05 13M 13Mthe Company (Nos.) CGF-IP CGF-SP STP Mar 07 Sep 06 Aug 07

54 - - - - - - - - - - 5.37 - - - - - - - - - - - - - - - - - - - - 250 - - - - - - - - - - - - - - 24.82 - - - - - - - - - - - - - - - - 250 - - - - - - - - - - - - - - - - 39.92 - - - - - - - - - - - - - - 10 - - - - - - - - - - - - - - - - - - - - - 0.98 - - - - - - - - -

100 - - - - - - - - - - - - - - - - - - - - - - - - 10.00 - - - - - - 130 - - - - - - - - - - - - - - - - - - - - - - - - - - - 12.99 - - -

Sale 54 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5.37 165 - - - - - - - - 16.42 - - - - - - - - - - - - - - - - - - - - - - 205 - - - - - - - - - - 20.49 - - - - - - - - - - - - - - - - - - - - 20 - - - - - - - - - - - - - - 2.00 - - - - - - - - - - - - - - - -

100 - - - - - - - - - - - - - - - - 19.76 - - - - - - - - - - - - - - 10 - - - - - - - - - - - - - - - - - - - - - 1.00 - - - - - - - - - 50 - - - - - - - - - - - - - - - - - - - - - - - - - 4.79 - - - - - 10 - - - - - - - - - - - - - - - - - - - - - - - - - - 0.98 - - - -

130 - - - - - - - - - - - - - - - - - - - - - - - - - - - 13.00 - - - 15 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1.50 -

Mahindra & Mahindra Ltd. Equity Shares Purchase 100,000 - - - 7.88 - - - - - - - - - - - - - - - - - - - - - - - - - - - 7,397 - - - - - - - - - - - - 0.53 - - - - - - - - - - - - - - - - - -

80 - - - - - - - - - - - - - 0.01 - - - - - - - - - - - - - - - - - 15,080 - - - - - - - - - - - - - - - 1.08 - - - - - - - - - - - - - - - 17,765 - - - - - - - - - - - - - - - - - 1.29 - - - - - - - - - - - - -

Sale 100,000 - - - 8.63 - - - - - - - - - - - - - - - - - - - - - - - - - - - 5,815 - - - - - - - - - - - - 0.42 - - - - - - - - - - - - - - - - - -

80 - - - - - - - - - - - - - 0.01 - - - - - - - - - - - - - - - - - 8,713 - - - - - - - - - - - - - - - 0.62 - - - - - - - - - - - - - - - 6,395 - - - - - - - - - - - - - - - - - 0.45 - - - - - - - - - - - - -

65,000 - - - - - - - - - - - - - - - - - - 4.80 - - - - - - - - - - - - Bosch Ltd. Equity Shares Purchase 2,100 1.19 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Sale 2,100 0.86 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 73,000 - - 33.58 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 66,220 - - - - - - - - - - - - - - - - - - 30.49 - - - - - - - - - - - - 45,186 - - - - - - - - - - - - - - - - - - - 20.79 - - - - - - - - - - -

Siemens Ltd. Equity Shares Purchase 300,000 - - - 22.80 - - - - - - - - - - - - - - - - - - - - - - - - - - - 486,904 - - - - 32.31 - - - - - - - - - - - - - - - - - - - - - - - - - -

7,632 - - - - - - - - - - - - 0.82 - - - - - - - - - - - - - - - - - - 110,056 - - - - - - - - - - - - - 0.01 - - - - - - - - - - - - - - - - - 40,140 - - - - - - - - - - - - - - 6.46 - - - - - - - - - - - - - - - -

444,989 - - - - - - - - - - - - - - - - - - 24.02 - - - - - - - - - - - - 50,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

550,000 - - - - - - - - - - - - - - - - - - - - 32.78 - - - - - - - - - - 391,590 - - - - - - - - - - - - - - - - - - - - - - 14.61 - - - - - - - - 175,000 - - - - - - - - - - - - - - - - - - - - - - - 11.88 - - - - - - - 198,124 - - - - - - - - - - - - - - - - - - - - - - - - 14.16 - - - - - -

Sale 100,000 - - - 17.50 - - - - - - - - - - - - - - - - - - - - - - - - - - - 915,000 - - - - 165.68 - - - - - - - - - - - - - - - - - - - - - - - - - -

4,290 - - - - - - - - - - - - 0.62 - - - - - - - - - - - - - - - - - - 65,056 - - - - - - - - - - - - - 11.25 - - - - - - - - - - - - - - - - -

290,140 - - - - - - - - - - - - - - 52.49 - - - - - - - - - - - - - - - - 219,011 - - - - - - - - - - - - - - - - - - 36.27 - - - - - - - - - - - - 50,000 - - - - - - - - - - - - - - - - - - - 8.77 - - - - - - - - - - - 92,930 - - - - - - - - - - - - - - - - - - - - 17.20 - - - - - - - - - -

232,855 - - - - - - - - - - - - - - - - - - - - - - 44.15 - - - - - - - - 86,124 - - - - - - - - - - - - - - - - - - - - - - - - 10.91 - - - - - -

Sparsh BPO Services Ltd. Equity Shares Sale 20,000 - - - - - - - 0.37 - - - - - - - - - - - - - - - - - - - - - - - Strides Arcoblab Ltd. Equity Shares Purchase 1,189 - - - - - - - - - - - - 0.03 - - - - - - - - - - - - - - - - - -

Sale 1,189 - - - - - - - - - - - - 0.02 - - - - - - - - - - - - - - - - - - Thomas Cook (India) Ltd. Equity Shares Purchase 288,011 - - - - - - - - - - - - - - - - - - - - 1.78 - - - - - - - - - -

Sale 288,011 - - - - - - - - - - - - - - - - - - - - 2.08 - - - - - - - - - - Sun Pharmaceutical Equity Shares Purchase 35,000 - - - 4.37 - - - - - - - - - - - - - - - - - - - - - - - - - - - Industries Limited 3,467 - - - - - - - - - - - - 0.38 - - - - - - - - - - - - - - - - - -

66 - - - - - - - - - - - - - 0.01 - - - - - - - - - - - - - - - - - 200,000 - - - - - - - - - - - - - - - - - - - - - - - 24.15 - - - - - - -

Sale 2,136 - - - - - - - - - - - - 0.24 - - - - - - - - - - - - - - - - - - 66 - - - - - - - - - - - - - 0.01 - - - - - - - - - - - - - - - - -

The Great Eastern Equity Shares Purchase 139,800 5.93 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Shipping Co. Ltd. Sale 73,200 3.62 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

HAF : HDFC Arbitrage Fund, HBF : HDFC Balanced Fund, HCBF : HDFC Capital Builder Fund, HCSF : HDFC Core & Satellite Fund, HEF : HDFCEquity Fund, HDFC CGF-IP : HDFC Children's Gift Fund - Investment, HGF : HDFC Growth Fund, HDFC CGF-SP : HDFC Children's Gift Fund-Savings Plan, CMS+ : HDFC Cash Management Fund -Treasury Advantage Plan, HIF : HDFC Income Fund, HLF : HDFC Liquid Fund, CMS :HDFC Cash Management Fund -Savings Plan, HMYF : HDFC Multiple Yield Fund, NY : HDFC Index Fund -Nifty Plan, HPMCF : HDFC PremierMulti-Cap Fund, HPF : HDFC Prudence Fund, SX+ : HDFC Index Fund -Sensex Plus Plan, HSTP : HDFC Short Term Plan, SX : HDFC Index Fund-Sensex Plan, HT200 : HDFC Top 200 Fund, HLTAF : HDFC Long Term Advantage Fund, HTS : HDFC Taxsaver, HFRIF-STP : HDFC Floating RateIncome Fund - Short Term Plan, LTEF : HDFC Long Term Equity Fund, HINF: HDFC Infrastructure Fund, MIP-LTP : HDFC MF Monthly Income Plan- Long Term Plan, MIP-STP : HDFC MF Monthly Income Plan - Short Term Plan, 90D Mar 07 : HDFC FMP 90D March 2007, HMOF : HDFC Mid-Cap Opportunites Fund, MY05 : HDFC Multiple Yield Fund - Plan 2005, 13M Sep 06 : HDFC FMP 13M September 2006, 13M Aug 07 : HDFCFMP 13M August 2007

HDFC - SAI DOCUMENT

67 HDFC SAI dt. 29.06.2009


(Rs. in Crores)

Name of Particulars Quantity APR182 HDFCAR HDFCCB HDFCEQ HDFCGR HDFCIG HDFCLI HDFCMS HDFCNY HDFCPR HDFCSX HDFCT2 HDFLSP HDFLTE HDINFGthe Company (Nos.)

Bank of Baroda Equity SharesPurchase 711,200 - 18.57 - - - - - - - - - - - - -

700,000 - - - 20.45 - - - - - - - - - - -619,151 - - - - 16.03 - - - - - - - - - -700,000 - - - - - - - - - - - 18.75 - - -222,000 - - - - - - - - - - - - - - -471,200 - - - - - - - - - - - - - - 12.6550,000 - - - - - - - - - - - - - - -50,000 - - - - - - - - - - - - - - -

Sale 1,075,200 - 27.75 - - - - - - - - - - - - -50,000 - - - - - - - - - 1.33 - - - - -221,200 - - - - - - - - - - - - - - 5.28

Brigade Equity SharesEnterprises Sale 6,050 - 0.13 - - - - - - - - - - - - -LimitedCastrol India Equity SharesLtd. Purchase 25,000 - - - - - - - - - - - - - - -

Sale 553,603 - - - - 13.90 - - - - - - - - - -4,600 - - - - - - - - - - - - - - -

Exide Industries Equity SharesLtd. Purchase 1,819,910 - - - - 8.84 - - - - - - - - - -

Sale 1,048,012 - - 6.82 - - - - - - - - - - - -4,497,477 - - - - - - - - - 33.00 - - - - -3,076,598 - - - - - - - - - - - 18.66 - - -2,813,378 - - - - - - - - - - - - - 20.91 -802,494 - - - - - - - - - - - - - - -

GlaxoSmithkline Equity SharesPharmaceuticals Purchase 69,808 - - - - - - - - - - - 7.66 - - -Ltd Sale 16,697 - - - - - - - - - - - - - - -

Great Eastern Equity SharesShipping Purchase 259,800 - 4.54 - - - - - - - - - - - - -Company Ltd. 913,500 - - - - 15.16 - - - - - - - - - -

75,000 - - - - - - - - - - - - - - -Sale 302,400 - 8.81 - - - - - - - - - - - - -

240,000 - - - - 5.11 - - - - - - - - - -NCD/KhokhaPurchase 5 - - - - - 4.69 - - - - - - - - -

5 - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - -

Sale 20 - - - - - - - - - - - - - - -HDFC Bank Bills Re-Ltd. discounting

Purchase 12 - - - - - 542.79 - - - - - - - - -5 - - - - - - 247.54 - - - - - - - -6 - - - - - - - 297.65 - - - - - - -7 - - - - - - - - - - - - 320.23 - -11 - - - - - - - - - - - - - - -1 - - - - - - - - - - - - - - -1 - - - - - - - - - - - - - - -1 - - - - - - - - - - - - - - -

Sale 14 - - - - - 650.00 - - - - - - - - -8 - - - - - - 500.00 - - - - - - - -9 - - - - - - - 550.00 - - - - - - -10 - - - - - - - - - - - - 471.59 - -11 - - - - - - - - - - - - - - -1 - - - - - - - - - - - - - - -1 - - - - - - - - - - - - - - -1 - - - - - - - - - - - - - - -

Equity SharesPurchase 725,000 - - - 75.74 - - - - - - - - - - -

8,454 - - - - - - - - 0.92 - - - - - -8,374 - - - - - - - - - - - - - - -28,691 - - - - - - - - - - 2.91 - - - -538,600 - - - - - - - - - - - 56.01 - - -225,000 - - - - - - - - - - - - - - -45,000 - - - - - - - - - - - - - - -45,000 - - - - - - - - - - - - - - -

Sale 725,000 - - - 76.31 - - - - - - - - - - -7,804 - - - - - - - - 0.94 - - - - - -7,090 - - - - - - - - - - - - - - -24,983 - - - - - - - - - - 2.57 - - - -703,600 - - - - - - - - - - - 64.67 - - -200,000 - - - - - - - - - - - - - - -45,000 - - - - - - - - - - - - - - -50,000 - - - - - - - - - - - - - - -

NCD/KhokhaPurchase 300 - - - - - - - - - - - - - - -

850 - - - - - - - - - - - - - - -Hindustan Equity SharesUnilever Ltd. Purchase 151,000 - 3.61 - - - - - - - - - - - - -

2,700,000 - - - 66.26 - - - - - - - - - - -1,427,500 - - - - 31.62 - - - - - - - - - -41,969 - - - - - - - - 0.99 - - - - - -30,479 - - - - - - - - - - - - - - -76,489 - - - - - - - - - - 1.86 - - - -3,840,000 - - - - - - - - - - - 88.50 - - -935,000 - - - - - - - - - - - - - 21.70 -

Sale 216,000 - 5.31 - - - - - - - - - - - - -2,700,000 - - - 65.22 - - - - - - - - - - -1,431,000 - - - - 34.29 - - - - - - - - - -43,535 - - - - - - - - 1.05 - - - - - -27,163 - - - - - - - - - - - - - - -78,937 - - - - - - - - - - 1.93 - - - -2,700,000 - - - - - - - - - - - 59.76 - - -600,000 - - - - - - - - - - - - - 15.45 -

HDFC - SAI DOCUMENT

68HDFC SAI dt. 29.06.2009

Indian Hotels Equity SharesCompany Ltd. Purchase 436,770 - 3.54 - - - - - - - - - - - - -

Sale 617,175 - 5.40 - - - - - - - - - - - - -Infrastructure DeepDev. Fin. DiscountCorp. Ltd. Bonds

