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					                                   STATEMENT OF
                 ADDITIONAL INFORMATION




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

                                                      Website:
                                             www.hdfcfund.com


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.
           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
       4        November 5, 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 Fund
effective 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 in
compliance with AMFI Guidelines dated July 14, 2009, investment in micro financial products such as Systematic
Investment Plans (SIPs) where aggregate of installments in a rolling 12 months period or in a financial year i.e. April
to March does not exceed Rs. 50,000 per year per investor (hereinafter referred as "Micro SIPs"), will be exempt from
the 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, NRIs
but 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 facility
is 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 Photo
Identification 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 terms
and conditions carefully before enrolment.
All terms and conditions of Systematic Investment Plans (SIPs) shall apply to Micro SIPs. The Trustee reserves the right
to 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 as
amended from time to time.
This Addendum is dated July 31, 2009.




HDFC SAI dt. 29.06.2009                                   96
                             ADDENDUM NO. 2
     ADDENDUM to the Statement of Additional Information dated June 29, 2009
                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 additional
paragraph under 'Mode of Payment' as disclosed in the Statement of Additional Information (SAI) / Key Information
Memorandum 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 above
will 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 application
for 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 time
to time.
This Addendum is dated August 21, 2009.


                             ADDENDUM NO. 3
     ADDENDUM to the Statement of Additional Information dated June 29, 2009
                                          Change in the Key Personnel
Mr. Pankaj Choksy, designated as Senior Equity Analyst has resigned from the services of HDFC Asset Management
Company Limited (“HDFC AMC”) with effect from the close of business hours on August 14, 2009 and hence, he
ceases 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 as
amended from time to time.
This Addendum is dated August 31, 2009.


                             ADDENDUM NO. 4
     ADDENDUM to the Statement of Additional Information dated June 29, 2009
                                          Change in the Key Personnel

The following changes have taken place in the Key Personnel of HDFC Asset Management Company Limited (HDFC
AMC) -

1. Mr. Amar Kalkundrikar has been designated as Senior Equity Analyst of HDFC AMC with effect from October
   12, 2009. His details are as follows:
 Name                    Age     Designation Educational       Total No. of Years        Assignments Held
                        (yrs.)               Qualifications    of Experience/ Type &
                                                               Nature of Experience
 Mr. Amar                  29    Senior         B.Com.; A.C.A.; Collectively over        March 2002 till date
 Kalkundrikar                    Equity Analyst CFA - CFA       7½ years experience of   HDFC Asset Management
                                                Institute       which 4½ years in        Company Limited
                                                                Equity Research &
                                                                Portfolio Management     December 2001 to
                                                                and 3 years in Fund      March 2002
                                                                Operation.               HDFC Limited
                                                                                         Designation: Trainee




                                                         97                                      HDFC SAI dt. 29.06.2009
2. Mr. Sarans Harlalka has been designated as Assistant Dealer- Dealing & Investments of HDFC AMC with effect
   from October 16, 2009. His details are as follows:
 Name                      Age     Designation     Educational          Total No. of Years           Assignments Held
                          (yrs.)                   Qualifications       of Experience/ Type &
                                                                        Nature of Experience
 Mr. Sarans Harlalka         25    Assistant       B.Com. (Hons.);      Collectively over 1 year     February 2008 till date
                                   Dealer-         Diploma in           and 8 months of              HDFC Asset Management
                                   Dealing &       Business             experience in risk           Company Limited
                                   Investments     Finance - ICFAI;     management & training
                                                   Masters              in equity dealing.
                                                   (Finance &
                                                   Investment) -
                                                   University of
                                                   Nottingham, UK

3. Mr. Rakesh Vyas has been appointed as Senior Equity Analyst of HDFC AMC with effect from October 21, 2009.
   His details are as follows:
 Name                      Age     Designation     Educational          Total No. of Years           Assignments Held
                          (yrs.)                   Qualifications       of Experience/ Type &
                                                                        Nature of Experience
 Mr. Rakesh Vyas             30    Senior Equity   B.E. (Electrical);   Collectively over 6 years    October 2009 till date
                                   Analyst         PGDBM                and 4 months experience      HDFC Asset Management
                                                                        of which 3 years in          Company Limited
                                                                        Application Engineering      October 2008 to
                                                                        (Control & Automation)       October 2009
                                                                        and 3 years and 4            Nomura Financial Advisory and
                                                                        months in equity research.   Securities Pvt. Ltd
                                                                                                     Last Position Held: Associate
                                                                                                     June 2006 to September 2008
                                                                                                     Lehman Brothers Services
                                                                                                     India Pvt. Ltd.
                                                                                                     Last Position Held: Associate
                                                                                                     January 2003 to May 2004
                                                                                                     GE Power Controls India Pvt. Ltd.
                                                                                                     Last Position Held: Application
                                                                                                     Engineer
                                                                                                     August 2001 to January 2003
                                                                                                     Larsen & Toubro Limited
                                                                                                     Last Position Held: Project
                                                                                                     Engineer, Control &
                                                                                                     Automation - Projects

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 as
amended from time to time.

This Addendum is dated November 5, 2009




HDFC SAI dt. 29.06.2009                                           98
TABLE OF CONTENTS
                                                                                    Page No.                                                                                    Page No.

Definitions          ............................................................          2       IV   INVESTMENT VALUATION NORMS FOR SECURITIES
                                                                                                        AND OTHER ASSETS .........................................                   41
I.    INFORMATION ABOUT SPONSOR, ASSET
      MANAGEMENT COMPANY AND                                                                       V    TAX, LEGAL & GENERAL INFORMATION ...........                                 46
      TRUSTEE COMPANY ..........................................                          4             A.   TAXATION ON INVESTING IN
      A.    CONSTITUTION OF THE MUTUAL FUND ..                                            4                  MUTUAL FUNDS ........................................                   46

      B.    SPONSORS .................................................                    4             B.   LEGAL INFORMATION ...............................                       49
                                                                                                                  Nomination Facility .................................              49
                   Housing Development Finance
                   Corporation Limited ................................                    4                      Prevention of Money Laundering .............                       50
                   Standard Life Investments Limited ............                         4                       Know Your Customer (KYC) Compliance ..                             50

      C.    THE TRUSTEE .............................................                     5                       Transfer and Transmission Facility ............                    51

                   Details of Trustee Directors ......................                    5                       Duration of the Scheme
                                                                                                                  and Winding Up .....................................               51
                   Rights, Obligations, Responsibilities
                                                                                                                  Permanent Account Number ....................                      52
                   and Duties of the Trustee ........................                     5
                                                                                                                  Joint Holders ..........................................           53
      D.    THE ASSET MANAGEMENT COMPANY ......                                           7
                                                                                                                  Pledge of Units .......................................            53
                   Details of AMC Directors .........................                      8
                                                                                                                  Powers to Remove Difficulties ..................                   53
                   Duties and Responsibilities of the AMC ....                            10
                                                                                                                  Powers to Make Rules .............................                 53
                   Information on Key Personnel ..................                       12
                                                                                                        C.   GENERAL INFORMATION ..........................                          53
                   Fund Management Team .........................                        15                       Investment Decisions ...............................               53
                   Research Team ........................................                17                       Underwriting by The Mutual Fund ...........                        54
      E.    SERVICE PROVIDERS ..................................                         19                       Stock Lending by The Mutual Fund ..........                        54
                   Custodians ..............................................             19                       Borrowing by The Mutual Fund ...............                       54
                   Registrar and Transfer Agent ...................                      19                       Issue of Bonus Units ................................              54

                   Statutory Auditors ....................................               19                       E-mail Communication ............................                  54

                   Legal Counsel .........................................               19                       Disclosure to Intermediaries ....................                  54
                                                                                                                  Use of Intermediaries ..............................               54
                   Fund Accountant .....................................                 19
                                                                                                                  Website ...................................................        54
                   Collecting Bankers ..................................                 19
                                                                                                                  Investors' Personal Information .................                  55
      F.    CONDENSED FINANCIAL
            INFORMATION (CFI) ..................................                         20                       Scheme(s) to be binding on the
                                                                                                                  Unit Holders ...........................................           55
II.   HOW TO APPLY? ...............................................                      39
                                                                                                                  Inter Scheme Transfer of Investments .......                        55
            Suspension of Redemption / Switching
                                                                                                                  Associate Transactions .............................               55
            of the Units ....................................................            40
                                                                                                                  Documents Available for Inspection .........                       90
III. RIGHTS OF UNITHOLDERS OF THE SCHEME ....                                            41
                                                                                                                  Investor Grievances Redressal Mechanism                            91
            Unclaimed Redemption / Dividend Amount .....                                 41




                                                                                               1                                                        HDFC SAI dt. 29.06.2009
                           STATEMENT OF ADDITIONAL INFORMATION
DEFINITIONS
In 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 and
                                              Exchange Board of India to act as the Asset Management Company for the
                                              scheme(s) of HDFC Mutual Fund.
  “Applicable NAV”                            The NAV applicable for purchase or redemption or switching, based on the time
                                              of 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 to
                                                    time.
                                              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 otherwise
                                              at 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 may
                                              be applicable from time to time.
 “Custodian”                                  A person who has been granted a certificate of registration to carry on the
                                              business of custodian of securities under the Securities and Exchange Board of
                                              India (Custodian of Securities) Regulations 1996.
 "Depository"                                 Depository as defined in the Depositories Act, 1996 (22 of 1996) and includes
                                              National 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, loan
                                              whether secured or unsecured, risk instrument or contract for differences or any
                                              other form of security; (ii) a contract which derives its value from the prices or
                                              index 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, convertible
                                              preference shares, warrants carrying the right to obtain equity shares, equity
                                              derivatives 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 Exchange
                                              Board of India (Foreign Institutional Investors) Regulations, 1995, as amended
                                              from time to time.
 “Gilts or Government Securities”             Securities created and issued by the Central Government and/or a State
                                              Government (including Treasury Bills) or Government Securities as defined in the
                                              Public 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 Company
                                              Limited and HDFC Asset Management Company Limited, as amended from time
                                              to time.
 “Investor Service Centres” or “ISCs”         Designated HDFC Branches or Offices of HDFC Asset Management Company
                                              Limited or such other centres / offices as may be designated by the AMC from
                                              time to time.
 “Load”                                       In the case of Redemption / Switch out of a Unit, the sum of money deducted
                                              from 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 on
                                              the Sale / Switch in of a Unit in addition to the Applicable NAV.



HDFC SAI dt. 29.06.2009                                        2
“Money Market Instruments”                      Includes commercial papers, commercial bills, treasury bills, Government securities
                                                having an unexpired maturity upto one year, call or notice money, certificate of
                                                deposit, usance bills and any other like instruments as specified by the Reserve
                                                Bank 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 time
                                                held an Indian passport; or (b) he or either of his parents or any of his grand
                                                parents was a citizen of India by virtue of Constitution of India or the Citizenship
                                                Act, 1955 (57 of 1955); or (c) the person is a spouse of an Indian citizen or person
                                                referred to in sub-clause (a) or (b).
“Rating“                                        Rating means an opinion regarding securities, expressed in the form of standard
                                                symbols or in any other standardised manner, assigned by a credit rating agency
                                                and used by the issuer of such securities, to comply with any requirement of the
                                                SEBI (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, currently
                                                acting as registrar to the Scheme, or any other registrar appointed by the AMC
                                                from time to time.
“Regulatory Authority”                          GOI, SEBI, RBI or any other authority or agency entitled to issue or give any
                                                directions, instructions or guidelines to the Mutual Fund.
“Repo”                                          Sale of Government Securities with simultaneous agreement to repurchase them
                                                at 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 and
                                                Options 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 information
or “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 Mutual
Information” 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 a
                                                negotiated compensation in order to enhance returns of the portfolio.
“SEBI”                                          Securities and Exchange Board of India, established under the Securities and
                                                Exchange 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 Investments
                                                Limited.
“Switch”                                        Redemption of a unit in any scheme (including the plans / options therein) of the
                                                Mutual 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, if
                                                any, 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 Development
                                                Finance Corporation Limited and HDFC Trustee Company Limited (“Trustee”),
                                                thereby establishing an irrevocable trust, called HDFC Mutual Fund and deed of
                                                variations dated June 11, 2003 and June 19, 2003.
”Unit”                                          The interest of the Unit holder which consists of each Unit representing one
                                                undivided 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.

INTERPRETATION
For 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 and
    vice-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).


                                                                 3                                           HDFC SAI dt. 29.06.2009
I. INFORMATION ABOUT SPONSOR,                                                The company was present in the Indian life insurance market
                                                                             from 1847 to 1938 when agencies were set up in Kolkata and
   ASSET MANAGEMENT COMPANY                                                  Mumbai. The company re-entered the Indian market in 1995,
   AND TRUSTEE COMPANY                                                       when an agreement was signed with HDFC to launch an
                                                                             insurance joint venture.
A. CONSTITUTION OF THE MUTUAL FUND
                                                                             On April 2006, the Board of The Standard Life Assurance
HDFC Mutual Fund has been constituted as a trust in accordance               Company recommended that it should demutualise and
with the provisions of the Indian Trusts Act, 1882, as per the               Standard Life plc float on the London Stock Exchange. At a
terms of the trust deed dated June 8, 2000 with Housing                      Special General Meeting held in May, voting members
Development Finance Corporation Limited (HDFC) and Standard                  overwhelmingly voted in favour of this. The Court of Session in
Life Investments Limited as the Sponsors / Settlors and HDFC                 Scotland approved this in June and Standard Life plc floated
Trustee Company Limited, as the Trustee. The Trust Deed has                  on the London Stock Exchange on 10th July 2006.
been registered under the Indian Registration Act, 1908. The
Mutual Fund has been registered with SEBI, under registration                Standard Life Investments was launched as an investment
code MF / 044 / 00 / 6 on June 30, 2000.                                     management company in 1998. It is a wholly owned subsidiary
                                                                             of Standard Life Investments (Holdings) Limited, which in turn
B. SPONSORS                                                                  is a wholly owned subsidiary of Standard Life plc.
HDFC Mutual Fund is sponsored by Housing Development
                                                                             Standard Life Investments is a leading asset management
Finance Corporation Limited and Standard Life Investments
                                                                             company, with approximately US$ 169 billion of assets under
Limited. The Sponsors are the Settlors of the Mutual Fund Trust.
                                                                             management as at March 31, 2009. The company operates in
The Sponsors have entrusted a sum of Rs. one lac each to the
                                                                             the UK, Canada, Hong Kong, China, Korea, Ireland, Paris,
Trustee as the initial contribution towards the corpus of the
                                                                             Sydney and the USA to ensure it is able to form a truly global
Mutual Fund.
                                                                             investment view. For more information log on to
HOUSING DEVELOPMENT FINANCE                                                  www.standardlifeinvestments.com.
CORPORATION LIMITED (HDFC)                                                   Financial Performance of the Sponsors (past three
HDFC was incorporated in 1977 as the first specialized Mortgage              years):
Company in India. HDFC is a Premier Housing Finance Company
                                                                             Housing Development Finance Corporation Limited
in India. HDFC provides financial assistance to individuals,
corporates and developers for the purchase or construction of                                                       (Rs. in crores)
residential housing. It also provides property related services              Particulars                     2008-2009     2007-2008     2006-2007
(e.g. property identification, sales services and valuation), training                                        (Audited)      (Audited)     (Audited)
and consultancy. Of these activities, housing finance remains
                                                                             Net worth                       13,137.39     11,947.34      5,510.40
the dominant activity. HDFC has a client base of around 10 lac
borrowers, around 10 lac depositors, over 1,23,000                           Total Income                    11,017.66      8,196.06      5,863.26
shareholders and 50,000 deposit agents, as at March 31,                      Profit after tax                 2,282.54      2,436.25      1,570.38
2009. The Company has a total asset size of Rs. 96,993 crore                 Assets under Management
as at March 31, 2009 and cumulative approvals and                             (If applicable)                      N.A.          N.A.          N.A.
disbursements of housing loans of Rs. 237,450 crore and Rs.
191,806 crore respectively as at March 31, 2009.                             N.A. : Not Applicable
HDFC had raised funds from international agencies such as the                Standard Life Investments Limited
World Bank, IFC (Washington), USAID, DEG, ADB and KfW,
international syndicated loans, domestic term loans from banks               Particulars                      January 1,   January 1,   January 1,
and insurance companies, bonds and deposits. HDFC has                                                            2007 to      2006 to      2005 to
received the highest rating for its deposits program for the                                               December 31, December 31, December 31,
fourteenth year in succession.                                                                                     2007         2006         2005
                                                                                                                             (Audited)
HDFC Standard Life Insurance Company Limited, promoted by                                                                (see Note 1)
HDFC was the first life insurance company in the private sector
                                                                             Net worth (GBP in '000s)          138,083       151,293       106,058
to be granted a Certificate of Registration (on October 23,
2000) by the Insurance Regulatory and Development Authority                  Total Income (GBP in '000s)       248,702       228,021       204,252
to transact life insurance business in India. For more information           Profit after tax
log on to www.hdfc.com.                                                      (GBP in '000s)                     67,309       46,329        32,706
STANDARD LIFE INVESTMENTS LIMITED                                            Assets under Management *         US$ 285      US$ 258       US$ 204
Standard Life Investments Limited is the dedicated investment                (if applicable)                     billion      billion       billion
management company of the Standard Life group and is a
                                                                             GBP refers to Great Britain Pound Sterling
wholly owned subsidiary of Standard Life Investments (Holdings)
Limited, which in turn is a wholly owned subsidiary of Standard              * as at December 31
Life plc. With global assets under management of approximately               Note:
US$ 169 billion as at March 31, 2009, Standard Life Investments
                                                                             1. The figures provided for 2006 are based on the audited
Limited is one of the world's major investment companies and
                                                                                 accounts for the SLI Group and include the full year results
is responsible for investing money on behalf of five million retail
                                                                                 of one subsidiary company, which was transferred to a new
and institutional clients worldwide.
                                                                                 parent company during the year.
The Standard Life Assurance Company was established in 1825
and has considerable experience in global financial markets.




HDFC SAI dt. 29.06.2009                                                  4
C. THE TRUSTEE
HDFC Trustee Company Limited (the "Trustee"), through its Board of Directors, shall discharge its obligations as trustee of HDFC
Mutual 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 an
                       B.A. (Hons.), LL.B. (Hons.),                           independent Director. Mr. Hirjee has 45 years of
                       Barrister-at-Law and Sloan                             experience in different areas of Business management
                       Fellow 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 Bombay
                                                                              Burmah Trading Corporation Limited since 1976 and is
                                                                              presently its Vice Chairman. He is also a director on the
                                                                              Board of various companies. He is also actively
                                                                              associated with leading Charitable Institutions.
 Mr. Shishir K. Diwanji       69 years                                        Mr. Shishir K. Diwanji is an independent Director on the
                              Bachelors degree in Law                         Board. He is a Partner with Messrs. Desai & Diwanji,
                                                                              Advocates, Solicitors & Notaries. He is also a director on
                                                                              the Board of various companies.
 Mr. Vincent Joseph           43 years                                        Mr. Vincent Joseph O’Brien has been appointed as an
 O'Brien                      ACII (U.K)                                      associate Director on the Board of the Trustee Company. He
                                                                              joined Standard Life Investments Limited in 2003 as
                                                                              Company Secretary for Standard Life Investments Limited
                                                                              and a number of its subsidiary companies. He is responsible
                                                                              for compliance with relevant Company Law and best practice
                                                                              Corporate Governance. In addition, he is also responsible
                                                                              for the Compliance, Risk and Legal functions of the
                                                                              organization. He directly reports to the CEO of Standard
                                                                              Life investments Limited. Prior to this, he joined Standard
                                                                              Life Bank in 1999 as its Company Secretary where he was
                                                                              responsible for compliance with relevant Company Law
                                                                              and best practice Corporate Governance as well as the
                                                                              Compliance, Risk and Legal functions of the organization
                                                                              He 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. His
                              Member of the Institute of                      responsibilities include Budgeting, Management
                              Chartered Accountants of India.                 Information Systems (MIS), Strategic and Portfolio Equity
                                                                              Investments in public and private markets, capital
                                                                              management, structured financing options and
                                                                              Mortgage Backed Securitisation (MBS). Besides, he is
                                                                              also responsible for the regulatory compliance including
                                                                              liaison with the National Housing Bank and reporting to
                                                                              the Audit Committee of Directors of HDFC Ltd.
                                                                              Over the years he was involved in various functions in
                                                                              HDFC Ltd. such as retail and wholesale lending, branch
                                                                              operations, accounting, liaison with the Government and
                                                                              regulators, mobilization of deposits from institutions, etc.
                                                                              He is also a director on the Board of various
                                                                              companies.
 Mr. Ranjan Sanghi            65 years                                        Mr. Ranjan Sanghi is an independent Director on the
                              Graduate in Commerce and                        Board. He is Director / Partner with Sah & Sanghi
                              Law from Bombay University.                     Group of Companies. He is also a director on the
                                                                              Board of various companies.

Rights, Obligations, Responsibilities and Duties of                             as are mentioned in the Fourth Schedule of the SEBI (MF)
the Trustee under the Trust Deed and the SEBI (MF)                              Regulations and such other clauses as are necessary for the
                                                                                purpose of entrusting investment management of the Mutual
Regulations
                                                                                Fund.
Pursuant to the Trust Deed dated June 08, 2000, constituting
the Mutual Fund, and in terms of the SEBI (MF) Regulations, the           3     The Trustee shall have a right to obtain from the AMC such
rights, obligations, responsibilities and duties of the Trustee are             information as is considered necessary by it.
as under:                                                                 4     The Trustee shall ensure before the launch of any Scheme
1 The Trustee and the AMC have with the prior approval of                       that the AMC has:-
     SEBI entered into an Investment Management Agreement.                      – systems in place for its back office, dealing room and
2 The Investment Management Agreement contains clauses                               accounting;


                                                                      5                                            HDFC SAI dt. 29.06.2009
    –    appointed all key personnel including fund manager(s)            11 The Trustee shall obtain the consent of the Unit holders:
         for the Scheme and submitted their bio-data which
                                                                              –    whenever required to do so by SEBI in the interest of
         shall contain educational qualifications, past experience                 the Unit holders; or
         in the securities market, with the Trustee, within 15
         days of their appointment;                                           –    whenever required to do so on the requisition made
    –    appointed auditors to audit its accounts;                                 by three-fourths of the Unit holders of any Scheme or
                                                                                   such number of Unit holders as may be prescribed by
    –    appointed a compliance officer to comply with                             SEBI from time to time; or
         regulatory requirements and to redress investors'
         grievances;                                                          –    when the majority of the Directors of the Trustee
    –    appointed registrars and laid down parameters for                         Company decide to wind up or prematurely redeem
                                                                                   Units of any Scheme.
         their supervisions;
    –    prepared a compliance manual and designed internal               12 The Trustee shall ensure that no change in the fundamental
         control mechanisms including internal audit systems;                attributes of any Scheme or the trust or fees and expenses
    –    specified norms for empanelment of brokers and                      payable or any other change which would modify the
                                                                             Scheme or affect the interest of the Unit holders shall be
         marketing agents;
                                                                             carried out unless:
    –    obtained, wherever required under these regulations,
         prior in-principle approval from the recognised stock                –    a written communication about the proposed change
         exchange(s) where units are proposed to be listed.                        is sent to each Unit holder and an advertisement is
                                                                                   given in one English daily newspaper having nationwide
5   The Trustee shall ensure that -                                                circulation as well as in a newspaper published in the
                                                                                   language of the region where the Head Office of the
    –    the AMC has been diligent in empanelling the brokers
                                                                                   Mutual Fund is situated; and
         in monitoring securities transactions with brokers and
         avoiding undue concentration of business with any                    –    the Unit holders are given an option to exit at the
         broker;                                                                   prevailing Net Asset Value without any Exit Load.
    –    the AMC has not given any undue or unfair advantage              13 The Trustee shall call for the details of transactions in
         to any associates or dealt with any of the associates               securities by the key personnel of the AMC in their own
         of the AMC in any manner detrimental to interest of                 personal names or on behalf of the AMC and shall report
         the Unit holders;                                                   to SEBI, as and when required.
    –    transactions entered into by the AMC are in accordance           14 The Trustee shall quarterly or at such frequency as may be
         with SEBI (MF) Regulations and the Scheme;                          prescribed by SEBI from time to time review all transactions
                                                                             carried out between the Mutual Fund, AMC and its
    –    the AMC has been managing the Scheme
                                                                             associates.
         independently of other activities and taken adequate
         steps to ensure that the interest of the Unit holders of         15 The Trustee shall quarterly, or at such frequency as may be
         a Scheme is not being compromised with those of any                 prescribed by SEBI from time to time, review the networth
         other Scheme or of other activities of the AMC; and                 of the AMC and in case of any shortfall, ensure that the
                                                                             AMC make up for the shortfall as per the SEBI (MF)
    –    all the activities of the AMC are in accordance with the
                                                                             Regulations.
         provisions of SEBI (MF) Regulations.
                                                                          16 The Trustee shall periodically review all service contracts
6   Where the Directors of the Trustee have reason to believe
                                                                             such as custody arrangement, transfer agency of the
    that the conduct of business of the Mutual Fund is not in
                                                                             securities and satisfy itself that such contracts are executed
    accordance with the SEBI (MF) Regulations and / or the
                                                                             in the interest of the Unit holders.
    Scheme, they shall forthwith take such remedial steps as
    are necessary and shall immediately inform SEBI of the                17 The Trustee shall ensure that there is no conflict of interest
    violation and the action taken by them.                                  between the manner of deployment of its networth by the
                                                                             AMC and the interest of the Unit holders.
7   Each Director of the Trustee shall file with the Mutual Fund
    details of his transactions of dealings in securities of such         18 The Trustee shall periodically review the investor complaints
    value on a periodical basis as may be specified under the                received and the redressal of the same by the AMC.
    SEBI (MF) Regulations from time to time.
                                                                          19 The Trustee shall abide by the Code of Conduct as specified
8   The Trustee shall be accountable for, and be the custodian               in the Fifth Schedule to the SEBI (MF) Regulations.
    of the funds and property of the Scheme and shall hold the
    same in trust for the benefit of the Unit holders in accordance       20 The Trustee shall furnish to SEBI on a half yearly basis or
    with SEBI (MF) Regulations and the provisions of the Trust               at such frequency as may be prescribed by SEBI from time
    Deed.                                                                    to time;

9   The Trustee shall take steps to ensure that the transactions              –    a report on the activities of the Mutual Fund.
    of the Mutual Fund are in accordance with the provisions                  –    a certificate stating that the Directors have satisfied
    of the Trust Deed.                                                             themselves that there have been no instances of self
10 The Trustee shall be responsible for the calculation of any                     dealing or front running by any of the directors and
   income due to be paid to the Mutual Fund and also of any                        key personnel of the AMC.
   income received in the Mutual Fund for the holders of the                  –    a certificate to the effect that the AMC has been
   Units of the Scheme in accordance with the SEBI (MF)                            managing the Scheme independently of the other
   Regulations and the Trust Deed.                                                 activities and in case any activities of the nature referred


HDFC SAI dt. 29.06.2009                                               6
          to in sub-regulation (2) of Regulation 24 of SEBI (MF)                     such transactions are permitted.
          Regulations have been undertaken by the AMC and
          has taken adequate steps to ensure that the interest                 –     selection and nomination of individuals to fill
          of the Unit holders are protected.                                         independent Directors vacancies.

21 The independent Directors of the Trustee shall give their                   –     designing of code of ethics to prevent fraudulent,
   comments on the report received from the AMC regarding                            deceptive or manipulative practices by insiders in
   the investments by the Mutual Fund in the securities of                           connection with personal securities transactions.
   group companies of the Settlor.                                             –     the reasonableness of fees paid to Settlor, AMC and
22 The Trustee shall exercise due diligence as under:                                any others for services provided.
                                                                               –     principal underwriting contracts and their renewals.
    A. General Due Diligence:
    (i)   The Directors of the Trustee shall be discerning in the              –     any service contract with the associates of the AMC.
          appointment of the directors on the Board of the AMC.
                                                                               On a regular basis, activity report forwarded by the AMC
    (ii) The Board of Directors shall review the desirability of               will be discussed at the Board meeting of the Trustee. The
         continuance of the AMC if substantial irregularities                  Board meeting of the Trustee shall be held at least once
         are observed in any of the scheme(s) and shall not                    in every two calendar months and at least six such meetings
         allow the AMC to float new scheme(s).                                 shall be held in every year or at such frequency as may be
                                                                               prescribed under the SEBI (MF) Regulations. The quorum
    (iii) The Trustee shall ensure that the trust property is                  for a Board meeting of the Trustee shall not be constituted
          properly protected, held and administered by proper                  unless such number of independent directors as may be
          persons and by a proper number of such persons.                      prescribed by SEBI from time to time are present at the
    (iv) The Trustee shall ensure that all service providers are               meeting. The supervisory role of the Trustee will also be
         holding appropriate registrations from SEBI or                        discharged by the Board of Directors of the Trustee by
         concerned regulatory authority.                                       reviewing the internal auditors / compliance reports on a
                                                                               regular basis.
    (v) The Trustee shall arrange for test checks of service
        contracts.                                                             During the financial year 2008-2009, the Board of Directors
                                                                               of the Trustee Company held 9 Board meetings. Further,
    (vi) The Trustee shall immediately report to SEBI of any                   during the period April 1, 2009 to June 29, 2009, the
         special developments in the Mutual Fund.                              Board of Directors of Trustee Company held 2 Board
                                                                               Meetings. The Audit Committee comprising of three
    B. Specific Due Diligence:                                                 independent Directors and two Associate Directors of the
    The Trustee shall:                                                         Board of Directors of Trustee, held 4 meetings during the
                                                                               financial year 2008-2009. Further, during the period April
    (i)   Obtain internal audit reports at regular intervals from
                                                                               1, 2009 to June 29, 2009, the Audit Committee held 2
          independent auditors appointed by the Trustee.
                                                                               meetings.
    (ii) Obtain compliance certificates at regular intervals                   The Sponsor/ Settlor and the Trustee acting jointly shall be
         from the AMC.                                                         entitled by one or more Deed/s supplemental to the Trust
    (iii) Hold meetings of the Trustee more frequently.                        Deed to modify, alter or add to the provisions of the Trust
                                                                               Deed in such manner and to such extent as they may
    (iv) Consider the reports of the independent auditor and                   consider expedient for any purpose, provided that:
         compliance reports of the AMC at the meetings of
         Trustee for appropriate action.                                       (i)   no such modification, alteration or addition shall be
                                                                                     made without the prior approval of the Unit holders
    (v) Maintain records of the decisions of the Trustee at their                    and SEBI;
        meetings and of the minutes of the meetings.
                                                                               (ii) no such modification, alteration or addition shall
    (vi) Prescribe and adhere to a code of ethics by the Trustee,                   impose upon any Unit holder any obligation to make
         AMC and its personnel.                                                     any further payment in respect of his Units or to accept
    (vii) Communicate in writing to the AMC of the deficiencies                     any liability in respect thereof.
          and checking on the rectification of deficiencies.                   (iii) The Trustee shall, if required to do so by SEBI, as soon
23 Notwithstanding anything contained in any applicable SEBI                         as practicable after any modification or alteration of
   (MF) Regulations, the Directors of the Trustee shall not be                       or addition to the provisions of this Trust Deed, give
   held liable for acts done in good faith, if they have exercised                   Notice of such modification, alteration or addition to
   adequate due diligence honestly.                                                  the Unit holders.

24 The independent Directors shall pay specific attention to               D. THE ASSET MANAGEMENT COMPANY (AMC)
   the following:                                                          HDFC Asset Management Company Limited is a public limited
                                                                           company incorporated under the Companies Act, 1956 on
    –     the Investment Management Agreement and the
                                                                           December 10, 1999, having its Registered Office at Ramon
          compensation paid under the agreement.
                                                                           House, 3rd Floor, H.T. Parekh Marg, 169, Backbay Reclamation,
    –     service contracts with affiliates - whether the AMC has          Churchgate, Mumbai - 400 020. HDFC Asset Management
          charged higher fees than outside contractors for the             Company Limited has been appointed as the Asset Management
          same services.                                                   Company of HDFC Mutual Fund by the Trustee vide Investment
                                                                           Management Agreement (IMA) dated June 8, 2000, and
    –     selection of the AMC's independent directors.                    executed between HDFC Trustee Company Limited and HDFC
    –     securities transactions involving affiliates to the extent       Asset Management Company Limited.



                                                                       7                                           HDFC SAI dt. 29.06.2009
In terms of the Investment Management Agreement, the Trustee        Particulars                           % of the paid up
has appointed HDFC Asset Management Company Limited to                                                     equity capital
manage the Mutual Fund. The paid up capital of the AMC is
Rs. 25.161 crore.                                                   Housing Development Finance                   60
                                                                    Corporation Limited
The present equity shareholding pattern of the AMC is as
                                                                    Standard Life Investments Limited             40
follows:


Details of AMC Directors:
 Name                      Age/Qualification                        Brief Experience
 Mr. Deepak S. Parekh      64 years                                 Mr. Deepak Parekh, the Chairman of the Board, is
                           Fellow of the Institute of               associated with HDFC Ltd. in his capacity as Executive
                           Chartered Accountants                    Chairman.
                           (England & Wales)                        Mr. Parekh joined HDFC Ltd. in a senior management
                                                                    position in 1978. He was inducted as Wholetime
                                                                    Director of HDFC Ltd. in 1985 and was appointed as
                                                                    the Executive Chairman in 1993. He is also a director on
                                                                    the Board of various companies. He is also involved with
                                                                    various Committees of Central and State Government.
 Mr. N. Keith Skeoch       52 years                                 Mr. N. Keith Skeoch is associated with Standard Life
                           Economics (BA Hons) from                 Investments Limited as its Chief Executive and is
                           University of Sussex and                 responsible for all company business and investment
                           MA (Economics) at University of          operations within Standard Life Investments Limited. He
                           Warwick, 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 (now
                                                                    HSBC Securities), where he was employed from 1980 to
                                                                    1999. From his first role at James Capel as an
                                                                    International Economist, he went on to become the
                                                                    Senior UK Economist in 1982 and Chief Economist two
                                                                    years later. In 1993, he was appointed Director of
                                                                    Economics and Strategy and was given the
                                                                    responsibilities of Managing Director, International
                                                                    Equities in 1998. He is also a director on the Board of
                                                                    various companies.
 Mr. Keki M. Mistry        54 years                                 Mr. Keki M. Mistry is associated with HDFC Ltd. in his
                           Fellow of the Institute of               capacity as Vice-Chairman and Managing Director. He is
                           Chartered Accountants of India.          with HDFC Ltd. since 1981 and was appointed as
                                                                    the Executive Director of HDFC Ltd. in 1993. He was
                                                                    appointed as the Deputy Managing Director in 1999,
                                                                    Managing Director in 2000 and Vice-Chairman &
                                                                    Managing Director in 2007. He is also a director on the
                                                                    Board of various companies.
 Mr. James Aird            48 years                                 In his role as Investment Director, Head of Strategic
                           Graduate in Economics from               Development, Mr. James Aird is focused on developing
                           Edinburgh 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 Standard
                           Society of Investment Professionals.     Life Investments. Mr. Aird joined Standard Life in 1997 as
                                                                    an Investment Manager for the Corporate Pooled and
                                                                    Segregated Fund businesses. He was appointed Investment
                                                                    Director, Head of Segregated Funds in April 1998 and took
                                                                    up the current position in November 1999. Previously Mr.
                                                                    Aird worked for Scottish Equitable, joining as an Investment
                                                                    Analyst in 1981 before moving on to Fund Manager in
                                                                    1984. Mr. Aird also managed both UK and international
                                                                    equity portfolios, before taking on the responsibility for
                                                                    developing new investment business in the US institutional
                                                                    market. He is also a director on the Board of various
                                                                    companies.




