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Vol. No. 5 Issue No. 10

Average assets under management for April 2008: Rs. 51,770.82 Crore

April 2008

Review with a view

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2 April 2008 Intouchmutually

The equity markets rallied during the monthdespite rising inflation and all time high oilprices. The Nifty ended the month up 9.1%

at 5,165 while the Sensex was up 10.5% at 17,287.The recovery in mid-cap stocks was more pro-nounced than that in large caps; the CNX MidcapIndex ended at 7,004 up 12.2%.

Globally markets staged a recovery on thehope that the worst of the credit crisis may bebehind us and that economic growth could bounceback in the second half of 2008. The Dow endedup 4.5%, Nasdaq up 5.8%, FTSE up 6.8% andDAX up 6.4%. Emerging markets followed globalcues and also posted strong gains. The Hang Sengended up by 12.7% and the Kospi up 7.1%. Duringthe month crude scaled new highs and ended up11.2% at $111.3 per barrel. Metal prices softenedmarginally with Aluminum down 2.8% and Zincdown 3.9%. An appreciating dollar resulted ingold prices correcting by 4.3%.

On the domestic front, strong IIP numbers forFebruary (8.6% growth as compared to 5.6% inJan-08) and in-line corporate performance helped

quell growth concerns. This, along with strongglobal cues, helped the Sensex post double-digitreturns. FII flows turned positive with net inflowof $266 mn in Apr-08 as compared to a net outflowof $32 mn in Mar-08. Domestic mutual funds alsoreported positive inflows of Rs 160 cr as comparedto an outflow of Rs 1,971cr in Mar-08. The Rupeedepreciated by 0.95% against the Dollar and endedthe month at 40.49.

While it seems that the US sub prime crisis issettling down, uncertainty remains and globalevents will continue to shape local sentiment andoverall liquidity. However, to some extent atten-tion may shift towards domestic growth and inflation dynamics. On one hand, growth at thisjuncture remains on track. On the other hand,while the government has taken number of measures to dampen inflation, its key drivers are external and therefore more difficult to man-age. While it remains a challenge to managegrowth with inflation in the short term, the longterm growth prospects of the economy remainencouraging. �

Equity market update

In the month of April 08, the yields in the debtmarket moved higher during the month. Theyield on the 10-year Government Security

increased by 8 bps over March 2008 to end at7.91%.

The stock of liquidity (LAF + MSS + Surpluscash held by Central Government) remains com-fortable. The average LAF during the month wasRs.26237 crores. The NSE overnight MIBORended at 6.16% substantially lower than the rateseen in end March.

WPI Inflation was higher at 7.57% in April 08 compared to 7.41% in end March 08.INR depreciated to 40.495 as compared to 40.11

at March 08. Net FII investment in equity & debt was an outflow of USD 155.20 million inApril 08, compared to outflows of USD 250 mil-lion in March 08.

RBI, in its effort to manage the inflationexpectation and reduce the surplus liquidity in thesystem, increased the CRR by 50 bps before thepolicy. In its Annual Policy Statement, RBI leftall rates unchanged, but increased the CRR fur-ther by 25 bps.

The Fund continues to position itself in instru-ments and maturity buckets that provide higherrelative value in an attempt to deliver superiorrisk adjusted returns.�

Debt market update

Market Review

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April 2008 3Intouchmutually

Volatile markets, rising inter-est rates, inflation pres-sures... all reasons for an

investor in the stock market to feeljittery. Should I sell out? Or, shouldI hold on? — Yes, there is a quiverfull of questions

However, before taking anysuch decision, it’s extremely impor-tant to sit down and take a look atyour portfolio. Portfolio review isan important part of financial man-agement. Ideally, one should go forit once in every six months or ayear. This is because market situa-tions keep on changing. And a reg-ular reviewing helps you do someasset reallocation, if required. Butalways remember that occasionaltweaking could even mean notweaking. As the legendaryinvestor, Warren Buffet has said,“Occasionally, successful investingrequires inactivity”.

Besides changing market situa-tions, there are other importantoccasions to go for a review iswhen there is change in your situa-tion. That is, if you are changingyour job or getting married or even,planning for a child.

Remember portfolio review islike going for a yearly medical check-up. You maynot be exactly ill, but a yearly executive check-upensures that there are no inherent diseases thatcrop up suddenly. The idea is to take precaution-ary measures. And it depends upon the results ofthe check-up that the doctor decides what treat-ment you may need or none at all. Moreover, if

any disease is detected then, it is important to fol-low a procedure in solving it.

Also, when you are going for this tweaking,remember to answer important questions aboutyour investment goals before shifting the moneyfrom one investment to another or getting out ofany particular investment. That is, if you have

Reviewwith aviewBefore going on a selling spree in the stock market, it’s important to know what youare going to do with the cash

Illustra

tion: R

avin

dra

Jadhav

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been saving in a sector fund to take a tripabroad in the next five years and the markethas crashed after two years, there is no pointin exiting that because then, you are breakingthe cardinal rule of financial planning.

However, if you are going through a port-folio review during/after a bull run and feelingjittery about the market conditions, you couldbook profits. But equally important is to keepa game plan ready before you start gatheringall that cash on what will you do with the saleproceeds. In other words, you need to be veryclear that whether you intend to plough backthat the sale proceeds into some other instru-ment or purchase a home or reinvest it some-where else. This is mainly because idle cashlying in the banks earn interest of barely 3.5per cent. Even fixed deposit would return only7.5 to 9.6 per cent. So it does not make greatsense to keep bulk cash in banks. Let us lookat a few solutions.

One, if you are planning to invest the pro-ceeds in another equity fund, after encashingfrom one that has seen major upside, then itsbetter that proper research is done. It is alwaysa good idea if one has been able to spot thenext winner. But switching money from onefund to the other just because the net assetvalue (NAV) of the other fund is lower thanthe first is never a smart move. The opportu-nities are there when you are planning tomove your money from risky sector or mid-and small-cap funds to large-cap or equitydiversified funds.

Another point that should be noted is thatoften, investors fall for the Rs 10 trap or thenew fund offering (NFO) trap. Just because afund is being launched at an offer price of Rs10 (or at the par value — as many may refer),the fund does not become a good option oreven a safer option. It is important to remem-ber that past whether the NAV of a fund ishigh or low has no relation to how a fundwould perform in future. In fact, even themarket watchdog, the Securities andExchange Board of India (SEBIs) hasinstructed the mutual fund companies todeclare in their brochures that past perform-ance is in no way any indication of future per-formance.

Two, are you going to keep the money incash / money market funds and wait for the“correction”? — There have been manyinstances of investors waiting for the correc-tion in the market and the market has contin-ued to shoot up. As a result, investors have

entered late and found themselves in deeptrouble. For instance, last year in Octoberwhen the markets were shooting up, manyinvestors entered at the levels of 18,000 and19,000 and then, are finding themselvesunable to exit because the stock markets havecompletely crashed post-January. Moral ofthe story: Timing the market, at best times, isan extremely difficult proposition and gener-ally an impossible one. One would be betteroff — financially and emotionally — withoutresorting to timing the entry and exits in theinvestment markets, especially in those ofvolatile nature. Always remember what JohnMaynard Keynes said, “Markets can remainirrational longer than you can remain sol-vent”.

Three, you could use the sale proceeds torepay your loans. If you have borrowed for ahouse or other personal loans, it could be agood idea to liquidate your investment port-folio to repay the loan, if it is on a floatingrate basis. For instance, interest rates havebeen consistently rising for home buyersand, despite a small dip in the buying season(normally between October and March) theyare likely to be high for the next few months.That basically means that home buyers areeither facing higher tenure or higher EMIs.In both the cases, there is an increase in theoutflow.

Consider this: If you are expecting that theequity market to deliver between 12 per centand 15 per cent over the next five years, thegap between returns from portfolio and thecost of borrowing (even after adjusting for thesaving in tax) would be high for the risk thatequity market carries. At the same time, sincethe interest rates have moved up, the prof-itability of the companies may get affected,leading to lower returns from the stockinvestments. So, when the returns are gettinglower and borrowing cost is getting higher, itmakes sense to reduce your borrowings aswell as the costs involved. This ensures thatyou do not feel the financial burden in theinterim period.

In other words, any action that one mayneed to take, thus, has to be a part of a broad-er investment plan involving various factors.Investor’s needs, the risk taking ability andthe time horizon are three most important fac-tors. All these change with time and circum-stances. Most often these circumstances arespecific to an individual rather than generallike the change in market conditions. ●

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NNaattuurree ooff SScchheemmee

IInnvveessttmmeenntt OObbjjeeccttiivvee

FFuunndd MMaannaaggeerr

IInncceeppttiioonn DDaattee((DDaattee ooff AAlllloottmmeenntt))

EEnnttrryy // SSaalleess LLooaadd((NNoonn--SSIIPP // SSTTPP))((ww..ee..ff.. JJaann 44,, 22000088))

EExxiitt LLooaadd((NNoonn--SSIIPP // SSTTPP))

IInnvveessttmmeennttPPllaann // OOppttiioonnss

MMiinniimmuumm AApppplliiccaattiioonn AAmmoouunntt((UUnnddeerr eeaacchh PPllaann))

LLoocckk--iinn PPeerriioodd

NNeett AAsssseett VVaalluuee((NNAAVV))

RReeddeemmppttiioonnPPrroocceeeeddss

HDFC Growth

Fund

Open-ended GrowthScheme

To generate long termcapital appreciationfrom a portfolio that is invested predominantly in equity and equity related instruments.

Srinivas Rao Ravuri(since Apr 3, 06)

September 11, 2000

● In respect of each purchase / switch-in ofUnits less than Rs. 5Crore in value, an ExitLoad of 1% is payableif units are redeemed / switched-out within 1 year from the date of allotment.● In respect of each purchase / switch-in ofUnits equal to orgreater than Rs. 5Crore in value, no ExitLoad is payable.

Growth & Dividend

Nil

Every Business Day

Normally despatchedwithin 3 BusinessDays.

HDFC Equity

Fund

Open-endedGrowth Scheme

To achieve capital appreciation.

Prashant Jain(since Jun 19, 03)*

January 1, 1995

● In respect of each purchase /switch-in of Unitsless than Rs. 5Crore in value, anExit Load of 1% ispayable if units areredeemed / switched-out with-in 1 year from thedate of allotment.● In respect of each purchase /switch-in of Unitsequal to or greaterthan Rs. 5 Crore invalue, no Exit Loadis payable.(With effect fromApril 1, 2008)

Growth & Dividend

Nil

Every Business Day

Normallydespatched within3 Business Days.

HDFC Top 200

Fund

Open-ended Growth Scheme

To generate long term capital appreciation from aportfolio of equity and equity-linked instrumentsprimarily drawn from thecompanies in BSE 200index.

Prashant Jain(since Jun19, 03)*

October 11, 1996

● In respect of each purchase / switch-in of Unitsless than Rs. 5 Crore invalue, an Exit Load of 1% ispayable if units areredeemed / switched-out within 1 year from the date of allotment.● In respect of each purchase / switch-in of Unitsequal to or greater than Rs. 5 Crore in value, no ExitLoad is payable.

Growth & Dividend

Nil

Every Business Day

Normally despatched within3 Business Days.

HDFC Capital

Builder Fund

Open-endedGrowth Scheme

To achieve capital appreciation in the long term.

Chirag Setalvad(since Apr 2, 07)

February 1, 1994

● In respect of each purchase /switch-in of Unitsless than Rs. 5Crore in value, anExit Load of 1% ispayable if units areredeemed / switched-out within1 year from thedate of allotment.● In respect of each purchase /switch-in of Unitsequal to or greaterthan Rs. 5 Crore invalue, no Exit Loadis payable.(With effect fromApril 1, 2008)

Growth & Dividend

Nil

Every Business Day

Normallydespatched within3 Business Days.

HDFC Core & Satellite

Fund

Open-ended GrowthScheme

To generate capital appreciation through equity investment in companies whose sharesare quoting at prices belowtheir true value.

Vinay Kulkarni(since Nov 21, 06)

September 17, 2004

● In respect of each purchase / switch-in ofUnits less than Rs. 5 Crorein value, an Exit Load of1% is payable if units areredeemed / switched-out within 1 year from the date of allotment.● In respect of each purchase / switch-in ofUnits equal to or greaterthan Rs. 5 Crore in value,no Exit Load is payable.

Growth & Dividend

Nil

Every Business Day

Normally despatched within 3 Business Days.

HDFC Premier

Multi-Cap Fund

Open-ended Growth Scheme

To generate capital appreciation in the long term through equity investments by investing in a diversified portfolio of Mid Cap & Large Cap‘blue chip’ companies.

Vinay Kulkarni(since Nov 21, 06)

April 6, 2005

● In respect of each purchase / switch-in of Units less than Rs. 5 Crore in value, anExit Load of 1% ispayable if units areredeemed / switched-out within 1year from the date ofallotment.● In respect of each purchase / switch-in of Units equal to orgreater than Rs. 5 Crorein value, no Exit Load ispayable.(With effect from April1, 2008)

Growth & Dividend

Nil

Every Business Day

Normally despatchedwithin 3 Business Days.

Applications routed through any Distributor/Agent/Broker:● In respect of eeaacchh purchase / switch-in of Units less than Rs. 5 crore in value, an Entry Load of 2.25% is payable.● In respect of eeaacchh purchase / switch-in of Units equal to or greater than Rs. 5 Crore in value, no Entry Load is payable.Applications not routed through any Distributor/Agent/Broker (Direct Applications): Nil

For new investors : Rs. 5,000 and in multiples of Rs. 100 thereafter.

For existing investors : Rs. 1,000 and in multiples of Rs. 100 thereafter.

The Dividend Plan / Option offers Dividend Payout and Reinvestment facility.

No Entry/Exit Load shall be levied on bonus units and units allotted on dividend reinvestment.

Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units.

For Tax Benefits / Consequences, Please refer to page 10

* Date of migration from Zurich India Mutual Fund

Features of our following schemes

Intouchmutually April 2008 5

hdfc-fos.qxd 5/8/2008 7:55 PM Page 1









MMiinniimmuumm AApppplliiccaattiioonn AAmmoouunntt((UUnnddeerr eeaacchh PPllaann))




HDFC Children’s Gift Fund^#

Open-ended Balanced Scheme

The primary objective of both the Plans viz.Investment Plan & Savings Plan under theScheme is to generate long term capital appreciation.

Chirag Setalvad (since April 2, 07)

March 2, 2001

Applications routed through any Distributor/Agent/Broker: IInnvveessttmmeenntt PPllaann:: 2.25%; SSaavviinnggss PPllaann:: 1.25%Applications not routed through any Distributor/Agent/Broker (Direct Applications): Nil

● For Units subject to Lock-in Period: NIL● For Units not subject to Lock-in Period: 3%

if the Units are redeemed / switched-out within one year from the date of allotment;2% if the Units are redeemed / switched-outbetween the first and second year of thedate of allotment; 1% if Units are redeemed/ switched-out between the second andthird year of the date of allotment; Nil if theUnits are redeemed / switched -out afterthird year from the date of allotment.

No Entry/Exit Load shall be levied on bonus units

IInnvveessttmmeenntt PPllaann :: ((Equity Oriented)SSaavviinnggss PPllaann :: ((Debt Oriented)

For new investors : Rs. 5,000 and inmultiples of Rs. 100 thereafter.For existing investors : Rs. 1,000 and in multiples of Rs. 100 thereafter.

IIff oopptteedd :: Until the Unit holder (being the beneficiary child) attains the age of 18 years or until completion of 3 years from date ofallotment, whichever is later.

Every Business Day

Normally despatched within 3 Business Days(subject to completion of Lock-in Period, if opted).

HDFC Arbitrage Fund

Open ended Equity Fund

To generate income through arbitrage opportunitiesbetween cash and derivative market and arbitrageopportunities within the derivative segment and bydeployment of surplus cash in debt securities and money market instruments.

Anil Bamboli (since Oct 23, 07)

October 23, 2007

● In respect of each purchase/switch-in of units, an Exit load of 0.50% is payable if units are redeemed /switched-out within 3 months from the date of allotment.

● No Exit Load is payable if units are redeemed /switched-out after 3 months from the date of allotment.


Wholesale Plan and Retail Plan - Both Plan offers Dividend and Growth Option. Dividend Option offersMonthly and Quarterly Dividend Option with Payout and Reinvestment Facility.

Wholesale Plan: New / Existing Investors :Rs. 1 Crore and in multiples of Rs. 100 thereafter.Retail Plan: New / Existing Investors : Growth / Quaterly Dividend Option: Rs. 5,000 and inmultiples of Rs. 100 thereafter.Retail Plan:Monthly Dividend Option: Rs. 25,000 and in multiples of Rs. 100 thereafter.

Nil

Every Business Day

Normally despatched within 3 Business days.

^̂ EElliiggiibbiilliittyy ((ooff UUnniitt hhoollddeerr)) :: Children less than 18 years of age as on the date of investment by the Investor / Applicant are eligible as Unit holders in the Scheme. ## Personal Accident Insurance Cover (for resident Unit holders only), equivalentto 10 times the face value of Units held by the Unit holder under all the applications / account statements / folios, subject to a maximum amount of Rs. 3 lakhs per Unit holder. The insurance premium in respect of the personal accident insurancecover will be borne by the AMC. This accident insurance cover is subject to conditions of the group personal accident insurance policy. Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units.

For Tax Benefits / Consequences, Please refer to page 10

HDFC Index Fund

Open-ended Index Linked Scheme

NNiiffttyy PPllaann :: To generate returns that arecommensurate with the performance ofthe Nifty, subject to tracking errors.SSEENNSSEEXX PPllaann :: To generate returns that arecommensurate with the performance of the SENSEX, subject to tracking errors.SSEENNSSEEXX PPlluuss PPllaann :: To invest 80 to 90% ofthe net assets of the Plan in companieswhose securities are included in SENSEX and between 10% & 20% of the net assets incompanies whose securities are not included in the SENSEX.

Vinay Kulkarni (since Dec 29, 06)

July 17, 2002

● In respect of eeaacchh purchase / switch-in ofUnits upto and including Rs. 5 lakh invalue, an Exit Load of 1.00% is payable ifUnits are redeemed within one year fromthe date of allotment.

● In respect of eeaacchh purchase / switch-in ofUnits greater than Rs. 5 lakh in value, noExit Load is payable.

No Entry/Exit Load shall be levied on bonus units

Nifty Plan, SENSEX Plan, SENSEX Plus PlanAt present, each Plan offers Growth Optiononly.

For new investors : Rs. 5,000 and in multiples of Rs. 100 thereafter.For existing investors : Rs. 1,000 and in multiples of Rs. 100 thereafter.

Nil

Every Business Day

Normally despatched within3 Business Days.