Sale 50 - - - - - - - - - - - - 5.00 - -Equity SharesPurchase 1,806,875 - 15.42 - - - - - - - - - - - - -Sale 977,925 - 7.45 - - - - - - - - - - - - -Floating RateBonds/NotesPurchase 200 - - - - - - - - - - - - - - -

200 - - - - - - - - - - - - - - -Sale 200 - - - - - - - - - - - - 20.00 - -

100 - - - - - - - - - - - - - - -100 - - - - - - - - - - - - - - -

NCD/KhokhaPurchase 5 0.49 - - - - - - - - - - - - - -

500 - - - - - 50.25 - - - - - - - - -100 - - - - - - - - - - - - - - -850 - - - - - - - - - - - - 84.94 - -650 - - - - - - - - - - - - - - -475 - - - - - - - - - - - - - - -25 - - - - - - - - - - - - - - -30 - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - -35 - - - - - - - - - - - - - - -

Sale 100 - - - - - 9.91 - - - - - - - - -100 - - - - - - - - - 9.92 - - - - -300 - - - - - - - - - - - - - - -550 - - - - - - - - - - - - 55.33 - -125 - - - - - - - - - - - - - - -30 - - - - - - - - - - - - - - -50 - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - -

Mahindra & Equity SharesMahindra Ltd. Purchase 5,300 - - - - - - - - 0.23 - - - - - -

5,532 - - - - - - - - - - - - - - -13,764 - - - - - - - - - - 0.52 - - - -

Sale 5,050 - - - - - - - - 0.26 - - - - - -4,959 - - - - - - - - - - - - - - -14,371 - - - - - - - - - - 0.58 - - - -

Siemens Ltd. Equity SharesPurchase 1,200,000 - - - 68.97 - - - - - - - - - - -

6,475 - - - - - - - - 0.25 - - - - - -400,000 - - - - - - - - - 21.22 - - - - -15,000 - - - - - - - - - - - - - - -1,043,515 - - - - - - - - - - - 45.49 - - -247,755 - - - - - - - - - - - - - - -324,278 - - - - - - - - - - - - - 16.59 -783,640 - - - - - - - - - - - - - - 40.88100,000 - - - - - - - - - - - - - - -75,000 - - - - - - - - - - - - - - -80,000 - - - - - - - - - - - - - - -

Sale 1,686,904 - - - 52.58 - - - - - - - - - - -6,709 - - - - - - - - 0.30 - - - - - -400,000 - - - - - - - - - 15.60 - - - - -15,000 - - - - - - - - - - - - - - -1,469,493 - - - - - - - - - - - 38.43 - - -747,755 - - - - - - - - - - - - - - -857,458 - - - - - - - - - - - - - 37.44 -958,640 - - - - - - - - - - - - - - 29.94257,000 - - - - - - - - - - - - - - -220,000 - - - - - - - - - - - - - - -275,000 - - - - - - - - - - - - - - -180,000 - - - - - - - - - - - - - - -

Sun Equity SharesPharmaceutical Purchase 23,175 - 2.49 - - - - - - - - - - - - -Industries Ltd. 65,000 - - 7.11 - - - - - - - - - - - -

125,000 - - - 13.89 - - - - - - - - - - -137,812 - - - - 14.34 - - - - - - - - - -3,997 - - - - - - - - 0.50 - - - - - -97,500 - - - - - - - - - 10.65 - - - - -408 - - - - - - - - - - - - - - -7,073 - - - - - - - - - - 0.79 - - - -117,500 - - - - - - - - - - - 12.87 - - -100,000 - - - - - - - - - - - - - - -75,000 - - - - - - - - - - - - - - -

Sale 10,000 - - - - - - - - - - - - - - -403,366 - - - 53.99 - - - - - - - - - - -4,118 - - - - - - - - 0.53 - - - - - -30,705 - - - - - - - - - 4.40 - - - - -2,485 - - - - - - - - - - 0.26 - - - -155,644 - - - - - - - - - - - 20.70 - - -65,000 - - - - - - - - - - - - - - -35,000 - - - - - - - - - - - - - - -3,000 - - - - - - - - - - - - - - -500 - - - - - - - - - - - - - - -

Satyam Equity SharesComputer Sale 8,679 - - - - - - - - 0.03 - - - - - -Services Ltd. 38,058 - - - - - - - - - - 0.13 - - - -

77 - - - - - - - - - - - - - - -

(Rs. in Crores)

Name of Particulars Quantity APR182 HDFCAR HDFCCB HDFCEQ HDFCGR HDFCIG HDFCLI HDFCMS HDFCNY HDFCPR HDFCSX HDFCT2 HDFLSP HDFLTE HDINFGthe Company (Nos.)

HDFC - SAI DOCUMENT

69 HDFC SAI dt. 29.06.2009

(Rs. in Crores)

Name of Particulars Quantity HIFSTP HMIPLT HDFCHI HDFCPM HDFCCS JUN372 JAN18M AUG371 HDFCIN HDFCS+ HDFLTP HDFCGF HQIFA HQIFC HDFCSPthe Company (Nos.)

Bank of Baroda Equity SharesPurchase 711,200 - - - - - - - - - - - - - - -

700,000 - - - - - - - - - - - - - - -619,151 - - - - - - - - - - - - - - -700,000 - - - - - - - - - - - - - - -222,000 - - - - - - - - - - - - - - -471,200 - - - - - - - - - - - - - - -50,000 - - - 1.23 - - - - - - - - - - -50,000 - - - - 1.09 - - - - - - - - - -

Sale 1,075,200 - - - - - - - - - - - - - - -50,000 - - - - - - - - - - - - - - -221,200 - - - - - - - - - - - - - - -

Brigade Equity SharesEnterprises Sale 6,050 - - - - - - - - - - - - - - -LimitedCastrol Equity SharesIndia Ltd. Purchase 25,000 - - - - - - - - - - - - - - -

Sale 553,603 - - - - - - - - - - - - - - -4,600 - - - - - - - - - - - - - - -

Exide Equity SharesIndustries Ltd. Purchase 1,819,910 - - - - - - - - - - - - - - -

Sale 1,048,012 - - - - - - - - - - - - - - -4,497,477 - - - - - - - - - - - - - - -3,076,598 - - - - - - - - - - - - - - -2,813,378 - - - - - - - - - - - - - - -802,494 - - - - - - - - - - - - - - -

GlaxoSmithkline Equity SharesPharmaceuticals Purchase 69,808 - - - - - - - - - - - - - - -Ltd Sale 16,697 - - - - 1.90 - - - - - - - - - -Great Eastern Equity SharesShipping Purchase 259,800 - - - - - - - - - - - - - - -Company Ltd. 913,500 - - - - - - - - - - - - - - -

75,000 - - - - - - - - - - - 2.59 - - -Sale 302,400 - - - - - - - - - - - - - - -

240,000 - - - - - - - - - - - - - - -NCD/KhokhaPurchase 5 - - - - - - - - - - - - - - -

5 - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - -

Sale 20 - 18.60 - - - - - - - - - - - - -HDFC Bank Ltd. Bills Re-

discountingPurchase 12 - - - - - - - - - - - - - - -

5 - - - - - - - - - - - - - - -6 - - - - - - - - - - - - - - -7 - - - - - - - - - - - - - - -11 - - - - - - - - - - 543.57 - - - -1 - - - - - - - - - - - - - - -1 - - - - - - - - - - - - - - -1 - - - - - - - - - - - - - - -

Sale 14 - - - - - - - - - - - - - - -8 - - - - - - - - - - - - - - -9 - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - -11 - - - - - - - - - - 550.00 - - - -1 - - - - - - - - - - - - - - -1 - - - - - - - - - - - - - - -1 - - - - - - - - - - - - - - -

Equity SharesPurchase 725,000 - - - - - - - - - - - - - - -

8,454 - - - - - - - - - - - - - - -8,374 - - - - - - - - - 1.12 - - - - -28,691 - - - - - - - - - - - - - - -538,600 - - - - - - - - - - - - - - -225,000 - - - - - - - - - - - - - - -45,000 - - - 4.04 - - - - - - - - - - -45,000 - - - - 4.04 - - - - - - - - - -

Sale 725,000 - - - - - - - - - - - - - - -7,804 - - - - - - - - - - - - - - -7,090 - - - - - - - - - 1.04 - - - - -24,983 - - - - - - - - - - - - - - -703,600 - - - - - - - - - - - - - - -200,000 - - - - - - - - - - - - - - -45,000 - - - 5.74 - - - - - - - - - - -50,000 - - - - 6.39 - - - - - - - - - -

NCD/KhokhaPurchase 300 - - 30.32 - - - - - - - - - - - -

850 - - - - - - - - 85.65 - - - - - -Hindustan Equity SharesUnilever Ltd. Purchase 151,000 - - - - - - - - - - - - - - -

2,700,000 - - - - - - - - - - - - - - -1,427,500 - - - - - - - - - - - - - - -41,969 - - - - - - - - - - - - - - -30,479 - - - - - - - - - 0.75 - - - - -76,489 - - - - - - - - - - - - - - -3,840,000 - - - - - - - - - - - - - - -935,000 - - - - - - - - - - - - - - -

Sale 216,000 - - - - - - - - - - - - - - -2,700,000 - - - - - - - - - - - - - - -1,431,000 - - - - - - - - - - - - - - -43,535 - - - - - - - - - - - - - - -27,163 - - - - - - - - - 0.67 - - - - -78,937 - - - - - - - - - - - - - - -2,700,000 - - - - - - - - - - - - - - -600,000 - - - - - - - - - - - - - - -

Indian Hotels Equity SharesCompany Ltd. Purchase 436,770 - - - - - - - - - - - - - - -

Sale 617,175 - - - - - - - - - - - - - - -

HDFC - SAI DOCUMENT

70HDFC SAI dt. 29.06.2009

Infrastructure DeepDev. Fin. DiscountCorp. Ltd. Bonds

Sale 50 - - - - - - - - - - - - - - -Equity SharesPurchase 1,806,875 - - - - - - - - - - - - - - -Sale 977,925 - - - - - - - - - - - - - - -Floating RateBonds/NotesPurchase 200 - - - - - - - - - - - - - - -

200 - - - - - - - - - - - - - - -Sale 200 - - - - - - - - - - - - - - -

100 - 10.00 - - - - - - - - - - - - -100 - - - - - - - - - - - - - - -


500 - - - - - - - - - - - - - - -100 - - - - - - - - - - - - - - 10.01850 - - - - - - - - - - - - - - -650 - - - - - - - - - - 65.39 - - - -475 47.20 - - - - - - - - - - - - - -25 - 2.33 - - - - - - - - - - - - -30 - - - - - 3.01 - - - - - - - - -10 - - - - - - 1.00 - - - - - - - -10 - - - - - - - 1.00 - - - - - - -10 - - - - - - - - - - - - 1.00 - -10 - - - - - - - - - - - - - 1.00 -35 - - - - - - - - - - - - - - -

Sale 100 - - - - - - - - - - - - - - -100 - - - - - - - - - - - - - - -300 - - - - - - - - - - - - - - 29.87550 - - - - - - - - - - - - - - -125 12.55 - - - - - - - - - - - - - -30 - 7.49 - - - - - - - - - - - - -50 - - - - - - - - - - - - - - -10 - - - - - - - 0.99 - - - - - - -

Mahindra & Equity SharesMahindra Ltd. Purchase 5,300 - - - - - - - - - - - - - - -

5,532 - - - - - - - - - 0.33 - - - - -13,764 - - - - - - - - - - - - - - -

Sale 5,050 - - - - - - - - - - - - - - -4,959 - - - - - - - - - 0.32 - - - - -14,371 - - - - - - - - - - - - - - -

Siemens Ltd. Equity SharesPurchase 1,200,000 - - - - - - - - - - - - - - -

6,475 - - - - - - - - - - - - - - -400,000 - - - - - - - - - - - - - - -15,000 - - - - - - - - - 0.73 - - - - -1,043,515 - - - - - - - - - - - - - - -247,755 - - - - - - - - - - - - - - -324,278 - - - - - - - - - - - - - - -783,640 - - - - - - - - - - - - - - -100,000 - 4.24 - - - - - - - - - - - - -75,000 - - - - 2.90 - - - - - - - - - -80,000 - - - - - - - - - - - - - - -

Sale 1,686,904 - - - - - - - - - - - - - - -6,709 - - - - - - - - - - - - - - -400,000 - - - - - - - - - - - - - - -15,000 - - - - - - - - - 0.32 - - - - -1,469,493 - - - - - - - - - - - - - - -747,755 - - - - - - - - - - - - - - -857,458 - - - - - - - - - - - - - - -958,640 - - - - - - - - - - - - - - -257,000 - 9.98 - - - - - - - - - - - - -220,000 - - - 4.95 - - - - - - - - - - -275,000 - - - - 7.77 - - - - - - - - - -180,000 - - - - - - - - - - - - - - -

Sun Equity SharesPharmaceutical Purchase 23,175 - - - - - - - - - - - - - - -Industries Ltd. 65,000 - - - - - - - - - - - - - - -

125,000 - - - - - - - - - - - - - - -137,812 - - - - - - - - - - - - - - -3,997 - - - - - - - - - - - - - - -97,500 - - - - - - - - - - - - - - -408 - - - - - - - - - 0.05 - - - - -7,073 - - - - - - - - - - - - - - -117,500 - - - - - - - - - - - - - - -100,000 - 11.10 - - - - - - - - - - - - -75,000 - - - - - - - - - - - - - - -

Sale 10,000 - - - - - - - - - - - - - - -403,366 - - - - - - - - - - - - - - -4,118 - - - - - - - - - - - - - - -30,705 - - - - - - - - - - - - - - -2,485 - - - - - - - - - - - - - - -155,644 - - - - - - - - - - - - - - -65,000 - - - 8.21 - - - - - - - - - - -35,000 - - - - 5.03 - - - - - - - - - -3,000 - - - - - - - - - - - 0.44 - - -500 - - - - - - - - - - - - - - -

Satyam Equity SharesComputer Sale 8,679 - - - - - - - - - - - - - - -Services Ltd. 38,058 - - - - - - - - - - - - - - -

77 - - - - - - - - - - - - - - -

(Rs. in Crores)

Name of Particulars Quantity HIFSTP HMIPLT HDFCHI HDFCPM HDFCCS JUN372 JAN18M AUG371 HDFCIN HDFCS+ HDFLTP HDFCGF HQIFA HQIFC HDFCSPthe Company (Nos.)

