Fact Sheet for the month of May-08 - HDFC Mutual Fund

hdfc-cov.qxd 6/7/2008 12:07 PM Page 1 

Vol. No. 5 Issue No. 11 

May 2008 

Average assets under management for May 2008: Rs. 56,107.29 Crore 

Prophet of dire doom

hdfc-mkt1.qxd 6/7/2008 12:11 PM Page 1 

Market Review 

Equity market update 

Offering no respite, the equity markets corrected 

in May after posting double-digit 

gains in April. Rising inflation and higher 

crude prices along with international uncertainties 

stoked investor concerns. The Nifty ended the 

month down 5.7% at 4,870, the Sensex down 5.0% 

at 16,415 and the CNX MidCap Index corrected 

by 6.3% to 6,562. 

Globally, attention remained on the impact of 

the US credit crisis, overall economic slowdown 

and high commodity prices. The international 

markets ended mixed with the Dow down 1.4% (at 

12,638), Nasdaq up 4.5% (at 2,522), FTSE down 

0.5% while the DAX and CAC were up by 2.1% 

and 0.4% respectively. Emerging markets had a 

mixed performance with the Hang Seng down 

4.7% (at 24,533) while the Kospi and Jakarta 

Composite ended up 1.5% and 6.0% respectively. 

Crude continued to scale new highs and ended up 

15.7% at $128.8 per barrel (after rising by 11.2% 

in April). On the other hand, metal prices corrected 

due to fears of a slowdown in the global economy. 

Copper prices fell 7.3%, Zinc fell 10% while 

Aluminum and Gold were marginally up. 

Domestically, rising prices remained the predominant 

concern with inflation at a 45 month 

high of 8.1%. As a result of a rise in crude prices, 

the fuel subsidy has shot up which along with a 

rising fertilizer bill has resulted in a deteriorating 

fiscal condition. With state owned refining companies 

wilting under the burden of subsidies, the 

pressure on the government to take corrective 

action is increasing. However, growth remains 

robust with fourth quarter GDP rising 8.8% 

(FY08. 9%) and beating expectations. 

On the liquidity front, FIIs sold $1.2bn of equities 

in May-08 (as compared to net inflows of 

$0.3bn in Apr-08) and have sold a cumulative 

$3.8bn this calendar year. Domestic mutual funds 

were also net seller in equities in May-08 of 

Rs 387cr (as compared to an inflow of Rs 160cr 

in April-08) but have invested a cumulative 

Rs 6,276cr this calendar year. The Rupee depreciated 

by 4.1% against the Dollar and ended the 

month at 42.16. 

It seems that in the near term domestic issues 

will continue to pre-occupy the market with additional 

cues coming from international commodity 

prices and unfolding of the sub prime crisis. In the 

coming months, the arrival of monsoon and the 

impact of government measures to control inflation 

can provide some solace to the market. The Sensex 

and Nifty have corrected 20% this year (and the 

CNX MidCap by 30%) though earnings have been 

more or less in line with expectations. While it 

remains a challenge to manage growth with inflation 

in the short-term, the long-term growth 

prospects of the economy remain encouraging. 

FY08 was the fifth consecutive year of positive 

performance for the equity market. Not 

surprisingly, as the market headed into unchartered 

territory and scaled new highs, momentum 

and news driven stocks led the charge. As 

a result a number of companies rose despite 

questionable fundamentals and challenging 

valuations. Now that the dust has settled and 

the market has taken a more rational hue, the 

emphasis is likely to shift. Going forward, the 

market is likely to become more discerning, 

rewarding companies with sound prospects, 

solid track records and capable managements. 

As a result, a more fundamentally driven, 

research supported approach is likely to be 

more rewarding. 

Debt market update 

In the month of May 08, the yields in the debt 

market moved higher during the month. The 

yield on the 10-year Government Security 

increased by 19 bps over April 2008 to end at 

8.10%. 

The stock of liquidity (LAF + MSS + Surplus 

cash held by Central Government) remains comfortable. 

The effect of the CRR hikes was visible 

as the average LAF during the month was lower 

at Rs. 11,924 crores and the NSE overnight 

MIBOR ended at 7.93%, substantially higher 

than the rate seen in end April. 

WPI Inflation was higher at 8.10% in May 08 

compared to 7.61% in end April 08. INR depreciated 

sharply to an intra-month high of 43.22, and 

recovered to close at 42.16 as compared to 40.495 

at April 08. Net FII investment in equity & debt 

was an outflow of USD 1282.80 million in 

May 08, compared to outflows of USD 155.20 

million in April 08. 

During the month, the Central Statistical 

Organisation (CSO) revised its GDP growth estimate 

for FY09 from 8.7% YoY (advanced) to 

9.0% YoY. The economy is estimated by CSO to 

have expanded by 8.8% YoY in Q4FY08. In the 

last quarter, growth was driven by services sector, 

which grew by 11.4% in contrast to 5.8% growth 

in industrial output. 

With crude oil prices touching new highs, the 

government may end with higher fiscal deficit and 

resultant higher dated securities issuance. This 

along with the high inflation numbers creates an 

upward pressure on yields. The Fund continues to 

position itself in instruments and maturity buckets 

that provide higher relative value in an attempt to 

deliver superior risk adjusted returns. 

2 May 2008 Intouchmutually

hdfc-edit.qxd 6/7/2008 12:08 PM Page 1 

Illustration: Prashant Bane 

Prophet of dire doom 

According to George Soros, the prophet of doom, who made billions out of that doom, 

says yet again that we are in the worst market crisis in 60 years. He considers 2008 the 

biggest financial crisis of his life. But on the other hand, he considers India as the best 

emerging market today. Eat your hearts out BRICS! 

The Hungarian immigrant George Soros 

released his eagerly awaited words of wisdom 

yet again. His tenth book The New 

Paradigm for Financial Markets – The Credit 

Crisis of 2008 and What it Means for the Market. 

Considered always controversial and the big 

boy buccaneer of global capitalism, he helped the 

British government devalue the pound in 1998 

after he had taken a low view of the pound. 

Consequently, he has been the one man currency/commodity 

trader who has brought countries 

to their bleeding knees, be it Britain or Thailand. 

As usual he is singing a sad song — {“I cried 

wolf thrice”} one that bemoans the worst market 

crisis in 60 years. And that emerges from the subprime 

crisis as it’s been named in financial jargon 

that has been a super bubble. In fact, it has been 

building up over 25 years, after the loose regulations 

and lax controls of the US and other government 

agencies. This means that the current financial 

crisis was precipitated by a bubble building in 

a stealthy manner in the US housing market. 

According to Soros, it was the complicated financial 

instruments used by the US banks that 

increasingly made it difficult for the government 

and other external agencies to assess underlying 

risks. In some ways, this latest crisis resembles 

other crises that have occurred since the end of 

World War II at intervals ranging from four to 10 

years. However, 

there is a profound 

difference: the current crisis marks the end 

of an era of credit expansion based on the dollar as 

the international reserve currency. He says the 

current crisis is the culmination of a super-boom 

that has lasted for more than 60 years. 

You can recognise what is happening in the 

real estate market in India too. Ease of credit generates 

demand that pushes up the value of property, 

which in turn increases the amount of credit 

available. A bubble starts when people buy houses 

in the expectation that they can refinance their 

mortgages at a profit. 

Soros, however, has a major point of difference 

in how we interpret our world and how he sees it. 

He feels that our markets are built on the false 

assumption that there is balance and a dynamic 

equilibrium in financial markets. And also a naive 

belief, that they are constantly self-correcting. 

Though every time there is danger and markets 

are on slippery floor, it is the authorities that prop 

it up through an influx of funds or some other corrective 

measures. Fundamentalists believe that 

markets tend towards equilibrium and also that 

laissez faire is the best policy. 

Market fundamentalism emerged as the dominant 

ideology in the 1980s, when financial markets 

started to become globalised and the US started 

to run a current account deficit. Globalisation 

allowed the US to suck up the savings of the rest 

of the world and consume more than it produced. 

He has in contrast propounded, what he calls, a 

theory of reflexivity – basically that information 

circles around in a loop and provides feedback 

that manifests as market decisions. But knowledge 

systems are incomplete and imperfect and 

not Newtonian or following any easily predictable 

or reproducible laws. Randomness 

results as an interplay between the participants 

of a market and the events that they 

seek to control. That is why we are seeing 

more events at the extreme ends of the 

bell curve, something we can call 

volatility. Boom bust bubbles are consequently, 

now more frequent than they 

are supposed to be. 

Laissez faire doesn’t work says 

Soros, and while he doesn’t advocate 

going back to atavistic forms 

of economic governance such as 

Intouchmutually 

May 2008 3

hdfc-edit.qxd 6/7/2008 12:08 PM Page 2 

communism, or socialism, he asks boldly for 

a new financial architecture in the world. 

It is interesting to know that he has earlier 

predicted bearish trends that three times did 

not come to pass. But based on his bearish 

attitude, he made more money on the hedge 

fund circuit than anyone else in the world. 

Looking into the future 

With oil, food and other commodities firm, 

and the Renminbi appreciating somewhat 

faster, the Fed also has to worry about inflation. 

If federal funds were lowered beyond a 

certain point, the dollar would come under 

renewed pressure and long-term bonds would 

actually go up in yield. Where that point is, is 

impossible to determine. When it is reached, 

the ability of the Fed to stimulate the economy 

comes to an end. 

Although a recession in the developed 

world is now more or less inevitable, China, 

India and the Middle-east are in a very strong 

counter-trend. So, the current financial crisis 

is less likely to cause a global recession than a 

radical realignment of the global economy, 

with a relative decline of the US and the rise 

of China and other countries in the developing 

world. The danger is that the resulting political 

tensions, including US protectionism, may 

disrupt the global economy and plunge the 

world into recession or worse. 

How can so many smart people not realise 

this? 

He says misconceptions are very important in 

shaping history. So it’s not really unusual; it’s 

just that we don’t recognise the misconceptions. 

Will things get worse? He feels it 

depends on how the authorities are going to 

respond now to the situation. But the situation 

is definitely much worse than is currently 

recognised, much more pervasive than any we 

have had so far. 

And on top of it, you have the housing crisis, 

which is likely to get a lot worse than currently 

anticipated, because markets do overshoot. 

The decline, according to him, will be 

much faster and much deeper than currently 

anticipated. About six million sub-prime 

mortgages outstanding, 40 per cent of which 

will likely go into default in the next two 

years. And then you have the adjustable-rate 

mortgages and other flexible loans about five 

million defaults in the next several years. As it 

takes time before a foreclosure actually is 

completed right now we have perhaps no 

more than 10,000 to 20,000 houses coming 

into the supply on the market. 

How long will this last? 

He has an answer: you need to arrest the 

decline in house prices. But you need to prevent 

the huge social fallout of rising inflation 

as well because of the high cost of goods now 

from China whose currency is now appreciating 

quite fast. You also need to prevent social 

disruption because he anticipates it could be 

very severe. 

He feels controlling money doesn’t control 

credit. Ergo, the monetarist doctrine doesn’t 

stand up. Soros thinks we are close to a tipping 

point where the willingness of banks and 

countries to hold dollars is definitely 

impaired. He feels the dollar might still hold if 

corrective measures are taken. He also 

applauds the RBI’s squeeze on money. The 

cash reserve ratio (CRR) has to be tailored to 

the riskiness of their customers. The world is 

now in a period of very rapid deleveraging. 

He sees us at the end of an era where currency 

flight has manifested itself in the commodities 

bubble that has developed. He feels 

the price of gold hasn’t yet gone as high as it 

might. 

On India, Soros is quite bullish, so one 

could take heart. The economic weight 

has changed considerably among the 

different countries with china and India 

being important. The most attractive emerging 

market according to him is India, an 

oasis in a vast desert of global dis-saving and 

low growth. 

But he wants to see greater discontinuity in 

the world not continuity which has brought us 

to this pass. Although a recession in the developed 

world is now more or less inevitable, 

China, India and some of the oil-producing 

countries are in a very strong countertrend. 

So, the current financial crisis is less likely to 

cause a global recession than a radical realignment 

of the global economy, with a relative 

decline of the US and the rise of China and 

other countries in the developing world. The 

danger is that the resulting political tensions, 

including US protectionism, may disrupt the 

global economy and plunge the world into 

recession or worse. 

