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

hdfc-cov.qxd 8/8/2008 4:57 PM Page 1 

Vol. No. 6 Issue No. 1 

July 2008 

Average assets under management for July 2008: Rs. 50,752.03 Crore 

Don’t worry, be happy

hdfc-mkt1.qxd 8/8/2008 3:35 PM Page 1 

Market Review 

Equity market update 

The equity market recovered in July with the Sensex and 

Nifty rising 7% each to close at 14,355 and 4,332 respectively 

after recording a yearly low during the month. The 

news flow was hectic on both the domestic and international 

front. Internationally, commodity prices, particularly that of oil, 

and the unwinding of the housing crisis took center stage. 

Domestically, the political drama surrounding the trust vote, economic 

data related to growth and inflation, the RBI Monetary 

Policy and the ongoing results season provided a constant stream 

of news flow. FIIs remained bearish and were net sellers of 

$455m while domestic mutual funds were net buyers with inflows 

of $285m in July. 

After two days of debate and much speculation, the UPA led 

government survived the trust vote by a narrow margin. The equity 

markets reacted very positively as the veil of political uncertainty 

was removed and hope surfaced that a more stable central 

government would be able to carry on the reform process with 

greater effectiveness. However, it should be kept in mind that 

while the government does have increased flexibility after winning 

the vote, it has limited time left in office, which curbs its 

ability to enact major reforms. 

Some of the positive mood post the trust vote was negated by 

the RBI policy that raised the repo rate by 50 basis points 

and CRR by 25 basis points in response to rising inflation, which 

is now hovering a shade below 12%. Going forward, the direction 

of commodity prices particularly that of oil and the performance 

of the monsoon will play an important role in determining 

inflation. Fortunately, oil prices have moderated somewhat, 

having corrected 15% from their high and 11% this month. 

However the future course of prices is difficult to anticipate as it 

is driven by the complex interaction of demand-supply factors, 

financial flows and government action. Other commodities also 

corrected this month with copper, zinc and aluminum down 

between 1-5% each. 

Overseas, the US markets were flat with the Dow up 0.2% and 

the Nasdaq up 1.4%. Emerging market performance was mixed 

with the Hang Seng and Shanghai Composite up 2.8% and 2.4% 

while the Kospi, Jakarta Composite and Nikkei were down 4.8%, 

1.7% and 0.8% respectively. Here too the attention was on the 

unfolding credit crisis and the likely fallout on global growth. So 

far, despite being plagued by numerous concerns, the US economy 

has been fairly resilient and a clearer, and hopefully brighter 

picture will emerge in the next few months. 

Back home, first quarter results have been more or less in line 

with expectations. As expected, sales growth has moderated, 

while rising input costs and interest rates have pressured profitability. 

Not surprisingly, investor attention has shifted to companies 

that are able to weather these challenging times better. Going 

forward, investor attention is likely to continue to gravitate 

towards well-managed companies with strong fundamentals that 

have reasonable growth prospects and that are better positioned to 

cope in the current environment. With valuations moderating, a 

lot of these businesses are now priced reasonably and are poised 

to give superior long-term returns. 

Debt market update 

Reserve Bank of India (RBI) unveiled the first quarter 

review of annual monetary policy statement 2008-09 on 

July 29, 2008. In an unusually aggressive move RBI 

took markets by surprise, hiking Repo rate by 50 bps and CRR 

by 25 bps (effective August 30, 2008). Since April 08, the cumulative 

hike in Repo rates is now 125 bps and the hike in CRR is 

150bps. In a hawkish statement, RBI has accorded highest priority 

to bringing down inflation and inflation expectations mainly 

by managing aggregate demand. RBI has lowered it GDP 

growth estimate for fiscal 2008-09 from 8-8.5% to 8%. RBI has 

revised its outlook on wholesale price inflation to 7% by March 

2009 from 5-5.5%. The central bank also expressed concern 

about the growth of non-food credit, citing incremental Credit- 

Deposit ratio of 82.4% as high. 

The bond markets reacted negatively to quarterly credit policy 

announcement. The yield on 10-year Government Security 

jumped by 0.85% to a high of 9.54% before ending the month at 

9.32% – an increase of 63 bps over June 2008. 

Due to CRR hikes coming into effect during the month of 

July 2008, interbank liquidity turned from positive to negative. 

The average LAF during the month was negative Rs 27,962 

crores. The average NSE overnight MIBOR was significantly 

higher at 8.84% during the month of July as against 7.81% during 

the month of June 2008. 

During the month of July 2008, inflation as measured by 

WPI continued to rise and touched 11.98% for the week ending 

July 19. Post policy rate hike, INR gained versus the US Dollar, 

ending the month at 42.57 as against 43.05 in the previous 

month. Net FII investment in equities and debt continued to see 

outflow of USD 1352 million in July compared to an outflow of 

USD 2750 million in the previous month. 

Given the aggressive rate hikes in a short span of time, repo 

rate may be close to peaking as far as any hike in the short term 

is concerned. However, liquidity conditions would be kept tight 

in order to rein in monetary aggregates and control inflation. 

The fund continues to position itself in maturity segments and 

instruments that provide higher relative value in an endeavor to 

deliver superior risk adjusted returns. 

2 July 2008 Intouchmutually

hdfc-edit-r.qxd 8/9/2008 11:25 AM Page 1 

t 

POST-RETIREMENT 

Don’t worry, be happy 

It’s important to evaluate the different sources of income and take action accordingly 

Retirement is a stage in life where you 

need a steady income to support yourself 

and your spouse while maintaining 

the desired standard of living. When planning 

for retirement, a moot question stares at us: 

how much is enough 

Though we can draw up a plan that includes 

future cash flows, accumulation and spending 

assumptions, it is not always possible to accurately 

assess this amount. Especially because 

there are other variables like expected rate of 

returns, inflation and taxes that also need to be 

considered in the retirement planning. 

There may be constraints in saving desired 

amount of money on a regular basis. Therefore, it 

is quite possible that you may not entirely be able 

to depend on the returns from your investments to 

fund your retirement expenses. Creating alternative 

income source hence is a must. 

There are usually three income sources during 

retirement 

■ Self-created or employer sponsored retirement 

plans, 

■ Returns from investments 

■ Working during retirement 

Unless one creates a sufficiently large corpus, 

it is difficult to survive on a single source. 

Most of the retired persons depend on at least 

two of the three sources. Let us look at each 

such source in more detail. 

Retirement Plans: 

Employer sponsored There are many ways 

an employer can set up and sponsor retirement 

plans and accounts for its employees. These 

plans can be broadly divided into defined benefit 

and defined contribution plans. 