HDFC - SAI DOCUMENT

71 HDFC SAI dt. 29.06.2009

(Rs. in Crores)

Name of Particulars Quantity JUL371 MAY372 SEP901 DEC161 SEP902 HDFCTS HDFCTA NOV171 MAY371 AUG903 HMIPST MIDCAP MY2005 HDFCBA HDFCGSthe Company (Nos.)

Bank of Baroda Equity SharesPurchase 711,200 - - - - - - - - - - - - - - -

700,000 - - - - - - - - - - - - - - -619,151 - - - - - - - - - - - - - - -700,000 - - - - - - - - - - - - - - -222,000 - - - - - 6.23 - - - - - - - - -471,200 - - - - - - - - - - - - - - -50,000 - - - - - - - - - - - - - - -50,000 - - - - - - - - - - - - - - -

Sale 1,075,200 - - - - - - - - - - - - - - -50,000 - - - - - - - - - - - - - - -221,200 - - - - - - - - - - - - - - -

Brigade Equity SharesEnterprises Sale 6,050 - - - - - - - - - - - - - - -LimitedCastrol India Equity SharesLtd. Purchase 25,000 - - - - - - - - - - - 0.77 - - -

Sale 553,603 - - - - - - - - - - - - - - -4,600 - - - - - - - - - - - - 0.14 - -

Exide Equity SharesIndustries Ltd. Purchase 1,819,910 - - - - - - - - - - - - - - -

Sale 1,048,012 - - - - - - - - - - - - - - -4,497,477 - - - - - - - - - - - - - - -3,076,598 - - - - - - - - - - - - - - -2,813,378 - - - - - - - - - - - - - - -802,494 - - - - - - 4.53 - - - - - - - -

GlaxoSmithkline Equity SharesPharmaceuticals Purchase 69,808 - - - - - - - - - - - - - - -Ltd Sale 16,697 - - - - - - - - - - - - - - -Great Eastern Equity SharesShipping Purchase 259,800 - - - - - - - - - - - - - - -Company Ltd. 913,500 - - - - - - - - - - - - - - -

75,000 - - - - - - - - - - - - - - -Sale 302,400 - - - - - - - - - - - - - - -

240,000 - - - - - - - - - - - - - - -NCD/KhokhaPurchase 5 - - - - - - - - - - - - - - -

5 - - - 4.69 - - - - - - - - - - -10 - - - - - - - 9.23 - - - - - - -

Sale 20 - - - - - - - - - - - - - - -HDFC Bank Ltd. Bills Re-

discountingPurchase 12 - - - - - - - - - - - - - - -

5 - - - - - - - - - - - - - - -6 - - - - - - - - - - - - - - -7 - - - - - - - - - - - - - - -11 - - - - - - - - - - - - - - -1 - - - - 82.51 - - - - - - - - - -1 - - 38.93 - - - - - - - - - - - -1 - - - - - - - - - 68.19 - - - - -

Sale 14 - - - - - - - - - - - - - - -8 - - - - - - - - - - - - - - -9 - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - -11 - - - - - - - - - - - - - - -1 - - - - 85.00 - - - - - - - - - -1 - - 40.00 - - - - - - - - - - - -1 - - - - - - - - - 70.00 - - - - -

Equity SharesPurchase 725,000 - - - - - - - - - - - - - - -

8,454 - - - - - - - - - - - - - - -8,374 - - - - - - - - - - - - - - -28,691 - - - - - - - - - - - - - - -538,600 - - - - - - - - - - - - - - -225,000 - - - - - 20.39 - - - - - - - - -45,000 - - - - - - - - - - - - - - -45,000 - - - - - - - - - - - - - - -

Sale 725,000 - - - - - - - - - - - - - - -7,804 - - - - - - - - - - - - - - -7,090 - - - - - - - - - - - - - - -24,983 - - - - - - - - - - - - - - -703,600 - - - - - - - - - - - - - - -200,000 - - - - - 22.63 - - - - - - - - -45,000 - - - - - - - - - - - - - - -50,000 - - - - - - - - - - - - - - -


850 - - - - - - - - - - - - - - -Hindustan Equity SharesUnilever Ltd. Purchase 151,000 - - - - - - - - - - - - - - -

2,700,000 - - - - - - - - - - - - - - -1,427,500 - - - - - - - - - - - - - - -41,969 - - - - - - - - - - - - - - -30,479 - - - - - - - - - - - - - - -76,489 - - - - - - - - - - - - - - -3,840,000 - - - - - - - - - - - - - - -935,000 - - - - - - - - - - - - - - -

Sale 216,000 - - - - - - - - - - - - - - -2,700,000 - - - - - - - - - - - - - - -1,431,000 - - - - - - - - - - - - - - -43,535 - - - - - - - - - - - - - - -27,163 - - - - - - - - - - - - - - -78,937 - - - - - - - - - - - - - - -2,700,000 - - - - - - - - - - - - - - -600,000 - - - - - - - - - - - - - - -

Indian Hotels Equity SharesCompany Ltd. Purchase 436,770 - - - - - - - - - - - - - - -

Sale 617,175 - - - - - - - - - - - - - - -

HDFC - SAI DOCUMENT

72HDFC SAI dt. 29.06.2009

(Rs. in Crores)

Name of Particulars Quantity JUL371 MAY372 SEP901 DEC161 SEP902 HDFCTS HDFCTA NOV171 MAY371 AUG903 HMIPST MIDCAP MY2005 HDFCBA HDFCGSthe Company (Nos.)

Infrastructure DeepDev. Fin. DiscountCorp. Ltd. Bonds

Sale 50 - - - - - - - - - - - - - - -Equity SharesPurchase 1,806,875 - - - - - - - - - - - - - - -Sale 977,925 - - - - - - - - - - - - - - -Floating RateBonds/NotesPurchase 200 - - - - - - - - 20.00 - - - - - -

200 - 20.00 - - - - - - - - - - - - -Sale 200 - - - - - - - - - - - - - - -

100 - - - - - - - - - - - - - - -100 - - - - - - - - - - 10.00 - - - -


500 - - - - - - - - - - - - - - -100 - - - - - - - - - - - - - - -850 - - - - - - - - - - - - - - -650 - - - - - - - - - - - - - - -475 - - - - - - - - - - - - - - -25 - - - - - - - - - - - - - - -30 - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - -10 - - - - - - - - - - - - - - -35 3.52 - - - - - - - - - - - - - -

Sale 100 - - - - - - - - - - - - - - -100 - - - - - - - - - - - - - - -300 - - - - - - - - - - - - - - -550 - - - - - - - - - - - - - - -125 - - - - - - - - - - - - - - -30 - - - - - - - - - - - - - - -50 - - - - - - - - - - 4.66 - - - -10 - - - - - - - - - - - - - - -

Mahindra & Equity SharesMahindra Ltd. Purchase 5,300 - - - - - - - - - - - - - - -

5,532 - - - - - - - - - - - - - - -13,764 - - - - - - - - - - - - - - -

Sale 5,050 - - - - - - - - - - - - - - -4,959 - - - - - - - - - - - - - - -14,371 - - - - - - - - - - - - - - -

Siemens Ltd. Equity SharesPurchase 1,200,000 - - - - - - - - - - - - - - -

6,475 - - - - - - - - - - - - - - -400,000 - - - - - - - - - - - - - - -15,000 - - - - - - - - - - - - - - -1,043,515 - - - - - - - - - - - - - - -247,755 - - - - - 14.63 - - - - - - - - -324,278 - - - - - - - - - - - - - - -783,640 - - - - - - - - - - - - - - -100,000 - - - - - - - - - - - - - - -75,000 - - - - - - - - - - - - - - -80,000 - - - - - - 3.78 - - - - - - - -

Sale 1,686,904 - - - - - - - - - - - - - - -6,709 - - - - - - - - - - - - - - -400,000 - - - - - - - - - - - - - - -15,000 - - - - - - - - - - - - - - -1,469,493 - - - - - - - - - - - - - - -747,755 - - - - - 21.03 - - - - - - - - -857,458 - - - - - - - - - - - - - - -958,640 - - - - - - - - - - - - - - -257,000 - - - - - - - - - - - - - - -220,000 - - - - - - - - - - - - - - -275,000 - - - - - - - - - - - - - - -180,000 - - - - - - 4.99 - - - - - - - -

Sun Equity SharesPharmaceutical Purchase 23,175 - - - - - - - - - - - - - - -Industries Ltd. 65,000 - - - - - - - - - - - - - - -

125,000 - - - - - - - - - - - - - - -137,812 - - - - - - - - - - - - - - -3,997 - - - - - - - - - - - - - - -97,500 - - - - - - - - - - - - - - -408 - - - - - - - - - - - - - - -7,073 - - - - - - - - - - - - - - -117,500 - - - - - - - - - - - - - - -100,000 - - - - - - - - - - - - - - -75,000 - - - - - - 7.99 - - - - - - - -

Sale 10,000 - - - - - - - - - - - - - 1.41 -403,366 - - - - - - - - - - - - - - -4,118 - - - - - - - - - - - - - - -30,705 - - - - - - - - - - - - - - -2,485 - - - - - - - - - - - - - - -155,644 - - - - - - - - - - - - - - -65,000 - - - - - - - - - - - - - - -35,000 - - - - - - - - - - - - - - -3,000 - - - - - - - - - - - - - - -500 - - - - - - - - - - - - - - 0.07

Satyam Equity SharesComputer Sale 8,679 - - - - - - - - - - - - - - -Services Ltd. 38,058 - - - - - - - - - - - - - - -

77 - - - - - - - - - - - - - - -

HDFC - SAI DOCUMENT

73 HDFC SAI dt. 29.06.2009

APR182 : HDFC FMP 18M April 2008 (2), HDFCAR : HDFC Arbitrage Fund, HDFCCB : HDFC Capital Builder Fund, HDFCEQ : HDFC Equity Fund, HDFCGR : HDFC GrowthFund, HDFCIG : HDFC Cash Management Fund - Treasury Advantage Plan, HDFCLI : HDFC Liquid Fund, HDFCMS : HDFC Cash Management Fund - Savings Plan, HDFCNY: HDFC Index Fund - Nifty Plan, HDFCPR : HDFC Prudence Fund, HDFCSX : HDFC Index Fund - Sensex Plan, HDFCT2 : HDFC Top 200 Fund, HDFLSP : HDFC FloatingRate Income Fund - Short Term Plan, HDFLTE : HDFC Long Term Equity Fund, HDINFG : HDFC Infrastructure Fund, HIFSTP : HDFC High Interest Fund - Short Term Plan,HMIPLT : HDFC MF Monthly Income Plan - Long Term Plan, HDFCHI : HDFC High Interest Fund, HDFCPM : HDFC Premier Multi-Cap Fund, HDFCCS : HDFC Core &Satellite Fund, JUN372 : HDFC FMP 370D June 2008 (2), JAN18M : HDFC FMP 18M January 2008, AUG371 : HDFC FMP 370D August 2008 (1), HDFCIN : HDFCIncome Fund, HDFCS+ : HDFC Index Fund - Sensex Plus Plan, HDFLTP : HDFC Floating Rate Income Fund - Long Term Plan , HDFCGF : HDFC Children's Gift Fund -Investment Plan, HQIFA : HDFC Quarterly Interval Fund - Plan A, HQIFC : HDFC Quarterly Interval Fund - Plan C, HDFCSP : HDFC Short Term Plan, JUL371 : HDFCFMP 370D July 2008 (1), MAY372 : HDFC FMP 370D May 2008 (2), SEP901 : HDFC FMP 90D September 2008 (1), DEC161 : HDFC FMP 16M December 2008 (1),SEP902 : HDFC FMP 90D September 2008 (2), HDFCTS : HDFC TaxSaver, HDFCTA : HDFC Long Term Advantage Fund, NOV171 : HDFC FMP 17M November 2008(1), MAY371 : HDFC FMP 370D May 2008 (1), AUG903 : HDFC FMP 90D August 2008 (3), HMIPST : HDFC MF Monthly Income Plan - Short Term Plan, MIDCAP : HDFCMid-Cap Opportunities Fund, MY2005 : HDFC Multiple Yield Fund - Plan 2005, HDFCBA : HDFC Balanced Fund, HDFCGS : HDFC Children's Gift Fund - Savings Plan

This disclosure has been made as Director(s) of the AMC is / are also a Director on the Board of the above Companies.The above investments were considered sound. Before making an investment, the AMC evaluated the same on merits and on arm’s lengthbasis and in accordance with the objective of the scheme. The investments under the respective Plans of HDFC Index Fund were madepursuant to their Investment Objectives.

HDFC - SAI DOCUMENT

74HDFC SAI dt. 29.06.2009

UNDERWRITING OBLIGATIONS WITH RESPECT TO ISSUES OF ASSOCIATE COMPANIES –The AMC has, till date not entered into any Underwriting contracts in respect of any public issue made by any of its associatecompanies.

SUBSCRIPTION IN ISSUES LEAD MANAGED BY THE SPONSOR OR ANY OF ITS ASSOCIATES –The details of subscription to issues lead managed by the Sponsor or any of its Associates are as follows:

Period Particulars

1st April 2006 to March 31, 2007 Nil

1st April 2007 to March 31, 2008 Refer Table Below

1st April 2008 to March 31, 2009 Nil

During the period April 1, 2007 to March 31, 2008, the Scheme(s) of HDFC Mutual Fund has subscribed to the following issues

lead managed by Associate of Sponsor:

Name of the Associate: Infrastructure Development Finance Company Ltd.