Well this is one prophet you’d do well to 

listen because he just leapt out of retirement at 

77 and made giant money in his hedge fund 

when others were bleeding big time. Mr Soros 

has always been a controversial figure. His 

dire forecast tells us one thing – learn to enjoy 

your financial pain. It is here to stay. ● 

S. LALITHA 

lalithak@yahoo.com 


hdfc-fos.qxd 6/7/2008 12:09 PM Page 1 

Features of our following schemes 

HDFC Growth 

Fund 

Open-ended Growth 

Scheme 

HDFC Equity 


Open-ended 

Growth Scheme 

HDFC Top 200 



Scheme 

HDFC Capital 

Builder Fund 

Open-ended 

Growth Scheme 

HDFC Core & Satellite 



Scheme 

HDFC Premier 

Multi-Cap Fund 


Scheme 

Nature of Scheme 

Investment Objective 

To generate long term 

capital appreciation 

from a portfolio that is 

invested predominantly 

in equity and 

equity related 

instruments. 

To achieve capital 

appreciation. 

To generate long term 

capital appreciation from a 

portfolio of equity and 

equity-linked instruments 

primarily drawn from the 

companies in BSE 200 

index. 

To achieve capital 

appreciation in the 

long term. 

To generate capital 

appreciation through 

equity investment in 

companies whose shares 

are quoting at prices below 

their true value. 

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. 

Fund Manager 

Srinivas Rao Ravuri 

(since Apr 3, 06) 

Prashant Jain 

(since Jun 19, 03)* 

Prashant Jain 

(since Jun19, 03)* 

Chirag Setalvad 

(since Apr 2, 07) 

Vinay Kulkarni 

(since Nov 21, 06) 



Inception Date 

(Date of Allotment) 

September 11, 2000 

January 1, 1995 

October 11, 1996 

February 1, 1994 


April 6, 2005 

Entry / Sales Load 

(Non-SIP / STP) 

Exit Load 


Applications routed through any Distributor/Agent/Broker: 

● In respect of each purchase / switch-in of Units less than Rs. 5 crore in value, an Entry Load of 2.25% is payable. 

● In respect of each 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 

● In respect of each 

purchase / switch-in of 

Units less than Rs. 5 

Crore in value, an Exit 

Load of 1% is payable 

if units are redeemed / 

switched-out within 

1 year from the date 

of allotment. 



Units equal to or 

greater than Rs. 5 

Crore in value, no Exit 

Load is payable. 

● In respect of 

each purchase / 

switch-in of Units 

less than Rs. 5 

Crore in value, an 

Exit Load of 1% is 

payable if units are 

redeemed / 


1 year from the 

date of allotment. 




equal to or greater 

than Rs. 5 Crore in 

value, no Exit Load 

is payable. 


purchase / switch-in of Units 

less than Rs. 5 Crore in 

value, an Exit Load of 1% is 


redeemed / 





purchase / switch-in of Units 

equal to or greater than 

Rs. 5 Crore in value, no Exit 

Load is payable. 




less than Rs. 5 

Crore in value, an 



redeemed / 


1 year from the 





equal to or greater 

than Rs. 5 Crore in 

value, no Exit Load 

is payable. 



Units less than Rs. 5 Crore 

in value, an Exit Load of 

1% is payable if units are 

redeemed / 






Units equal to or greater 

than Rs. 5 Crore in value, 

no Exit Load is payable. 

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


each purchase / switchin 

of Units less than 

Rs. 5 Crore in value, an 



redeemed / 

switched-out within 1 

year from the date of 

allotment. 


each purchase / switchin 

of Units equal to or 

greater than Rs. 5 Crore 

in value, no Exit Load is 

payable. 

Investment 

Plan / Options 

Growth & Dividend 

Growth & Dividend Growth & Dividend Growth & Dividend Growth & Dividend 

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


Minimum 

Application Amount 

(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. 

Lock-in Period 

Nil 

Nil 

Nil 

Nil 

Nil 

Nil 

Net Asset Value 

(NAV) 

Every Business Day 






Redemption 

Proceeds 

Normally despatched 

within 3 Business 

Days. 

Normally 

despatched within 

3 Business Days. 

Normally despatched within 


Normally 

despatched within 



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 

* Date of migration from Zurich India Mutual Fund 

Intouchmutually May 2008 5



HDFC Index Fund 

HDFC Arbitrage Fund 

HDFC Children’s Gift Fund^# 


Open-ended Index Linked Scheme 

Open ended Equity Fund 

Open-ended Balanced Scheme 


Nifty Plan : To generate returns that are 

commensurate with the performance of 

the Nifty, subject to tracking errors. 

SENSEX Plan : To generate returns that are 

commensurate with the performance of the 

SENSEX, subject to tracking errors. 

SENSEX Plus Plan : To invest 80 to 90% of 

the net assets of the Plan in companies 

whose securities are included in SENSEX 

and between 10% & 20% of the net assets in 

companies whose securities are not 

included in the SENSEX. 

To generate income through arbitrage opportunities 

between cash and derivative market and arbitrage 

opportunities within the derivative segment and by 

deployment of surplus cash in debt securities and 

money market instruments. 

The primary objective of both the Plans viz. 

Investment Plan & Savings Plan under the 

Scheme is to generate long term capital 

appreciation. 


Vinay Kulkarni (since Dec 29, 06) 

Anil Bamboli (since Oct 23, 07) 

Chirag Setalvad (since April 2, 07) 



July 17, 2002 

October 23, 2007 

March 2, 2001 



Exit Load 


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

● In respect of each purchase / switch-in of 

Units upto and including Rs. 5 lakh in 

value, an Exit Load of 1.00% is payable if 

Units are redeemed within one year from 

the date of allotment. 

● In respect of each purchase / switch-in of 

Units greater than Rs. 5 lakh in value, no 

Exit Load is payable. 

No Entry/Exit Load shall be levied on 

bonus units 

● 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. 

No Entry/Exit Load shall be levied on bonus units and 

units allotted on dividend reinvestment. 

Applications routed through any Distributor/ 

Agent/Broker: 

Investment Plan: 2.25%; Savings Plan: 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-out 

between the first and second year of the 

date of allotment; 1% if Units are redeemed 

/ switched-out between the second and 

third year of the date of allotment; Nil if the 

Units are redeemed / switched -out after 

third year from the date of allotment. 

No Entry/Exit Load shall be levied on 

bonus units 

Investment 


Nifty Plan, SENSEX Plan, SENSEX Plus Plan 

At present, each Plan offers Growth Option 

only. 

Wholesale Plan and Retail Plan - Both Plan offers 

Dividend and Growth Option. Dividend Option offers 

Monthly and Quarterly Dividend Option with Payout 

and Reinvestment Facility. 

Investment Plan : (Equity Oriented) 

Savings Plan : (Debt Oriented) 

Minimum 



For new investors : Rs. 5,000 and in 

multiples of Rs. 100 thereafter. 

For existing investors : Rs. 1,000 and in 


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 in 


Retail Plan:Monthly Dividend Option: Rs. 25,000 and in 




For existing investors : Rs. 1,000 and in 



Nil 

Nil 

If opted : Until the Unit holder (being the 

beneficiary child) attains the age of 18 years 

or until completion of 3 years from date of 

allotment, whichever is later. 


(NAV) 




Redemption 

Proceeds 



Normally despatched within 3 Business days. 

Normally despatched within 3 Business Days 

(subject to completion of Lock-in Period, 

if opted). 

^ Eligibility (of Unit holder) : 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), equivalent 

to 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 insurance 

cover will be borne by the AMC. This accident insurance cover is subject to conditions of the group personal accident insurance policy. 



6 May 2008 

Intouchmutually




HDFC Balanced Fund 


HDFC Prudence Fund 


HDFC Long Term Advantage 

Fund # 

Open-ended Equity Linked Savings 

Scheme with a lock-in period of 

3 years 

HDFC TaxSaver 

Open-ended Equity Linked Savings 

Scheme with a lock-in period of 3 years 


To generate capital appreciation 

along with current income from a 

combined portfolio of equity & 

equity-related and debt & money 

market instruments. 

To provide periodic returns and 

capital appreciation over a long 

period of time from a judicious mix 

of equity and debt investments with 

an aim to prevent / minimise any 

capital erosion. 

To generate long term capital 

appreciation from a portfolio 

that is invested predominantly 

in equity and equity-related 

instruments. 

To achieve long term growth of capital. 

Fund Managers 


Prashant Jain (since Jun 19, 03)* 


Vinay Kulkarni (since Nov 21, 2006) 






December 18, 1995 



Exit Load 


Applications routed through any Distributor/Agent/Broker: 

● In respect of each purchase / switch-in of Units less than Rs. 5 crore in value, an Entry Load of 2.25% is payable. 

● In respect of each 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 

● In respect of each purchase / 

switch-in of Units less than 

Rs. 5 Crore in value, an Exit 

Load of 1% is payable if units 

are redeemed / switched-out 

within 1 year from the date of 

allotment. 


switch-in of Units equal to or 

greater than Rs. 5 Crore in 

value, no Exit Load is payable. 


switch-in of Units less than 

Rs. 5 Crore in value, an Exit 

Load of 1% is payable if units 

are redeemed / switched-out 

within 1 year from the date of 

allotment. 


switch-in of Units equal to or 

greater than Rs. 5 Crore in 



Nil 

Nil 

Investment 





The Dividend Plan offers Dividend payout and Reinvestment facility. 


Minimum 


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


For new & existing investors : Rs. 500 and in multiples thereafter. 


Nil 

Nil 

3 years from the date of allotment of the respective Units 


(NAV) 





Redemption 

Proceeds 





Normally despatched within 3 Business Days (subject to completion 

of Lock-in Period). 


# Previously HDFC Tax Plan 2000 


* Date of migration from Zurich India Mutual Fund 




HDFC MF Monthly Income Plan 

HDFC Multiple Yield Fund 


– Plan 2005 

HDFC Income Fund 


An open-ended income scheme. Monthly income is 

not assured and is subject to availability of 

distributable surplus 

Open-ended Income Scheme 




The primary objective of Scheme is to generate regular 

returns 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’s 

assets in equity and equity related instruments. 

To generate positive returns 

over medium time frame with 

low risk of capital loss over 

medium time frame. 

To generate positive returns 

over medium time frame with 

low risk of capital loss over 

medium time frame. 

To optimise returns while 

maintaining a balance of 

safety, yield and liquidity. 


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) 

Vinay Kulkarni (Equities), 


Anil Bamboli (Debt) 

(since Sep 17, 04) 

Chirag Setalvad (Equities), 

(since April 2, 07) 

Anil Bamboli (Debt) 

(since Aug 17, 05) 

Shobhit Mehrotra 

(since Sep 1, 07) 



December 26, 2003 


August 17, 2005 




Exit Load 


Direct Applications & Applications routed through any 

Agent/Distributor/Broker: Nil 

For Short-Term Plan 

● 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 / switchedout 

within 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 of 

0.25% is payable if Units are redeemed / switchedout 


For Long-Term Plan 

● In respect of each purchase / switch-in of Units less 

than Rs. 5 crore in value, an Exit Load of 1% is 

payable if Units are redeemed / switched-out within 

1 year from the date of allotment. 

● In respect of each purchase / switch-in of Units equal 

to or greater than Rs. 5 crore in value, no Exit Load 

is payable. 

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

Applications not routed through any Distributor/Agent/Broker 

(Direct Applications): Nil 


switch-in of Units, upto and 

including Rs. 2 crore in 

value, an Exit Load of 1.00% 

is payable if Units are 

redeemed / switched - out 

within 1 year from date of 

allotment. 


switch-in of Units greater 

than Rs. 2 crore in value, no 




including Rs. 2 crore in 

value, an Exit Load of 

1.00% is payable if Units 

are redeemed / switched - 

out within 15 months from 



switch-in of Units greater 

than Rs. 2 crore in value, no 



Direct Applications & 

Applications routed through any 




including Rs. 10 Lakh in 

value, an Exit Load of 0.50% 

is payable if Units are 

redeemed / switched - out 

within six months from 



switch-in (per Investor, per 

day) of Units, greater than 

Rs. 10 Lakh in value, no exit 

load is applicable. 