Defined benefits plans are those, which 

offer the employee a fixed pre-determined 

amount, linked to the salary. This is generally 

paid as a monthly income for life, with a certain 

portion allowed to be commuted or received as 

a lump sum. For instance, the employer takes 

away a defined portion of annual salary to provide 

assured pension for life. 

Defined contribution plans are, wherein 

employees do not get a guaranteed income 

payout on retirement. The regular contribution 

is invested in various permissible instruments. 

The returns from these investments determine 

the retirement benefits. Such plans are funded 

through employer-employee contributions. 

Increasingly, pension schemes are moving 

towards this system, creating further uncertainty 

for a person planning his retirement. 

There are other employer sponsored retirement 

benefits too, such as gratuity and voluntary 

retirement schemes. Self-Created The 

most common and popular scheme in this category 

is the public provident fund (PPF). 

Besides this, other popular avenues include 

insurance companies retirement plans, which 

provide pension plans and annuities. 

Returns from Investments 

Apart from the retirement plans and accounts 

mentioned above, an individual would need 

to make separate personal investments to plan 

for retirement. 

A few popular investment avenues are: 

● Direct equities This is an asset class one 

should opt for superior returns over a longer 

period of time. Equities become more attractive 

because of the tax exemptions on dividends 

as well as long-term capital gains. 

● Bonds and debt schemes Ideal for conservative 

investors looking for a steady income 

without much volatility of invested capital. 

Long-term capital gains are taxed at lower than 

marginal tax rates. 

● Bank deposits Another safe bet 

for the cautious investor. 

However, income is fully taxable 

at marginal tax rate. 

● Rental income This is an 

ideal investment for retirement. 

While property purchased tends to 

appreciate in value over the long-term, it also 

yields a good rental income. Moreover, real 

estate also gets lower than marginal rate of taxes 

on long-term capital gains. 

● Reverse mortgage loans For those people 

who do not have adequate income to support 

themselves in retirement, this 

proves to be a decent 

source of regular income. 

The following factors 

should be considered 

while selecting 

investments for 

retirement: 

● The potential 

Intouchmutually 

July 2008 3

hdfc-edit-r.qxd 8/9/2008 11:25 AM Page 2 

income and capital appreciation, pre-and 

post-retirement 

● Your time horizon and whether the investment 

avenue matches it 

● The costs that you have to incur to service 

the investment, for instance, annual fund management 

chargers, among others 

● Liquidity of the investment 

● Whether the investment matches your riskreturn 

profile 

● The tax implications or benefits on the 

investment at maturity/sale. 

Working during Retirement 

While the idea of working during retirement 

sounds paradoxical and may not seem palatable 

to some, it may be necessary to do so to 

manage your expenses. One could take up a 

part-time job as a consultant or freelancer, or 

start a small business. 

It has generally been observed that most 

people miss their working years after retirement. 

Therefore, even if one does not need the 

money to make ends meet, most people would 

still prefer to take up some assignment just to 

stay busy, productive and to boost their selfesteem. 

Others would just see it as a hobby, 

which also helps generate some extra cash! 

The best way to create a good corpus for 

retirement is to start investing at an early age. 

However, once you actually retire, it becomes 

even more important to choose the right instruments 

to park the accumulated funds. This is 

very important because the returns from the 

corpus would finally decide the kind of 

lifestyle you can afford. 

The most crucial aspects of post-retirement 

investing are the following: 

● Size of the accumulated nest egg 

● Desired standard of living and expenses 

● Life expectancy 

● Desire to leave some inheritance for your 

loved ones 

● Real rate of inflation 

● Returns from your investments and their tax 

implications 

● Risk-return profile 

Retirement is generally associated with 

safety. However, given the present levels of 

high inflation, investing in most fixed income 

instruments would give you a negative real 

rate of return. Further, rising inflation might 

upset the retirement calculations quite badly. 

For instance, a post office scheme that offers 8 

per cent a year would give a negative pre-tax 

return, since current inflation is higher than 

12.01 per cent. And after taxation, the real rate 

of returns would be even lower. Now, if you 

wish to use this interest income to fund your 

retirement expenses, the chances are very high 

that you will end up dipping into the corpus 

invested in the post office saving scheme. And 

that is real bad news because it means that 

your money is actually depreciating and, at a 

rather alarming rate. 

In such a scenario, creating a judicious 

asset allocation mix that includes fixed income 

instruments for safety and regular cash flows 

and high return investments like equities and 

real estate will help matters to a great extent. 

Of course, the last two might see some volatility 

in the short run, but they are expected to 

deliver superior returns over fixed income 

investments over the long run. 

Another factor to consider is that they 

should as tax-efficient as possible. Equities, 

equity funds and debt funds are a good idea 

because they are either tax-free or concessional 

tax rates apply to them, as opposed to traditional 

investments like bank deposits, senior 

citizen s deposits and post office schemes. 

If you have made a part of your pre-retirement 

investments in equities or equity funds 

through the systematic investing route, given 

the current tax structure, you would not have to 

pay any taxes on their redemption. However, 

instead of redeeming all your money from 

equities and moving immediately to fixed 

income instruments on retirement, you could 

start a systematic withdrawal plan (SWP) that 

would help meet monthly expenses while the 

equity portion keeps earning good returns. 

In case you have a very high exposure to 

equities, which is not advisable post-retirement, 

consider equity or index-linked capital 

protection structured products. They generally 

provide you with the safety of capital through 

deep discounted bonds maturing at a value 

equal to or greater than capital invested. Invest 

the balance in options that provide high equity-linked 

returns. 

Real estate is another avenue one could 

look at. Ideally, one could purchase property 

that would generate rental incomes. Also, the 

property value would appreciate in the long 

term and be a natural hedge against inflation. 

Another important issue to consider is getting 

adequate insurance. While life insurance 

is not required for a retired person, since the 

basic premise of life insurance is protection of 

loss of income, buy medical insurance for both 

you and your spouse. Look for a cover that 

offers guaranteed renewability. ● 

RISHY NATHANY 


hdfc-fos.qxd 8/8/2008 3:36 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) 

Purchase : Rs. 5,000 and any amount thereafter. 

Additional Purchase : Rs. 1,000 and any amount 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 July 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 



Purchase : Rs. 5,000 and any amount 

thereafter. 

Additional Purchase : Rs. 1,000 and any 

amount thereafter. 

Wholesale Plan: Purchase / Additional Purchase : 

Rs. 1 Crore and any amount thereafter. 