HDFC SAI dt. 29.06.2009                                         8
Name                   Age/Qualification                     Brief Experience
     .
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 Director
                       Diploma in Chem. Engineering,         of BASF India Limited from January 1986 to March
                        .I.
                       F 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 Limited
                                                             was as Chief Executive, Fertilizer Division. He is also a
                                                             director on the Board of various companies.
Mr. Humayun            72 years                              Mr. Humayun Dhanrajgir is an independent Director on
Dhanrajgir             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 October
                       M.I.Chem.E (London),                  1995 to October 2000. Prior to this, he was the
                                            .
                       C.Eng.(London), A.M.P (Harvard).      Managing Director of Lupin Laboratories Limited from
                                                             December 1994. Mr. Dhanrajgir has held various senior
                                                             management positions in Glaxo India from 1969 to
                                                             1994 and became M.D. in 1990 and retired as
                                                             Executive Vice-Chairman. From 1964 to 1969.
                                                             Mr. Dhanrajgir was associated with Burmah Shell India
                                                             in Senior positions. Earlier, Mr. Dhanrajgir was a Process
                                                             Design Engineer with British Oxygen Company, London
                                                             from 1960-1963. He is also a director on the Board of
                                                             various companies.
Dr. Deepak B. Phatak   61 years                              Dr. Deepak B. Phatak is an independent Director on the
                       B.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 Computer
                                                             Science & Engg., IIT Bombay. He is also a Director on
                                                             the Board of Bank of Baroda.
Mr. Hoshang S.         57 years                              Mr. Hoshang S. Billimoria is an independent Director on
Billimoria             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 Infomedia
                       and Fellow of the Institute of        Limited since 1990 to 2004. At the time of his
                       Chartered Accountants of India.       resignation, he was its Vice Chairman and Managing
                                                             Director. He was the Deputy CEO with Tata Sons Limited
                                                             from 1988 -1990. He was a Partner with S.B. Billimoria
                                                             and Co. from 1979 -1988. He is also a director on the
                                                             Board of various companies.
Mr. Rajeshwar          66 years                              Mr. Rajeshwar Raj Bajaaj is an independent director on
Raj Bajaaj             Graduate in Science and Law.          the Board. He is the Chairman of Lerch Bates Private
                                                             Limited, a Specialised Consulting Company for Vertical
                                                             Transportation. Mr. Bajaaj was the Chairman of the
                                                             Board of Directors and Managing Director of Otis
                                                             Elevators India. He also held the position of Vice
                                                             President, South and Southeast Asia based in Singapore
                                                             wherein the Otis country heads from India, Singapore,
                                                             Thailand, Malaysia, Indonesia, Philippines and Vietnam
                                                             reported to him. In May 2001, Mr. Bajaaj joined Special
                                                             Olympics Inc. as Managing Director, Asia Pacific, a non-
                                                             profit organization created by the Joseph P Kennedy Jr.
                                                             Foundation, Washington for the benefit of people with
                                                             mental retardation. He is also a director on the Board
                                                             of various companies.
Mr. Vijay Merchant     65 years                              Mr. Vijay Merchant is an independent Director on the
                       Graduate in Commerce and has          Board. Mr. Merchant is presently a partner of Dynam
                       also done Post Graduate               Plastics since 1987. Prior to this, Mr. Merchant worked
                       Programme in Business                 with Mafatlal Services Ltd in the Central Finance
                       Management from IIM Ahmedabad.        Department and interacted with the finance division of
                                                             all group companies. He headed a large Consumer
                                                             Product Agency House and Marketing & Distribution Co.
                                                             in South India for 10 years. He was the former President
                                                             of The All India Plastic Manufacturing Association for 3
                                                             terms and also was the Founder member of Indian



                                                         9                                      HDFC SAI dt. 29.06.2009
 Name                        Age/Qualification                                Brief Experience
                                                                              Centre for Plastics in Environment (non-profit body)
                                                                              created at the instance of Ministry of Environment &
                                                                              Forests Government of India. He has also served on
                                                                              national bodies of Indian Institute of Packaging (Ministry
                                                                              of Commerce), Indian Merchants Chamber, Enviroplast
                                                                              Plastindia Foundation, Indian Plastics Institute, etc. and
                                                                              was the Honorary Editor of Industry Journal Plastics
                                                                              News for 10 years. He is also a director on the Board
                                                                              of other companies & institutions.
 Ms. Renu S. Karnad          56 years                                         Ms. Renu S. Karnad is associated with HDFC Ltd. in her
                             Graduate in law from University of               capacity as its Joint Managing Director. She has been
                             Mumbai and holds a Master's                      employed with HDFC Ltd. since 1978. She was
                             degree in economics from University              appointed as the Executive Director of HDFC Ltd. in
                             of Delhi and is a Pravin Fellow -                2000 and as Joint Managing Director in 2007. She is
                             Woodrow Wilson School of                         responsible for the lending operations of HDFC Ltd. She
                             International 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 (since
                             Graduate in Commerce and an                      July, 2000) was associated with HDFC Ltd. in his
                             Associate Member of the Institute                capacity as General Manager - Treasury. Mr. Barve headed
                             of Chartered Accountants of India.               the treasury operations at HDFC Ltd. for 14 years.
                                                                              Mr. Barve was responsible for the management of
                                                                              HDFC's Treasury portfolio and for raising funds from
                                                                              Financial Institutions and Capital Markets. He was also
                                                                              head of marketing for retail deposit products and
                                                                              responsible for investment advisory relationships for
                                                                              Commonwealth Equity Fund Mutual Fund and Invesco
                                                                              India Growth Fund. He is also a director on the Board
                                                                              of other companies.


Duties and Responsibilities of the Asset                                        officers shall not be absolved of any liability to the Mutual
Management Company                                                              Fund for its / their acts of commission or omissions, while
                                                                                holding such position or office.
Under the SEBI (MF) Regulations and the Investment Management
Agreement, the AMC has, inter-alia, the following duties and             8.     The AMC shall not through any broker associated with the
responsibilities:                                                               Sponsor, purchase or sell securities, which is average of 5%
                                                                                or more of the aggregate purchases and sale of securities
1.   The AMC shall take all reasonable steps and exercise due
                                                                                made by the Mutual Fund in all its Scheme or as may be
     diligence to ensure that the investment of funds pertaining
                                                                                prescribed under SEBI (MF) Regulations. Provided that for
     to any Scheme is not contrary to the provisions of the SEBI
                                                                                the purpose of this clause, aggregate purchase and sale
     (MF) Regulations and the Trust Deed.
                                                                                of securities shall exclude sale and distribution of Units
2.   The AMC shall exercise due diligence and care in all its                   issued by the Mutual Fund. Provided further that the
     investment decisions as would be exercised by other persons                aforesaid limit of 5% shall apply for a block of any three
     engaged in the same business.                                              months or as may be prescribed under SEBI (MF)
                                                                                Regulations.
3. The asset management company shall obtain, wherever
    required under these regulations, prior in-principle approval        9.     The AMC shall not purchase or sell securities through any
    from the recognized stock exchange(s) where units are                       broker (other than a broker referred to in clause above)
    proposed to be listed.                                                      which is average of 5% or more of the aggregate purchases
                                                                                and sale of securities made by the Mutual Fund in all its
4.   The AMC shall be responsible for the acts of commissions
                                                                                Scheme or as may be prescribed under SEBI (MF) Regulations
     or omissions by its employees or the persons whose services
                                                                                unless the AMC has recorded in writing the justification for
     have been procured by the AMC.
                                                                                exceeding the limit of 5% or as may be prescribed under
5.   The AMC shall submit quarterly reports on the functioning                  SEBI (MF) Regulations and reports of all such investments
     of the Scheme and the compliance with SEBI (MF)                            are sent to the Trustee on a quarterly basis. Provided that
     Regulations to the Trustee or at such intervals as may be                  the aforesaid limit shall apply for a block of any three
     required by the Trustee or SEBI.                                           months or as may be prescribed under SEBI (MF)
                                                                                Regulations.
6.   The Trustee at the request of the AMC may terminate the
     assignment of the AMC at any time. Provided that such               10. The AMC shall not utilise the services of the Sponsor or any
     termination shall become effective only after the Trustee               of its associates, employees or their relatives, for the purpose
     has accepted the termination of assignment and                          of any securities transaction and distribution and sale of
     communicated its decision in writing to the AMC.                        securities. Provided that the AMC may utilise such services
7.   Notwithstanding anything contained in any contract or                   if disclosure to that effect is made to the Unit holders and
     agreement or termination, the AMC or its directors or other             the brokerage or commission paid is also disclosed in the


HDFC SAI dt. 29.06.2009                                             10
    half yearly and annual accounts of the Mutual Fund.                    18. The AMC shall abide by the Code of Conduct as specified
                                                                               in the SEBI (MF) Regulations.
    Provided further that the Mutual Fund shall disclose at the
    time of declaring half yearly and yearly results:                      19. The AMC shall -
    –    any underwriting obligations undertaken by the Scheme                  –    not act as a Trustee of any mutual fund;
         for the Mutual Fund with respect to issue of securities                –    not undertake any other business activities except
         of associate companies;                                                     activities in the nature of portfolio management
    –    devolvement, if any;                                                        services, investment management and advisory services
                                                                                     to domestic and offshore funds, pension funds,
    –    subscription by the Scheme in the issues lead managed                       provident funds, venture capital funds, management
         by associate companies;                                                     of insurance funds, financial consultancy and exchange
    –    subscription to any issue of equity or debt on private                      of research on commercial basis if any of such activities
         placement basis where the Sponsor or its associate                          are not in conflict with the activities of the Mutual Fund
         companies have acted as arranger or manager.                                without the prior approval of the Trustee and SEBI.
                                                                                     Provided that the AMC may itself or through its
11. The AMC shall file with the Trustee the details of transactions                  subsidiaries undertake such activities if it satisfies SEBI
    in securities by the key personnel of the AMC in their own                       that the key personnel of the AMC, the systems, back
    names or on behalf of the AMC, and shall report to SEBI,                         office, bank and securities accounts are segregated
    as and when required by SEBI.                                                    activity wise and there exist systems to prohibit access
                                                                                     to inside information of various activities. Provided
12. In case the AMC enters into any securities transactions with
                                                                                     further that AMC shall meet capital adequacy
    any of its associates a report to that effect shall be sent to
                                                                                     requirements, if any, separately for each such activity
    the Trustee at its next meeting.
                                                                                     and obtain separate approval, if necessary under the
13. In case any company has invested more than 5 per cent                            relevant regulations;
    of the Net Asset Value of a Scheme or as may be prescribed                  –    not invest in any of its Scheme unless full disclosure
    under SEBI (MF) Regulations, the investment made by that
                                                                                     of its intention to invest has been made in the Scheme
    Scheme or by any other Scheme in that company or its
                                                                                     Information Document (SID);
    subsidiaries shall be brought to the notice of the Trustee by
    the AMC and be disclosed in the half yearly and annual                           Provided that the AMC shall not be entitled to charge
    accounts of the respective Scheme with justification for                         any fees on its investment in that Scheme;
    such investment. The said disclosure will be made provided                  –    not acquire any assets out of the Trust Fund which
    the latter investment has been made within one year of the                       involves the assumption of any liability which is
    date of the former investment, calculated on either side.                        unlimited or which may result in encumbrance of the
14. The AMC shall file with the Trustee and SEBI:-                                   Scheme property in any way.

    –    detailed bio-data of all its directors alongwith their            20. The Managing Director of the AMC shall ensure that the
         interest in other companies within fifteen days of their              Mutual Fund complies with all the provisions of SEBI (MF)
         appointment;                                                          regulations, 1996 and the guidelines or circulars issued in
                                                                               relation thereto from time to time and that the investments
    –    any change in the interest of directors every six months;             made by the fund managers are in the interest of the unit
         and                                                                   holders and shall also be responsible for the overall risk
    –    a quarterly report to the Trustee giving details and                  management function of the Mutual Fund.
         adequate justification about the purchase and sale of             21. (1) The AMC for each scheme shall keep and maintain
         the securities of the group companies of the Sponsor                      proper books of account, records and documents, for
         or the AMC as the case may be by the Mutual Fund                          each scheme so as to explain its transactions and to
         during the said quarter.                                                  disclose at any point of time the financial position of
15. Each director of the AMC shall file with the Trustee details                   each scheme and in particular give a true and fair
    of his transactions or dealings in securities of such value                    view of the state of affairs of the Fund and intimate
    on a periodical basis as may be specified under the SEBI                       to the SEBI the place where such books of account,
    (MF) Regulations from time to time.                                            records and documents are maintained.

16. The AMC shall not appoint any person as key personnel                       (2) The AMC shall maintain and preserve for a period of
    who has been found guilty of moral turpitude or convicted                       eight years its books of account, records and
    of any economic offence or involved in violation of securities                  documents.
    laws.                                                                  The AMC is also providing portfolio management / advisory
17. The AMC shall appoint registrars and share transfer agents             services and such activities are not in conflict with the activities
    who are registered with SEBI. Provided if the work relating            of the Mutual Fund. The AMC has renewed its registration from
    to the transfer of Units is processed in-house, the charge             SEBI vide Registration No. - PM / INP000000506 dated
    at competitive market rates may be debited to the Scheme               December 8, 2006 to act as a Portfolio Manager under the SEBI
    and for rates higher than the competitive market rates,                (Portfolio Managers) Regulations, 1993. The Certificate of
    prior approval of the Trustee shall be obtained and reasons            Registration is valid from January 1, 2007 to December 31,
    for charging higher rates shall be disclosed in the annual             2009.
    accounts.




                                                                      11                                             HDFC 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 Date
                                   Director     ACA              25 years of experience      HDFC Asset Management
                                                                 (including 14 years as      Company Limited
                                                                 Head of Treasury with       Apr 1984 to June 2000
                                                                 Housing Development         Housing Development
                                                                 Finance Corporation         Finance Corporation Limited
                                                                 Ltd.) in treasury           Last Position Held -
                                                                 management, raising         General Manager - Treasury.
                                                                 of funds, marketing of
                                                                 retail fixed deposits and
                                                                 investment advisory.

 Mr. Prashant Jain           41    Executive    CFA - AIMR,      Collectively over           June 20, 2003 till Date
                                   Director &   USA,             18 years of experience      HDFC Asset Management
                                   Chief        PGDM-IIM         in fund management          Company Limited.
                                   Investment   Bangalore,       and research in Mutual      July 1993 to June 19, 2003
                                   Officer      B.Tech. - IIT,   Fund Industry.              Zurich Asset Management
                                                Kanpur                                       Company (India) Private
                                                                                             Limited
                                                                                             Last Position Held - Chief
                                                                                             Investment Officer
                                                                                             1991 to June 1993
                                                                                             SBI Mutual Fund
                                                                                             Last Position held -
                                                                                             Fund In charge

 Mr. V. Suresh Babu          42    Head -       B. Com,          Collectively over           May 2000 till Date
                                   Operations   Grad. ACWA       18 years of experience      HDFC Asset Management
                                                                 in banking, fund            Company Limited
                                                                 administration,             Sept 1996 to Apr 2000
                                                                 operations of               Sundaram Newton Asset
                                                                 mutual fund, post trade     Management Company
                                                                 settlement, fund            Limited
                                                                 accounting, audit           Last Position Held -
                                                                 function, cash              Senior Manager - Finance &
                                                                 management, risk            Operations.
                                                                 management,                 Sept 1991 to Aug 1996
                                                                 managing                    Canbank Investment
                                                                 intermediaries,             Management Services Limited
                                                                 managing systems            Last Position Held - Manager
                                                                 and 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. International
                                                                 Banking, Corporate          July 1975 till
                                                                 lending, loan recovery,     January 2001
                                                                 mobilizing resources,       Union Bank of India
                                                                 NRI services), marketing    Last position held – Assistant
                                                                 and distribution of         General Manager
                                                                 Mutual Funds products.
 Mr. Rahul Bhandari          37    Chief        B. Com.,         Collectively over 13        July 2000 till Date
                                   Financial    ACA, ACS         years of experience         HDFC Asset Management
                                   Officer                       in Financial Control,       Company Limited
                                                                 accounting, audit,          Dec 1997 to June 2000
                                                                 regulatory, secretarial     Citicorp Finance (India)
                                                                 and tax compliance.         Limited
                                                                                             Last Position Held - Finance
                                                                                             Manager
                                                                                             Nov 1996 to June 2000
                                                                                             Citicorp Brokerage (India)
                                                                                             Limited
                                                                                             Last Position Held - Finance
                                                                                             Manager & Company
                                                                                             Secretary
                                                                                             June 1996 to Oct 1996
                                                                                             Citicorp Securities &
                                                                                             Investments Limited
                                                                                             Last Position Held - Manager
                                                                                             - Accounts & Taxation


HDFC SAI dt. 29.06.2009                                     12
Name                   Age     Designation Educational        Total No. of Years       Assignments Held
                      (yrs.)               Qualifications     of Experience/ Type &
                                                              Nature of Experience
Mr. John Mathews         44    Head -       B. Com.,          Collectively over        July 2000 till Date
                               Client       PGDSM             23 years of experience   HDFC Asset Management
                               Services                       primarily in retail      Company Limited
                                                              customer servicing,      Appointed as Principal
                                                              Investor Relations &     Officer under the Prevention
                                                              Retail Deposit           of Money Laundering Act,
                                                              Operations.              2002
                                                                                       Dec 1997 to June 2000
                                                                                       Housing Development
                                                                                       Finance Corporation Limited
                                                                                       Last Position Held - Assistant
                                                                                       Manager - Management
                                                                                       Services.
                                                                                       July 1997 to Dec 1997
                                                                                       Weizmann Limited
                                                                                       Last Position Held - Senior
                                                                                       Assistant Vice President.
                                                                                       Nov 1996 to June 1997
                                                                                       Wall Street Finance Limited
                                                                                       Last Position Held - Marketing
                                                                                       Manager - Deposits.
                                                                                       Jan 1986 to Nov 1996
                                                                                       Housing Development
                                                                                       Finance Corporation Limited
                                                                                       Last Position Held - Senior
                                                                                       Officer - Deposits.
Mr. Yezdi Khariwala      48    Chief        B. Com.,          Collectively over        Mid - May 2004 till Date
                               Compliance   PGDSL -           27 years of experience   HDFC Asset Management
                               Officer      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. Limited
                                                                                       Last Position held - Chief
                                                                                       Compliance Officer
                                                                                       March 1982 -
                                                                                       Mid-Jan 1995
                                                                                       Tata Share Registry Limited
                                                                                       Last Position held - General
                                                                                       Manager - Operations.
Ms. Sylvia Furtado       39    Company      B. Com.,          Collectively over        Sept 2005 till Date
                               Secretary    ACS. LL.B.        15 years of experience   HDFC Asset Management
                                                              in Secretarial and       Company Limited
                                                              Legal.                   May 2004 - August 2005
                                                                                       In practice (Company
                                                                                       Secretary).
                                                                                       August 2003 - Nov 2003
                                                                                       Juris Corp. - Law Firm
                                                                                       Last Position held - Associate
                                                                                       Feb 1998 - May 2003
                                                                                       HDFC Bank Limited
                                                                                       Last Position held - Asst.
                                                                                       Manager - Legal &
                                                                                       Secretarial,
                                                                                       March 1996 - July 1997
                                                                                       Indus Venture Management
                                                                                       Limited.
                                                                                       Last Position Held-
                                                                                       Dy. General Manager-Legal
                                                                                       & Secretarial
                                                                                       June 1994 - Feb 1996
                                                                                       Management Trainee with
                                                                                       CEAT Ltd.



                                                         13                                    HDFC SAI dt. 29.06.2009
 Name                      Age     Designation Educational              Total No. of Years        Assignments Held
                          (yrs.)               Qualifications           of Experience/ Type &
                                                                        Nature of Experience

 Mr. Alok Sheopurkar         41    Head -            B. Com,            Collectively over         May 5, 2006 till Date
                                   Human             M.P.M. &           17 years of experience    HDFC Asset Management
                                   Resources         IR LLB.            in HR viz. Employee       Company Limited
                                                                        Development,              Sept 21, 2004 to
                                                                        Recruitment, Employee     May 4, 2006
                                                                        Relations,                TATA -AIG Group of
                                                                        Compensation and          companies viz. Tata - AIG
                                                                        Benefit, Performance      General Insurance Co. Ltd.
                                                                        Management, HR            Tata - AIG Life Insurance
                                                                        Compliance,               Company.
                                                                        OD Interventions          Last Position Held -
                                                                                                  Sr. Manager - HR
                                                                                                  Sept 1996 to Sept 20, 2004
                                                                                                  Cadbury India Ltd
                                                                                                  Last Position Held -
                                                                                                  HR Manager
                                                                                                  Sept 1991 to Sept 1996
                                                                                                  Crompton Greaves Ltd.
                                                                                                  Last Position Held -
                                                                                                  Personnel Executive.
 Mr. Naveen Gogia            36    Head –            B. Com. MBA -      Collectively over         March 1, 2002 till Date
                                   Marketing,        Marketing -        12 years of               HDFC Asset Management
                                   Mumbai            Nottingham         experience in             Company Ltd.
                                   Institutional &   Trent University   Marketing, Sales &        March 2001 to Feb 2002
                                   Middle East                          Distribution and          Birla Sunlife Distributions
                                   Sales                                Client servicing          Company Ltd.
                                                                                                  Last Position held: Manager:
                                                                                                  Private Client Group
                                                                                                  June 1997 to April 2000
                                                                                                  Ammirati Puris Lintas
                                                                                                  Last Position held:
                                                                                                  Sr. Accounts Manager

 Mr. Rajiv Maniar            37    Head - New        B.E.               Collectively over         June 26, 2008 till Date
                                   Initiatives       (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 Asset
                                                                        and institutional         Management Company India
                                                                        channels                  Pvt. Ltd.
                                                                                                  Last Position Held -
                                                                                                  National Head -
                                                                                                  Institutional Sales
                                                                                                  Feb 2005 - Jan 2007
                                                                                                  Kotak Mahindra Bank Limited
                                                                                                  Last Position Held - Business
                                                                                                  Head - Corporate Investment
                                                                                                  Products
                                                                                                  June 2003 - Feb 2005
                                                                                                  ING Investment Management
                                                                                                  (India) Pvt. Ltd.
                                                                                                  Last Position Held - Sr. Vice
                                                                                                  President & Zonal Manager
                                                                                                  (West)
                                                                                                  Dec 1999 - June 2003
                                                                                                  Zurich Asset Management
                                                                                                  Company (India) Private Ltd.
                                                                                                  Last Position Held - Regional
                                                                                                  Manager - Distribution
                                                                                                  June 1997 - Dec 1999
                                                                                                  ITC Threadneedle Asset
                                                                                                  Management Company Limited
                                                                                                  Last       Position     Held -
                                                                                                  Sales Manager



HDFC SAI dt. 29.06.2009                                         14
Fund Management Team
In addition to Mr. Prashant Jain - Executive Director & Chief Investment Officer, the Fund Management team comprises :
 Name                      Age     Designation Educational           Total No. of Years       Assignments Held
                          (yrs.)               Qualifications        of Experience/ Type &
                                                                     Nature of Experience

 Mr. Shobhit Mehrotra        43    Senior Fund    B. Text.,          Collectively over 16     Feb 16, 2004 till Date
                                   Manager -      M.S. MBA           years of experience in   HDFC Asset Management
                                   Fixed Income   (Clemson           Fixed Income markets,    Company Limited
                                   and Head       University, SC,    credit rating etc.       Feb 1997 to Feb 2004
                                   of Credit      USA)                                        Templeton Asset Management
                                                                                              (India) Pvt. Ltd.
                                                                                              Last Position held - AVP &
                                                                                              Portfolio Manager (Fixed
                                                                                              Income)
                                                                                              July 1992 to Jan 1997
                                                                                              ICRA Ltd.
                                                                                              Last Position held - Business /
                                                                                              Investment Analyst, Member
                                                                                              Executive Rating Committee.
 Mr. Anil Bamboli            37    Senior Fund B. Com,               Collectively over 14     July 25, 2003 till Date
                                   Manager -    Grad CWA,            years of experience in   HDFC Asset Management
                                   Fixed Income MMS (Finance),       Fund Management and      Company Limited
                                                CFA - CFA            Research.                May 1994 - July 2003
                                                Institute 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 date
                                   Manager -      PGDM (IIM,         which 18 years in        Company Limited
                                   Equities       Bangalore)         Fund Management and      August 2, 2006 to
                                                                     Equity Research and      October 20, 2006
                                                                     2 years in the           Tata Asset Management
                                                                     IT industry.             Limited
                                                                                              Last Position Held - Senior
                                                                                              Fund Manager
                                                                                              July 26, 2005 to
                                                                                              July 28, 2006
                                                                                              Deutsche Asset Management
                                                                                              (India) Pvt. Ltd.
                                                                                              Last Position Held - Senior
                                                                                              Fund Manager
                                                                                              June 8, 1992 to
                                                                                              July 25, 2005
                                                                                              UTI Asset Management
                                                                                              Company (Pvt.) Ltd.
                                                                                              Last Position Held -
                                                                                              Fund Manager
                                                                                              June 1, 1988 to
                                                                                              June 1, 1990
                                                                                              Patni Computer Systems
                                                                                              Limited
                                                                                              Last Position Held -
                                                                                              Software Engineer
 Mr. Chirag Setalvad         35    Senior Fund    B.Sc. in           Collectively over 12     March 19, 2007 to date
                                   Manager -      Business           years of experience,     HDFC Asset Management
                                   Equities       Administration -   of which 9 years in      Company Limited
                                                  University of      Fund Management and      October 2004 -
                                                  North Carolina,    Equity Research and      February 28, 2007
                                                  Chapel Hill.       3 years in investment    New Vernon Advisory
                                                                     banking.                 Services Pvt. Ltd.
                                                                                              Last Position Held:
                                                                                              Vice President
                                                                                              July 2000 -



                                                              15                                      HDFC SAI dt. 29.06.2009
 Name                      Age     Designation Educational      Total No. of Years       Assignments Held
                          (yrs.)               Qualifications   of Experience/ Type &
                                                                Nature of Experience
                                                                                         August 31, 2004
                                                                                         HDFC Asset Management
                                                                                         Company Limited
                                                                                         Last Position Held:
                                                                                         Fund Manager
                                                                                         September 1996 to
                                                                                         June 2000
                                                                                         ING Barings N.V., Mumbai
                                                                                         Last Position Held:
                                                                                         Assistant Manager

 Mr. Srinivas                36    Senior Fund   B. Com,        Collectively over 14     October 2004 till Date
 Rao Ravuri                        Manager -     MBA- Finance   years of experience in   HDFC Asset Management
                                   Equities                     Indian financial         Company Limited.
                                                                markets, primarily in    July 2003 to
                                                                equity research &        September 2004
                                                                Fund Management          Motilal Oswal Securities Ltd.
                                                                                         Last Position Held - Senior
                                                                                         Analyst
                                                                                         December 1996 to
                                                                                         July 2003
                                                                                         Edelweiss Capital Ltd.
                                                                                         Last Position Held -
                                                                                         AVP - Equity Research
                                                                                         November 1994 to
                                                                                         November 1996
                                                                                         Securities Capital Investments
                                                                                         (I) Ltd.
                                                                                         Last Position Held -
                                                                                         Investment Analyst

 Mr. Bharat Pareek           31    Fund          B. Com.;       Collectively over 8 years February 2001 till Date
                                   Manager -     A.C.A.,        of experience in treasury HDFC Asset Management
                                   Fixed         Completed      operations and dealing Company Limited
                                   Income        CFA-USA        in debt market
                                                 awaiting
                                                 membership

 Mr. Ajay Mehta              36    Head - Risk B. Com.,         Collectively over        Aug 2001 till Date
                                   Management MBA (Finance),    12 years of              HDFC Asset Management
                                               P.G. Diploma     experience in            Company Limited.
                                               in Equity        investment advisory,     Sept 2000 to Aug 2001
                                               Research         research, dealing        Times Online Money Limited
                                                                and Risk Management      Last Position Held - Portfolio
                                                                                         Manager
                                                                                         Oct 1996 to Sept 2000
                                                                                         TATA Asset Management
                                                                                         Limited.
                                                                                         Last Position Held -
                                                                                         Dy. Manager (Investment)

 Mr. Nilesh Kapadia          43    Assistant     B. Com.        Collectively over 19     June 2000 till Date
                                   Vice                         years of experience in   HDFC Asset Management
                                   President-                   sales and dealings.      Company Limited
                                   Equities                                              Oct 1989 to June 2000
                                                                                         VAR Shares and Stocks
                                                                                         Private Limited
                                                                                         Last Position Held -
                                                                                         Head - Sales Trading



HDFC SAI dt. 29.06.2009                                    16
 Name                     Age     Designation Educational          Total No. of Years       Assignments Held
                         (yrs.)               Qualifications       of Experience/ Type &
                                                                   Nature of Experience
 Mr. Anand Laddha           29    Manager -     B. Com.,           Collectively over 5      Feb 2006 till Date
                                  Equities &    A.C.A.             years of experience in   HDFC Asset Management
                                  Fund                             Equity & Derivative      Company Limited
                                  Manager -                        Research and Sales.      Sept 2004 to Feb 2006
                                  Foreign                                                   Refco-Sify Securities India
                                  Securities                                                Pvt. Ltd.
                                                                                            Last Position held -
                                                                                            AVP - FII Equity & Derivative
                                                                                            Sales.
                                                                                            Aug 2003 to Sept 2004
                                                                                            Alchemy Share & Stock
                                                                                            Brokers Pvt. Ltd.
                                                                                            Last Position held - Equity &
                                                                                            Derivative Sales.
 Mr. Vikash Agarwal         27    Deputy        C.A. - ICAI        Collectively over 3      Sept 21, 2007 till date
                                  Manager -     MS (Finance) -     years experience in      HDFC Asset Management
                                  Dealing &     ICFAI              Forex dealing and        Company Limited
                                  Investments   B.Com (Hons.)      economic research.       Apr 3, 2006 to
                                                                                            Sept 14, 2007
                                                                                            Larsen & Toubro Limited
                                                                                            Last Position Held - Executive
 Mr. Praveen Jain           26    Deputy       C.A. - ICAI         Collectively around 4    Sept 26, 2007 till date
                                  Manager -    CFA - USA           years experience in      HDFC Asset Management
                                  Fixed Income B.Com (Hons.)       Treasury and             Company Limited
                                               Mumbai              Financial Analysis.
                                               University                                   Aug 16, 2005 to
                                                                                            Sept 20, 2007
                                                                                            Larsen & Toubro Limited
                                                                                            Last Position Held -
                                                                                            Assistant Manager
                                                                                            Nov 3, 2004 to
                                                                                            Aug 12, 2005
                                                                                            Tata Motors Limited
                                                                                            Last Position Held -
                                                                                            Senior Officer
Research Team
The Research Team comprises of the following key personnel :
 Name                     Age     Designation Educational          Total No. of Years       Assignments Held
                         (yrs.)               Qualifications       of Experience/ Type &
                                                                   Nature of Experience
 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 Company
                                                University)                                 Limited
                                                                                            August 2006 to May 2007
                                                                                            Deutsche Equities India
                                                                                            Pvt. Ltd.
                                                                                            Last Position Held - Vice
                                                                                            President
                                                                                            December 1999 to
                                                                                            July 2006
                                                                                            Enam Securities Pvt. Ltd.
                                                                                            Last Position Held - Lead
                                                                                            Analyst
                                                                                            May 1994 to
                                                                                            November 1999
                                                                                            Zurich Asset Management
                                                                                            Company (India) Pvt. Ltd.
                                                                                            Last Position Held - Senior
                                                                                            Analyst


                                                              17                                    HDFC SAI dt. 29.06.2009
 Name                      Age     Designation Educational          Total No. of Years      Assignments Held
                          (yrs.)               Qualifications       of Experience/ Type &
                                                                    Nature of Experience
 Mr. Miten Lathia           31     Senior Equity CFA (AIMR);        Collectively over 9     December 26, 2006
                                   Analyst       CA (ICAI);         years of experience     to date
                                                 B. Com.            in equity research.     HDFC Asset Management
                                                 (Mumbai                                    Company Limited
                                                 University);                               June 1, 2004 to
                                                 FRM                                        December 12, 2006
                                                                                            BRICS Securities Limited
                                                                                            Last Position Held:
                                                                                            Vice President - Research
                                                                                            January 1, 2004 to
                                                                                            May 31, 2004
                                                                                            Enam Securities Pvt. Ltd.
                                                                                            Last Position Held: Analyst
                                                                                            January 1, 2001 to
                                                                                            December 26, 2003
                                                                                            SSKI Securities Pvt. Ltd.
                                                                                            Last Position Held:
                                                                                            AVP Research
                                                                                            October 1, 1999 to
                                                                                            December 31, 2000
                                                                                            Anand Rathi Securities Pvt. Ltd.
                                                                                            Last Position Held: Manager
                                                                                            Research

 Mr. Bhagyesh               41     Senior Equity B.E.(Production)   Collectively over 15    January 3, 2007 to date
 Kagalkar                           Analyst      MMS (Finance) -    experience in Equity    HDFC Asset
                                                 Mumbai             Research, investments   Management Company
                                                 University         and Finance             Limited
                                                                                            June 1999 to
                                                                                            December 2006
                                                                                            Dolat Capital Markets Ltd.
                                                                                            Last Position Held -
                                                                                            Head of Research
                                                                                            January 2, 1999 to
                                                                                            May 31, 1999
                                                                                            India Infoline Ltd.
                                                                                            Last Position Held -
                                                                                            Research Analyst
                                                                                            August 1, 1997 to
                                                                                            December 31, 1998
                                                                                            Sun Engineering Ltd.
                                                                                            Last Position Held
                                                                                            - Manager - Finance
                                                                                            June 1996 to July 1997
                                                                                            Al Ahila Portfolio Securities
                                                                                            Co. Muscut
                                                                                            Last Position Held
                                                                                            - Investment Analyst
                                                                                            June 1994 to May 1996
                                                                                            IIT Investrust
                                                                                            Last Position Held -
                                                                                            Equity Analyst

 Mr. Rajesh Pherwani        38     Manager -     B.E.               Collectively over 13    December 1, 2004 till Date
                                   Equity        (Electronics),     years of experience     HDFC Asset Management
                                   Research      M.M.S.             in equity research      Company Limited.
                                                 (Finance),         and investments.        July 1996 to November 2004
                                                 CFA - CFA                                  Housing Development
                                                 Institute USA.                             Finance Corporation Limited
                                                                                            Last Position Held -
                                                                                            Manager - Treasury.