Investment 


Minimum 


Short Term Plan (STP) & Long Term Plan (LTP). Each Plan 

offers Growth, Monthly Dividend & Quarterly Dividend 

Option. The Dividend Option offers Dividend Payout and 

Reinvestment facility. 

Short Term Plan : For new investors : 

(Growth & Quarterly Dividend Option) – Rs. 5,000 and 

in multiples of Rs. 100 thereafter under each Option. 

(Monthly Dividend Option) – Rs. 25,000 and in 


For existing investors : Rs. 1000 and in multiples of 

Rs. 100 thereafter. 

Long Term Plan : For new investors : 

(Growth & Quarterly Dividend Option) – Rs. 5,000 and 

in multiples of Rs. 100 thereafter under each Option. 

(Monthly Dividend Option) – Rs. 25,000 and in 


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


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. 


Nil 

Nil 

Nil 

Nil 


(NAV) 





Redemption 

Proceeds 

Normally despatched within 3 Business Days 

Normally depatched within 

3 Business Days 

Normally depatched within 




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 


Intouchmutually



HDFC High Interest Fund (HHIF) 

HDFC Short Term Plan (STP) HDFC Liquid Fund (HLF) 

HDFC Cash Management Fund 








Exit Load 


Investment 


Minimum 




(NAV) 

Redemption 

Proceeds 


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, 1997 

HHIF-STP : February 6, 2002 


To generate regular income through 

investment in Debt Securities and 

Money Market Instruments. 

Anil Bamboli (since Jan 13, 04) 


Growth & Dividend (Dividend Option 

offers Reinvestment facility only). 



For existing investors : Rs. 1,000 and 

in multiples of Rs. 100 thereafter. 

Nil 


Normally despatched within 3 Business 

Days. 

Open-ended Liquid Income Scheme 

To enhance income consistent with a high 

level of liquidity, through a judicious portfolio 

mix comprising of money market and debt 

instruments. 

Shobhit Mehrotra (since Feb 16, 04) 

HLF : October 17, 2000 

HLF – Premium Plan & HLF – Premium Plus Plan : 


Savings & Call Plan: Open ended High 

Liquidity Income Scheme. 

Savings Plus Plan (erstwhile Investment Plan 

- Growth Option): Open-ended 

Income Scheme. 

Savings & Call Plan: To generate 

optimal returns while maintaining 

safety and high liquidity. 

Savings Plus Plan: To generate regular 

income through investment in debt 

securities and money market instruments. 

Anil Bamboli - Savings Plan (Since Feb, 05) 

Savings Plus Plan (since Sep 1, 07) 

Bharat Pareek - Call Plan (since May 23, 08) 

Savings & Savings Plus Plan : 

November 18, 1999 

Call Plan : February 6, 2002 

HHIF : 

● In respect of each purchase / Nil 

Savings, Savings Plus & Call Plan : Nil 

● In respect of each purchase / switch-in switch-in of Units, upto and 

of units up to and including Rs. 10 lakhs including Rs. 25 crore in value, 

in value, an Exit Load of 0.50% 

no Exit Load is payable. 

is payable if Units are redeemed / ● In respect of each purchase / 

switched-out within 6 months 

switch-in (per Investor, per day) of 

from the date of allotment. 

Units, greater than Rs. 25 crore in 

● In respect of each purchase / switch-in value, an Exit Load of 0.25% is 

of Units greater than Rs. 10 lakhs in payable if Units are redeemed / 


switched-out within 15 days from 

HHIF - STP : NIL 

the date of allotment. 


HHIF : Growth, Quarterly, Half Yearly 

and Yearly Dividend Options. 

HHIF-STP : Growth & Dividend Option 

All Dividend Options offer Dividend Payout 

and Reinvestment facility. 


For new Investors : Rs. 5,000 and in 


For existing investors : Rs. 1,000 and 

in multiples of Rs. 100 thereafter. 

Nil 




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

HLF, HLF - Premium Plan & HLF - Premium Plus Savings Plan & Call Plan : Growth Option & 

Plan. Each Plan offers Growth & Dividend Daily Dividend Option (with Reinvestment 

Option. 

facility only). Savings Plan also offers Weekly 

HLF - The Dividend Option offers Daily Dividend Option (with payout and 

Dividend Option (Reinvestment facility only) Reinvestment facility. 

and Weekly and Monthly Dividend Option Savings Plus Plan : (Retail and Wholesale 

(with payout and Reinvestment facility). Option) Growth and Dividend Option. 

HLF Premium Plan - The Dividend Option offers Dividend Option offers Daily Dividend Option 

Daily Dividend Option (with Reinvestment facility 

only) and Weekly Dividend Option (with and Monthly Dividend Option with payout 

with Reinvestment facility only and Weekly 

payout and Reinvestment facility). 

and Reinvestment facility. 

HLF Premium Plus Plan - The Dividend Option 

offers Weekly Dividend Option (with payout 

and Reinvestment facility). 

HLF : Growth Option : Rs. 10,000 and in 

multiples of Rs. 1,000 thereafter. Dividend 

Option : Rs. 1,00,000 and in multiples of 

Rs. 1,000 thereafter. 

HLF – Premium Plan (for new investors) : 

Rs. 5,00,00,000 and in multiples of Re. 1 

thereafter for opening an account / folio 

(Under each Option). 

HLF – Premium Plus Plan (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 Plus 

Plan (for Existing Investors) : Re. 1 and in 

multiples thereafter under each Option. 

Nil 

All Year Round 

Normally despatched within 1 Business Day. 

Savings Plan : (Growth Option) 

Rs. 10,000 and in multiples of 


(Dividend Option) Rs. 1,00,000 and in 

multiples of Rs. 1,000 thereafter. 

Call Plan : (Under Each Option) 

Rs. 1,00,000 and in multiples of 


Savings Plus Plan - Retail Option 

Growth, Weekly and Monthly Dividend 

Option 

New Investors: Rs. 5,000 and in multiples of 


Existing Investors: Rs. 1,000 and in 


Daily Dividend Option 

New/Existing Investors: Rs. 1,00,000 and in 

multiples of Re. 1 thereafter. 

Savings Plus Plan - Wholesale Option 

New 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 Round 

Savings Plus Plan: Every Business Day 

Savings & Call Plan : Normally despatched 

within 1 Business Day. 

Savings Plus Plan : Normally despatched 


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 Floating Rate Income Fund 

Open-ended Income Scheme. 

HDFC Gilt Fund 

Open-ended Income Scheme. 


To generate regular income through investment in a portfolio comprising substantially of floating 

rate debt / money market instruments, fixed rate debt / money market instruments swapped for 

floating rate returns and fixed rate debt securities and money market instruments. 

To generate credit risk-free returns through investments 

in sovereign securities issued by the Central 

Government and / or a State Government. 






Shobhit Mehrotra (since Feb 16, 04) 


Short Term Plan & Long Term Plan: Direct Applications & Applications routed through any 


Anil Bamboli (since Sep 1, 2007) 

July 25, 2001 

Direct Applications & Applications routed through any 


Exit Load 


Investment 


Short Term Plan : Nil 

Long Term Plan : In respect of each purchase / switch-in of units, upto and including 

Nil 

Rs. 10 lakhs in value, an Exit Load of 0.50% is payable if units are redeemed / switched-out 


In respect of each purchase / switch-in of units greater than Rs. 10 lakhs in value, an Exit Load of 

1% is payable if units are redeemed / switched-out within 6 months from the date of allotment. 


Short Term Plan : For investors who wish to invest for short time period. 

Long Term Plan : For investors who wish to invest for relatively longer time period. 

Short Term Plan - Wholesale & Retail Option : Growth and Dividend Option. The Dividend Option 

offers Daily Dividend Option (with Reinvestment facility only) and Weekly and Monthly Dividend 

Option (with payout and Reinvestment facility). 

Long Term Plan : Growth and Dividend Option. The Dividend Option offers Reinvestment 

facility only. 

Short Term Plan : For investors who wish to 

invest for short time period. 

Long Term Plan : For investors who wish to invest for 

relatively longer time period. 

Each Plan offers Growth and Dividend Options. 

The Dividend Option offers Dividend Payout and 

Reinvestment facility. 

Minimum 


Short Term Plan - Retail Option : (Growth Option, Weekly Dividend Option & 

Monthly Dividend Option) 

New Investors: Rs 5,000 and in multiples of Rs 100 thereafter. 

Existing Investors: Rs 1,000 and in multiples of Rs 100 thereafter. 

(Daily Dividend Option) 

New / Existing Investors : Rs 1 lakh and in multiples of Re. 1 thereafter. 

Short Term Plan - Wholesale Option : (Growth Option, Daily Dividend Option, 

Weekly Dividend Option & Monthly Dividend Option) 

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. 

Long Term Plan : For new investors : 

Rs. 5,000 and in multiples of Rs. 100 thereafter. 


(Under each Plan / Option) 

For new investors : 


For existing investors : 




(NAV) 

Redemption 

Proceeds 

Nil 


Normally despatched within 3 Business Days. 

Nil 


Normally despatched within 3 Business Days. 


Tax Benefits / Consequences : 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 is payable 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 individual nature of tax consequences, 

each investor is advised to consult his / her own professional tax advisor. 

Fund Manager Total Experience 

Prashant Jain 

Over 16 years 

Shobhit Mehrotra 

Over 15 years 

Anil Bamboli 

Over 13 years 


Over 16 years 

Chirag Setalvad 

Over 11 years 

Srinivas Rao Ravuri Over 12 years 

Akashdeep Sarpal 

Over 13 years 

Bharat Pareek 

Over 6 years 


Intouchmutually

hdfc-eq-r.qxd 6/7/2008 12:07 PM Page 1 

HDFC 

Growth Fund 

IN EQUITY - DIVERSIFIED CATEGORY 

(106 schemes) for 3 and 5 year 

periods ending May 31, 2008 

An open-ended growth scheme 


Equity Fund 





NAV (as at May 30, 2008) 

Relative Performance ^ (Growth Plan) 

NAV per Unit (Rs.) 

Growth Plan 62.813 

Dividend Plan 30.934 






Date Period NAV Returns Benchmark 

per Unit (Rs.) (%)^ Returns (%)# 

Nov 30, 07 Last Six months (182 days) 74.895 -16.13* -15.22* 

May 30, 07 Last 1 Year (366 days) 52.384 19.85** 13.87** 

May 30, 05 Last 3 Years (1096 days) 25.332 35.31** 35.02** 


Sep 11, 2000 Since Inception (2818 days) 10.000 26.87** 17.60** 

^Past performance may or may not be sustained in the future 

Performance of the Dividend Plan for the investor would be net of Distribution Tax as applicable 

* Absolute Returns ** Compounded Annualised Returns 

# SENSEX 

Portfolio – Top 10 Holdings (as at May 31, 2008) 

Company Industry + % to NAV 

EQUITY & EQUITY RELATED 

Reliance Industries Ltd. Petroleum Products 7.93 

ITC Ltd. Consumer Non Durables 6.54 

State Bank of India Banks 5.23 

Divi’s Laboratories Ltd. Pharmaceuticals 4.84 

ICICI Bank Ltd. Banks 4.08 

Bharti Airtel Ltd. Telecom - Services 4.04 

Housing Development Finance Corporation Ltd.$ Finance 3.89 

Bharat Heavy Electricals Ltd. Industrial Capital Goods 3.66 

Biocon Ltd. Pharmaceuticals 3.12 

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 2.97 

Total of Top Ten Equity Holdings 46.30 

Total Equity & Equity Related Holdings 86.18 

Other Current Assets (Including Reverse Repos’ / CBLO) 13.82 

Grand Total 100.00 

Net Assets (Rs. In Lakhs) 97,580.44 








Jan 01, 95 Since Inception (4898 days) 10.000 23.49** 11.02** 




#S&P CNX 500 (Please refer to page no 31) 




ICICI Bank Ltd. Banks 9.00 

Dr Reddy’s Laboratories Ltd. Pharmaceuticals 5.10 



United Phosphorus Ltd. Pesticides 3.79 

Oil & Natural Gas Corporation Ltd. Oil 3.65 


Crompton Greaves Ltd. Industrial Capital Goods 3.48 

Tata Iron & Steel Company Ltd. Ferrous Metals 3.25 







Portfolio Turnover Ratio (Last 1 Year) 50.52% 

Pharmaceuticals 12.98 

Industrial Capital Goods 11.36 

Consumer Non Durables 10.43 

Banks 9.31 

Petroleum Products 7.93 

Telecom - Services 5.92 

Media & Entertainment 5.71 

Auto Ancillaries 5.12 

Construction 4.12 

+ Industry Classification as recommended by AMFI, $ Sponsor 

✤ Past performance is no guarantee of future results. 