Retail Plan: Purchase / Additional Purchase : 

Growth / Quaterly Dividend Option: Rs. 5,000 and any 


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

any amount thereafter. 






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 July 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 


Investment 


Minimum 


● 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. 


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 


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 



Purchase : Rs. 5,000 and any amount thereafter. 




The Dividend Plan offers Dividend payout and Reinvestment facility. 

Nil 

Nil 


For Purchase & Additional Purchase : Rs. 500 and in multiples of Rs 

500 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 : Purchase : 

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

any amount thereafter under each Option. 

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


Additional Purchase : Rs. 1,000 and any amount 


Long Term Plan : Purchase : 

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


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


Additional Purchase : Rs. 1,000 and any amount 


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

Purchase : Rs 5,000 and any amount 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). 

Purchase : Rs. 5,000 and any 


Additional Purchase : Rs. 1,000 and 

any amount 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. 






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 any 

amount thereafter. Dividend Option : 

Rs. 1,00,000 and any amount thereafter. 

HLF – Premium Plan (Purchase) : 

Rs. 5,00,00,000 and any amount 

thereafter for opening an account / folio 

(Under each Option). 

HLF – Premium Plus Plan (Purchase) : 

Rs. 20,00,00,000 and any amount 

thereafter for opening an account / folio 

(Under each Option). 

HLF - Premium Plan & HLF – Premium Plus 

Plan (Additional Purchase) : Re. 1 and and 


Nil 

All Year Round 

Normally despatched within 1 Business Day. 

Savings Plan : (Growth Option) 

Rs. 10,000 and any amount thereafter. 

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


Call Plan : (Under Each Option) 

Rs. 1,00,000 and any amount 


Savings Plus Plan - Retail Option 

Growth, Weekly and Monthly Dividend 

Option 





Daily Dividend Option 

Purchase / Additional Purchase: 

Rs. 1,00,000 and any amount 


Savings Plus Plan - Wholesale Option 

Purchase : Rs. 1 Crore and any amount 


Additional Purchase : Re. 1 and any 


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) 

Purchase : Rs 5,000 and any amount thereafter. 

Additional Purchase : Rs 1,000 and any amount thereafter. 

(Daily Dividend Option) 

Purchase / Additional Purchase : Rs 1 lakh and any amount thereafter. 

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

Weekly Dividend Option & Monthly Dividend Option) 

Under each option : Purchase : Rs 1 crore and any amount thereafter. 

Additional Purchase : Re 1 and and any amount thereafter. 

Long Term Plan : For Purchase : 



(Under each Plan / Option) 

Purchase : 


Additional Purchase : 




(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 8/8/2008 3:37 PM Page 1 

HDFC 

Growth Fund 

IN EQUITY - DIVERSIFIED CATEGORY 

(114 schemes) for 3 and 5 year 

periods ending July 31, 2008 

An open-ended growth scheme 


Equity Fund 





NAV (as at July 31, 2008) 

Relative Performance ^ (Growth Plan) 

NAV per Unit (Rs.) 

Growth Plan 56.819 

Dividend Plan 27.983 






Date Period NAV Returns Benchmark 

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

Jan 31, 08 Last Six months (182 days) 68.432 -16.97* -18.66* 

Jul 31, 07 Last 1 Year (366 days) 58.716 -3.22** -7.67** 

Jul 29, 05 Last 3 Years (1098 days) 27.256 27.66** 23.35** 


Sep 11, 00 Since Inception (2880 days) 10.000 24.63** 15.21** 

^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 July 31, 2008) 

Company Industry + / Rating % to NAV 

EQUITY & EQUITY RELATED 

Reliance Industries Ltd. Petroleum Products 9.06 

State Bank of India Banks 5.21 

ICICI Bank Ltd. Banks 4.84 

ITC Ltd. Consumer Non Durables 4.82 

Bharti Airtel Ltd. Telecom - Services 4.78 

Divi’s Laboratories Ltd. Pharmaceuticals 4.66 

Housing Development Finance Corporation Ltd.$ Finance 4.33 

Oil & Natural Gas Corporation Ltd. Oil 4.25 

Suzlon Energy Ltd. Industrial Capital Goods 3.72 

Crompton Greaves Ltd. Industrial Capital Goods 3.47 

Total of Top Ten Equity Holdings 49.14 

Total Equity & Equity Related Holdings 93.44 

Debt / Money Market Instrument 

Government Securities SOV 0.51 

Total Debt / Money Market Instrument 0.51 

Other Current Assets (Including Reverse Repos’ / CBLO) 6.05 

Grand Total 100.00 

Net Assets (Rs. In Lakhs) 96,085.60 

Portfolio Turnover Ratio (Last 1 Year) 43.77% 

Industrial Capital Goods 13.07 

Pharmaceuticals 12.54 

Consumer Non Durables 11.52 

Banks 10.05 

Petroleum Products 9.06 

Telecom - Services 6.47 

Construction 5.40 

Media & Entertainment 5.36 

Auto Ancillaries 4.45 

+ 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 4.33 

Oil 4.25 

Chemicals 2.06 

Software 1.73 

Paper Products 1.03 

Ferrous Metals 0.80 

Textiles - Synthetic 0.73 

Industrial Products 0.40 

Engineering 0.19 

Std Deviation 

Beta Sharpe Ratio* 

Risk Ratio (for the 3-yr period ended July 31, 2008) 6.40% 0.9430 0.52 

Source : CRISIL Fund Analyser 

* Risk-free rate assumed to be 9.40% (364-day Treasury Bill yield on 31-07-08) 