Intouchmutually6 April 2008

Direct Applications and Applications routed through any Agent/Distributor/Broker : Nil




FFuunndd MMaannaaggeerrss





MMiinniimmuumm AApppplliiccaattiioonn AAmmoouunntt




Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units. # Previously HDFC Tax Plan 2000For Tax Benefits / Consequences, Please refer to page 10

* Date of migration from Zurich India Mutual Fund

HDFC Balanced Fund


To generate capital appreciationalong with current income from a combined portfolio of equity &equity-related and debt & moneymarket instruments.


September 11, 2000

● In respect of each purchase /switch-in of Units less than Rs. 5 Crore in value, an ExitLoad of 1% is payable if unitsare redeemed / switched-outwithin 1 year from the date of allotment.

● In respect of each purchase /switch-in of Units equal to orgreater than Rs. 5 Crore invalue, no Exit Load is payable.

(With effect from April 1, 2008)

Growth & Dividend

Nil

Every Business Day


HDFC Prudence Fund


To provide periodic returns and capital appreciation over a longperiod of time from a judicious mixof equity and debt investments withan aim to prevent / minimise anycapital erosion.

Prashant Jain (since Jun 19, 03)*

February 1, 1994

● In respect of each purchase /switch-in of Units less than Rs. 5 Crore in value, an ExitLoad of 1% is payable if unitsare redeemed / switched-outwithin 1 year from the date of allotment.

● In respect of each purchase /switch-in of Units equal to orgreater than Rs. 5 Crore invalue, no Exit Load is payable.

Growth & Dividend

Nil

Every Business Day


HDFC Long Term AdvantageFund #

Open-ended Equity Linked SavingsScheme with a lock-in period of 3 years

To generate long term capital appreciation from a portfolio that is invested predominantly in equity and equity-related instruments.


January 2, 2001

Nil

Growth & Dividend

Every Business Day

HDFC TaxSaver

Open-ended Equity Linked SavingsScheme with a lock-in period of 3 years

To achieve long term growth of capital.

Vinay Kulkarni (since Nov 21, 2006)

December 18, 1995

Nil

Growth & Dividend

Every Business Day

3 years from the date of allotment of the respective Units

Normally despatched within 3 Business Days (subject to completionof Lock-in Period).

The Dividend Plan offers Dividend payout and Reinvestment facility.


Applications routed through any Distributor/Agent/Broker:● In respect of eeaacchh purchase / switch-in of Units less than Rs. 5 crore in value, an Entry Load of 2.25% is payable.● In respect of eeaacchh purchase / switch-in of Units equal to or greater than Rs. 5 crore in value, no Entry Load is payable.Applications not routed through any Distributor/Agent/Broker (Direct Applications): Nil

For new & existing investors : Rs. 500 and in multiples thereafter.For new investors : Rs. 5,000 and in multiples of Rs. 100 thereafter.For existing investors : Rs. 1,000 and in multiples of Rs. 100 thereafter.




Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units. For Tax Benefits / Consequences, Please refer to page 10


HDFC Income Fund

Open-ended Income Scheme

To optimise returns while maintaining a balance of safety, yield and liquidity.

Shobhit Mehrotra(since Sep 1, 07)

September 11, 2000

Direct Applications & Applications routed through anyAgent/Distributor/Broker: Nil

● In respect of eeaacchh purchase / switch-in of Units, upto and including Rs. 10 Lakh invalue, an Exit Load of 0.50%is payable if Units areredeemed / switched - outwithin six months from date of allotment.

● In respect of eeaacchh purchase / switch-in (per Investor, perday) of Units, greater than Rs. 10 Lakh in value, no exitload is applicable.

Nil

Every Business Day

Normally despatched within 3 Business Days

HDFC Multiple Yield Fund– Plan 2005


To generate positive returns over medium time frame withlow risk of capital loss overmedium time frame.

Chirag Setalvad (Equities), (since April 2, 07)Anil Bamboli (Debt)(since Aug 17, 05)

August 17, 2005

● In respect of eeaacchh purchase / switch-in of Units, upto and including Rs. 2 crore invalue, an Exit Load of1.00% is payable if Unitsare redeemed / switched -out within 15 months fromdate of allotment.

● In respect of eeaacchh purchase / switch-in of Units greaterthan Rs. 2 crore in value, noExit Load is payable.

Nil

Every Business Day

Normally depatched within 3 Business Days

HDFC Multiple Yield Fund


To generate positive returnsover medium time frame withlow risk of capital loss overmedium time frame.

Vinay Kulkarni (Equities), (since Nov 21, 06)Anil Bamboli (Debt)(since Sep 17, 04)

September 17, 2004

● In respect of eeaacchh purchase / switch-in of Units, upto and including Rs. 2 crore invalue, an Exit Load of 1.00%is payable if Units areredeemed / switched - outwithin 1 year from date ofallotment.

● In respect of eeaacchh purchase / switch-in of Units greaterthan Rs. 2 crore in value, noExit Load is payable.

Nil

Every Business Day

Normally depatched within 3 Business Days












Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility.

For new investors : Rs 5,000 and in multiples of Rs. 100 thereafter. For existing investors: Rs. 1,000 and in multiples of Rs. 100 thereafter.

HDFC MF Monthly Income Plan

An open-ended income scheme. Monthly income is not assured and is subject to availability of distributable surplus

The primary objective of Scheme is to generate regularreturns through investment primarily in Debt and Money Market Instruments. The secondary objective of the Scheme is to generate long-term capital appreciation by investing a portion of the Scheme’sassets in equity and equity related instruments.

LTP - Prashant Jain (Equities) (since Dec 26, 03),Shobhit Mehrotra (Debt) (since Sep 1, 07),STP - Vinay Kulkarni (Equities) (since Nov 21, 06),Shobhit Mehrotra (Debt) (since Feb 16, 04)

December 26, 2003


FFoorr SShhoorrtt--TTeerrmm PPllaann● In respect of eeaacchh purchase / switch-in of Units upto

and including Rs.10 lakhs in value, an Exit Load of0.50% is payable if Units are redeemed / switched-out within 6 months from the date of allotment.

● In respect of eeaacchh purchase / switch-in of Unitsgreater than Rs.10 lakhs in value, an Exit Load of0.25% is payable if Units are redeemed / switched-out within 3 months from the date of allotment.

FFoorr LLoonngg--TTeerrmm PPllaann● In respect of eeaacchh purchase / switch-in of Units less

than Rs. 5 crore in value, an Exit Load of 1% ispayable if Units are redeemed / switched-out within1 year from the date of allotment.

● In respect of eeaacchh purchase / switch-in of Units equalto or greater than Rs. 5 crore in value, no Exit Loadis payable.

Short Term Plan (STP) & Long Term Plan (LTP). Each Planoffers Growth, Monthly Dividend & Quarterly DividendOption. The Dividend Option offers Dividend Payout andReinvestment facility.

SShhoorrtt TTeerrmm PPllaann :: For new investors : (Growth & Quarterly Dividend Option) – Rs. 5,000 andin multiples of Rs. 100 thereafter under each Option.(Monthly Dividend Option) – Rs. 25,000 and in multiples of Rs. 100 thereafter.For existing investors : Rs. 1000 and in multiples of Rs. 100 thereafter.LLoonngg TTeerrmm PPllaann :: For new investors :(Growth & Quarterly Dividend Option) – Rs. 5,000 andin multiples of Rs. 100 thereafter under each Option.(Monthly Dividend Option) – Rs. 25,000 and in multiples of Rs. 100 thereafter.For existing investors : Rs. 1,000 and in multiples of Rs. 100 thereafter.

Nil

Every Business Day


Applications routed through any Distributor/Agent/Broker: 1%

Applications not routed through any Distributor/Agent/Broker

(Direct Applications): Nil










EEnnttrryy // SSaalleess LLooaadd((NNoonn--SSIIPP // SSTTPP))







HDFC Cash Management Fund

Savings & Call Plan: Open ended HighLiquidity Income Scheme.Savings Plus Plan (erstwhile Investment Plan- Growth Option): Open-ended Income Scheme.

Savings & Call Plan: To generateoptimal returns while maintainingsafety and high liquidity.Savings Plus Plan: To generate regularincome through investment in debt securities and money market instruments.

Anil Bamboli Savings & Call Plan (since Feb 12, 05)Savings Plus Plan (since Sep 1, 07)

Savings & Savings Plus Plan :November 18, 1999Call Plan : February 6, 2002

Savings, Savings Plus & Call Plan : Nil

SSaavviinnggss PPllaann && CCaallll PPllaann :: Growth Option &Daily Dividend Option (with Reinvestment facility only). Savings Plan also offers WeeklyDividend Option (with payout andReinvestment facility. SSaavviinnggss PPlluuss PPllaann :: ((RReettaaiill aanndd WWhhoolleessaalleeOOppttiioonn)) Growth and Dividend Option.Dividend Option offers Daily Dividend Optionwith Reinvestment facility only and Weeklyand Monthly Dividend Option with payoutand Reinvestment facility.

SSaavviinnggss PPllaann :: ((GGrroowwtthh OOppttiioonn))Rs. 10,000 and in multiples of Rs. 1,000 thereafter.((DDiivviiddeenndd OOppttiioonn)) Rs. 1,00,000 and in multiples of Rs. 1,000 thereafter.CCaallll PPllaann :: ((UUnnddeerr EEaacchh OOppttiioonn))Rs. 1,00,000 and in multiples ofRs. 1,000 thereafter.SSaavviinnggss PPlluuss PPllaann -- RReettaaiill OOppttiioonnGrowth, Weekly and Monthly DividendOptionNew Investors: Rs. 5,000 and in multiples ofRs. 100 thereafter.Existing Investors: Rs. 1,000 and in multiples of Rs. 100 thereafter.Daily Dividend OptionNew/Existing Investors: Rs. 1,00,000 and inmultiples of Re. 1 thereafter.SSaavviinnggss PPlluuss PPllaann -- WWhhoolleessaallee OOppttiioonnNew Investors: Rs. 1 Crore and in multiples of Re. 1 thereafter.Existing Investors: Re. 1 and in multiples of Re. 1 thereafter.

Nil

Savings & Call Plan: All Year RoundSavings Plus Plan: Every Business Day

Savings & Call Plan : Normally despatchedwithin 1 Business Day.Savings Plus Plan : Normally despatched within 3 Business Days.

Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units. For Tax Benefits / Consequences, Please refer to page 10

HDFC Short Term Plan (STP)


To generate regular income through investment in Debt Securities andMoney Market Instruments.

Anil Bamboli (since Jan 13, 04)

February 28, 2002

● In respect of eeaacchh purchase / switch-in of Units, upto and including Rs. 25 crore in value, no Exit Load is payable.

● In respect of eeaacchh purchase / switch-in (per Investor, per day) ofUnits, greater than Rs. 25 crore invalue, an Exit Load of 0.25% ispayable if Units are redeemed /switched-out within 15 days fromthe date of allotment.

Growth & Dividend (Dividend Optionoffers Reinvestment facility only).

For new investors : Rs. 5,000 and in multiples of Rs. 100 thereafter.For existing investors : Rs. 1,000 andin multiples of Rs. 100 thereafter.

Nil

Every Business Day

Normally despatched within 3 BusinessDays.

HDFC Liquid Fund (HLF)

Open-ended Liquid Income Scheme

To enhance income consistent with a high level of liquidity, through a judicious portfoliomix comprising of money market and debtinstruments.

Shobhit Mehrotra (since Feb 16, 04)

HLF : October 17, 2000HLF – Premium Plan & HLF – Premium Plus Plan :February 24, 2003

Nil

HLF, HLF - Premium Plan & HLF - Premium PlusPlan. Each Plan offers Growth & DividendOption.HLF - The Dividend Option offers DailyDividend Option (Reinvestment facility only)and Weekly and Monthly Dividend Option(with payout and Reinvestment facility).HLF Premium Plan - The Dividend Option offersDaily Dividend Option (with Reinvestment facil-ity only) and Weekly Dividend Option (withpayout and Reinvestment facility).HLF Premium Plus Plan - The Dividend Optionoffers Weekly Dividend Option (with payoutand Reinvestment facility).

HHLLFF :: Growth Option : Rs. 10,000 and in multiples of Rs. 1,000 thereafter. DividendOption : Rs. 1,00,000 and in multiples of Rs. 1,000 thereafter.HHLLFF –– PPrreemmiiuumm PPllaann (for new investors) :: Rs. 5,00,00,000 and in multiples of Re. 1thereafter for opening an account / folio (Under each Option). HHLLFF –– PPrreemmiiuumm PPlluuss PPllaann (for new investors) : Rs. 20,00,00,000 and in multiples of Re. 1 thereafter for opening an account / folio (Under each Option). HLF - Premium Plan & HLF – Premium PlusPlan (for Existing Investors) : Re. 1 and in multiples thereafter under each Option.

Nil

All Year Round

Normally despatched within 1 Business Day.

HDFC High Interest Fund (HHIF)


To generate income by investing in a range of debt and money market instruments of various maturity dates with a view to maximise income while maintaining the optimum balance of yield, safety and liquidity.

Anil Bamboli (HHIF) (since Feb 16, 04), Shobhit Mehrotra - STP (since Sep 1, 07)

HHIF : April 28, 1997HHIF-STP : February 6, 2002

HHHHIIFF ::● In respect of eeaacchh purchase / switch-in

of units up to and including Rs. 10 lakhsin value, an Exit Load of 0.50% is payable if Units are redeemed /switched-out within 6 months from the date of allotment.

● In respect of eeaacchh purchase / switch-in of Units greater than Rs. 10 lakhs invalue, no Exit Load is payable.

HHHHIIFF -- SSTTPP :: NNIILL

HHIF : Growth, Quarterly, Half Yearly and Yearly Dividend Options.HHIF-STP : Growth & Dividend OptionAll Dividend Options offer Dividend Payoutand Reinvestment facility.

(Under each Plan)For new Investors : Rs. 5,000 and in multiples of Rs. 100 thereafter.For existing investors : Rs. 1,000 and in multiples of Rs. 100 thereafter.

Nil

Every Business Day


Direct Applications & Applications routed through any Agent/Distributor/Broker: Nil



HDFC Floating Rate Income Fund

Open-ended Income Scheme.

To generate regular income through investment in a portfolio comprising substantially of floatingrate debt / money market instruments, fixed rate debt / money market instruments swapped forfloating rate returns and fixed rate debt securities and money market instruments.

Shobhit Mehrotra (since Feb 16, 04)

January 16, 2003

SShhoorrtt TTeerrmm PPllaann && LLoonngg TTeerrmm PPllaann:: Direct Applications & Applications routed through anyAgent/Distributor/Broker: Nil

SShhoorrtt TTeerrmm PPllaann :: NilLLoonngg TTeerrmm PPllaann :: In respect of each purchase / switch-in of units, upto and including Rs. 10 lakhs in value, an Exit Load of 0.50% is payable if units are redeemed / switched-outwithin 6 months from the date of allotment.In respect of each purchase / switch-in of units greater than Rs. 10 lakhs in value, an Exit Load of1% is payable if units are redeemed / switched-out within 6 months from the date of allotment.

SShhoorrtt TTeerrmm PPllaann :: For investors who wish to invest for short time period.LLoonngg TTeerrmm PPllaann :: For investors who wish to invest for relatively longer time period.

SShhoorrtt TTeerrmm PPllaann -- WWhhoolleessaallee && RReettaaiill OOppttiioonn :: Growth and Dividend Option. The Dividend Optionoffers Daily Dividend Option (with Reinvestment facility only) and Weekly and Monthly DividendOption (with payout and Reinvestment facility).LLoonngg TTeerrmm PPllaann :: Growth and Dividend Option. The Dividend Option offers Reinvestment facility only.

SShhoorrtt TTeerrmm PPllaann -- RReettaaiill OOppttiioonn :: ((GGrroowwtthh OOppttiioonn,, WWeeeekkllyy DDiivviiddeenndd OOppttiioonn &&MMoonntthhllyy DDiivviiddeenndd OOppttiioonn))New Investors: Rs 5,000 and in multiples of Rs 100 thereafter.Existing Investors: Rs 1,000 and in multiples of Rs 100 thereafter.((DDaaiillyy DDiivviiddeenndd OOppttiioonn)) New / Existing Investors : Rs 1 lakh and in multiples of Re. 1 thereafter.SShhoorrtt TTeerrmm PPllaann -- WWhhoolleessaallee OOppttiioonn :: ((GGrroowwtthh OOppttiioonn,, DDaaiillyy DDiivviiddeenndd OOppttiioonn,, WWeeeekkllyy DDiivviiddeenndd OOppttiioonn && MMoonntthhllyy DDiivviiddeenndd OOppttiioonn))Under each option : New Investors : Rs 1 crore and in multiples of Re. 1 thereafter.Existing Investors : Re 1 and in multiples of Re 1 thereafter.LLoonngg TTeerrmm PPllaann :: For new investors : Rs. 5,000 and in multiples of Rs. 100 thereafter.For existing investors : Rs. 1,000 and in multiples of Rs. 100 thereafter.

Nil

Every Business Day


HDFC Gilt Fund

Open-ended Income Scheme.

To generate credit risk-free returns through investmentsin sovereign securities issued by the CentralGovernment and / or a State Government.

Anil Bamboli (since Sep 1, 2007)

July 25, 2001


Nil

SShhoorrtt TTeerrmm PPllaann :: For investors who wish to invest for short time period. LLoonngg TTeerrmm PPllaann :: For investors who wish to invest forrelatively longer time period.

(Under each Plan / Option)For new investors :Rs. 5,000 and in multiples of Rs. 100 thereafter.For existing investors :Rs. 1,000 and in multiples of Rs. 100 thereafter.

Nil

Every Business Day






EEnnttrryy // SSaalleess LLooaadd((NNoonn--SSIIPP // SSTTPP))







Each Plan offers Growth and Dividend Options.The Dividend Option offers Dividend Payout andReinvestment facility.

Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units.


TTaaxx BBeenneeffiittss // CCoonnsseeqquueenncceess :: Income distributed by the Scheme(s) will be exempt from Income-tax in the hands of investors. Distribution tax in case of Scheme(s) other than equity-oriented funds shall be payable by the mutual fund at the rate of 14.1625% (including surcharge @10%, education cess @2% and secondary and higher education cess @1%) on income distributed to an individual/HUF and at the rate of 22.66% (including surcharge @10%, education cess @2% and secondary and higher education cess @1%) on income distributed to any other investor. In case of income distributed by Liquid Funds and Money Market Mutual Funds, Dividend Distribution Tax ispayable by the Mutual Fund @28.325% (including surcharge @10%, education cess @2% and secondary and higher education cess @1%). Units of the Scheme(s) are not subject to Wealth-tax and Gift-tax. Unit holders are required to pay Securities Transaction Tax (STT) at the rate of 0.25% at the time of redemption / switch-out of units of an equity-oriented fund.Investors should be aware that the fiscal rules / tax laws may change and there can be no guarantee that the current tax position may continue indefinitely. In view of individualnature of tax consequences, each investor is advised to consult his / her own professional tax advisor.