HDFC SAI dt. 29.06.2009                                      18
E. SERVICE PROVIDERS                                                HDFC Fixed Maturity Plans (Plans launched post May 2006)
Custodians                                                          HDFC Fixed Maturity Plans - Series II
(1) HDFC Bank Limited                                               Registrar and Transfer Agent
    Kamala Mills Compound,
                                                                    Computer Age Management Services Pvt. Limited
    Senapati Bapat Marg,
                                                                    New No. 10, Old No. 178, M.G.R. Salai,
    Lower Parel, Mumbai 400 013.
                                                                    Nungambakkam, Chennai 600 034.
    SEBI Registration No: IN/CUS / 001                              SEBI Registration No: INR000002813
Currently, HDFC Bank Limited has been appointed as the              The Board of the Trustees and the AMC have ensured that the
Custodian for the following scheme(s) of HDFC Mutual Fund:          Registrar and Transfer Agent has adequate capacity to discharge
                                                                    responsibilities with regard to processing of applications and
HDFC Growth Fund                                                    dispatching unit certificates to unitholders within the time limit
HDFC Core & Satellite Fund                                          prescribed in the Regulations and also has sufficient capacity
HDFC Premier Multi-Cap Fund                                         to handle investor complaints.
HDFC Index Fund
                                                                    Statutory Auditor for the Mutual Fund
HDFC Long Term Advantage Fund                                       Deloitte Haskins & Sells
HDFC Balanced Fund                                                  Chartered Accountants
HDFC Income Fund                                                    12, Dr. Annie Besant Road,
HDFC Short Term Plan                                                Opp. Shiv Sagar Estate,
HDFC Liquid Fund                                                    Worli, Mumbai 400 018.
HDFC Gilt Fund                                                      Legal Counsel
HDFC Arbitrage Fund                                                 Dave & Girish & Co.
HDFC MF Monthly Income Plan                                         Sethna Building, 1st Floor, 55, Maharshi
                                                                    Karve Road, Marine Lines, Mumbai 400 002.
HDFC Children's Gift Fund
HDFC Floating Rate Income Fund                                      Fund Accountant
HDFC Mid-Cap Opportunities Fund                                     Fund accounting is handled in-house by the AMC.
HDFC Quarterly Interval Fund                                        Collecting Bankers (for New Fund Offers)
HDFC Multiple Yield Fund
                                                                     Name of Bank               Registered                    SEBI Registration
HDFC High Interest Fund
                                                                                                Office Address                Number
HDFC Cash Management Fund
HDFC Fixed Maturity Plans (Plans launched prior to May 2006)         HDFC Bank Limited          HDFC Bank House,              INBI00000063
                                                                                                Senapati Bapat Marg,
HDFC Fixed Maturity Plans - Series III
                                                                                                Lower Parel(W),
HDFC Fixed Maturity Plans - Series IV                                                           Mumbai - 400 013
HDFC Fixed Maturity Plans - Series V
                                                                     Citibank N.A.              Citibank Center, 7th Floor,   INBI00000037
HDFC Fixed Maturity Plans - Series VI
                                                                                                Bandra Kurla Complex,
HDFC Fixed Maturity Plans - Series VII                                                          Bandra (E),
HDFC Fixed Maturity Plans - Series VIII                                                         Mumbai - 400 051
HDFC Fixed Maturity Plans - Series IX                                                           Maharashtra
HDFC Fixed Maturity Plans - Series X
                                                                     Axis Bank Ltd.             "TRISHUL", Third Floor,       INBI00000017
(2) Citibank N.A.                                                                               Opp. Samartheshwar
    Ramnord House,                                                                              Temple, Nr. Law Garden,
    77, Dr. Annie Besant Road,                                                                  Ellisbridge,
    Worli, Mumbai 400 018.                                                                      Ahmedaabad - 380 006
    SEBI Registration No: IN/CUS/004                                 ABN Amro Bank N.V.         909, Raheja Center,           INBI00000034
                                                                                                Nariman Point,
Currently, Citibank N.A. has been appointed as the Custodian
                                                                                                Mumbai - 400021
for the following scheme(s) of HDFC Mutual Fund:
HDFC   Equity Fund                                                   Kotak Mahindra Bank Ltd.   36-38A, Nariman Bhavan,       INBI00000927
                                                                                                227, Nariman Point,
HDFC   Top 200 Fund                                                                             Mumbai 400 021
HDFC   Capital Builder Fund
HDFC   TaxSaver                                                      ICICI Bank Ltd.            Landmark,                     INBI00000004
                                                                                                Race Course Circle,
HDFC   Prudence Fund
                                                                                                Vadodara 390 007
HDFC   Long Term Equity Fund
HDFC   Infrastructure Fund                                          The above list is indicative and not exhaustive. The AMC reserves
HDFC   Multiple Yield Fund - Plan 2005                              the right to change / modify the list of collecting Bankers.




                                                               19                                                     HDFC 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 three
     fiscal years (excluding redeemed schemes) for each of the last three fiscal years.
 Particulars                                                                                  HDFC Mid-Cap Opportunities Fund
                                                                                            25-6-2007 ~                    01-04-2008
                                                                                                 to                            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~                               01-04-2008
                                                                                  to                                       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 of
 the period (%)                                                       4.15                  4.03                8.21                  7.94
 Benchmark Returns from the date of allotment till
 the 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
 Ratio of recurring expenses to net assets (%)                                   0.81                                      0.83
 *Growth Option, ^ Monthly Dividend Option, $Quarterly Dividend Option ~ Date of Allotment

 Particulars                                                                                                  HDFC Infrastructure Fund
                                                                                                            10-03-2008~           01-04-2008
                                                                                                                 to                   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
 Ratio of recurring expenses to net assets (%)                                                                  1.73               1.88
 *Growth Option, ^ Dividend Option ~ Date of Allotment




HDFC SAI dt. 29.06.2009                                                20
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~                          01-04-2008
                                                                               to                                 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 till
 the end of the period (%)                                         9.96                9.68           10.38                10.06
 Benchmark Returns from the date of allotment till
 the 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                               24.67
 Ratio of recurring expenses to net assets (%)                               0.74                                0.75
 *Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option ~ Date of allotment
 Wholesale: 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~                          01-04-2008
                                                                               to                                 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 till
 the end of the period (%)                                         7.64                7.33            9.16                8.73
 Benchmark Returns from the date of allotment till
 the end of the period (%)                                          5.59             5.59                8.88             8.88
                                                             Crisil Short Term Bond Fund Index    Crisil Short Term Bond Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                   99.06                               85.33
 Ratio of recurring expenses to net assets (%)                               0.58                                0.58
 *Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option, ~ Date of Allotment
 Wholesale: Wholesale Plan, Retail: Retail Plan. # - For Individuals and HUF, & - For Others.




                                                                   21                                         HDFC SAI dt. 29.06.2009
Plans launched under HDFC Fixed Maturity Plans - Series VI
 Particulars                                                18M September 18M September 18M September 18M September
                                                                2007-         2007-         2007-         2007-
                                                              Wholesale       Retail      Wholesale       Retail
                                                                          9-10-2007~                            01-04-2008
                                                                               to                                   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)$
 Returns from the date of allotment till
 the end of the period (%)                                         4.24                 3.94             9.53                8.88
 Benchmark Returns from the date of allotment till
 the end of the period (%)                                           3.36             3.36                 8.94             8.94
                                                              Crisil Short Term Bond Fund Index     Crisil Short Term Bond Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                   124.68                                122.60
 Ratio of recurring expenses to net assets (%)                               0.61                                  1.05
 *Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option ~ Date of Allotment
 Wholesale: Wholesale Plan, Retail: Retail Plan. # - For Individuals and HUF, & - For Others.

 Particulars                                                  18M October           18M October     18M October           18M October
                                                                 2007-                 2007-           2007-                 2007-
                                                               Wholesale               Retail         Wholesale              Retail
                                                                         30-10-2007~                            01-04-2008
                                                                              to                                    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)$
 Returns from the date of allotment till
 the end of the period (%)                                         3.72                 3.46             8.76                8.12
 Benchmark Returns from the date of allotment till
 the end of the period (%)                                           2.75             2.75                 8.91             8.91
                                                              Crisil Short Term Bond Fund Index     Crisil Short Term Bond Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                   144.53                                136.61
 Ratio of recurring expenses to net assets (%)                               0.50                                  0.81

 *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 dt. 29.06.2009                                             22
Plans launched under HDFC Fixed Maturity Plans - Series VI (Contd...)

 Particulars                                                 18M November 18M November 18M November 18M November
                                                                 2007-        2007-        2007-        2007-
                                                               Wholesale      Retail     Wholesale      Retail
                                                                          19-11-2007~                             01-04-2008
                                                                               to                                     to
                                                                           31-03-2008                             31-03-2009
 NAV at beginning of the year/period (Rs.)                     10.0000 (G)*            10.0000 (G)*    10.2730 (G)*         10.2510 (G)*
                                                                                      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)$
 Returns from the date of allotment till
 the end of the period (%)                                         2.73                   2.51             9.21                8.56
 Benchmark Returns from the date of allotment till
 the end of the period (%)                                           2.58             2.58                   9.11             9.11
                                                              Crisil Short Term Bond Fund Index       Crisil Short Term Bond Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                     205.43                                  152.35
 Ratio of recurring expenses to net assets (%)                                 0.48                                    1.26

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

 Particulars                                                 18M December         18M December        18M December        18M December
                                                                 2007-               2007-               2007-               2007-
                                                               Wholesale              Retail            Wholesale             Retail
                                                                          20-12-2007~                             01-04-2008
                                                                               to                                     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)$
 Dividends (Rs.)                                                     -                      -               -             0.6340 # (QD)$
                                                                                                                          0.5900 &(QD)$
 NAV at the end of the year/period (Rs.)                       10.1803 (G)*            10.1643 (G)*    11.1661 (G)*         11.0820 (G)*
                                                                                      10.1643 (D)^                         11.0820 (D)^
                                                                                      10.0249 (QD)$                        10.1774 (QD)$
 Returns from the date of allotment till
 the end of the period (%)                                         1.80                   1.64             9.00                8.36
 Benchmark Returns from the date of allotment till
 the end of the period (%)                                           2.02             2.02                   9.27             9.27
                                                              Crisil Short Term Bond Fund Index       Crisil Short Term Bond Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                     23.30                                   23.11
 Ratio of recurring expenses to net assets (%)                                 0.72                                    0.72

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




                                                                    23                                            HDFC SAI dt. 29.06.2009
Plans launched under HDFC Fixed Maturity Plans - Series VII
 Particulars                                                 18M January             18M January     18M January             18M January
                                                                2008-                   2008-           2008-                   2008-
                                                              Wholesale                 Retail        Wholesale                  Retail
                                                                          8-2-2008~                              01-04-2008
                                                                              to                                     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)$
 Dividends (Rs.)                                                    -                      -               -             0.2536 # (QD)$
                                                                                                                         0.2361 &(QD)$
 NAV at the end of the year/period (Rs.)                      10.0751 (G)*            10.0647 (G)*    11.0063 (G)*         10.9944 (G)*
                                                                                     10.0647 (D)^                         10.9944 (D)^
                                                                                     10.0647 (QD)$                        10.6876 (QD)$
 Returns from the date of allotment till
 the end of the period (%)                                         0.75                  0.65             8.75                  8.65
 Benchmark Returns from the date of allotment till
 the end of the period (%)                                          0.74             0.74                   9.22             9.22
                                                             Crisil Short Term Bond Fund Index       Crisil Short Term Bond Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                    175.63                                  146.28
 Ratio of recurring expenses to net assets (%)                                0.29                                    0.68
 *Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option ~ Date of Allotment
 Wholesale: Wholesale Plan, Retail: Retail Plan. # - For Individuals and HUF, & - For Others.

 Particulars                                                 15M February        15M February        15M February        15M February
                                                                2008-               2008-               2008-               2008-
                                                              Wholesale              Retail            Wholesale            Retail
                                                                          26-2-2008 ~                            01-04-2008
                                                                               to                                    to
                                                                           31-03-2008                            31-03-2009
 NAV at beginning of the year/period (Rs.)                    10.0000 (G)*            10.0000 (G)*    10.1300 (G)*         10.1269 (G)*
                                                                                     10.0000 (D)^                         10.1270 (D)^
                                                                                     10.0000 (QD)$                        10.1269 (QD)$
 Dividends (Rs.)                                                    -                      -               -             0.8694 # (QD)$
                                                                                                                         0.8090 &(QD)$
 NAV at the end of the year/period (Rs.)                      10.1300 (G)*            10.1269 (G)*    11.0835 (G)*         11.0381 (G)*
                                                                                     10.1270 (D)^                         11.0381 (D)^
                                                                                     10.1269 (QD)$                        10.0086 (QD)$
 Returns from the date of allotment till
 the end of the period (%)                                         1.30                  1.27             9.87                  9.46
 Benchmark Returns from the date of allotment till
 the end of the period (%)                                          0.78             0.78                   9.70             9.70
                                                             Crisil Short Term Bond Fund Index       Crisil Short Term Bond Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                    42.97                                   28.13
 Ratio of recurring expenses to net assets (%)                                0.39                                    1.41
 *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 dt. 29.06.2009                                            24
Plans launched under HDFC Fixed Maturity Plans - Series VII (Contd...)
 Particulars                                                 14M February        14M February       14M February        14M February
                                                                2008-               2008-              2008-               2008-
                                                              Wholesale             Retail           Wholesale             Retail
                                                                          5-3-2008~                             01-04-2008
                                                                              to                                    to
                                                                          31-03-2008                            31-03-2009
 NAV at beginning of the year/period (Rs.)                    10.0000 (G)*           10.0000 (G)*    10.0363 (G)*         10.0338 (G)*
                                                                                    10.0000 (D)^                         10.0338 (D)^
                                                                                    10.0000 (QD)$                        10.0338 (QD)$
 Dividends (Rs.)                                                    -                     -               -             0.2432 # (QD)$
                                                                                                                        0.2263 &(QD)$
 NAV at the end of the year/period (Rs.)                      10.0363 (G)*           10.0338 (G)*    11.0196 (G)*         10.9795 (G)*
                                                                                    10.0338 (D)^                         10.9795 (D)^
                                                                                    10.0338 (QD)$                        10.6825 (QD)$
 Returns from the date of allotment till
 the end of the period (%)                                         0.36                 0.34             9.49                 9.11
 Benchmark Returns from the date of allotment till
 the end of the period (%)                                          0.58             0.58                  9.70             9.70
                                                             Crisil Short Term Bond Fund Index      Crisil Short Term Bond Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                    60.98                                  41.14
 Ratio of recurring expenses to net assets (%)                               0.38                                   1.40

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




 Particulars                                                  13M March              13 March        13M March              13 March
                                                                2008-                 2008-            2008-                 2008-
                                                              Wholesale                Retail        Wholesale                Retail
                                                                          11-3-2008~                            01-04-2008
                                                                               to                                   to
                                                                          31-03-2008                            31-03-2009
 NAV at beginning of the year/period (Rs.)                    10.0000 (G)*           10.0000 (G)*    10.0534 (G)*         10.0517 (G)*
                                                                                    10.0000 (D)^                         10.0517 (D)^
                                                                                    10.0000 (QD)$                        10.0517 (QD)$
 Dividends (Rs.)                                                    -                     -               -             0.8587 # (QD)$
                                                                                                                        0.7992 &(QD)$
 NAV at the end of the year/period (Rs.)                      10.0534 (G)*           10.0517 (G)*    11.0514 (G)*         11.0177 (G)*
                                                                                    10.0517 (D)^                         11.0177 (D)^
                                                                                    10.0517 (QD)$                        10.0017 (QD)$
 Returns from the date of allotment till
 the end of the period (%)                                         0.53                 0.52             9.94                 9.62
 Benchmark Returns from the date of allotment till
 the end of the period (%)                                          0.59             0.59                  9.87             9.87
                                                             Crisil Short Term Bond Fund Index      Crisil Short Term Bond Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                    23.64                                  17.29
 Ratio of recurring expenses to net assets (%)                               0.42                                   1.39

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




                                                                   25                                           HDFC SAI dt. 29.06.2009
Plans launched under HDFC Fixed Maturity Plans - Series VII (Contd...)

 Particulars                                                  370D March           370D March        370D March              370D March
                                                               2008 (1)-            2008 (1)-         2008 (1)-               2008 (1)-
                                                               Wholesale              Retail          Wholesale                 Retail
                                                                        31-03-2008~                               1-04-2008
                                                                             to                                       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)^

 Returns from the date of allotment till
 the end of the period (%)                                         0.11                   0.11            9.07                   9.07
 Benchmark Returns from the date of allotment till
 the end of the period (%)                                          0.01             0.01                  9.79              9.79
                                                             Crisil Short Term Bond Fund Index       Crisil Short Term Bond Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                   543.65                                  587.19
 Ratio of recurring expenses to net assets (%)                                –                                      0.90
 *Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option ~ Date of Allotment
 Wholesale: Wholesale Plan, Retail: Retail Plan. # - For Individuals and HUF, & - For Others.

 Particulars                                                  370D March           370D March        370D March              370D March
                                                               2008 (2)-            2008 (2)-         2008 (2)-               2008 (2)-
                                                               Wholesale              Retail          Wholesale                 Retail
                                                                        31-03-2008~                               1-04-2008
                                                                             to                                       to
                                                                         31-03-2008                              31-03-2009
 NAV at beginning of the year/period (Rs.)                    10.0000 (G)*          10.0000 (G)*     10.0000 (G)*          10.0000 (G)*
                                                              10.0000 (D)^         10.0000 (D)^      10.0000 (D)^         10.0000 (D)^
                                                                                   10.0000 (QD)$                          10.0000 (QD)$
 Dividends (Rs.)                                                    -                    -                 -             0.2709 # (QD)$
                                                                                                                         0.2522 &(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 till
 the end of the period (%)                                         0.02                   0.02            9.95                   9.95
 Benchmark Returns from the date of allotment till
 the end of the period (%)                                        0.01              0.01                    9.79             9.79
                                                            CRISIL Short Term Bond Fund Index        Crisil Short Term Bond Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                    892.08                                  811.48
 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 dt. 29.06.2009                                            26
Plans launched under HDFC Fixed Maturity Plans - Series VII (Contd...)

 Particulars                                                         13M March               13 March          13M March              13 March
                                                                      2008 (2)-              2008 (2)-          2008 (2)-             2008 (2)-
                                                                     Wholesale                 Retail          Wholesale                Retail
                                                                               18-03-2008~                                 01-04-2008
                                                                                    to                                         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 till
 the end of the period (%)                                              0.21                    0.20               10.09                    9.72
 Benchmark Returns from the date of allotment till
 the end of the period (%)                                             0.46              0.46                       9.93              9.93
                                                                 CRISIL Short Term Bond Fund Index            CRISIL Short Term Bond Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                           318.78                                   266.34
 Ratio of recurring expenses to net assets (%)                                       0.27                                     0.58

 *Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option ~ Date of Allotment
 Wholesale: Wholesale Plan, Retail: Retail Plan.

 Particulars                                                                                     18M April                      18M April
                                                                                                  2008 -                         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 till
 the 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

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




                                                                         27                                                HDFC SAI dt. 29.06.2009
Plans launched under HDFC Fixed Maturity Plans - Series VII (Contd...)

 Particulars                                                                            18M April                    18M April
                                                                                        2008 (2)-                    2008 (2)-
                                                                                        Wholesale                      Retail
                                                                                      29-04-2008~                  29-04-2008~
                                                                                           to                           to
                                                                                       31-03-2009                   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)$
 Returns from the date of allotment till the end of the period (%)                          8.59                         7.98
 Benchmark Returns from the date of allotment till
 the end of the period (%)                                                                  9.01                         9.01
                                                                                     CRISIL Short Term            CRISIL Short Term
                                                                                     Bond Fund Index              Bond Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                                160.03
 Ratio of recurring expenses to net assets (%)                                                            0.59

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

Plans launched under HDFC Fixed Maturity Plans - Series VIII
 Particulars                                                                            370D May                     370D May
                                                                                         2008 -                       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)$
 Dividends (Rs.)                                                                      0.4621 # (QD)$               0.4373 # (QD)$
                                                                                      0.4301 &(QD)$                0.4070 &(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)$
 Returns from the date of allotment till the end of the period (%)                          7.85                         7.54
 Benchmark Returns from the date of allotment till the end of the period (%)                8.57                         8.57
                                                                                  Crisil Short Term Bond       Crisil Short Term Bond
                                                                                         Fund Index                   Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                               243.06
 Ratio of recurring expenses to net assets (%)                                                           0.42

 *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 dt. 29.06.2009                                                28
Plans launched under HDFC Fixed Maturity Plans - Series VIII (Contd...)
 Particulars                                                                            370D May                       370D May
                                                                                        2008 (2) -                     2008 (2) -
                                                                                        Wholesale                        Retail
                                                                                                      23-05-2008~
                                                                                                           to
                                                                                                       31-03-2009
 NAV at beginning of the year/period (Rs.)                                             10.0000 (G)*                   10.0000 (G)*
                                                                                                                     10.0000 (D)^
                                                                                                                     10.0000 (QD)$
 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                          7.18
 Benchmark Returns from the date of allotment till the end of the period (%)               8.55                          8.55
                                                                                 Crisil Short Term Bond       Crisil Short Term Bond
                                                                                        Fund Index                   Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                                268.97
 Ratio of recurring expenses to net assets (%)                                                            0.51

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

 Particulars                                                                            370D May                       370D May
                                                                                        2008 (3) -                     2008 (3) -
                                                                                        Wholesale                        Retail
                                                                                                      30-05-2008~
                                                                                                           to
                                                                                                       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.)                                                                      0.1937 # (QD)$                  0.1758 # (QD)$
                                                                                      0.1803 &(QD)$                   0.1636 &(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                            6.57
 Benchmark Returns from the date of allotment till the end of the period (%)                8.41                            8.41
                                                                                  Crisil Short Term Bond          Crisil Short Term Bond
                                                                                         Fund Index                      Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                               133.07
 Ratio of recurring expenses to net assets (%)                                                           0.45

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




                                                                       29                                         HDFC SAI dt. 29.06.2009
Plans launched under HDFC Fixed Maturity Plans - Series VIII (Contd...)
 Particulars                                                                            370D June                   370D June
                                                                                        2008 (1) -                  2008 (1) -
                                                                                        Wholesale                     Retail
                                                                                                      24-06-2008~
                                                                                                           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)$
 Dividends (Rs.)                                                                      0.1778 # (QD)$               0.1632 # (QD)$
                                                                                      0.1654 &(QD)$                0.1519 &(QD)$
 NAV at the end of the year/period (Rs.)                                                10.7252 (G)*                 10.6990 (G)*
                                                                                       10.7252 (D)^                 10.6990 (D)^
                                                                                      10.5127 (QD)$                10.5040 (QD)$
 Returns from the date of allotment till the end of the period (%)                          7.25                         6.99
 Benchmark Returns from the date of allotment till the end of the period (%)                8.55                         8.55
                                                                                  Crisil Short Term Bond       Crisil Short Term Bond
                                                                                         Fund Index                   Fund Index
 2008 (2) -at the end of the year/period (Rs. in Crores)                                                180.79
 Ratio of recurring expenses to net assets (%)                                                           0.74
 *Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option ~ Date of Allotment
 Wholesale: Wholesale Plan, Retail: Retail Plan. # - For Individuals and HUF, & - For Others.

 Particulars                                                                            370D June                   370D June
                                                                                        2008 (2) -                  2008 (2) -
                                                                                        Wholesale                     Retail
                                                                                                      27-06-2008~
                                                                                                           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.)                                                                                –                 0.3450 # (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                        6.85
 Benchmark Returns from the date of allotment till
 the end of the period (%)                                                                  8.81                         8.81
                                                                                  Crisil Short Term Bond       Crisil Short Term Bond
                                                                                         Fund Index                   Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                               118.46
 Ratio of recurring expenses to net assets (%)                                                           0.46

 *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 dt. 29.06.2009                                                30
Plans launched under HDFC Fixed Maturity Plans - Series VIII (Contd...)
 Particulars                                                                            370D July                   370D July
                                                                                        2008 (1) -                  2008 (1) -
                                                                                        Wholesale                     Retail
                                                                                                      8-07-2008~
                                                                                                           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)$
 Dividends (Rs.)                                                                      0.4519 # (QD)$               0.4155 # (QD)$
                                                                                      0.4206 &(QD)$                0.3868 &(QD)$
 NAV at the end of the year/period (Rs.)                                                10.6989 (G)*                 10.6560 (G)*
                                                                                       10.6989 (D)^                 10.6560 (D)^
                                                                                      10.1753 (QD)$                10.1748 (QD)$
 Returns from the date of allotment till the end of the period (%)                          6.99                         6.56
 Benchmark Returns from the date of allotment till
 the end of the period (%)                                                                  8.66                         8.66
                                                                                  Crisil Short Term Bond       Crisil Short Term Bond
                                                                                         Fund Index                   Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                               158.57
 Ratio of recurring expenses to net assets (%)                                                           0.57

 *Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option ~ Date of Allotment
 Wholesale: Wholesale Plan, Retail: Retail Plan. # - For Individuals and HUF, & - For Others.
 Particulars                                                                          181D October                 181D October
                                                                                        2008 (1) -                   2008 (1) -
                                                                                       Wholesale                       Retail
                                                                                                      24-10-2008~
                                                                                                           to
                                                                                                       31-03-2009

 NAV at beginning of the year/period (Rs.)                                             10.0000 (G)*                 10.0000 (G)*
                                                                                       10.0000 (D)^                 10.0000 (D)^
 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                         5.24
 Benchmark Returns from the date of allotment till the end of the period (%)                4.04                         4.04
                                                                                Crisil Liquid Fund Index Crisil     Liquid Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                              99.70
 Ratio of recurring expenses to net assets (%)                                                          1.39
 *Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option ~ Date of Allotment
 Wholesale: 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 beginning of the year/period (Rs.)                                             10.0000 (G)*                10.0000 (G)*
                                                                                                                  10.0000 (D)^
                                                                                                                  10.0000 (QD)$
 Dividends (Rs.)                                                                              –                  0.3771 # (QD)$
                                                                                                                 0.3510 &(QD)$
 NAV at the end of the year/period (Rs.)                                                10.7168 (G)*               10.6762 (G)*
                                                                                                                  10.6762 (D)^
                                                                                                                  10.2362 (QD)$
 Returns from the date of allotment till the end of the period (%)                          7.17                       6.76
 Benchmark Returns from the date of allotment till the end of the period (%)                8.47                       8.47
                                                                                 Crisil Short Term Bond     Crisil Short Term Bond
                                                                                        Fund Index                 Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                             101.91
 Ratio of recurring expenses to net assets (%)                                                         0.65

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


                                                                       31                                      HDFC SAI dt. 29.06.2009
Plans launched under HDFC Fixed Maturity Plans - Series IX (Contd...)
 Particulars                                                                           20M August                   20M August
                                                                                         2008 -                       2008 -
                                                                                        Wholesale                     Retail
                                                                                                      28-08-2008~
                                                                                                           to
                                                                                                       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.)                                                                                –               0.4994 # (QD)$
                                                                                                                0.4647 &(QD)$
 NAV at the end of the year/period (Rs.)                                                10.6594(G)*               10.6059(G)*
                                                                                                                 10.6059 (D)^
                                                                                                                10.0485 (QD)$

 Returns from the date of allotment till the end of the period (%)                         6.59                       6.06
 Benchmark Returns from the date of allotment till the end of the period (%)               7.71                       7.71
                                                                                 Crisil Short Term Bond     Crisil Short Term Bond
                                                                                        Fund Index                 Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                             266.07
 Ratio of recurring expenses to net assets (%)                                                         0.74
 *Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option ~ Date of Allotment
 Wholesale: Wholesale Plan, Retail: Retail Plan. # - For Individuals and HUF, & - For Others.

 Particulars                                                                          370D August                   370DAugust
                                                                                       2008 (1) -                    2008 (1) -
                                                                                       Wholesale                       Retail
                                                                                                      19-08-2008~
                                                                                                           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.)                                                                              –                  0.1044 # (QD)$
                                                                                                                 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)$
 Returns from the date of allotment till the end of the period (%)                          6.50                       5.89
 Benchmark Returns from the date of allotment till the end of the period (%)                7.88                       7.88
                                                                                 Crisil Short Term Bond     Crisil Short Term Bond
                                                                                        Fund Index                 Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                             165.58
 Ratio of recurring expenses to net assets (%)                                                         0.88
 *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 dt. 29.06.2009                                                32
Plans launched under HDFC Fixed Maturity Plans - Series IX (Contd...)
 Particulars                                                                           370D August                   370DAugust
                                                                                        2008 (2) -                    2008 (2) -
                                                                                        Wholesale                       Retail
                                                                                                      22-08-2008~
                                                                                                           to
                                                                                                       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.)                                                 10.6845(G)*                 10.6845(G)*
                                                                                                                   10.6845 (D)^
                                                                                                                   10.5890(QD)$
 Returns from the date of allotment till the end of the period (%)                           6.85                        6.85
 Benchmark Returns from the date of allotment till the end of the period (%)                 7.89                        7.89
                                                                                  Crisil Short Term Bond      Crisil Short Term Bond
                                                                                         Fund Index                  Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                              1603.73
 Ratio of recurring expenses to net assets (%)                                                           0.50

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

 Particulars                                                                           370D August                   370DAugust
                                                                                        2008 (3) -                    2008 (3) -
                                                                                        Wholesale                       Retail
                                                                                                      9-09-2008~
                                                                                                           to
                                                                                                      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.)                                                                                –                   0.4616 # (QD)$
                                                                                                                    0.4296 &(QD)$
 NAV at the end of the year/period (Rs.)                                                10.6565(G)*                  10.6034(G)*
                                                                                                                    10.6034 (D)^
                                                                                                                    10.0682(QD)$
 Returns from the date of allotment till the end of the period (%)                          6.56                         6.03
 Benchmark Returns from the date of allotment till the end of the period (%)                7.38                         7.38
                                                                                  Crisil Short Term Bond       Crisil Short Term Bond
                                                                                         Fund Index                   Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                               114.61
 Ratio of recurring expenses to net assets (%)                                                           0.83

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




                                                                       33                                      HDFC SAI dt. 29.06.2009
Plans launched under HDFC Fixed Maturity Plans - Series IX (Contd...)
 Particulars                                                                         22M September              22M September
                                                                                        2008 -                     2008 -
                                                                                       Wholesale                    Retail
                                                                                                      23-09-2008~
                                                                                                           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.)                                                                              –                  0.3609 # (QD)$
                                                                                                                 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)$
 Returns from the date of allotment till the end of the period (%)                          5.87                       5.39
 Benchmark Returns from the date of allotment till the end of the period (%)                7.15                       7.15
                                                                                 Crisil Short Term Bond     Crisil Short Term Bond
                                                                                        Fund Index                 Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                             192.70
 Ratio of recurring expenses to net assets (%)                                                         0.91
 *Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option ~ Date of Allotment
 Wholesale: Wholesale Plan, Retail: Retail Plan. # - For Individuals and HUF, & - For Others.

 Particulars                                                                        370D September             370D September
                                                                                       2008 (1) -                 2008 (1) -
                                                                                       Wholesale                    Retail
                                                                                                      23-09-2008~
                                                                                                           to
                                                                                                       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.)                                                                      0.4432 # (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)$
 Returns from the date of allotment till the end of the period (%)                          6.83                       6.31
 Benchmark Returns from the date of allotment till the end of the period (%)                7.15                       7.15
                                                                                 Crisil Short Term Bond     Crisil Short Term Bond
                                                                                        Fund Index                 Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                             143.49
 Ratio of recurring expenses to net assets (%)                                                         0.67

 *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 dt. 29.06.2009                                                34
Plans launched under HDFC Fixed Maturity Plans - Series IX (Contd...)
 Particulars                                                                          18M October                     18M October
                                                                                       2008 (1) -                      2008 (1) -
                                                                                       Wholesale                         Retail
                                                                                                      16-10-2008~
                                                                                                           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)$
 Dividends (Rs.)                                                                      0.3905 # (QD)$                  0.3547 # (QD)$
                                                                                      0.3634 &(QD)$                   0.3301 &(QD)$
 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)$
 Returns from the date of allotment till the end of the period (%)                          8.99                           8.52
 Benchmark Returns from the date of allotment till the end of the period (%)                9.29                             9.29
                                                                                  Crisil Short Term Bond           Crisil Short Term Bond
                                                                                         Fund Index                       Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                                  49.60
 Ratio of recurring expenses to net assets (%)                                                              0.97

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

 Particulars                                                                          370D October                     370D October
                                                                                        2008 (1) -                       2008 (1) -
                                                                                       Wholesale                           Retail
                                                                                                      21-10-2008~
                                                                                                           to
                                                                                                       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.)                                                                                –                      0.3760 # (QD)$
                                                                                                                       0.3499 &(QD)$
 NAV at the end of the year/period (Rs.)                                                10.5768(G)*                       10.5313(G)*
                                                                                                                        10.5313 (D)^
                                                                                                                        10.0984(QD)$
 Returns from the date of allotment till the end of the period (%)                          5.77                              5.31
 Benchmark Returns from the date of allotment till the end of the period (%)                6.57                              6.57
                                                                                  Crisil Short Term Bond           Crisil Short Term Bond
                                                                                         Fund Index                       Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                                  44.43
 Ratio of recurring expenses to net assets (%)                                                              1.45
 *Growth Option, ^ Normal Dividend Option, $ Quarterly Dividend Option ~ Date of Allotment
 Wholesale: Wholesale Plan, Retail: Retail Plan. # - For Individuals and HUF, & - For Others.