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

Industry Allocation of Equity Holding (% of Net Assets) 

Finance 3.89 

Chemicals 2.17 

Oil 1.87 

Software 1.69 

Paper Products 1.07 

Ferrous Metals 0.96 

Textiles - Synthetic 0.87 

Industrial Products 0.59 

Engineering 0.19 

Std Deviation 

Beta Sharpe Ratio* 

Risk Ratio (for the 3-yr period ended May 30, 2008) 7.10% 0.9640 0.41 


+ Industry Classification as recommended by AMFI 



Total outstanding position (as at May 31, 2008) in Derivative Instruments 

(Suzlon Option) ((Notional) Rs. 54.18 lakhs. 



Banks 17.09 







Pesticides 3.79 

Oil 3.65 

Auto 2.87 

Hardware 1.89 



Textiles - Silk 0.62 


Textiles - Synthetic 0.41 

Std Deviation 



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




HDFC Top 

200 Fund 





HDFC Capital 

Builder Fund 













per Unit (Rs.) (%) $$^ Returns (%)# 






Oct 11, 96 Since Inception (4249 days) 10.000 27.42** 17.44** 



* Absolute Returns ** Compounded Annualised Returns #BSE 200 

$$ Adjusted for the dividends declared under the scheme prior to its splittng into the Dividend 

and Growth Plans 


Company / Issuer Industry + % to NAV 





Larsen & Toubro Ltd. Industrial Capital Goods 4.31 


Infosys Technologies Ltd. Software 3.81 

















Feb 01, 94 Since Inception (5232 days) 10.000 15.10** 9.61** 




** Compounded Annualised Returns 

* Absolute Returns 






IPCA Laboratories Ltd. Pharmaceuticals 4.50 

Exide Industries Ltd. Auto Ancillaries 4.44 


Bharat Heavy Electricals Ltd. Industrial Capital Goods 4.20 



Blue Star Ltd. Consumer Durables 3.77 

Pidilite Industries Ltd. Consumer Non Durables 3.61 











Banks 17.39 Auto Ancillaries 3.28 

Industrial Capital Goods 12.63 Construction 3.22 

Pharmaceuticals 11.84 Oil 3.03 

Consumer Non Durables 11.25 Pesticides 2.32 

Software 8.43 Media & Entertainment 1.84 

Petroleum Products 8.02 Hardware 0.77 

Auto 4.47 Brewers 0.62 

Ferrous Metals 3.95 Transportation 0.37 





Industrial Capital Goods 18.47 Consumer Durables 3.77 

Banks 14.55 Finance 2.90 

Consumer Non Durables 12.83 Telecom - Services 2.77 

Pharmaceuticals 11.95 Auto 2.73 

Software 6.02 Gas 2.71 

Auto Ancillaries 4.44 Chemicals 2.07 

Industrial Products 4.33 Ferrous Metals 1.95 

Petroleum Products 3.79 Textiles - Silk 0.61 

Std Deviation Beta Sharpe Ratio* 

Std Deviation Beta Sharpe Ratio* 

Risk Ratio (for the 3-yr period ended May 30, 2008) 6.60% 0.8640 0.48 Risk Ratio (for the 3-yr period ended May 30, 2008) 7.70% 0.9530 0.29 




RY 

HDFC Core & Satellite Fund 


HDFC Premier Multi-Cap Fund 




Growth Option 26.354 

Dividend Option 18.147 

Relative Performance ^ (Growth Option) 




Growth Option 19.808 









Performance of the Dividend Option for the investor would be net of Distribution Tax as applicable 

*Absolute Returns #BSE 200 ** Compounded Annualised Returns 












KEC International Ltd. Power 4.37 

Zee Entertainment Enterprises Ltd. Media & Entertainment 3.51 











Apr 06, 05 Since Inception (1150 days) 10.000 24.23** 28.27** 






Company / Issuer Industry + % to NAV 








AIA Engineering Ltd. Industrial Capital Goods 4.80 



Amtek Auto Ltd. Auto Ancillaries 3.75 






Portfolio Turnover Ratio (Last 1 Year) 56.94% Portfolio Turnover Ratio (Last 1 Year) 55.65% 




Banks 21.41 








Consumer Durables 5.47 

Power 4.37 



Brewers 2.07 

Std Deviation 



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



Banks 15.91 





Oil 4.28 


Auto 4.05 


BREWERS 3.33 

Metals - Aluminium 2.23 


Power 1.96 



Retailing 0.15 

Std Deviation 



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





An open-ended index linked scheme 



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




Relative Performance ^ 

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











Jul 17, 02 Since Inception (2144 days) 32.1610^^ 28.8** 35.38** 



#SENSEX (Total Returns Index) 

^^Face Value per Unit 








Housing Development Finance Corporation Ltd.$ Finance 5.08 




Reliance Communication Ltd. Telecom - Services 3.42 








+ Industry Classification as recommended by AMFI $ Sponsor 










#S&P CNX Nifty (Total Returns Index) 

^^Face Value per Unit 







National Thermal Power Corporation Power 4.69 

Reliance Communication Ltd. Telecom - Services 3.94 


Tata Consultancy Services Ltd. Software 3.35 

DLF Ltd. Construction 3.31 





Other Current Assets (Including Reverse Repos’ / CBLO) 3.08 






Industry Allocation of Equity Holding (% of Net Assets) Petroleum Products 14.55 Ferrous Metals 4.39 

Software 11.36 Pharmaceuticals 2.56 

Petroleum Products 14.30 Power 3.28 

Telecom - Services 10.86 Auto 2.44 

Software 13.82 Oil 3.03 

Industrial Capital Goods 8.30 Finance 2.41 

Banks 13.70 Auto 2.94 

Banks 8.04 Metals - Aluminium 2.19 

Industrial Capital Goods 8.76 Cement 2.51 

Power 8.01 Non - Ferrous Metals 1.92 

Telecom - Services 8.19 Construction 2.46 

Consumer Non Durables 6.82 Pharmaceuticals 2.02 

Oil 7.90 Cement 1.56 

Finance 5.08 Non - Ferrous Metals 1.35 Construction 4.56 Gas 1.12 


Consumer Non Durables 4.42 Media & Entertainment 0.33 

Tracking Error Since Inception (Annualised) 2.42% Tracking Error Since Inception (Annualised) 2.96% 





HDFC Arbitrage Fund 

An open-ended equity Fund 

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














#SENSEX (Total Returns Index) 

^^ Face Value per Unit 










Housing Development Finance Corporation Ltd.$ Finance 4.93 










Relative Performance ^ - Growth Option 


Retail Plan 


Monthly Dividend Option 10.025 

Quarterly Dividend Option 10.136 

Wholesale Plan 






Retail Plan 

Nov 30, 07 Last Six months (182 days) 10.043 4.58* 3.68* 

Oct 23, 07 Since Inception (220 days) 10.000 5.03* 4.24* 


Nov 30, 07 Last Six months (182 days) 10.046 4.72* 3.68* 

Oct 23, 07 Since Inception (220 days) 10.000 5.20* 4.24* 



* Absolute Returns #CRISIL Liquid Fund Index 


Company / Issuer Industry + / Rating % to NAV 



Reliance Capital Ltd. Finance 3.07 

Reliance Petroleum Ltd. Petroleum Products 2.78 

Indian Overseas Bank Banks 2.69 

GTL Ltd. Software 2.56 

Bank of Baroda Banks 2.55 

Jindal Steel & Power Ltd. Ferrous Metals 2.12 

Power Finance Corporation Ltd. Finance 2.03 

Mahanagar Telephone Nigam Ltd. Telecom - Services 2.03 

Hindustan Construction Company Ltd. Construction 2.02 



Debt / Money Market Instrument 

Amaravati Greenlands Pvt Ltd UNRATED 0.65 

RB Loan Trust Series IV 2007 A1(SO) 0.27 

Total Debt / Money Market Instrument 

(aggregated holdings in a single issuer) 0.92 








$ Sponsor 


Banks 13.93 







Finance 4.93 


Oil 2.94 

Auto 2.85 



Non - Ferrous Metals 1.39 

Transportation 1.17 


Power 0.78 

Cement 0.66 


Banks 12.94 


Finance 7.02 




Cement 3.67 

Textile Products 3.48 




Transportation 2.05 

Power 1.48 

Non - Ferrous Metals 1.28 




IT Consulting & Services 0.94 



Gas 0.66 

Auto 0.49 

Brewers 0.23 


Hotels 0.06 

Fertilisers 0.05 

Paper Products 0.04 


Aviation 0.01 





An open-ended balanced scheme 







Prudence Fund 







IN HYBRID EQUITY - ORIENTED CATEGORY 









Sep 11, 00 Since Inception (2818 days) 10.000 17.64** N.A. 




N.A. Not Available 

#CRISIL Balanced Fund Index 

Portfolio – Top Holdings (as at May 31, 2008) 




Coromandel Fertilisers Ltd. Fertilisers 6.67 

Balkrishna Industries Ltd. Auto Ancillaries 5.82 


The Federal Bank Ltd. Banks 4.18 









Housing Dev. Finance Corpn Ltd.$ AAA 4.57 

Indian Oil Corporation Ltd. LAAA 4.47 

Loan Securitisation Trust - Grasim Industries Ltd. AAA(SO) 4.21 

Credit Asset Tr XVII (Shri Tra Fin) AA(SO) 3.76 

Loan Securitisation Trust - Bajaj Auto Ltd. AAA(SO) 3.52 

State Bank of India AAA 2.44 

Loan Securitisation Trust - Reliance Industries Ltd. AAA(SO) 0.95 



Other Current Assets (Including Reverse Repos’ / CBLO) 7.08 




per Unit (Rs.) (%)$$^ Returns (%)# 





May 29, 98 Last 10 Years (3654 days) 11.950 27.94** N.A. 

Feb 01, 94 Since Inception (5232 days) 10.000 21.65** N.A. 



* Absolute Returns ** Compounded Annualised Returns #CRISIL Balanced Fund Index 


and Growth Plans N.A. Not Available 






AIA Engineering Ltd. Industrial Capital Goods 3.08 


GlaxoSmithkline Consumer Healthcare Consumer Non Durables 2.75 


Apollo Tyres Ltd. Auto Ancillaries 2.57 







ICICI Bank Ltd. A1+/AAA 3.67 

National Bank for Agriculture & Rural Development AAA 3.52 

Housing Development Finance Corporation Ltd.$ AAA 2.63 


Sundaram Finance Ltd. LAA+ 1.70 

Axis Bank Ltd. AA+ 1.11 

Infrastructure Dev. Fin. Corp. Ltd. AAA/AAA(I) 0.93 

Punjab National Bank AAA 0.76 

L & T Finance Ltd AA+ 0.75 

State Bank of Indore AAA 0.75 

Total of Top Ten Debt / Money Market Instrument 


Total Debt / Money Market Instrument 22.10 











Industry Allocation of Equity Holding (% of Net Assets) Banks 12.15 Oil 1.98 

Pharmaceuticals 10.23 Consumer Non Durables 5.53 

Pharmaceuticals 12.04 Textile Products 1.41 

Consumer Non Durables 9.77 Trading 1.25 

Industrial Capital Goods 9.58 Software 3.74 Industrial Capital Goods 7.87 Petroleum Products 0.90 

Banks 9.38 Power 3.01 

Construction 5.78 Paper Products 0.80 

Auto Ancillaries 7.89 Construction 2.50 Media & Entertainment 5.31 Textiles - Silk 0.49 

Auto Ancillaries 6.30 Chemicals 0.86 

Petroleum Products 7.11 Consumer Durables 2.00 Industrial Products 3.31 Ferrous Metals 0.26 

Pesticides 2.26 Textiles - Synthetic 0.20 

Fertilisers 6.67 Chemicals 1.36 

Power 2.18 



HDFC Children’s Gift Fund 


Investment Plan 





HDFC Children’s Gift Fund 


Savings Plan 






per Unit (Rs.) (%)^$ Returns (%)# 





Mar 02, 01 Since Inception (2646 days) 10.000 19.01** N.A. 