FFuunndd MMaannaaggeerr TToottaall EExxppeerriieenncceePrashant Jain Over 16 yearsShobhit Mehrotra Over 15 yearsAnil Bamboli Over 13 yearsVinay Kulkarni Over 16 yearsChirag Setalvad Over 11 yearsSrinivas Rao Ravuri Over 12 years




DDaattee PPeerriioodd NNAAVV RReettuurrnnss BBeenncchhmmaarrkkppeerr UUnniitt ((RRss..)) ((%%))^̂ RReettuurrnnss ((%%))##

^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Plan for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns# SENSEX ~Due to an overall sharp rise in the stock prices

Portfolio – Top 10 Holdings (as at April 30, 2008)

HDFC

Growth Fund

Relative Performance ^ (Growth Plan)

+ Industry Classification as recommended by AMFI, $ Sponsor✤ PPaasstt ppeerrffoorrmmaannccee iiss nnoo gguuaarraanntteeee ooff ffuuttuurree rreessuullttss..

� Please refer to page no 31 for details on the Rating Methodology

An open-ended growth scheme

HDFC

Equity FundAn open-ended growth scheme

Industrial Capital Goods 13.13Pharmaceuticals 13.06Banks 10.97Consumer Non Durables 10.52Petroleum Products 8.62Telecom - Services 5.98Media & Entertainment 5.70Auto Ancillaries 5.28Finance 4.23

Construction 3.03Oil 2.23Chemicals 2.16Software 1.56Ferrous Metals 1.03Textiles - Synthetic 0.98Industrial Products 0.68Paper Products 0.65Engineering 0.21

Industry Allocation of Equity Holding (% of Net Assets)

PPoorrttffoolliioo TTuurrnnoovveerr RRaattiioo ((LLaasstt 11 YYeeaarr)) 5588..1122%%

NAV (as at April 30, 2008) NAV per Unit (Rs.)

Growth Plan 66.196Dividend Plan 32.601

Std Deviation Beta Sharpe Ratio*

Risk Ratio (for the 3-yr period ended Apr 30, 2008) 6.80% 0.9520 0.54



IN EQUITY - DIVERSIFIED CATEGORY(104 schemes) for 3 and 5 year periods ending April 30, 2008



^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Plan for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns#S&P CNX 500 (Please refer to page no 31)

Oct 30, 07 Last Six months (183 days) 208.164 -14.40* -11.50*Apr 30, 07 Last 1 Year (366 days) 151.160 17.83** 24.87**Apr 29, 05 Last 3 Years (1097 days) 65.356 39.62** 35.65**Apr 30, 03 Last 5 Years (1827 days) 23.710 49.62** 43.31**Apr 30, 98 Last 10 Years (3653 days) 8.290 35.87** 18.76**Jan 01, 95 Since Inception (4868 days) 10.000 24.11** 11.63**

Oct 30, 07 Last Six months (183 days) 73.074 -9.41* -12.62*Apr 30, 07 Last 1 Year (366 days) 48.581 36.14** 24.54**Apr 29, 05 Last 3 Years (1097 days) 23.858 40.43** 41.01**Apr 30, 03 Last 5 Years (1827 days) 8.303 51.40**~ 42.27**Sep 11, 00 Since Inception (2788 days) 10.000 28.07** 18.60**




PPoorrttffoolliioo TTuurrnnoovveerr RRaattiioo ((LLaasstt 11 YYeeaarr)) 110055..5544%%+ Industry Classification as recommended by AMFI

✤ PPaasstt ppeerrffoorrmmaannccee iiss nnoo gguuaarraanntteeee ooff ffuuttuurree rreessuullttss.. � Please refer to page no 31 for details on the Rating Methodology

Total outstanding position (as at April 30, 2008) in Derivative Instruments (Suzlon Option) ((Notional) Rs. 158.99 lakhs.

Banks 18.74Pharmaceuticals 16.62Industrial Capital Goods 14.35Consumer Non Durables 10.50Media & Entertainment 8.00Auto Ancillaries 5.84Construction 5.61Oil 4.14Pesticides 3.40

Auto 3.11Ferrous Metals 2.99Hardware 1.89Software 1.14Petroleum Products 0.72Textiles - Silk 0.67Chemicals 0.49Telecom - Services 0.49Textiles - Synthetic 0.43


CCoommppaannyy IInndduussttrryy++ %% ttoo NNAAVV

EEQQUUIITTYY && EEQQUUIITTYY RREELLAATTEEDD

Reliance Industries Ltd. Petroleum Products 8.62

ITC Ltd. Consumer Non Durables 6.60

State Bank of India Banks 6.42

Divi’s Laboratories Ltd. Pharmaceuticals 4.90

ICICI Bank Ltd. Banks 4.55

Housing Development Finance Corporation Ltd.$ Finance 4.23

Bharat Heavy Electricals Ltd. Industrial Capital Goods 4.19

Bharti Airtel Ltd. Telecom - Services 4.14

Biocon Ltd. Pharmaceuticals 3.30

Suzlon Energy Ltd. Industrial Capital Goods 3.24

TToottaall ooff TToopp TTeenn EEqquuiittyy HHoollddiinnggss 5500..1199

TToottaall EEqquuiittyy && EEqquuiittyy RReellaatteedd HHoollddiinnggss 9900..0022

Other Current Assets (Including Reverse Repos’ / CBLO) 9.98

GGrraanndd TToottaall 110000..0000

NNeett AAsssseettss ((RRss.. IInn LLaakkhhss)) 9977,,555544..7722





Dr Reddy’s Laboratories Ltd. Pharmaceuticals 4.22

Oil & Natural Gas Corporation Ltd. Oil 4.14


Zee Entertainment Enterprises Ltd. Media & Entertainment 4.12

Crompton Greaves Ltd. Industrial Capital Goods 3.58

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 3.57

United Phosphorus Ltd. Pesticides 3.40

Bank of Baroda Banks 3.36







Source : CRISIL Fund Analyser * Risk-free rate assumed to be 5% Source : CRISIL Fund Analyser * Risk-free rate assumed to be 5%


hdfc-eq-r.qxd 5/9/2008 11:17 AM Page 1

HDFC Top 200 Fund


HDFCCapital Builder Fund


DDaattee PPeerriioodd NNAAVV RReettuurrnnss BBeenncchhmmaarrkkppeerr UUnniitt ((RRss..)) ((%%)) $$^ RReettuurrnnss ((%%))##


^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Plan for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #BSE 200$$ Adjusted for the dividends declared under the scheme prior to its splittng into the Dividendand Growth Plans ~Due to an overall sharp rise in the stock prices

Oct 30, 07 Last Six months (183 days) 158.971 -10.03* -11.10*Apr 30, 07 Last 1 Year (366 days) 111.805 27.84** 29.40**Apr 29, 05 Last 3 Years (1097 days) 49.931 41.93** 37.92**Apr 30, 03 Last 5 Years (1827 days) 17.440 52.26**~ 43.40**Apr 30, 98 Last 10 Years (3653 days) 14.397 28.30** 18.39**Oct 11, 96 Since Inception (4219 days) 10.000 28.06** 18.16**


Growth Plan 79.418

Dividend Plan 25.075


Growth Plan 143.025

Dividend Plan 42.361

CCoommppaannyy // IIssssuueerr IInndduussttrryy++ %% ttoo NNAAVV




Larsen & Toubro Ltd. Industrial Capital Goods 4.32



Infosys Technologies Ltd. Software 3.38


Tata Iron & Steel Company Ltd. Ferrous Metals 3.16










+ Industry Classification as recommended by AMFI✤ PPaasstt ppeerrffoorrmmaannccee iiss nnoo gguuaarraanntteeee ooff ffuuttuurree rreessuullttss..





^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Plan for the investor would be net of Distribution Tax as applicable#S&P CNX 500 (Please refer to page no 31) ** Compounded Annualised Returns* Absolute Returns

Oct 30, 07 Last Six months (183 days) 93.650 -15.20* -11.50*Apr 30, 07 Last 1 Year (366 days) 65.818 20.60** 24.87**Apr 29, 05 Last 3 Years (1097 days) 35.926 30.20** 35.65**Apr 30, 03 Last 5 Years (1827 days) 10.560 49.64** 43.31**Apr 30, 98 Last 10 Years (3653 days) 8.230 25.42** 18.76**Feb 01, 1994 Since Inception (5202 days) 10.000 15.65** 10.16**








IPCA Laboratories Ltd. Pharmaceuticals 4.52

Exide Industries Ltd. Auto Ancillaries 4.09



Blue Star Ltd. Consumer Durables 3.73


Pidilite Industries Ltd. Consumer Non Durables 3.50






Banks 19.91Industrial Capital Goods 15.54Pharmaceuticals 10.37Consumer Non Durables 10.01Petroleum Products 8.80Software 6.90Telecom - Services 4.73Construction 3.67

Auto Ancillaries 3.46Auto 3.38Ferrous Metals 3.16Oil 3.01Pesticides 2.19Media & Entertainment 1.72Hardware 0.81Brewers 0.59

Industry Allocation of Equity Holding (% of Net Assets)Industrial Capital Goods 19.99Banks 15.87Consumer Non Durables 11.93Pharmaceuticals 11.15Software 5.16Industrial Products 4.55Auto Ancillaries 4.09Petroleum Products 3.88

Consumer Durables 3.73Auto 2.78Telecom - Services 2.66Finance 2.54Gas 2.52Chemicals 2.29Ferrous Metals 2.09Textiles - Silk 0.65






+ Industry Classification as recommended by AMFI




An open-ended growth scheme An open-ended growth scheme

HDFCCore & Satellite Fund



Oct 30, 07 Last Six months (183 days) 34.645 -18.37* -11.10*Apr 30, 07 Last 1 Year (366 days) 25.182 12.26** 29.40**Apr 29, 05 Last 3 Years (1097 days) 12.249 32.10** 37.92**Sep 17, 04 Since Inception (1321 days) 10.000 33.27** 35.18**

+ Industry Classification as recommended by AMFI+ Industry Classification as recommended by AMFI

Banks 22.71

Industrial Capital Goods 19.99

Pharmaceuticals 7.80

Media & Entertainment 7.69

Consumer Non Durables 7.24

Petroleum Products 7.15

Auto Ancillaries 6.20

Power 5.43

Consumer Durables 5.29

Pesticides 5.14

Industrial Products 2.77

Brewers 1.81



Growth Option 28.279

Dividend Option 19.473

Relative Performance ^ (Growth Option) Relative Performance ^ (Growth Option)





^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns#S&P CNX 500 (Please refer to page no 31)

Oct 30, 07 Last Six months (183 days) 26.020 -19.97* -11.50*Apr 30, 07 Last 1 Year (366 days) 18.759 10.98** 24.87**Apr 29, 05 Last 3 Years (1097 days) 9.796 28.52** 35.65**Apr 06, 05 Since Inception (1120 days) 10.000 27.01** 31.86**

CCoommppaannyy // IIssssuueerr IInndduussttrryy++ %% ttoo NNAAVV










AIA Engineering Ltd. Industrial Capital Goods 4.60








Industrial Capital Goods 26.17Banks 17.76Consumer Non Durables 7.83Pharmaceuticals 7.65Petroleum Products 7.36Oil 4.79Pesticides 4.34Media & Entertainment 4.19Auto Ancillaries 3.57Software 3.13Brewers 2.98Auto 2.34Power 2.14Metals - Aluminium 1.92Telecom - Services 0.88Ferrous Metals 0.42Retailing 0.15



HDFC Premier Multi-Cap Fund

^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable*Absolute Returns #BSE 200 ** Compounded Annualised Returns




Larsen and Toubro Ltd. Industrial Capital Goods 6.52







KEC International Ltd. Power 4.67










Source : CRISIL Fund Analyser * Risk-free rate assumed to be 5%



Source : CRISIL Fund Analyser * Risk-free rate assumed to be 5%

RY














HDFC Bank Ltd. Banks 3.55








Relative Performance ^

+ Industry Classification as recommended by AMFI $ Sponsor

SENSEX Plan (Face Value per Unit: Rs. 32.161)


^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree* Absolute Returns ** Compounded Annualised Returns#SENSEX (Total Returns Index) ^^Face Value per Unit

Oct 30, 07 Last Six months (183 days) 177.8605 -15.59* -12.14*Apr 30, 07 Last 1 Year (366 days) 127.3627 17.82** 26.58**Apr 29, 05 Last 3 Years (1097 days) 58.2500 37.03** 44.70**Apr 30, 03 Last 5 Years (1827 days) 29.7020 38.22** 46.37**Jul 17, 02 Since Inception (2114 days) 32.1610^^ 30.48** 37.10**



An open-ended index linked scheme

HDFC Index Fund HDFC Index Fund

NIFTY Plan (Face Value per Unit: Rs. 10.326)



^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree* Absolute Returns ** Compounded Annualised Returns#S&P CNX Nifty (Total Returns Index) ^^Face Value per Unit









National Thermal Power Corporation Power 5.08

DLF Ltd. Construction 3.77

Reliance Communication Ltd. Telecom - Services 3.74














Banks 15.78


Software 12.60


Telecom - Services 8.38


Finance 5.91

Power 3.94

Auto 3.90

Oil 3.65

Ferrous Metals 3.45

Construction 3.06

Cement 2.85


Non - Ferrous Metals 1.37

Industry Allocation of Equity Holding (% of Net Assets) Petroleum Products 15.21


Software 9.80

Banks 8.80

Power 8.50


Oil 8.30

Construction 5.34


Ferrous Metals 4.26

Auto 2.85

Finance 2.66


Metals - Aluminium 1.92

Cement 1.67


Gas 1.16



TTrraacckkiinngg EErrrroorr SSiinnccee IInncceeppttiioonn ((AAnnnnuuaalliisseedd)) 22..4444%% TTrraacckkiinngg EErrrroorr SSiinnccee IInncceeppttiioonn ((AAnnnnuuaalliisseedd)) 22..9977%%














HDFC Bank Ltd. Banks 2.86










^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree* Absolute Returns ** Compounded Annualised Returns#SENSEX (Total Returns Index) ^^ Face Value per Unit


+ Industry Classification as recommended by AMFI$ Sponsor

SENSEX Plus Plan (Face Value per Unit: Rs. 32.161)




HDFC Index Fund

Banks 12.71


Software 10.14




Finance 4.73

Power 3.17

Auto 3.07


Oil 2.94

Ferrous Metals 2.78

Construction 2.47

Cement 2.29






Relative Performance ^ - Growth Option

^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns #CRISIL Liquid Fund Index

RReettaaiill PPllaannOct 30, 07 Last Six months (183 days) 10.013 4.07* 3.56*Oct 23, 07 Since Inception (190 days) 10.000 4.21* 3.68*WWhhoolleessaallee PPllaannOct 30, 07 Last Six months (183 days) 10.013 4.21* 3.56*Oct 23, 07 Since Inception (190 days) 10.000 4.35* 3.68*



RReettaaiill PPllaannGrowth Option 10.421Monthly Dividend Option 10.010Quarterly Dividend Option 10.056WWhhoolleessaallee PPllaannGrowth Option 10.435Monthly Dividend Option 10.011Quarterly Dividend Option 10.060

An open-ended equity Fund

HDFC Arbitrage Fund

Banks 14.50Petroleum Products 9.36Finance 5.87Construction 5.48Software 5.07Telecom - Services 3.86Textile Products 3.11Media & Entertainment 2.87Ferrous Metals 2.81Cement 2.73Consumer Non Durables 2.59Non - Ferrous Metals 2.33Transportation 1.99Oil 1.92Auto 1.87

Power 1.60Consumer Durables 1.37Industrial Capital Goods 1.34IT Consulting & Services 1.03Auto Ancillaries 0.83Chemicals 0.56Pharmaceuticals 0.50Hotels 0.07Gas 0.07Paper Products 0.06Fertilisers 0.05Industrial Products 0.03Pesticides 0.02Aviation 0.01


CCoommppaannyy // IIssssuueerr IInndduussttrryy++ // RRaattiinngg %% ttoo NNAAVV



Reliance Capital Ltd. Finance 4.04

Reliance Petroleum Ltd. Petroleum Products 3.36

GTL Ltd. Software 3.01

Indian Overseas Bank Banks 2.72

Bank of Baroda Banks 2.65

Hindalco Industries Ltd. Non - Ferrous Metals 2.33






DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeenntt

Amaravati Greenlands Pvt Ltd UNRATED 1.37

RB Loan Trust Series IV 2007 A1(SO) 0.28

TToottaall DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeenntt

((aaggggrreeggaatteedd hhoollddiinnggss iinn aa ssiinnggllee iissssuueerr)) 11..6655












^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Plan for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns N.A. Not Available #CRISIL Balanced Fund Index

Oct 30, 07 Last Six months (183 days) 37.440 -2.95* -6.36*Apr 30, 07 Last 1 Year (366 days) 30.802 17.92** 19.44**Apr 29, 05 Last 3 Years (1097 days) 19.591 22.82** 25.93**Apr 30, 03 Last 5 Years (1827 days) 10.303 28.63** 26.36**Sep 11, 00 Since Inception (2788 days) 10.000 18.40** N.A.


HDFCBalanced FundAn open-ended balanced scheme

HDFC

Prudence Fund

An open-ended balanced scheme

DDaattee PPeerriioodd NNAAVV RReettuurrnnss BBeenncchhmmaarrkkppeerr UUnniitt ((RRss..)) ((%%))$$$$^̂ RReettuurrnnss ((%%))##




^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree Performance of the Dividend Plan for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #CRISIL Balanced Fund Index$$ Adjusted for the dividends declared under the scheme prior to its splittng into the Dividendand Growth Plans N.A. Not Available ~ Due to an over all sharp rise in the stock prices

Oct 30, 07 Last Six months (183 days) 149.641 -10.22* -6.36*Apr 30, 07 Last 1 Year (366 days) 115.438 16.34** 19.44**Apr 29, 05 Last 3 Years (1097 days) 60.743 30.23**~ 25.93**Apr 30, 03 Last 5 Years (1827 days) 19.230 47.46**~ 26.36**Apr 30, 98 Last 10 Years (3653 days) 11.800 28.69** N.A.Feb 01, 94 Since Inception (5202 days) 10.000 22.17** N.A.

IN HYBRID EQUITY - ORIENTED CATEGORY(28 schemes) for 3 and 5 year periods ending April 30, 2008


+ Industry Classification as recommended by AMFI $ Sponsor✤ PPaasstt ppeerrffoorrmmaannccee iiss nnoo gguuaarraanntteeee ooff ffuuttuurree rreessuullttss..