Jan 01, 95 Since Inception (4960 days) 10.000 22.15** 9.77** 




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









Larsen & Toubro Ltd. Industrial Capital Goods 4.27 

United Phosphorus Ltd. Pesticides 4.23 

Punj Lloyd Ltd. Construction 3.82 

Hero Honda Motors Ltd. Auto 3.47 

Bank of Baroda Banks 3.22 




ICICI Bank Ltd. A1+ 0.29 




Net Assets (Rs. In Lakhs) 359,708.77 


+ Industry Classification as recommended by AMFI 

Banks 20.49 






Oil 6.09 


Pesticides 4.23 




Auto 3.47 



Hardware 1.38 

Textiles - Silk 0.70 



Textiles - Synthetic 0.37 

Std Deviation 







HDFC Top 

200 Fund 





HDFC Capital 

Builder Fund 













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






Oct 11, 96 Since Inception (4311 days) 10.000 25.85** 15.67** 



* 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 





Infosys Technologies Ltd. Software 4.27 











Net Assets (Rs. In Lakhs) 226,399.74 








Feb 01, 94 Since Inception (5294 days) 10.000 14.04** 8.47** 




** Compounded Annualised Returns 

* Absolute Returns 


Company Industry + % to NAV 




Bharat Heavy Electricals Ltd. Industrial Capital Goods 4.81 

Exide Industries Ltd. Auto Ancillaries 4.60 



IPCA Laboratories Ltd. Pharmaceuticals 3.94 

Pidilite Industries Ltd. Consumer Non Durables 3.87 

Blue Star Ltd. Consumer Durables 3.83 

Britannia Industries Ltd. Consumer Non Durables 3.68 







+ Industry Classification as recommended by AMFI, $ Sponsor 




Banks 17.81 Finance 3.02 

Industrial Capital Goods 13.97 Auto Ancillaries 2.44 

Consumer Non Durables 10.79 Pesticides 2.37 

Pharmaceuticals 9.59 Ferrous Metals 2.09 

Software 7.92 Transportation 1.45 

Petroleum Products 6.09 Media & Entertainment 1.39 

Oil 5.06 Gas 0.83 

Construction 4.68 Hardware 0.52 

Auto 4.22 Brewers 0.48 


Std Deviation 








Industrial Capital Goods 19.60 Auto 3.33 

Banks 14.19 Telecom - Services 2.85 

Consumer Non Durables 10.99 Finance 2.76 

Pharmaceuticals 9.78 Gas 2.69 

Software 4.76 Construction 2.41 

Auto Ancillaries 4.60 Chemicals 1.99 

Petroleum Products 3.94 Ferrous Metals 1.61 

Consumer Durables 3.83 Textiles - Silk 0.69 


Std Deviation 







HDFC Core & Satellite Fund 


HDFC Premier Multi-Cap Fund 




Growth Option 23.607 

Dividend Option 16.256 

Relative Performance ^ (Growth Option) 













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

*Absolute Returns #BSE 200 ** Compounded Annualised Returns 








Amtek Auto Ltd. Auto Ancillaries 3.74 



Dishman Pharma & Chemicals Ltd. Pharmaceuticals 3.54 

Zee Entertainment Enterprises Ltd. Media & Entertainment 3.38 












Apr 06, 05 Since Inception (1212 days) 10.000 18.86** 21.57** 













AIA Engineering Ltd. Industrial Capital Goods 4.43 


Sun Pharmaceutical Industries Ltd. Pharmaceuticals 3.16 











+ Industry Classification as recommended by AMFI Industry Allocation of Equity Holding (% of Net Assets) 



Banks 18.34 

Banks 16.73 


Industrial Capital Goods 11.58 Consumer Non Durables 6.99 

Pharmaceuticals 9.10 Oil 5.58 

Media & Entertainment 8.75 Pesticides 5.52 

Consumer Non Durables 7.02 Media & Entertainment 4.55 



Auto 3.99 

Auto Ancillaries 6.44 Telecom - Services 3.13 

Petroleum Products 5.77 Auto Ancillaries 3.04 

Telecom - Services 3.16 Brewers 2.87 

Power 3.09 Metals - Aluminium 1.70 

Oil 2.78 Power 1.57 

Industrial Products 2.34 Software 1.28 



Transportation 0.94 

Consumer Durables 2.08 


Brewers 1.78 Retailing 0.16 

Std Deviation 





Std Deviation 









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 (2206 days) 32.1610^^ 25.14** 31.42** 



#SENSEX (Total Returns Index) 

^^Face Value per Unit 













HDFC Bank Ltd. Banks 3.81 







+ Industry Classification as recommended by AMFI $ Sponsor 





Jul 29, 05 Last 3 Years (1098 days) 22.8070 19.08** 24.94** 





#S&P CNX Nifty (Total Returns Index) 

^^Face Value per Unit 







National Thermal Power Corporation Power 5.17 

Reliance Communication Ltd. Telecom - Services 3.80 



DLF Ltd. Construction 3.21 

Bharat Heavy Electricals Ltd. Industrial Capital Goods 3.03 

Tata Consultancy Services Ltd. Software 3.00 









Industry Allocation of Equity Holding (% of Net Assets) Petroleum Products 14.97 Ferrous Metals 3.90 

Telecom - Services 10.71 Pharmaceuticals 2.72 

Petroleum Products 15.46 Oil 4.11 

Software 10.02 Finance 2.39 

Banks 14.52 Ferrous Metals 3.23 

Oil 9.53 Auto 2.24 

Software 12.89 Auto 2.68 

Power 8.42 Metals - Aluminium 1.65 

Industrial Capital Goods 9.38 Construction 2.32 

Industrial Capital Goods 8.34 Non - Ferrous Metals 1.63 

Telecom - Services 8.61 Cement 1.84 

Consumer Non Durables 7.30 Metals - Aluminium 1.74 

Banks 8.16 Cement 1.46 

Finance 5.30 Pharmaceuticals 1.26 Consumer Non Durables 4.51 Gas 1.17 

Power 5.16 Non - Ferrous Metals 1.17 Construction 4.19 Media & Entertainment 0.31 

Tracking Error Since Inception (Annualised) 2.40% Tracking Error Since Inception (Annualised) 2.93% 





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 














Dr Reddy’s Laboratories Ltd. Pharmaceuticals 4.04 









$ Sponsor 


Banks 17.09 







Finance 4.58 

Oil 3.55 


Auto 2.32 




Power 0.84 

Consumer Durables 0.81 

Cement 0.52 

Non - Ferrous Metals 0.29 


Relative Performance ^ - Growth Option 


Retail Plan 


Monthly Dividend Option 10.049 

Quarterly Dividend Option 10.049 

Wholesale Plan 






Retail Plan 

Jan 31, 08 Last Six months (182 days) 10.264 3.08* 3.69* 

Oct 23, 07 Since Inception (282 days) 10.000 5.80* 5.45* 


Jan 31, 08 Last Six months (182 days) 10.271 3.22* 3.69* 

Oct 23, 07 Since Inception (282 days) 10.000 6.02* 5.45* 



* Absolute Returns #CRISIL Liquid Fund Index 




Hindalco Industries Ltd. Non - Ferrous Metals 3.20 

India Cements Ltd. Cement 3.08 

Welspun-Gujarat Stahl Rohren Ltd. Ferrous Metals 2.28 

Chennai Petroleum Corporation Ltd. Petroleum Products 2.18 


Mahanagar Telephone Nigam Ltd. Telecom - Services 2.05 

Century Textiles & Industries Ltd. Cement 2.04 

Jindal Steel & Power Ltd. Ferrous Metals 1.95 

GTL Ltd. Software 1.94 

Adlabs Films Ltd. Media & Entertainment 1.78 






Portfolio Turnover Ratio (Last 1 Year) 308.11% 



Banks 7.57 




Cement 5.20 

Finance 4.86 



Non - Ferrous Metals 3.20 

Textile Products 2.90 




Power 1.96 






Retailing 0.78 

Gas 0.68 

Minerals/Mining 0.68 

Auto 0.67 

Hotels 0.56 

Metals - Aluminium 0.47 

Brewers 0.36 

Oil 0.29 



Fertilisers 0.03 

Aviation 0.01 





An open-ended balanced scheme 







Prudence Fund 







IN HYBRID EQUITY - ORIENTED CATEGORY 









Sep 11, 00 Since Inception (2880 days) 10.000 16.44** N.A. 