                                                                       35                                          HDFC SAI dt. 29.06.2009
Plans launched under HDFC Fixed Maturity Plans - Series IX (Contd...)
 Particulars                                                                           18M October                     18M October
                                                                                        2008 (2) -                      2008 (2) -
                                                                                        Wholesale                         Retail
                                                                                                      3-11-2008~
                                                                                                           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)$
 Dividends (Rs.)                                                                                –                     0.1407 # (QD)$
                                                                                                                      0.1309 &(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)$
 Returns from the date of allotment till the end of the period (%)                          7.13                           7.13
 Benchmark Returns from the date of allotment till the end of the period (%)                6.26                             6.26
                                                                                  Crisil Short Term Bond           Crisil Short Term Bond
                                                                                         Fund Index                       Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                                  29.44
 Ratio of recurring expenses to net assets (%)                                                              1.60

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

 Particulars                                                                         370D November                   370D November
                                                                                        2008 (1) -                      2008 (1) -
                                                                                       Wholesale                          Retail
                                                                                                      7-11-2008~
                                                                                                           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)$
 Dividends (Rs.)                                                                      0.3564 # (QD)$               0.3251 # (QD)$
                                                                                      0.3317 &(QD)$                0.3026 &(QD)$
 NAV at the end of the year/period (Rs.)                                                 10.4353(G)*                  10.3974(G)*
                                                                                       10.4353 (D)^                 10.3974 (D)^
                                                                                       10.0240(QD)$                 10.0225(QD)$
 Returns from the date of allotment till the end of the period (%)                           4.35                         3.97
 Benchmark Returns from the date of allotment till the end of the period (%)                 6.10                         6.10
                                                                                  Crisil Short Term Bond       Crisil Short Term Bond
                                                                                         Fund Index                   Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                               112.38
 Ratio of recurring expenses to net assets (%)                                                           0.78
 *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 dt. 29.06.2009                                                36
Plans launched under HDFC Fixed Maturity Plans - Series IX (Contd...)
 Particulars                                                                          17M November                    17M November
                                                                                        2008 (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)$
 Dividends (Rs.)                                                                      0.2563 # (QD)$                  0.2380 # (QD)$
                                                                                      0.2386 &(QD)$                   0.2215 &(QD)$
 NAV at the end of the year/period (Rs.)                                                10.3906(G)*                     10.3688(G)*
                                                                                       10.3906 (D)^                    10.3688 (D)^
                                                                                       10.0972(QD)$                    10.0961(QD)$
 Returns from the date of allotment till the end of the period (%)                          3.91                           3.69
 Benchmark Returns from the date of allotment till the end of the period (%)                5.73                           5.73
                                                                                  Crisil Short Term Bond           Crisil Short Term Bond
                                                                                         Fund Index                       Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                                  67.56
 Ratio of recurring expenses to net assets (%)                                                              0.72

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

 Particulars                                                                         370D December                    370D December
                                                                                       2008 (1) -                       2008 (1) -
                                                                                       Wholesale                          Retail
                                                                                                      11-12-2008~
                                                                                                           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.)                                                                                –                     0.1898 # (QD)$
                                                                                                                      0.1766 &(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)$
 Returns from the date of allotment till the end of the period (%)                          2.98                           2.81
 Benchmark Returns from the date of allotment till the end of the period (%)                3.50                           3.50
                                                                                  Crisil Short Term Bond           Crisil Short Term Bond
                                                                                         Fund Index                       Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                                  54.53
 Ratio of recurring expenses to net assets (%)                                                              0.56

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




                                                                       37                                          HDFC 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
 NAV at beginning of the year/period (Rs.)                                                 10.0000 (G)*                      10.0000 (G)*
                                                                                                                            10.0000 (D)^
                                                                                                                           10.0000 (QD)$
 Dividends (Rs.)                                                                                 –                         0.1845 # (QD)$
                                                                                                                           0.1717 &(QD)$
 NAV at the end of the year/period (Rs.)                                                    10.2632(G)*                       10.2443(G)*
                                                                                                                            10.2443 (D)^
                                                                                                                            10.0333(QD)$
 Returns from the date of allotment till the end of the period (%)                              2.63                              2.44
 Benchmark Returns from the date of allotment till the end of the period (%)                    3.72                              3.72
                                                                                      Crisil Short Term Bond           Crisil Short Term Bond
                                                                                             Fund Index                       Fund Index
 Net Assets at the end of the year/period (Rs. in Crores)                                                      36.70
 Ratio of recurring expenses to net assets (%)                                                                  0.63

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

                                                                       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~       1-04-2008
                                   to               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        9.50
 of allotment till the end
 of the period (%)
 Benchmark Returns from             –               7.50           8.15             6.70             7.94              5.99          4.59
 the date of allotment till
 the end of the period (%)
                                           Crisil Liquid Fund Index              Crisil Liquid Fund Index         Crisil Liquid Fund Index
 Net Assets at the end of        327.72              215.04         16.89         407.06          34.35            471.38           21.81
 the year/period
 (Rs. in Crores)
 Ratio of recurring                0.19             0.32            0.36            0.37             0.32              0.41           0.10
 expenses to net assets (%)
 *Growth Option, ^ Dividend Option, Wholesale: Wholesale Plan, Retail: Retail Plan ~ Date of Allotment
 WG - 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 13M
March 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 and
closed 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 and
the 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 dt. 29.06.2009                                                38
II. HOW TO APPLY?                                                          (b) For other Investors not covered by (a) above:
                                                                               Payment may be made by cheque or bank draft drawn on
1.  The application form for the Sale of Units of the respective               any bank, which is situated at and is a member of the
    Scheme(s)/ Plans will be available and accepted at the                     Bankers’ Clearing House, located at the place where the
    office of the ISCs / Official Points of acceptance during their            application is submitted. No cash, money orders, outstation
    business hours on their respective business days.                          cheques, post dated cheques [except through Systematic
2. Applications must be completed in Block Letters in English.                 Investment Plan (SIP)] and postal orders will be accepted.
3. Signatures should be in English or in any Indian Language.                  Bank charges for outstation demand drafts will be borne
                                                                               by the AMC and will be limited to the bank charges
4. All cheques and bank drafts must be drawn in favour of
                                                                               stipulated by the State Bank of India. Outstation Demand
    "a Specific Scheme" (e.g. In case of HDFC Growth Fund
                                                                               Draft has been defined as a demand draft issued by a bank
    the cheque should be drawn in favour of "HDFC Growth
                                                                               where there is no ISC available for Investors. The AMC will
    Fund" and in case of HDFC Index Fund the name of the
                                                                               not accept any request for refund of demand draft charges,
    respective Plan should also be mentioned) and crossed
    "A/c Payee only". A separate cheque or bank draft must                     in such cases.
    accompany each application/ each scheme. Investors must                    NRIs, FIIs
    use separate application forms for investing simultaneously                Repatriation Basis
    in more than one Plan of the Scheme subject to the minimum
                                                                                  In the case of NRIs, payment may be made either by
    subscription requirements under each Plan.
                                                                                  inward remittance through normal banking channels
5. All cheques and bank drafts accompanying the application                       or out of funds held in his Non - Resident (External)
    form should contain the application form number / folio                       Rupee Account (NRE) / Foreign Currency (Non-Resident)
    number on its reverse.                                                        Account (FCNR). In case Indian rupee drafts are
6. In order to protect the interest of Investors from                             purchased abroad or from Foreign Currency Accounts
    fraudulent encashment of cheques, the current SEBI                            or Non-resident Rupee Accounts an account debit
    (MF) Regulations, has made it mandatory for Investors                         certificate from the Bank issuing the draft confirming
    to mention in their Application / Redemption request,                         the debit shall also be enclosed.
    their bank name and account number.                                           FIIs shall pay their subscription either by inward
7a. Investors should note that it is mandatory for all applications               remittance through normal banking channels or out
    for subscription of value of Rs.50,000/- and above to                         of funds held in Foreign Currency Account or Non-
    quote the KYC Compliance Status of each applicant                             Resident Rupee Account maintained by the FII with a
    (guardian in case of minor) in the application for subscription               designated branch of an authorised dealer.
    and attach proof of KYC Compliance viz. KYC                                   Provided that -
    Acknowledgement Letter (or the erstwhile Mutual Fund                          (i) The FII shall restrict allocation of its total investment
    Identification Number* (MIN) Allotment Letter) / Printout of                        between equity and debt instruments (including
    KYC Compliance Status downloaded from CVL website                                   dated Government Securities and Treasury Bills in
    (www.cvlindia.com) using the PAN Number.                                            the Indian capital market) in the ratio of 70:30
    * Valid only where investors who have already obtained the                          and
    erstwhile Mutual Fund Identification Number (MIN) by                            (ii) If the FII desires to invest upto 100% in dated
    submitting the PAN copy as the proof of identity.                                    Government Securities including Treasury Bills,
b. Applicants intending to apply for units through a Power of                            non-convertible debentures / bonds issued by an
    Attorney (PoA) must ensure that the issuer of the PoA and                            Indian company, it shall form a 100% debt fund
    the holder of the PoA must mention their KYC Compliance                              and get such fund registered with SEBI.
    Status and attach proof of KYC Compliance at the time of
    investment above Rs.50,000/-.                                              Non-repatriation Basis
    In the event of non compliance of KYC requirements, the                         In the case of NRIs, payment may be made either by
    Trustee / AMC reserves the right to freeze the folio of the                     inward remittance through normal banking channels
    investor(s) and affect mandatory redemption of unit holdings                    or out of funds held in his NRE / FCNR / Non-Resident
    of the investors at the applicable NAV, subject to payment                      Ordinary Rupee Account (NRO). In case Indian rupee
    of exit load, if any.                                                           drafts are purchased abroad or from Foreign Currency
                                                                                    Accounts or Non-resident Rupee Accounts an account
8. Applicants must satisfy the minimum Application Amount                           debit certificate from the Bank issuing the draft
    requirements mentioned in the 'Scheme Information                               confirming the debit shall also be enclosed.
    Document' of the respective scheme(s) of HDFC Mutual
                                                                                    All cheques and bank drafts must be drawn in favour
    Fund.
                                                                                    of ‘a Specific Scheme’ and crossed “Account Payee
9. Applications not complete in any respect are liable to be                        only ”. A separate cheque or bank draft must
    rejected.                                                                       accompany each Scheme / each Plan.
10. The AMC / Trustee retains the sole and absolute discretion                      Returned cheque(s) are liable not to be presented
    to reject any application.                                                      again for collection, and the accompanying Application
MODE OF PAYMENT                                                                     Form is liable to be rejected. In case the returned
                                                                                    cheque(s) are presented again, the necessary charges
Resident Investors                                                                  are liable to be debited to the Investor.
(a) For Investors having a bank account with HDFC Bank
    Limited or such banks with whom the AMC would have an                      Additional facilities for subscription of units:
    arrangement from time to time:                                                  WEB Transactions
    Payment may be made for subscription to the Units of the                   The Mutual Fund may allow subscriptions of Units by
    Scheme either by issuing a cheque drawn on such banks                      electronic mode through the various web sites with whom
    or by giving a debit mandate to their account with a branch                the AMC would have an arrangement from time to time.
    of HDFC Bank Limited situated at the same location as the                  For details investors are advised to refer to ‘Scheme
    ISC or such other banks with whom the AMC would have                       Information Document’ of the respective Scheme(s) of HDFC
    an arrangement from time to time.                                          Mutual Fund.

                                                                      39                                            HDFC SAI dt. 29.06.2009
       eServices facility                                                          the prescribed documents listed in the KYC Form, at
    The e Services facility includes HDFCMF Online ,                               any of the Point of Service ('POS'). The KYC Form is
    HDFCMFMobile,eDocs, eAlerts and ePayouts.                                      available at our website - www.hdfcfund.com and
                                                                                   AMFI website - www.amfiindia.com. List of and location
          HDFCMFOnline                                                             of POS is available at our website www.hdfcfund.com
    This facility enables investors to transact online on                          and www.amfiindia.com.
    www.hdfcfund.com using HDFCMF Online . On                                      On submission of KYC Form, documents and
    HDFCMFOnline, Unitholders can execute transactions                             information to the satisfaction of the POS, the investor
    online for purchase*, redemption or switching of units of                      will be issued a provisional KYC Acknowledgement
    scheme(s) of HDFC Mutual Fund and other services as may                        Letter across the counter.
    be introduced by HDFC Mutual Fund from time to time.
                                                                                   Subsequently, the Central Agency will verify the
    Unitholders can also view account details and portfolio
                                                                                   information and documents submitted by the investor.
    valuation online, download account statements and request
                                                                                   The verification process will be completed within 10
    for documents via email, besides other options.
                                                                                   working days from the date of provisional KYC
    *facility available with select banks and subject to submission                Acknowledgment Letter. In case of any deficiency/
    of Permanent Account Number (PAN) and Know Your                                insufficiency in documentation, intimation will be sent
    Customer (KYC) compliance proof by all Unitholder(s).                          to the investors.
    Please refer to paragraphs on Permanent Account Number
                                                                                   However, the Central Agency may cancel the KYC
    (PAN) and Know Your Customer (KYC) for further details.
                                                                                   Acknowledgement Letter within 10 working days from
          HDFCMFMobile                                                             the date of issue of provisional KYC Acknowledgement
    This facility enables investors to transact on their mobile                    Letter, in case of any deficiency in the document/
    handsets. On HDFCMFMobile, Unitholders can execute                             information.
    transactions on their mobile phone for purchase*, redemption                   The KYC status will be validated with the records of the
    or switching of units of schemes of HDFC Mutual Fund and                       Central Agency before allotting units.
    other services as may be introduced by HDFC Mutual Fund
                                                                               Who can apply for KYC?
    from time to time. Unitholders can also view account details
    and portfolio valuation on their mobile phone, request for                     All investors (both individual and non-individual) can
    account statements, besides other options.                                     apply for KYC compliance.
    * Payment arrangement for purchase of units is available                       Any investment in the name of minors should be
    at present with HDFC Bank only. Please visit our website                       through a Guardian, who should be KYC compliant
    from time to time for an updated list of banks. You also                       for the purpose of investing with a Mutual Fund.
    need to have opted for the mobile-banking facility with                        Also, applicants / unit holders intending to apply for
    your Bank. As per RBI’s operative guidelines on Mobile                         units/ currently holding units and operating their Mutual
    banking effective 10th October 2008, presently there is a                      Fund folios through a Power of Attorney (PoA) must
    restriction of Rs.10,000 per customer per day for                              ensure that the issuer of the PoA and the holder of the
    transactions.                                                                  PoA must mention their KYC compliance status at the
          eDocs                                                                    time of investment, if such investment(s) are above
    This facility enables the Unit holder to receive documents                     Rs.50,000/- or any such threshold limit fixed from
    viz. account statements, etc. by email to the email address                    time to time.
    provided by the Unit holder in HDFCMF eServices Request                        PoA holders are not permitted to apply for KYC
    Form.                                                                          compliance on behalf of the issuer of the PoA.
          eAlerts                                                              For more details please refer to Part B relating to
    This facility enables the Unit holder to receive SMS                       “Know Your Customer (KYC) compliance” in Section
    confirmation for purchase, redeem or switch, dividend                      VII on page 50 of this document.
    declaration details and other alerts.                                  SUSPENSION OF REDEMPTION / SWITCHING OF
    Apart from above mentioned facilities, the facility of                 THE UNITS
    ePayouts comprising of mode of payment of Redemption /                 The Mutual Fund at its sole discretion reserves the right to
    Dividend Proceeds if any, via Direct Credit / NEFT / ECS
                                                                           withdraw Redemption or Switching of the Units (including any
    is covered under eServices facility for further details, please
                                                                           one of the Plan of the Scheme) temporarily or indefinitely, if in
    refer eServices booklet available to all Investor Service
                                                                           the opinion of the AMC the general market conditions are not
    Centres (ISCs) as well as on our Website on
                                                                           favourable.
    www.hdfcfund.com
          Subscription of Units through Electronic Mode                    The Redemption and Switching of the Units may be temporarily
    Subject to the investor fulfilling certain terms and conditions        suspended under the following conditions:
    as stipulated by AMC from time to time, the AMC, Mutual                1. When one or more stock exchanges or markets, which
    Fund, Registrar or any other agent or representative of the                provide basis for valuation for a substantial portion of the
    AMC, Mutual Fund, the Registrar (“Receipient”) may accept                  assets of the Scheme are closed otherwise than for ordinary
    transactions through any electronic mode (“fax/web/                        holidays.
    electronic transactions”) as permitted by SEBI or other                2. When, as a result of political, economic or monetary events
    regulatory authorities. For details, investors are advised to              or any circumstances outside the control of the Trustee and
    refer to ‘Scheme Information Document’ of the respective                   the AMC, the disposal of the assets of the Scheme are not
    Scheme(s) of HDFC Mutual Fund.                                             reasonable, or would not reasonably be practicable without
12. How to Apply for KYC?                                                      being detrimental to the interests of the Unit holders.
       Investors who wish to obtain a KYC Acknowledgement                  3. In the event of breakdown in the means of communication
       Letter have to submit a completed Application Form                      used for the valuation of investments of the Scheme, without
       for Know Your Customer ('KYC Form') along with all                      which the value of the securities of the Scheme cannot be


HDFC SAI dt. 29.06.2009                                               40
     accurately calculated.                                                      –     whenever required to do so on the requisition made
4.   During periods of extreme volatility of markets, which in the                     by three-fourths of the Unit holders of the Scheme.
     opinion of the AMC are prejudicial to the interests of the                  – when the Trustee decides to wind up the Scheme or
     Unit holders of the Scheme.                                                       prematurely redeem the Units.
5. In case of natural calamities, war, strikes, riots and bandhs.                The Trustee shall ensure that no change in the fundamental
                                                                                 attributes of any Scheme or the trust or fees and expenses
6. In the event of any force majeure or disaster that affects                    payable or any other change which would modify the
     the normal functioning of the AMC or the ISC.                               Scheme and affects the interest of Unit holders, shall be
7. During the period of Book Closure.                                            carried out unless :
8. If so directed by SEBI.                                                       (i) a written communication about the proposed change
                                                                                       is sent to each Unit holder and an advertisement is
Suspension or restriction of Redemption facility shall be made
                                                                                       given in one English newspaper having nationwide
applicable only after the approval of the Board of Directors of                        circulation as well as in a newspaper published in the
the AMC and the Trustee. The approval from the AMC Board                               language of the region where the head office of the
and the Trustee giving details of circumstances and justification                      Mutual Fund is situated; and
for the proposed action shall also be informed to SEBI in
                                                                                 (ii) the Unit holders are given an option to exit at the
advance.
                                                                                       prevailing Net Asset Value without any Exit Load.
                                                                                 In specific circumstances, where the approval of unitholders
III. RIGHTS OF UNITHOLDERS OF THE                                                is sought on any matter, the same shall be obtained by way
                                                                                 of a postal ballot or such other means as may be approved
    SCHEME                                                                       by SEBI.
     Unit holders of the Scheme have a proportionate right in                UNCLAIMED REDEMPTION / DIVIDEND AMOUNT
     the beneficial ownership of the assets of the Scheme.
                                                                             The unclaimed Redemption amount and dividend amounts (the
     When the Mutual Fund declares a dividend under the                      funds) may be deployed by the Mutual Fund in call money
     Scheme/ Plan, the dividend warrants shall be despatched                 market or money market instruments only and the investors
     within 30 days of the declaration of the dividend. Account              who claim these amounts during a period of three years from
     Statement reflecting the new or additional subscription as              the due date shall be paid at the prevailing Net Asset Value of
     well as Redemption / Switch of Units shall be despatched                the said fund. After a period of three years, this amount will be
     to the Unit holder within 10 Business Days of the date of               transferred to a pool account and the investors can claim the
     receipt of the request from the unitholder. Provided if a Unit          amount at NAV prevailing of the said fund at the end of the third
     holder so desires the Mutual Fund shall issue a Unit certificate        year. The income earned on such funds will be used for the
     (non- transferable) within 30 days of the receipt of request            purpose of investor education. The AMC will make a continuous
     for the certificate. However, under normal circumstances,               effort to remind the investors through letters to take their
     the Mutual Fund shall endeavour to despatch the Account                 unclaimed amounts. Further, the investment management fee
     Statement within 3 Business Days from the date of receipt               charged by the AMC for managing the said unclaimed amounts
     of the request.                                                         shall not exceed 50 basis points.
     The first-named Unit holder shall receive the account
     statements, all notices and correspondence with respect to
     the account, as well as the proceeds of any Redemption
                                                                             IV. INVESTMENT VALUATION NORMS
     requests or dividends or other distributions. In addition,                  FOR SECURITIES AND OTHER
     such holder shall have the voting rights, as permitted,
     associated with such Units as per the applicable guidelines.                ASSETS:
     As per SEBI (MF) Regulations, the Mutual Fund shall despatch            Mutual Fund shall value its investments according to the following
     Redemption proceeds within 10 Business Days of receiving                valuation norms : -
     the Redemption request. A penal interest of 15% or such                 1. Traded Securities
     other rate as may be prescribed by SEBI from time to time,
     will be paid in case the Redemption proceeds are not made                        Traded securities are valued at the last quoted closing
     within 10 Business Days of the date of Redemption request.                       price on the National Stock Exchange of India Limited
     However under normal circumstances, the Mutual Fund                              (NSEIL).
     would endeavour to pay the redemption proceeds within                            When the securities are traded on more than one
     3-4 Business Days (as applicable) from the date of                               recognised stock exchange, the securities shall be
     redemption.                                                                      valued at the last quoted closing price on the stock
     For more details please refer to section 'Redemption'                            exchange where the security is principally traded. The
     in 'Scheme Information Document’ of respective                                   AMC will select the appropriate stock exchange, but
     scheme(s) of HDFC Mutual Fund.                                                   the reasons for the selection would be recorded in
     The Trustee is bound to make such disclosures to the Unit                        writing. All scrips may be valued at the prices quoted
     holders as are essential in order to keep them informed                          on the stock exchange where a majority in value of the
     about any information known to the Trustee which may                             investments are principally traded.
     have a material adverse bearing on their investments.                            Once a Stock Exchange has been selected for valuation
     The appointment of the AMC for the Mutual Fund can be                            of a particular security, reasons for change of the
     terminated by majority of the directors of the Trustee or by                     exchange shall be recorded in writing by the AMC.
     75% of the Unit holders of the Scheme.
                                                                                      When on a particular valuation day, a security has not
     75% of the Unit holders of a Scheme can pass a resolution                        been traded on the NSEIL, the value at which it is
     to wind-up a Scheme.                                                             traded on another stock exchange may be used.
     The Trustee shall obtain the consent of the Unit holders:                        When a security (other than debt securities) is not
     – whenever required to do so by SEBI, in the interest of                         traded on any stock exchange on a particular valuation
           the Unit holders.                                                          day, the value at which it was traded on the selected
                                                                                      stock exchange, as the case may be, on the earliest

                                                                        41                                           HDFC SAI dt. 29.06.2009
          previous day may be used provided such date is not                     a)    Net Worth per share = [share capital+ reserves
          more than thirty days prior to valuation date.                               (excluding revaluation reserves) - Misc. expenditure
          When a debt security (other than Government Securities)                      and Debit Balance in P&L A/c] Divided by No. of
          is not traded on any stock exchange on any particular                        Paid up Shares.
          valuation day, the value at which it was traded on the                 b) Average capitalisation rate (P/E ratio) for the
          principal stock exchange or any other stock exchange,                        industry based upon either BSE or NSE data (which
          as the case may be, on the earliest previous day may                         should be followed consistently and changes, if
          be used provided such date is not more than fifteen                          any noted with proper justification thereof) shall
          days prior to valuation date.                                                be taken and discounted by 75% i.e. only 25% of
          When a debt security (other than Government Securities)                      the Industry average P/E shall be taken as
          is purchased by way of private placement, the value                          capitalisation rate (P/E ratio). Earnings per share
          at which it was bought may be used for a period of                           of the latest audited annual accounts will be
          fifteen days beginning from the date of purchase.                            considered for this purpose.
2.   Thinly Traded Securities                                                    c) The value as per the net worth value per share
          Thinly Traded Equity / Equity related securities are                         and the capital earning value calculated as above
          those securities whose trade in a month, are both less                       shall be averaged and further discounted by 10%
          than Rs 5 lakhs and the total volume is less than                            for ill-liquidity so as to arrive at the fair value per
          50,000 shares. Non-Traded / Thinly Traded Equity                             share.
          Securities will be fair valued as per procedures                       d) In case the EPS is negative, EPS value for that year
          determined by the AMC and approved by Trustee of                             shall be taken as zero for arriving at capitalised
          HDFC Mutual Fund, in accordance with the SEBI (MF)                           earning.
          Regulations and related circulars. Further it is clarified
          that in order to determine whether a security is thinly                e) In case where the latest balance sheet of the
          traded or not, the volumes traded in all recognised                          company is not available within nine months
          stock exchanges in India may be taken into account.                          from the close of the year, unless the accounting
                                                                                       year is changed, the shares of such companies
          In case trading in an equity security is suspended upto
                                                                                       shall be valued at zero.
          30 days, then the last traded price would be considered
          for valuation of that security. If an equity security is               f) In case an individual security accounts for more
          suspended for more than 30 days, then the Asset                              than 5% of the total assets of the scheme, an
          Management Company/Trustees will decide the                                  independent valuer shall be appointed for the
          valuation norms to be followed and such norms would                          valuation of the said security.
          be documented and recorded.                                            To determine if a security accounts for more than 5%
          A debt security (other than Government Securities) is                  of the total assets of the scheme, it should be valued
          considered as a thinly traded security if on the valuation             by the procedure above and the proportion which it
          date, there are no individual trades in that security in               bears to the total net assets of the scheme to which it
          marketable lots (presently Rs. 5 crore) on the principal               belongs would be compared on the date of valuation.
          stock exchange or any other stock exchange.                       (ii) (a) Non Traded / Thinly Traded Debt securities / asset
          A thinly traded debt security as defined above would                         backed securities purchased with residual maturity
          be valued as per the norms set for non-traded debt                           of upto 182 days are valued at cost (including
          security.                                                                    accrued interest till the beginning of the day) plus
3.   Non-Traded Securities                                                             the difference between the redemption value
          Non-traded Equity / Equity related securities are those                      (inclusive of interest) and cost spread uniformly
          securities when it is not traded on any stock exchange                       over the remaining maturity period of the
          for a period of thirty days prior to the valuation date.                     instrument. Non Traded / Thinly Traded Debt
          Non-traded Equity Securities will be fair valued as per                      securities / asset backed securities purchased with
          procedures determined by the AMC and approved by                             maturity greater than 182 days at the time of
          Trustee of HDFC Mutual Fund in accordance with the                           purchase, the last valuation price plus accrued
          SEBI (MF) Regulations and related circulars.                                 interest is used instead of purchase cost.
          When a debt security (other than Government Securities)                (b) Non-Traded/Thinly Traded Securities/Asset Backed
          is not traded on any stock exchange on a particular                          Securities of over 182 days to maturity:
          valuation day, the security is considered as 'Non Traded               All other non traded Non Government debt instruments
          Security'. The value at which it was traded on the                     should be valued using the method suggested below:
          principal stock exchange or any other stock exchange,
          as the case may be, on the earliest previous day is                          For the purpose of valuation, all Non Traded Debt
          used provided such date is not more than 15 days                             Securities will be classified into "Investment grade"
          prior to valuation date. When a debt security (other                         and "Non Investment grade" securities based on
          than Government Securities) is purchased by way of                           their credit ratings. The non-investment grade
          private placement, the value at which it was bought                          securities will further be classified as "Performing"
          is used for a period of 15 days from the date of                             and "Non Performing" assets
          purchase.                                                                    All Non Government investment grade debt
4.   Valuation of Non-traded / Thinly Traded Securities                                securities, classified as not traded, will be valued
     Non traded/ thinly traded securities shall be valued "in                          on yield to maturity basis as described below.
     good faith" by the asset management company on the                                All Non Government non investment grade
     basis of the valuation principles laid down below:                                performing debt securities will be valued at a
     (i) Non-traded / thinly traded equity securities:                                 discount of 25% to the face value.
          Based on the latest available Balance Sheet, net worth                       All Non Government non investment grade non
          shall be calculated as follows:                                              performing debt securities will be valued based
                                                                                       on the provisioning norms.


HDFC SAI dt. 29.06.2009                                                42
              The approach in valuation of non traded debt                       trades on appropriate stock exchange during the fortnight
              security is based on the concept of using spreads                  prior to the benchmark date will be used in building the
              over the benchmark rate to arrive at the yields for                corporate YTM and spread matrices. Initially these matrices
              pricing the non traded security.                                   will be built only for corporate securities of investment
     The yields for pricing the non-traded debt security would                   grade. The matrices are dynamic and the spreads will be
     be arrived at using the process as defined below:                           computed every week. The matrix will be built for all
                                                                                 duration buckets for which the benchmark GOI matrix is
     Step A                                                                      built to effectively link the corporate matrix with the GOI
    A risk free benchmark yield is built using the government                    securities matrix. Accordingly:
    securities (GoI Securities) as the base. GoI Securities are                       All traded paper (with minimum traded value of Rs.
    used as the benchmarks as they are traded regularly, free                         1 crore) (Rupees One Crore Only) will be classified by
    of credit risk and traded across different maturity spectrums                     their ratings and grouped into 7 duration buckets; for
    every week.                                                                       rated securities, the most conservative publicly available
    Step B                                                                            rating will be used;
    A matrix of spreads (based on the credit risk) are built for                      For each rating category, average volume weighted
    marking up the benchmark yields. The matrix is built based                        yield will be obtained both from trades on the
    on traded corporate paper on the wholesale debt segment                           appropriate stock exchange and from the primary
    of an appropriate stock exchange and the primary market                           market issuances;
    issuances. The matrix is restricted only to investment grade                      Where there are no secondary trades on the
    corporate paper.                                                                  appropriate stock exchange in a particular rating
    Step C                                                                            category and no primary market issuances during the
    The yields as calculated above are marked-up / marked-                            fortnight under consideration, then trades on
    down for illiquidity risk.                                                        appropriate stock exchange during the 30 days period
                                                                                      prior to the benchmark date will be considered for
    Step D                                                                            computing the average YTM for such rating category;
    The yields so arrived are used to price the portfolio.                            If the matrix cannot be populated using any or all of
Methodology                                                                           the above steps, then credit spreads from trades on
                                                                                      appropriate stock exchange of the relevant rating
A. Construction of Risk Free Benchmark
                                                                                      category over the AAA trades will be used to populate
    Using Government of India dated securities, the benchmark                         the matrix;
    shall be constructed as below:
                                                                                      In each rating category, all outliers will be removed for
    Government of India dated securities will be grouped into                         smoothening the YTM matrix;
    the 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 and                        Spreads will be obtained by deducting the YTM in
    the volume weighted yield would be computed for each                              each duration category from the respective YTM of the
    bucket. These duration buckets may be changed to reflect                          GOI securities;
    the market value more closely by any agency suggested by                          In the event of lack of trades in the secondary market
    AMFI giving benchmark yield / matrix of spreads over                              and the primary market the gaps in the matrix would
    benchmark yield. Accordingly, there will be a benchmark                           be filled by extrapolation. If the spreads cannot be
    YTM for each duration bucket.                                                     extrapolated for the reason of practicality, carrying the
    The benchmark as calculated above will be set at least                            spreads from the last matrix will fill the gaps in the
    weekly, and in the event of any significant movement of                           matrix.
    prices of Government securities on account of any event                 C. Mark-up / Mark-down Yield
    impacting interest rates on any day such as change in the                     The Yields calculated would be marked-up / marked-down
    RBI policies, the benchmark will be reset to reflect any                      to account for the ill-liquidity risk, promoter background,
    change in the market conditions.                                              finance company risk and the issuer class risk. As the level
    Note: The concept of duration over tenor has been chosen                      of ill-liquidity risk would be higher for non-rated securities
    in order to capture the reinvestment risk. It is intended to                  the marking process for rated and non-rated securities
    gradually move towards a methodology that incorporates                        would be differentiated as follows:
    the continuous curve approach for valuation of such                     C(I). Adjustments for Securities rated by External Rating Agencies
    securities. However, in view of the current lack of liquidity in
    the corporate bond markets, a continuous curve approach                       The Yields so derived out of the above methodology could
    to valuation would be necessarily based on limited data                       be adjusted to account for risk mentioned above by an
    points, and this would result in out of line valuations. As an                appropriate discount or premium as may be required. SEBI
    interim methodology therefore it is proposed that the Duration                has revised the discretionary mark up and mark down
    Bucket approach be adopted and continuously tracked in                        limits vide SEBI Circular SEBI / IMD / CIR No. 2/166256/
    order to fine-tune the duration buckets on a periodic basis.                  2009 dated June 12, 2009 as given below.
    Over the next few years it is expected that with the deepening                In case of rated debt securities:
    of the secondary market trading, it would be possible to
    make a gradual move from the Duration Bucket approach                        Category                       Discretionary Mark Up &
    towards a continuous curve approach.                                                                            Mark Down Limit
B. Building a Matrix of Spreads for Marking-up the                                                                      +             -
    Benchmark Yield                                                              Rated instruments with
    Mark-up for credit risk over the risk free benchmark YTM                     duration upto 2 years              100 bps       50 bps
    as calculated in step A, will be determined using the trades                 Rated instruments with
    of corporate debentures / bonds of different ratings. All                    duration over 2 years               75 bps       25 bps


                                                                       43                                            HDFC SAI dt. 29.06.2009
C(II). Adjustments for Internally Rated Securities                                 The lower of (i) and (ii) above shall be used for calculation
    To value an unrated security, the fund manager has to                          of net worth per share and for further calculation in (c)
    assign an internal credit rating, which will be used for                       below.
    valuation. The discretionary mark up will be as given                          (b) Average capitalisation rate (P / E ratio) for the industry
    below.                                                                              based upon either BSE or NSE data (which should be
    In case of unrated debt securities :                                                followed consistently and changes, if any, noted with
                                                                                        proper justification thereof) shall be taken and
     Category                   Discretionary Mark Up Limit                             discounted by 75% i.e. only 25% of the Industry average
     Unrated instruments with   Discretionary discount of upto +50 bps                  P / E shall be taken as capitalisation rate (P / E ratio).
     duration upto 2 years      over and above mandatory discount of                    Earnings per share of the latest audited annual accounts
                                +50 bps                                                 will be considered for this purpose.
     Unrated instruments with   Discretionary discount of upto +50 bps             (c) The value as per the net worth value per share and
     duration over 2 years      over and above mandatory discount of                   the capital earning value calculated as above shall be
                                +25 bps                                                averaged and further discounted by 15% for illiquidity
    The following shall apply in case of discretionary mark up/                        so as to arrive at the fair value per share.
    mark down limits for valuation of rated and unrated debt                       The above methodology for valuation shall be subject to
    securities :                                                                   the following conditions:
    (i) For valuation of rated and unrated debt securities                         i.    All calculations as aforesaid shall be based on audited
         purchased after June 12, 2009, the discretionary mark                           accounts.
         up or down limit, as detailed above, should be applied.
                                                                                   ii.   In case where the latest balance sheet of the company
    (ii) For cases where on June 12, 2009, the increased                                 is not available within nine months from the close of
         discretionary mark up or down limit is being used, it                           the year, unless the accounting year is changed, the
         should be brought back to the proposed levels as                                shares of such companies shall be valued at zero.
         detailed above within a period of two months i.e.
         August 11, 2009.                                                          iii. If the net worth of the company is negative, the share
                                                                                        would be marked down to zero.
    (iii) Chief Executive Officer (whatever his designation may
          be) of the Asset Management Company shall give                           iv.   In case the EPS is negative, EPS value for that year shall
          prior approval to the use of discretionary mark up or                          be taken as zero for arriving at capitalised earning.
          down limit.
                                                                                   v.    In case an individual security accounts for more than
C(III). The benchmark yield / matrix of spreads over benchmark                           5% of the total assets of the scheme, an independent
      yield obtained from any agency suggested by AMFI as a                              valuer shall be appointed for the valuation of the said
      provider of benchmark yield / matrix of spreads over                               security. To determine if a security accounts for more
      benchmark yield to mutual funds, must be applied for                               than 5% of the total assets of the scheme, it should be
      valuation of securities on the day on which the benchmark                          valued in accordance with the procedure as mentioned
      yield / matrix of spreads over benchmark yield is released                         above on the date of valuation.
      by the aforesaid agency.                                                     At the discretion of the AMC and with the approval of the
5. Unlisted Equity Shares                                                          trustees, an unlisted equity share may be valued at a price
    Unlisted equity shares of a company shall be valued "in                        lower than the value derived using the aforesaid
    good faith" on the basis of the valuation principles laid                      methodology.
    down below:                                                               6.   Valuation of warrants
    a) Based on the latest available audited balance sheet,                        In respect of warrants to subscribe for shares attached to
         net worth shall be calculated as lower of (i) and (ii)                    instruments, the warrants would be valued at the value of
         below:                                                                    the share which would be obtained on exercise of the
         i.    Net worth per share = [share capital plus free                      warrant as reduced by the amount which would be payable
               reserves (excluding revaluation reserves) minus                     on exercise of the warrant. A discount similar to the discount
               Miscellaneous expenditure not written off or                        to be determined in respect of convertible debentures shall
               deferred revenue expenditure, intangible assets                     be deducted to account for the period, which must elapse
               and accumulated losses] divided by Number of                        before the warrant can be exercised.
               Paid up Shares.                                                7.   Until they are traded, the value of "rights" shares shall be
                                                                                   calculated as:
         ii.   After taking into account the outstanding warrants
               and options, net worth per share shall again be                     Vr = n ÷ m x (Pex - Pof)
               calculated and shall be = [share capital plus                       Where
               consideration on exercise of Option / Warrants
                                                                                   Vr = Value of rights
               received / receivable by the Company plus free
               reserves (excluding revaluation reserves) minus                     n = no. of rights offered
               Miscellaneous expenditure not written off or                        m = no. of original shares held
               deferred revenue expenditure, intangible assets
                                                                                   Pex = Ex-rights price
               and accumulated losses] divided by [Number of
               Paid up Shares plus Number of Shares that would                     Pof = Rights Offer Price
               be obtained on conversion / exercise of                             Where the rights are not treated pari passu with the existing
               Outstanding Warrants and Options].                                  shares, suitable adjustments shall be made to the value of