Name of the Security Type Name of the Scheme Applied Allottedof the (Rs. in (Rs. inSecurity Crores) Crores)

11.10% Cholmandalam DBS Maturity 180808 Debenture HDFC FMP 367D April 2007 15.00 15.00

Nabard Bond Series IX Maturity 100910 Bond HDFC Cash Management Fund - 25.00 25.00Treasury Advantage Plan*

Nabard Bond Series IX Maturity 100910 Bond HDFC MF Monthly Income Plan - Long Term Plan 25.00 25.00

Nabard Bond Series IX G Maturity 100910 Bond HDFC Prudence Fund 50.00 50.00

Nabard Bond Series IX H Maturity 100912 Bond HDFC Income Fund 10.00 10.00

10.40% Punjab National Bank Perpetual Bond Bond HDFC Prudence Fund 20.00 20.00

10.10% SBI Mat 170922 Debenture HDFC Prudence Fund 135.00 65.90

* formerly known as HDFC Cash Management Fund - Savings Plus Plan

AGGREGATE BUSINESS GIVEN TO ASSOCIATE BROKERThe AMC has not dealt with any broker associated with Sponsor during the last three financial years.

DEALING WITH ASSOCIATE COMPANIES –

The AMC has utilised the services of one of the associates namely, HDFC Bank Limited as one of the Collecting Banker and for procuringUnit subscriptions for HDFC Mutual Fund Scheme(s). The Collecting Banker's fees and commissions payable are at the competitive ratesoffered to other Collecting Bankers and distributors by the scheme(s).

HDFC Bank Limited is on the panel of Bankers with whom the Mutual Fund places money on call/ fixed deposits and enters into reverserepo transactions from time to time at competitive rates.

HDFC Bank Limited is also the Custodian for various scheme(s) of HDFC Mutual Fund. The Custodian fees payable are at competitiverates.

CAMS is the Registrar and Transfer Agent to the Mutual Fund. The fees payable to CAMS are at competitive rates.

The AMC has dealt with the following associates for the purpose of securities transaction (aggregate purchase and sale) :

Rs. in Crores)

Name of the Associate Particulars (April 1, 2006 to HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC MF HDFC MFMarch 31, 2007) Cash Cash Cash Floating FMP 13M FMP 18M Income Liquid Monthly Monthly

Management Management Management Rate Income March 2006 October Fund Fund Income IncomeFund - Fund - Fund - Fund - (1) 2006 Plan - Long Plan - Short

Treasury Call Savings Short Term Term Plan Term PlanAdvantage Plan Plan Plan

Plan*

Bank of Baroda PSU/PFI Bonds – – – – – – – – – 10.39

Treasury Bills 23.53 – – – – – – – – –

HDFC Bank Limited Money Market Instruments 18.98 19.94 44.04 9.42 186.11 – – 14.13 9.97 –

Infrastructure Development Floating Rate NCD – – – 25.24 – – – – – –Finance Company Ltd.

Money Market Instruments – – 34.46 – – – – 246.40 – –

Non-ConvertableDebentures (NCD) – – 15.17 – – 71.72 – – – –

Infrastructure Leasing &Financial Services Ltd (IL&FS) Gilts – – – – – – 5.61 – – –

Mahindra & Mahindra Ltd. Money Market Instruments – – – – – – – 34.74 – –

* Formerly known as HDFC Cash Management Fund - Savings Plus Plan

HDFC - SAI DOCUMENT

75 HDFC SAI dt. 29.06.2009

(Rs. in Crores)

Name of the Particulars HDFC Cash HDFC Cash HDFC Floating HDFC FMP 367D HDFC HDFC HDFC MF HDFC HDFC FMP 370DAssociate (April 1, 2007 to Management Fund - Management Fund - Rate Income Fund- August 2007 Income Fund Liquid Fund Monthly Income Plan - Short Term Plan March 2008 (2)

March 31, 2008) Treasury Advantage Plan* Savings Plan Short Term Plan Long Term Plan

HDFC Bank Money MarketLimited Instruments(CP,Cd) 163.45 87.51 – – – 74.82 – – 105.13

Treasury Bills 24.87 24.87 – – – 99.08 – – –

Non-convertableDebentures (NCD) – – – – 9.94 – – – –

IDFC Ltd Money MarketInstruments(CP,CD) 46.27 – – – – 22.68 – – –

Non-convertableDebentures (NCD) 25.38 – 16.23 9.13 5.03 – 25.07 15.00 –


(Rs. in Crores)

Name of Particulars HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFCthe Associate (April 1, 2008 to Cash Cash Floating Floating FMP FMP FMP FMP FMP High High Income Liquid Short

March 31, 2009) Manage- Manage- Rate Rate 14M 15M 18M 18M 18M Interest Interest Fund Fund Termment ment Income Income February February January November September Fund Fund- Plan

Fund - Fund- Fund- Fund- 2008 2008 2008 2008 2008 ShortSavings Treasury Long Long Term

Plan Advantage Term Term PlanPlan* Plan Plan

HDFC Asset Floating RateManagement Bonds/Notes 17.76 231.91 – 22.37 – – – – 16.31 – – – 93.38 –Company Limited NCD/ Khokha – 69.62 2.01 29.92 4.97 3.49 16.47 18.15 – 3.02 8.06 – 23.32 4.98

Securitised Receivable – 28.93 – – – – – – – – – – – –

HDFC Bank Limited Floating Rate Bonds/Notes – 50 – 100 – – – – – – – – – –Government Securities – – – – – – – – – 23.85 – 23.68 – –

NCD/ Khokha – 45.67 – – – – – – – – – – – –

Hindustan Certificate of Deposit 9.91 – – – – – – – – – – – – –UniLever Limited


(Rs. in Crores)

Name of Particulars HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC MF HDFC HDFC HDFCthe Associate (April 1, 2008 to Cash Cash Floating FMP FMP FMP FMP FMP FMP FMP High High Income Liquid Monthly Multiple Multiple Quarterly

March 31, 2009) Manage- Manage- Rate 20M 370D 370D 90D 90D 90D 90D Interest Interest Fund Fund Income Yield Yield Intervalment ment Fund- August July July July September September September Fund Fund- Plan - Fund Fund - Fund-Fund- Fund- Short 2008 2008(1) 2008(2) 2008(2) 2008(1) 2008(2) 2008(3) Short Long Plan Plan A

Savings Treasury Term Term Plan Term 2005Plan Advantage Plan Plan

Plan*

IDFC Ltd. Certificate of Deposit – – – – – – 24.96 4.99 9.97 4.99 – – – – – – – –Commercial Paper 22.63 – – – – – – – – – – – – – – – – 24.73Deep Discount Bonds – – – 50.02 – – – – – – – – – 2.94 – – – –NCD/ Khokha – 34.95 – – – – – – – – 25 15.48 84.68 – 40 4.84 4.84 –

Infrastructure Leasing Floating Rate Bonds& Financial /Notes 0.5 – – – 15 9.5 – – – – – – – – – – – –Services Ltd. NCD/ Khokha 5.31 26.07 – – – – – – – – – – – – – – – –

Mahindra & Certificate of Deposit – – 44.87 – – – – – – – – – – – – – – –Mahindra Ltd.


The AMC has availed the services of HDFC for Investor Servicing and use of designated branches as Collecting Centres / InvestorService Centres and Collecting / Distribution Agents.

Bank of Baroda, HDFC Bank Ltd., IDBI Bank Ltd., Infrastructure Leasing & Financial Services Ltd. are on the panel of PrimaryDealers/Bankers with whom Mutual Fund placed Money on call, places Fixed Deposits and enters into reverse repo transactionsfrom time to time at competitive rates.

HDFC - SAI DOCUMENT

76HDFC SAI dt. 29.06.2009

AMOUNT PAID TO ASSOCIATE COMPANIES

(Rs. in lakhs)

HDFC Growth Fund HDFC Balanced Fund

1-4-2006 1-4-2007 1-4-2008 1-4-2006 1-4-2007 1-4-2008to to to to to to

31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009

HDFC Bank Limited -

Bank Charges 2.82 4.84 7.64 0.64 0.38 0.38

Custody Charges 6.63 9.12 13.55 2.16 1.58 1.10

Commission on Distribution of Units 60.64 160.94 255.04 10.38 9.63 9.16

HDFC Asset Management Company Limited (the AMC)

Investment Management & Advisory Fees 368.54 688.72 910.63 134.94 140.68 114.82

Service Tax on Investment Management Fees 45.11 85.13 111.00 16.52 17.39 14.00

HDFC Trustee Company Limited

Trusteeship Fees 3.46 6.68 8.92 1.14 1.16 0.92

Service Tax on Trusteeship Fees 0.42 0.83 0.09 0.14 0.14 0.11

Computer Age Management Services Pvt. Limited

Registrar & Transfer Agent Fees 69.53 138.37 153.65 20.48 18.62 12.87

HDFC Sales Private Limited

Commission on Distribution of Units 0.01 0.33 0.39 # 0.01 0.01

GRUH Finance Limited

Commission on Distribution of Units # # # 0.11 – –

Housing Development Finance Corporation Limited @

Commission on Distribution of units # # # # # #

Total 557.15 1,094.96 1,461.90 186.50 189.59 153.38

# Less than Rs. 0.01 lakhs @ Sponsor

(Rs. in lakhs)

HDFC Income Fund HDFC Liquid Fund

1-4-2006 1-4-2007 1-4-2008 1-4-2006 1-4-2007 1-4-2008to to to to to to

31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009

HDFC Bank Limited -

Bank Charges 1.11 1.48 0.94 3.58 5.41 6.97

Custody Charges 4.62 2.30 4.34 24.58 38.15 56.10

Commission on Distribution of Units 5.08 28.20 92.73 16.96 19.12 22.16


Investment Management & Advisory Fees 267.56 177.86 557.31 448.09 1517.11 3,012.24








Commission on Distribution of Units – – – – # #


Commission on Distribution of Units – – – 0.05 # #


Commission on Distribution of units 0.12 # # # # #

HDFC Investments Limited

Commission on Distribution of Units # # # – – –

Total 338.64 261.59 773.10 735.85 2011.63 3,740.43


HDFC - SAI DOCUMENT

77 HDFC SAI dt. 29.06.2009

(Rs. in lakhs)

HDFC Long Term Advantage Fund

1-4-2006 1-4-2007 1-4-2008to to to

31-3-2007 31-3-2008 31-3-2009

HDFC Bank Limited

Bank Charges 5.20 6.80 3.02

Custody Charges 9.26 10.73 7.11

Commission on Distribution of units 66.18 43.07 27.46


Investment Management & Advisory Fees 445.56 796.21 566.36

Service Tax on Investment Management Fees 54.54 98.41 69.33


Trusteeship Fees 5.02 8.05 6.22

Service Tax on Trusteeship Fees 0.61 1.00 0.76


Registrar & Transfer Agent Fees 123.40 123.97 99.59

HDFC Sales Private LimitedCommission on Distribution of Units 0.08 0.29 0.05

GRUH Finance LimitedCommission on Distribution of Units 0.13 0.03 0.02


Commission on Distribution of units # # #

HDFC Investments LimitedCommission on Distribution of Units # # #

Total 723.97 1088.57 779.91


(Rs. in lakhs)

HDFC Children's Gift Fund

Investment Plan Savings Plan

1-4-2006 1-4-2007 1-4-2008 1-4-2006 1-4-2007 1-4-2008to to to to to to

31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009

HDFC Bank Limited -

Bank Charges 0.68 0.41 0.28 0.1 0.08 0.06

Custody Charges 2.08 1.92 1.43 1.02 0.67 0.61

Commission on Distribution of units 6.26 7.89 5.40 1.77 1.88 1.83










Commission on Distribution of Units – # # – – –


Commission on Distribution of Units # # 0.01 – – –


Commission on Distribution of units – – # # # –

HDFC Investments Limited

Commission on Distribution of Units 0.02 0.02 0.02 # # #

Total 161.05 209.04 138.94 47.35 75.49 73.73


HDFC - SAI DOCUMENT

78HDFC SAI dt. 29.06.2009

(Rs. in lakhs)

HDFC Gilt Fund

Short Term Plan Long Term Plan

1-4-2006 1-4-2007 1-4-2008 1-4-2006 1-4-2007 1-4-2008to to to to to to

31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009

HDFC Bank Limited -

Bank Charges 0.04 0.07 0.01 0.06 0.03 0.03

Custody Charges – – – – – –

Commission on Distribution of units # 0.07 0.09 0.21 0.17 1.15










Commission on Distribution of Units – – – – – –

Total 14.35 7.92 8.14 49.00 20.01 11.10

# Less than Rs. 0.01 lakhs

(Rs. in lakhs)

HDFC Short Term Plan

1-4-2006 1-4-2007 1-4-2008

to to to

31-3-2007 31-3-2008 31-3-2009

HDFC Bank Limited

Bank Charges 0.61 0.83 0.60

Custody Charges 1.30 4.12 2.41

Commission on Distribution of units 0.87 2.04 2.92










Commission on Distribution of Units – – 0.02


Commission on Distribution of units # # #


Commission on Distribution of Units # # –

Total 33.31 64.92 158.96


HDFC - SAI DOCUMENT

79 HDFC SAI dt. 29.06.2009

(Rs. in lakhs)

HDFC Index Fund

SENSEX Plan Nifty Plan SENSEX Plus Plan

1-4-2006 1-4-2007 1-4-2008 1-4-2006 1-4-2007 1-4-2008 1-4-2006 1-4-2007 1-4-2008to to to to to to to to to

31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009

HDFC Bank Limited

Bank Charges 0.08 0.12 0.19 0.05 0.08 0.10 0.06 0.35 0.28

Custody Charges 0.36 0.68 0.67 0.25 0.53 0.45 0.24 0.45 0.40

Commission on Distribution of units 1.90 2.70 3.02 0.32 0.62 0.64 0.67 0.88 0.80


Investment Management & Advisory Fees 7.20 26.33 21.83 3.69 12.14 11.27 4.77 15.68 15.14