Coromandel Fertilisers Ltd. Fertilisers 6.93

Balkrishna Industries Ltd. Auto Ancillaries 5.56


The Federal Bank Ltd. Banks 4.50





KEC International Ltd. Power 3.43




Loan Securitisation Trust - Grasim Industries Ltd. AAA(SO) 5.54

Housing Dev. Finance Corpn Ltd.$ AAA 4.49

Indian Oil Corporation Ltd. LAAA 4.39

Loan Securitisation Trust - Bajaj Auto Ltd. AAA(SO) 4.23

Credit Asset Tr XVII (Shri Tra Fin) AA(SO) 3.68

State Bank of India AAA 2.41

Loan Securitisation Trust - Reliance Industries Ltd. AAA(SO) 1.66

TToottaall DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeenntt((aaggggrreeggaatteedd hhoollddiinnggss iinn aa ssiinnggllee iissssuueerr)) 2266..4400




Portfolio – Top Holdings (as at April 30, 2008)


EEQQUUIITTYY && EEQQUUIITTYY RREELLAATTEEDDICICI Bank Ltd. Banks 6.48 Dr Reddys Laboratories Ltd. Pharmaceuticals 3.48 AIA Engineering Ltd. Industrial Capital Goods 3.04 ITC Ltd. Consumer Non Durables 2.72 Apollo Tyres Ltd. Auto Ancillaries 2.68 Divi’s Laboratories Ltd. Pharmaceuticals 2.59 Zee Entertainment Enterprises Ltd. Media & Entertainment 2.53 State Bank of India Banks 2.45 GlaxoSmithkline Consumer Healthcare Consumer Non Durables 2.39 Crompton Greaves Ltd. Industrial Capital Goods 2.38 TToottaall ooff TToopp TTeenn EEqquuiittyy HHoollddiinnggss 3300..7744TToottaall EEqquuiittyy && EEqquuiittyy RReellaatteedd HHoollddiinnggss 7744..9922DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeennttICICI Bank Ltd. A1+/AAA 3.53 National Bank for Agriculture & Rural Development AAA 3.41 Housing Development Finance Corporation Ltd.$ AAA 3.27 State Bank of India AAA 2.22 Sundaram Finance Ltd. LAA+ 1.63 Axis Bank Ltd. AA+ 1.07 Infrastructure Dev. Fin. Corp. Ltd. AAA/AAA(I) 0.90 State Bank of Indore AAA 0.73 Punjab National Bank AAA 0.73 L & T Finance Ltd. AA+ 0.73 TToottaall ooff TToopp TTeenn DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeenntt((aaggggrreeggaatteedd hhoollddiinnggss iinn aa ssiinnggllee iissssuueerr)) 1188..2222TToottaall DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeenntt 2211..1111 Other Current Assets (Including Reverse Repos’ / CBLO) 3.97 GGrraanndd TToottaall 110000..0000NNeett AAsssseettss ((RRss.. IInn LLaakkhhss)) 227799,,001166..7711


Banks 10.26





Fertilisers 6.93


Power 3.43

Software 3.27

Construction 2.95


Chemicals 1.34

Industry Allocation of Equity Holding (% of Net Assets) Banks 13.40Pharmaceuticals 10.72Consumer Non Durables 8.51Industrial Capital Goods 7.89Auto Ancillaries 6.84Media & Entertainment 5.72Construction 5.61Industrial Products 3.42Power 2.37Oil 2.28

Pesticides 2.05Textile Products 1.40Trading 1.20Petroleum Products 0.99Chemicals 0.87Paper Products 0.59Textiles - Silk 0.54Ferrous Metals 0.31Textiles - Synthetic 0.21




HDFCChildren’s Gift FundAn open-ended balanced scheme

HDFCChildren’s Gift FundAn open-ended balanced scheme

Investment Plan

DDaattee PPeerriioodd NNAAVV RReettuurrnnss BBeenncchhmmaarrkkppeerr UUnniitt ((RRss..)) ((%%))^̂$$ RReettuurrnnss ((%%))##

Oct 30, 07 Last Six months (183 days) 30.291 -7.03* -6.36*Apr 30, 07 Last 1 Year (366 days) 25.273 11.39** 19.44**Apr 29, 05 Last 3 Years (1097 days) 16.631 19.15** 25.93**Apr 30, 03 Last 5 Years (1827 days) 11.763 25.46** 26.36**Mar 02, 01 Since Inception (2616 days) 10.000 19.85** N.A.





+ Industry Classification as recommended by AMFI $ SponsorTotal outstanding position (as at April 30, 2008) in Derivative Instruments

(Interest Rate Swaps) (Notional) Rs. 500 lakhs.

DDaattee PPeerriioodd NNAAVV RReettuurrnnss BBeenncchhmmaarrkkppeerr UUnniitt ((RRss..)) ((%%))^̂$$ RReettuurrnnss ((%%))##


Oct 30, 07 Last Six months (183 days) 16.433 1.77* 0.81*Apr 30, 07 Last 1 Year (366 days) 14.714 13.62** 10.98**Apr 29, 05 Last 3 Years (1097 days) 13.152 8.32** 10.28**Apr 30, 03 Last 5 Years (1827 days) 12.868 11.05** 9.79**Mar 02, 01 Since Inception (2616 days) 10.000 11.44** N.A.

Savings Plan



MMooddiiffiieedd DDuurraattiioonn ((DDeebbtt IInnssttrruummeennttss)) 11..5588 yyeeaarrss

AAvveerraaggee PPoorrttffoolliioo MMaattuurriittyy ((OOtthheerr tthhaann eeqquuiittyy iinnvveessttmmeennttss)) 22..2299 yyeeaarrss




EEQQUUIITTYY && EEQQUUIITTYY RREELLAATTEEDDBlue Star Ltd. Consumer Durables 1.28 United Phosphorus Ltd. Pesticides 1.15 Torrent Cables Ltd Electric Utilities 1.08 Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.08 Shanthi Gears Ltd. Industrial Products 1.06 Videsh Sanchar Nigam Ltd. Telecom - Services 1.03 Maytas Infra Ltd Construction 0.96 ICICI Bank Ltd. Banks 0.95 AIA Engineering Ltd. Industrial Capital Goods 0.90 Coromandel Fertilisers Ltd. Fertilisers 0.90 TToottaall ooff TToopp TTeenn EEqquuiittyy HHoollddiinnggss 1100..3399TToottaall EEqquuiittyy && EEqquuiittyy RReellaatteedd HHoollddiinnggss 1177..6611DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeennttLoan Securitisation Trust - Grasim Industries Ltd. AAA(SO) 12.48 Housing Dev. Finance Corpn Ltd.$ AAA 10.78 Power Finance Corporation Ltd AAA 9.03 Credit Asset Tr XVII (Shri Tra Fin) AA(SO) 7.38 ICICI Bank Ltd. AAA 6.50 National Bank for Agriculture & Rural Development AAA 5.58 Indian Railways Finance Corp. Ltd. AAA 5.57 State Bank of India AAA 4.83 DSP Merrill Lynch Capital Ltd. AA+(SO) 4.57 Sundaram Finance Ltd. AA+ 3.73 TToottaall ooff TToopp TTeenn DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeenntt((aaggggrreeggaatteedd hhoollddiinnggss iinn aa ssiinnggllee iissssuueerr)) 7700..4455

TToottaall DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeenntt 7766..0011Other Current Assets (Including Reverse Repos’ / CBLO) 6.38 GGrraanndd TToottaall 110000..0000NNeett AAsssseettss ((RRss.. IInn LLaakkhhss)) 55,,334477..2255


Industrial Capital Goods 11.59Pharmaceuticals 11.04Petroleum Products 7.66Software 6.25Banks 5.72Industrial Products 5.58Consumer Durables 3.71

Chemicals 3.64Fertilisers 3.59Telecom - Services 3.46Hotels 3.16Ferrous Metals 2.93Consumer Non Durables 2.16Finance 1.38


Pharmaceuticals 2.80Industrial Capital Goods 2.42Industrial Products 1.93Construction 1.82Banks 1.58Consumer Durables 1.28Pesticides 1.15

Electric Utilities 1.08Telecom - Services 1.03Fertilisers 0.90Consumer Non Durables 0.84Auto Ancillaries 0.78



EEQQUUIITTYY && EEQQUUIITTYY RREELLAATTEEDDReliance Industries Ltd. Petroleum Products 7.66 Biocon Ltd. Pharmaceuticals 4.23 Blue Star Ltd. Consumer Durables 3.71 Sun Pharmaceutical Industries Ltd. Pharmaceuticals 3.65 Micro Inks Ltd. Chemicals 3.64 Shanthi Gears Ltd. Industrial Products 3.60 Coromandel Fertilisers Ltd. Fertilisers 3.59 Satyam Computer Services Ltd. Software 3.55 ICICI Bank Ltd. Banks 3.51 Bharti Airtel Ltd. Telecom - Services 3.46 TToottaall ooff TToopp TTeenn EEqquuiittyy HHoollddiinnggss 4400..6600TToottaall EEqquuiittyy && EEqquuiittyy RReellaatteedd HHoollddiinnggss 7711..8877DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeennttICICI Bank Ltd. AAA 5.39 JUS Trust - Jet Airways AAA(SO) 4.39 M&M Financial Services Ltd. AA+ 3.47 Credit Asset Tr XVII (Shri Tra Fin) AA(SO) 2.76 Sundaram Finance Ltd. AA+ 2.10 Loan Securitisation Trust - Bajaj Auto Ltd. AAA(SO) 1.81 Indian Railways Finance Corp. Ltd. AAA 1.39 Housing Dev. Finance Corpn Ltd.$ AAA 1.35 Loan Securitisation Trust - Grasim Industries Ltd. AAA(SO) 1.04 TToottaall DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeenntt((aaggggrreeggaatteedd hhoollddiinnggss iinn aa ssiinnggllee iissssuueerr)) 2233..7700Other Current Assets (Including Reverse Repos’ / CBLO) 4.43 GGrraanndd TToottaall 110000..0000NNeett AAsssseettss ((RRss.. IInn LLaakkhhss)) 1144,,227722..0011

^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree* Absolute Returns ** Compounded Annualised Returns N.A. Not Available#CRISIL Balanced Fund Index $ Adjusted for bonus units declared under the scheme

^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree* Absolute Returns ** Compounded Annualised Returns N.A. Not Available#CRISIL MIP Blended Index $ Adjusted for bonus units declared under the scheme



HDFC Long Term Advantage Fund*An open-ended equity linked savings scheme with a lock-in period of 3 years

HDFC

TaxSaver

An open-ended equity linked savings scheme with a lock-in period of 3 years






^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Plan for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #SENSEX

Oct 30, 07 Last Six months (183 days) 117.282 -11.80* -12.62*Apr 30, 07 Last 1 Year (366 days) 91.627 12.86** 24.54**Apr 29, 05 Last 3 Years (1097 days) 49.325 27.94** 41.01**Apr 30, 03 Last 5 Years (1827 days) 14.087 48.93** 42.27**Jan 02, 01 Since Inception (2675 days) 10.000 37.55** 22.03**










Colgate-Palmolive (India) Ltd. Consumer Non Durables 4.22

Satyam Computer Services Ltd. Software 3.52


Thermax Ltd. Industrial Capital Goods 3.34


Balkrishna Industries Ltd. Auto Ancillaries 3.23






DDaattee PPeerriioodd NNAAVV RReettuurrnnss BBeenncchhmmaarrkkppeerr UUnniitt ((RRss..)) ((%%))$$$$^̂ RReettuurrnnss ((%%))##


^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Plan for the investor would be net of Distribution Tax as applicable* Absolute Returns #S&P CNX 500 (Please refer to page no 31)** Compounded Annualised Returns ~Due to an overall sharp rise in stock prices$$ Adjusted for the dividends declared under the scheme prior to its splittng into the Dividendand Growth Plans

Oct 30, 07 Last Six months (183 days) 199.460 -20.58* -11.50*Apr 30, 07 Last 1 Year (366 days) 144.308 9.74** 24.87**Apr 29, 05 Last 3 Years (1097 days) 68.640 32.08** 35.65**Apr 30, 03 Last 5 Years (1827 days) 19.490 51.98**~ 43.31**Apr 30, 98 Last 10 Years (3653 days) 13.250 40.55** 18.76**Mar 31, 96 Since Inception (4413 days) 10.000 35.67** 16.02**







* Previously HDFC Tax Plan 2000



Banks 12.77



Software 6.71



Pesticides 4.52


Gas 1.86

Textile Products 1.84

Ferrous Metals 0.91

Hardware 0.90

Industry Allocation of Equity Holding (% of Net Assets)Industrial Capital Goods 21.70

Banks 21.32






Pesticides 4.12

Oil 3.41

Software 3.24

Auto 1.96

Construction 1.25


Power 0.46

Transportation 0.16




EEQQUUIITTYY && EEQQUUIITTYY RREELLAATTEEDDITC Ltd. Consumer Non Durables 6.52 ICICI Bank Ltd. Banks 6.05 State Bank of India Banks 5.98 Reliance Industries Ltd. Petroleum Products 5.54 Larsen and Toubro Ltd. Industrial Capital Goods 5.09 Crompton Greaves Ltd. Industrial Capital Goods 4.25 Suzlon Energy Ltd. Industrial Capital Goods 3.55 Bharat Heavy Electricals Ltd. Industrial Capital Goods 3.49 Oil & Natural Gas Corporation Ltd. Oil 3.41 Thermax Ltd. Industrial Capital Goods 3.30 TToottaall ooff TToopp TTeenn EEqquuiittyy HHoollddiinnggss 4477..1188 TToottaall EEqquuiittyy && EEqquuiittyy RReellaatteedd HHoollddiinnggss 9966..4466 Other Current Assets (Including Reverse Repos’ / CBLO) 3.54 GGrraanndd TToottaall 110000..0000NNeett AAsssseettss ((RRss.. IInn LLaakkhhss)) 114411,,667777..7777

IN EQUITY - TAX PLANNING CATEGORY(20 schemes) for 3 and 5 year periods ending April 30, 2008

IN EQUITY - TAX PLANNING CATEGORY(20 schemes) for 3 and 5 year periods ending April 30, 2008








Benefits of Systematic Investment Plan (SIP)

# SENSEXPPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree..

SSIIPP IInnvveessttmmeennttss SSiinnccee IInncceeppttiioonn 55 YYeeaarr SSIIPP 33 YYeeaarr SSIIPP 11 YYeeaarr SSIIPP

Total Amount Invested (Rs. ‘000) 91.00 60.00 36.00 12.00Mkt Value as on April 30, 2008 (Rs. ‘000) 417.21 155.99 57.48 12.73 RReettuurrnnss ((AAnnnnuuaalliisseedd))** ((%%)) 3388..5588 3377..9944 2299..9944 --33..5522

Benchmark Returns (Annualised) (%) # 3300..0066 3322..7722 2266..1100 --55..6688

HDFC GROWTH FUND

# BSE 200 PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree..

SSIIPP IInnvveessttmmeennttss SSiinnccee IInncceeppttiioonn 33 YYeeaarr SSIIPP 11 YYeeaarr SSIIPP

Total Amount Invested (Rs. ‘000) 43.00 36.00 12.00

Market Value as April 30, 2008 (Rs. ‘000) 66.35 46.31 11.40

RReettuurrnnss ((AAnnnnuuaalliisseedd))** ((%%)) 2233..0000 1144..7722 --2200..6677

Benchmark Returns (Annualised) (%) # 3300..8833 2266..1177 --44..1188

HDFC CORE & SATELLITE FUND

# S&P CNX 500 (Please refer to page no 31)PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree..

SSIIPP IInnvveessttmmeennttss SSiinnccee 1100 yyeeaarr 55 YYeeaarr 33 YYeeaarr 11 YYeeaarrIInncceeppttiioonn SSIIPP SSIIPP SSIIPP SSIIPP

Total Amount Invested (Rs. ‘000) 159.00 120.00 60.00 36.00 12.00Mkt Value as on April 30, 2008 (Rs. ‘000) 1,858.32 843.87 146.48 51.69 11.92RReettuurrnnss ((AAnnnnuuaalliisseedd))** ((%%)) 3322..9955 3366..1122 3355..2277 2222..3333 --1144..0088

Benchmark Returns (Annualised) (%) # 2200..1155 2244..8877 3300..8800 2233..5511 --77..1155

HDFC EQUITY FUND

# BSE 200PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree..




HDFC TOP 200 FUND





HDFC CAPITAL BUILDER FUND


SSIIPP IInnvveessttmmeennttss SSiinnccee IInncceeppttiioonn 11 YYeeaarr SSIIPP

Total Amount Invested (Rs. ‘000) 36.00 12.00

Market Value as April 30, 2008, (Rs. ‘000) 48.17 11.38

RReettuurrnnss ((AAnnnnuuaalliisseedd))** ((%%)) 1177..4422 --2200..9977

Benchmark Returns (Annualised) (%) # 2266..6622 --77..1155

HDFC PREMIER MULTI-CAP FUND

# CRISIL MIP BLENDED INDEXPPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree..


Total Amount Invested (Rs. ‘000) 52.00 36.00 12.00Market Value as April 30, 2008 (Rs. ‘000) 61.39 39.16 12.17RReettuurrnnss ((AAnnnnuuaalliisseedd))** ((%%)) 66..6611 33..6622 --1100..9911Benchmark Returns (Annualised) (%) # 88..9955 77..2277 --66..4411

HDFC MF MIP - SHORT TERM PLAN

# CRISIL MIP BLENDED INDEXPPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree..


Total Amount Invested (Rs. ‘000) 51.00 36.00 12.00Market Value as April 30, 2008 (Rs. ‘000) 68.35 41.98 12.24RReettuurrnnss ((AAnnnnuuaalliisseedd))** ((%%)) 1111..5522 88..1155 --99..9955Benchmark Returns (Annualised) (%) # 88..9955 77..2277 --66..4411

HDFC MF MIP - LONG TERM PLAN

# CRISIL Balanced Fund IndexPPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree..


Total Amount Invested (Rs. ‘000) 91.00 60.00 36.00 12.00Mkt Value as on April 30, 2008 (Rs. ‘000) 219.49 101.46 45.77 12.47RReettuurrnnss ((AAnnnnuuaalliisseedd))** ((%%)) 2222..1111 2200..1122 1133..9933 --66..9944

Benchmark Returns (Annualised) (%) # NN..AA.. 2211..9933 1177..9999 --44..0077

HDFC BALANCED FUND




Benchmark Returns (Annualised) (%) # NN..AA.. NN..AA.. 2200..7711 1177..9999 --44..0077

HDFC PRUDENCE FUND





HDFC CHILDREN’S GIFT FUND - INVESTMENT PLAN

# CRISIL MIP Blended IndexPPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree..




HDFC CHILDREN’S GIFT FUND - SAVINGS PLAN

# SENSEXPPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree..




HDFC LONG TERM ADVANTAGE FUND

# S&P CNX 500 (Please refer to page no 31PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree..




HDFC TAXSAVER

* Load is not taken into consideration and the Returns are of Growth Plan / Option. Investors areadvised to refer to the Relative Performance table furnished in this booklet for non-SIP returns. PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree..DDiissccllaaiimmeerr:: The above investment simulation is for illustrative purposes only and should not beconstrued as a promise on minimum returns and safeguard of capital. The AMC / Mutual Fund isnot guaranteeing or promising or forecasting any returns. SIP does not assure a profit or guaranteeprotection against a loss in a declining market.Please refer SIP Enrolment Form or contact nearest ISC for SIP Load Structure.