HDFC SAI dt. 29.06.2009                                                  44
     the rights. Where it is decided not to subscribe for the rights             would be traded pari passu with an existing instrument,
     but to renounce them and renunciations are being traded,                    which is traded, the value of later instrument can be adopted
     the rights can be valued at the renunciation value.                         after an appropriate discount for the non-tradability of the
8.   Investments in call money, bills purchased under                            instrument during the period preceding conversion. While
     rediscounting scheme and short term deposits with banks                     valuing such instruments, the fact whether the conversion
     will be valued at cost plus accrual. Other money market                     is optional will also be factored in.
     instruments will be valued at the yield at which they are               13. Illiquid Securities
     currently traded. For this purpose, non-traded instruments                  a)   Aggregate value of "illiquid securities" of scheme, which
     that are instruments not traded for a period of seven days                       are defined as non-traded, thinly traded and unlisted
     will be valued at cost plus interest accrued till the beginning                  equity shares, shall not exceed 15% of the total assets
     of the day plus the difference between the redemption                            of the scheme and any illiquid securities held above
     value and the cost spread uniformly over the remaining                           15% of the total assets shall be assigned zero value.
     maturity period of the instruments.
                                                                                 b)   All funds shall disclose as on March 31 and September
9.   Derivative Products                                                              30 the scheme-wise total illiquid securities in value
           The traded derivative shall be valued at market price                      and percentage of the net assets while making
           in conformity with the stipulations of sub clauses (i) to                  disclosures of half yearly portfolios to the unitholders.
           (v) of clause 1 of the Eighth Schedule to the SEBI (MF)                    In the list of investments, an asterisk mark shall also
           Regulations.                                                               be given against all such investments which are
           The valuation of untraded derivatives shall be done in                     recognised as illiquid securities.
           accordance with the valuation method for untraded                     c)   Mutual Funds shall not be allowed to transfer illiquid
           investments prescribed in sub clauses (i) and (ii) of                      securities among their scheme(s) w.e.f. October 1,
           clause 2 of the Eighth Schedule to the SEBI (MF)                           2000.
           Regulations.                                                      14. Foreign Securities
10. Valuation of securities with Put/Call Options                                There are no specific SEBI guidelines on valuation of foreign
     The option embedded securities would be valued as follows:                  securities at present. In the absence of any guidelines, the
     (i)   Securities with call option :                                         following policy will be followed:
           a)   The securities with call option shall be valued at               The security issued outside India and listed on the stock
                the lower of the value as obtained by valuing the                exchanges outside India shall be valued at the closing price
                security to final maturity and valuing the security              on the stock exchange at which it is listed. However in case
                to call option.                                                  a security is listed on more than one stock exchange, the
                                                                                 AMC reserves the right to determine the stock exchange,
           b)   In case there are multiple call options, the lowest
                                                                                 the price of which would be used for the purpose of
                value obtained by valuing to the various call
                                                                                 valuation of that security. Any subsequent change in the
                dates and valuing to the maturity date is to be
                                                                                 reference stock exchange used for valuation will be backed
                taken as the value of the instrument.
                                                                                 by reasons for such change being recorded in writing by
     (ii) Securities with Put option :                                           the AMC. Further in case of extreme volatility in the overseas
           a)   The securities with put option shall be valued at                markets, the securities listed in those markets may be
                the higher of the value as obtained by valuing the               valued on a fair value basis.
                security to final maturity and valuing the security              If a significant event has occurred after security prices were
                to put option.                                                   established for the computation of NAV of the Scheme, the
           b)   In case there are multiple put options, the highest              AMC reserves the right to value the said securities on fair
                value obtained by valuing to the various put dates               value basis.
                and valuing to the maturity date is to be taken as               When on a particular valuation day, a security has not been
                the value of the instruments.                                    traded on the selected stock exchange; the security will be
     (iii) Securities with both Put and Call option on the same                  valued in accordance with SEBI guidelines applicable for
           day.                                                                  security listed in India.
           The securities with both Put and Call option on the                   In case of investment in foreign debt securities, on the
           same day would be deemed to mature on the Put/Call                    Valuation Day, the securities shall be valued in line with the
           day and would be valued accordingly.                                  valuation norms specified by SEBI for Indian debt securities.
                                                                                 However, in case valuation for a specific debt security is not
11. Government Securities                                                        covered by SEBI (MF) Regulations, then the security will be
     Government Securities are valued at the prices released by                  valued on fair value basis.
     CRISIL, which is currently the only approved agency                         Due to difference in time zones of different markets, closing
     suggested by Association of Mutual Funds in India (AMFI).                   price of overseas securities/ units of overseas mutual fund
12. Valuation of Convertible debentures and bonds                                may be available only after the prescribed time limit for
     The non-convertible and convertible components of                           declaration of NAV in India. In such cases, the NAV of the
     convertible debentures and bonds shall be valued                            Scheme for any Business Day (T day) will be available on
     separately. The non-convertible component would be valued                   the next Business Day (T+1 day) and the same shall be
     on the same basis as would be applicable to a debt                          posted, on each Business Day, on the Fund's website and
     instrument. The convertible component shall be valued on                    on the AMFI website - www.amfiindia.com on date of
     the same basis as would be applicable to an equity                          computation of NAV.
     instrument. If, after conversion the resultant equity instrument            On the Valuation Day, all assets and liabilities denominated



                                                                        45                                           HDFC SAI dt. 29.06.2009
    in foreign currency will be valued in Indian Rupees at the                  accordance with SEBI Circular MFD/CIR/8/92/2000 dated
    exchange rate available on Bloomberg / Reuters / RBI at                     September18, 2000 and SEBI Circular no. MFD / CIR /
    the close of banking hours in India. The Trustees reserve                   14 / 088 / 2001 dated March 28, 2001 as amended from
    the right to change the source for determining the exchange                 time to time.
    rate.                                                                   The valuation guidelines as outlined above are as per SEBI (MF)
    The exchange gain / loss resulting from the aforesaid                   Regulations and are subject to change from time to time in
    conversion shall be recognized as unrealized exchange                   conformity with changes made by SEBI.
    gain / loss in the books of the Scheme on the day of
    valuation.                                                              V.    TAX & LEGAL & GENERAL
    Further, the exchange gain / loss resulting from the settlement               INFORMATION:
    of assets / liabilities denominated in foreign currency shall
    be recognized as realized exchange gain / loss in the                   A. TAXATION ON INVESTING IN MUTUAL FUNDS
    books of the scheme on the settlement of such assets /                  The information given is included only for general purpose and
    liabilities.                                                            is based on advise received by the AMC regarding the law and
                                                                            practise currently in force in India and the Investors/Unit holders
15. Valuation of "Repo"                                                     should be aware that the relevant fiscal rules or their interpretation
    Where instruments have been bought on 'repo' basis, the                 may change. As is the case with any investment, there can be
    instrument would be valued at the resale price after                    no guarantee that the tax position or the proposed tax position
    deduction of applicable interest upto date of resale. Where             prevailing at the time of an investment in the Scheme will
    an instrument has been sold on a 'repo' basis, adjustment               endure indefinitely. In view of the individual nature of tax
                                                                            consequences, each Investor / Unit holder is advised to consult
    would be made for the difference between the Redemption
                                                                            his / her own professional tax advisor.
    price (after deduction of applicable interest upto date of
    Redemption) and the value of the instrument. If the                     As per the taxation laws in force, Chapter VII of the Finance (No.
    Redemption price exceeds the value, the depreciation will               2) Act, 2004 pertaining to Securities Transaction Tax (STT), the
    be provided for and if the Redemption price is lower than               tax benefits / consequences as applicable, to HDFC Mutual
                                                                            Fund in respect of its Mutual Fund scheme(s) (being an equity
    the value, credit will be taken for the appreciation.
                                                                            oriented fund / other than equity oriented fund / money market
16. Accrual of expenses and income                                          mutual fund / liquid fund) and investors investing in the Units
    All expenses and incomes accrued upto the valuation date                of its Mutual Fund Scheme(s) [on the assumption that the units
    shall be considered for computation of net asset value. For             are not held as stock-in-trade] are stated as follows:
    this purpose, major expenses like management fees and                   1. Tax Benefits / Consequences to the Mutual Fund
    other periodic expenses would be accrued on a day-to-day                HDFC Mutual Fund is a Mutual Fund registered with the Securities
    basis. The other minor expenses and income will be accrued              & Exchange Board of India and hence the entire income of the
    on a periodic basis, provided the non-accrual does not                  Mutual Fund will be exempt from income-tax in accordance
    affect the NAV calculations by more than 1%.                            with the provisions of Section 10(23D) of the Income-tax Act,
17. Recording of changes                                                    1961 (the Act).
    Any changes in securities and in the number of Units will               The Mutual Fund will receive all income without any deduction
    be recorded in the books not later than the first valuation             of tax at source under the provisions of Section 196(iv) of the Act.
    date following the date of transaction. If this is not possible         On income distribution, if any, made by the Mutual Fund,
    given the frequency of the Net Asset Value disclosure, the              additional income-tax is payable under section 115R of the Act,
    recording may be delayed upto a period of seven days                    in the case of its Scheme(s) (other than equity-oriented funds
    following the date of the transaction, provided that as a               i.e. such fund where the investible funds are invested by way
                                                                            of equity shares in domestic companies to the extent of more
    result of the non-recording, the Net Asset Value calculations
                                                                            than 65% of the total proceeds of such fund). The additional
    shall not be affected by more than 1%.                                  income-tax on distribution of income to an individual / Hindu
    In case the Net Asset Value of a Scheme differs by more                 Undivided Family (HUF) shall be payable by the mutual fund
    than 1%, due to non - recording of the transactions, the                at the rate of 14.1625%* and at the rate of 22.66%* on
    investors or Scheme(s) as the case may be, shall be paid                distribution of income to any other investor. The additional
    the difference in amount as follows: -                                  income-tax on distribution of income by a money market mutual
                                                                            fund or a liquid fund shall be payable the rate of 28.325%*.
    (i)   If the investors are allotted Units at a price higher than
          Net Asset Value or are given a price lower than Net               As per the Act, a money market mutual fund means a money
          Asset Value at the time of sale of their Units, they shall        market mutual fund as defined in the SEBI (Mutual Funds)
                                                                            Regulations, 1996 and a liquid fund means a scheme or plan
          be paid the difference in amount by the Scheme.
                                                                            of a mutual fund which is classified by the SEBI as a liquid fund
    (ii) If the investors are charged lower Net Asset Value at              in accordance with the guidelines issued by it in this behalf
         the time of purchase of their Units or are given higher            under the SEBI Act, 1992 or regulations made thereunder.
         Net Asset Value at the time of sale of their Units, the            Under the terms of the Scheme Information Document (SID)/
         AMC shall pay the difference in amount to the                      Offer Documents, a Fixed Maturity Plan is classified as "other-
         Scheme(s). The AMC may recover the difference from                 than money market mutual fund or a liquid fund" and accordingly
         the investors.                                                     the additional income-tax on distribution of income to an
18. Non Performing Assets (NPA)                                             Individual and Hindu Undivided Family (HUF) is payable by the
                                                                            Mutual Fund at the rate of 14.1625%* and at the rate of
    An “asset” shall be classified as non performing, if the                22.66%* on distribution of income to any other investor.
    interest and/or principal amount have not been received
                                                                            However, if such Fixed Maturity Plan is subsequently classified
    or remained outstanding for one quarter from the day such               as "Liquid Fund", then additional income-tax on distribution of
    income / instalment has fallen due.                                     income will be payable by the Mutual Fund at the rate of
    The valuation of Non Performing Assets (NPA) would be in                28.325%*.


HDFC SAI dt. 29.06.2009                                                46
Further, in case of distribution of income already paid by such           of more than twelve months, would be taxed at the rate of
Fixed Maturity Plan, the Trustee/AMC reserves the right to recover        10% (plus applicable surcharge, education cess and
the differential additional income-tax on distribution of income          secondary and higher education cess) under Section 115AD
so paid from the unit holders of respective Fixed Maturity Plan.          of the Act (subject to the exemption of long-term capital
                                                                          gains provided for in section 10(38) of the Act, discussed
* including applicable surcharge, education cess and secondary
                                                                          elsewhere in this Statement). Such gains would be calculated
and higher education cess.                                                without indexation of cost of acquisition. Short-term capital
                                                                          gains would be taxed at 30% (plus applicable surcharge,
Securities Transaction Tax (STT)                                          education cess and secondary and higher education cess)
As per Chapter VII of the Finance (No. 2) Act, 2004 pertaining            (subject to the concessional rate of tax provided for in
to STT, the STT shall be payable, wherever applicable, as                 Section 111A of the Act, discussed elsewhere in this
follows:                                                                  Statement).
Sr.         Taxable Securities Transaction       Rate    Payable          As per Section 111A of the Act, short-term capital gains on
No.                                                        by             sale of units of an equity-oriented fund, where such
                                                                          transaction of sale is chargeable to STT, shall be subject
1      Purchase of an equity share in a          0.125   Purchaser        to tax at a rate of 15 per cent (plus applicable surcharge,
       company or a unit of an equity                                     education cess and secondary and higher education cess).
       oriented fund, where:
       (a) the transaction of such purchase                               Exemption of capital gain from income tax
           is entered into in a recognized                                As per Section 10(38) of the Act, any long-term capital
           stock exchange; and                                            gains arising from the sale of units of an equity-oriented
       (b) the contract for purchase of such                              fund where such transaction of sale is chargeable to STT,
           share or unit is settled by the                                shall be exempt from tax.
           actual delivery or transfer of                                 Income by way of long term capital gain of a company
           such share or unit.                                            shall be taken into account in computing the Book profit
2      Sale of an equity share in a company      0.125     Seller         and income-tax payable under Section 115JB (Minimum
       or a unit of an equity oriented fund,                              Alternate Tax)[MAT]. The matter is however not free from
       where:                                                             doubt in case of Corporate Foreign Institutional Investors.
       (a) the transaction of such sale is                                Other Unit holders
           entered into in a recognized                                   Long-term capital gains in respect of Units, held for a
           stock exchange; and                                            period of more than twelve months, will be chargeable
       (b) the contract for sale of such share                            under Section 112 of the Act, at concessional rate of tax,
           or unit per cent is settled by the                             at 20% (plus applicable surcharge, education cess and
           actual delivery or transfer of                                 secondary and higher education cess) (subject to the
           such share or unit.                                            exemption of long-term capital gains provided for in Section
3      Sale of an equity share in a company      0.025     Seller         10(38) of the Act, discussed elsewhere in this Statement).
       or a unit of an equity oriented fund,                              The following amounts would be deductible from the full
       where:                                                             value of consideration, to arrive at the amount of capital
       (a) the transaction of such sale is                                gains:
           entered into in a recognized
                                                                                Cost of acquisition of Units (as adjusted by Cost Inflation
           stock exchange; and                                                  Index notified by the Central Government in case of
       (b) the contract for sale of such share                                  long term capital gain) and
           or unit per cent is settled
           otherwise than by the actual                                         Expenditure incurred wholly and exclusively in
           delivery or transfer of such share                                   connection with such transfer (excluding any sum paid
           or unit.                                                             on account of STT)
4      (a) Sale of an option in securities       0.017     Seller         However, where the tax payable on such long-term capital
       (b) Sale of an option in securities,      0.125   Purchaser        gains computed before indexation, exceeds 10% (plus
                                                                          applicable surcharge, education cess and secondary and
           where option is exercised
                                                                          higher education cess) of the amount of capital gains, such
       (c) Sale of a futures in securities       0.017    Seller
                                                                          excess tax shall not be payable by the Unit holder.
5      Sale of a unit of an equity oriented                               In case of resident individuals and Hindu Undivided Families,
       fund to the Mutual Fund.                  0.25     Seller          where taxable income as reduced by long-term capital
2. Tax Benefits / Consequences to Unit holders                            gains, is below the basic exemption limit, the long-term
i. Income-tax                                                             capital gains will be reduced to the extent of the shortfall
                                                                          and only the balance long-term capital gains will be
      All Unit holders
                                                                          subjected to the flat rate of income-tax (plus applicable
      Income received, otherwise than on transfer (subject to the         surcharge, education cess and secondary and higher
      exemption of long-term capital gains provided for in section        education cess).
      10(38) of the Act, discussed elsewhere in this Statement),
      in respect of units of a mutual fund would be exempt from           As per Section 111A of the Act, short-term capital gains on
      tax under Section 10(35) of the Act.                                sale of units of an equity oriented fund where such
                                                                          transaction of sale is chargeable to STT shall be subject to
      Tax Deduction at Source                                             tax at a rate of 15 per cent plus applicable surcharge,
      All Unit holders                                                    education cess and secondary and higher education cess).
      No income-tax is deductible at source, on any income                Further in case of resident individuals and HUFs where
      distribution by the Mutual Fund under the provisions of             taxable income as reduced by short-term capital gains, is
      Section 194K and 196A of the Act.                                   below the basic exemption limit, the short-term capital
      Capital Gains Tax                                                   gains will be reduced to the extent of the shortfall and only
                                                                          the balance short-term capital gains will be subjected to the
      Foreign Institutional Investors                                     flat rate of income-tax (plus applicable surcharge, education
      Long-term capital gains on sale of Units, held for a period         cess and secondary and higher education cess).


                                                                     47                                         HDFC SAI dt. 29.06.2009
    Exemption of capital gain from income tax                                    authorities, and at the rate of 20% (plus applicable
    As per Section 10(38) of the Act, any long-term capital                      surcharge, education cess and secondary and higher
    gains arising from the sale of units of an equity-oriented                   education cess) in case of long-term capital gains, unless
    fund where such transaction of sale is chargeable to STT,                    a lower withholding tax certificate is obtained from the tax
    shall be exempt from tax.                                                    authorities.
    Income by way of long term capital gain of a company                         In the case of foreign companies the rate of tax to be
    shall be taken into account in computing the Book profit                     deducted at source on short-term capital gains referred to
    and income-tax payable under Section 115JB [MAT].                            in section 111A would be 15% (plus applicable surcharge,
                                                                                 education cess and secondary and higher education cess)
    As per the provisions of section 54EC of the Act and subject                 and at the rate of 40% (plus applicable surcharge, education
    to the conditions and investment limits specified therein,                   cess and secondary and higher education cess) in case of
    capital gains (subject to the exemption of long-term capital                 short-term capital gains (other than under section 111A),
    gains provided for in section 10(38) of the Act, discussed                   unless a lower withholding tax certificate is obtained from
    elsewhere in this Statement), arising on transfer of a long-                 the tax authorities, and at the rate of 20% (plus applicable
    term capital asset shall not be chargeable to tax to the                     surcharge, education cess and secondary and higher
    extent such capital gains are invested in certain notified                   education cess) in case of long term capital gains, unless
    bonds within six months from the date of transfer.                           a lower withholding tax certificate is obtained from the tax
    As per the provisions of Section 54F of the Act and subject                  authorities.
    to the conditions specified therein, in the case of an individual
    or a HUF, capital gains (subject to the exemption of long-                   Clubbing of income
    term capital gains provided for in section 10(38) of the Act,                Subject to the provisions of section 64(1A) of the Act,
    discussed elsewhere in this Statement) arising on transfer                   taxable income accruing or arising in the case of a minor
    of a long term capital asset (not being a residential house)                 child shall be included in the income of the parent whose
    are not chargeable to tax if the entire net consideration                    total income is greater or where the marriage of the parents
    received on such transfer is invested within the prescribed                  does not subsist, in the income of that parent who maintains
    period in a residential house. If part of such net consideration             the minor child. An exemption under section 10(32) of the
    is invested within the prescribed period in a residential                    Act, is granted to the parent in whose hand the income is
    house, then such gains would not be chargeable to tax on                     included upto Rs. 1,500/- per minor child. When the child
    a proportionate basis. For this purpose, net consideration                   attains majority, the tax liability will be on the child.
    means full value of the consideration received or accruing
    as a result of the transfer of the capital asset as reduced                  Deduction under section 80C
    by any expenditure incurred wholly and exclusively in                        As per section 80C, and subject to the provisions, an
    connection with such transfer.                                               individual / HUF is entitled to a deduction from Gross Total
                                                                                 Income upto Rs. 1.00 lac (along with other prescribed
    All Unit holders                                                             investments) for amounts invested in any units of a mutual
    Under the provisions of Section 94(7) of the Act, loss                       fund referred to in section 10(23D) of the Act, under any
    arising on sale of Units, which are bought within 3 months                   plan formulated in accordance with such scheme as the
    prior to the record date (i.e. the date fixed by the Mutual                  Central Government may notify.
    Fund for the purposes of entitlement of the Unit holders to
                                                                                 Note : Investments in HDFC TaxSaver and HDFC Long
    receive income or additional units without any consideration,
                                                                                 Term Advantage Fund, both Equity Linked Savings Scheme(s)
    as the case may be) and sold within 9 months after the
                                                                                 will be eligible for a deduction under Section 80C.
    record date, shall be ignored for the purpose of computing
    income chargeable to tax to the extent of exempt income                      Securities Transaction Tax
    received or receivable on such Units.                                        All Unit holders
    Under the provisions of Section 94(8) of the Act, where any                  As per Chapter VII of the Finance (No. 2) Act, 2004
    person purchases units ('original units') within a period of                 pertaining to STT, the STT shall be payable by the seller at
    3 months prior to the record date, who is allotted additional                the rate 0.25 per cent on the sale of a unit of an equity-
    units without any payment and sells all or any of the                        oriented fund to the mutual fund.
    original units within a period of 9 months after the record
    date, while continuing to hold all or any of the additional              OTHER BENEFITS
    units, then any loss arising on sale of the original units shall         Investments in Units of the Mutual Fund will rank as an eligible
    be ignored for the purpose of computing income chargeable                form of investment under Section 11(5) of the Act read with Rule
    to tax. The amount of loss so ignored shall be deemed to                 17C of the Income-tax Rules, 1962, for Religious and Charitable
    be the cost of purchase of the additional units as are held              Trusts.
    on the date of such sale.
                                                                             TAX TREATY BENEFITS
    Tax Deduction at Source
                                                                             An investor has an option to be governed by the provisions of
    All Unit holders                                                         the Act or the provisions of a Tax Treaty that India has entered
    No income-tax is deductible at source from income by way                 into with another country of which the investor is a tax resident,
    of capital gains under the present provisions of the Act in              whichever is more beneficial.
    case of residents. However, the provisions of section 195
    of the Act may apply to non-residents (other than Foreign                ii. Wealth-tax
    Institutional Investors and long-term capital gains exempt               Units of the Mutual Fund are not treated as assets as defined
    under Section 10(38) of the Act).                                        under Section 2(ea) of the Wealth-tax Act, 1957 and therefore
    Accordingly income tax may have to be deducted at source                 would not be liable to wealth-tax.
    in the case of a non- resident (other than foreign companies)            iii. Gift-tax
    at the rate of 15% (plus applicable surcharge, education                 The Gift-tax Act, 1958 has ceased to apply to gifts made on or
    cess and secondary and higher education cess) on short-                  after October 1, 1998. Gifts of Units of the Mutual Fund would
    term capital gains referred to in section 111A and at the                therefore, be exempt from gift-tax.
    rate of 30% (plus applicable surcharge, education cess
    and secondary and higher education cess) in case of short-               The above Statement of Possible Direct Tax Benefits /
    term capital gains (other than under section 111A), unless               Consequences sets out the provisions of law in a summary
    a lower withholding tax certificate is obtained from the tax             manner only and is not a complete analysis or listing of
                                                                             all potential tax consequences of the purchase, ownership

HDFC SAI dt. 29.06.2009                                                 48
and disposal of mutual fund units. The statements made                      For Units held in Electronic (Demat) Mode
above are based on the tax laws in force and Chapter VII
of the Finance (No. 2) Act, 2004 pertaining to Securities                   For units of the Scheme(s) held in electronic (demat) form with
Transaction Tax and as interpreted by the relevant taxation                 the Depository, the nomination details provided by the Unit
authorities as of date. Investors/Unit Holders are advised                  holder to the depository will be applicable to the Units of the
to consult their tax advisors with respect to the tax                       Scheme. Such nomination including any variation, cancellation
consequences of the purchase, ownership and disposal of                     or substitution of Nominee(s) shall be governed by the rules and
mutual fund units.                                                          bye-laws of the Depository.
                                                                            Payment to the nominee of the sums shall discharge the Mutual
B. LEGAL INFORMATION                                                        Fund of all liability towards the estate of the deceased Unit
    Nomination Facility                                                     holder and his/her legal successors/legal heirs.
The Nomination Facility hereinafter detailed is applicable                  In case nomination has been made for DP account with joint
to all Schemes except HDFC Children's Gift Fund. In case                    holders, in case of death of any of the joint holder(s), the
of HDFC Children's Gift Fund, the Nomination Facility                       securities will be transmitted to the surviving holder(s). Only in
hereinafter detailed is applicable only upon Unit holder                    the event of death of all the joint holders, the securities will be
attaining Majority.                                                         transmitted to the nominee.
Pursuant to Regulation 29A of the SEBI (MF) Regulations, the
AMC is providing an option to the Unit holder to nominate (in               In case nomination is not made by the sole holder of DP
the manner prescribed under the SEBI (MF) Regulations), a                   account, the securities would be transmitted to the account of
person(s) in whom the Units held by him shall vest in the event             legal heir(s), as may be determined by an order of the competent
of his death. Where the Units are held by more then one person              court.
jointly, the joint Unit holders may together nominate a person(s)           For HDFC Children's Gift Fund
in whom all the rights in the Units shall vest in the event of death
of all the joint Unit holders. By provision of this facility the AMC        The nomination facility extended under the Scheme is subject
is not in any way attempting to grant any rights other than those           to existing laws. The AMC shall, subject to production of such
granted by law to the nominee(s). A nomination in respect of                evidence which in their opinion is sufficient, proceed to effect
the Units does not create an interest in the property after the             the payment to the Nominee. Transfer of Units / payment to the
death of the Unit holder. The nominee(s) shall receive the Units            nominee of the sums shall discharge the Mutual Fund / AMC
only as an agent and trustee for the legal heirs or legatees as             of all liability towards the estate of the deceased Unit holder and
the case may be. It is hereby clarified that the nominees(s) under          his/her/their successors/legal heirs.
the nomination facility provided herein shall not necessarily               Nomination in respect of the Units stands rescinded upon the
acquire any title or beneficial interest in the property by virtue          Redemption of Units. Cancellation of nomination can be made
of this nomination.                                                         only by those individuals who hold Units on their own behalf
Non-individuals including society, trust, body corporate,                   singly or jointly and who made the original nomination. On
partnership firm, Karta of Hindu Undivided Family, holder of                cancellation of the nomination the nomination shall stand
Power of Attorney cannot nominate. The Nominee shall not be                 rescinded and the Mutual Fund / AMC shall not be under any
a trust other than a religious or charitable trust, society, body           obligation to transfer the Units in favour of the nominee.
corporate, partnership firm, Karta of Hindu Undivided Family
or a Power of Attorney holder. A non-resident Indian can be a               Before The Unit Holder Attains Majority
Nominee subject to the exchange controls in force from time                      The parent / legal guardian of the Unit holder may nominate
to time.                                                                         an alternate child (as nominee) not exceeding 18 years of
                                                                                 age at any time before the Unit holder attains Majority.
Minor(s) can be nominated and in that event, the name and                        Where an alternate child is nominated, the parent / legal
address of the guardian of the minor nominee shall be provided                   guardian of such an alternate child, at the time of such
by the Unit holder. Nomination can also be in favour of the                      nomination shall sign such forms or any other documents
Central Government, State Government, a local authority, any                     as may be required by the AMC. The AMC shall recognize
person designated by virtue of his office or a religious or                      such nomination only upon and from the date of receiving
charitable trust.                                                                the duly completed forms and documents as it may require.
Nomination can be made for maximum of three nominees. In                         Any nomination of an alternate child wherein the parent /
case of multiple nominees, the percentage of allocation / share                  legal guardian of the alternate child has not been named
in favour of each of the nominees should be indicated against                    shall be an invalid nomination and the AMC shall be under
their name and such allocation / share should be in whole                        no obligation to recognise the nominee as an alternate
numbers without any decimals making a total of 100 percent.                      child or any claims made thereof.
In the event of Unitholders not indicating the percentage of                     In the event of death of the Unit holder before attaining
allocation / share for each of the nominees, HDFC Mutual                         Majority and in the event that an alternate child has been
Fund / HDFC Asset Management Company Limited (AMC), by                           named, the alternate child shall stand transposed in respect
invoking default option shall settle the claim equally amongst                   of the Units held by the deceased Unit holder. Such alternate
all the nominees.                                                                child (new Unit holder) will hold the Units in trust for and
Nomination in respect of the Units stands rescinded upon the                     on behalf of the estate of the original Unit holder and his /
Redemption of Units. Cancellation of nomination can be made                      her successors / legal heirs.
only by those individuals who hold Units on their own behalf
singly or jointly and who made the original nomination. On                       Any payment to be made to the alternate child (new Unit
cancellation of the nomination the nomination shall stand                        holder) shall be made to the legal guardian appointed by
rescinded and the Mutual Fund / AMC shall not be under any                       the competent court or where no such guardian has been
obligation to transfer the Units in favour of the nominee(s).                    appointed, to either parent of the alternate child, or where
                                                                                 neither parent is alive, to any other guardian of the alternate
The nomination facility extended under the Scheme is subject                     child, which shall be a full and valid discharge of the
to existing laws. The AMC shall, subject to production of such                   AMC / Fund from all further liabilities in respect of the sum
evidence which in their opinion is sufficient, proceed to effect                 so paid. At the time of making any payment to the parent /
the payment to the Nominee(s). Transfer of Units / payment to                    legal guardian of the alternate child as aforesaid the AMC
the nominee(s) of the sums shall discharge the Mutual Fund /                     may require any additional information or documentation
AMC of all liability towards the estate of the deceased Unit                     it deems fit as proof of guardianship including but not
holder and his/her/their successors/legal heirs.


                                                                       49                                               HDFC SAI dt. 29.06.2009
     limited to procuring an indemnity bond.                              no. ISD/CIR/RR/AML/2/06 dated March 20, 2006 advising all
                                                                          intermediaries to take necessary steps to ensure compliance
     The alternate child will also be entitled to be covered under        with the requirement of section 12 of the Act inter-alia
     the personal accident insurance cover (in the event of the           maintenance and preservation of records and reporting of
     death of the Unit holder) subject to the terms and conditions        information relating to cash and suspicious transactions to
     of the personal accident insurance cover.                            Financial Intelligence Unit-India (FIU-IND), New Delhi.
     In the event of death of the Unit holder (before attaining           The investor(s) should ensure that the amount invested in the
     Majority) during the tenor of the Scheme and where no                scheme is through legitimate sources only and does not involve
     alternate child has been named, the value of Units (at the           and is not designated for the purpose of any contravention or
     Redemption Price) at the credit of the deceased Unit holder          evasion of the provisions of the Income Tax Act, Prevention of
     will be paid by the Fund to the legal guardian appointed             Money Laundering Act, Prevention of Corruption Act and / or
     by the competent court or where no such guardian has                 any other applicable law in force and also any laws enacted
     been appointed, to either parent of the Unit holder, or              by the Government of India from time to time or any rules,
     where neither parent is alive, to any other guardian of the          regulations, notifications or directions issued thereunder.
     Unit holder, which shall be a full and valid discharge of the        To ensure appropriate identification of the investor(s) under its
     AMC / Fund from all further liabilities in respect of the sum        KYC policy and with a view to monitor transactions for the
     so paid. At the time of making any payment as aforesaid              prevention of money laundering, HDFC Asset Management
     the AMC may require any additional information or                    Company Limited ("the AMC") / HDFC Mutual Fund ("the Mutual
     documentation it deems fit as proof of guardianship                  Fund") reserves the right to seek information, record investor's
     including but not limited to procuring an indemnity bond.            telephonic calls and / or obtain and retain documentation for
     In the event of simultaneous death of the Unit holder and            establishing the identity of the investor, proof of residence,
     the alternate child, the legal guardian of the Unit holder           source of funds, etc. It may re-verify identity and obtain any
     appointed by the competent court or where no such guardian           incomplete or additional information for this purpose.
     has been appointed, either parent of the Unit holder, or             The investor(s) and their attorney, if any, shall produce reliable,
     where neither parent is alive, any other guardian of the             independent source documents such as photographs, certified
     Unit holder, alone shall have the right to claim the value           copies of ration card/ passport/ driving license/PAN card, etc.
     of Units (at the Redemption Price) at the credit of the              and/or such documents or produce such information as may
     deceased Unit holder, which shall be a full and valid                be required from time to time for verification of the identity,
     discharge of the AMC / Fund from all further liabilities in          residential address and financial information of the investor(s)
     respect of the sum so paid. At the time of making any                by the AMC/Mutual Fund. If the investor(s) or the person making
     payment as aforesaid the AMC may require any additional              payment on behalf of the investor(s), refuses / fails to provide
     information or documentation it deems fit as proof of                the required documents/ information within the period specified
     guardianship including but not limited to procuring an               in the communication(s) sent by the AMC to the investor(s) then
     indemnity bond.                                                      the AMC, after applying appropriate due diligence measures,
                                                                          believes that the transaction is suspicious in nature within the
     For the substitution or cancellation of a nomination to be           purview of the Act and SEBI circulars issued from time to time
     valid an application in the prescribed form shall be made            and/or on account of deficiencies in the documentation, shall
     to the AMC. For e.g. in the event of death of the alternate          have absolute discretion to report suspicious transactions to
     child before the Unit holder attains Majority, the parent /          FIU-IND and / or to freeze the folios of the investor(s), reject
     legal guardian of the Unit holder may name another child             any application(s) / allotment of units and effect mandatory
     not exceeding 18 years of age as the alternate child.                redemption of unit holdings of the investor(s) at the applicable
After The Unit Holder Attains Majority                                    NAV subject to payment of exit load, if any, in terms of the said
                                                                          communication sent by the AMC to the investor(s) in this regard.
     Anytime after attaining Majority, the Unit holders can write         The KYC documentation shall also be mandatorily complied
     to the ISC requesting for a Nomination Form in order to              with by the holders entering the Register of Members by virtue
     nominate any person to receive the Units upon his / her /
                                                                          of operation of law e.g. transmission, etc.
     their death, subject to completion of necessary formalities.
     Nomination made by the Unit holder upon attaining                    The Mutual Fund, HDFC Asset Management Company Limited,
     Majority, shall override all prior nominations. Payment to           HDFC Trustee Company Limited and their Directors, employees
     the nominee of the sums shall discharge the Mutual Fund              and agents shall not be liable in any manner for any claims
     of all liabilities towards the estate of the deceased                arising whatsoever on account of freezing the folios / rejection
     Unitholders and his / her / their successors / legal heirs.          of any application / allotment of units or mandatory redemption
     The nomination facility extended under the Scheme is                 of units due to non-compliance with the provisions of the Act,
     subject to the then prevalent laws.                                  SEBI circular(s) and KYC policy and / or where the AMC believes
                                                                          that transaction is suspicious in nature within the purview of the
     For details on nomination by the Unit Holder after attaining         Act and SEBI circular(s) and reporting the same to FIU-IND.
     Majority, please refer to the Section 'Nomination Facility'
     on Page 49.                                                               Know Your Customer (KYC) Compliance
                                                                          In terms of the Prevention of Money Laundering Act, 2002, the
     Prevention Of Money Laundering                                       Rules issued there under and the guidelines/circulars issued by
Prevention of Money Laundering Act, 2002 (hereinafter referred            SEBI regarding the Anti Money Laundering (AML Laws), all
to as "Act") came into effect from July 1, 2005 vide Notification         intermediaries, including Mutual Funds, have to formulate and
No. GSR 436(E) dated July 1, 2005 issued by Department of                 implement a client identification programme, verify and maintain
Revenue, Ministry of Finance, Government of India. Further,               the record of identity and address(es) of investors.
SEBI vide its circular reference number ISD/CIR/RR/AML/1/06
dated January 18, 2006 mandated that all intermediaries                   In order to make the data capture and document submission
including Mutual Funds should formulate and implement a                   easy and convenient for the investors, Mutual Fund Industry has
proper policy framework as per the guidelines on anti money               collectively entrusted the responsibility of collection of documents
laundering measures and also to adopt a Know Your Customer                relating to identity and address of the investor(s) to an
(KYC) policy. The intermediaries may, according to their                  independent agency [presently CDSL Ventures Limited ("CVL")]
requirements specify additional disclosures to be made by                 which will act as central record keeping agency ('Central Agency').
clients for the purpose of identifying, monitoring and reporting          As a token of having verified the identity and address of the
incidents of money laundering and suspicious transactions                 investor(s) and for efficient retrieval of records, the Central
undertaken by clients. SEBI also issued another circular reference        Agency will issue a KYC Acknowledgement Letter (previously