N.A. Not Available 

#CRISIL Balanced Fund Index 

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

Company / Issuer Industry + / Rating % to NAV 


Coromandel Fertilisers Ltd. Fertilisers 8.33 



Balkrishna Industries Ltd. Auto Ancillaries 3.91 

The Federal Bank Ltd. Banks 3.73 




Infosys Technologies Ltd. Software 3.08 





Housing Dev. Finance Corpn Ltd.$ AAA 4.56 

Indian Oil Corporation Ltd. LAA+ 4.52 

Loan Securitisation Trust - Grasim Industries Ltd. AAA(SO) 4.33 

Credit Asset Tr XVII (Shri Tra Fin) AA(SO) 3.84 

Loan Securitisation Trust - Bajaj Auto Ltd. AAA(SO) 3.54 

State Bank of India AAA 2.32 

Loan Securitisation Trust - Reliance Industries Ltd. AAA(SO) 0.96 

Total Debt / Money Market Instrument 

(aggregated holdings in a single issuer) 24.07 





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





Jul 31, 98 Last 10 Years (3653 days) 11.410 27.25** N.A. 

Feb 01, 94 Since Inception (5294 days) 10.000 20.53** N.A. 



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












GlaxoSmithkline Consumer Healthcare Consumer Non Durables 2.65 




Larsen& Toubro Ltd. Industrial Capital Goods 2.12 




National Bank for Agriculture & Rural Development AAA 3.80 

ICICI Bank Ltd. A1+/AAA 3.12 

Housing Development Finance Corporation Ltd.$ AAA 3.67 


Sundaram Finance Ltd. LAA+ 1.85 

Axis Bank Ltd. AAA(I) 1.23 

Infrastructure Dev. Fin. Corp. Ltd. AAA/AAA(I) 1.00 

GE Capital Services India AAA 0.82 

L & T Finance Ltd AA+ 0.82 

Punjab National Bank** AAA 0.79 

Total of Top Ten Debt / Money Market Instrument 













Industry Allocation of Equity Holding (% of Net Assets) Banks 12.81 Textile Products 1.44 

Industrial Capital Goods 9.80 Power 1.37 

Industrial Capital Goods 10.87 Software 3.08 Pharmaceuticals 8.69 Chemicals 1.22 

Pharmaceuticals 8.90 Telecom - Services 2.33 Consumer Non Durables 8.38 Trading 1.20 

Banks 8.89 Construction 2.29 Construction 5.93 Auto 1.16 

Fertilisers 8.33 Power 2.17 Media & Entertainment 5.61 Paper Products 1.16 

Auto Ancillaries 6.96 Chemicals 1.90 

Auto Ancillaries 5.21 Petroleum Products 0.92 

Oil 3.76 Textiles - Silk 0.55 

Petroleum Products 6.67 Consumer Durables 1.83 

Industrial Products 3.16 Ferrous Metals 0.23 


Pesticides 2.49 Textiles - Synthetic 0.18 



HDFC Children’s Gift Fund 


Investment Plan 





HDFC Children’s Gift Fund 


Savings Plan 






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





Mar 02, 01 Since Inception (2708 days) 10.000 17.50** N.A. 


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

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






Shanthi Gears Ltd. Industrial Products 3.69 

Biocon Ltd. Pharmaceuticals 3.59 





Godawari Power & Ispat Ltd. Ferrous Metals 3.08 

Satyam Computer Services Ltd. Software 3.07 




ICICI Bank Ltd. AAA 5.61 

JUS Trust - Jet Airways AAA(SO) 4.48 

M&M Financial Services Ltd. AA+ 3.81 

CREDIT ASSET TR XVII (SHRI TRA FIN) AA(SO) 3.02 

Sundaram Finance Ltd. AA+ 2.25 



TML FINANCIAL SERVICES LTD AA+ 1.35 









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

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





Consumer Non Durables 6.08 




Banks 4.74 



Ferrous Metals 3.08 



Hotels 2.11 

Finance 1.14 


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


Jul 31, 07 Last 1 Year (366 days) 15.355 5.97** 2.24** 



Mar 02, 01 Since Inception (2708 days) 10.000 10.63** 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 0.88 

Carborundum Universal Ltd. Auto Ancillaries 0.85 







Power Finance Corporation Ltd AAA 9.21 

Credit Asset Tr XVII (Shri Tra Fin) AA(SO) 7.67 

TML Financial Services Ltd. AA+ 7.50 



DSP Merrill Lynch Capital Ltd. AA+ 4.71 









Average Portfolio Maturity (Other than equity investments) 

1.87 years 

Modified Duration (Debt Instruments) 

1.60 years 










Banks 1.24 




Electric Utilities 0.88 




HDFC Long Term 

Advantage Fund* 

IN EQUITY - TAX PLANNING CATEGORY 




TaxSaver 

IN EQUITY - TAX PLANNING CATEGORY 



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

* Previously HDFC Tax Plan 2000 






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















* Absolute Returns ** Compounded Annualised Returns #SENSEX 






Colgate-Palmolive (India) Ltd. Consumer Non Durables 4.87 



Crompton Greaves Ltd. Industrial Capital Goods 4.08 

Exide Industries Ltd. Auto Ancillaries 3.47 

Thermax Ltd. Industrial Capital Goods 3.42 


Satyam Computer Services Ltd. Software 3.22 



Debt / Money Market Instrument / Government Securities 



Total Debt / Money Market Instrument / Government Securities 2.69 



Net Assets (Rs. In Lakhs) 71,086.01 





Banks 12.05 












Gas 1.91 

Textile Products 1.30 


Hardware 0.92 


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






Mar 31, 96 Since Inception (4505 days) 10.000 33.16** 13.81** 



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

** Compounded Annualised Returns 












Thermax Ltd. Industrial Capital Goods 3.27 

Siemens Ltd. Industrial Capital Goods 3.24 













Banks 18.45 





Oil 6.14 


Auto 3.71 







Trading 0.16 


Std Deviation 


Std Deviation 









hdfc-sip.qxd 8/8/2008 3:33 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) 95.00 60.00 36.00 12.00 