The Terms & Conditions of the SIP facility have been revamped effective September 1, 2004 and January 3, 2005 and it is now more flexible and convenient for investors. To illustrate the advantages of SIP investments, this is how your investments would have grown if you had invested say Rs. 1,000systematically on the first Business Day of every month over a period of time.


hdfc-sip.qxd 5/8/2008 7:51 PM Page 1







T. V. Today Network Ltd. Media & Entertainment 1.42


Amtek Auto Ltd. Auto Ancillaries 1.25

Jagran Prakashan Ltd. Media & Entertainment 0.96






IDBI Bank Ltd. AA/AA+ 17.23

Housing Dev. Finance Corpn Ltd.$ AAA 17.18

Infrastructure Dev. Fin. Corp. Ltd. AAA/LAAA 12.70

Cholamandalam DBS Fin. Co. Ltd. LAA 8.54

LIC Housing Finance Ltd. AAA 8.53

KRS Loan Trust P1 4.42

National Housing Bank AAA 4.27

TML Financial Services Ltd. AA+ 2.60

Amaravati Greenlands Pvt Ltd. UNRATED 2.57

M&M Financial Services Ltd. MAA+ 2.29

TToottaall ooff TToopp TTeenn DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeenntt((aaggggrreeggaatteedd hhoollddiinnggss iinn aa ssiinnggllee iissssuueerr)) 8800..3333









GlaxoSmithkline Consumer Healthcare Ltd. Consumer Non Durables 1.40

The Federal Bank Ltd. Banks 1.31


Page Industries Ltd. Textile Products 1.07

Britannia Industries Ltd. Consumer Non Durables 1.06

Zee Entertainment Enterprises Ltd. Media & Entertainment 1.03


Maytas Infra Ltd Construction 0.93




DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeenntt // GGoovveerrnnmmeenntt SSeeccuurriittiieess

National Bank for Agriculture & Rural Development AAA 5.45

Government Securities SOV 4.08

Tata Sons Ltd. AAA 3.85

Canara Bank P1+ 3.56

Sundaram Finance Ltd. AA+ 3.53

Power Finance Corporation Ltd. AAA 3.10

Citicorp Maruti Finance Ltd. AAA 2.78

Rural Electrification Corporation Ltd. AAA 2.66

ICICI Bank Ltd. A1+/AAA 2.39

Indian Railways Finance Corporation Ltd. AAA 2.25

TToottaall ooff TToopp TTeenn DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeenntt // GGoovveerrnnmmeenntt SSeeccuurriittiieess


TToottaall DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeenntt // GGoovveerrnnmmeenntt SSeeccuurriittiieess 6644..8866





+ Industry Classification as recommended by AMFI,✤ PPaasstt ppeerrffoorrmmaannccee iiss nnoo gguuaarraanntteeee ooff ffuuttuurree rreessuullttss..


MMooddiiffiieedd DDuurraattiioonn ((DDeebbtt IInnssttrruummeennttss)) 22..2211 yyeeaarrss

AAvveerraaggee PPoorrttffoolliioo MMaattuurriittyy 33..5577 yyeeaarrss ((ootthheerr tthhaann eeqquuiittyy iinnvveessttmmeennttss))

+ Industry Classification as recommended by AMFI$ Sponsor

MMooddiiffiieedd DDuurraattiioonn ((DDeebbtt IInnssttrruummeennttss)) 117788 ddaayyss

AAvveerraaggee PPoorrttffoolliioo MMaattuurriittyy 11..6611 yyeeaarrss ((ootthheerr tthhaann eeqquuiittyy iinnvveessttmmeennttss))

^̂PPaasstt PPeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #Crisil MIP Blended Index

NNAAVV (as at April 30, 2008) NAV per Unit (Rs.)

Growth Option 13.7396Monthly Dividend Option 10.0500Quarterly Dividend Option 10.3044


Oct 30, 07 Last Six months (183 days) 13.9007 -1.16* 0.81*Apr 30, 07 Last 1 Year (366 days) 13.0670 5.13** 10.98**Apr 29, 05 Last 3 Years (1097 days) 11.0920 7.38** 10.28**Dec 26, 03 Since Inception (1587 days) 10.0000 7.58** 7.55**

Relative Performance^(Growth Option)

^̂PPaasstt PPeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #Crisil MIP Blended Index


Oct 30, 07 Last Six months (183 days) 16.6612 -1.41* 0.81*Apr 30, 07 Last 1 Year (366 days) 14.9868 9.58** 10.98**Apr 29, 05 Last 3 Years (1097 days) 11.3000 13.26** 10.28**Dec 26, 03 Since Inception (1587 days) 10.0000 12.09** 7.55**



Growth Option 16.4265Monthly Dividend Option 11.5571Quarterly Dividend Option 11.8758

HDFC MF MIP - Short Term Plan


HDFC MF MIP - Long Term Plan


In Hybrid - Monthly Income Category(38 schemes) for 3 & 5 year periods

ending April 30, 2008

hdfc-dt.qxd 5/9/2008 11:16 AM Page 1





HDFC Multiple Yield FundAn open-ended income scheme

^̂PPaasstt PPeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable*Absolute Returns # Crisil MIP Blended Index ** Compounded Annualised Returns

+ Industry Classification as recommended by AMFI✤ PPaasstt ppeerrffoorrmmaannccee iiss nnoo gguuaarraanntteeee ooff ffuuttuurree rreessuullttss..




Relative Performance ^ (Growth Option)

Oct 30, 07 Last Six months (183 days) 13.1418 3.69* 0.81*Apr 30, 07 Last 1 Year (366 days) 12.3478 10.33** 10.98**Apr 29, 05 Last 3 Years (1097 days) 10.6380 8.59** 10.28**Sep 17, 04 Since Inception (1321 days) 10.0000 8.93** 9.33**




HDFC Multiple Yield Fund - Plan 2005An open-ended income scheme




AAvveerraaggee PPoorrttffoolliioo MMaattuurriittyy 117722 ddaayyss AAvveerraaggee PPoorrttffoolliioo MMaattuurriittyy 118800 ddaayyss






Castrol India Ltd. Oil 0.92

Maytas Infra Ltd. Construction 0.89



Sadbhav Engineering Ltd. Construction 0.81

Shanthi Gears Ltd. Industrial Products 0.80





YES Bank Ltd A1+ 32.56

Reliance Capital Ltd. A1+ 18.61

IDBI Bank Ltd. A1+ 18.01

UCO Bank P1+ 11.44





Portfolio – Holdings (as at April 30, 2008)


Oct 30, 07 Last Six months (183 days) 12.0125 1.58* 0.81*

Apr 30, 07 Last 1 Year (366 days) 11.1060 9.84** 10.98**

Aug 17, 05 Since Inception (987 days) 10.0000 7.64** 9.26**

^̂PPaasstt PPeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns # Crisil MIP Blended Index ** Compounded Annualised Returns





Crisil Ltd. Finance 1.39

Colgate-Palmolive (India) Ltd. Consumer Non Durables 1.32

Maytas Infra Ltd. Construction 1.30

IPCA Laboratories Ltd. Pharmaceuticals 1.23



Apollo Tyres Ltd. Auto Ancillaries 1.07

Solar Explosives Ltd. Chemicals 1.05




YES Bank Ltd A1+ 15.48



GE Cap Transportation Financial Ser A1+ 11.81

KRS Loan Trust P1 6.67

Export - Import Bank of India AAA 6.43

ICICI Bank Ltd. P1+ 4.69

UCO Bank P1+ 4.50

Indian Retail ABS Trust 95 AAA(SO) 3.72












Growth Plan 26.6248

Quarterly Dividend Option 10.5932

Half-Yearly Dividend Option 10.3594

Yearly Dividend Option 10.8193

HDFC Income FundAn open-ended income scheme

^̂PPaasstt PPeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns# Crisil Composite Bond Fund Index N.A. Not Available

$ Sponsor


Oct 30, 07 Last Six months (183 days) 17.6573 2.49* 2.72*Apr 30, 07 Last 1 Year (366 days) 16.6223 8.85** 8.04**Apr 29, 05 Last 3 Years (1097 days) 15.7863 4.65** 5.26**Apr 30, 03 Last 5 Years (1827 days) 14.6945 4.25** 4.50**Sep 11, 00 Since Inception (2788 days) 10.0000 8.07** N.A.


MMooddiiffiieedd DDuurraattiioonn 44..9922 yyeeaarrssAAvveerraaggee PPoorrttffoolliioo MMaattuurriittyy 77..9966 yyeeaarrss

AAvveerraaggee PPoorrttffoolliioo MMaattuurriittyy 99..5500 yyeeaarrss

HDFC High Interest FundAn open-ended income scheme

^̂PPaasstt PPeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #CRISIL Composite Bond Fund Index N.A. Not Available


Oct 30, 07 Last Six months (183 days) 25.6468 3.81* 2.72*Apr 30, 07 Last 1 Year (366 days) 24.4063 9.06** 8.04**Apr 29, 05 Last 3 Years (1097 days) 23.1745 4.73** 5.26**Apr 30, 03 Last 5 Years (1827 days) 21.5124 4.35** 4.50**Apr 30, 98 Last 10 Years (3653 days) 11.6218 8.64** N.A.Apr 28, 97 Since Inception (4020 days) 10.0000 9.30** N.A.


MMooddiiffiieedd DDuurraattiioonn 44..4488 yyeeaarrss

IIssssuueerr RRaattiinngg %% ttoo NNAAVV

DDEEBBTT // MMOONNEEYY MMAARRKKEETT IINNSSTTRRUUMMEENNTTSS // GGOOVVEERRNNMMEENNTT SSEECCUURRIITTIIEESS




Loan Securitisation Trust - Bajaj Auto Ltd. AAA(SO) 7.42

JUS Trust - Jet Airways AAA(SO) 6.31


ICICI Bank Ltd. AAA 3.01

State Bank of Patiala AAA 2.01

State Bank of Bikaner & Jaipur AAA 1.99

Citi Financial Consumer Finance (India) Ltd. AAA 1.94


TToottaall DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeenntt 8811..6655






DDEEBBTT // MMOONNEEYY MMAARRKKEETT IINNSSTTRRUUMMEENNTTSS // GGOOVVEERRNNMMEENNTT SSEECCUURRIITTIIEESS



KRI Loan Trust A1(SO) 9.98

K. Raheja Universal Pvt. Ltd. UNRATED 7.18


Housing Development Finance Corporation Ltd.$ AAA 5.53

JUS Trust - Jet Airways AAA(SO) 5.14

TToottaall DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeenntt // GGoovveerrnnmmeenntt SSeeccuurriittiieess((aaggggrreeggaatteedd hhoollddiinnggss iinn aa ssiinnggllee iissssuueerr)) 9922..1188









Dividend Reinvestment Option 10.3626




HDFC Short Term PlanAn open-ended income scheme

^̂PPaasstt PPeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns # Crisil Liquid Fund Index N.A. Not Available


Oct 30, 07 Last Six months (183 days) 14.1892 4.27* 3.56*Apr 30, 07 Last 1 Year (366 days) 13.4909 9.64** 7.30**Apr 29, 05 Last 3 Years (1097 days) 12.0204 7.16** 6.37**Apr 30, 03 Last 5 Years (1827 days) 10.9840 6.13** 5.49**Feb 28, 02 Since Inception (2253 days) 10.0000 6.55** N.A.


HDFC High Interest Fund - Short Term Plan

An open-ended income scheme

^̂PPaasstt PPeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns# Crisil Composite Bond Fund Index N.A. Not Available


Oct 30, 2007 Last Six months (183 days) 14.4853 4.88* 2.72*Apr 30, 07 Last 1 Year (366 days) 13.7307 10.61** 8.04**Apr 29, 05 Last 3 Years (1097 days) 12.1582 7.69** 5.26**Apr 30, 03 Last 5 Years (1827 days) 11.0789 6.51** 4.50**Feb 06, 02 Since Inception (2275 days) 10.0000 6.94** N.A.


MMooddiiffiieedd DDuurraattiioonn 11..0044 yyeeaarrss


Debentures 51.21Money Market Instruments 54.98Deposits / Net Receivables (6.19)

Portfolio Classification by Asset Class (%)

A1+/AAA/AAA(SO)/FI (SO)/LAAA/P1+/P1+(SO) Rated Secutrities 79.87AA(SO)/AA+/LAA+ Rated Secutrities 6.97A+(IND)(SO) Rated Secutrities 1.13Reverse Repos 15.66Deposits / Net Receivables (3.63)

Portfolio Classification by Rating Class (%)

Debentures 71.69Money Market Instruments 34.22Deposits / Net Receivables (5.91)


A1+(SO)/AAA/AAA(SO)/F1+(SO)/LAAA/LAAA(SO)/P1+/P1+(SO) Rated Secutrities 82.28AA+(SO)/LAA+ Rated Secutrities 5.91Reverse Repos 15.43Deposits / Net Receivables (3.62)

Portfolio Classification by Rating Class (%)

MMooddiiffiieedd DDuurraattiioonn 331133 ddaayyss


Portfolio – Top 10 Holdings (as at April 30, 2008)IIssssuueerr RRaattiinngg %% ttoo NNAAVV

DDEEBBTT // MMOONNEEYY MMAARRKKEETT IINNSSTTRRUUMMEENNTTSS

ICICI Bank Ltd. A1+ 9.94

Corporation Bank P1+ 9.49


State Bank of Bikaner & Jaipur P1+ 5.97

BHPC Auto Sec Tr Feb 08 I AAA(SO) 5.09

Oriental Bank of Commerce P1+ 4.73


Development Credit Bank Ltd. P1+ 4.58

GE Money Financial Services Ltd. AAA 3.49











Indian Railways Finance Corporation Ltd. AAA 6.45


Corp Loan Sec Sr 57 P1+ 4.82

Credit Asset Tr Sr XIX (Indiabulls) F1+(SO) 4.53


Sundaram Finance Ltd. LAA+ 4.45

Tata Sons Ltd. AAA 4.44

Export - Import Bank of India AAA 4.40

State Bank of Travancore P1+ 4.04

TToottaall ooff TToopp TTeenn DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeenntt






In Debt - Short-term Category(19 schemes) for 18 months period



$ Sponsor


An open-ended income scheme

^̂PPaasstt PPeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns#I-Sec Si-Bex N.A. Not Available


Oct 30, 07 Last Six months (183 days) 14.1293 3.20* 3.74*Apr 30, 07 Last 1 Year (366 days) 13.7448 6.07** 8.69**Apr 29, 05 Last 3 Years (1097 days) 12.6202 4.92** 6.84**Apr 30, 03 Last 5 Years (1827 days) 11.7082 4.48** 5.93**Jul 25, 01 Since Inception (2471 days) 10.0000 5.73** N.A.


HDFC Gilt Fund

Short Term Plan

^̂PPaasstt PPeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns#I-Sec Li-Bex N.A. Not Available


Oct 30, 07 Last Six months (183 days) 16.2207 3.13* 2.15*Apr 30, 07 Last 1 Year (366 days) 15.5894 7.29** 7.63**Apr 29, 05 Last 3 Years (1097 days) 14.7774 4.21** 7.09**Apr 30, 03 Last 5 Years (1827 days) 13.9881 3.64** 5.41**Jul 25, 01 Since Inception (2471 days) 10.0000 7.90** N.A.


Long Term Plan

MMooddiiffiieedd DDuurraattiioonn 22..3300 yyeeaarrss MMooddiiffiieedd DDuurraattiioonn 88..0022 yyeeaarrss

AAvveerraaggee PPoorrttffoolliioo MMaattuurriittyy 22..8811 yyeeaarrss AAvveerraaggee PPoorrttffoolliioo MMaattuurriittyy 1188..2288 yyeeaarrss


GGoovveerrnnmmeenntt SSeeccuurriitteess // TTrreeaassuurryy BBiillllss

5.48% GOI 2009 SOV 56.61

7.27% GOI 2013 SOV 40.61

11.40% GOI 2008 SOV 0.11

TToottaall GGoovveerrnnmmeenntt SSeeccuurriitteess // TTrreeaassuurryy BBiillllss 9977..3333



NNeett AAsssseettss ((RRss.. IInn LLaakkhhss)) 886622..3344

Portfolio – Holdings (as at April 30, 2008)IIssssuueerr RRaattiinngg %% ttoo NNAAVV

GGoovveerrnnmmeenntt SSeeccuurriittiieess // TTrreeaassuurryy BBiillllss

8.33% GOI 2036 SOV 49.60

8.24% GOI 2018 SOV 28.17

7.99% GOI 2017( Government Securities) SOV 12.55

7.27% GOI 2013 SOV 6.83

TToottaall GGoovveerrnnmmeenntt SSeeccuurriitteess // TTrreeaassuurryy BBiillllss 9977..1155












Government Securities 97.15Money Market Instruments 3.69Deposits / Net Receivables (0.84)



^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #Crisil Liquid Fund Index


Oct 30, 07 Last Six months (183 days) 13.2018 4.16* 3.56*Apr 30, 07 Last 1 Year (366 days) 12.6928 8.31** 7.30**Apr 29, 05 Last 3 Years (1097 days) 11.1765 7.14** 6.37**Apr 30, 03 Last 5 Years (1827 days) 10.1616 6.23** 5.49**Jan 16, 03 Since Inception (1931 days) 10.0101 6.18** 5.48**

Relative Performance^- Retail Option (Growth Option)


$ Sponsor

$ Sponsor

Short Term Plan


Reliance Energy F1+ 6.80

ICICI Bank Ltd. A1+/P1+ 5.41





State Bank Of Hyderabad P1+ 2.25

UCO Bank P1+ 2.09

Sundaram Finance Ltd. AA+/P1+ 2.06

India Loan Sec Sr 8 Tr 2008 AAA(SO) 1.93










Indian Retail ABS Trust 96 2008 AAA(SO) 11.45


HDFC Bank Ltd. UNRATED 6.90

Investment Vehicle 1508 AAA(SO) 6.54

Bharti Ventures Ltd. UNRATED 4.73

Reliance Communication Ltd. A1+ 4.53


IDBI Bank Ltd. AA/AA+ 4.32

UBL Trust Series 58 A+ 3.39

Credit Asset Trust Sr XXVI AAA(SO) 3.17









HDFC Floating Rate Income Fund An open-ended income scheme

^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #Crisil Liquid Fund Index


Oct 30, 07 Last Six months (183 days) 12.9373 4.78* 3.56*Apr 30, 07 Last 1 Year (366 days) 12.4543 8.82** 7.30**Apr 29, 05 Last 3 Years (1097 days) 11.0826 6.93** 6.37**Apr 30, 03 Last 5 Years (1827 days) 10.1531 5.94** 5.49**Jan 16, 03 Since Inception (1931 days) 10.0104 5.90** 5.48**


Long Term Plan

MMooddiiffiieedd DDuurraattiioonn 227733 ddaayyssAAvveerraaggee PPoorrttffoolliioo MMaattuurriittyy 119977 ddaayyss

AAvveerraaggee PPoorrttffoolliioo MMaattuurriittyy 332233 ddaayyss


RReettaaiill OOppttiioonnGrowth Option 13.7504Daily Dividend Reinvestment Option 10.0809Weekly Dividend Option 10.1398Monthly Dividend Option 10.1485WWhhoolleessaallee OOppttiioonnGrowth Option 13.7742Daily Dividend Reinvestment Option 10.0809Weekly Dividend Option 10.1400Monthly Dividend Option 10.1487


Growth Option 13.5558Dividend Reinvestment Option 10.2225


hdfc-dt1.qxd 5/8/2008 7:53 PM Page 1


LLiiqquuiidd FFuunnddApr 23, 08 Last 7 days 16.1692 0.16* 0.16*Apr 15, 08 Last 15 days 16.1407 0.33* 0.24*Mar 28, 08 Last 1 month (33 days) 16.0744 0.75* 0.84*Jan 30, 08 Last 3 months (91 days) 15.8665 2.07* 2.00*Oct 30, 07 Last 6 months (183 days) 15.5498 4.15* 3.56*Apr 30, 07 Last 1 Year (366 days) 14.9947 7.98** 7.30**Apr 29, 05 Last 3 Years (1097 days) 13.2143 7.00** 6.37**Apr 30, 03 Last 5 Years (1827 days) 12.0796 6.03** 5.49**Oct 17, 00 Since Inception (2752 days) 10.0000 6.60** N.A.