HDFC SAI dt. 29.06.2009                                              50
known as Mutual Fund Identification Number - MIN* Allotment                through a Power of Attorney (PoA) must ensure that the issuer
Letter) to each investor who submits an application and the                of the PoA and the holder of the PoA must mention their KYC
prescribed documents to the Central Agency.                                compliance status at the time of investment, if such investment(s)
Investors should note that it is mandatory for all applications            are above the prescribed threshold limit. PoA holders are not
for subscription of value of Rs.50,000/- and above to quote the            permitted to apply for KYC compliance on behalf of the issuer
KYC Compliance Status of each applicant (guardian in case of               of the PoA. Separate procedures are prescribed for change in
minor) in the application for subscription and attach proof of             name, address and other KYC related details, should the
KYC Compliance viz. KYC Acknowledgement Letter (or the                     applicant desire to change such information. POS will extend
erstwhile Mutual Fund Identification Number* (MIN) Allotment               the services of effecting such changes.
Letter) / Printout of KYC Compliance Status downloaded from                * Valid only where investors who have already obtained the
CVL website (www.cvlindia.com) using the PAN Number.                       erstwhile Mutual Fund Identification Number (MIN) by submitting
Applicants intending to apply for units through a Power of                 the PAN copy as the proof of identity.
Attorney (PoA) must ensure that the issuer of the PoA and the
holder of the PoA must mention their KYC Compliance Status                     Transfer and Transmission Facility
and attach proof of KYC Compliance at the time of investment               The Mutual Fund will be repurchasing (subject to completion of
above the threshold.                                                       Lock-in Period) and issuing units on an ongoing basis and
                                                                           hence the transfer facility is found redundant. Any addition /
Investors who wish to obtain a KYC Acknowledgement Letter
                                                                           deletion of name from the folio of the Unit holder is deemed
have to submit a completed Application Form for Know Your
                                                                           as transfer of Units. In view of the same, additions / deletions
Customer ('KYC Form') along with all the prescribed documents
listed in the KYC Form, at any of the Point of Service ('POS'). The        of names will not be allowed under any folio of the Scheme.
                                                                           The said provisions in respect of deletion of names will not be
KYC Form is available at our website - www.hdfcfund.com and
                                                                           applicable in case of death of a Unit holder (in respect of joint
AMFI website - www.amfiindia.com. POS are the designated
                                                                           holdings) as this is treated as transmission (transfer of units by
centres appointed by the Central Agency for receiving application
                                                                           operation of law) of Units and not transfer.
forms, processing the same and issuance of KYC
Acknowledgement Letter. List of and location of POS is available           If a transferee becomes a holder of the Units by operation of
at our website www.hdfcfund.com and www.amfiindia.com.                     law or upon enforcement of a pledge, then the AMC shall,
                                                                           subject to production of such evidence and submission of such
On submission of KYC Form, documents and information to the
satisfaction of the POS, the investor will be issued a provisional         documents, which in their opinion is sufficient, proceed to effect
KYC Acknowledgement Letter across the counter. Subsequently,               the transfer, if the intended transferee is otherwise eligible to
                                                                           hold the Units. In case the Unit holder holds Units in a single
the Central Agency will verify the information and documents
                                                                           name, Units shall be transmitted in favour of the nominee
submitted by the investor. The verification process will be
                                                                           where the Unit holder has appointed a nominee upon production
completed within 10 working days from the date of provisional
                                                                           of death certificate or any other documents to the satisfaction
KYC Acknowledgment Letter. In case of any deficiency/
                                                                           of the Mutual Fund/AMC. If the Unit holder has not appointed
insufficiency in documentation, intimation will be sent to the
                                                                           a nominee or in the case where the nominee dies before the
investors. However, the Central Agency may cancel the KYC
Acknowledgement Letter within 10 working days from the date                Unit holder, the Units shall be transmitted in favour of or as
                                                                           otherwise directed by the Unit holder's legal representative(s) on
of issue of provisional KYC Acknowledgement Letter, in case of
                                                                           production of the death certificate and / or any other documents
any deficiency in the document/information. Intimation of
                                                                           to the satisfaction of the Mutual Fund/AMC. If Units are held
cancellation of KYC Acknowledgement Letter will be despatched
                                                                           by more than one registered Unit holder, then, upon death of
by the Central Agency to the investor immediately. No
                                                                           one of the Unit holders, the Units shall be transmitted in favour
communication will be sent to the investor if the KYC documents
                                                                           of the remaining Holder(s) (in the order in which the names
are in order. The KYC Acknowledgement Letter is presently
being issued free of cost.                                                 appear in the register of Unit holders with the Registrar) on
                                                                           production of a death certificate and / or any other documents
Presently, it is mandatory for all applications for subscription of        to the satisfaction of the Mutual Fund/AMC and to the nominee
value of Rs. 50,000 and above to quote the KYC compliance                  only upon death of all the Unit holders, upon the nominee
status of all the applicants (guardian in case of minor) in the            producing a Death Certificate and / or any other document to
application for subscription and attach proof of KYC compliance            the satisfaction of the Mutual Fund / AMC.
viz. KYC Acknowledgement Letter (or the erstwhile Mutual Fund
Identification Number* (MIN) Allotment Letter) / Printout of KYC           It may, however, be noted that in the event of death of the Unit
Compliance Status downloaded from CVL website                              holder of HDFC TaxSaver & HDFC Long Term Advantage
(www.cvlindia.com) using the PAN number. The KYC status will               Fund, open-ended equity linked savings schemes, the nominee/
be validated with the records of the Central Agency before                 legal heir, subject to production of requisite documentary
allotting units. HDFC Mutual Fund will not be held responsible             evidence to the satisfaction of the AMC, will be able to redeem
and /or liable for rejection of KYC Form, if any, by the Central           the investment only after the completion of one year or any time
Agency. Applications for subscriptions of value of Rs. 50,000              thereafter, from the date of allotment of Units to the deceased
and above without a valid KYC compliance may be rejected.                  Unit holder.
Provided further, where it is not possible to verify the KYC
                                                                           Units held in Electronic (Demat) Mode
compliance status of the investor at the time of allotment of
units, the Trustee / AMC shall verify the KYC compliance status            For units of the Scheme(s) held in electronic (demat) form, the
of the investor within a reasonable time after the allotment of            Units will be transferable and will be subject to the transmission
units. In the event of non compliance of KYC requirements, the             facility in accordance with the provisions of SEBI (Depositories
Trustee / AMC reserves the right to freeze the folio of the                and Participants) Regulations, 1996 as may be amended from
investor(s) and affect mandatory redemption of unit holdings of            time to time.
the investors at the applicable NAV, subject to payment of exit            The delivery instructions for transfer of units will have to be
load, if any.                                                              lodged with the DP in the requisite form as may be required
All investors (both individual and non-individual) can apply for           from time to time and transfer will be effected in accordance
KYC compliance. However, applicants should note that minors                with such rules/regulations as may be in force governing transfer
cannot apply for KYC compliance and any investment in the                  of securities in dematerialized form.
name of minors should be through a Guardian, who should be
KYC compliant for the purpose of investing with a Mutual Fund.                 Duration Of The Scheme And Winding Up
Also, applicants / unit holders intending to apply for units /             (A) Duration of the Scheme:
currently holding units and operating their Mutual Fund folios             (i) Close - Ended Scheme(s)


                                                                      51                                           HDFC SAI dt. 29.06.2009
         Each closed-ended Scheme/ Plan will have a Maturity                   relating to Minimum Number of Investors in Scheme(s)/
         Date / Final Redemption Date and will be compulsorily                 Plans of Mutual Funds the provisions of Regulation 39(2)
         and without any act by the unit holder(s) redeemed on                 (c) of SEBI (Mutual Funds) Regulations, 1996 would become
         Maturity Date / Final Redemption Date. On Maturity /                  applicable automatically without any reference form SEBI.
         Final Redemption Date of the Scheme/ Plan, the units                  Accordingly, the scheme(s) shall be wound up by following
         will be redeemed at the Applicable NAV.                               the guidelines laid down by SEBI. Please refer to the Offer
         The Mutual Fund may convert the Scheme/ Plans                         Document/ Scheme Information Document of respective
         under the Scheme after the Maturity Date / Final                      scheme(s) for more details.
         Redemption Date into an open-end Scheme/ Plan and                (ii) Where a Scheme is to be wound up pursuant to sub clause
         this shall be in accordance with the SEBI (MF)                        (i) above, the Trustee shall give notice of the circumstances
         Regulations.                                                          leading to the winding up of the Scheme:
         The Units of close-ended Scheme/ Plan may be                          (a) to SEBI; and
         converted into open-ended scheme, -
                                                                               (b) in two daily newspapers having circulation all over
         (a) if the Scheme Information Document (SID)/ Offer                         India and also in a vernacular newspaper circulating
               Document of such scheme discloses the option                          at the place where the Mutual Fund is established.
               and the period of such conversion; or
         (b) the Unit holders are provided with an option to              Effect of Winding Up
               redeem their units in full.                                On and from the date of the publication of the notice as stated
                                                                          above, the Trustee or the AMC as the case maybe, shall
         A close-ended scheme shall be fully redeemed at the
         end of the maturity period.                                      (a) cease to carry on any business activities in respect of the
                                                                              Scheme so wound up;
         Provided that a close ended scheme may be allowed
         to be rolled over if the purpose, period and other               (b) cease to create or cancel Units in the Scheme;
         terms of the roll over and all other material details of         (c) cease to issue or redeem Units in the Scheme.
         the scheme including the likely composition of assets
         immediately before the roll over, the net assets and net         Procedure And Manner of Winding Up
         asset value of the scheme, are disclosed to the Unit             In the event of the Scheme being wound up, the AMC shall
         holders and a copy of the same has been filed with               proceed as follows:
         SEBI.                                                            1. The Trustee shall call a meeting of the Unit holders of the
         Provided further, that such roll over will be permitted               Scheme to consider and pass necessary resolutions by
         only in case of those Unit holders who express their                  simple majority of Unit holders present and voting at the
         consent in writing and the Unit holders who do not opt                meeting for authorising the AMC or any other person /
         for the roll over or have not given written consent shall             agency to take the steps for winding up of the Scheme.
         be allowed to redeem their holdings in full at net asset              Provided that a meeting shall not be necessary if the
         value based price.                                                    Scheme is wound up at the end of the maturity period.
         A closed-ended Scheme/ Plan shall be wound up on                      (a) The Trustee or the person authorised as above, shall
         the expiry of duration fixed in the Scheme/ Plan on the                    dispose the assets of the Scheme concerned in the best
         redemption of the Units unless it is rolled-over for a                     interests of the Unit holders of the Scheme.
         further period under sub-regulation (4) of regulation
         33.                                                                   (b) The proceeds of the sale made in pursuance of the
                                                                                    above, shall in the first instance be utilised towards
         In terms of SEBI (MF) Regulations, the Scheme may be                       discharge of such liabilities as are properly due under
         wound up as provided in (B) below.                                         the Scheme and after making appropriate provision
(ii) Open - Ended / Interval Scheme(s)                                              for meeting the expenses connected with such winding
                                                                                    up, the balance shall be paid to the Unit holders in
        An Open-ended / Interval Scheme has a perpetual                             proportion to their respective interests in the assets of
        life. However in terms of SEBI (MF) Regulations, the                        the Scheme as on the date when the decision for the
        Scheme may be wound up as provided in (B) below.                            winding up was taken.
(iii) Close - Ended Scheme(s) with automatic conversion into              2. On the completion of the winding up, the Trustee shall
      Open-Ended Scheme upon Maturity                                          forward to SEBI and the Unit holders, a report on the
          Such scheme(s) will remain close - ended for the                     winding up containing particulars such as circumstances
          period mentioned in the SID/ Offer Documents and                     leading to the winding up, the steps taken for disposal of
          subsequently the scheme will automatically be                        assets of the Scheme before winding up, expenses of the
          converted into an open-ended scheme without any                      Scheme for winding up, net assets available for distribution
          further reference from the Mutual Fund/ Trustee/ AMC/                to the Unit holders and a certificate from the Auditors of
          Unit holders. Thereafter, the duration of the Scheme                 the Mutual Fund.
          is perpetual. However in terms of SEBI (MF) Regulations,        3. Notwithstanding anything contained herein, the application
          the Scheme may be wound up as provided in (B)                        of the provisions of SEBI (MF) Regulations in respect of
          below.                                                               disclosures of half-yearly reports and annual reports shall
                                                                               continue to be applicable until the winding up is completed
(B) Winding Up                                                                 or the Scheme ceases to exist.
(i) A scheme of a Mutual Fund may be wound up, after
                                                                          4. After the receipt of report referred to the above under
    repaying the amount due to the Unit holders, -
                                                                               "Procedure and Manner of Winding up" if SEBI is satisfied
    (a) on the happening of any event which, in the opinion                    that all measures for winding up of the Scheme have been
         of the Trustees, requires the scheme to be wound up;                  complied with, the Scheme shall cease to exist.
         or
    (b) if seventy five per cent of the Unit holders of a scheme              Permanent Account Number
         pass a resolution that the scheme be wound up; or                SEBI has made it mandatory for all applicants (in the case of
                                                                          application in joint names, each of the applicants) to mention
    (c) if SEBI so directs in the interest of the Unit holders.           his/her permanent account number (PAN) irrespective of the
    Further in case of non-fulfillment of SEBI Circular SEBI/             amount of purchase*. Where the applicant is a minor, and does
    IMD/CIR No. 10/22701/03 dated December 12, 2003                       not posses his / her own PAN, he / she shall quote the PAN of

HDFC SAI dt. 29.06.2009                                              52
his/ her father or mother or the guardian, as the case may be.                 Pledge of Units
However PAN is not mandatory in the case of Central                        The Units under the respective Scheme(s) (subject to completion
Government, State Government entities and the officials                    of Lock-in Period, if any) may be offered as security by way of
appointed by the courts e.g. Official liquidator, Court receiver           a pledge / charge in favour of scheduled banks, financial
etc. (under the category of Government) for transacting in the             institutions, non-banking finance companies (NBFC's), or any
securities market. HDFC Mutual Fund reserves the right to                  other body. The AMC and / or the ISC will note and record such
ascertain the status of such entities with adequate supporting             Pledged Units. A standard form for this purpose is available on
documents.                                                                 request from any of the ISCs. The AMC shall mark a lien only
In order to verify that the PAN of the applicants (in case of              upon receiving the duly completed form and documents as it
application in joint names, each of the applicants) has been               may require. Disbursement of such loans will be at the entire
duly and correctly quoted therein, the applicants shall attach             discretion of the bank / financial institution / NBFC or any other
along with the purchase* application, a photocopy of the PAN               body concerned and the Mutual Fund assumes no responsibility
card duly self-certified along with the original PAN Card. The             thereof.
original PAN Card will be returned immediately across the                  The Pledgor will not be able to redeem Units that are pledged
counter after verification.                                                until the entity to which the Units are pledged provides written
* includes fresh/additional purchase, Systematic Investment#.              authorisation to the Mutual Fund that the pledge / lien charge
Further, as per the Notification No. 288 dated December 1,                 may be removed. As long as Units are pledged, the Pledgee
2004, every person who makes payment of an amount of Rs.                   will have complete authority to redeem such Units.
50,000 or more to a Mutual Fund for purchase^ of its units                 For Units held in Electronic (Demat) Mode
should provide PAN.                                                        For units of the Scheme(s) held in electronic (demat) form, the
^ includes fresh/additional purchase, switch, Systematic                   rules of Depository applicable for pledge will be applicable for
Investment# / Transfer and Dividend Reinvestment / Dividend                Pledge/Assignment of units of the Scheme(s).
Transfer.
                                                                           Pledgor and Pledgee must have a beneficial account with the
Since dividend reinvestment/ transfer of Rs. 50,000 or more                Depository. These accounts can be with the same DP or with
qualifies as purchase of units for aforesaid Notification, PAN is          different DPs.
required to process such reinvestment/ transfer, failing which
dividend reinvestment/ transfer shall be automatically converted               Powers To Remove Difficulties
into payout option.                                                        If any difficulty arises in giving effect to the provisions of the
# However, the requirement of PAN is exempted in respect of                Scheme, the Trustee may take such steps that are not inconsistent
Systematic Investment Plan (SIP) upto Rs.50,000/- per year per             with these provisions which appear to them to be necessary and
investor.                                                                  expedient, for the purpose of removing difficulties.

Applications not complying with the above requirement                          Powers To Make Rules
may not be accepted/ processed.                                            The AMC may from time to time prescribe such forms and make
                                                                           such rules for the purpose of giving effect to the provisions of
Additionally, in the event of any application form being
                                                                           the Scheme, and add to, alter or amend all or any of the forms
subsequently rejected for mismatch of applicant's PAN details
                                                                           and rules that may be framed from time to time.
with the details on the website of the Income Tax Department,
the investment transaction will be cancelled and the amount
may be redeemed at the applicable NAV, subject to payment                  C. GENERAL INFORMATION
of exit load, if any.                                                         Investment Decisions :
Please contact any of the Investor Service Centres/ CAMS/                  The Investment Committee, comprising of the Managing Director,
Distributors or visit our website www.hdfcfund.com for further             the Chief Investment Officer, Fund Manager(s) - Equities (for
details.                                                                   authorising equity transactions only), Senior Fund Manager
                                                                           (Fixed Income) & Head of Credit (for authorising fixed income
    Joint Holders                                                          transactions only), Senior Fund Manager - Fixed Income (for
In the event the account has more than one registered holder               authorising fixed income transactions only), Company Secretary
the first-named Unit holder shall receive the account statements,          and the Chief Compliance Officer, will decide on the investment
all notices and correspondence with respect to the account, as             proposals (quorum of any two disinterested members). The
well as the proceeds of any Redemption requests or dividends               investment proposals precede each investment decision and
or other distributions. In addition, such holder shall have the            are reviewed by members of the Investment Committee. The
voting rights, as permitted, associated with such Units as per             initial investment proposals inter-alia will contain details like
the applicable guidelines.                                                 company and management background, business outlook,
The Unit holder must specify the 'mode of holding' in the                  financial analysis / valuation and reasons for recommendation,
application form as 'Jointly' or 'Anyone or Survivor'. In the case         as necessary. Subsequent proposals inter-alia will contain key
of holding specified as 'Jointly', Redemptions would have to be            investment characteristics, valuation and reasons for
signed by all joint holders. However, in cases of holding specified        recommendation. The investment proposals for the arbitrage
as 'Anyone or Survivor', any one of the Unit holders will have             transactions of the Scheme will contain details such as the net
the power / authority to make Redemption requests, without it              assets of the Scheme, the percentage exposure to the company,
being necessary for all the Unit holders to sign. However, in all          the percentage exposure to derivative instruments, gross yield
cases, the proceeds of the Redemption will be paid to the first-           etc. Periodic presentations will be made to the Board of Directors
named Unit holder.                                                         of the AMC and Trustee Company to review the performance
In case of death / insolvency of any one or more of the persons            of the Scheme(s).
named in the Register of Unit holders as the joint holders of any          All investment decisions shall be recorded in terms of SEBI
Units, the AMC shall not be bound to recognise any person(s)               Circular No. MFD/CIR/6/73/2000, dated July 27, 2000 as
other than the remaining holders. In all such cases, the proceeds          amended from time to time.
of the Redemption will be paid to the first-named of such                  The Managing Director of the AMC shall inter-alia ensure that
remaining Unit holders.                                                    the investments made by the fund managers are in the interest
For Units held in Electronic (Demat) Mode                                  of the Unit holders.The Fund Manager shall ensure that the
                                                                           funds of the Scheme(s) are invested in line with the investment
For DP account held in joint names, the rules of the Depository
                                                                           objective of the Scheme(s) and in the interest of the Unit holders.
for operation of such DP accounts will be applicable.


                                                                      53                                               HDFC SAI dt. 29.06.2009
     Underwriting By The Mutual Fund                                       Units will be pari-passu with the original Units. Bonus Units so
Subject to SEBI (MF) Regulations, the Scheme may enter into                issued will be credited to the Unit holders’ account in the Bonus
underwriting agreements after the Mutual Fund obtains a                    Option. Pursuant to allotment of Bonus Units, the per Unit NAV
certificate of registration in terms of the Securities and Exchange        of the Bonus Option would fall in proportion to the Bonus Units
Board of India (Underwriters) Rules and Securities and Exchange            allotted and as a result the total value of Units held by the Unit
Board of India (Underwriters) Regulations, 1993 authorising it             holder would remain the same. The issue of such Units will
to carry on activities as underwriters. The capital adequacy               increase the number of Units held by the Unit holder in the
norms for the purpose of underwriting shall be the net assets              Bonus Option of the Scheme and so also the total number of
of the respective Scheme/ Plans and the underwriting obligation            Units outstanding in the Bonus Option of the Scheme. This will
of the respective Scheme/ Plans shall not at any time exceed               result in proportionate fall in the NAV per Unit of the Bonus
the total net asset value of the respective Scheme/ Plans.                 Option of the Scheme. Fresh account statements will be sent to
                                                                           all Unit holders after the allotment of bonus units.
     Stock Lending By The Mutual Fund
Subject to the SEBI (MF) Regulations (in case of HDFC TaxSaver                  E-mail Communication
& HDFC Long Term Advantage Fund - Equity Linked Savings                    Account Statements / Annual Reports can be sent to each Unit
Scheme guidelines), as applicable from time to time, the Mutual            holder by courier / post / e-mail (as applicable).
Fund may, if the Trustee permits, engage in Stock Lending. Stock           Unit holders who have opted to receive these documents by e-
Lending means the lending of stock to another person or entity             mail will be required to download and print the documents after
for a fixed period of time, at a negotiated compensation in                receiving e-mail from the Mutual Fund. Should the Unit holder
order to enhance returns of the portfolio. The securities lent will        experience any difficulty in accessing the electronically delivered
be returned by the borrower on the expiry of the stipulated                documents, the Unit holder shall promptly advise the Mutual
period.                                                                    Fund to enable the Mutual Fund to make the delivery through
In case of HDFC Equity Fund, HDFC Top 200 Fund, HDFC                       alternate means. It is deemed that the Unit holder is aware of
Capital Builder Fund, HDFC Prudence Fund, HDFC TaxSaver,                   all security risks including possible third party interception of the
HDFC Cash Management Fund and HDFC High Interest Fund,                     documents and contents of the documents becoming known to
the AMC shall adhere to the following limits should it engage              third parties.
in Stock Lending.                                                          The Monthly / Quarterly Newsletter, shall be displayed at the
1. The exposure of the Scheme(s) at the time of lending will               website of the Mutual Fund. The Unit holders can request for
     presently be restricted to 40% of its Total Assets.                   a copy of the Newsletter by post / e-mail. The AMC would
                                                                           arrange to dispatch these documents to the concerned Unit
2.   The exposure to a single approved intermediary will presently         holder.
     not exceed 10% of the Total Assets of the Scheme(s) or Rs.
     5 crore whichever is higher.                                               Disclosure to Intermediaries
                                                                           The Mutual Fund may disclose details of the investor's account
In case of Scheme(s) other than mentioned above, the AMC                   and transactions thereunder to those intermediaries whose
shall adhere to the following limits should it engage in Stock             stamp appears on the application form / transaction slips. The
Lending.                                                                   Mutual Fund may disclose such details to the bankers, as may
1. Not more than 25% of the net assets of the Scheme can                   be necessary for the purpose of effecting payments to the
     generally be deployed in Stock Lending.                               investor.
2.   Not more than 5% of the net assets of the Scheme can                       Use of Intermediaries
     generally be deployed in Stock Lending to any single
     counter party.                                                        The investor is aware that the Mutual Fund or AMC need to use
                                                                           intermediaries such as post office, local and international
The Mutual Fund may not be able to sell such lent out securities           couriers, banks and other intermediaries for correspondence
and this can lead to temporary illiquidity.                                with the investor and for making payments to the investor by
     Borrowing By The Mutual Fund                                          cheques, drafts, warrants, through Electronic Clearing Services
                                                                           (ECS) etc. The investor expressly agrees and authorises the
Under the SEBI (MF) Regulations, the Mutual Fund is allowed                Mutual Fund or AMC or their Agents to correspond with the
to borrow to meet the temporary liquidity requirements of its              investor or make payments through intermediaries including
Scheme for the purpose of Redemption or Redemption of Units                but not limited to post office, local and international couriers
or the payment of interest or dividend to the Unit holders.                and banks. The investor clearly understands that the Mutual
Further, as per the SEBI (MF) Regulations, the Mutual Fund shall           Fund or AMC uses such intermediaries for convenience of the
not borrow more than 20% of the Net Assets of the Scheme and               investor and such intermediaries are agents of the investor and
the duration of such borrowing shall not exceed a period of six            not the Mutual Fund or AMC. The Mutual Fund or AMC or their
months.                                                                    Agents are not responsible in any manner whatsoever for
The Mutual Fund may raise such borrowings after approval by                delayed receipt or non-receipt of any correspondence or payment
the Trustee from Sponsors or any of their Associate / Group                through such intermediaries.
Companies or Banks in India or any other entity at market
related rates prevailing at the time and applicable to similar                  Website
borrowings. The security for such borrowings, if required, will            The website of the Fund/AMC is intended solely for the use of
be as determined by the Trustee. Such borrowings, if raised,               Resident Indians, Non Resident Indians, persons of Indian Origin
may result in a cost, which would be dealt with in consultation            and Foreign Institutional Investors registered with SEBI. It should
with the Trustee.                                                          not be regarded as a solicitation for business in any jurisdiction
     Issue of Bonus Units                                                  other than India. In particular the information is not for distribution
                                                                           and does not constitute an offer to sell or the solicitation of an
In the interest of the Unit holders and smooth functioning of the          offer to buy securities in any jurisdiction where such activity is
Fund, at an appropriate time, the Asset Management Company                 prohibited. Any persons resident outside India who nevertheless
may decide to issue Bonus Units to all existing Unit holders. The          intend to respond to this material must first satisfy themselves
Bonus Units may be declared in the Bonus Option of the                     that they are not subject to any local requirements, which restrict
Scheme. For such declaration the Fund will announce a Record               or prohibit them from doing so. Information other than that
Date / Book Closure and all Unit holders whose names appear                relating specifically to the AMC/Fund and its products is for
in the Register of Unit holders as on the Record Date / Book               information purposes only and should not be relied upon as a
Closure shall be eligible to be issued such Bonus Units. These             basis for investment decisions. The AMC cannot be responsible


HDFC SAI dt. 29.06.2009                                               54
for any information contained in any website linked from the                                           to time, add or otherwise vary or alter all or any of the features
Mutual Fund website.                                                                                   of investment options/ facilities and terms of any of the Scheme(s)
                                                                                                       after obtaining the prior permission of SEBI and Unit holders
       Investors’ Personal Information                                                                 (where necessary), and the same shall be binding on all the Unit
The AMC may share investors’ personal information with the                                             holders of such Scheme and any person or persons claiming
following third parties:                                                                               through or under them as if each Unit Holder or such person
      Registrar, Banks and / or authorised external third parties                                      expressly had agreed that such features and terms shall be so
      who are involved in transaction processing, despatches,                                          binding. Any change in fundamental attribute of the Scheme(s)
      etc., of investors’ investment in the Scheme;                                                    shall be done only in accordance with Regulation 18(15A) of
      Distributors or Sub-brokers through whom applications of                                         SEBI (MF) Regulations.
      investors are received for the Scheme; or                                                                Inter Scheme Transfer of Investments
      Any other organisations for compliance with any legal or                                         Transfer of investments from one Scheme to another Scheme
      regulatory requirements or to verify the identity of investors                                   in the same Mutual Fund, shall be allowed only if: -
      for complying with anti-money laundering requirements.
                                                                                                       (a) such transfers are made at the prevailing market price for
Account statements or financial information pertaining to the
                                                                                                            quoted Securities on spot basis
investor, if it is to be sent over the internet to the Unitholder,
distributors or any other entity as indicated above, will be sent                                           Explanation : spot basis shall have the same meaning as
only through a secure means and / or through encrypted                                                      specified by Stock Exchange for spot transactions
electronic mail.                                                                                       (b) the Securities so transferred shall be in conformity with the
       Scheme(s) to be binding on the Unit Holders                                                          investment objective of the Scheme to which such transfer
Subject to the SEBI (MF) Regulations, the Trustee may, from time                                            has 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 Sponsors
and 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      90D
 Company                     (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     -       -       -       -       -      -       -       -      -       -        -       -       -        -       -         -       -          -       -
 Corporation
 Limited $     Sale           1,867       -     0.250     -       -       -       -      -       -       -      -       -        -       -       -        -       -         -       -          -       -
                              3,953       -       -     0.580     -       -       -      -       -       -      -       -        -       -       -        -       -         -       -          -       -
                              10,672    1.610     -       -       -       -       -      -       -       -      -       -        -       -       -        -       -         -       -          -       -
               Floating
               Rate
               Bonds/
               Notes
               Sale           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         -       -       -    -      -    -      -      -                 -         -       -          -       -

               Deep
               Discount
               Bonds
               Purchase      1100         -       -       -       -       -       -      -       -       -      -       -        -       -       -        -       -         -       -       95.530      -

 GRUH          Floating
 Finance Ltd.^ Rate
               Bonds/
               Notes
               Purchase       490         -       -       -       -        -      -    -         -       -      -       -      49.000    -       -        -       -         -       -          -       -
                              150         -       -       -       -        -   15.000 -          -       -      -       -         -      -       -        -       -         -       -          -       -
                              250         -       -       -       -     25.000    -    -         -       -      -       -         -      -       -        -       -         -       -          -       -
                              160         -       -       -       -        -      - 16.000       -       -      -       -         -      -       -        -       -         -       -          -       -
               Sale           150         -       -       -       -        -   15.000 -          -       -      -       -         -      -       -        -       -         -       -          -       -
               NCD/
               Khokha
               Sale           250         -       -       -       -       -       -      -       -       -      -     25.000     -       -       -        -        -        -        -         -       -
$ Sponsor ^ Group Company

                                                                                                  55                                                               HDFC 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 Long
Term Equity Fund, MIP - LTP : HDFC MF Monthly Income Plan - Long Term Plan, HMYF : HDFC Multiple Yield Fund, MY05 : HDFC Multiple Yield
Fund - 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 Cash
Management 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 March
2007, 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 13M
 Company                                                                                                                                                     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               -   -   -    -   -   -   -   -   -   -   -   -   -   -    -   -   -   -   -   -   -   -    -   -   -   -   -   -   -   -   -   - 15.70
                                 400               -   - 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 13M
the 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 Management
Fund - 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 Interest
Fund - 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 90D
March 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 September
2007, 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 December
2007, 13M Jun 06: HDFC FMP 13M June 2006, MY05 : HDFC Multiple Yield Fund - Plan 2005,

HDFC SAI dt. 29.06.2009                                                                                                                                         56
During the period April 1, 2008 to March 31, 2009, the following investments were made in the securities of Sponsors and
its 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 HDFCHI
the 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         -       -       -       -       -        -        -        -       -      -       -      -        -       -       -      -       -       -      -      29.03
                                    95          -       -       -       -       -        -        -        -       -      -       -      -        -       -       -      -       -       -      -        -
                                    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      -        -        -       -      -       -      -        -       -       -      -       -       -      -        -




                                                                                                        57                                                             HDFC SAI dt. 29.06.2009
                                                                                                                                                                                   (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 HDFCHI
the Company                           (Nos.)
                                      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          -      -      -     -       -      -        -      -    -       -     -     -       -      -     -       -       -      -       -      13.87
                                      475          -      -      -     -       -      -        -      -    -       -     -     -       -      -     -       -       -      -       -        -
                                      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 SEP902
the 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        -      -      -     -       -      -        -      -    -       -     -     -       -      -     -       -       -      -       -        -




HDFC SAI dt. 29.06.2009                                                                              58
                                                                                                                                                                        (Rs. in Crores)
Name of       Particulars     Quantity MAR371 JUN372 JAN18M OCT182 DEC371 AUG371 HDFCIN SEP371 HDFCS+ HDFLTP HDFCGF HDFCSP JUL371 AUG904 NOV18M FEB14M MAY372 SEP901 DEC161 SEP902
the Company                   (Nos.)
                              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        -       -      -      -       -      -       -       -      -       -      -    -       -     -    -      -       -     -      -        -




                                                                                            59                                                    HDFC SAI dt. 29.06.2009
                                                                                                                                                                                                                                (Rs. in Crores)
Name of               Particulars     Quantity MAR371 JUN372 JAN18M OCT182 DEC371 AUG371 HDFCIN SEP371 HDFCS+ HDFLTP HDFCGF HDFCSP JUL371 AUG904 NOV18M FEB14M MAY372 SEP901 DEC161 SEP902
the Company                           (Nos.)
                                      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 MAY904
the 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         -           -        -          -          -          -           -       -       -        -         -         -         -              -            -        -           -            -




HDFC SAI dt. 29.06.2009                                                                                             60
                                                                                                                                                                (Rs. in Crores)
Name of       Particulars   Quantity OCTM18 AUG902 HDFCTA 18MOCT DEC18M   FEBM15 NOV171 SEP18M MAY371 MAR372 AUG372 JUN903   MAY367 JAN16M MAR132 NOV17M MAR14M MAY904
the Company                 (Nos.)
              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       -       -      -      -       -       -      -      -      -       -       -     -       -      -       -     -       -            -




                                                                                  61                                                      HDFC SAI dt. 29.06.2009
                                                                                                                                                               (Rs. in Crores)
Name of        Particulars   Quantity OCTM18 AUG902 HDFCTA 18MOCT DEC18M FEBM15 NOV171 SEP18M MAY371 MAR372 AUG372 JUN903   MAY367 JAN16M MAR132 NOV17M MAR14M MAY904
the Company                  (Nos.)
                             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 - HDFC
Growth Fund, 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 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 Income
Fund, 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 August
2008(4), NOV18M - HDFC FMP 18M November 2008, FEB14M - HDFC FMP 14M February 2008, 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), 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 370D
May 2008 (1), MAR372 - HDFC FMP 370D March 2008 (2), AUG372 - HDFC FMP 370D August 2008 (2), JUN903 - HDFC FMP 90D June 2008(3), MAY367 - HDFC
FMP 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 accordance
with the objective of the scheme. The investments under the respective Plans of HDFC Index Fund were made pursuant to their Investment Objectives.