Service Tax on Investment Management Fees 0.88 3.25 2.70 0.45 1.50 1.39 0.58 1.94 1.87


Trusteeship Fees 0.14 0.39 0.48 0.07 0.22 0.26 0.10 0.25 0.34

Service Tax on Trusteeship Fees 0.02 0.05 0.06 0.01 0.03 0.03 0.01 0.03 0.04


Registrar & Transfer Agent Fees 5.01 9.40 9.06 2.42 6.03 5.60 3.53 7.80 6.72


Commission on Distribution of Units – – – – – # – # #


Commission on Distribution of units # – – – – – # # #

Total 15.59 42.92 38.00 7.26 21.15 19.74 9.95 27.38 25.60


(Rs. in lakhs)

Particulars HDFC Floating Rate Income Fund HDFC MF Monthly Income Plan

Short Term Plan Long Term Plan Short Term Plan Long Term Plan

1-4-2006 1-4-2007 1-4-2008 1-4-2006 1-4-2007 1-4-2008 1-4-2006 1-4-2007 1-4-2008 1-4-2006 1-4-2007 1-4-2008

to to to to to to to to to to to to

31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009

HDFC Bank Limited

Bank Charges 1.71 2.81 2.96 0.43 0.22 1.21 1.28 0.47 0.22 6.15 4.09 3.08

Custody Charges 11.99 19.72 24.09 2.29 2.58 10.62 6.76 2.24 1.12 22.00 19.82 13.01

Commission on Distribution of units 4.60 11.78 10.99 2.73 1.32 2.28 9.11 5.65 4.40 27.86 38.22 22.94


Investment Management & Advisory Fees 87.22 399.99 698.13 – – – 396.08 190.94 115.25 792.16 918.83 867.34

Service Tax on Investment Management Fees 10.68 49.44 84.11 – – – 48.48 23.60 14.08 96.96 113.57 105.26


Trusteeship Fees 11.78 20.77 25.68 – 1.27 6.34 3.71 1.66 0.93 10.07 12.36 10.85

Service Tax on Trusteeship Fees 1.44 2.57 3.13 – 0.16 0.78 0.45 0.21 0.11 1.23 1.53 1.32


Registrar & Transfer Agent Fees 87.88 99.36 94.48 – 14.78 59.71 39.92 18.62 7.74 129.39 123.65 75.44


Commission on Distribution of Units – – 0.02 – – – # – – # 0.02 0.01


Commission on Distribution of Units # # # – – – – – – – – –


Commission on Distribution of units # # # – – – – – – 0.01 0.01 0.01

Total 217.30 606.44 943.58 24.94 20.33 80.94 505.79 243.39 143.86 1085.83 1.232.10 1099.27


HDFC - SAI DOCUMENT

80HDFC SAI dt. 29.06.2009

(Rs. in lakhs)

HDFC Fixed Investment Plan

Particulars February March June July2002 (1) 2002 (1) 2002 (1) 2002 (1)

25-2-2002 18-3-2002 10-6-2002 1-7-2002to to to to

26-3-2003 10-4-2003 30-6-2003 21-7-2003

HDFC Bank LimitedBank Charges 0.01 – – –Custody Charges 0.30 – 0.22 0.05Commission on Distribution of units – – – –

HDFC Asset Management Company Limited (the AMC)Investment Management & Advisory Fees 8.92 0.20 10.29 2.21

HDFC Trustee Company LimitedTrusteeship Fees 0.40 0.01 0.17 0.03

Computer Age Management Services Pvt. LimitedRegistrar & Transfer Agent Fees 0.71 0.01 0.23 0.06

Total 10.34 0.22 10.91 2.35

(Rs. in lakhs)


Particulars March 2003 (1) May 2003 (1) May 2003 (2) June 2003 (1) October 2003 (1)

24-3-2003 1-4-2003 1-4-2004 12-5-2003 19-5-2003 16-6-2003 13-10-2003 1-4-2004to to to to to to to to

31-3-2003 31-03-2004 31-3-2005 11-9-2003 19-8-2003 16-9-2003 31-03-2004 31-3-2005

HDFC Bank LimitedBank Charges – – – – – – – –Custody Charges – 0.73 – 0.08 0.20 0.12 0.10 0.08Commission on Distribution of units – – – 0.50 1.25 0.85 1.23 1.59

HDFC Asset Management Company Limited (the AMC)Investment Management & Advisory Fees 0.10 9.57 0.30 1.04 2.44 1.49 1.14 1.46Service Tax on Investment Management Fees – – 0.03 – – – – 0.12

HDFC Trustee Company LimitedTrusteeship Fees 0.01 0.52 0.03 0.07 0.16 0.11 0.07 0.09Service Tax on Trusteeship Fees – – – – – – – –

Computer Age Management Services Pvt. LimitedRegistrar & Transfer Agent Fees 0.01 1.60 0.06 0.12 0.31 0.28 0.11 0.41

Total 0.12 12.42 0.42 1.81 4.36 2.85 2.65 3.75


(Rs. in lakhs)


Particulars March 2004 (1) June 2004 (2) July 2004 (2)

27-03-2004 1-4-2004 1-4-2005 1-4-2004 1-4-2005 1-4-2004 1-4-2005to to to to to to to

31-03-2004 31-3-2005 31-3-2006 31-3-2005 31-3-2006 31-3-2005 31-3-2006

HDFC Bank Limited

Bank Charges – – – 0.13 – – –

Custody Charges # 0.68 0.01 1.31 0.52 1.27 0.71

Commission onDistribution of units # 1.70 0.02 0.09 0.04 0.06 0.01


Investment Management &Advisory Fees 0.06 19.22 0.32 23.44 6.59 23.94 10.88

Service Tax on InvestmentManagement Fees – 1.76 0.03 2.24 0.67 2.34 1.11


Trusteeship Fees # 1.03 0.02 1.77 0.68 1.83 1.00

Service Tax on Trusteeship Fees – 0.03 – 0.06 0.07 0.07 0.10


Registrar & Transfer Agent Fees 0.01 5.35 0.06 9.50 0.84 11.12 1.14

Total 0.07 29.77 0.46 38.54 9.41 40.63 14.95


HDFC - SAI DOCUMENT

81 HDFC SAI dt. 29.06.2009

(Rs. in lakhs)

HDFC Equity Fund HDFC Top 200 Fund HDFC Capital Builder Fund

1-4-2006 1-4-2007 1-4-2008 1-4-2006 1-4-2007 1-4-2008 1-4-2006 1-4-2007 1-4-2008

to to to to to to to to to

31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009

HDFC Bank Limited Bank Charges 14.95 17.26 10.19 13.35 14.17 18.34 3.08 2.26 1.49

Custody Charges 15.76 18.47 3.32 7.46 11.08 4.63 – – 0.24

Commission on Distribution of Units 351.86 421.10 215.56 381.51 397.50 329.93 62.84 53.89 34.08

HDFC Asset Management Company Limited (the AMC) Investment Management & Advisory Fees 2,959.01 4,109.57 3,109.65 1,158.32 1,898.90 1,906.41 828.07 733.42 508.73


HDFC Trustee Company Limited Trusteeship Fees 34.46 46.54 31.83 14.29 21.49 21.13 8.05 7.28 4.88


Computer Age Management Services Pvt. Limited Registrar &

Transfer Agent Fees 581.53 667.30 403.91 319.76 387.65 381.78 144.72 110.91 59.82

HDFC Sales Private Limited Commission on Distribution of Units 0.41 0.78 0.37 0.27 0.78 0.66 0.03 0.13 0.10

GRUH Finance Limited Commission on Distribution of Units 0.02 0.02 # 0.20 # # 0.21 # #

Housing Development Finance Corporation Limited @ Commission on Distribution of Units # # # # # # # – #

HDFC Investments Limited Commission on Distribution of Units # # # # # – # – –

Total 4,324.41 5,794.71 4,157.84 2038.68 2,968.92 2,897.04 1149.35 999.44 672.06

Less than Rs. 0.01 lakhs @ Sponsor

(Rs. in lakhs)

HDFC Equity Fund HDFC TaxSaver HDFC Prudence Fund HDFC High Interest Fund

1-4-2006 1-4-2007 1-4-2008 1-4-2006 1-4-2007 1-4-2008 1-4-2006 1-4-2007 1-4-2008

to to to to to to to to to

31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009

HDFC Bank Limited

Bank Charges 7.56 7.97 7.12 9.21 14.59 6.60 0.08 0.06 0.64

Custody Charges – 0.84 1.27 14.38 27.27 0.22 1.03 0.41 1.64

Commission on Distribution of Units 121.12 167.75 133.03 332.81 417.67 195.89 0.36 0.68 12.87


Investment Management & Advisory Fees 291.32 697.49 760.52 1823.42 2,722.93 2,223.49 62.33 23.33 207.02








Commission on Distribution of Units 0.15 0.74 0.61 0.08 0.71 0.69 – – #


Commission on Distribution of Units 0.06 0.05 0.03 0.08 # 0.01 – – –


Commission on Distribution of Units # 0.01 0.01 # # 0.01 – – –

Total 728.81 1,252.62 1,219.85 2732.69 3,949.36 2,997.86 76.43 32.10 272.91


HDFC - SAI DOCUMENT

82HDFC SAI dt. 29.06.2009

(Rs. in lakhs)

HDFC High Interest Fund - Short Term Plan

1-4-2006 1-4-2007 1-4-2008to to to

31-3-2007 31-3-2008 31-3-2009

HDFC Bank Limited

Bank Charges 0.07 0.13 0.48Custody Charges 0.70 1.13 4.38

Commission on Distribution of Units 0.31 0.47 5.80









Total 18.07 17.48 308.96

(Rs. in lakhs)

HDFC Cash Management Fund

Savings Plan Treasury Advantage Plan*Investment Plan Call Plan

Dividend Option**

1-4-2006 1-4-2007 1-4-2008 1-4-2006 1-4-2007 1-4-2008 20-6-2003 1-4-2004 1-4-2006 1-4-2007 1-4-2008to to to to to to to to to to to

31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009 31-3-2004 31-12-2004 31-3-2007 31-3-2008 31-3-2009

HDFC Bank Limited

Bank Charges 6.03 7.97 3.63 1.50 9.25 14.15 0.05 – 0.43 0.19 0.11

Custody Charges 40.89 39.79 28.91 6.98 58.00 106.17 0.01 – 1.58 0.68 0.18

Commission on Distribution of Units 22.76 11.19 8.93 5.06 79.86 170.45 – – 3.15 1.29 0.39

HDFC Asset Management CompanyLimited (the AMC)

Investment Management & Advisory Fees 776.72 1,947.20 1,309.88 108.80 2,219.14 5,788.70 3.60 0.22 40.84 18.55 37.97

Service Tax on Investment

Management Fees 95.07 240.67 157.56 13.32 274.28 699.20 – 0.02 5.00 2.29 4.66


Trusteeship Fees 44.06 43.60 32.07 6.84 57.47 110.48 0.08 0.01 2.90 1.10 0.85

Service Tax on Trusteeship Fees 5.39 5.39 3.85 0.84 7.10 13.34 – – 0.35 0.14 0.10

Computer Age Management ServicesPvt. Limited

Registrar & Transfer Agent Fees 273.50 240.21 149.62 40.73 325.41 475.21 0.24 0.05 16.20 7.39 6.11


Commission on Distribution of Units # # # 0.04 0.08 – – – - –

GRUH Finance Ltd.

Commission on Distribution of units – – – # – – – – – –

Housing Development FinanceCorporation Limited @

Commission on Distribution of Units – – – – # – – – – –

Total 1264.42 2,536.02 1,694.44 184.07 3,030.54 7,377.78 3.98 0.30 70.45 31.63 50.39


* Formerly HDFC Cash Management Fund - Savings Plus Plan.

** HDFC Cash Management Fund - Investment Plan - Dividend Option - has been wound up effective December 31, 2004.

HDFC - SAI DOCUMENT

83 HDFC SAI dt. 29.06.2009

(Rs. in lakhs)

HDFC Sovereign Gilt Fund HHIF - Fixed Maturity Plan HDFC Core & Satellite Fund

Savings Plan Investment Plan Provident Plan Yearly Yearly YearlyOption IV Option V Option VI

20-6-2003 1-4-2004 1-4-2005 20-6-2003 1-4-2004 1-4-2005 20-6-2003 1-4-2004 1-4-2005 20-6-2003 20-6-2003 20-6-2003 1-4-2006 1-4-2007 1-4-2008to to to to to to to to to to to to to to to

31-3-2004 31-3-2005 31-3-2006 31-3-2004 31-3-2005 31-3-2006 31-3-2004 31-3-2005 31-3-2006 31-3-2004 31-3-2004 15-6-2004 31-3-2007 31-3-2008 31-3-2009

HDFC Bank Limited

Bank Charges 0.03 – 0.01 0.01 – – 0.01 0.01 0.01 – – – 7.68 3.53 1.09Custody Charges – – – – – – – – – – – – 13.95 8.45 3.66

Commission on Distribution of Units – 0.01 – – # – 0.05 0.12 0.01 – – – 117.31 73.94 33.64

HDFC Asset ManagementCompany Limited (the AMC)

Investment Management &Advisory Fees 0.39 0.33 0.28 3.53 1.44 0.60 1.85 2.65 1.74 – 0.14 0.49 657.57 604.25 333.87

Service Tax on Investment

Management Fees – 0.03 0.03 – 0.13 0.06 – 0.24 0.18 – – – 80.49 74.68 40.78


Trusteeship Fees 0.01 – – 0.04 0.02 0.01 0.03 0.05 0.03 – – 0.01 7.22 5.80 3.12

Service Tax on Trusteeship Fees – – – – – # – – – – – – 0.88 0.72 0.38

Computer Age ManagementServices Pvt. Limited

Registrar & Transfer Agent Fees 0.05 0.05 0.17 0.40 0.19 0.23 0.31 0.51 0.43 – – 0.01 171.27 107.20 41.71


Commission on Distribution of Units – – 0.02 – – – – – – – – – – 0.08 0.08

Housing Development FinanceCorporation Limited @

Commission on Distribution of Units 0.05 0.05 0.17 0.40 0.19 0.23 0.31 0.51 0.43 – – 0.01 171.27 107.20 #

Total 0.48 0.42 0.49 3.98 1.78 0.90 2.26 3.59 2.40 – 0.14 0.51 1056.39 878.65 458.34


HDFC Sovereign Gilt Fund wound up on March 27, 2006.(Rs. in lakhs)

HDFC Mutiple HDFC Premier HDFC Mutiple YieldYield Fund Multi-Cap Fund Fund - Plan 2005


31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009

HDFC Bank Limited

Bank Charges 0.52 0.13 0.02 2.97 2.91 1.24 0.50 0.08 0.01

Custody Charges 6.94 1.69 0.64 16.93 9.87 4.51 – – –

Commission on Distribution of units 18.95 9.16 2.58 65.65 61.37 33.38 15.63 14.60 1.68


Investment Management & Advisory Fees 374.78 148.14 68.04 886.23 658.56 373.09 391.49 82.06 42.01







HDFC Sales Private Limited Commission on Distribution of Units – - – – 0.04 0.01 – - –

GRUH Finance Ltd.