^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree N.A. Not AvailablePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns # Crisil Liquid Fund Index

Portfolio – Top 10 Holdings (as at April 30, 2008)IIssssuueerr RRaattiinngg %% ttoo NNAAVV

HDFC

Liquid FundAn open-ended liquid income scheme

HDFCCash

Management Fund

An open-ended high liquidity income scheme

IN DEBT: ULTRA SHORT-TERM CATEGORY(41 schemes) for 18 month period



Total outstanding position (as at April 30, 2008) in Derivative Instruments (Forward Rate Agreement) (Notional) Rs. 2,500 lakhs.





IN DEBT: ULTRA SHORT-TERM CATEGORY(41 schemes) for 18 month period




Savings Plan

DDaattee PPeerriioodd NNAAVV RReettuurrnnss BBeenncchhmmaarrkkppeerr UUnniitt ((RRss..)) ((%%))^̂$$$$ RReettuurrnnss ((%%))##


Apr 23, 08 Last 7 days 16.9983 0.15* 0.16*Apr 15, 08 Last 15 days 16.9679 0.33* 0.24*Mar 28, 08 Last 1 month (33 days) 16.8974 0.75* 0.84*Jan 30, 08 Last 3 months (91 days) 16.6803 2.06* 2.00*Oct 30, 07 Last 6 months (183 days) 16.3458 4.15* 3.56*Apr 30, 07 Last 1 Year (366 days) 15.7516 8.06** 7.30**Apr 29, 05 Last 3 Years (1097 days) 13.8456 7.12** 6.37**Apr 30, 03 Last 5 Years (1827 days) 12.5921 6.21** 5.49**Nov 18, 99 Since Inception (3086 days) 10.0000 6.54** N.A.

^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #Crisil Liquid Fund Index$$ Adjusted for the dividends declared under the scheme prior to its splitting into the Dividendand Growth Plans N.A. Not Available



Daily Dividend Reinvestment Option 10.6364

Weekly Dividend Option 10.6363


HHDDFFCC LLiiqquuiidd FFuunnddGrowth Option 16.1947Daily Dividend Reinvestment Option 10.1982Weekly Dividend Option 10.3149Monthly Dividend Option 10.2677HHDDFFCC LLiiqquuiidd FFuunndd -- PPrreemmiiuumm PPllaannGrowth Option 16.3147Daily Dividend Reinvestment Option 12.2598HHDDFFCC LLiiqquuiidd FFuunndd -- PPrreemmiiuumm PPlluuss PPllaannGrowth Option 16.3492Weekly Dividend Option 12.4233



Canara Bank P1+ 5.29

Vijaya Bank PR1+ 5.04


Citicorp Finance (India) Ltd. AAA 2.79


State Bank of India A1+ 2.37

Punjab National Bank F1+ 2.18

CE Pool Trust June 2007 LAAA(SO) 1.99










State Bank of Patiala P1+ 5.78

Vijaya Bank PR1+ 3.71

UCO Bank P1+ 3.48

Indian Oil Corporation Ltd. A1+ 3.45

Indian Bank F1+ 3.13

State Bank of Indore P1+ 2.73


IDBI Bank Ltd. A1+/P1+ 2.55

Standard Chartered Bank P1+ 2.33













Call Plan

NNoottee ffoorr AAllll OOppeenn--EEnnddeedd SScchheemmeess ((aass aatt AApprriill 3300,, 22000088))i) Total NPAs provided for and its percentage to NAV : Nil

ii) Investment in ADR/GDR/Foreign Securities : Nil

iii) Total outstanding exposure in derivative instruments (Notional) :

a) Equity :

HDFC Equity Fund (Suzlon Option) Rs. 158.99 lakhs

TToottaall RRss.. 115588..9999 llaakkhhss

b) Debt : Interest Rates Swaps / Forward Rate Agreement

HDFC Children’s Gift Fund - Investment Plan Rs. 500.00 lakhs

HDFC Cash Management Fund - Savings Plan Rs. 2,500.00 lakhs

HDFC Cash Management Fund - Savings Plus Plan Rs. 5,000.00 lakhs

TToottaall RRss.. 88,,000000..0000 llaakkhhss


Relative Performance^- Retail Plan (Growth Option)

Savings Plus Plan

Apr 23, 08 Last 7 days 13.8925 0.11* 0.16*Apr 15, 08 Last 15 days 13.8747 0.24* 0.24*Mar 28, 08 Last 1 Month (33 days) 13.8338 0.54* 0.84*Jan 30, 08 Last 3 months (91 days) 13.6895 1.60* 2.00*Oct 30, 07 Last 6 months (183 days) 13.4429 3.46* 3.56*Apr 30, 07 Last 1 Year (366 days) 13.0544 6.52** 7.30**Apr 29, 05 Last 3 Years (1097 days) 11.5369 6.42** 6.37**Apr 30, 03 Last 5 Years (1827 days) 10.6551 5.47** 5.49**Feb 06, 02 Since Inception (2275 days) 10.0000 5.44** N.A.

An open-ended income scheme An open-ended high liquidity income scheme

^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree N.A. Not AvailablePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #Crisil Liquid Fund Index

Oct 30, 07 Last Six months (183 days) 17.0103 4.08* 3.56*Apr 30, 07 Last 1 Year (366 days) 16.3729 8.11** 7.30**Apr 29, 05 Last 3 Years (1097 days) 14.4137 7.08** 6.37**Apr 30, 03 Last 5 Years (1827 days) 13.2214 6.01** 5.49**Nov 18, 99 Since Inception (3086 days) 10.0000 6.99** N.A.

^̂PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree N.A. Not AvailablePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #Crisil Liquid Fund Index




Portfolio – Holdings (as at April 30, 2008)IIssssuueerr RRaattiinngg %% ttoo NNAAVV


RReettaaiill OOppttiioonnGrowth Option 17.7046Daily Dividend Reinvestment Option 10.0315Weekly Dividend Option 10.0185Monthly Dividend Option 10.0136WWhhoolleessaallee OOppttiioonnGrowth Option 17.7602Daily Dividend Reinvestment Option 10.0315Weekly Dividend Option 10.0188Monthly Dividend Option 10.0137



Daily Dividend Reinvestment Option 10.4266


Sundaram Finance Ltd. AA+ 19.46 TToottaall DDeebbtt // MMoonneeyy MMaarrkkeett IInnssttrruummeenntt 1199..4466

Other Current Assets (Including Reverse Repos’ / CBLO) 80.54GGrraanndd TToottaall 110000..0000


$ SponsorTotal outstanding position (as at April 30, 2008) in Derivative Instruments

(Interest Rate Swaps) (Notional) Rs. 5,000 lakhs.







Indian Oil Corporation Ltd A1+ 2.41



Cholamandalam DBS Fin. Co. Ltd. A1+/LAA 2.09

State Bank of Mysore A1+ 1.84




Other Current Assets (Including Reverse Repos’ / CBLO) 9.89 GGrraanndd TToottaall 110000..0000




Nov 01, 07 10.6795 0.0891 0.0829

Dec 03, 07 10.6680 0.0790 0.0735

Jan 01, 08 10.6729 0.0833 0.0775

Feb 01, 08 10.6725 0.0829 0.0772

Mar 03, 08 10.6410 0.0554 0.0515

Apr 01, 08 10.6409 0.0666 0.0620

RReeccoorrdd CCuumm DDiivv DDiivviiddeenndd PPeerr uunniitt ((RRee..)) FFoorr DDaattee NNAAVV ((RRss..)) IInnddiivviidduuaallss && HHUUFF OOtthheerrss


Dividend Option (Last 6 months)

HDFC High Interest Fund-Short Term Plan

HDFC High Interest Fund

Jun 25, 07 10.5059 0.1000 0.0931

Sep 25, 07 10.6923 0.1500 0.1396

Dec 26, 07 10.7893 0.2000 0.1861

Mar 25, 08 10.8026 0.2000 0.1861

Sep 26, 06 10.5576 0.3000 0.2794

Mar 26, 07 10.2068 0.0500 0.0466

Sep 25, 07 10.5831 0.3000 0.2792

Mar 25, 08 10.7407 0.3500 0.3258



Quarterly (Dividend Option)(Since June 2007)

Half-yearly (Dividend Option)(Since September 2006)

Yearly (Dividend Option) (Since March 2005)

Jun 25, 07 10.2440 0.1000 0.0931

Sep 25, 07 10.4650 0.1500 0.1396

Dec 26, 07 10.6323 0.2000 0.1861

Mar 25, 08 10.5750 0.2000 0.1861

RReeccoorrdd DDaattee CCuumm DDiivviiddeenndd NNAAVV ((RRss..)) DDiivviiddeenndd PPeerr uunniitt ((RRee..)) FFoorr IInnddiivviidduuaallss && HHUUFF OOtthheerrss

Dividend Option (Since June 2007)

Mar 24, 05 10.9273 0.5000 0.4676Mar 26, 07 10.8913 0.2500 0.2328Mar 25, 08 11.5996 0.7000 0.6515


HDFC Income Fund

Short Term Plan (Dividend Option)

HDFC MF Monthly Income Plan (MIP)(An open-ended income scheme. Monthly income is not assured and is subject to availability of distributable surplus)

Monthly (Dividend Option)(Last 3 months)

RReeccoorrdd CCuumm DDiivv DDiivviiddeenndd PPeerr uunniitt ((RRee..)) FFoorr

DDaattee NNAAVV ((RRss..)) IInnddiivviidduuaallss && HHUUFF OOtthheerrss

Dec 26, 07 10.4922 0.0600 0.0558

Jan 25, 08 10.3562 0.0600 0.0558

Feb 25, 08 10.1723 0.0600 0.0558

Long Term Plan (Dividend Option)




Jun 25, 07 10.5658 0.1800 0.1675

Sep 25, 07 10.6223 0.1800 0.1675

Dec 26, 07 10.8695 0.1800 0.1675

Mar 25, 08 10.2838 0.1000 0.0931

Monthly (Dividend Option) (Last 4 months)



Dec 26, 07 12.5954 0.0900 0.0837

Jan 25, 08 12.3182 0.0900 0.0837

Feb 25, 08 11.9196 0.0900 0.0837

Mar 25, 08 11.4896 0.0900 0.0837

Apr 25, 08 11.6063 0.0900 0.0837




Jun 25, 07 12.1402 0.2000 0.1861

Sep 25, 07 12.3797 0.2000 0.1861

Dec 26, 07 13.0328 0.2700 0.2513

Mar 25, 08 11.9047 0.2700 0.2513

HDFC Multiple Yield Fund

Oct 13, 05 11.0409 0.9000 0.8381

Oct 12, 06 10.7938 0.6700 0.6240

Dec 12, 07 11.2528 1.0000 0.9307



(Dividend Option)

HDFC Multiple Yield Fund - Plan 2005

Nov 16, 06 10.9001 0.7500 0.6985 Dec 12, 07 11.2388 1.0000 0.9307



(Dividend Option)

^̂ PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree.. All dividends are on face value of Rs.10 per Unit. After payment of the dividend, the per Unit NAV will fall tothe extent of the payout and statutory levy.

Dividend History ^

HDFC Arbitrage Fund (Since January 2008)

RReettaaiill OOppttiioonnJan 31, 08 10.2640 0.2500 0.2500Mar 25, 08 10.1050 0.1050 0.1050Apr 25, 08 10.0470 0.0470 0.0470WWhhoolleessaallee OOppttiioonnJan 31, 08 10.2710 0.2600 0.2600Mar 25, 08 10.1050 0.1050 0.1050Apr 25, 08 10.0480 0.0480 0.0480

RReettaaiill OOppttiioonnJan 31, 08 10.2640 0.2500 0.2500Mar 25, 08 10.1080 0.1080 0.1080WWhhoolleessaallee OOppttiioonnJan 31, 08 10.2710 0.2600 0.2600Mar 25, 08 10.1040 0.1040 0.1040



Monthly (Dividend Option) Quarterly (Dividend Option)

Jan 13, 06 19.301 2.25 2.25Jan 11, 07 22.610 3.00 3.00Jan 10, 08 28.229 3.00 3.00

RReeccoorrdd CCuumm DDiivv DDiivviiddeenndd PPeerr uunniitt ((RRss..)) FFoorr DDaattee NNAAVV ((RRss..)) IInnddiivviidduuaallss && HHUUFF OOtthheerrss

HDFC Core & Satellite Fund

Jul 15, 03 17.097 2.00Sep 30, 03 18.792 2.50Mar 19, 04 20.790 1.50

RReeccoorrdd DDaattee NNAAVV ppeerr UUnniitt ((RRss..)) DDiivviiddeennddCCuumm DDiivviiddeenndd PPeerr UUnniitt ((RRss..))


HDFC Equity Fund

Jul 15, 03 16.272 2.00Oct 31, 03 19.899 2.50Mar 08, 04 21.959 1.50



HDFC Top 200 Fund

Feb 04, 05 22.552 5.00 5.00Feb 17, 06 26.620 5.00 5.00


HDFC Capital Builder Fund

Dec 15, 04 17.711 2.00 2.00Dec 30, 05 23.123 2.50 2.50

Dec 28, 06 29.681 3.50 3.50Dec 27, 07 42.928 4.00 4.00


HDFC Growth Fund

Nov 30, 04 23.445 3.00 3.00Mar 17, 06 41.877 5.00 5.00Mar 07, 07 40.352 5.00 5.00Mar 07, 08 45.4470 5.50 5.50

Dec 15, 04 24.066 3.00 3.00Feb 17, 06 36.409 4.50 4.50Feb 07, 07 42.968 5.00 5.00Feb 07, 08 48.129 5.00 5.00


Feb 07, 07 26.389 3.00 3.00Feb 07, 08 30.891 3.50 3.50

HDFC Balanced FundRReeccoorrdd CCuumm DDiivv DDiivviiddeenndd PPeerr uunniitt ((RRss..)) FFoorr DDaattee NNAAVV ((RRss..)) IInnddiivviidduuaallss && HHUUFF OOtthheerrss

Dec 30, 05 18.272 2.00 2.00

Dec 28, 06 20.588 2.50 2.50


Dec 27, 07 22.7440 2.50 2.50

Jul 15, 03 18.737 2.00Dec 26, 03 23.711 3.00Mar 15, 04 20.247 1.50



HDFC Prudence Fund

Mar 18, 05 25.265 5.00 5.00Mar 03, 06 30.543 5.00 5.00Feb 21, 07 32.483 5.00 5.00Feb 21, 08 33.503 5.00 5.00


Dividend Plan

Dividend Plan

Dividend Plan

Dividend Plan

Dividend Plan

Dividend Plan

Dividend Option

HDFC Premier Multi-Cap Fund

Dividend Option

Mar 03, 06 15.756 1.75 1.75Feb 21, 07 16.654 2.00 2.00Feb 21, 08 17.516 2.00 2.00


(Since December 2004)

Feb 04, 05 32.5880 5.00 5.00

Jan 13, 06 44.2700 6.00 6.00


HDFC Long Term Advantage Fund(An open-ended equity linked savings scheme with a lock-in period of 3 years)


Jan 11, 07 46.4680 6.00 6.00

Jan 10, 08 56.1710 6.00 6.00

Dividend Plan

Feb 17, 05 40.572 5.00 5.00Mar 17, 06 67.080 7.50 7.50



HDFC TaxSaver(An open-ended equity linked savings scheme with a lock-in period of 3 years)

Mar 07, 07 60.360 7.50 7.50Mar 07, 08 66.0920 8.00 8.00

Dividend Plan


hdfc-div.qxd 5/8/2008 7:54 PM Page 1

Dividend History ^


RReettaaiill PPllaann

Nov 05, 07 10.0287 0.0129 0.0120

Nov 12, 07 10.0287 0.0128 0.0120

Nov 19, 07 10.0293 0.0134 0.0125

Nov 26, 07 10.0291 0.0132 0.0123

Dec 03, 07 10.0293 0.0134 0.0125

Dec 10, 07 10.0289 0.0131 0.0122

Dec 17, 07 10.0290 0.0131 0.0122

Dec 24, 07 10.0294 0.0135 0.0125

Dec 31, 07 10.0295 0.0136 0.0126

Jan 07, 08 10.0295 0.0135 0.0126

Jan 14, 08 10.0288 0.0130 0.0121

Jan 21, 08 10.0293 0.0135 0.0125

Jan 28, 08 10.0298 0.0139 0.0129

Feb 04, 08 10.0299 0.0139 0.0129

Feb 11, 08 10.0287 0.0129 0.0120

Feb 18, 08 10.0288 0.0129 0.0120

Feb 25, 08 10.0291 0.0132 0.0123

Mar 03, 08 10.0292 0.0133 0.0124

Mar 10, 08 10.0287 0.0128 0.0119

Mar 17, 08 10.0293 0.0134 0.0124

Mar 24, 08 10.0300 0.0140 0.0131

Mar 31, 08 10.0316 0.0155 0.0144

Apr 07, 08 10.0298 0.0138 0.0129

Apr 15, 08 10.0309 0.0148 0.0138

Apr 21, 08 10.0269 0.0113 0.0105

Apr 28, 08 10.0289 0.0131 0.0122

WWhhoolleessaallee PPllaann

Nov 05, 07 10.0297 0.0137 0.0128

Nov 12, 07 10.0297 0.0137 0.0128

Nov 19, 07 10.0302 0.0142 0.0133

Nov 26, 07 10.0298 0.0138 0.0128

Dec 03, 07 10.0303 0.0130 0.0121

Dec 10, 07 10.0313 0.0152 0.0141

Dec 17, 07 10.0299 0.0135 0.0126

Dec 24, 07 10.0309 0.0148 0.0137

Dec 31, 07 10.0305 0.0144 0.0134

Jan 07, 08 10.0299 0.0139 0.0130

Jan 14, 08 10.0297 0.0138 0.0128

Jan 21, 08 10.0301 0.0141 0.0131

Jan 28, 08 10.0305 0.0145 0.0134

Feb 04, 08 10.0309 0.0072 0.0067

Feb 11, 08 10.0384 0.0196 0.0183

Feb 18, 08 10.0317 0.0155 0.0144

Feb 25, 08 10.0301 0.0141 0.0131

Mar 03, 08 10.0301 0.0141 0.0131

Mar 10, 08 10.0297 0.0137 0.0128

Mar 17, 08 10.0301 0.0142 0.0132

Mar 24, 08 10.0308 0.0147 0.0137

Mar 31, 08 10.0323 0.0159 0.0148

Apr 07, 08 10.0308 0.0147 0.0136

Apr 15, 08 10.0321 0.0159 0.0148

Apr 21, 08 10.0276 0.0119 0.0111

Apr 28, 08 10.0299 0.0139 0.0129



WWeeeekkllyy DDiivviiddeenndd OOppttiioonn (Last 6 months)

MMoonntthhllyy DDiivviiddeenndd OOppttiioonn (Last 6 months)

^̂ PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree.. All dividends are on face value of Rs.10 per Unit. After payment of the dividend, the per Unit NAV will fall tothe extent of the payout and statutory levy.