HDFC SAI dt. 29.06.2009                                                          62
During the period April 1, 2006 to March 31, 2007, the Mutual Fund has invested in the following securities of the Associate
Companies 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    HDFC
the Company                              (Nos.)                                                                                                CGF- CGF-             LTP STP                                            STP LTP FMP            FMP     FMP     FMP      FMP     FMP
                                                                                                                                                IP   SP                                                                               3M       13M    13M      3M      13M      90D
                                                                                                                                                                                                                                     March    March    Aug     Sep      Sep    March
                                                                                                                                                                                                                                     2006     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 Shares
                        Purchase         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     -       -      -     -      -     -     -      -      -       -       -       -        -       -


GlaxoSmithkline
Pharmaceuticals Ltd     Equity Shares
                        Purchase         964           -       -     -     -   -    -      -     0.11    -      -      -      -     -       -    -     -    -     -       -       -       -      -     -      -     -      -     -      -       -       -       -        -       -
                                         161,030       -       -   18.44   -   -    -      -       -     -      -      -      -     -       -    -     -    -     -       -       -       -      -     -      -     -      -     -      -       -       -       -        -       -
                        Sale             633           -       -     -     -   -    -      -     0.07    -      -      -      -     -       -    -     -    -     -       -       -       -      -     -      -     -      -     -      -       -       -       -        -       -
                                         161,030       -       -   17.85   -   -    -      -       -     -      -      -      -     -       -    -     -    -     -       -       -       -      -     -      -     -      -     -      -       -       -       -        -       -


HDFC Bank Ltd.          Bills
                        Re-discounting
                        Purchase         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 Shares
                        Purchase         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 Shares
                        Purchase         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     -      -     -      -     -     -      -      -       -       -       -        -       -


Hindustan
Oil Exploration
Co. 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    -     -       -    -     -    -     -       -        -      -      -     -      -     -     -      -      -       -       -       -        -       -




                                                                                                                              63                                                                                          HDFC SAI dt. 29.06.2009
                                                                                                                                                                                                                                                                                                                                (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    HDFC
the Company                                  (Nos.)                                                                                                                                                CGF- CGF-             LTP STP                                                     STP LTP FMP           FMP     FMP     FMP      FMP     FMP
                                                                                                                                                                                                    IP   SP                                                                                        3M      13M    13M      3M      13M      90D
                                                                                                                                                                                                                                                                                                  March   March    Aug     Sep      Sep    March
                                                                                                                                                                                                                                                                                                  2006    2006    2006    2006     2006    2007
                                                                                                                                                                                                                                                                                                   (1)      (1)     (1)     (1)      (1)
                                              66,666                            -        -       -        -        -       -        -        -       -        -        -       -        -        -       -        -        -       -       -     0.75    -    -      -     -     -      -     -     -       -       -       -        -       -


Infrastructure Dev. Fin.   Floating Rate
Co. Ltd.                   Bonds/Notes
                           Purchase           100                               -       -        -        -        -       -        -        -       -        -        -       -        -        -       -        -        -       -       -     10.01   -    -      -     -     -     -      -     -       -       -       -        -       -
                           Sale               100                               -       -        -        -        -       -        -        -       -        -        -       -        -        -       -        -        -       -       -       -     -    -      -     -     -     -    10.01   -       -       -       -        -       -


                           NCD/ Khokha
                           Purchase           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 Shares
Mahindra 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 Shares
Co Ltd.                    Purchase           64,009                            -       -      17.78      -        -       -        -        -       -        -        -       -        -        -       -        -        -       -       -       -     -    -      -     -     -     -      -     -       -       -       -        -       -
                            Sale              12,500                            -       -       4.08      -        -       -        -        -       -        -        -       -        -        -       -        -        -       -       -       -     -    -      -     -     -     -      -     -       -       -       -        -       -

Siemens Ltd.               Equity Shares
                           Purchase           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 Shares
Services 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+ : HDFC
Index 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's
Gift Fund - Savings Plan, HMYF - HDFC Multiple Yield Fund, HMY05 - HDFC Multiple Yield Fund - Plan 2005, HMIP-LTP - HDFC MF Monthly
Income Plan - Long Term Plan, HMIP-STP - HDFC MF Monthly Income Plan - Short Term Plan, HSTP - HDFC Short Term Plan, HLF - HDFC Liquid
Fund, 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 Rate
Income Fund - Long Term Plan.




HDFC SAI dt. 29.06.2009                                                                                                                                                         64
During the period April 1, 2007 to March 31, 2008, the Mutual Fund has invested in the following securities of the Associate
Companies of the Sponsor:
                                                                                                                                                                                                                                                             (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 13M
the 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 -     -       -      -       -   -        -     -       -       -   -   -     -   -   -     -             -    -     -       -    -     -




                                                                                                                                                  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 13M
the 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 : HDFC
Equity 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 Premier
Multi-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 Rate
Income 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 : HDFC
FMP 13M August 2007




HDFC SAI dt. 29.06.2009                                                                                                                 66
During the period April 1, 2008 to March 31, 2009, the Mutual Fund has invested in the following securities of the Associate
Companies of the Sponsor:
                                                                                                                                                                      (Rs. in Crores)
Name of          Particulars   Quantity    APR182   HDFCAR   HDFCCB HDFCEQ   HDFCGR   HDFCIG   HDFCLI   HDFCMS   HDFCNY   HDFCPR   HDFCSX   HDFCT2   HDFLSP   HDFLTE      HDINFG
the Company                    (Nos.)
Bank of Baroda   Equity Shares
                 Purchase      711,200       -       18.57     -       -        -       -        -        -        -         -       -        -        -        -            -
                               700,000       -         -       -     20.45      -       -        -        -        -         -       -        -        -        -            -
                               619,151       -         -       -       -      16.03     -        -        -        -         -       -        -        -        -            -
                               700,000       -         -       -       -        -       -        -        -        -         -       -      18.75      -        -            -
                               222,000       -         -       -       -        -       -        -        -        -         -       -        -        -        -            -
                               471,200       -         -       -       -        -       -        -        -        -         -       -        -        -        -          12.65
                               50,000        -         -       -       -        -       -        -        -        -         -       -        -        -        -            -
                               50,000        -         -       -       -        -       -        -        -        -         -       -        -        -        -            -
                 Sale          1,075,200     -       27.75     -       -        -       -        -        -        -         -       -        -        -        -            -
                               50,000        -         -       -       -        -       -        -        -        -       1.33      -        -        -        -            -
                               221,200       -         -       -       -        -       -        -        -        -         -       -        -        -        -          5.28
Brigade          Equity Shares
Enterprises      Sale          6,050         -       0.13      -       -        -       -        -        -        -        -        -        -        -        -             -
Limited
Castrol India    Equity Shares
Ltd.             Purchase      25,000        -         -       -       -        -       -        -        -        -        -        -        -        -        -             -
                 Sale          553,603       -         -       -       -      13.90     -        -        -        -        -        -        -        -        -             -
                               4,600         -         -       -       -        -       -        -        -        -        -        -        -        -        -             -
Exide Industries Equity Shares
Ltd.             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 Shares
Pharmaceuticals Purchase       69,808        -         -       -       -        -       -        -        -        -        -        -       7.66      -        -             -
Ltd              Sale          16,697        -         -       -       -        -       -        -        -        -        -        -         -       -        -             -

Great Eastern    Equity Shares
Shipping         Purchase      259,800       -       4.54      -       -        -       -        -        -        -        -        -        -        -        -             -
Company Ltd.                   913,500       -         -       -       -      15.16     -        -        -        -        -        -        -        -        -             -
                               75,000        -         -       -       -        -       -        -        -        -        -        -        -        -        -             -
                 Sale          302,400       -       8.81      -       -        -       -        -        -        -        -        -        -        -        -             -
                               240,000       -         -       -       -      5.11      -        -        -        -        -        -        -        -        -             -
                 NCD/
                 Khokha
                 Purchase      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 Shares
                 Purchase      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/
                 Khokha
                 Purchase      300           -         -       -       -        -       -        -        -        -        -        -        -        -        -             -
                               850           -         -       -       -        -       -        -        -        -        -        -        -        -        -             -
Hindustan        Equity Shares
Unilever 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           -




                                                                                         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     HDINFG
the Company                       (Nos.)
Indian Hotels     Equity Shares
Company Ltd.      Purchase        436,770       -       3.54      -       -        -       -        -        -        -         -       -        -        -        -            -
                  Sale            617,175       -       5.40      -       -        -       -        -        -        -         -       -        -        -        -            -
Infrastructure    Deep
Dev. Fin.         Discount
Corp. Ltd.        Bonds
                  Sale            50            -         -       -       -        -       -        -        -        -         -       -        -       5.00      -            -
                  Equity Shares
                  Purchase        1,806,875     -       15.42     -       -        -       -        -        -        -         -       -        -        -        -            -
                  Sale            977,925       -       7.45      -       -        -       -        -        -        -         -       -        -        -        -            -
                  Floating Rate
                  Bonds/Notes
                  Purchase        200           -         -       -       -        -       -        -        -        -         -       -        -        -        -            -
                                  200           -         -       -       -        -       -        -        -        -         -       -        -        -        -            -
                  Sale            200           -         -       -       -        -       -        -        -        -         -       -        -      20.00      -            -
                                  100           -         -       -       -        -       -        -        -        -         -       -        -        -        -            -
                                  100           -         -       -       -        -       -        -        -        -         -       -        -        -        -            -
                  NCD/
                  Khokha
                  Purchase        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 Shares
Mahindra 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 Shares
                  Purchase      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         -         -       -       -        -       -        -        -         -        -       -        -        -        -         40.88
                                100,000         -         -       -       -        -       -        -        -         -        -       -        -        -        -           -
                                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         -         -       -       -        -       -        -        -         -        -       -        -        -        -         29.94
                                257,000         -         -       -       -        -       -        -        -         -        -       -        -        -        -           -
                                220,000         -         -       -       -        -       -        -        -         -        -       -        -        -        -           -
                                275,000         -         -       -       -        -       -        -        -         -        -       -        -        -        -           -
                                180,000         -         -       -       -        -       -        -        -         -        -       -        -        -        -           -
Sun               Equity Shares
Pharmaceutical    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 Shares
Computer          Sale          8,679           -         -       -       -        -       -        -        -       0.03       -        -       -        -        -            -
Services Ltd.                   38,058          -         -       -       -        -       -        -        -         -        -      0.13      -        -        -            -
                                77              -         -       -       -        -       -        -        -         -        -        -       -        -        -            -




HDFC SAI dt. 29.06.2009                                                                     68
                                                                                                                                                                      (Rs. in Crores)
Name of          Particulars   Quantity    HIFSTP   HMIPLT   HDFCHI   HDFCPM   HDFCCS   JUN372   JAN18M   AUG371   HDFCIN   HDFCS+   HDFLTP   HDFCGF    HQIFA   HQIFC     HDFCSP
the Company                    (Nos.)
Bank of Baroda   Equity Shares
                 Purchase      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 Shares
Enterprises      Sale          6,050         -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
Limited
Castrol         Equity Shares
India Ltd.      Purchase      25,000         -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                Sale          553,603        -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              4,600          -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
Exide           Equity Shares
Industries Ltd. Purchase      1,819,910      -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                Sale          1,048,012      -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              4,497,477      -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              3,076,598      -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              2,813,378      -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              802,494        -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
GlaxoSmithkline Equity Shares
Pharmaceuticals Purchase      69,808         -        -        -        -         -       -        -        -        -        -        -        -         -       -           -
Ltd             Sale          16,697         -        -        -        -       1.90      -        -        -        -        -        -        -         -       -           -
Great Eastern   Equity Shares
Shipping        Purchase      259,800        -        -        -        -        -        -        -        -        -        -        -         -        -       -           -
Company Ltd.                  913,500        -        -        -        -        -        -        -        -        -        -        -         -        -       -           -
                              75,000         -        -        -        -        -        -        -        -        -        -        -       2.59       -       -           -
                Sale          302,400        -        -        -        -        -        -        -        -        -        -        -         -        -       -           -
                              240,000        -        -        -        -        -        -        -        -        -        -        -         -        -       -           -
                NCD/
                Khokha
                Purchase      5              -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              5              -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              10             -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                Sale          20             -      18.60      -        -        -        -        -        -        -        -        -        -         -       -           -
HDFC Bank Ltd. Bills Re-
                discounting
                Purchase      12             -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              5              -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              6              -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              7              -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              11             -        -        -        -        -        -        -        -        -        -      543.57     -         -       -           -
                              1              -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              1              -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              1              -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                Sale          14             -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              8              -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              9              -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              10             -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              11             -        -        -        -        -        -        -        -        -        -      550.00     -         -       -           -
                              1              -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              1              -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                              1              -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                Equity Shares
                Purchase      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/
                Khokha
                Purchase      300            -        -      30.32      -        -        -        -        -        -        -        -        -         -       -           -
                              850            -        -        -        -        -        -        -        -      85.65      -        -        -         -       -           -
Hindustan       Equity Shares
Unilever 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 Shares
Company Ltd.    Purchase      436,770        -        -        -        -        -        -        -        -        -        -        -        -         -       -           -
                Sale          617,175        -        -        -        -        -        -        -        -        -        -        -        -         -       -           -




                                                                                           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      HDFCSP
the Company                       (Nos.)

Infrastructure    Deep
Dev. Fin.         Discount
Corp. Ltd.        Bonds
                  Sale            50            -        -        -        -        -        -        -        -        -        -        -        -        -       -            -
                  Equity Shares
                  Purchase        1,806,875     -        -        -        -        -        -        -        -        -        -        -        -        -       -            -
                  Sale            977,925       -        -        -        -        -        -        -        -        -        -        -        -        -       -            -
                  Floating Rate
                  Bonds/Notes
                  Purchase        200           -        -        -        -        -        -        -        -        -        -        -        -        -       -            -
                                  200           -        -        -        -        -        -        -        -        -        -        -        -        -       -            -
                  Sale            200           -        -        -        -        -        -        -        -        -        -        -        -        -       -            -
                                  100           -      10.00      -        -        -        -        -        -        -        -        -        -        -       -            -
                                  100           -        -        -        -        -        -        -        -        -        -        -        -        -       -            -
                  NCD/
                  Khokha
                  Purchase        5             -         -       -        -        -         -        -        -       -        -        -        -        -       -           -
                                  500           -         -       -        -        -         -        -        -       -        -        -        -        -       -           -
                                  100           -         -       -        -        -         -        -        -       -        -        -        -        -       -         10.01
                                  850           -         -       -        -        -         -        -        -       -        -        -        -        -       -           -
                                  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           -         -       -        -        -         -        -        -       -        -        -        -        -       -         29.87
                                  550           -         -       -        -        -         -        -        -       -        -        -        -        -       -           -
                                  125         12.55       -       -        -        -         -        -        -       -        -        -        -        -       -           -
                                  30            -       7.49      -        -        -         -        -        -       -        -        -        -        -       -           -
                                  50            -         -       -        -        -         -        -        -       -        -        -        -        -       -           -
                                  10            -         -       -        -        -         -        -      0.99      -        -        -        -        -       -           -
Mahindra &        Equity Shares
Mahindra Ltd.     Purchase      5,300           -        -        -        -        -        -        -        -        -         -       -        -        -       -            -
                                5,532           -        -        -        -        -        -        -        -        -       0.33      -        -        -       -            -
                                13,764          -        -        -        -        -        -        -        -        -         -       -        -        -       -            -
                  Sale          5,050           -        -        -        -        -        -        -        -        -         -       -        -        -       -            -
                                4,959           -        -        -        -        -        -        -        -        -       0.32      -        -        -       -            -
                                14,371          -        -        -        -        -        -        -        -        -         -       -        -        -       -            -
Siemens Ltd.      Equity Shares
                  Purchase      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 Shares
Pharmaceutical    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 Shares
Computer          Sale          8,679           -        -        -        -        -        -        -        -        -        -        -        -        -       -            -
Services Ltd.                   38,058          -        -        -        -        -        -        -        -        -        -        -        -        -       -            -
                                77              -        -        -        -        -        -        -        -        -        -        -        -        -       -            -




HDFC SAI dt. 29.06.2009                                                                       70
                                                                                                                                                                      (Rs. in Crores)
Name of          Particulars   Quantity    JUL371   MAY372   SEP901   DEC161   SEP902   HDFCTS   HDFCTA   NOV171   MAY371   AUG903   HMIPST   MIDCAP   MY2005   HDFCBA    HDFCGS
the Company                    (Nos.)
Bank of Baroda   Equity Shares
                 Purchase      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 Shares
Enterprises      Sale          6,050         -        -        -        -        -        -        -        -        -         -       -        -        -        -           -
Limited
Castrol India   Equity Shares
Ltd.            Purchase      25,000         -        -        -        -        -        -        -        -        -         -       -       0.77       -       -           -
                Sale          553,603        -        -        -        -        -        -        -        -        -         -       -         -        -       -           -
                              4,600          -        -        -        -        -        -        -        -        -         -       -         -      0.14      -           -
Exide           Equity Shares
Industries Ltd. Purchase      1,819,910      -        -        -        -        -        -         -       -        -         -       -        -        -        -           -
                Sale          1,048,012      -        -        -        -        -        -         -       -        -         -       -        -        -        -           -
                              4,497,477      -        -        -        -        -        -         -       -        -         -       -        -        -        -           -
                              3,076,598      -        -        -        -        -        -         -       -        -         -       -        -        -        -           -
                              2,813,378      -        -        -        -        -        -         -       -        -         -       -        -        -        -           -
                              802,494        -        -        -        -        -        -       4.53      -        -         -       -        -        -        -           -
GlaxoSmithkline Equity Shares
Pharmaceuticals Purchase      69,808         -        -        -        -        -        -        -        -        -         -       -        -        -        -           -
Ltd             Sale          16,697         -        -        -        -        -        -        -        -        -         -       -        -        -        -           -
Great Eastern   Equity Shares
Shipping        Purchase      259,800        -        -        -        -        -        -        -        -        -         -       -        -        -        -           -
Company Ltd.                  913,500        -        -        -        -        -        -        -        -        -         -       -        -        -        -           -
                              75,000         -        -        -        -        -        -        -        -        -         -       -        -        -        -           -
                Sale          302,400        -        -        -        -        -        -        -        -        -         -       -        -        -        -           -
                              240,000        -        -        -        -        -        -        -        -        -         -       -        -        -        -           -
                NCD/
                Khokha
                Purchase      5              -        -        -         -       -        -        -         -       -         -       -        -        -        -           -
                              5              -        -        -       4.69      -        -        -         -       -         -       -        -        -        -           -
                              10             -        -        -         -       -        -        -       9.23      -         -       -        -        -        -           -
                Sale          20             -        -        -         -       -        -        -         -       -         -       -        -        -        -           -
HDFC Bank Ltd. Bills Re-
                discounting
                Purchase      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 Shares
                Purchase      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         -        -        -        -        -        -        -        -        -         -       -        -        -        -           -
                NCD/
                Khokha
                Purchase      300            -        -        -        -        -        -        -        -        -         -       -        -        -        -           -
                              850            -        -        -        -        -        -        -        -        -         -       -        -        -        -           -
Hindustan       Equity Shares
Unilever 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 Shares
Company Ltd.    Purchase      436,770        -        -        -        -        -        -        -        -        -         -       -        -        -        -           -
                Sale          617,175        -        -        -        -        -        -        -        -        -         -       -        -        -        -           -




                                                                                           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      HDFCGS
the Company                       (Nos.)

Infrastructure    Deep
Dev. Fin.         Discount
Corp. Ltd.        Bonds
                  Sale            50            -        -        -        -        -        -        -        -        -        -        -        -        -        -             -
                  Equity Shares
                  Purchase        1,806,875     -        -        -        -        -        -        -        -        -        -        -        -        -        -             -
                  Sale            977,925       -        -        -        -        -        -        -        -        -        -        -        -        -        -             -
                  Floating Rate
                  Bonds/Notes
                  Purchase        200           -        -        -        -        -        -        -        -      20.00      -        -        -        -        -             -
                                  200           -      20.00      -        -        -        -        -        -        -        -        -        -        -        -             -
                  Sale            200           -        -        -        -        -        -        -        -        -        -        -        -        -        -             -
                                  100           -        -        -        -        -        -        -        -        -        -        -        -        -        -             -
                                  100           -        -        -        -        -        -        -        -        -        -      10.00      -        -        -             -
                  NCD/
                  Khokha
                  Purchase        5              -       -        -        -        -        -        -        -        -        -         -       -        -        -             -
                                  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 Shares
Mahindra Ltd.     Purchase      5,300           -        -        -        -        -        -        -        -        -        -        -        -        -        -             -
                                5,532           -        -        -        -        -        -        -        -        -        -        -        -        -        -             -
                                13,764          -        -        -        -        -        -        -        -        -        -        -        -        -        -             -
                  Sale          5,050           -        -        -        -        -        -        -        -        -        -        -        -        -        -             -
                                4,959           -        -        -        -        -        -        -        -        -        -        -        -        -        -             -
                                14,371          -        -        -        -        -        -        -        -        -        -        -        -        -        -             -
Siemens Ltd.      Equity Shares
                  Purchase      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 Shares
Pharmaceutical    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 Shares
Computer          Sale          8,679           -        -        -        -        -        -        -        -        -        -        -        -        -        -             -
Services Ltd.                   38,058          -        -        -        -        -        -        -        -        -        -        -        -        -        -             -
                                77              -        -        -        -        -        -        -        -        -        -        -        -        -        -             -




HDFC SAI dt. 29.06.2009                                                                       72
APR182 : HDFC FMP 18M April 2008 (2), HDFCAR : HDFC Arbitrage Fund, HDFCCB : HDFC Capital Builder Fund, HDFCEQ : HDFC Equity Fund, HDFCGR : HDFC Growth
Fund, 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 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, 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 : HDFC
Income 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 : HDFC
FMP 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 : HDFC
Mid-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 length
basis and in accordance with the objective of the scheme. The investments under the respective Plans of HDFC Index Fund were made
pursuant to their Investment Objectives.




                                                                             73                                                  HDFC 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 associate
companies.
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           Allotted
                                                                               of the                                                                        (Rs. in           (Rs. in
                                                                               Security                                                                     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              25.00
                                                                                                   Treasury 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 BROKER
The 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 procuring
Unit subscriptions for HDFC Mutual Fund Scheme(s). The Collecting Banker's fees and commissions payable are at the competitive rates
offered 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 reverse
repo 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 competitive
rates.
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 MF
                                 March 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           Income
                                                                    Fund -    Fund -     Fund -      Fund -       (1)        2006                              Plan - Long     Plan - Short
                                                                   Treasury    Call      Savings   Short Term                                                   Term Plan       Term Plan
                                                                  Advantage    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-Convertable
                                 Debentures (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 dt. 29.06.2009                                                                            74
                                                                                                                                                                                                                                                  (Rs. in Crores)
Name of the           Particulars                       HDFC Cash            HDFC Cash        HDFC Floating   HDFC FMP 367D                                HDFC                 HDFC               HDFC MF              HDFC                     HDFC FMP 370D
Associate             (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 Market
Limited               Instruments(CP,Cd)                 163.45                87.51                             –                    –                    –                  74.82                      –                        –                 105.13
                      Treasury Bills                      24.87                24.87                             –                    –                    –                  99.08                      –                        –                   –
                      Non-convertable
                      Debentures (NCD)                      –                       –                            –                    –                  9.94                       –                    –                        –                       –
IDFC Ltd              Money Market
                      Instruments(CP,CD)                  46.27                     –                            –                    –                    –                  22.68                      –                        –                       –
                      Non-convertable
                      Debentures (NCD)                    25.38                     –                       16.23                  9.13                  5.03                       –                  25.07              15.00                           –
* Formerly known as HDFC Cash Management Fund - Savings Plus Plan
                                                                                                                                                                                                                                                 (Rs. in Crores)
 Name of                     Particulars                  HDFC    HDFC           HDFC               HDFC              HDFC     HDFC           HDFC    HDFC      HDFC                         HDFC         HDFC           HDFC           HDFC                  HDFC
 the 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                 Term
                                                           ment    ment         Income             Income            February February       January November September                       Fund        Fund-                          Plan
                                                          Fund -  Fund-          Fund-              Fund-              2008     2008          2008     2008     2008                                      Short
                                                         Savings Treasury         Long               Long                                                                                                 Term
                                                           Plan Advantage         Term               Term                                                                                                  Plan
                                                                   Plan*          Plan               Plan
 HDFC Asset                  Floating Rate
 Management                  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
* Formerly known as HDFC Cash Management Fund - Savings Plus Plan
                                                                                                                                                                                                                                                 (Rs. in Crores)
 Name of               Particulars               HDFC    HDFC       HDFC      HDFC           HDFC HDFC                  HDFC       HDFC      HDFC      HDFC     HDFC              HDFC        HDFC           HDFC      HDFC MF HDFC HDFC          HDFC
 the 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 Interval
                                                 ment     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           2005
                                                  Plan Advantage     Plan                                                                                                                                                 Plan
                                                         Plan*
 IDFC Ltd.             Certificate of Deposit      –         –        –         –             –             –           24.96      4.99      9.97          4.99         –             –         –             –          –             –            –             –
                       Commercial Paper          22.63       –        –         –             –             –             –         –         –             –           –             –         –             –          –             –            –           24.73
                       Deep 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.

* Formerly known as HDFC Cash Management Fund - Savings Plus Plan

The AMC has availed the services of HDFC for Investor Servicing and use of designated branches as Collecting Centres / Investor
Service Centres and Collecting / Distribution Agents.
Bank of Baroda, HDFC Bank Ltd., IDBI Bank Ltd., Infrastructure Leasing & Financial Services Ltd. are on the panel of Primary
Dealers/Bankers with whom Mutual Fund placed Money on call, places Fixed Deposits and enters into reverse repo transactions
from time to time at competitive rates.




                                                                                                                                 75                                                                                   HDFC 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        1-4-2008
                                                          to               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        1-4-2008
                                                          to               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
  HDFC Asset Management Company Limited (the AMC)
   Investment Management & Advisory Fees               267.56           177.86        557.31      448.09         1517.11        3,012.24
   Service Tax on Investment Management Fees           32.75            21.98         65.86        54.85          187.52         358.10
  HDFC Trustee Company Limited
   Trusteeship Fees                                     2.43             2.25          5.49        25.49          40.35           62.05
   Service Tax on Trusteeship Fees                       0.3             0.28          0.65         3.12           4.99            7.47
  Computer Age Management Services Pvt. Limited
   Registrar & Transfer Agent Fees                      24.67            27.23         45.78      159.12          198.98         215.34
 HDFC Sales Private Limited
  Commission on Distribution of Units                     –                –             –           –              #               #
 GRUH Finance Limited
   Commission on Distribution of Units                    –                –             –         0.05             #               #
  Housing Development Finance Corporation Limited @
   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

# Less than Rs. 0.01 lakhs           @ Sponsor




HDFC SAI dt. 29.06.2009                                           76
                                                                                                                                         (Rs. in lakhs)
                                                                                                   HDFC Long Term Advantage Fund
                                                                                     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                                                                        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
  HDFC Asset Management Company Limited (the AMC)
   Investment Management & Advisory Fees                                              445.56                 796.21                   566.36
   Service Tax on Investment Management Fees                                           54.54                 98.41                     69.33
  HDFC Trustee Company Limited
   Trusteeship Fees                                                                    5.02                   8.05                     6.22
   Service Tax on Trusteeship Fees                                                     0.61                   1.00                     0.76
  Computer Age Management Services Pvt. Limited
   Registrar & Transfer Agent Fees                                                    123.40                 123.97                    99.59
 HDFC Sales Private Limited
  Commission on Distribution of Units                                                  0.08                   0.29                     0.05
 GRUH Finance Limited
  Commission on Distribution of Units                                                  0.13                   0.03                     0.02
  Housing Development Finance Corporation Limited @
   Commission on Distribution of units                                                  #                      #                        #
 HDFC Investments Limited
  Commission on Distribution of Units                                                   #                      #                        #

 Total                                                                                723.97               1088.57                    779.91

# Less than Rs. 0.01 lakhs           @ Sponsor
                                                                                                                                         (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         1-4-2008
                                                          to               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
  HDFC Asset Management Company Limited (the AMC)
   Investment Management & Advisory Fees               115.84           158.68        102.31         60.56               57.91            57.88
   Service Tax on Investment Management Fees           14.18            19.61          12.65          7.41                7.16             7.02
  HDFC Trustee Company Limited
   Trusteeship Fees                                     1.12             1.41          1.19           0.58                0.54              0.51
   Service Tax on Trusteeship Fees                      0.14             0.17          0.14           0.07                0.07              0.06
  Computer Age Management Services Pvt. Limited
   Registrar & Transfer Agent Fees                      20.74            18.93         15.52          7.57                7.18              5.75
 HDFC Sales Private Limited
  Commission on Distribution of Units                     –               #             #              –                   –                  –
 GRUH Finance Limited
   Commission on Distribution of Units                   #                #            0.01            –                   –                  –
  Housing Development Finance Corporation Limited @
   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
# Less than Rs. 0.01 lakhs           @ Sponsor




                                                                  77                                                  HDFC 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        1-4-2008
                                                          to               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
  HDFC Asset Management Company Limited (the AMC)
   Investment Management & Advisory Fees                11.32            5.78              3.85       40.08           15.23               2.96
   Service Tax on Investment Management Fees            1.39             0.71              0.46        4.91            1.88               0.34
  HDFC Trustee Company Limited
   Trusteeship Fees                                     0.15             0.12              0.31        0.40            0.26               0.48
   Service Tax on Trusteeship Fees                      0.02             0.02              0.04        0.05            0.03               0.06
  Computer Age Management Services Pvt. Limited
   Registrar & Transfer Agent Fees                      1.43             1.15              3.38        3.30            2.42               6.07
 GRUH Finance Limited
   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

  HDFC Asset Management Company Limited (the AMC)
     Investment Management & Advisory Fees                                         18.69                32.78                   122.09
     Service Tax on Investment Management Fees                                      2.29                4.05                    13.58

  HDFC Trustee Company Limited
     Trusteeship Fees                                                               0.80                2.96                       2.10
     Service Tax on Trusteeship Fees                                                0.10                0.37                       0.25

  Computer Age Management Services Pvt. Limited
     Registrar & Transfer Agent Fees                                                8.65                17.76                   14.97

 HDFC Sales Private Limited
     Commission on Distribution of Units                                             –                      –                      0.02

  Housing Development Finance Corporation Limited @
     Commission on Distribution of units                                             #                      #                       #

 GRUH Finance Limited
    Commission on Distribution of Units                                              #                      #                       –

 Total                                                                             33.31                64.92                   158.96
# Less than Rs. 0.01 lakhs           @ Sponsor




HDFC SAI dt. 29.06.2009                                           78
                                                                                                                                                                                                                      (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      1-4-2008
                                                                                             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                                                                              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

  HDFC Asset Management Company Limited (the AMC)
   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

  HDFC Trustee Company Limited
   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

  Computer Age Management Services Pvt. Limited
   Registrar & Transfer Agent Fees                                                          5.01           9.40           9.06           2.42             6.03              5.60             3.53            7.80            6.72

 HDFC Sales Private Limited
   Commission on Distribution of Units                                                        –               –              –             –               –                  #                –             #                #
  Housing Development Finance Corporation Limited @
   Commission on Distribution of units                                                       #                –              –             –               –                  –               #              #                #
 Total                                                                                     15.59          42.92          38.00           7.26             21.15             19.74            9.95           27.38           25.60

# Less than Rs. 0.01 lakhs                       @ Sponsor

                                                                                                                                                                                                                            (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
 HDFC Asset Management Company Limited (the AMC)
   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
 HDFC Trustee Company Limited
   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
 Computer Age Management Services Pvt. Limited
   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
HDFC Sales Private Limited
   Commission on Distribution of Units                           –             –            0.02          –              –           –             #                –               –               #          0.02           0.01

GRUH Finance Limited
   Commission on Distribution of Units                           #            #              #            –              –           –             –                –               –               –            –                –

 Housing Development Finance Corporation Limited @
   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
# Less than Rs. 0.01 lakhs                               @ Sponsor




                                                                                                          79                                                                                HDFC SAI dt. 29.06.2009
                                                                                                                                                                (Rs. in lakhs)
                                                                                                             HDFC Fixed Investment Plan
 Particulars                                                                                  February             March                 June                     July
                                                                                              2002 (1)            2002 (1)             2002 (1)                 2002 (1)
                                                                                              25-2-2002           18-3-2002          10-6-2002               1-7-2002
                                                                                                  to                  to                 to                     to
                                                                                              26-3-2003           10-4-2003          30-6-2003              21-7-2003
 HDFC Bank Limited
   Bank Charges                                                                                  0.01                   –                    –                      –
   Custody Charges                                                                               0.30                   –                  0.22                   0.05
   Commission 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 Limited
   Trusteeship Fees                                                                              0.40                0.01                  0.17                   0.03
  Computer Age Management Services Pvt. Limited
   Registrar & Transfer Agent Fees                                                               0.71                0.01                  0.23                   0.06
 Total                                                                                           10.34               0.22                10.91                    2.35
                                                                                                                                                                (Rs. in lakhs)
                                                                                              HDFC Fixed Investment Plan
 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       1-4-2004
                                                           to          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 Limited
   Bank Charges                                             –          –                –               –              –              –                –               –
   Custody Charges                                          –        0.73               –             0.08           0.20           0.12             0.10            0.08
   Commission 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            1.46
   Service Tax on Investment Management Fees               –           –               0.03             –              –              –                –             0.12
  HDFC Trustee Company Limited
   Trusteeship Fees                                      0.01        0.52              0.03           0.07           0.16           0.11             0.07            0.09
   Service Tax on Trusteeship Fees                         –           –                 –              –              –              –                –               –
  Computer Age Management Services Pvt. Limited
   Registrar & 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
# Less than Rs. 0.01 lakhs
                                                                                                                                                                (Rs. in lakhs)
                                                                                          HDFC Fixed Investment Plan
 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            1-4-2005
                                                        to             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 on
   Distribution of units                                #            1.70                0.02              0.09             0.04                 0.06              0.01
  HDFC Asset Management Company Limited (the AMC)
   Investment Management &
   Advisory Fees                                      0.06          19.22                0.32             23.44             6.59                 23.94            10.88
   Service Tax on Investment
   Management Fees                                      –            1.76                 0.03             2.24             0.67                 2.34              1.11
  HDFC Trustee Company Limited
   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
  Computer Age Management Services Pvt. Limited
   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

# Less than Rs. 0.01 lakhs




HDFC SAI dt. 29.06.2009                                  80
                                                                                                                                                         (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
 Service Tax on Investment Management Fees           362.18         507.93       379.12      141.78       234.70      231.59      101.36      90.65          62.13
 HDFC Trustee Company Limited
 Trusteeship Fees                                      34.46        46.54        31.83       14.29        21.49       21.13        8.05        7.28           4.88
 Service Tax on Trusteeship Fees                       4.22          5.75         3.89        1.75         2.66        2.57        0.99        0.90           0.60
 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
 HDFC Asset Management Company Limited (the AMC)
 Investment Management & Advisory Fees                291.32        697.49       760.52     1823.42      2,722.93    2,223.49     62.33       23.33          207.02
 Service Tax on Investment Management Fees            35.66         86.21        92.59      223.19        336.55      271.36       7.63        2.88          24.20
 HDFC Trustee Company Limited
 Trusteeship Fees                                      6.30         12.88        11.37       19.08        28.20       22.05        0.50        0.35           2.51
 Service Tax on Trusteeship Fees                       0.77          1.59         1.39        2.34         3.49        2.69        0.06        0.04           0.30
 Computer Age Management Services Pvt. Limited
 Registrar & Transfer Agent Fees                      265.89        277.08       211.93      308.10       397.95      274.85       4.44        4.36           23.73
 HDFC Sales Private Limited
 Commission on Distribution of Units                   0.15          0.74         0.61        0.08         0.71        0.69          –           –             #
 GRUH Finance Limited
 Commission on Distribution of Units                   0.06          0.05         0.03        0.08          #          0.01          –           –              –
 Housing Development Finance Corporation Limited @
 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
 # Less than Rs. 0.01 lakhs @ Sponsor