* Absolute Returns ** Compounded Annualised Returns N.A. Not Available 

#CRISIL Balanced Fund Index $ Adjusted for bonus units declared under the scheme 






Satyam Computer Services Ltd. Software 3.98 

Shanthi Gears Ltd. Industrial Products 3.88 










ICICI Bank Ltd. AAA 5.54 

JUS Trust - Jet Airways AAA(SO) 4.37 

M&M Financial Services Ltd. AA+ 3.59 


Sundaram Finance Ltd. AA+ 2.16 


Indian Railways Finance Corp. Ltd. AAA 1.44 











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







Banks 5.22 






Hotels 3.06 


Finance 1.28 


per Unit (Rs.) (%)^$ Returns (%)# 

Nov 30, 07 Last Six months (182 days) 16.713 -0.58* 0.07* 




Mar 02, 01 Since Inception (2646 days) 10.000 11.21** N.A. 


* Absolute Returns ** Compounded Annualised Returns N.A. Not Available 

#CRISIL MIP Blended Index 

$ Adjusted for bonus units declared under the scheme 








Torrent Cables Ltd Electric Utilities 1.02 


Britannia Industries Ltd. Consumer Non Durables 0.90 









Power Finance Corporation Ltd AAA 9.11 



Indian Railways Finance Corp. Ltd. AAA 5.64 



DSP Merrill Lynch Capital Ltd. AA+(SO) 4.61 








Average Portfolio Maturity (Other than equity investments) 

2.20 years 

Modified Duration (Debt Instruments) 

1.06 years 








Banks 1.44 




Electric Utilities 1.02 






HDFC Long Term 

Advantage Fund* 

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

* Previously HDFC Tax Plan 2000 






IN EQUITY - TAX PLANNING CATEGORY 




TaxSaver 

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



IN EQUITY - TAX PLANNING CATEGORY 















* Absolute Returns ** Compounded Annualised Returns #SENSEX 







Colgate-Palmolive (India) Ltd. Consumer Non Durables 4.49 


Satyam Computer Services Ltd. Software 4.02 


Balkrishna Industries Ltd. Auto Ancillaries 3.49 

Exide Industries Ltd. Auto Ancillaries 3.44 












per Unit (Rs.) (%)$$^ Returns (%)# 


May 30, 07 Last 1 Year (366 days) 151.932 -2.06** 12.02** 




Mar 31, 96 Since Inception (4443 days) 10.000 34.69** 15.30** 



* Absolute Returns #S&P CNX 500 (Please refer to page no 31) 

** Compounded Annualised Returns 















Siemens Ltd. Industrial Capital Goods 3.11 











Industry Allocation of Equity Holding (% of Net Assets) Banks 19.85 Auto 3.87 

Industrial Capital Goods 18.82 Consumer Durables 5.83 Industrial Capital Goods 19.58 Software 2.14 

Consumer Non Durables 15.99 Pesticides 4.80 Consumer Non Durables 11.54 Construction 1.09 

Banks 11.6 Pharmaceuticals 2.80 

Pharmaceuticals 11.03 Telecom - Services 1.04 

Auto Ancillaries 8.18 Paper Products 0.65 

Auto Ancillaries 7.89 Gas 1.97 

Media & Entertainment 5.53 Transportation 0.12 

Software 7.78 Textile Products 1.59 

Petroleum Products 4.82 Industrial Products 0.07 

Industrial Products 7.30 Hardware 1.04 

Oil 4.35 Trading 0.06 

Petroleum Products 6.21 Ferrous Metals 0.94 Pesticides 3.96 

Std Deviation 


Std Deviation 


Risk Ratio (for the 3-yr period ended May 30, 2008) 6.10% 0.7850 0.33 Risk Ratio (for the 3-yr period ended May 30, 2008) 7.60% 0.9200 0.31 



hdfc-sip.qxd 6/7/2008 12:06 PM Page 1 

Benefits of Systematic Investment Plan (SIP) 

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. 1,000 

systematically on the first Business Day of every month over a period of time. 

HDFC GROWTH FUND 

SIP Investments Since Inception 5 Year SIP 3 Year SIP 1 Year SIP 

Total Amount Invested (Rs. ‘000) 93.00 60.00 36.00 12.00 

Mkt Value as on May 30, 2008 (Rs. ‘000) 396.83 141.54 52.84 11.74 

Returns (Annualised)* (%) 36.55 35.20 26.64 -3.94 

Benchmark Returns (Annualised) (%) # 28.21 30.33 22.66 -4.60 

# SENSEX 

Past performance may or may not be sustained in the future. 

HDFC EQUITY FUND 

SIP Investments Since 10 year 5 Year 3 Year 1 Year 

Inception SIP SIP SIP SIP 

Total Amount Invested (Rs. ‘000) 161.00 120.00 60.00 36.00 12.00 

Mkt Value as on May 30, 2008 (Rs. ‘000) 1,769.72 784.58 133.28 47.55 11.18 

Returns (Annualised)* (%) 32.00 35.27 32.62 18.98 -12.51 

Benchmark Returns (Annualised) (%) # 19.12 23.89 27.73 19.48 -8.39 

# S&P CNX 500 (Please refer to page no 31) 


HDFC TOP 200 FUND 




Mkt Value as on May 30, 2008 (Rs. ‘000) 995.59 704.30 140.82 51.18 11.88 



# BSE 200 


HDFC CAPITAL BUILDER FUND 









HDFC PREMIER MULTI-CAP FUND 

SIP Investments Since Inception 3 Year SIP 1 Year SIP 

Total Amount Invested (Rs. ‘000) 38.00 36.00 12.00 

Market Value as May 30, 2008 (Rs. ‘000) 46.75 42.75 10.71 

Returns (Annualised)* (%) 13.20 11.52 -19.37 

Benchmark Returns (Annualised) (%) # 20.85 19.48 -8.39 



HDFC CORE & SATELLITE FUND 




Returns (Annualised)* (%) 18.03 10.18 -22.30 

Benchmark Returns (Annualised) (%) # 26.20 22.61 -4.52 

# BSE 200 


HDFC BALANCED FUND 





Benchmark Returns (Annualised) (%) # N.A. 19.34 16.36 0.46 

# CRISIL Balanced Fund Index 


HDFC PRUDENCE FUND 






Benchmark Returns (Annualised) (%) # N.A. N.A. 19.34 16.36 0.46 



HDFC CHILDREN’S GIFT FUND - INVESTMENT PLAN 





Benchmark Returns (Annualised) (%) # 19.34 19.34 16.36 0.46 



HDFC CHILDREN’S GIFT FUND - SAVINGS PLAN 




Returns (Annualised)* (%) 9.79 8.20 6.84 5.77 

Benchmark Returns (Annualised) (%) # 8.36 8.36 8.31 4.96 

# CRISIL MIP Blended Index 


HDFC LONG TERM ADVANTAGE FUND 





Benchmark Returns (Annualised) (%) # 29.27 30.33 22.66 -4.60 

# SENSEX 


HDFC TAXSAVER 







# S&P CNX 500 (Please refer to page no 31 


HDFC MF MIP - SHORT TERM PLAN 




Returns (Annualised)* (%) 6.06 4.66 0.47 

Benchmark Returns (Annualised) (%) # 8.32 8.31 4.96 

# CRISIL MIP BLENDED INDEX 


HDFC MF MIP - LONG TERM PLAN 




Returns (Annualised)* (%) 10.71 8.90 0.54 

Benchmark Returns (Annualised) (%) # 8.32 8.31 4.96 

# CRISIL MIP BLENDED INDEX 


* Load is not taken into consideration and the Returns are of Growth Plan / Option. Investors are 

advised to refer to the Relative Performance table furnished in this booklet for non-SIP returns. 


Disclaimer: The above investment simulation is for illustrative purposes only and should not be 

construed as a promise on minimum returns and safeguard of capital. The AMC / Mutual Fund is 

not guaranteeing or promising or forecasting any returns. SIP does not assure a profit or guarantee 

protection against a loss in a declining market. 

Please refer SIP Enrolment Form or contact nearest ISC for SIP Load Structure. 



hdfc-dt.qxd 6/7/2008 12:09 PM Page 1 

HDFC MF MIP - 

Short Term Plan 







T. V. Today Network Ltd. Media & Entertainment 1.18 



Videsh Sanchar Nigam Ltd. Telecom - Services 0.88 

Jagran Prakashan Ltd. Media & Entertainment 0.85 

Nagarjuna Construction Co. Ltd. Construction 0.76 






IDBI Bank Ltd. AA+ 13.00 

LIC Housing Finance Ltd. AAA 8.60 

Auto Sec Trust Mixed Pool A AAA(SO) 6.40 

KRS Loan Trust P1 4.51 

Credit Asset Tr XLIX F1+ (IND) (SO) 4.35 

ILSS 1 Trust 2009 AAA(SO) 4.34 

National Housing Bank AAA 4.30 

Infrastructure Dev. Fin. Corp. Ltd. LAAA 4.17 

TML Financial Services Ltd. AA+ 2.62 



Total Debt/ Money Market Instrument 72.18 




Average Portfolio Maturity 


An open-ended income scheme. Monthly income is not assured and is 

subject to availability of distributable surplus 






Relative Performance^(Growth Option) 



Nov 30, 07 Last Six Months (182 days) 13.8895 -1.78* 0.07* 



Dec 26, 03 Since Inception (1617 days) 10.0000 7.26** 7.24** 

^Past Performance may or may not be sustained in the future 


* Absolute Returns ** Compounded Annualised Returns #Crisil MIP Blended Index 

1.76 years (other than equity investments) 

280 days 


$ Sponsor 

HDFC MF MIP - 

Long Term Plan 









Nov 30, 07 Last Six Months (182 days) 16.8058 -3.13* 0.07* 


May 30, 05 Last 3 Years (1096 days) 11.5080 12.25** 9.31** 

Dec 26, 03 Since Inception (1617 days) 10.0000 11.63** 7.24** 



* Absolute Returns ** Compounded Annualised Returns #Crisil MIP Blended Index 





GlaxoSmithkline Consumer Healthcare Ltd. Consumer Non Durables 1.25 

The Federal Bank Ltd. Banks 1.18 



Page Industries Ltd. Textile Products 1.03 




Maytas Infra Ltd. Construction 0.80 



Debt / Money Market Instrument / Government Securities 

Tata Sons Ltd. AAA 6.09 

Government Securities SOV 4.57 

Canara Bank P1+ 3.51 



Power Finance Corporation Ltd. AAA 3.03 

Rural Electrification Corporation Ltd. AAA 2.60 

ICICI Bank Ltd. A1+/AAA 2.35 

Citicorp Maruti Finance Ltd. AAA 2.34 

Infrastructure Dev. Fin. Corp. Ltd. AAA(I)/LAAA 2.27 

Total of Top Ten Debt / Money Market Instrument / Government Securities 


Total Debt / Money Market Instrument / Government Securities 67.15 






In Hybrid - Monthly Income Category 

(38 schemes) for 3 & 5 year periods 

ending May 31, 2008 

An open-ended income scheme. Monthly income is not assured and is 

subject to availability of distributable surplus 

3.47 years (other than equity investments) 

2.19 years 

+ Industry Classification as recommended by AMFI, 




Intouchmutually



An open-ended income scheme 

HDFC Multiple Yield Fund - Plan 2005 









Nov 30, 07 Last Six Months (182 days) 13.2121 2.98* 0.07* 






*Absolute Returns # Crisil MIP Blended Index ** Compounded Annualised Returns 






Crisil Ltd. Finance 1.45 

Colgate-Palmolive (India) Ltd. Consumer Non Durables 1.40 

3M India Ltd. Trading 1.24 


IPCA Laboratories Ltd. Pharmaceuticals 1.21 


Solar Explosives Ltd. Chemicals 1.11 





Reliance Capital Ltd. A1+ 12.50 

GE Cap Transportation Financial Ser A1+ 12.39 

IDBI Bank Ltd. A1+ 11.90 

YES Bank Ltd A1+ 10.62 

KRS Loan Trust P1 7.07 

Export - Import Bank of India AAA 6.75 

ICICI Bank Ltd. P1+ 4.92 

UCO Bank P1+ 4.75 

Indian Retail ABS Trust 95 AAA(SO) 3.49 













Nov 30, 07 Last Six Months (182 days) 12.0863 1.00* 0.07* 


Aug 17, 05 Since Inception (1017 days) 10.0000 7.42** 8.71** 



* Absolute Returns # Crisil MIP Blended Index ** Compounded Annualised Returns 

Portfolio – Holdings (as at May 31, 2008) 




Castrol India Ltd. Oil 0.95 








Vesuvius India Ltd. Industrial Products 0.71 




YES Bank Ltd A1+ 29.36 









Average Portfolio Maturity 146 days Average Portfolio Maturity 148 days 


101 days Modified Duration (Debt Instruments) 

147 days 







HDFC High Interest Fund 













Sep 11, 00 Since Inception (2818 days) 10.0000 8.01** N.A. 