Savings Plus Plan (Daily Dividend Option) (Last 6 months)

HDFC Cash Management FundSavings Plan (Daily Dividend Reinvestment Option) (Last 6 months)

HDFC Cash Management Fund (Call Plan)

MMoonntthh RReeccoorrdd DDaattee EExx--ddiivviiddeenndd NNAAVV ppeerr UUnniitt ((RRss..)) AAggggrreeggaattee DDiivviiddeenndd PPeerr UUnniitt ((RRee..)) ffoorr tthhee mmoonntthh IInnddiivviidduuaallss && HHUUFF OOtthheerrss

WWeeeekkllyy DDiivviiddeenndd OOppttiioonn (Last 6 months)

Nov 02, 07 10.6402 0.0121 0.0121

Nov 12, 07 10.6474 0.0177 0.0177

Nov 16, 07 10.6342 0.0074 0.0074

Nov 23, 07 10.6414 0.0130 0.0130

Nov 30, 07 10.6419 0.0134 0.0134

Dec 07, 07 10.6412 0.0129 0.0129

Dec 14, 07 10.6409 0.0126 0.0126

Dec 24, 07 10.6485 0.0186 0.0186

Dec 28, 07 10.6344 0.0076 0.0076

Jan 04, 08 10.6416 0.0124 0.0124

Jan 11, 08 10.6419 0.0128 0.0128

Jan 18, 08 10.6410 0.0127 0.0127

Jan 25, 08 10.6410 0.0127 0.0127

Feb 01, 08 10.6421 0.0135 0.0135

Feb 08, 08 10.6417 0.0127 0.0127

Feb 15, 08 10.6414 0.0130 0.0130

Feb 22, 08 10.6413 0.0129 0.0129

Feb 29, 08 10.6413 0.0130 0.0130

Mar 07, 08 10.6406 0.0124 0.0124

Mar 14, 08 10.6405 0.0123 0.0123

Mar 24, 08 10.6496 0.0195 0.0195

Mar 28, 08 10.6348 0.0079 0.0079

Apr 04, 08 10.6428 0.0141 0.0141

Apr 11, 08 10.6411 0.0128 0.0128

Apr 21, 08 10.6491 0.0190 0.0190

Apr 25, 08 10.6340 0.0073 0.0073

RReeccoorrdd CCuumm DDiivv DDiivviiddeenndd PPeerr uunniitt ((RRee....)) FFoorr DDaattee NNAAVV ((RRss..)) IInnddiivviidduuaallss && HHUUFF OOtthheerrss


Nov 2007 Daily 10.6364 0.0569 0.0569Dec 2007 Daily 10.6364 0.4743 0.4743Jan 2008 Daily 10.6364 0.0562 0.0562Feb 2008 Daily 10.6364 0.0551 0.0551Mar 2008 Daily 10.6364 0.0565 0.0565Apr 2008 Daily 10.6364 0.0555 0.0555


RReettaaiill OOppttiioonn

November 2007 Daily 10.0315 0.0524 0.0489December 2007 Daily 10.0315 0.4573 0.4258January 2008 Daily 10.0315 0.0597 0.0555February 2008 Daily 10.0315 0.0525 0.0491March 2008 Daily 10.0315 0.0579 0.0540April 2008 Daily 10.0315 0.0549 0.0511

WWhhoolleessaallee OOppttiioonn


Nov 07 Daily 10.4266 0.0550 0.0550Dec 07 Daily 10.4266 0.3990 0.3990Jan 08 Daily 10.4266 0.0383 0.0383Feb 08 Daily 10.4266 0.0444 0.0444Mar 08 Daily 10.4266 0.0454 0.0454Apr 08 Daily 10.4266 0.0381 0.0381




RReettaaiill OOppttiioonn

November 26, 07 10.0689 0.0524 0.0488

December 31, 07 10.0853 0.0669 0.0622

January 28, 08 10.0709 0.0543 0.0505

February 25, 08 10.0696 0.0531 0.0494

March 31, 08 10.0879 0.0691 0.0643

April 28, 08 10.0697 0.0531 0.0494

WWhhoolleessaallee OOppttiioonn

November 26, 07 10.0799 0.0496 0.0496

December 31, 07 10.1047 0.0745 0.0745

January 28, 08 10.0839 0.0656 0.0611

February 25, 08 10.0735 0.0565 0.0525

March 31, 08 10.0922 0.0729 0.0679

April 28, 08 10.0735 0.0565 0.0526

DDaaiillyy DDiivviiddeenndd RReeiinnvveessttmmeenntt OOppttiioonn (Last 6 months)

Nov 26, 07 10.3247 0.0481 0.0481Dec 31, 07 10.3435 0.0627 0.0627Jan 28, 08 10.3249 0.0482 0.0482Feb 25, 08 10.3279 0.0506 0.0506Mar 31, 08 10.3449 0.0638 0.0638Apr 28, 08 10.3273 0.0501 0.0501


Monthly Dividend Option (Last 6 months)

HDFC Liquid Fund



(Daily Dividend Reinvestment Option) (Last 6 months)

HDFC Liquid Fund



(Daily Dividend Option) (Last 6 months)

HDFC Liquid Fund - Premium Plan



Dividend History ^

^̂ PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree.. All dividends are on face value of Rs.10 per Unit. After payment of the dividend, the per Unit NAV will fall to the extent of the payout and statutory levy.

HDFC Liquid Fund

Weekly Dividend Option (Last 6 months)




LLiiqquuiidd FFuunndd PPrreemmiiuumm PPllaann PPrreemmiiuumm PPlluuss PPllaannNov 05, 07 10.3252 0.0116 0.0116 Nov 05, 07 12.4942 0.0143 0.0143 Nov 05, 07 12.4357 0.0141 0.0141Nov 12, 07 10.3254 0.0118 0.0118 Nov 12, 07 12.4944 0.0144 0.0144 Nov 12, 07 12.4360 0.0143 0.0143Nov 19, 07 10.3263 0.0125 0.0125 Nov 19, 07 12.4965 0.0161 0.0161 Nov 19, 07 12.4372 0.0153 0.0153Nov 26, 07 10.3262 0.0124 0.0124 Nov 26, 07 12.4954 0.0152 0.0152 Nov 26, 07 12.4370 0.0151 0.0151Dec 03, 07 10.3266 0.0127 0.0127 Dec 03, 07 12.4958 0.0155 0.0155 Dec 03, 07 12.4375 0.0155 0.0155Dec 10, 07 10.3258 0.0121 0.0121 Dec 10, 07 12.4949 0.0148 0.0148 Dec 10, 07 12.4365 0.0147 0.0147Dec 17, 07 10.3262 0.0124 0.0124 Dec 17, 07 12.4953 0.0151 0.0151 Dec 17, 07 12.4370 0.0151 0.0151Dec 24, 07 10.3268 0.0129 0.0129 Dec 24, 07 12.4960 0.0157 0.0157 Dec 24, 07 12.4377 0.0157 0.0157Dec 31, 07 10.3267 0.0128 0.0128 Dec 31, 07 12.4961 0.0157 0.0157 Dec 31, 07 12.4376 0.0156 0.0156Jan 07, 08 10.3259 0.0122 0.0122 Jan 07, 08 12.4950 0.0149 0.0149 Jan 07, 08 12.4366 0.0148 0.0148Jan 14, 08 10.3254 0.0118 0.0118 Jan 14, 08 12.4944 0.0144 0.0144 Jan 14, 08 12.4361 0.0144 0.0144Jan 21, 08 10.3257 0.0120 0.0120 Jan 21, 08 12.4948 0.0147 0.0147 Jan 21, 08 12.4364 0.0147 0.0147Jan 28, 08 10.3266 0.0127 0.0127 Jan 28, 08 12.4960 0.0157 0.0157 Jan 28, 08 12.4375 0.0155 0.0155Feb 04, 08 10.3272 0.0132 0.0132 Feb 04, 08 12.4968 0.0163 0.0163 Feb 04, 08 12.4384 0.0162 0.0162Feb 11, 08 10.3255 0.0118 0.0118 Feb 11, 08 12.4950 0.0149 0.0149 Feb 11, 08 12.4367 0.0149 0.0149Feb 18, 08 10.3263 0.0124 0.0124 Feb 18, 08 12.4952 0.0150 0.0150 Feb 18, 08 12.4368 0.0150 0.0150Feb 25, 08 10.3266 0.0127 0.0127 Feb 25, 08 12.4959 0.0156 0.0156 Feb 25, 08 12.4374 0.0154 0.0154Mar 03, 08 10.3263 0.0125 0.0125 Mar 03, 08 12.4955 0.0153 0.0153 Mar 03, 08 12.4372 0.0153 0.0153Mar 10, 08 10.3256 0.0119 0.0119 Mar 10, 08 12.4946 0.0146 0.0146 Mar 10, 08 12.4362 0.0145 0.0145Mar 17, 08 10.3261 0.0123 0.0123 Mar 17, 08 12.4953 0.0151 0.0151 Mar 17, 08 12.4369 0.0150 0.0150Mar 24, 08 10.3278 0.0136 0.0136 Mar 24, 08 12.4973 0.0167 0.0167 Mar 24, 08 12.4389 0.0166 0.0166Mar 31, 08 10.3280 0.0138 0.0138 Mar 31, 08 12.4975 0.0168 0.0168 Mar 31, 08 12.4392 0.0168 0.0168Apr 07, 08 10.3270 0.0130 0.0130 Apr 07, 08 12.4376 0.0156 0.0156Apr 15, 08 10.3281 0.0139 0.0139 Apr 15, 08 12.4393 0.0169 0.0169Apr 21, 08 10.3241 0.0108 0.0108 Apr 21, 08 12.4345 0.0132 0.0132Apr 28, 08 10.3263 0.0125 0.0125 Apr 28, 08 12.4371 0.0152 0.0152

RReettaaiill OOppttiioonnNov 05, 07 10.1503 0.0130 0.0121Nov 12, 07 10.1507 0.0135 0.0125Nov 19, 07 10.1513 0.0140 0.0130Nov 26, 07 10.1509 0.0136 0.0127Dec 03, 07 10.1514 0.0140 0.0130Dec 10, 07 10.1510 0.0136 0.0127Dec 17, 07 10.1511 0.0137 0.0128Dec 24, 07 10.1513 0.0139 0.0129Dec 31, 07 10.1513 0.0139 0.0129Jan 07, 08 10.1515 0.0141 0.0131Jan 14, 08 10.1508 0.0135 0.0126Jan 21, 08 10.1513 0.0139 0.0130Jan 28, 08 10.1516 0.0142 0.0132Feb 04, 08 10.1522 0.0147 0.0137Feb 11, 08 10.1508 0.0135 0.0125Feb 18, 08 10.1507 0.0134 0.0125Feb 25, 08 10.1511 0.0137 0.0128Mar 03, 08 10.1509 0.0136 0.0127Mar 10, 08 10.1508 0.0135 0.0126Mar 17, 08 10.1511 0.0138 0.0128Mar 24, 08 10.1515 0.0142 0.0132Mar 31, 08 10.1531 0.0155 0.0144Apr 07, 08 10.1522 0.0147 0.0137Apr 15, 08 10.1529 0.0153 0.0142Apr 21, 08 10.1487 0.0117 0.0109Apr 28, 08 10.1511 0.0138 0.0128

WWhhoolleessaallee OOppttiioonnNov 05, 07 10.1511 0.0137 0.0128Nov 12, 07 10.1513 0.0139 0.0129Nov 19, 07 10.1521 0.0146 0.0136Nov 26, 07 10.1516 0.0142 0.0132Dec 03, 07 10.1518 0.0144 0.0134Dec 10, 07 10.1516 0.0142 0.0132Dec 17, 07 10.1517 0.0142 0.0133Dec 24, 07 10.1518 0.0143 0.0133Dec 31, 07 10.1520 0.0145 0.0135Jan 07, 08 10.1522 0.0147 0.0137Jan 14, 08 10.1515 0.0141 0.0131Jan 21, 08 10.1517 0.0142 0.0133Jan 28, 08 10.1523 0.0148 0.0138Feb 04, 08 10.1529 0.0153 0.0142Feb 11, 08 10.1515 0.0141 0.0131Feb 18, 08 10.1514 0.0140 0.0131Feb 25, 08 10.1517 0.0143 0.0133Mar 03, 08 10.1516 0.0142 0.0132Mar 10, 08 10.1515 0.0141 0.0131Mar 17, 08 10.1518 0.0144 0.0134Mar 24, 08 10.1521 0.0146 0.0136Mar 31, 08 10.1536 0.0160 0.0147Apr 07, 08 10.1531 0.0155 0.0145Apr 15, 08 10.1536 0.0159 0.0148Apr 21, 08 10.1493 0.0122 0.0113Apr 28, 08 10.1518 0.0143 0.0133



Short Term Plan (Weekly Dividend Option) (Last 6 months)


Nov 01, 07 10.2061 0.0308 0.0287

Nov 16, 07 10.2058 0.0306 0.0285

Dec 03, 07 10.2099 0.0341 0.0318

Dec 17, 07 10.2027 0.0279 0.0259

Jan 01, 08 10.2099 0.0342 0.0318

Jan 16, 08 10.2098 0.0341 0.0317

Feb 01, 08 10.2191 0.0422 0.0393

Feb 18, 08 10.2214 0.0442 0.0412

Mar 03, 08 10.2059 0.0307 0.0285

Mar 17, 08 10.1931 0.0194 0.0181

Apr 01, 08 10.2134 0.0372 0.0346

Apr 16, 08 10.2091 0.0335 0.0311

Long Term Plan (Fortnightly Dividend Reinvestment Option) (Last 6 months)

RReettaaiill OOppttiioonnNov 26, 07 10.2061 0.0543 0.0505Dec 31, 07 10.2233 0.0693 0.0645Jan 28, 08 10.2076 0.0556 0.0517Feb 25, 08 10.2076 0.0556 0.0517Mar 31, 08 10.2250 0.0709 0.0660Apr 28, 08 10.2075 0.0556 0.0517WWhhoolleessaallee OOppttiioonnNov 26, 07 10.2087 0.0526 0.0526Dec 26, 07 10.2263 0.0670 0.0670Jan 28, 08 10.2103 0.0540 0.0540Feb 25, 08 10.2102 0.0539 0.0539Mar 31, 08 10.2283 0.0686 0.0686Apr 28, 08 10.2099 0.0537 0.0537


Short Term Plan (Monthly Dividend Option) (Last 6 months)


RReettaaiill OOppttiioonnNovember 2007 Daily 10.0809 0.0560 0.0522December 2007 Daily 10.0809 0.5054 0.4828January 2008 Daily 10.0809 0.0609 0.0568February 2008 Daily 10.0809 0.0543 0.0510March 2008 Daily 10.0809 0.0595 0.0554April 2008 Daily 10.0809 0.0564 0.0528WWhhoolleessaallee OOppttiioonnNovember 2007 Daily 10.0809 0.0581 0.0542December 2007 Daily 10.0809 0.1410 0.1316January 2008 Daily 10.0809 0.0634 0.0596February 2008 Daily 10.0809 0.0562 0.0528March 2008 Daily 10.0809 0.0610 0.0569April 2008 Daily 10.0809 0.0584 0.0548


Short Term Plan (Daily Dividend Option) (Last 6 months)


HDFC Short Term PlanDividend Reinvestment Option (Last 6 months)



Nov 01, 07 10.3560 0.0340 0.0316Nov 16, 07 10.3467 0.0258 0.0241Dec 03, 07 10.3611 0.0385 0.0358Dec 17, 07 10.3418 0.0215 0.0200Jan 01, 08 10.3764 0.0519 0.0483Jan 16, 08 10.3638 0.0408 0.0380

Feb 01, 08 10.3571 0.0350 0.0325Feb 18, 08 10.3455 0.0248 0.0231Mar 03, 08 10.3451 0.0244 0.0227Mar 17, 08 10.3372 0.0175 0.0163Apr 01, 08 10.3453 0.0246 0.0229Apr 16, 08 10.3585 0.0362 0.0337

HDFC Gilt Fund (Since December 2006)

Dec 26, 06 10.5893 0.1000 0.0931Mar 26, 07 10.5816 0.1000 0.0931 Jun 25, 07 10.6272 0.1000 0.0931 Sep 25, 07 10.6616 0.1000 0.0931Dec 26, 07 10.6982 0.1000 0.0931Mar 25, 08 10.8113 0.1000 0.0931

Dec 26, 06 10.3609 0.1500 0.1397Jun 25, 07 10.2828 0.1000 0.0931Sep 25, 07 10.3120 0.1500 0.1396Dec 26, 07 10.4530 0.1500 0.1396Mar 25, 08 10.5135 0.1500 0.1396



Short Term Plan (Dividend Option) Long Term Plan (Dividend Option)



Methodology

Value Research Fund Ratings are a composite measure of historical risk-adjusted returns. In the case of equity and hybrid funds this rating is based on the weighted average

monthly returns for the last 3 and 5-year periods. In the case of debt funds this rating is based on the weighted average weekly returns for the last 18 months and 3-year peri-

ods and in case of short-term debt funds - weekly returns for the last 18 months. These ratings do not take into consideration any entry or exit load.