Mkt Value as on July 31, 2008 (Rs. ‘000) 339.72 111.88 42.70 9.93 

Returns (Annualised)* (%) 31.84 26.03 12.08 -35.32 

Benchmark Returns (Annualised) (%) # 22.77 20.15 5.67 -39.86 

# 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) 163.00 120.00 60.00 36.00 12.00 

Mkt Value as on July 31, 2008 (Rs. ‘000) 1,585.05 665.04 110.35 40.38 10.16 

Returns (Annualised)* (%) 29.98 32.18 24.63 7.61 -27.22 

Benchmark Returns (Annualised) (%) # 17.00 20.95 19.53 7.19 -27.99 

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


HDFC TOP 200 FUND 




Mkt Value as on July 31, 2008 (Rs. ‘000) 898.01 612.09 117.44 43.67 10.65 



# BSE 200 


HDFC CAPITAL BUILDER FUND 




Mkt Value as on July 31, 2008 (Rs. ‘000) 933.65 477.81 104.25 38.64 9.86 





HDFC PREMIER MULTI-CAP FUND 

SIP Investments Since Inception 3 Year SIP 1 Year SIP 

Total Amount Invested (Rs. ‘000) 40.00 36.00 12.00 

Market Value as July 31, 2008 (Rs. ‘000) 43.90 36.99 9.83 

Returns (Annualised)* (%) 5.52 1.77 -31.67 

Benchmark Returns (Annualised) (%) # 10.67 7.19 -27.99 



HDFC CORE & SATELLITE FUND 






# BSE 200 


HDFC BALANCED FUND 




Returns (Annualised)* (%) 18.73 14.72 6.77 -11.86 

Benchmark Returns (Annualised) (%) # N.A. 14.55 8.70 -14.43 

# CRISIL Balanced Fund Index 


HDFC PRUDENCE FUND 




Mkt Value as on July 31, 2008 (Rs. ‘000) 1,226.85 492.42 98.08 39.55 10.27 

Returns (Annualised)* (%) 24.08 26.61 19.75 6.21 -25.62 

Benchmark Returns (Annualised) (%) # N.A. N.A. 14.55 8.70 -14.43 



HDFC CHILDREN’S GIFT FUND - INVESTMENT PLAN 








HDFC CHILDREN’S GIFT FUND - SAVINGS PLAN 






# CRISIL MIP Blended Index 


HDFC LONG TERM ADVANTAGE FUND 






# SENSEX 


HDFC TAXSAVER 




Mkt Value as on July 31, 2008 (Rs. ‘000) 1,553.38 720.58 110.17 36.53 9.89 



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


HDFC MF MIP - SHORT TERM PLAN 






# CRISIL MIP BLENDED INDEX 


HDFC MF MIP - LONG TERM PLAN 






# 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 8/8/2008 3:39 PM Page 1 

HDFC MF MIP - 

Short Term Plan 





T. V. Today Network Ltd. Media & Entertainment 1.33 






Jagran Prakashan Ltd. Media & Entertainment 0.79 


Biocon Ltd. Pharmaceuticals 0.65 





IDBI Bank Ltd. AA+ 14.21 

LIC Housing Finance Ltd. AAA 9.41 

Auto Sec Trust Mixed Pool A AAA(SO) 6.84 

TML Financial Services Ltd. AA+ 5.93 

UBL Trust Series 61 P1+(SO) 5.69 

Credit Asset Tr XLIX F1+ (IND) (SO) 4.78 

Kotak Mahindra Prime Ltd. P1+ 4.64 

ILSS 1 Trust 2009 AAA(SO) 4.53 

Infrastructure Dev. Fin. Corp. Ltd. LAAA 4.40 



Total Debt/ Money Market Instrument 82.20 




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) 



Jan 31, 08 Last Six Months (182 days) 13.8622 -2.61* -3.29* 



Dec 26, 03 Since Inception (1679 days) 10.0000 6.74** 6.20** 

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


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

1.80 years (other than equity investments) 

281 days 

HDFC MF MIP - 

Long Term Plan 










Jul 31, 07 Last 1 Year (366 days) 15.7602 -0.13** 2.24** 


Dec 26, 03 Since Inception (1679 days) 10.0000 10.36** 6.20** 



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








GlaxoSmithkline Consumer Healthcare Ltd. Consumer Non Durables 1.17 

Siemens Ltd. Industrial Capital Goods 1.17 



The Federal Bank Ltd. Banks 1.11 

Page Industries Ltd Textile Products 1.02 




Tata Sons Ltd. AAA 7.14 


Canara Bank P1+ 3.80 

Rural Electrification Corporation Ltd. AAA 3.44 


Power Finance Corporation Ltd. AAA 3.12 

Tata Steel Ltd. AAA 2.80 

ICICI Bank Ltd. A1+/AAA 2.51 

Citicorp Maruti Finance Ltd. AAA 2.49 

Infrastructure Dev. Fin. Corp. Ltd. AAA(I)/LAAA 2.36 



Total Debt / Money Market Instrument Instrument 66.54 






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

subject to availability of distributable surplus 

2.24 years (other than equity investments) 

1.72 years 

+ Industry Classification as recommended by AMFI, 


$ Sponsor 


Intouchmutually



An open-ended income scheme 

HDFC Multiple Yield Fund - Plan 2005 















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





Crisil Ltd, Finance 1.78 

Colgate-Palmolive (India) Ltd. Consumer Non Durables 1.76 



IPCA Laboratories Ltd. Pharmaceuticals 1.42 

3M India Ltd. Trading 1.38 

Solar Explosives Ltd. Chemicals 1.33 






IDBI Bank Ltd. A1+ 15.15 

KRS LOAN TRUST P1 9.10 

Citi Financial Consumer Finance (India) Ltd. AAA 8.58 

GE Cap Transportation Financial Ser A1+ 7.88 

ING Vysya Bank Ltd. P1+ 7.74 

ICICI Bank Ltd. P1+ 6.29 















Aug 17, 05 Since Inception (1079 days) 10.0000 6.85** 7.00** 



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

Portfolio – Holdings (as at July 31, 2008) 