Commission on Distribution of units – - – – - – – - –


Commission on Distribution of units – – – # – –

Total 464.56 184.01 82.71 1256.10 928.73 512.10 472.60 111.22 50.91


HDFC - SAI DOCUMENT

84HDFC SAI dt. 29.06.2009

(Rs. in lakhs)

HDFC Long HDFC Mid-Cap HDFC HDFCTerm Equity Fund Opportunities Arbitrage Infrastructure

Fund Fund Fund


31-3-2007 31-3-2008 31-3-2009 31-3-2008 31-3-2009 31-3-2008 31-3-2009 31-3-2008 31-3-2009

HDFC Bank LimitedBank Charges 1.41 2.15 1.06 1.40 1.01 0.12 0.26 – 1.29

Custody Charges 0.50 0.16 3.12 17.22 10.34 22.62 45.50 – 1.56 Commission on Distribution of units 13.52 229.99 422.44 1,060.14 123.07 5.88 5.99 832.16 75.61HDFC Asset Management Company Limited (the AMC) Investment Management & Advisory Fees 1476.47 1,467.97 916.66 1,091.70 910.41 40.41 108.66 168.14 1124.62 Service Tax on Investment Management Fees 180.75 181.44 111.81 134.93 111.19 5.00 13.22 20.78 137.49HDFC Trustee Company Limited

Trusteeship Fees 145.17 151.62 93.25 103.31 88.54 1.55 3.25 9.06 109.99 Service Tax on Trusteeship Fees 17.77 18.74 11.36 12.77 10.82 0.19 0.39 1.12 13.45Computer Age Management Services Pvt. Limited

Registrar & Transfer Agent Fees 139.10 154.33 89.43 164.03 85.92 17.32 16.31 8.93 109.42HDFC Sales Private Limited Commission on Distribution of Units – – 1.20 0.10 – – 2.90 0.27GRUH Finance Ltd.

Commission on Distribution of units # 0.01 0.01 0.24 0.02 – – 0.05 # Housing Development Finance Corporation Limited @

Commission on Distribution of units – – – – – – –

Total 1974.69 2,206.41 1649.14 2,586.94 1,341.43 93.09 193.57 1,043.14 1,573.69


(Rs. in lakhs)

HDFC Fixed Maturity Plans

3M March 13M March 3M May 3M June 6M June 13M June2006 (1) 2006 (1) 2006 (1) 2006 (1) 2006 (1) 2006 (1)

28-3-2006 to 1-4-2006 to 28-3-2006 to 1-4-2006 to 1-4-2007 to 10-5-2006 to 28-6-2006 to 13-6-2006 to 13-6-2006 to 1-4-2007 to31-3-2006 27-6-2006 31-3-2006 31-3-2007 27-4-2007 9-8-2006 27-9-2006 12-12-2006 31-3-2007 12-7-2007

HDFC Bank LimitedBank Charges – – – – – – – – – –Custody Charges 0.03 1.50 0.04 9.09 0.64 – – – – –Commission on Distribution of units 0.04 0.98 4.68 0.07 – 0.29 0.34 0.29 0.57 –

HDFC Asset Management Company Ltd. (the AMC)Investment Management & Advisory Fees 0.34 8.62 0.42 79.71 8.53 13.80 14.08 9.45 48.96 18.76Service Tax on Investment Management Fees 0.03 1.06 0.04 9.76 1.05 1.69 1.72 1.16 5.99 2.32

HDFC Trustee Company LimitedTrusteeship Fees 0.07 1.49 0.08 7.92 0.60 1.15 1.60 0.64 2.04 0.75Service Tax on Trusteeship Fees 0.01 0.18 0.01 0.97 0.07 0.14 0.20 0.08 0.25 0.09

Computer Age Management Services Pvt. LimitedRegistrar & Transfer Agent Fees – 2.63 – 9.87 0.75 1.45 1.29 0.84 2.71 1.05

Total 0.52 16.46 5.27 117.38 11.64 18.52 19.23 12.45 60.54 22.97

(Rs. in lakhs)

HDFC Fixed Maturity Plans

3M July 6M July 13M July 3M August 13M August 26M August 3M September 13M September2006 (1) 2006 (1) 2006 (1) 2006 (1) 2006 (1) 2006 (1) 2006 (1) 2006 (1)

1-8-2006 1-8-2006 12-7-2006 1-4-2007 10-8-2006 1-9-2006 1-4-2007 7-9-2006 1-4-2007 1-4-2008 28-9-2006 28-9-2006 1-4-2007to to to to to to to to to to to to to

31-10-2006 31-1-2007 31-3-2007 13-8-2007 9-11-2006 31-3-2007 1-10-2007 31-3-2007 31-3-2008 31-3-2009 27-12-2006 31-3-2007 29-10-2007

HDFC Bank LimitedBank Charges – – – – – – – – – – – – –Custody Charges – – – – – – – – – – – – –Commission on Distribution of units 0.10 0.02 0.91 – 0.26 0.33 – 16.77 – – 0.29 1.09 –

HDFC Asset ManagementCompany Ltd. (the AMC)

Investment Management &Advisory Fees 1.20 2.47 40.32 22.29 6.68 19.46 25.26 79.89 156.30 114.19 12.68 5.12 47.11Service Tax on InvestmentManagement Fees 0.15 0.30 4.93 2.75 0.82 2.38 3.12 9.78 19.32 13.34 1.55 0.63 5.82

HDFC Trustee Company LimitedTrusteeship Fees 0.11 0.08 1.00 0.53 0.71 0.46 0.34 2.08 3.23 1.81 1.18 0.83 0.97Service Tax on Trusteeship Fees 0.01 0.01 0.12 0.07 0.09 0.06 0.04 0.25 0.40 0.22 0.14 0.10 0.12


Registrar & Transfer Agent Fees 0.15 0.11 2.48 0.67 1.06 0.60 0.82 2.74 3.95 3.85 0.91 0.95 1.46HDFC Sales Private Limited

Commission on Distribution of Units – – – – – – – # – – – – –

Total 1.71 3.00 49.77 26.31 9.62 23.29 29.58 111.50 183.20 133.42 16.75 8.71 55.48


HDFC - SAI DOCUMENT

85 HDFC SAI dt. 29.06.2009

(Rs. in lakhs)

HDFC Fixed Maturity Plans - Series II

18M October 90D 17M November 16M December 90D2006 November 2006 2006 December

2006 2006

27-10-2006 1-4-2007 1-4-2008 10-11-2006 22-11-2006 1-4-2007 1-4-2008 19-12-2006 1-4-2007 1-4-2008 28-12-2006to to to to to to to to to to to

31-3-2007 31-3-2008 31-3-2009 7-2-2007 31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009 28-3-2007

HDFC Bank LimitedBank Charges – – – – – – – – – – –Custody Charges – – – – – – – – – – –Commission on Distribution of units 1.73 – – 0.29 2.42 – – 1.60 – – 0.29

HDFC Asset Management Company Limited(the AMC)

Investment Management &Advisory Fees 80.95 145.43 25.04 19.30 36.51 81.52 7.98 29.41 70.54 3.45 16.07Service Tax on InvestmentManagement Fees 9.91 17.98 3.10 2.36 4.47 10.08 0.99 3.60 8.72 0.43 1.97

HDFC Trustee Company LimitedTrusteeship Fees 1.48 3.53 0.27 0.91 0.66 1.91 0.11 0.57 2.13 0.13 1.32Service Tax on Trusteeship Fees 0.18 0.44 0.03 0.11 0.08 0.24 0.01 0.07 0.26 0.02 0.16


Registrar & Transfer Agent Fees 1.66 4.17 1.30 1.18 0.90 2.28 1.29 0.78 2.51 0.68 2.04HDFC Sales Private Limited

Commission on Distribution of Units – – – – – – – – – – –

Total 95.91 171.55 29.74 24.16 45.05 96.03 10.38 36.03 84.16 4.70 21.85

(Rs. in lakhs)

HDFC Fixed Maturity HDFC Fixed MaturityPlans - Series III Plans - Series IV

90D January 16M January 15M February 14M March 90D February 90D March2007 2007 2007 2007 2007 2007

12-1-2007 to 1-4-2007 to 11-1-2007 to 1-4-2007 to 1-4-2008 to 5-2-2007 to 1-4-2007 to 1-4-2008 to 5-3-2007 to 1-4-2007 to 1-4-2008 to 10-2-2007 to 1-4-2007 to 5-3-2007 to 1-4-2007 to31-3-2007 17-4-2007 31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009 31-3-2007 31-3-2008 31-3-2009 31-3-2007 14-5-2007 31-3-2007 20-6-2007

HDFC Bank LimitedBank Charges – – – – – – – – – – – – – – –Custody Charges 1.15 0.42 0.63 3.48 0.47 0.14 1.27 0.15 0.19 6.49 0.77 0.45 0.30 0.07 1.13Commission on Distribution of units 0.09 0.02 1.70 – – 0.60 – – 2.68 – – 0.12 0.11 0.02 0.20


Investment Management& Advisory Fees 19.02 4.95 27.28 117.70 15.49 5.75 54.70 13.58 2.98 197.21 21.61 12.20 8.06 1.54 16.59Service Tax on InvestmentManagement Fees 2.33 0.61 3.34 14.55 1.91 0.70 6.76 1.68 0.37 24.38 2.67 1.49 1.01 0.19 2.05

HDFC Trustee Company LimitedTrusteeship Fees 1.05 0.25 0.58 3.26 0.45 0.14 1.17 0.14 0.30 6.62 0.81 0.40 0.38 0.13 1.16Service Tax on Trusteeship Fees 0.13 0.03 0.06 0.40 0.06 0.02 0.14 0.02 0.04 0.82 0.10 0.05 0.05 0.02 0.14


Registrar & Transfer Agent Fees 1.23 0.45 0.68 3.85 0.99 0.15 1.38 0.70 0.52 7.80 2.19 0.44 0.59 0.42 1.48

Total 25.00 6.74 34.28 143.24 19.38 7.51 65.42 16.26 7.08 243.32 28.15 15.15 10.50 2.39 22.75

(Rs. in lakhs)

Particulars HDFC Fixed Maturity Plans - Series V

15M 181D 367D 90D 90D 181DMarch April April April May May2007 2007 2007 2007 2007 2007

22-3-2007 to 1-4-2007 to 1-4-2008 to 2-4-2007 to 2-4-2007 to 1-4-2008 to 2-4-2007 to 7-5-2007 to 7-5-2007 to31-3-2007 31-3-2008 31-3-2009 17-10-2007 31-3-2008 31-3-2009 26-7-2007 27-8-2007 19-11-2007

HDFC Bank LimitedBank Charges – - – - - – - - -Custody Charges 0.03 3.74 0.82 1.06 3.84 0.29 1.06 0.15 0.23Commission on distribution of Units 3.35 - – 0.27 2.84 – 0.29 0.14 0.11

HDFC Securities LimitedBrokerageCommission on distribution of Units 0.63 – - – - - -


Investment Management and Advisory Fees 0.08 92.26 28.27 15.88 130.33 30.21 53.87 2.66 3.55Service Tax on Invt Mgt Fees 0.08 11.40 3.49 1.96 16.11 3.73 6.66 0.33 0.44

HDFC Trustee Company LimitedTrustee Fees 0.01 3.38 0.82 0.86 3.36 0.29 1.06 0.21 0.21Service Tax on Trusteeship Fees 0.26 0.42 0.10 0.11 0.42 0.04 0.13 0.03 0.03


Registrar and Transfer Agent Fees - 4.00 1.47 1.73 4.30 2.56 1.70 0.33 0.70

HDFC Sales Private LimitedCommission on distribution of Units - - – - #0.00 – - - -

Total 4.44 115.19 34.98 21.86 161.20 37.11 64.76 3.85 5.27


HDFC - SAI DOCUMENT

86HDFC SAI dt. 29.06.2009

(Rs. in lakhs)

Particulars HDFC Fixed Maturity Plans - Series V

367D 24M 90D 181D 367D 36MMay May June June June June2007 2007 2007 2007 2007 2007


HDFC Bank LimitedBank Charges – – - – - - - – - –Custody Charges 1.58 0.28 0.25 0.21 0.82 0.11 0.58 0.17 0.80 0.76Commission on distribution of Units 1.78 – 0.28 – 0.25 0.11 0.62 – 2.19 0.22


