Top3 Tax Saving Mutual Funds (ELSS) 2007

As it is investment season and people are desperate to save from that dreaded taxman and invest in instruments classified under Sec80c , here are my top 3 Tax Saving Mutual Funds.

For Mfs 2009 chk this post Top Tax Saving Mutual Funds (ELSS) 2009

SBI Magnum Taxgain

NAV : 52.63 (07/03/08)

RISK/ RETURN: low /high

EXPENSE RATIO 1.89

SBI Magnum Taxgain has managed to remain at No. 1 this year. With solid companies and an enviable track record this is the Mf to be in.

Top Holdings		As on 29/02/08
Name of Holding		% Net Assets
Reliance Industries		4.91
Larsen & Toubro		3.87
Welspun-Gujarat Stahl Rohren		3.78
Reliance Communications		3.17
HDFC		2.84

No. 2 HDFC Tax Saver

NAV : 157.131 (07/03/08)

RISK/ RETURN: below avg / above avg

EXPENSE RATIO 2.14
This fund has always been in the top 3 list and has a slightly higher risk profile.

Top Holdings		As on 31/01/08
Name of Holding		% Net Assets
ICICI Bank		7.18
Larsen & Toubro		6.02
I T C		5.65
Crompton Greaves		5.42
Reliance Industries		5.11

No. 3 HDFC Long term Advantage Fund

NAV : 52.63 (07/03/08)

RISK/ RETURN: low /high

EXPENSE RATIO 2.16

The LT advantage fund scores in terms of safety over the HDFC Taxsaver and is also a solid pick if u choose safety over returns.

Top Holdings		As on 29/02/08
Name of Holding		% Net Assets
ICICI Bank		6.36
Reliance Industries		5.82
Blue Star		5.64
SBI		4.49
Thermax		4.26