Castrol India Ltd. Oil 1.00 



Savita Chemicals Ltd. Chemicals 0.85 

Sadbhav Engineering Ltd. Construction 0.84 


Motherson Sumi Systems Ltd. Auto Ancillaries 0.83 







ING Vysya Bank Ltd. P1+ 12.66 

Credit Asset Sr LVIII (Fullerton) LAAA(SO) 8.67 

Reliance Capital Ltd. A1+ 6.50 

Geetanjali Trading and Investment P1+ 5.62 






Average Portfolio Maturity 123 days Average Portfolio Maturity 198 days 


115 days Modified Duration (Debt Instruments) 

135 days 







HDFC High Interest Fund 













Sep 11, 00 Since Inception (2880 days) 10.0000 7.63** 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 9.19 

Credit Asset Trust Sr XXVI AAA(SO) 8.75 





Export - Import Bank of India AAA 2.54 

Credit Asset Trust Sr SR XLVII AAA(Ind)(SO) 2.47 

Tata Steels Ltd. AAA 2.41 











Half-Yearly Dividend Option 10.2265 

Yearly Dividend Option 10.6805 








Jul 31, 98 Last 10 Years (3653 days) 11.8623 8.27** N.A. 

Apr 28, 97 Since Inception (4112 days) 10.0000 8.96** N.A. 




#CRISIL Composite Bond Fund Index 




DEBT / MONEY MARKET INSTRUMENTS / GOVERNMENT SECURITIES 





K. Raheja Universal Pvt. Ltd. UNRATED 8.61 

Amaravati Greenlands Pvt Ltd. UNRATED 7.08 



Total Debt / Money Market Instrument / Government Securities 






Modified Duration 

2.66 years 

1.86 years 

$ Sponsor 



3.59 years 

2.66 years 

$ Sponsor 


Intouchmutually


HDFC Short Term Plan 





Dividend Reinvestment Option 10.3382 












# Crisil Liquid Fund Index N.A. Not Available 



DEBT / MONEY MARKET INSTRUMENTS 

Hongkong & Shanghai Bank Ltd F1+ 10.09 

Tata Sons Ltd AAA 8.87 


Indian Oil Corporation Ltd. LAA+ 8.47 

State Bank of Travancore P1+ 8.24 

SME Loan Receivables Tr Aug 2007 AAA(SO) 6.92 

K. Raheja Universal Pvt. Ltd. UNRATED 4.63 

Credit Asset Trust Sr XLVII AAA(Ind)(SO) 4.42 


Export - Import Bank of India AAA 4.31 








- Short Term Plan 









Jan 31, 08 Last Six Months (182 days) 14.8685 3.83* -1.39* 








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


In Debt - Short-term Category 

(16 schemes) for 18 months period 

ending June 30, 2008 






Corporation Bank P1+ 8.12 


Citicorp Finance (India) Ltd. AAA 5.12 



State Bank of Bikaner & Jaipur P1+ 4.09 

Auto Sec Trust Mixed Pool A AAA(SO) 3.57 

BHPC Auto Sec Tr Feb 08 I AAA(SO) 3.51 







1.09 years 

Average Portfolio Maturity 1.24 years Modified Duration 175 days 


1.00 years 



$ Sponsor 



HDFC Gilt Fund 










Growth Option 16.7108 









Jul 25, 01 Since Inception (2563 days) 10.0000 5.43** N.A. 




#I-Sec Si-Bex 




Government Securites / Treasury Bills 

7.27% GOI 2013 SOV 37.53 

11.40% GOI 2008 SOV 0.11 

Total Government Securites / Treasury Bills 37.64 



Net Assets (Rs. In Lakhs) 880.33 





Jul 31, 07 Last 1 Year (366 days) 15.9026 5.07** -3.44** 



Jul 25, 01 Since Inception (2563 days) 10.0000 7.59** N.A. 




#I-Sec Li-Bex 




Government Securities / Treasury Bills 

5.48% GOI 2009 SOV 34.65 

7.27% GOI 2013 SOV 9.20 

Total Government Securites / Treasury Bills 43.85 




Average Portfolio Maturity 1.91 years Average Portfolio Maturity 0.77 years 

Modified Duration 1.50 years Modified Duration 235 days 


Intouchmutually

hdfc-dt1.qxd 8/8/2008 3:38 PM Page 1 






Retail Option 


Daily Dividend Reinvestment Option 10.0809 

Weekly Dividend Option 10.1426 


Wholesale Option 


Daily Dividend Reinvestment Option 10.0809 



Relative Performance^- Retail Option (Growth Option) 



Jan 31, 08 Last 6 months (182 days) 13.4765 4.18* 3.69* 







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




HDFC Bank Ltd. – 7.23 

Indian Retail ABS Trust 96 2008 AAA(SO) 5.63 

Kotak Mahindra Bank Ltd. P1+ 4.64 

Housing Development Finance Corporation Ltd. $ AAA 5.26 

State Bank of Bikaner & Jaipur P1+ 3.42 

IDBI Bank Ltd. AA/A1+ 3.07 

Citicorp Finance (India) Ltd. AAA 2.95 

India Loan Sec Sr 8 Tr 2008 AAA(SO) 2.65 


BHPC Auto Sec Tr Nov II AAA(SO) 2.42 









299 days 

91 days 

$ Sponsor 


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





Dividend Reinvestment Option 10.1776 
















Axis Bank Ltd. – 9.20 

Global Trade Finance Ltd. P1+ 8.38 

State Bank of Patiala P1+ 5.12 

Bharti Ventures Ltd. UNRATED 4.65 

Tata Capital Ltd. A1+ 4.61 


Credit Asset Trust Series XLVI F1+ (IND) (SO) 2.79 

Ranbaxy Holding Company Pvt. Ltd. P1 2.33 

Nirma Ltd. P1+ 2.33 









73 days 

49 days 




Liquid Fund 

An open-ended liquid income scheme 

IN DEBT: ULTRA SHORT-TERM CATEGORY 

(39 schemes) for 18 month period 

ending July 31, 2008 

HDFC Cash 

Management Fund 

IN DEBT: ULTRA SHORT-TERM CATEGORY 

(39 schemes) for 18 month period 

ending July 31, 2008 

An open-ended high liquidity income scheme 



HDFC Liquid Fund 


Daily Dividend Reinvestment Option 10.1982 



HDFC Liquid Fund - Premium Plan 



HDFC Liquid Fund - Premium Plus Plan 






Liquid Fund 

Jul 24, 08 Last 7 days 16.5166 0.17* 0.16* 


Jun 30, 08 Last 1 month (31 days) 16.4217 0.75* 0.68* 

Apr 30, 08 Last 3 months (92 days) 16.1947 2.16* 1.70* 





Oct 17, 00 Since Inception (2844 days) 10.0000 6.68** N.A. 