                                                                           81                                                      HDFC SAI dt. 29.06.2009
                                                                                                                                                                                                         (Rs. in lakhs)
                                                                                                                                           HDFC High Interest Fund - 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                                                                                                                         0.07                               0.13                        0.48
   Custody Charges                                                                                                                      0.70                               1.13                        4.38
   Commission on Distribution of Units                                                                                                  0.31                               0.47                        5.80
  HDFC Asset Management Company Limited (the AMC)
   Investment Management & Advisory Fees                                                                                                11.19                              6.54                      230.46
   Service Tax on Investment Management Fees                                                                                            1.37                               0.81                        26.83
  HDFC Trustee Company Limited
   Trusteeship Fees                                                                                                                     0.47                               0.87                        3.81
   Service Tax on Trusteeship Fees                                                                                                      0.06                               0.11                        0.45
  Computer Age Management Services Pvt. Limited
   Registrar & Transfer Agent Fees                                                                                                      3.89                               7.42                        36.75
 Total                                                                                                                                  18.07                             17.48                      308.96

                                                                                                                                                                                                         (Rs. in lakhs)

                                                                                           HDFC Cash Management Fund
                                                                                                                                                       Investment Plan                     Call Plan
                                                                Savings Plan                            Treasury Advantage 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        1-4-2008
                                                         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         31-3-2004      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 Company
 Limited (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

  HDFC Trustee Company Limited
   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 Services
 Pvt. 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

 HDFC Sales Private Limited
   Commission on Distribution of Units                  #                         #               #             0.04               0.08            –                 –               –           -               –

 GRUH Finance Ltd.
   Commission on Distribution of units                  –                         –               –              #                  –              –                 –               –          –                –

  Housing Development Finance
 Corporation 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

# Less than Rs. 0.01 lakhs               @ Sponsor
* 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 dt. 29.06.2009                                                                        82
                                                                                                                                                                                                           (Rs. in lakhs)
                                                                         HDFC Sovereign Gilt Fund                                             HHIF - Fixed Maturity Plan       HDFC Core & Satellite Fund
                                                   Savings Plan               Investment Plan                       Provident Plan             Yearly Yearly      Yearly
                                                                                                                                              Option 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     1-4-2008
                                             to        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           1.09
   Custody 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 Management
 Company 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
  HDFC Trustee Company Limited
   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 Management
 Services 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
 HDFC Sales Private Limited
  Commission on Distribution of Units        –           –        0.02      –        –           –             –           –          –          –           –       –           –           0.08           0.08
  Housing Development Finance
 Corporation 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

# Less than Rs. 0.01 lakhs
HDFC Sovereign Gilt Fund wound up on March 27, 2006.
                                                                                                                                                                                                       (Rs. in lakhs)

                                                                                                HDFC Mutiple                                     HDFC Premier                         HDFC Mutiple Yield
                                                                                                 Yield Fund                                      Multi-Cap Fund                        Fund - Plan 2005
                                                                                   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                                                                          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
  HDFC Asset Management Company Limited (the AMC)
  Investment Management &
  Advisory Fees                                                                     374.78             148.14          68.04         886.23          658.56       373.09     391.49         82.06          42.01
  Service Tax on Investment
  Management Fees                                                                    45.87             18.31            8.31         108.47          81.40         46.36      47.92         10.14           5.13
  HDFC Trustee Company Limited
   Trusteeship Fees                                                                      3.76           1.24            0.54          8.61            6.73         3.84        3.67          0.68           0.34
  Service Tax on Trusteeship Fees                                                    0.46               0.15            0.07          1.05            0.83         0.47        0.45          0.08           0.04
  Computer Age Management Services Pvt. Limited
   Registrar & Transfer Agent Fees                                                   13.28              5.19            2.50         166.19          107.03        49.19      12.94          3.57           1.71
 HDFC Sales Private Limited
  Commission on Distribution of Units                                                     –              -                –               –           0.04         0.01          –             -              –
 GRUH Finance Ltd.
   Commission on Distribution of units                                                    –              -                –               –            -             –           –             -              –
  Housing Development Finance Corporation Limited @
   Commission on Distribution of units                                                    –                               –               –                         #            –                            –

 Total                                                                              464.56             184.01          82.71         1256.10         928.73       512.10     472.60         111.22         50.91

# Less than Rs. 0.01 lakhs                        @ Sponsor



                                                                                                       83                                                                     HDFC SAI dt. 29.06.2009
                                                                                                                                                                                                                            (Rs. in lakhs)

                                                                                                           HDFC Long                                 HDFC Mid-Cap                    HDFC                          HDFC
                                                                                                        Term Equity Fund                              Opportunities                 Arbitrage                  Infrastructure
                                                                                                                                                         Fund                         Fund                          Fund
                                                                                              1-4-2006           1-4-2007 1-4-2008 25-6-2007                        1-4-2008 23-10-2007 1-4-2008 10-3-2008 1-4-2008
                                                                                                 to                 to        to        to                             to        to        to        to        to
                                                                                             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 Limited
   Bank 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           75.61
 HDFC 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           137.49
 HDFC 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            13.45
 Computer 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           109.42
 HDFC Sales Private Limited
  Commission on Distribution of Units                                                             –                                     –             1.20           0.10           –             –             2.90             0.27
 GRUH 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
# Less than Rs. 0.01 lakhs                            @ Sponsor
                                                                                                                                                                                                                            (Rs. in lakhs)
                                                                                                                                           HDFC Fixed Maturity Plans
                                                                                  3M March                                       13M March              3M May      3M June                    6M June               13M June
                                                                                   2006 (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 to
                                                                         31-3-2006 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 Limited
   Bank 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            18.76
   Service 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 Limited
   Trusteeship Fees                                                           0.07               1.49              0.08               7.92            0.60           1.15         1.60          0.64            2.04             0.75
   Service 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. Limited
   Registrar & 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 September
                                           2006 (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 1-4-2007
                                              to            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 Limited
    Bank 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 Management
 Company 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        47.11
    Service Tax on Investment
    Management 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 Limited
    Trusteeship 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        0.97
    Service 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
 Computer Age Management
 Services Pvt. Limited
    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        1.46
 HDFC 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
# Less than Rs. 0.01 lakhs


HDFC SAI dt. 29.06.2009                                                                                            84
                                                                                                                                                                                                                   (Rs. in lakhs)
                                                                                                                      HDFC Fixed Maturity Plans - Series II
                                                               18M October                          90D                         17M November                               16M December                                   90D
                                                                  2006                            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          28-12-2006
                                                    to                 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 Limited
    Bank 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            16.07
    Service Tax on Investment
    Management 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 Limited
    Trusteeship Fees                                1.48             3.53            0.27               0.91           0.66           1.91               0.11              0.57         2.13              0.13             1.32
    Service 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
 Computer Age Management Services
 Pvt. Limited
    Registrar & Transfer Agent Fees                 1.66             4.17            1.30               1.18           0.90           2.28               1.29              0.78         2.51              0.68             2.04
 HDFC 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 Maturity
                                                                                                Plans - Series III                                                                             Plans - Series IV
                                                  90D January                    16M January                          15M February                        14M March                   90D February              90D March
                                                       2007                          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 to
                                              31-3-2007 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 Limited
   Bank 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        1.13
   Commission on Distribution of units         0.09         0.02           1.70        –           –           0.60        –           –          2.68            –           –       0.12         0.11          0.02        0.20
 HDFC Asset Management Company
 Limited (the AMC)
   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       16.59
   Service Tax on Investment
   Management 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 Limited
   Trusteeship 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        1.16
   Service 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
 Computer Age Management Services
 Pvt. Limited
   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             181D
                                                                                                     March                            April                       April                 April             May             May
                                                                                                     2007                             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 to
                                                                                   31-3-2007 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 Limited
   Bank Charges                                                                        –                  -              –              -                  -                –             -                 -               -
   Custody Charges                                                                   0.03               3.74           0.82           1.06               3.84             0.29          1.06              0.15            0.23
   Commission on distribution of Units                                               3.35                 -              –            0.27               2.84               –           0.29              0.14            0.11
 HDFC Securities Limited
   Brokerage
   Commission on distribution of Units                                               0.63                               –                -                                  –             -                -                -
 HDFC Asset Management
 Company Limited (the AMC)
   Investment Management and Advisory Fees                                           0.08              92.26          28.27           15.88           130.33              30.21        53.87              2.66            3.55
   Service 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 Limited
   Trustee Fees                                                                      0.01               3.38           0.82           0.86               3.36             0.29          1.06              0.21            0.21
   Service Tax on Trusteeship Fees                                                   0.26               0.42           0.10           0.11               0.42             0.04          0.13              0.03            0.03
 Computer Age Management
 Services Pvt. Limited
   Registrar and Transfer Agent Fees                                                   -                4.00           1.47           1.73               4.30             2.56          1.70              0.33            0.70
 HDFC Sales Private Limited
   Commission 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
# Less than Rs. 0.01 lakhs




                                                                                                        85                                                                            HDFC SAI dt. 29.06.2009
                                                                                                                                                                                                 (Rs. in lakhs)
 Particulars                                                                                           HDFC Fixed Maturity Plans - Series V
                                                            367D                               24M                   90D            181D                    367D                                36M
                                                            May                                May                   June           June                    June                                June
                                                            2007                               2007                  2007           2007                    2007                                2007
                                              7-5-2007 to      1-4-2008 to        7-5-2007 to       1-4-2008 to    4-6-2007 to    4-6-2007 to    4-6-2007 to       1-4-2008 to    6-7-2007 to       1-4-2008 to
                                               31-3-2008        31-3-2009          31-3-2008         31-3-2009      18-9-2007     18-12-2007      31-3-2008         31-3-2009      31-3-2008         31-3-2009
 HDFC Bank Limited
   Bank Charges                                   –                  –                   -               –             -               -              -                –               -                 –
   Custody Charges                              1.58               0.28                0.25            0.21          0.82            0.11           0.58             0.17            0.80              0.76
   Commission on distribution of Units          1.78                 –                 0.28              –           0.25            0.11           0.62               –             2.19              0.22
 HDFC Asset Management
 Company Limited (the AMC)
   Investment Management and Advisory Fees      71.42              16.62               14.74          17.29          12.03           0.53           22.47            4.39           32.24              40.34
   Service 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 Limited
   Trustee Fees                                 1.37               0.25                0.24            0.27          0.73            0.11           0.52             0.16            0.72              0.89
   Service Tax on Trusteeship Fees              0.17               0.03                0.03            0.03          0.09            0.01           0.06             0.02            0.09              0.11
 Computer Age Management
 Services Pvt. Limited
   Registrar and Transfer Agent Fees            1.81               1.31                0.31            0.12          1.79            0.30           0.68             0.50            0.87              0.57
 HDFC 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                            181D
                                               August                         August                          September           September               September                        October
                                                2007                           2007                             2007                2007                   2007 (2)                         2007
                                             28-8-2007 to      14-8-2007 to       1-4-2008 to      19-9-2007 to    1-4-2008 to    19-9-2007 to   3-10-2007 to      1-4-2008 to   18-10-2007 to      1-4-2008 to
                                              26-11-2007        31-3-2008          31-3-2009        31-3-2008       31-3-2009      17-12-2007     31-3-2008         31-3-2009      31-3-2008         31-3-2009
 HDFC Bank Limited
   Bank Charges                                   –                   -                  –               -             –               –              -                –               -                 –
   Custody Charges                               0.70               1.28               0.67            0.22          0.16            1.06           0.08             0.06            0.05              0.00
   Commission on distribution of Units           0.15               0.12                 –             0.32            –             0.24           0.08               –             0.08              0.01
 HDFC Securities Limited
   Brokerage
   Commission on distribution of Units            –                   –                 –               –              –               –              –                –              –                  –
 HDFC Asset Management
 Company Limited (the AMC)
   Investment Management and Advisory Fees      12.39              37.45               28.05           6.52           8.95          20.29           3.56             3.86            0.68              0.06
   Service Tax on Invt Mgt Fees                  1.53               4.63                3.47           0.81           1.11           2.51           0.44             0.48            0.08              0.01
 HDFC Trustee Company Limited
   Trustee 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                #
 Computer Age Management
 Services Pvt. Limited
   Registrar and Transfer Agent Fees             1.33               1.38               0.78            0.39          0.24            2.27           0.18             0.13            0.11              0.09
 HDFC Sales Private Limited
   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)
 Particulars                                                                                  HDFC Fixed Maturity Plans - Series VI
                                                             18M                                 18M                          18M                  90D       90D                            181D
                                                            October                           September                     November             November November                        November
                                                             2007                               2007                          2007                 2007    2007 (2)                         2007
                                             30-10-2007 to     1-4-2008 to        9-10-2007 to      1-4-2008 to   19-11-2007 to   1-4-2008 to    2-11-2007 to   27-11-2007 to 20-11-2007 to         1-4-2008 to
                                               31-3-2008        31-3-2009          31-3-2008         31-3-2009      31-3-2008      31-3-2009      17-3-2008       25-2-2008     31-3-2008            31-3-2009
 HDFC Bank Limited
   Bank Charges                                   -                  –                   -              #              -               –              -                 -              -                 –
   Custody Charges                              0.73               1.22                0.73            1.04          0.96            1.58           0.59              1.35           0.06              0.02
   Commission on distribution of Units          0.80                 –                 3.59             –            1.40              –            0.02              0.16           0.06              0.02
 HDFC Securities Limited
   Brokerage
   Commission on distribution of Units            –                   –                 –               –              –               –              –                –              –                  –
 HDFC Asset Management
 Company Limited (the AMC)
   Investment Management and Advisory Fees      24.47              98.65            31.93             113.17         28.82          205.17         12.84             33.56           0.71              1.29
   Service Tax on Invt Mgt Fees                  3.02              11.24             3.95              13.09         3.56           22.52           1.59              4.15           0.09              0.16
 HDFC Trustee Company Limited
   Trustee Fees                                 0.59               1.41                0.64            1.24          0.75            1.85           0.55              1.20           0.06              0.02
   Service Tax on Trusteeship Fees              0.07               0.17                0.08            0.15          0.09            0.23           0.07              0.15           0.01               #
 Computer Age Management
 Services Pvt. Limited
   Registrar and Transfer Agent Fees            0.83                1.16               1.16            0.84           1.24           1.44           0.95              2.41           0.22              0.12
 HDFC Sales Private Limited
   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
# Less than Rs. 0.01 lakhs


HDFC SAI dt. 29.06.2009                                                                86
                                                                                                                                                                                                              (Rs. in lakhs)

 Particulars                                                                                                               HDFC Fixed Maturity Plans - Series VI
                                                                                        FMP 90D                     FMP 181D                                   FMP 18M                                FMP 90D
                                                                                        December                    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           1-4-2008
                                                                                        to                    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 Limited
   Bank Charges                                                                             –                  –                 –                     –                     –                  –                   –
   Custody Charges                                                                        2.15                0.26             0.19                   0.07                 0.21                0.63               0.77
   Commission on distribution of Units                                                    0.17                0.33             0.24                   0.33                   –                 1.22               1.43
 HDFC Asset Management
 Company Limited (the AMC)
   Investment Management and Advisory Fees                                               43.54                4.16             3.09                   3.81                 14.38               9.95              12.45
   Service Tax on Invt Mgt Fees                                                           5.38                0.51             0.38                   0.47                  1.75               1.23               1.54
 HDFC Trustee Company Limited
   Trustee Fees                                                                           1.91                0.23             0.17                   0.07                 0.23                0.56               0.68
   Service Tax on Trusteeship Fees                                                        0.24                0.03             0.02                   0.01                 0.03                0.07               0.08
 Computer Age Management Services Pvt. Limited
   Registrar and Transfer Agent Fees                                                      3.78                0.39             0.24                   0.24                 0.14                0.86               1.09
 HDFC Sales Private Limited
   Commission 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 Quarterly
                                                                                                 Interval 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 to
                                                                                     31-3-2007     31-3-2008     31-3-2009                      31-3-2008        31-3-2009                  31-3-2008        31-3-2009
 HDFC Bank Limited
   Bank Charges                                                                            –                   –                #                       –                   #                    –                 #
   Custody Charges                                                                         –                 3.39              1.77                   2.48                 1.62                2.03               2.00
   Commission 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               2.47
   Service Tax on Investment Management Fees                                               –                 8.14              6.04                  6.49                  4.37               7.41                0.25
 HDFC Trustee Company Limited
   Trusteeship Fees                                                                       0.02                3.04             2.10                   2.32                 1.92                1.91               2.24
   Service Tax on Trusteeship Fees                                                          –                 0.38             0.26                   0.29                 0.23                0.24               0.28
 Computer Age Management Services Pvt. Limited
   Registrar & 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
# Less than Rs. 0.01 lakhs

                                                                                                                                                                                                              (Rs. in lakhs)
 Particulars                                                                                     HDFC Fixed Maturity Plans - Series VII
                                                      FMP 18M            FMP 90D                         FMP 15M                         FMP 90D                          FMP 14M                            FMP 90D
                                                      January            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 1-4-2008
                                                 to        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 Limited
   Bank 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          0.22
   Commission on distribution of Units         1.96           –     0.02        0.03              0.60               –          0.05                0.12            2.23              –               0.02          0.05
 HDFC Asset Management
 Company Limited (the AMC)
   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          3.33
   Service 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 Limited
   Trustee Fees                                0.25         1.63    0.37        0.60              0.04             0.38         0.12                0.29            0.04            0.53              0.06          0.19
   Service 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
 Computer Age Management
 Services Pvt. Limited
   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          0.43
 HDFC 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

                                                                                                87                                                                                 HDFC SAI dt. 29.06.2009
                                                                                                                                                                                               (Rs. in lakhs)
 Particulars                                                                                     HDFC Fixed Maturity Plans - Series VII
                                                      FMP 13M                 FMP 90D                      FMP 13M               FMP 370D                      FMP 370D                     FMP 90D
                                                       March                    March                       March                  March                         March                       March
                                                       2008                    2008 (2)                    2008 (2)               2008 (1)                      2008 (2)                    2008 (3)
                                             11-3-2008 1-4-2008 18-3-2008 1-4-2008 18-3-2008 1-4-2008 31-3-2008 1-4-2008 31-3-2008 1-4-2008 28-3-2008 1-4-2008
                                                 to        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 Limited
   Bank 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            0.49
   Commission on distribution of Units         1.02               –      0.08             0.43     2.59                 –      0.00             –         9.53             0.17        0.01            0.12
 HDFC Asset Management
 Company Limited (the AMC)
   Investment Management and Advisory Fees     0.45         25.75        3.00         15.77           2.53        142.38         -           436.46         -                –         0.27           14.85
   Service 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 Limited
   Trustee Fees                                0.01             0.21     0.21             1.17     0.12               2.89       -            5.62          -              8.58        0.02            0.44
   Service Tax on Trusteeship Fees               –              0.03     0.03             0.14     0.01               0.35       -            0.68          -              1.04          -             0.05
 Computer Age Management
 Services Pvt. Limited
   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            0.99
 HDFC 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)
 Particulars                                                                                                                 HDFC Fixed Maturity Plans - Series VII
                                                                                                  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 to
                                                                                                        31-3-2009                31-3-2009                  31-3-2009                    31-3-2009
 HDFC Bank Limited
  Bank Charges                                                                                                 -                        -                           #                            -
  Custody Charges                                                                                            0.36                     0.23                         1.24                        0.56
  Commission 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                         9.45
  Service Tax on Invt Mgt Fees                                                                               3.22                     0.48                       9.28                          1.17
 HDFC Trustee Company Limited
  Trustee Fees                                                                                               0.46                     0.26                         1.54                        0.57
  Service Tax on Trustee Fees                                                                                0.06                     0.03                         0.19                        0.07
 Computer Age Management Services Pvt. Limited
  Registrar and Transfer Agent Fees                                                                          0.43                     0.42                         1.41                        1.27
 Total                                                                                                       31.87                    5.42                       92.34                        13.24

# Less than Rs. 0.01 lakhs
                                                                                                                                                                                               (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 370D
                                               May           May         May           May          May            May         May             June       June              June        June          June
                                               2008         2008 (2)    2008          2008(2)     2008 (3)       2008 (4)     2008 (3)       2008 (1)   2008 (2)          2008 (3)    2008 (1)      2008 (2)
                                             15-5-2008     21-5-2008   15-5-2008    21-5-2008    27-5-2008       3-6-2008    30-5-2008   10-6-2008      17-6-2008     26-6-2008      24-6-2008     24-6-2008
                                                 to            to          to           to           to             to           to          to             to            to             to            to
                                             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 Limited
   Bank 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            0.66
   Commission 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
 HDFC Asset Management Company
 Limited (the AMC)
   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           36.40
   Service 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 Limited
   Trustee Fees                                2.09             2.30     0.61             0.56     0.88               0.50     1.17           1.03        1.98             0.89        1.51            0.95
   Service 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
 Computer Age Management Services
 Pvt. Limited
   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 dt. 29.06.2009                                                                          88
                                                                                                                                                                                           (Rs. in lakhs)
 Particulars                                                                                                      HDFC Fixed Maturity Plans - Series VIII
                                                                                       FMP 90D                  FMP 370D               FMP 181D                FMP 90D              FMP 181D
                                                                                         July                      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 to
                                                                                      1-10-2008                 31-3-2009              9-3-2009                5-1-2009             31-3-2009
 HDFC Bank Limited
  Bank Charges                                                                               –                          –                     –                     –                        –
  Custody Charges                                                                          0.60                       0.87                  0.68                  1.23                     0.32
  Commission 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                    51.68
  Service Tax on Invt Mgt Fees                                                             2.50                    6.99                     2.53                 14.34                     5.32
 HDFC Trustee Company Limited
  Trustee Fees                                                                             0.84                       1.20                  0.93                  1.66                     0.43
  Service Tax on Trustee Fees                                                              0.10                       0.14                  0.11                  0.21                     0.05
 Computer Age Management Services Pvt. Limited
  Registrar and Transfer Agent Fees                                                        1.95                       1.04                  1.71                  5.52                     0.42
 HDFC Sales Private Limited
   Commission 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 90D
                                                 July           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)
                                              24-7-2008 to   23-7-2008 to   31-7-2008 to     28-8-2008 to    13-8-2008 to    19-8-2008 to     26-8-2008 to   19-8-2008 to   22-8-2008 to      2-9-2008 to
                                               21-10-2008     31-3-2009      29-10-2008       31-3-2009       10-11-2008      17-11-2008       24-11-2008     31-3-2009      31-3-2009         1-12-2008
 HDFC Bank Limited
   Bank Charges                                      –            –              –                 –              –               –                  –            –            0.02                –
   Custody Charges                                 1.07         0.53           0.84              1.20           0.49            0.49               1.35         0.78           7.26              1.68
   Commission on distribution of Units             0.27         2.69           0.06              6.02           0.22            0.98               0.43        11.68           0.13              0.71
 HDFC Asset Management
 Company Limited (the AMC)
   Investment Management and Advisory Fees         9.30        40.73          16.75             99.75           7.60           14.06              27.33        79.87          63.11              56.97
   Service Tax on Invt Mgt Fees                    1.15         4.91           2.07             11.88           0.94            1.74               3.38         9.60           6.87               7.04
 HDFC Trustee Company Limited
   Trustee Fees                                    1.11         0.73           1.13              1.58           0.67            0.68               1.84         1.06           9.44              2.30
   Service Tax on Trusteeship Fees                 0.14         0.09           0.14              0.19           0.08            0.08               0.23         0.13           1.13              0.28
 Computer Age Management
 Services Pvt. Limited
   Registrar and Transfer Agent Fees               3.31         0.70           1.82              1.55           1.91            1.79               3.38         0.98           7.76              4.90
 HDFC Sales Private Limited
   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
# Less than Rs. 0.01 lakhs

                                                                                                                                                                                           (Rs. in lakhs)
 Particulars                                                                                           HDFC Fixed Maturity Plans - Series IX
                                              FMP 370D FMP 90D               FMP 90D FMP 90D FMP 22M                         FMP 370D         FMP 90D        FMP 18M        FMP 370D          FMP 90D
                                                August 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)
                                               9-9-2008 to   9-9-2008 to    16-9-2008 to    24-9-2008 to     23-9-2008 to    23-9-2008 to     16-10-2008 to 16-10-2008 to 21-10-2008 to 22-10-2008 to
                                                31-3-2008     8-12-2008      15-12-2008      22-12-2009       31-3-2009       31-3-2009         13-1-2009     31-3-2009     31-3-2009     19-1-2009
 HDFC Bank Limited
   Bank Charges                                      –            –              –                 –              –               –                  –            –              –                 –
   Custody Charges                                 0.49         0.74           1.55              1.19           0.76            0.57               0.36         0.15           0.14              0.50
   Commission on distribution of Units             3.97         0.25           0.57              0.54          15.54            4.25               0.21         1.26           0.96              0.23
 HDFC Asset Management
 Company Limited (the AMC)
   Investment Management and Advisory Fees         46.54       30.84          46.70             31.20          77.17           42.12               2.40        18.37          25.04              35.07
   Service Tax on Invt Mgt Fees                     5.58        3.81           5.77              3.86           9.22            5.04               0.30         2.19           2.73               4.33
 HDFC Trustee Company Limited
   Trustee Fees                                    0.65         1.02           2.10              1.62           0.98            0.73               0.49         0.22           0.20              0.69
   Service Tax on Trusteeship Fees                 0.08         0.13           0.26              0.20           0.12            0.09               0.06         0.03           0.02              0.09
 Computer Age Management
 Services Pvt. Limited
   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 Limited
   Commission 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



                                                                               89                                                                             HDFC SAI dt. 29.06.2009
                                                                                                                                                                   (Rs. in lakhs)
  Particulars                                                                                         HDFC Fixed Maturity Plans - Series IX
                                                                            FMP 90D                 FMP 18M     FMP 370D                     FMP 17M      FMP 370D
                                                                            October                  October    November                    November      December
                                                                            2008 (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 to
                                                                           28-1-2009               31-3-2009    31-3-2009                   31-3-2009     31-3-2009
  HDFC Bank Limited
   Bank Charges                                                                     –                   –                    –                   –                   –
   Custody Charges                                                                0.18                0.09                 0.34                0.16                0.12
   Commission 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                7.83
   Service Tax on Invt Mgt Fees                                                   1.24                0.83                 3.51               1.68                 0.91
  HDFC Trustee Company Limited
   Trustee Fees                                                                   0.25                0.12                 0.44                0.23                0.16
   Service Tax on Trustee Fees                                                    0.03                0.01                 0.05                0.03                0.02
  Computer Age Management Services Pvt. Limited
   Registrar 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 367D
                                                       November      November November November               December       December       March      February        March
                                                        2008 (1)      2008 (2) 2008 (3) 2008 (4)               2008 (1)       2008 (1)       2009        2009         2009 (1)
                                                        11-11-2008   18-11-2008     25-11-2008   2-12-2008    10-12-2008     10-12-2008    25-3-2009   25-3-2009      31-3-2009
                                                            to           to             to           to           to             to            to          to             to
                                                         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 Limited
   Bank 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            0.04
   Service Tax on Invt Mgt Fees                           0.88         1.41            0.14        2.06         0.70              0.39        –            –              #
  HDFC Trustee Company Limited
   Trustee 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. Limited
   Registrar and Transfer Agent Fees                      0.76         1.01            0.96        0.62         0.10              0.36      0.01         0.01             –
  HDFC Sales Private Limited
   Commission 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 in                  The AMC may utilise the services of Sponsors, group companies
line with the norms relating to brokerage payment for secondary               and any other subsidiary or associate company of the Sponsors
market transactions of the Mutual Fund.                                       established or to be established at a later date, in case such a
                                                                              company (including their employees or relatives) is in a position
The AMC may, from time to time, for the purpose of conducting                 to provide the requisite services to the AMC. The AMC will
its normal business, use the services (including Brokerage services           conduct its business with the aforesaid companies (including
and securities transactions) of the Sponsors, subsidiaries, group             their employees or relatives) on commercial terms and on
companies, associates of its Sponsor and their employees or                   arms-length basis and at mutually agreed terms and conditions
relatives. The subsidiaries of HDFC as on March 31, 2009.                     to the extent permitted under the SEBI (MF) Regulations, after
1. HDFC Asset Management Company Limited                                      evaluation of the competitiveness of the pricing offered by the
2. HDFC ERGO General Insurance Company Limited                                Sponsors, associate companies (including their employees or
3. HDFC Developers Limited                                                    relatives) and the services to be provided by them.
4. HDFC Holdings Limited                                                      Associate transactions, if carried out, will be as per the SEBI (MF)
5. HDFC Investments Limited                                                   Regulations and the limits prescribed thereunder. The Scheme
6. HDFC Realty Limited                                                        shall not make any investments in –
7. HDFC Standard Life Insurance Company Limited                                         any unlisted security of an associate or group company
                                                                                        of the Sponsors; or
8. HDFC Trustee Company Limited
                                                                                        any security issued by way of private placement by an
9. GRUH Finance Limited
                                                                                        associate or group company of the Sponsors; or
10. HDFC Venture Capital Limited                                                        the listed securities of group companies of the Sponsors
11. HDFC Ventures Trustee Company Limited                                               which is in excess of 25% of the net assets.
12. HDFC Sales Private Limited
                                                                                       Documents Available For Inspection
13. HDFC Property Ventures Limited
                                                                              Copies of the following documents may be inspected during
14. Griha Investments, Mauritius.
                                                                              Business Hours on any Business Day at the registered office of
15. HDFC Asset Management Company Singapore (Pte.) Ltd.                       the AMC.


HDFC SAI dt. 29.06.2009                                                90
1.   Trust Deed and amendments thereto, if any                                              Investor Grievances Redressal Mechanism
2.   Investment Management Agreement;                                                   Investors may contact any of the Investor Service Centres (ISCs)
3.   Custodian Agreement;                                                               of the AMC for any queries / clarifications at telephone number
4.   Registrars Agreement;                                                              60006767 or 1800 233 6767 (toll free), Fax number. (022)
5.   Memorandum and Articles of Association of the AMC;                                 22821144, e-mail: cliser@hdfcfund.com. Investors can also
                                                                                        post their grievances/feedback/suggestions on our website
6.   Securities and Exchange Board of India (Mutual Funds)
                                                                                        www.hdfcfund.com under the section 'Customer Care' appearing
     Regulations, 1996 and amendments thereto from time to
                                                                                        under 'Contact Us'. The Head Office of the AMC will follow up
     time;
                                                                                        with the respective ISCs to ensure timely redressal and prompt
7.   Indian Trusts Act, 1882;                                                           investor services. Mr. John Mathews, Head - Client Services can
8.   Consent of the Auditors and Legal Advisors to act in the                           be contacted at Mistry Bhavan, 2nd Floor, 122, Dinsha Vachha
     said capacity; and                                                                 Road, Churchgate, Mumbai - 400 020 at telephone number
9.   Registration Certificate for the Mutual Fund granted by                            (Direct) (022) 66316301 or telephone number (Board) (022)
     SEBI.                                                                              66316333. His e-mail contact is: jmathews@hdfcfund.com


Investor Complaints
Given below is the status of complaints received during the period April 1, 2006 to November 30, 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, Nov. 30, March 31, March 31, March 31,      Nov. 30,  2007      2008      2009    Nov. 30,
                                         2007      2008      2009     2009      2007      2008      2009          2009                                  2009
HDFC Growth Fund                         146       321        637       218      157         318         635       218       2         5           7       7
HDFC Equity Fund                         741       872        784       420      742         868         793       418       12        16          7      9
HDFC Top 200 Fund                        469       612       1,221     1,126     473         611        1,217     1,109      12        13         17      34
HDFC Capital Builder Fund                274       160        112        42      289         161         112       42        3         2           2       2
HDFC Core & Satellite Fund               315       152         64        25      323         153          63        26        1         –          1       –
HDFC Premier Multi-Cap Fund              341       143         71        40      342         146          74        41        7         4          1       –
HDFC Long Term Advantage Fund            460       430        410       196      468         433         405       202       9         6          11      5
HDFC TaxSaver                            710      1,171      1,210      579      717        1,154       1,212      594       4         21         19      4
HDFC Index Fund                           12        21         34        20       12          19          35        21        –         2          1       –
HDFC Balanced Fund                        45        78         27        15       44          78          28        15        1         1          –       –
HDFC Prudence Fund                       322       515        451       213      322         521         453       211       11        5           3       5
HDFC Long Term Equity Fund                39       164         67        34       41         164          67        33        –         –          –       1
HDFC MF Monthly Income Plan              320       178        150       132      321         181         149       131       3          –          1       2
HDFC Children's Gift Fund                 46        91        143        97       47          91         138       103        1         1          6       –
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        27      121          25          31        27        –         –          –       –
HDFC High Interest Fund                   20        14         80        55       20          14          80        55        –         –          –       –
HDFC Short Term Plan                      13         4         12        44       13           4          12        44        –         –          –       –
HDFC Floating Rate Income Fund            48        48         93        73       49          48          89        76        –         –          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        29       26          18          48        28        –         –          –       1
HDFC Cash Management Fund                 42       226        317       169       43         221         321       169        –         5          1       1
HDFC Fixed Maturity Plans                 5         28        263        28        5          28         261        30        –         –          2       –
HDFC Mid Cap Opportunities Fund            –       265         79        47        –         264          79        48        –         1          1       –
HDFC Arbitrage Fund                        –         6         21        19        –           6          21        19        –         –          –       –
HDFC Infrastructure Fund                   –        50        826       102        –          34         842        98        –        16          –       4
HDFC Quarterly Interval Fund               –         9         27         1        –           9          27         1        –         –          –       –
Total                                   4,528     5,604      7,193     3,755    4,593       5,572       7,207     3,763      66        98         84      76
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 November 30, 2009.




                                                                                 91                                                  HDFC SAI dt. 29.06.2009
Notes:                                                                   changes will be mentioned in the updated SAI.
1. The Statement of Additional Information (‘SAI’) will be          4.   Notwithstanding anything contained in this Statement
   uploaded by HDFC Mutual Fund on its website                           of Additional Information, the provisions of SEBI (MF)
   (www.hdfcfund.com) and on AMFI website                                Regulations, 1996 and the guidelines thereunder shall
   (www.amfiindia.com). The printed copy of SAI will be made             be applicable.
   available to the investor on request.
2. SAI will be updated within 3 months from the end of each
   financial year and filed with SEBI.
                                                                                 For and on behalf of the Board of Directors of
3. Any material changes to SAI will be made on an ongoing
                                                                                HDFC Asset Management Company Limited
   basis 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 such          Place : Mumbai                            MILIND BARVE
   changes within 7 days. The effective date for all such           Date : June 29, 2009                     Managing Director




HDFC SAI dt. 29.06.2009                                        92
93   HDFC SAI dt. 29.06.2009
            HDFC ASSET MANAGEMENT COMPANY LIMITED
        A 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.: 022-66316333      Toll Free no. 1800 233 6767       Fax : 022-22821144
                  e-mail for Investors: cliser@hdfcfund.com
                e-mail for Distributors: broser@hdfcfund.com
                                                                                  graphics
                                                                               alok




                     website : www.hdfcfund.com

				
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