Five-stars indicate that a fund is in the top 10 per cent of its category in terms of historical risk-adjusted returns. Four stars indicate that a fund is in the next 22.5 per cent of

its category, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. The number of schemes in each category is mentioned along

side the categories name. Equity Diversified (104), Equity : Index (20), Equity Tax Planning (20), Hybrid Equity Oriented (28), Hybrid: Monthly Income (38), Debt: Medium-term

(47), Gilt: Medium and Long-term (40), Gilt: Short-term (16), Debt: Ultra Short-term (41), Debt: Ultra Short-term Institutional (39), Debt: Short-term (19), Debt: Floating Rate Short-

term (19), Debt: Floating Rate Short-term Institutional (11) Debt: Floating Rate Long-term (12), Hybrid: Debt-oriented (21). These Fund Ratings are as on April 30, 2008.

The Value Research Ratings are published in Monthly Mutual Fund Performance Report and Mutual Fund Insight. The Ratings are subject to change every month. The Rating

is based on primary data provided by respective funds, Value Research does not guarantee the accuracy.

Value Research Ratings

Disclaimer:

The information contained herein should not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or repro-

duced in any form, without prior written consent of HDFC Asset Management Company Limited (HDFC AMC) or the relevant owner of the intellectual property, as the case may

be. All Intellectual property and intellectual property rights belong to the relevant owner of the intellectual property, and “Intouch Mutually” is a trademark of HDFC AMC.

Any information herein contained does not constitute and shall be deemed not to constitute an advice, an offer to sell/ purchase or as an invitation or solicitation to do so

for any securities of any entity, and further, HDFC AMC / its subsidiaries / affiliates / sponsors / trustee (HDFC AMC Group) or their officers, employees, personnel, directors may

be associated in a commercial, professional or personal capacity or may have a commercial interest including as proprietary traders in or with the securities and/ or companies

or issues or matters as contained in this publication and such commercial capacity or interest whether or not differing with or conflicting with this publication, shall not make or

render (HDFC AMC Group) liable in any manner whatsoever & (HDFC AMC Group) or any of their officers, employees, personnel, directors shall not be liable for any loss, dam-

age, liability whatsoever for any direct or indirect loss arising from the use or access of any information that may be displayed in this publication from time to time. Recipients

of the information contained herein should exercise due care and caution and read the offer documents (including if necessary, obtaining the advice of tax / legal / accounting /

financial / other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained herein. The printing and mailing cost of this

newsletter is charged to the respective schemes subject to Securities & Exchange Board of India (Mutual Funds) Regulations, 1996.

Editorial opinions expressed in Intouch Mutually (Page no. 3 & 4) are not necessarily those of HDFC AMC Group, or any of their officers, employees, personnel, directors and

HDFC AMC Group and their officers, employees, personnel, directors do not accept responsibility for the editorial content. HDFC AMC Group or any of their officers, employees,

personnel, directors make no representation as to the accuracy, completeness or reliability of the editorial content and hereby disclaim any liability with regard to the same.

HDFC Equity Fund, HDFC Capital Builder Fund, HDFC TaxSaver and HDFC Premier Multi-Cap Fund, which are benchmarked to S&P CNX 500 Index are not sponsored, endorsed,

sold or promoted by India Index Services & Products Limited (IISL). IISL is not responsible for any errors or omissions or the results obtained from the use of such index and in

no event shall IISL have any liability to any party for any damages of whatsoever nature (including lost profits) resulted to such party due to purchase or sale or otherwise of

such product benchmarked to such index.

# S&P CNX 500


hdfc-bk1.qxd 5/8/2008 7:54 PM Page 1

Intouchmutually, April 2008, RNI Regd. No. MAHENG/2003/10804

WANT TO HAVE THE LATEST INFORMATION ABOUT US ?

INVESTOR SERVICE CENTRES (ISCs)

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AANNDDHHRRAA PPRRAADDEESSHHHDFC AMC Ltd., 6-3-883/7, 2nd Floor, Saphire Square, Somajiguda, HHyyddeerraabbaadd 500 282.Tel: 040 - 2341 7401-05, Fax: 040 - 2341 7407.HDFC AMC Ltd., 2nd Floor, Centurion Bank Complex, Near Benz Circle,M. G. Road, VViijjaayyaawwaaddaa-520 010 Tel. No: (0866)-3988029HDFC AMC Ltd., Ground Floor, Saigopal Arcade, Opp Waltair Club, Waltair Main Road, Siripuram,VViissaakkhhaappaattnnaamm 530 003. Tel: 0891- 276 9636, Fax: 0891 - 255 0411.BBIIHHAARRHDFC AMC Ltd., C/o. Hera Enclave (adjacent to Sahara Unique Showroom), Mezzanine Floor, New Dak Bungalow Road, PPaattnnaa 800 001.Tel: 0612 - 2230540. 3201439, 2200747, 9931770771Fax: 0612 - 2200747.DDEELLHHIIHDFC AMC Ltd., 4th Floor, Mohan Dev Bldg., 13, Tolstoy Marg, Connaught Place, NNeeww DDeellhhii 110 001.Tel: 011 - 6632 4000. Fax: 011 - 2335 1318. GGOOAAHDFC AMC Ltd., A3, First Floor, Krishna Building, Opp. Education Dept, Behind Susheela Building,G.P. Road, PPaannaajjii, Goa 403 001. Tel: 0832 - 242 5609, 242 5610, Fax: 0832 - 242 5614.GGUUJJAARRAATTHDFC AMC Ltd., 2nd Floor, Megha House, Besides Gruh House, Mithakhali Six Roads, AAhhmmeeddaabbaadd 380 009. Tel: (B) 079 - 4005 0055/66 Telefax: 079 - 4005 0506.HDFC AMC Ltd., Maruti Sharanam, No.117, 1st Floor, Anand-Vidhyanagar Road, OppositeNandbhumi Party Plot, AAnnaanndd - 388 001. Tel : (02692) - 398200 Fax : (02692) - 398222HDFC AMC Ltd., 2nd Floor, Gangotri Plaza, Opposite Daxinamurty School, Waghawadi Road,BBhhaavvnnaaggaarr - 364 001. Tel : (0278) - 3988029 Fax : (0278) - 3984039HDFC AMC Ltd., 2nd Floor, Keshav Complex, P N Marg, Opposite Dhanvantry, JJaammnnaaggaarr - 361 001. Tel : (0288) - 3988029 Fax : (0288) - 3982426HDFC AMC Ltd., Upper Ground Floor, Gokulesh, R C Dutt Road, VVaaddooddaarraa 390 007. Tel: 0265 6621110, 6621120, Fax 0265 6621150.HDFC AMC Ltd., U1 - U3, Jolly Plaza, Opp Athwa Gate Police Station, Athwa Gate, SSuurraatt 395 001. Tel: 0261 - 246 0082 / 83. Fax: 0261 - 246 0091. HDFC AMC Ltd., 2nd Floor, Shiv Darshan,Dr Radha Krishnan Road, 5, Jagnath Plot Corner, RRaajjkkoott - 336600 000011.. Tel: 0281 552 4881/2JJHHAARRKKHHAANNDDHDFC AMC Ltd., Gayatri Enclave, “K” Road, Bistupur, JJaammsshheeddppuurr 831 001.Tel: 0657 - 2426730. Telefax: 0657 - 3291826. KKAARRNNAATTAAKKAAHDFC AMC Ltd., No.114, 1st Floor, Prestige Towers, 99 & 100, Residency Road, BBaannggaalloorree 560 025. Tel: 080 - 6620 5300, Fax: 080 - 4112 5255.HDFC AMC Ltd., No. 1, First Floor, Revankar Comforts, Vivekanand Road, Court Circle,HHuubbllii - 580 029. Tel No.: (0836) 4252 294 / 95 Fax No: (0836) 4252 290HDFC AMC Ltd., UG - II, 6 & 7, Upper Ground Floor, Maximus Commercial Complex, Light House Hill Road, Opp. KMC, MMaannggaalloorree 575 001.Tel: 0824 428 5333 (B), 428 5337 (D) Fax: 0824 - 428 5336. HDFC AMC Ltd., No. 2918, CH 51 / 1 B, 1st Floor, Patel Mansion, Kantharaj Urs Road,Saraswathipuram, MMyyssoorree - 570 009. Tel No.: (0821) 4000 530 Fax No: (0821) 4000 535KKEERRAALLAAHDFC AMC Ltd., 3rd Floor, City Mall, Opposite YMCA, Kannur Road, CCaalliiccuutt - 673 001.Tel: (0495) - 4099222 / 333, 3982310 Fax: (0495) - 3982330HDFC AMC Ltd., Ground Floor, Cinema Cum Commercial Complex, Behind Ravipuram Bus Stop, M.G. Road, KKoocchhii 682 016, Tel: 0484 - 235 7707 / 08, 394 3058 / 059, 235 8462. Telefax: 0484 - 235 8462.HDFC AMC Ltd., First Floor, Chennankara Buildings, Althara Junction, Vellayambalam, TTrriivvaannddrruumm - 695 010. Tel: 0471 - 231 2226 / 231 2227.MMAADDHHYYAA PPRRAADDEESSHHHDFC AMC Ltd., 15/3, Sterling Arcade, Race Course Rd., IInnddoorree - 452 001. Tel: 0731 - 424 5434 / 35 (B) Fax: 0731 - 424 5436.HDFC AMC Ltd.,Ranjit Towers, Zone II, 8 MP Nagar, BBhhooppaall 462 011.Tel: 0755 - 428 5385, 427 7772, 527 3330 Fax: 0755 - 427 3331. HDFC AMC Ltd., 1175 B Royal 1, 1st Floor, Adjoining Gurudawara, G.T Road, PPaanniippaatt -- 113322 110033Tel: (0180) 3985400/ 01 Fax: (0180) 3985403 MMAAHHAARRAASSHHTTRRAAHDFC AMC Ltd., 2nd Floor, Renuka Commercial Complex, Samarth Nagar, Nirala Bazar,Nageshwar Wadi Road, AAuurraannggaabbaadd - 431 001.

Tel: (0240) - 3988029 Fax: (0240) - 3982068HDFC AMC Ltd., Royal Prestige, C1/C9, 1st Floor, E - Ward, Sykes Extension, Rajarampuri Road, KKoollhhaappuurr - 416 008. Tel : (0231) - 3988029 Fax : (0231) - 3982060HDFC AMC Ltd., Mistry Bhavan, 1st Flr, 122, Backbay Reclamation, Dinsha Vachha Road,Churchgate, MMuummbbaaii 400 020. Tel: 022 - 6631 6300 Fax: 022 - 2282 1144.HDFC AMC Ltd** Shop No. 1 & 2, Ground Floor, Atlantic Tower, R B Mehta Road, Near Railway Station, Ghatkopar (East), MMuummbbaaii - 400 077. Tel: (022) 65253409/08/06/21 Fax: (022) 25116805 HDFC AMC Ltd., 106-110, Shriram Shyam Towers, 2nd Floor, Next to NIT Building, Kingsway,Sadar, NNaaggppuurr 440 001. Tel: 0712 - 663 0301 / 02 / 04, Fax: 0712 - 663 0206. HDFC AMC Ltd., G-1 & G-2, Ground Floor, Suyojit Heights Opp. Rajiv Gandhi Bhavan, SharanpurRoad, NNaasshhiikk 422 002. Tel: 0253 - 661 1831/32 (B), 661 1835 (D) Fax: 0253 - 661 1836.HDFC AMC Ltd., HDFC House, 2nd Floor, Shivaji Nagar, University Road, PPuunnee 411 005.Tel: 020 - 2552 1680 / 2552 1681, Fax: 020 - 2552 1683.HDFC AMC Ltd** Shop No. 21/22, Ground Floor, Rajdeep CHS, Near Malhar Cinema, Gokhale Road, TThhaannee ((WWeesstt)) - 400 602. Tel: (022) 67124172/73/74/75/76 Fax: (022) 67124177 HDFC AMC Ltd., BSE 1, Tech Building, 109, A Wing, 1st Floor,Opposite Vashi railway station, Sector 30, VVaasshhii - 400 703. Tel: (022) - 39880299OORRIISSSSAAHDFC AMC Ltd., 2nd Floor, Vinayak 96, Janpath, BBhhuubbaanneesshhwwaarr 751 001Tel: 0674 - 645 0502, 645 1502, Telefax: 0674 - 253 1483.PPUUNNJJAABB HDFC AMC Ltd., SCO-28, 1st Floor, Taneja Towers, District Shopping Complex, Ranjit Avenue, AAmmrriittssaarr--114433 000011.. Tel: (0183) 3988029 / 2570 Fax: (0183) 3982599 HDFC AMC Ltd., SCO 375-376, Ground Floor, Sector 35-B, CChhaannddiiggaarrhh 160 022.Tel: 0172 - 262 3397, 262 4497, Fax: 0172 - 301 3839. HDFC AMC Ltd., 2nd Floor, Above ING Vysya Bank, Adjacent to Sekhon Grand Hotel, Namdev Chowk, G T Road, JJaallaannddhhaarr CCiittyy -- 114444 000011.. Tel: (0181) 3988029 / 970 Fax: (0181) 3982966 HDFC AMC Ltd., SCO 122, Feroze Gandhi Market, LLuuddhhiiaannaa 141 001.Tel: 0161 - 277 4321, 501 4321, Fax: 0161 - 301 3838.RRAAJJAASSTTHHAANNHDFC AMC Ltd., Moondhra Bhavan, 3 Ajmer Rd, JJaaiippuurr 302 001.Tel: 0141 - 511 1125, 237 4968, Fax: 0141 - 511 1126.HDFC AMC Ltd., Gulab Singh Building, 11, Chopasani Road, JJooddhhppuurr -- 334422 000033..Tel: (0291) - 510 1927, 510 1937. Fax: 0291 - 5105919HDFC AMC Ltd., 1st Floor, Gowardhan Plaza, 25, Trench Colony, Opposite Lok Kalamandal, UUddaaiippuurr - 313 001. Tel: (0294) 3988029 Fax: (0294) 3982000TTAAMMIILL NNAADDUUHDFC AMC Ltd., ITC Centre, 1st Floor, 760 Anna Salai, CChheennnnaaii 600 002.Tel: 044 - 4397 9797, Fax: 044 - 2841 5855 HDFC AMC Ltd., 1371A, Ground Floor, Nadar Building Trichy Road, CCooiimmbbaattoorree 641 018.Tel: 0422 - 439 1861 / 62 / 63, Fax: 0422 - 439 1714. HDFC AMC Ltd., Investor Service Centre No 127C/3 East Veli Street, MMaadduurraaii Tel: 0452 - 3988029HDFC AMC Ltd., No. 60, Sri Krishna Arcade, First Floor, Tennur High Road, Tennur, TTrriicchhyy -- 662200 001177 Tel: (0431) 3982830 Fax: (0431) 3982835 UUTTTTAARRAANNCCHHAALLHDFC AMC Ld., 76, Rajpur Road, Near RTO, DDeehhrraadduunn -- 224488 000011Tel: (0135) 3988029/ 7434 Fax: (0135) 3987444UUTTTTAARR PPRRAADDEESSHHHDFC AMC Ltd., 4 Shahnajaf Road, LLuucckknnooww 226 001. Tel: 0522 - 220 7591, 220 0163, Fax: 0522 - 223 0408. HDFC AMC Ltd., 1st Floor, 16/80 D, Behind SBI Main, Civil Lines, KKaannppuurr 208 001.Tel: 0512 - 233 1484-87, Fax: 0512 - 233 1487.HDFC AMC Ltd., Parsvnath Plaza-II, UGF Hall No.4, Delhi Road, MMoorraaddaabbaadd - 244 001 Tel No.: (0591) 3988029 / 3982131 Fax No.: (0591) 3982137 HDFC AMC Ltd., D-64/127, 4th Floor, Arihant Complex, Sigra, VVaarraannaassii - 221010.Tel: 9935177068, 9935147068WWEESSTT BBEENNGGAALLHDFC AMC Ltd., Menaka Estate, 1st Floor, 3 Red Cross Place, KKoollkkaattaa 700 001. Tel. 033 - 2242 7849/53/56/59. Fax: 033 - 2243 9582.HDFC AMC Ltd., Gitanjali Complex, 2nd Floor, Above Corporation Bank, Sevoke Road, SSiilliigguurrii 734 001. Tel No.: (0353) - 6453474 Fax No.: (0353) 2545270

RReeggiisstteerreedd OOffffiiccee:: Ramon House, 3rd Floor, H.T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai 400 020.

RRiisskk FFaaccttoorrss:: Mutual Funds and securities investments are subject to market risks and there can be no assurance or guarantee that the Scheme(s) objectives will be achieved. As with any investment insecurities, the Net Asset Value of Units issued under the Scheme(s) may go up or down depending on the various factors and forces affecting the capital markets. Past performance of the Sponsors andtheir affiliates/AMC/Mutual Fund and its Scheme(s) do not indicate the future performance of the Scheme(s) of the Mutual Fund. The Sponsors are not responsible or liable for any loss or shortfall result-ing from the operations of the Scheme(s) beyond the contribution of Rs.1 lakh each made by them towards the corpus of the Mutual Fund. The names of the Scheme(s) of the HDFC Mutual Fund donot in any manner indicate either the quality of the Scheme(s) or their future prospects and returns. “Standard & Poor’s® and “S&P® are trademarks of The McGraw-Hill Companies, Inc. and have beenlicensed for use by India Index Services & Products Limited (IISL), which has sublicensed such marks to the HDFC Asset Management Company Limited. The S&P CNX Nifty is not compiled, calculated ordistributed by Standard & Poor’s and Standard & Poor’s and IISL make no representation regarding the advisability of investing in products that utilize any such Index as a component. All rights in theSENSEX vest in Bombay Stock Exchange Ltd. (“BSE”). BSE and SENSEX are trademarks of BSE and are used by HDFC Asset Management Company Limited under license. BSE shall not be liable in anymanner whatsoever (including in negligence) for any loss arising to any person whosoever out of use of or reliance on the SENSEX by any person. IInnvveessttoorrss iinn tthhee SScchheemmee((ss)) aarree nnoott bbeeiinngg ooffffeerreedd aannyygguuaarraanntteeeedd//aassssuurreedd rreettuurrnnss.. Please read the respective Offer Documents carefully before investing. In view of the individual nature of tax consequences, each investor is advised to consult his/her profes-sional tax advisor. Applications would be accepted at Investor Service Centres (ISCs) and on-going Redemptions ((ssuubbjjeecctt ttoo ccoommpplleettiioonn ooff LLoocckk--iinn--PPeerriioodd,, iiff aannyy)) can be made at the ISCs on all BusinessDays.The AMC will calculate and publish NAVs on all Business Days. This monthly newsletter contains unaudited figures. SSttaattuuttoorryy DDeettaaiillss:: HDFC Mutual Fund has been set up as a trust sponsored byHousing Development Finance Corporation Limited and Standard Life Investments Limited (liability restricted to their contribution of Rs 1 lakh each to the corpus) with HDFC Trustee Company Limited asthe Trustee (Trustee under the Indian Trusts Act, 1882) and with HDFC Asset Management Company Limited as the Investment Manager.

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