# Crisil Composite Bond Fund Index N.A. Not Available 


Issuer Rating % to NAV 

DEBT / MONEY MARKET INSTRUMENTS / GOVERNMENT SECURITIES 



Rural Electrification Corporation Ltd. AAA 7.93 





State Bank of Patiala AAA 2.07 


State Bank of Bikaner & Jaipur AAA 2.06 











Half-Yearly Dividend Option 10.3700 

Yearly Dividend Option 10.8304 








May 29, 98 Last 10 Years (3654 days) 11.6184 8.65** N.A. 

Apr 28, 97 Since Inception (4050 days) 10.0000 9.24** N.A. 




#CRISIL Composite Bond Fund Index 




DEBT / MONEY MARKET INSTRUMENTS / GOVERNMENT SECURITIES 



KRI Loan Trist A1(SO) 9.95 

K. Raheja Universal Pvt. Ltd. UNRATED 7.13 




Total Debt / Money Market Instrument / Government Securities 






Modified Duration 

4.59 years 

3.41 years 



4.50 years 

2.65 years 

$ Sponsor 


Intouchmutually


HDFC Short Term Plan 





Dividend Reinvestment Option 10.3452 






May 30, 05 Last 3 Years (1096 days) 12.0827 7.22** 6.43** 






# Crisil Liquid Fund Index N.A. Not Available 



DEBT / MONEY MARKET INSTRUMENTS 

Corporation Bank P1+ 8.80 

Indian Railways Finance Corporation Ltd. AAA 6.69 

Hongkong & Shanghai Bank Ltd. F1+ 6.43 

Indian Oil Corporation Ltd. LAAA 5.45 

Credit Asset Tr Sr XIX (Indiabulls) F1+(SO) 4.68 



Sundaram Finance Ltd. LAA+ 4.58 

Export - Import Bank of India AAA 4.53 

State Bank of Travancore P1+ 4.19 








- Short Term Plan 

















# Crisil Composite Bond Fund Index N.A. Not Available 


In Debt - Short-term Category 

(19 schemes) for 18 months period 





Karur Vysya Bank Ltd. F1+ 7.63 



ICICI Bank Ltd. A1+ 6.06 

YES Bank Ltd. A1+ 4.66 

ILSS 1 Trust 2009 AAA(SO) 4.63 

Citicorp Finance (India) Ltd. AAA 4.25 

State Bank of Bikaner & Jaipur P1+ 3.64 

Auto Sec Trust Mixed Pool A AAA(SO) 3.25 

BHPC Auto Sec Tr Feb 08 I AAA(SO) 3.11 







1.20 years 

Average Portfolio Maturity 1.58 years Modified Duration 256 days 


1.15 years 



$ Sponsor 



HDFC Gilt Fund 



















Jul 25, 01 Since Inception (2501 days) 10.0000 5.70** N.A. 




#I-Sec Si-Bex 




Government Securites / Treasury Bills 

7.27% GOI 2013 SOV 40.05 

11.40% GOI 2008 SOV 0.11 

Total Government Securites / Treasury Bills 40.16 



Net Assets (Rs. In Lakhs) 869.12 






May 30, 05 Last 3 Years (1096 days) 14.8592 4.16** 6.08** 


Jul 25, 01 Since Inception (2501 days) 10.0000 7.86** N.A. 




#I-Sec Li-Bex 




Government Securities / Treasury Bills 

8.24% GOI 2018 SOV 25.60 

8.33% GOI 2036 SOV 12.51 

7.27% GOI 2013 SOV 6.87 

Total Government Securites / Treasury Bills 44.98 




Average Portfolio Maturity 2.11 years Average Portfolio Maturity 6.41 years 

Modified Duration 1.66 years Modified Duration 3.23 years 


Intouchmutually

hdfc-dt1.qxd 6/7/2008 12:10 PM Page 1 






Retail Option 


Daily Dividend Reinvestment Option 10.0809 

Weekly Dividend Option 10.1447 


Wholesale Option 


Daily Dividend Reinvestment Option 10.0809 



Relative Performance^- Retail Option (Growth Option) 










* Absolute Returns ** Compounded Annualised Returns #Crisil Liquid Fund Index 




ICICI Bank Ltd. A1+/P1+ 5.81 

Reliance Infrastructure F1+ 4.77 


Corporation Bank P1+ 4.08 

Oriental Bank of Commerce P1+ 3.89 


Kotak Mahindra Bank Ltd. P1+ 3.50 

State Bank Of Hyderabad P1+ 2.37 


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











Dividend Reinvestment Option 10.2019 















Indian Retail ABS Trust 96 2008 AAA(SO) 11.24 


HDFC Bank Ltd. #N/A 6.79 

Bharti Ventures Ltd. UNRATED 4.65 

DSP Merrill Lynch Capital Ltd. P1+(SO) 4.63 

Investment Vehicle 1508 AAA(SO) 4.52 


IDBI Bank Ltd. AA/AA+ 4.02 

UBL Trust Series 58 A+ 3.36 

Credit Asset Trust Sr XXVI AAA(SO) 3.14 








280 days 


236 days 


238 days 


124 days 

$ Sponsor 

$ Sponsor 




Liquid Fund 

An open-ended liquid income scheme 


IN DEBT: ULTRA SHORT-TERM CATEGORY 

(43 schemes) for 18 month period 




HDFC Liquid Fund 


Daily Dividend Reinvestment Option 10.1982 



HDFC Liquid Fund - Premium Plan 



HDFC Liquid Fund - Premium Plus Plan 





Liquid Fund 

May 23, 08 Last 7 days 16.2776 0.16* 0.11* 


Apr 30, 08 Last 1 Month (30 days) 16.1947 0.67* 0.54* 

Feb 29, 08 Last 3 Months (91 days) 15.9730 2.07* 2.03* 

Nov 30, 07 Last 6 Months (182 days) 15.6546 4.15* 3.68* 




Oct 17, 00 Since Inception (2782 days) 10.0000 6.62** N.A. 




* Absolute Returns ** Compounded Annualised Returns # Crisil Liquid Fund Index 





Indian Oil Corporation Ltd A1+ 8.02 

State Bank of Patiala P1+ 5.23 



State Bank Of Hyderabad P1+ 2.82 

Indian Bank F1+ 2.34 


Dena Bank PR1+ 1.95 

Andhra Bank F1+ 1.95 









160 days 

119 days 

$ Sponsor 



HDFC Cash 

Management Fund 

An open-ended high liquidity income scheme 

Savings Plan 




IN DEBT: ULTRA SHORT-TERM CATEGORY 

(43 schemes) for 18 month period 








per Unit (Rs.) (%)^$$ Returns (%)# 


May 15, 08 Last 15 days 17.0809 0.34* 0.24* 

Apr 30, 08 Last 1 Month (30 days) 17.0243 0.68* 0.54* 




May 30, 05 Last 3 Years (1096 days) 13.9086 7.20** 6.43** 


Nov 18, 99 Since Inception (3116 days) 10.0000 6.56** N.A. 




$$ Adjusted for the dividends declared under the scheme prior to its splitting into the Dividend 






Canara Bank P1+ 7.31 



Vijaya Bank PR1+ 3.34 

Citicorp Finance (India) Ltd. AAA 3.30 

Punjab National Bank F1+ 3.00 

CE Pool Trust June 2007 LAAA(SO) 2.51 


State Bank of Mysore A1+ 2.37 

Corp Loan Sec Sr XXXIII 2006 AA(SO) 2.09 







151 days 

116 days 






Savings Plus Plan 




Retail Option 










Relative Performance^- Retail Plan (Growth Option) 







Nov 18, 99 Since Inception (3116 days) 10.0000 7.00** N.A. 

^Past performance may or may not be sustained in the future N.A. Not Available 








Indian Oil Corporation Ltd. A1+ 3.80 

Oriental Bank of Commerce P1+ 2.71 

Reliance Infrastructure F1+ 2.66 



Global Trade Finance Ltd. P1+ 2.21 








Net Assets (Rs. In Lakhs) 1,118,773.27 

Call Plan 

An open-ended high liquidity income scheme 










Apr 30, 08 Last 1 Month (30 days) 13.9082 0.56* 0.54* 







^Past performance may or may not be sustained in the future N.A. Not Available 







Global Trade Finance Ltd. P1+ 11.66 

Nirma Ltd. P1+ 11.66 

Simplex Infrastructures Limited PR1+(SO) 11.66 

State Bank of Patiala P1+ 11.58 

Citicorp Maruti Finance Ltd. AAA 9.70 







13 days 

13 days 


190 days 


84 days 

$ Sponsor 


(Interest Rate Swaps) (Notional) Rs. 2,500 lakhs. 

Note for All Open-Ended Schemes (as at May 31, 2008) 

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. 54.18 lakhs 

Total Rs. 54.18 lakhs 

b) Debt : Interest Rates Swaps / Forward Rate Agreement 

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

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

Total 

Rs. 3,000.00 lakhs 


hdfc-div.qxd 6/7/2008 12:06 PM Page 1 

Dividend History ^ 

HDFC Growth Fund 

Record Cum Div Dividend Per unit (Rs.) For 

Date NAV (Rs.) Individuals & HUF Others 

Dec 15, 04 17.711 2.00 2.00 

Dec 30, 05 23.123 2.50 2.50 

HDFC Equity Fund 

Record Date NAV per Unit (Rs.) Dividend 

Cum Dividend Per Unit (Rs.) 