Investment Management and Advisory Fees 71.42 16.62 14.74 17.29 12.03 0.53 22.47 4.39 32.24 40.34Service Tax on Invt Mgt Fees 8.83 2.05 1.82 2.00 1.49 0.07 2.78 0.54 3.98 4.90

HDFC Trustee Company LimitedTrustee Fees 1.37 0.25 0.24 0.27 0.73 0.11 0.52 0.16 0.72 0.89Service Tax on Trusteeship Fees 0.17 0.03 0.03 0.03 0.09 0.01 0.06 0.02 0.09 0.11


Registrar and Transfer Agent Fees 1.81 1.31 0.31 0.12 1.79 0.30 0.68 0.50 0.87 0.57HDFC Sales Private Limited

Commission on distribution of Units – – - – - - - – - –

Total 86.96 20.54 17.67 19.91 17.21 1.24 27.71 5.77 40.89 47.80

(Rs. in lakhs)

Particulars HDFC Fixed Maturity Plans - Series VI

90D 367D 367D 90D 367D 181DAugust August September September September October2007 2007 2007 2007 2007 (2) 2007


HDFC Bank LimitedBank Charges – - – - – – - – - –Custody Charges 0.70 1.28 0.67 0.22 0.16 1.06 0.08 0.06 0.05 0.00Commission on distribution of Units 0.15 0.12 – 0.32 – 0.24 0.08 – 0.08 0.01

HDFC Securities LimitedBrokerageCommission on distribution of Units – – – – – – – – – –



HDFC Trustee Company LimitedTrustee Fees 0.65 1.11 0.67 0.19 0.17 0.97 0.07 0.07 0.04 #Service Tax on Trusteeship Fees 0.08 0.14 0.08 0.02 0.02 0.12 0.01 0.01 0.01 #



Commission on distribution of Units – – – – – – – – – –

Total 16.83 46.10 33.71 8.53 10.64 27.46 4.42 4.61 1.04 0.16

(Rs. in lakhs)


18M 18M 18M 90D 90D 181DOctober September November November November November

2007 2007 2007 2007 2007 (2) 2007


HDFC Bank LimitedBank Charges - – - # - – - - - –Custody Charges 0.73 1.22 0.73 1.04 0.96 1.58 0.59 1.35 0.06 0.02Commission on distribution of Units 0.80 – 3.59 – 1.40 – 0.02 0.16 0.06 0.02

HDFC Securities LimitedBrokerageCommission on distribution of Units – – – – – – – – – –



HDFC Trustee Company LimitedTrustee Fees 0.59 1.41 0.64 1.24 0.75 1.85 0.55 1.20 0.06 0.02Service Tax on Trusteeship Fees 0.07 0.17 0.08 0.15 0.09 0.23 0.07 0.15 0.01 #



Commission on distribution of Units – – – – – – – – – –

Total 30.51 113.85 42.08 129.54 36.82 232.79 16.62 42.98 1.21 1.64


HDFC - SAI DOCUMENT

87 HDFC SAI dt. 29.06.2009

(Rs. in lakhs)


FMP 90D FMP 181D FMP 18M FMP 90DDecember December December January

2007 2007 2007 2008

18-12-2007 18-12-2007 1-4-2008 20-12-2007 1-4-2008 19-2-2008 1-4-2008to to to to to to to

31-3-2008 31-3-2008 31-3-2009 31-3-2008 31-3-2009 31-3-2008 31-3-2009

HDFC Bank LimitedBank Charges – – – – – – –Custody Charges 2.15 0.26 0.19 0.07 0.21 0.63 0.77Commission on distribution of Units 0.17 0.33 0.24 0.33 – 1.22 1.43


Investment Management and Advisory Fees 43.54 4.16 3.09 3.81 14.38 9.95 12.45Service Tax on Invt Mgt Fees 5.38 0.51 0.38 0.47 1.75 1.23 1.54

HDFC Trustee Company LimitedTrustee Fees 1.91 0.23 0.17 0.07 0.23 0.56 0.68Service Tax on Trusteeship Fees 0.24 0.03 0.02 0.01 0.03 0.07 0.08

Computer Age Management Services Pvt. LimitedRegistrar and Transfer Agent Fees 3.78 0.39 0.24 0.24 0.14 0.86 1.09

HDFC Sales Private LimitedCommission on distribution of Units - - – - – - –

GRUH Finance Limited Commission on Distribution of Unit - - – - – - –

Total 57.16 5.90 4.33 5.00 16.74 14.53 18.05

(Rs. in lakhs)

Particulars HDFC Quarterly Interval Fund

HDFC Quarterly HDFC Quarterly HDFC QuarterlyInterval Fund - Interval Fund - Interval Fund -

Plan A Plan B Plan C

29-3-2007 to 1-4-2007 to 1-4-2008 to 2-4-2007 1-4-2008 to 7-5-2007 1-4-2008 to31-3-2007 31-3-2008 31-3-2009 31-3-2008 31-3-2009 31-3-2008 31-3-2009

HDFC Bank LimitedBank Charges – – # – # – #Custody Charges – 3.39 1.77 2.48 1.62 2.03 2.00Commission on Distribution of units – 0.61 0.95 0.16 0.61 0.38 0.46

HDFC Asset Management Company Limited (the AMC)Investment Management & Advisory Fees – 65.87 51.57 52.51 36.82 59.95 2.47Service Tax on Investment Management Fees – 8.14 6.04 6.49 4.37 7.41 0.25

HDFC Trustee Company LimitedTrusteeship Fees 0.02 3.04 2.10 2.32 1.92 1.91 2.24Service Tax on Trusteeship Fees – 0.38 0.26 0.29 0.23 0.24 0.28

Computer Age Management Services Pvt. LimitedRegistrar & Transfer Agent Fees 0.24 4.98 3.80 4.22 5.02 3.65 3.57

Total 0.26 86.41 66.48 68.47 50.60 75.57 11.28


(Rs. in lakhs)

Particulars HDFC Fixed Maturity Plans - Series VII

FMP 18M FMP 90D FMP 15M FMP 90D FMP 14M FMP 90DJanuary February February February February March

2008 2008 2008 2008 (2) 2008 2008

8-2-2008 1-4-2008 26-2-2008 1-4-2008 26-2-2008 1-4-2008 5-3-2008 1-4-2008 5-3-2008 1-4-2008 11-3-2008 1-4-2008to to to to to to to to to to to to

31-3-2008 31-3-2009 31-3-2008 31-3-2009 31-3-2008 31-3-2009 31-3-2008 31-3-2009 31-3-2008 31-3-2009 31-3-2008 31-3-2009

HDFC Bank LimitedBank Charges – – – – – – – – – – – –Custody Charges 0.27 1.43 0.41 0.67 0.04 0.31 0.11 0.33 0.04 0.46 0.05 0.22Commission on distribution of Units 1.96 – 0.02 0.03 0.60 – 0.05 0.12 2.23 – 0.02 0.05


Investment Management and Advisory Fees 5.61 95.20 5.62 9.81 1.29 46.74 2.44 5.98 1.36 65.71 1.10 3.33Service Tax on Invt Mgt Fees 0.69 10.93 0.69 1.21 0.16 5.05 0.30 0.74 0.17 7.09 0.14 0.41

HDFC Trustee Company LimitedTrustee Fees 0.25 1.63 0.37 0.60 0.04 0.38 0.12 0.29 0.04 0.53 0.06 0.19Service Tax on Trusteeship Fees 0.03 0.20 0.05 0.07 0.01 0.05 0.02 0.04 0.01 0.06 0.01 0.02


Registrar and Transfer Agent Fees 0.50 1.28 0.36 1.13 0.04 0.33 0.14 0.92 0.05 0.46 0.08 0.43HDFC Sales Private Limited

Commission on distribution of Units - – - – - – - – – – – –GRUH Finance Limited Commission on Distribution of Unit - – - – - – - – – – – –

Total 9.31 110.67 7.52 13.52 2.19 52.86 3.18 8.41 3.90 74.32 1.46 4.65

HDFC - SAI DOCUMENT

88HDFC SAI dt. 29.06.2009

(Rs. in lakhs)


FMP 13M FMP 90D FMP 13M FMP 370D FMP 370D FMP 90DMarch March March March March March2008 2008 (2) 2008 (2) 2008 (1) 2008 (2) 2008 (3)


31-3-2008 31-3-2009 31-3-2008 31-3-2009 31-3-2008 31-3-2009 31-3-2008 31-3-2009 31-3-2008 31-3-2009 31-3-2008 31-3-2009

HDFC Bank LimitedBank Charges – – – – – – – – – – – –Custody Charges 0.01 0.18 0.23 1.37 0.12 2.57 0.06 4.68 0.02 7.29 0.01 0.49Commission on distribution of Units 1.02 – 0.08 0.43 2.59 – 0.00 – 9.53 0.17 0.01 0.12


Investment Management and Advisory Fees 0.45 25.75 3.00 15.77 2.53 142.38 - 436.46 - – 0.27 14.85Service Tax on Invt Mgt Fees 0.06 2.80 0.37 1.95 0.31 15.90 - 52.98 - – 0.03 1.84

HDFC Trustee Company LimitedTrustee Fees 0.01 0.21 0.21 1.17 0.12 2.89 - 5.62 - 8.58 0.02 0.44Service Tax on Trusteeship Fees – 0.03 0.03 0.14 0.01 0.35 - 0.68 - 1.04 - 0.05


Registrar and Transfer Agent Fees 0.02 0.19 0.44 1.96 0.25 2.40 0.44 4.53 0.72 7.18 0.15 0.99HDFC Sales Private Limited

Commission on distribution of Units – – – – – – – – – – – –

GRUH Finance Limited Commission on Distribution of Unit – – – – – – – – – – – –

Total 1.57 29.15 4.36 22.79 5.92 166.49 0.50 504.95 10.28 24.27 0.49 18.78

(Rs. in lakhs)


FMP 18M April 2008 FMP 181D April 2008 FMP 18M April 2008 (2) FMP 90D April 2008

22-4-2008 to 22-4-2008 to 29-4-2008 to 29-4-2008 to31-3-2009 31-3-2009 31-3-2009 31-3-2009

HDFC Bank LimitedBank Charges - - # -Custody Charges 0.36 0.23 1.24 0.56Commission on distribution of Units 0.80 0.09 1.70 0.15

HDFC Asset Management Company Limited (the AMC)Investment Management and Advisory Fees 26.55 3.90 76.99 9.45Service Tax on Invt Mgt Fees 3.22 0.48 9.28 1.17

HDFC Trustee Company LimitedTrustee Fees 0.46 0.26 1.54 0.57Service Tax on Trustee Fees 0.06 0.03 0.19 0.07

Computer Age Management Services Pvt. LimitedRegistrar and Transfer Agent Fees 0.43 0.42 1.41 1.27

Total 31.87 5.42 92.34 13.24


(Rs. in lakhs)

Particulars HDFC Fixed Maturity Plans - Series VIII

FMP 370D FMP 370D FMP 90D FMP 90D FMP 90D FMP 90D FMP 370D FMP 90D FMP 90D FMP 90D FMP 370D FMP 370DMay May May May May May May June June June June June2008 2008 (2) 2008 2008(2) 2008 (3) 2008 (4) 2008 (3) 2008 (1) 2008 (2) 2008 (3) 2008 (1) 2008 (2)


31-3-2009 31-3-2009 12-8-2008 18-8-2008 25-8-2008 1-9-2008 31-3-2009 8-9-2008 15-9-2008 23-9-2008 29-6-2008 31-3-2009

HDFC Bank LimitedBank Charges - - - - - - - - - - - -Custody Charges 1.64 1.77 0.56 0.48 0.78 0.41 0.88 0.86 1.57 0.67 1.16 0.66Commission on distribution of Units 1.14 5.40 0.05 0.68 0.42 0.09 0.49 0.10 0.49 1.28 2.91 0.78


Investment Management and Advisory Fees 72.82 98.41 9.02 7.89 28.55 6.80 44.08 18.17 36.48 9.84 96.26 36.40Service Tax on Invt Mgt Fees 8.82 11.59 1.11 0.98 3.53 0.84 5.34 2.25 4.51 1.22 11.00 4.40

HDFC Trustee Company LimitedTrustee Fees 2.09 2.30 0.61 0.56 0.88 0.50 1.17 1.03 1.98 0.89 1.51 0.95Service Tax on Trustee Fees 0.25 0.28 0.08 0.07 0.11 0.06 0.14 0.13 0.24 0.11 0.18 0.11


Registrar and Transfer Agent Fees 1.74 1.97 1.07 0.89 1.31 1.09 0.91 1.57 3.16 1.49 1.37 0.82

HDFC Sales Private Limited Commission on distribution of Units – – – – – – – – – – 0.08 –

Total 88.51 121.71 12.48 11.55 35.58 9.79 53.01 24.11 48.43 15.50 114.46 44.12

HDFC - SAI DOCUMENT

89 HDFC SAI dt. 29.06.2009

(Rs. in lakhs)

Particulars HDFC Fixed Maturity Plans - Series VIII

FMP 90D FMP 370D FMP 181D FMP 90D FMP 181DJuly July August September October

2008 (1) 2008 (1) 2008(1) 2008 (4) 2008 (1)

4-7-2008 to 8-7-2008 to 8-9-2008 to 7-10-2008 to 24-10-2008 to1-10-2008 31-3-2009 9-3-2009 5-1-2009 31-3-2009

HDFC Bank LimitedBank Charges – – – – –Custody Charges 0.60 0.87 0.68 1.23 0.32Commission on distribution of Units 0.22 1.89 0.40 0.61 0.43

HDFC Asset Management Company Limited (the AMC)Investment Management and Advisory Fees 20.23 57.83 21.82 116.01 51.68Service Tax on Invt Mgt Fees 2.50 6.99 2.53 14.34 5.32

HDFC Trustee Company LimitedTrustee Fees 0.84 1.20 0.93 1.66 0.43Service Tax on Trustee Fees 0.10 0.14 0.11 0.21 0.05