Jul 15, 03 17.097 2.00 

Sep 30, 03 18.792 2.50 

Mar 19, 04 20.790 1.50 

HDFC Top 200 Fund 



Jul 15, 03 16.272 2.00 

Oct 31, 03 19.899 2.50 

Mar 08, 04 21.959 1.50 

HDFC Capital Builder Fund 



Feb 04, 05 22.552 5.00 5.00 

Feb 17, 06 26.620 5.00 5.00 



Jan 13, 06 19.301 2.25 2.25 

Jan 11, 07 22.610 3.00 3.00 

Jan 10, 08 28.229 3.00 3.00 

HDFC Arbitrage Fund (Since January 2008) 

Monthly (Dividend Option) Quarterly (Dividend Option) 

Record Cum Div Dividend Per unit (Re.) For 


Retail Option 


Mar 25, 08 10.1050 0.1050 0.1050 

Apr 25, 08 10.0470 0.0470 0.0470 

May 26, 08 10.0630 0.0630 0.0630 









Dec 30, 05 18.272 2.00 2.00 

Dec 28, 06 20.588 2.50 2.50 

HDFC Prudence Fund 



Jul 15, 03 18.737 2.00 

Dec 26, 03 23.711 3.00 

Mar 15, 04 20.247 1.50 

Dividend Plan 



Dec 28, 06 29.681 3.50 3.50 

Dec 27, 07 42.928 4.00 4.00 

(Since December 2004) 

Dividend Plan 



Nov 30, 04 23.445 3.00 3.00 

Mar 17, 06 41.877 5.00 5.00 

Mar 07, 07 40.352 5.00 5.00 


Dividend Plan 



Dec 15, 04 24.066 3.00 3.00 

Feb 17, 06 36.409 4.50 4.50 

Feb 07, 07 42.968 5.00 5.00 

Feb 07, 08 48.129 5.00 5.00 

Dividend Plan 



Feb 07, 07 26.389 3.00 3.00 


HDFC Core & Satellite Fund HDFC Premier Multi-Cap Fund 

Dividend Option 

Dividend Option 

HDFC Long Term Advantage Fund 

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



Feb 04, 05 32.5880 5.00 5.00 

Jan 13, 06 44.2700 6.00 6.00 

HDFC TaxSaver 

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



Feb 17, 05 40.572 5.00 5.00 

Mar 17, 06 67.080 7.50 7.50 



Mar 03, 06 15.756 1.75 1.75 

Feb 21, 07 16.654 2.00 2.00 




Retail Option 


Mar 25, 08 10.1080 0.1080 0.1080 




Dividend Plan 



Dec 27, 07 22.7440 2.50 2.50 

Dividend Plan 



Mar 18, 05 25.265 5.00 5.00 

Mar 03, 06 30.543 5.00 5.00 

Feb 21, 07 32.483 5.00 5.00 


Dividend Plan 



Jan 11, 07 46.4680 6.00 6.00 


Dividend Plan 



Mar 07, 07 60.360 7.50 7.50 


HDFC MF Monthly Income Plan (MIP) 

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

Short Term Plan (Dividend Option) 

Monthly (Dividend Option) 

(Last 3 months) 



Dec 26, 07 10.4922 0.0600 0.0558 



Long Term Plan (Dividend Option) 

Monthly (Dividend Option) 

(Since Jan 2008) 



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 

May 26, 08 11.4675 0.0900 0.0837 


(Dividend Option) 



Oct 13, 05 11.0409 0.9000 0.8381 

Oct 12, 06 10.7938 0.6700 0.6240 

HDFC Multiple Yield Fund - Plan 2005 


Dividend Option (Since June 2007) 

Record Date Cum Dividend NAV (Rs.) Dividend Per unit (Re.) For 

Individuals & HUF 

Others 

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 


HDFC High Interest Fund-Short Term Plan 

Dividend Option (Last 6 months) 



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 


Quarterly (Dividend Option) 

(Since June 2007) 



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 


Yearly (Dividend Option) (Since March 2005) 





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 






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 




Dec 12, 07 11.2528 1.0000 0.9307 

(Dividend Option) 

Record Cum Div Dividend Per unit (Re.) For Record Cum Div Dividend Per unit (Re.) For 

Date NAV (Rs.) Individuals & HUF Others Date NAV (Rs.) Individuals & HUF Others 

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





May 02, 08 10.6705 0.0812 0.0756 

Half-yearly (Dividend Option) 

(Since September 2006) 



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 24, 05 10.9273 0.5000 0.4676 

Mar 26, 07 10.8913 0.2500 0.2328 


^ Past performance may or may not be sustained in the future. 

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. 





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

Month Record Date Ex-dividend NAV per Unit (Rs.) Aggregate Dividend Per Unit (Re.) 

for the month Individuals & HUF Others 

Retail Option 

December 2007 Daily 10.0315 0.4573 0.4258 

January 2008 Daily 10.0315 0.0597 0.0555 

February 2008 Daily 10.0315 0.0525 0.0491 

March 2008 Daily 10.0315 0.0579 0.0540 

April 2008 Daily 10.0315 0.0549 0.0511 

May 2008 Daily 10.0315 0.0527 0.0489 










Retail Plan 

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 






















Weekly Dividend Option (Last 6 months) 




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 












Mar 24, 08 10.0308 0.0147 0.0137 


Apr 07, 08 10.0308 0.0147 0.0136 








Monthly Dividend Option (Last 6 months) 



Retail Option 

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 



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 



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. 


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



Dec 2007 Daily 10.6364 0.4743 0.4743 

Jan 2008 Daily 10.6364 0.0562 0.0562 

Feb 2008 Daily 10.6364 0.0551 0.0551 

Mar 2008 Daily 10.6364 0.0565 0.0565 

Apr 2008 Daily 10.6364 0.0555 0.0555 


Record Cum Div Dividend Per unit (Re..) For 


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 






Feb 08, 08 10.6417 0.0127 0.0127 




















HDFC Cash Management Fund (Call Plan) 

Daily Dividend Reinvestment Option (Last 6 months) 



Dec 07 Daily 10.4266 0.3990 0.3990 

Jan 08 Daily 10.4266 0.0383 0.0383 

Feb 08 Daily 10.4266 0.0444 0.0444 

Mar 08 Daily 10.4266 0.0454 0.0454 

Apr 08 Daily 10.4266 0.0381 0.0381 

May 08 Daily 10.4266 0.0478 0.0478 


(Daily Dividend Reinvestment Option) (Last 6 months) 










Monthly Dividend Option (Last 6 months) 




Dec 31, 07 10.3435 0.0627 0.0627 






HDFC Liquid Fund - Premium Plan 

(Daily Dividend Option) (Last 6 months) 













HDFC Gilt Fund (Since December 2006) 

Short Term Plan (Dividend Option) 



Dec 26, 06 10.5893 0.1000 0.0931 

Mar 26, 07 10.5816 0.1000 0.0931 

Jun 25, 07 10.6272 0.1000 0.0931 

Sep 25, 07 10.6616 0.1000 0.0931 

Dec 26, 07 10.6982 0.1000 0.0931 



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



Retail Option 

Dec 03, 07 10.1514 0.0140 0.0130 

Dec 10, 07 10.1510 0.0136 0.0127 

Dec 17, 07 10.1511 0.0137 0.0128 

Dec 24, 07 10.1513 0.0139 0.0129 

Dec 31, 07 10.1513 0.0139 0.0129 


Jan 14, 08 10.1508 0.0135 0.0126 




Feb 11, 08 10.1508 0.0135 0.0125 




Mar 10, 08 10.1508 0.0135 0.0126 












Dec 03, 07 10.2099 0.0341 0.0318 

Dec 17, 07 10.2027 0.0279 0.0259 





Long Term Plan (Dividend Option) 



Dec 26, 06 10.3609 0.1500 0.1397 

Jun 25, 07 10.2828 0.1000 0.0931 

Sep 25, 07 10.3120 0.1500 0.1396 

Dec 26, 07 10.4530 0.1500 0.1396 





Dec 03, 07 10.1518 0.0144 0.0134 

Dec 10, 07 10.1516 0.0142 0.0132 

Dec 17, 07 10.1517 0.0142 0.0133 

Dec 24, 07 10.1518 0.0143 0.0133 

Dec 31, 07 10.1520 0.0145 0.0135 






















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







HDFC Short Term Plan 

Dividend Reinvestment Option (Last 6 months) 



Dec 03, 07 10.3611 0.0385 0.0358 

Dec 17, 07 10.3418 0.0215 0.0200 


Jan 16, 08 10.3638 0.0408 0.0380 




Short Term Plan (Daily Dividend Option) 



Retail Option 

December 2007 Daily 10.0809 0.5054 0.4828 

January 2008 Daily 10.0809 0.0609 0.0568 

February 2008 Daily 10.0809 0.0543 0.0510 

March 2008 Daily 10.0809 0.0595 0.0554 

April 2008 Daily 10.0809 0.0564 0.0528 

May 2008 Daily 10.0809 0.0539 0.0505 


December 2007 Daily 10.0809 0.1410 0.1316 

January 2008 Daily 10.0809 0.0634 0.0596 

February 2008 Daily 10.0809 0.0562 0.0528 

March 2008 Daily 10.0809 0.0610 0.0569 

April 2008 Daily 10.0809 0.0584 0.0548 

May 2008 Daily 10.0809 0.0560 0.0525 









May 16, 08 10.3305 0.0117 0.0108 

(Last 6 months) 

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




Retail Option 

Dec 31, 07 10.2233 0.0693 0.0645 







Dec 26, 07 10.2263 0.0670 0.0670 





May 26, 08 10.2085 0.0525 0.0525 








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. 



Liquid Fund Premium Plan Premium Plus Plan 

Dec 03, 07 10.3266 0.0127 0.0127 Dec 03, 07 12.4958 0.0155 0.0155 Dec 03, 07 12.4375 0.0155 0.0155 

Dec 10, 07 10.3258 0.0121 0.0121 Dec 10, 07 12.4949 0.0148 0.0148 Dec 10, 07 12.4365 0.0147 0.0147 

Dec 17, 07 10.3262 0.0124 0.0124 Dec 17, 07 12.4953 0.0151 0.0151 Dec 17, 07 12.4370 0.0151 0.0151 

Dec 24, 07 10.3268 0.0129 0.0129 Dec 24, 07 12.4960 0.0157 0.0157 Dec 24, 07 12.4377 0.0157 0.0157 

Dec 31, 07 10.3267 0.0128 0.0128 Dec 31, 07 12.4961 0.0157 0.0157 Dec 31, 07 12.4376 0.0156 0.0156 

Jan 07, 08 10.3259 0.0122 0.0122 Jan 07, 08 12.4950 0.0149 0.0149 Jan 07, 08 12.4366 0.0148 0.0148 




Feb 04, 08 10.3272 0.0132 0.0132 Feb 04, 08 12.4968 0.0163 0.0163 Feb 04, 08 12.4384 0.0162 0.0162 




Mar 03, 08 10.3263 0.0125 0.0125 Mar 03, 08 12.4955 0.0153 0.0153 Mar 03, 08 12.4372 0.0153 0.0153 





Apr 07, 08 10.3270 0.0130 0.0130 Apr 07, 08 12.4376 0.0156 0.0156 


Apr 21, 08 10.3241 0.0108 0.0108 Apr 21, 08 12.4345 0.0132 0.0132 


May 05, 08 10.3265 0.0126 0.0126 May 05, 08 12.4372 0.0153 0.0153 



May 26, 08 10.3242 0.0108 0.0108 May 26, 08 12.4346 0.0132 0.0132 


hdfc-bk1.qxd 6/7/2008 12:05 PM Page 1 

Methodology 

Value Research Ratings 

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

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

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

Five-stars indicate that a fund is in the top 10 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 (106), 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 (43), Debt: Ultra Short-term Institutional (43), Debt: Short-term (19), Debt: Floating Rate Shortterm 

(19), Debt: Floating Rate Short-term Institutional (11) Debt: Floating Rate Long-term (12), Hybrid: Debt-oriented (21). These Fund Ratings are as on May 31, 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. 

# S&P CNX 500 

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. 

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 reproduced 

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, damage, 

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-bk.qxd 6/7/2008 12:08 PM Page 2 

Visit us at 

www.hdfcfund.com 

Telephone Services 

Toll-free number : 1800 233 6767 

Dedicated number : 60006767 

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

WANT TO HAVE THE LATEST INFORMATION ABOUT US ? 

ANDHRA PRADESH 

HDFC AMC Ltd., 6-3-883/7, 2nd Floor, Saphire Square, Somajiguda, Hyderabad 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, Vijayawada - 520 010 Tel. No: (0866)-3988029 

HDFC AMC Ltd., Ground Floor, Saigopal Arcade, Opp Waltair Club, Waltair Main Road, Siripuram, 

Visakhapatnam 530 003. Tel: 0891- 276 9636, Fax: 0891 - 255 0411. 

ASSAM 

HDFC AMC Ltd., Premises- 1C, 1st Floor, Ganpati Enclave, G.S.Road, Guwahati -781 007 

Tel No.: (0361)-2464759/60 Fax No.: (0361)-2464758 

BIHAR 

HDFC AMC Ltd., C/o. Hera Enclave (adjacent to Sahara Unique Showroom), Mezzanine Floor, 

New Dak Bungalow Road, Patna 800 001. 

Tel: 0612 - 2230540. 3201439, 2200747, 9931770771Fax: 0612 - 2200747. 

DELHI 

HDFC AMC Ltd., 4th Floor, Mohan Dev Bldg., 13, Tolstoy Marg, Connaught Place, 

New Delhi 110 001.Tel: 011 - 6632 4000. Fax: 011 - 2335 1318. 

GOA 

HDFC AMC Ltd., Ground Floor, G3 & G4 Jivottam, Minguel Miranda Road, Off. Abade Faria Road, 

Margao - 403 601, Tel.No-0832 - 2737410 / 2737411,Fax No-0832-2736477 

HDFC AMC Ltd., A3, First Floor, Krishna Building, Opp. Education Dept, Behind Susheela Building, G.P. Road, 

Panaji, Goa 403 001. Tel: 0832 - 242 5609, 242 5610, Fax: 0832 - 242 5614. 

GUJARAT 

HDFC AMC Ltd., 2nd Floor, Megha House, Besides Gruh House, Mithakhali Six Roads, 

Ahmedabad 380 009. Tel: (B) 079 - 4005 0055/66 Telefax: 079 - 4005 0506. 

HDFC AMC Ltd., Maruti Sharanam, No.117, 1st Floor, Anand-Vidhyanagar Road, Opposite Nandbhumi 

Party Plot, Anand - 388 001. Tel : (02692) - 398200 Fax : (02692) - 398222 

HDFC AMC Ltd., 2nd Floor, Gangotri Plaza, Opposite Daxinamurty School, Waghawadi Road, Bhavnagar 

- 364 001. Tel : (0278) - 3988029 Fax : (0278) - 3984039 

HDFC AMC Ltd., 2nd Floor, Keshav Complex, P N Marg, Opposite Dhanvantry, 

Jamnagar - 361 001. Tel : (0288) - 3988029 Fax : (0288) - 3982426 

HDFC AMC Ltd., Upper Ground Floor, Gokulesh, R C Dutt Road, 

Vadodara 390 007. Tel: 0265 6621110, 6621120, Fax 0265 6621150. 

HDFC AMC Ltd., U1 - U3, Jolly Plaza, Opp Athwa Gate Police Station, 

Athwa Gate, Surat 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, 

Rajkot - 360 001. Tel: 0281 552 4881/2 

HARYANA 

HDFC AMC Ltd., 1175 B Royal 1, 1st Floor, Adjoining Gurudawara, G.T Road, Panipat - 132 103 Tel: (0180) 

3985400/ 01 Fax: (0180) 3985403 

JAMMU & KASHMIR 

HDFC AMC Ltd., Hall No-102 A/2, South Block, Bahu Plaza, Gandhi Nagar, Jammu - 180 012 

Tel No.: (0191)-2477911/12/13 (0191) 2474297/98/99 

JHARKHAND 

HDFC AMC Ltd., Vardhan Complex, 1st Floor, Opp. Sreeleathers Showroom, Bank More, 

Dhanbad - 826 001 Tel No.: (0326) 3205352, 2301756 Fax No.: (0326) 2300552 

HDFC AMC Ltd., Gayatri Enclave, “K” Road, Bistupur, Jamshedpur 831 001. 

Tel: 0657 - 2426730. Telefax: 0657 - 3291826. 

HDFC AMC Ltd., Pradhan Towers, 1st Floor, 5, Main Road, Ranchi - 834 001 

Tel No.: (0651) 6003358 Fax No.: (0651) 3242077 

KARNATAKA 

HDFC AMC Ltd., No.114, 1st Floor, Prestige Towers, 99 & 100, Residency Road, 

Bangalore 560 025. Tel: 080 - 6620 5300, Fax: 080 - 4112 5255. 

HDFC AMC Ltd., No. 1, First Floor, Revankar Comforts, Vivekanand Road, Court Circle, 

Hubli - 580 029. Tel No.: (0836) 4252 294 / 95 Fax No: (0836) 4252 290 

HDFC AMC Ltd., UG - II, 6 & 7, Upper Ground Floor, Maximus Commercial Complex, 

Light House Hill Road, Opp. KMC, Mangalore 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, Mysore - 570 009. Tel No.: (0821) 4000 530 Fax No: (0821) 4000 535 

KERALA 

HDFC AMC Ltd., 3rd Floor, City Mall, Opposite YMCA, Kannur Road, Calicut - 673 001. 

Tel: (0495) - 4099222 / 333, 3982310 Fax: (0495) - 3982330 

HDFC AMC Ltd., Ground Floor, Cinema Cum Commercial Complex, 

Behind Ravipuram Bus Stop, M.G. Road, Kochi 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, 

Trivandrum - 695 010. Tel: 0471 - 231 2226 / 231 2227. 

MADHYA PRADESH 

HDFC AMC Ltd., 15/3, Sterling Arcade, Race Course Rd., Indore - 452 001. 

Tel: 0731 - 424 5434 / 35 (B) Fax: 0731 - 424 5436. 

HDFC AMC Ltd.,Ranjit Towers, Zone II, 8 MP Nagar, Bhopal 462 011. 

Tel: 0755 - 428 5385, 427 7772, 527 3330 Fax: 0755 - 427 3331. 

MAHARASHTRA 

HDFC AMC Ltd., 2nd Floor, Renuka Commercial Complex, Samarth Nagar, Nirala Bazar, 

Nageshwar Wadi Road, Aurangabad - 431 001. 

e-mail 

INVESTOR SERVICE CENTRES (ISCs) 

For any query or suggestions:- 

Investors may contact us at: 

cliser@hdfcfund.com 

Distributors may contact us at: 

broser@hdfcfund.com 

SMS: HDFCMF to 56767 

Tel: (0240) - 3988029 Fax: (0240) - 3982068 

HDFC AMC Ltd., Royal Prestige, C1/C9, 1st Floor, E - Ward, Sykes Extension, 

Rajarampuri Road, Kolhapur - 416 008. Tel : (0231) - 3988029 Fax : (0231) - 3982060 

HDFC AMC Ltd., Shop No. 3, Ground Floor, Abhishek Building, Irla Bridge, S.V. Road, Andheri (W), Mumbai 

- 400 058. Tel No.: (022) 32157352 / 34 Fax: (022) 26241131 

HDFC AMC Ltd., Mistry Bhavan, 1st Flr, 122, Backbay Reclamation, Dinsha Vachha Road, Churchgate, 

Mumbai 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), Mumbai - 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, Nagpur 

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, Sharanpur Road, 

Nashik 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, Pune 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, Thane (West) - 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, Vashi - 400 703. Tel: (022) - 39880299 

ORISSA 

HDFC AMC Ltd., 2nd Floor, Vinayak 96, Janpath, Bhubaneshwar 751 001 

Tel: 0674 - 645 0502, 645 1502, Telefax: 0674 - 253 1483. 

HDFC AMC Ltd., Praful Tower, 1st Floor, Panposh Road, Rourkela - 769 004 

Tel No.: (0661) - 3988029,3982060/70 Fax No.: (0661) -3982068 

PUNJAB 

HDFC AMC Ltd., SCO-28, 1st Floor, Taneja Towers, District Shopping Complex, Ranjit Avenue, 

Amritsar-143 001. Tel: (0183) 3988029 / 2570 Fax: (0183) 3982599 

HDFC AMC Ltd., SCO 375-376, Ground Floor, Sector 35-B, Chandigarh 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, Jalandhar City - 144 001. 

Tel: (0181) 3988029 / 970 Fax: (0181) 3982966 

HDFC AMC Ltd., SCO 122, Feroze Gandhi Market, Ludhiana 141 001. 

Tel: 0161 - 277 4321, 501 4321, Fax: 0161 - 301 3838. 

RAJASTHAN 

HDFC AMC Ltd., Moondhra Bhavan, 3 Ajmer Rd, Jaipur 302 001. 

Tel: 0141 - 511 1125, 237 4968, Fax: 0141 - 511 1126. 

HDFC AMC Ltd., Gulab Singh Building, 11, Chopasani Road, Jodhpur - 342 003. 

Tel: (0291) - 510 1927, 510 1937. Fax: 0291 - 5105919 

HDFC AMC Ltd., 1st Floor, Gowardhan Plaza, 25, Trench Colony, Opposite Lok Kalamandal, 

Udaipur - 313 001. Tel: (0294) 3988029 Fax: (0294) 3982000 

TAMIL NADU 

HDFC AMC Ltd., ITC Centre, 1st Floor, 760 Anna Salai, Chennai 600 002. 

Tel: 044 - 4397 9797, Fax: 044 - 2841 5855 

HDFC AMC Ltd., 1371A, Ground Floor, Nadar Building Trichy Road, Coimbatore 641 018. 

Tel: 0422 - 439 1861 / 62 / 63, Fax: 0422 - 439 1714. 

HDFC AMC Ltd., Investor Service Centre No 127C/3 East Veli Street, Madurai Tel: 0452 - 3988029 

HDFC AMC Ltd., First floor, Ram Complex, No. 454/3, Meyanoor Main Road, Salem - 636 009. 

Tel : (0427) 3928680/700 Fax : (0427) 233361 

HDFC AMC Ltd., No. 60, Sri Krishna Arcade, First Floor, Tennur High Road, Tennur, Trichy - 620 017 

Tel: (0431) 3982830 Fax: (0431) 3982835 

UTTARANCHAL 

HDFC AMC Ld., 76, Rajpur Road, Near RTO, Dehradun - 248 001 

Tel: (0135) 3988029/ 7434 Fax: (0135) 3987444 

UTTAR PRADESH 

HDFC AMC Ltd., B2, 1st Floor, 9/4, Shankar Point, Sanjay Place, Agra - 282 002 

Tel: (0562) 3984761-73 Fax: (0562) 3984777 

HDFC AMC Ltd., 1st Floor, 16/80 D, Behind SBI Main, Civil Lines, Kanpur 208 001. 

Tel: 0512 - 233 1484-87, Fax: 0512 - 233 1487. 

HDFC AMC Ltd., 4 Shahnajaf Road, Lucknow 226 001. 

Tel: 0522 - 220 7591, 220 0163, Fax: 0522 - 223 0408. 

HDFC AMC Ltd., Parsvnath Plaza-II, UGF Hall No.4, Delhi Road, Moradabad - 244 001 

Tel No.: (0591) 3988029 / 3982131 Fax No.: (0591) 3982137 

HDFC AMC Ltd., K-24/25, Premises No. 36 & 37, Pearl Plaza, Sector-18, Noida - 201 301 

Tel No.: (0120) 3988029 Fax No.: (0120) 3980610 

HDFC AMC Ltd., D-64/127, 4th Floor, Arihant Complex, Sigra, Varanasi - 221010. 

Tel: 9935177068, 9935147068 

WEST BENGAL 

HDFC AMC Ltd., City Plaza, City Centre, 1st Floor, Durgapur - 713 216 

Tel: (0343) 3982150 Fax: (0343) 3982153 

HDFC AMC Ltd., Menaka Estate, 1st Floor, 3 Red Cross Place, Kolkata 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, 

Siliguri 734 001. Tel No.: (0353) - 6453474 Fax No.: (0353) 2545270 

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

Risk Factors: 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 in securities, 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 and their 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 resulting 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 do not 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 been licensed 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 or distributed 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 the SENSEX 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 any manner whatsoever (including in negligence) for any loss arising to any person whosoever out of use of or reliance on the SENSEX by any person. 

Investors in the Scheme(s) are not being offered any guaranteed/assured returns. 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 professional tax advisor. Applications would be accepted at Investor Service Centres (ISCs) and on-going Redemptions (subject to completion of Lock-in-Period, if any) can be made at the ISCs 

on all Business Days.The AMC will calculate and publish NAVs on all Business Days. This monthly newsletter contains unaudited figures. Statutory Details: HDFC Mutual Fund has been set up as a trust sponsored by Housing 

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 as the Trustee (Trustee under 

the Indian Trusts Act, 1882) and with HDFC Asset Management Company Limited as the Investment Manager. 

Published and printed by Shailendra Sharad Kalelkar for and on behalf of Business Standard Limited from H4, Paragon Condominium, Opposite Century Mills, P B Marg, Worli, Mumbai 400013, and 

printed at Print House India Private Limited, 6, Datta Mandir Road, Bhandup (W), Mumbai 400 078. Editor: Suveen K. Sinha.

Fact Sheet for the month of May-08 - HDFC Mutual Fund

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