Computer Age Management Services Pvt. LimitedRegistrar and Transfer Agent Fees 1.95 1.04 1.71 5.52 0.42

HDFC Sales Private LimitedCommission on distribution of Units – – – 0.01 –

Total 26.45 69.96 28.18 139.59 58.65

(Rs. in lakhs)

Particulars HDFC Fixed Maturity Plans - Series IX

FMP 90D FMP 370D FMP 90D FMP 20M FMP 90D FMP 90D FMP 90D FMP 370D FMP 370D FMP 90DJuly July July August August August August August August August

2008 (2) 2008 (2) 2008 (3) 2008 2008 (1) 2008 (2) 2008 (3) 2008 (1) 2008 (2) 2008 (4)


HDFC Bank LimitedBank Charges – – – – – – – – 0.02 –Custody Charges 1.07 0.53 0.84 1.20 0.49 0.49 1.35 0.78 7.26 1.68Commission on distribution of Units 0.27 2.69 0.06 6.02 0.22 0.98 0.43 11.68 0.13 0.71






Commission on distribution of Units – – – – – – – – – #GRUH Finance Limited Commission on Distribution of Unit – – # – – – – – – –

Total 16.34 50.40 22.82 122.17 11.92 19.82 37.94 104.10 95.71 73.88


(Rs. in lakhs)


FMP 370D FMP 90D FMP 90D FMP 90D FMP 22M FMP 370D FMP 90D FMP 18M FMP 370D FMP 90DAugust September September September September September October October October October

2008 (3) 2008 (1) 2008 (2) 2008 (3) 2008 2008 (1) 2008 (1) 2008 (1) 2008 (1) 2008 (2)


HDFC Bank LimitedBank Charges – – – – – – – – – –Custody Charges 0.49 0.74 1.55 1.19 0.76 0.57 0.36 0.15 0.14 0.50Commission on distribution of Units 3.97 0.25 0.57 0.54 15.54 4.25 0.21 1.26 0.96 0.23





Registrar and Transfer Agent Fees 0.64 2.31 4.45 4.25 0.95 0.68 1.53 0.20 0.18 1.60

HDFC Sales Private LimitedCommission on distribution of Units – # # – – – 0.01 – – #

GRUH Finance Limited Commission on Distribution of Unit – – – – – – – – – –

Total 57.94 39.10 61.40 42.86 104.73 53.46 5.36 22.42 29.27 42.52

# less than Rs 0.01 lacs

HDFC - SAI DOCUMENT

90HDFC SAI dt. 29.06.2009

(Rs. in lakhs)


FMP 90D FMP 18M FMP 370D FMP 17M FMP 370DOctober October November November December2008 (3) 2008 (2) 2008 (1) 2008 (1) 2008 (1)

31-10-2008 to 16-10-2008 to 7-11-2008 to 27-11-2008 to 11-12-2008 to28-1-2009 31-3-2009 31-3-2009 31-3-2009 31-3-2009

HDFC Bank LimitedBank Charges – – – – –Custody Charges 0.18 0.09 0.34 0.16 0.12Commission on distribution of Units 0.08 0.96 4.81 1.36 0.70

HDFC Asset Management Company Limited (the AMC)Investment Management and Advisory Fees 10.06 6.74 29.68 14.26 7.83Service Tax on Invt Mgt Fees 1.24 0.83 3.51 1.68 0.91

HDFC Trustee Company LimitedTrustee Fees 0.25 0.12 0.44 0.23 0.16Service Tax on Trustee Fees 0.03 0.01 0.05 0.03 0.02

Computer Age Management Services Pvt. LimitedRegistrar and Transfer Agent Fees 0.66 0.12 0.36 0.22 0.14

HDFC Sales Pvt. Ltd.Commission on distribution of Units – – 0.01 – –

Total 12.51 8.88 39.21 17.93 9.89

(Rs. in lakhs)

Particulars HDFC Fixed Maturity Plans - Series X

FMP 90D FMP 90D FMP 90D FMP 90D FMP 16M FMP 90D FMP 13M FMP 14M FMP 367DNovember November November November December December March February March2008 (1) 2008 (2) 2008 (3) 2008 (4) 2008 (1) 2008 (1) 2009 2009 2009 (1)


9-2-2009 16-2-2009 24-2-2009 2-3-2009 31-3-2009 9-3-2009 31-3-2009 31-3-2009 31-3-2009

HDFC Bank LimitedBank Charges – – – – – – – – –Custody Charges 0.20 0.21 0.35 0.14 0.08 0.03 # # #Commission on distribution of Units 0.04 0.11 0.07 0.16 0.04 0.06 0.01 # –

HDFC Asset Management Company Limited (the AMC)Investment Management and Advisory Fees 7.34 11.72 1.17 19.99 6.01 3.76 0.09 0.06 0.04Service Tax on Invt Mgt Fees 0.88 1.41 0.14 2.06 0.70 0.39 – – #

HDFC Trustee Company LimitedTrustee Fees 0.28 0.29 0.50 0.19 0.11 0.05 # # #Service Tax on Trustee Fees 0.03 0.04 0.06 0.02 0.01 0.01 # # #

Computer Age Management Services Pvt. LimitedRegistrar and Transfer Agent Fees 0.76 1.01 0.96 0.62 0.10 0.36 0.01 0.01 –

HDFC Sales Private LimitedCommission on distribution of Units – – – # – # – – –

Total 9.53 14.79 3.25 23.17 7.05 4.66 0.11 0.06 0.04

# less than Rs 0.01 lacs

The percentage of brokerage paid to associate brokers was inline with the norms relating to brokerage payment for secondarymarket transactions of the Mutual Fund.

The AMC may, from time to time, for the purpose of conductingits normal business, use the services (including Brokerage servicesand securities transactions) of the Sponsors, subsidiaries, groupcompanies, associates of its Sponsor and their employees orrelatives. The subsidiaries of HDFC as on March 31, 2009.

1. HDFC Asset Management Company Limited

2. HDFC ERGO General Insurance Company Limited

3. HDFC Developers Limited

4. HDFC Holdings Limited

5. HDFC Investments Limited

6. HDFC Realty Limited

7. HDFC Standard Life Insurance Company Limited

8. HDFC Trustee Company Limited

9. GRUH Finance Limited

10. HDFC Venture Capital Limited

11. HDFC Ventures Trustee Company Limited

12. HDFC Sales Private Limited

13. HDFC Property Ventures Limited

14. Griha Investments, Mauritius.

15. HDFC Asset Management Company Singapore (Pte.) Ltd.

The AMC may utilise the services of Sponsors, group companiesand any other subsidiary or associate company of the Sponsorsestablished or to be established at a later date, in case such acompany (including their employees or relatives) is in a positionto provide the requisite services to the AMC. The AMC willconduct its business with the aforesaid companies (includingtheir employees or relatives) on commercial terms and onarms-length basis and at mutually agreed terms and conditionsto the extent permitted under the SEBI (MF) Regulations, afterevaluation of the competitiveness of the pricing offered by theSponsors, associate companies (including their employees orrelatives) and the services to be provided by them.

Associate transactions, if carried out, will be as per the SEBI (MF)Regulations and the limits prescribed thereunder. The Schemeshall not make any investments in –

� any unlisted security of an associate or group companyof the Sponsors; or

� any security issued by way of private placement by anassociate or group company of the Sponsors; or

� the listed securities of group companies of the Sponsorswhich is in excess of 25% of the net assets.

� Documents Available For InspectionCopies of the following documents may be inspected duringBusiness Hours on any Business Day at the registered office ofthe AMC.

HDFC - SAI DOCUMENT

91 HDFC SAI dt. 29.06.2009

1. Trust Deed and amendments thereto, if any2. Investment Management Agreement;3. Custodian Agreement;4. Registrars Agreement;5. Memorandum and Articles of Association of the AMC;

6. Securities and Exchange Board of India (Mutual Funds)Regulations, 1996 and amendments thereto from time totime;

7. Indian Trusts Act, 1882;

8. Consent of the Auditors and Legal Advisors to act in thesaid capacity; and

9. Registration Certificate for the Mutual Fund granted bySEBI.

� Investor Grievances Redressal MechanismInvestors may contact any of the Investor Service Centres (ISCs)of the AMC for any queries / clarifications at telephone number60006767 or 1800 233 6767 (toll free), Fax number. (022)22821144, e-mail: [email protected]. Investors can alsopost their grievances/feedback/suggestions on our websitewww.hdfcfund.com under the section 'Customer Care' appearingunder 'Contact Us'. The Head Office of the AMC will follow upwith the respective ISCs to ensure timely redressal and promptinvestor services. Mr. John Mathews, Head - Client Services canbe contacted at Mistry Bhavan, 2nd Floor, 122, Dinsha VachhaRoad, Churchgate, Mumbai - 400 020 at telephone number(Direct) (022) 66316301 or telephone number (Board) (022)66316333. His e-mail contact is: [email protected]

Investor Complaints

Given below is the status of complaints received during the period April 1, 2006 to July 31, 2009.

Name of Scheme Complaints Received Complaints Redressed Complaints Pending

April 1, April 1, April 1, April 1, April 1, April 1, April 1, April 1, As at As at As at April 1,2006 to 2007 to 2008 to 2009 to 2006 to 2007 to 2008 to 2009 to March 31, March 31, March 31, 2009 to

March 31, March 31, March 31, July 31, March 31, March 31, March 31, July 31, 2007 2008 2009 July 31,2007 2008 2009 2009 2007 2008 2009 2009 2009

HDFC Growth Fund 146 321 637 121 157 318 635 119 2 5 7 9

HDFC Equity Fund 741 872 784 223 742 868 793 217 12 16 7 13

HDFC Top 200 Fund 469 612 1,221 498 473 611 1,217 483 12 13 17 32

HDFC Capital Builder Fund 274 160 112 25 289 161 112 26 3 2 2 1

HDFC Core & Satellite Fund 315 152 64 9 323 153 63 10 1 – 1 –

HDFC Premier Multi-Cap Fund 341 143 71 20 342 146 74 21 7 4 1 –

HDFC Long Term Advantage Fund 460 430 410 126 468 433 405 134 9 6 11 3

HDFC TaxSaver 710 1,171 1,210 359 717 1,154 1,212 365 4 21 19 13

HDFC Index Fund 12 21 34 11 12 19 35 12 – 2 1 –

HDFC Balanced Fund 45 78 27 4 44 78 28 4 1 1 – –

HDFC Prudence Fund 322 515 451 115 322 521 453 113 11 5 3 5

HDFC Long Term Equity Fund 39 164 67 25 41 164 67 23 – – - 2

HDFC MF Monthly Income Plan 320 178 150 46 321 181 149 45 3 – 1 2

HDFC Children's Gift Fund 46 91 143 58 47 91 138 61 1 1 6 3

HDFC Multiple Yield Fund 5 – 4 – 6 – 4 – – – – –

HDFC Multiple Yield Fund - Plan 2005 8 2 1 – 8 2 1 – – – – –

HDFC Income Fund 117 25 31 18 121 25 31 17 – – – 1

HDFC High Interest Fund 20 14 80 34 20 14 80 34 – – – –

HDFC Short Term Plan 13 4 12 32 13 4 12 32 – – – –

HDFC Floating Rate Income Fund 48 48 93 41 49 48 89 44 – – 4 1

HDFC Gilt Fund 2 1 10 4 2 1 10 4 – – – –

HDFC Sovereign Gilt Fund 2 – – – 2 – – – – – – –

HDFC Liquid Fund 26 18 48 17 26 18 48 17 – – – –

HDFC Cash Management Fund 42 226 317 76 43 221 321 75 – 5 1 2

HDFC Fixed Maturity Plans 5 28 263 19 5 28 261 19 – – 2 2

HDFC Mid Cap Opportunities Fund – 265 79 19 – 264 79 18 – 1 1 2

HDFC Arbitrage Fund – 6 21 15 – 6 21 15 – – – –

HDFC Infrastructure Fund – 50 826 57 – 34 842 57 – 16 – –

HDFC Quarterly Interval Fund – 9 27 1 – 9 27 1 – – – –

Total 4,528 5,604 7,193 1,973 4,593 5,572 7,207 1,966 66 98 84 91

The data on the number of complaints received, redressed and pending required to be updated every two months as prescribed by SEBI is accordingly updated

upto July 31, 2009.

HDFC - SAI DOCUMENT

92HDFC SAI dt. 29.06.2009

Notes:

1. The Statement of Additional Information (‘SAI’) will beuploaded by HDFC Mutual Fund on its website(www.hdfcfund.com) and on AMFI website(www.amfiindia.com). The printed copy of SAI will be madeavailable to the investor on request.

2. SAI will be updated within 3 months from the end of eachfinancial year and filed with SEBI.

3. Any material changes to SAI will be made on an ongoingbasis by HDFC Mutual Fund by updating SAI on its website(www.hdfcfund.com) and on AMFI website(www.amfiindia.com). SEBI will be intimated of all suchchanges within 7 days. The effective date for all such

changes will be mentioned in the updated SAI.

4. Notwithstanding anything contained in this Statementof Additional Information, the provisions of SEBI (MF)Regulations, 1996 and the guidelines thereunder shallbe applicable.

For and on behalf of the Board of Directors ofHDFC Asset Management Company Limited

Place : Mumbai MILIND BARVEDate : June 29, 2009 Managing Director

HDFC - SAI DOCUMENT

93 HDFC SAI dt. 29.06.2009

Blank

alok

graphics

HDFC ASSET MANAGEMENT COMPANY LIMITEDA Joint Venture with Standard Life Investments Limited

Registered Office :

Ramon House, 3rd Floor, H.T. Parekh Marg,169, Backbay Reclamation, Churchgate, Mumbai 400 020

Tel.: 022-66316300 � Toll Free no. 1800 233 6767 � Fax : 022-22821144e-mail for Investors: [email protected]

e-mail for Distributors: [email protected]

website : www.hdfcfund.com

HDFC - SAI DOCUMENT