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




ICICI Bank Ltd. A1+/P1+ 6.85 


Indian Oil Corporation Ltd. A1+ 3.89 

Tata Motors Ltd. P1+ 2.92 

Shree Cement Ltd. PR1+ 2.92 

UCO Bank P1+ 2.66 

Century Textiles & Industries Ltd. F1+ 2.53 


Indian Bank F1+ 2.13 









102 days 

Savings Plan 




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



Jun 30, 08 Last 1 month (31 days) 17.2637 0.75* 0.68* 

Apr 30, 08 Last 3 months (92 days) 17.0243 2.16* 1.70* 





Nov 18, 99 Since Inception (3178 days) 10.0000 6.61** N.A. 




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








Canara Bank P1+ 5.98 


Vijaya Bank PR1+ 3.53 

Oriental Bank of Commerce P1+ 2.83 

IDBI Bank Ltd. A1+ 2.66 

State Bank of Mysore A1+ 2.51 

IWT Loan Trust P1 (SO) 2.43 

Bharti Ventures Ltd. UNRATED 1.94 












113 days 

Modified Duration 76 days Modified Duration 90 days 










Savings Plus Plan 




Retail Option 










Relative Performance^- Retail Plan (Growth Option) 







Nov 18, 99 Since Inception (3178 days) 10.0000 7.03** N.A. 

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







Tata Motors Ltd. P1+ 4.93 

Oriental Bank of Commerce P1+ 3.82 





State Bank of Mysore A1+ 2.47 

Indian Retail ABS Trust 95 AAA(SO) 2.17 

Corporation Bank P1+ 1.80 






Net Assets (Rs. In Lakhs) 1,114,523.96 

Call Plan 

An open-ended high liquidity income scheme 










Jun 30, 08 Last 1 months (31 days) 14.0798 0.70* 0.68* 

Apr 30, 08 Last 3 months (92 days) 13.9082 1.95* 1.70* 






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






Citicorp Maruti Finance Ltd. AAA 10.98 

Blue Star Ltd. PR1+ 8.79 

GE Capital Services India AAA 8.79 

Kesoram Industries Ltd PR1+ 8.79 

Madras Cements Ltd A1+ 8.79 

Raymond Ltd. PR1+ 8.79 


United Phosphorus Ltd. PR1+ 8.79 







1 day 

1 day 


154 days 


76 days 

$ Sponsor 



Note for All Open-Ended Schemes (as at July 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 : Nil 

b) Debt : Interest Rates Swaps / Forward Rate Agreement 

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

HDFC Floating Rate Income Fund - Short Term Plan Rs. 2,500.00 lakhs 


Rs. 2,500.00 lakhs 

HDFC Cash Management Fund - Savings Plus Plan Rs. 7,500.00 lakhs 

Total 

Rs.13,000.00 lakhs 


hdfc-div.qxd 8/8/2008 3:39 PM Page 1 

Dividend History ^ 

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) 

Record Cum Div Dividend Per unit (Re.) For 

Date NAV (Rs.) Individuals & HUF Others 

Dec 26, 07 10.4922 0.0600 0.0558 

Jan 25, 08 10.3562 0.0600 0.0558 

Feb 25, 08 10.1723 0.0600 0.0558 

Long Term Plan (Dividend Option) 

Monthly (Dividend Option) 

(Since Jan 2008) 



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 

Jun 25, 08 10.9375 0.0900 0.0837 

Jul 25, 08 10.9084 0.9000 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 

Mar 25, 08 10.5750 0.2000 0.1861 

HDFC High Interest Fund-Short Term Plan 

Dividend Option (Last 6 months) 



Feb 01, 08 10.6725 0.0829 0.0772 


Apr 01, 08 10.6409 0.0666 0.0620 


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 


Jun 25, 08 11.3412 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 


Jul 01, 08 10.6042 0.0231 0.0216 

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. 


HDFC Growth Fund 

Record Cum Div Dividend Per unit (Rs.) For 


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 


HDFC Arbitrage Fund (Since January 2008) 

Monthly (Dividend Option) Quarterly (Dividend Option) 



Retail Option 




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 


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 






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 

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 

June 2008 Daily 10.0315 0.0545 0.0507 

July 2008 Daily 10.0315 0.0608 0.0564 







July 2008 Daily 10.0315 0.0640 0.0600 



Retail Plan 


























Weekly Dividend Option (Last 6 months) 











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 

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 


July 28, 08 10.0737 0.0567 0.0527 


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) 









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



Feb 08, 08 10.6417 0.0127 0.0127 




























HDFC Cash Management Fund (Call Plan) 

Daily Dividend Reinvestment Option (Last 6 months) 



February 08 Daily 10.4266 0.0444 0.0444 

March 08 Daily 10.4266 0.0454 0.0454 

April 08 Daily 10.4266 0.0381 0.0381 

May 08 Daily 10.4266 0.0478 0.0478 

June 08 Daily 10.4266 0.0503 0.0503 

July 08 Daily 10.4266 0.0543 0.0543 


(Daily Dividend Reinvestment Option) (Last 6 months) 










Monthly Dividend Option (Last 6 months) 









HDFC Liquid Fund - Premium Plan 

(Daily Dividend Option) (Last 6 months) 













HDFC Gilt Fund (Since December 2006) 

Short Term Plan (Dividend Option) 



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 


Feb 11, 08 10.1508 0.0135 0.0125 




Mar 10, 08 10.1508 0.0135 0.0126 




























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 






























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








HDFC Short Term Plan 

Dividend Reinvestment Option (Last 6 months) 










Short Term Plan (Daily Dividend Option) 



Retail Option 

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 

June 2008 Daily 10.0809 0.0555 0.0520 

July 2008 Daily 10.0809 0.0628 0.0584 


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 

June 2008 Daily 10.0809 0.0577 0.0541 

July 2008 Daily 10.0809 0.0651 0.0606 





May 16, 08 10.3305 0.0117 0.0108 


June 16, 08 10.3250 0.0068 0.0064 


(Last 6 months) 

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




Retail Option 










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 

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 

Jun 02, 08 10.3271 0.0131 0.0131 Jun 02, 08 12.4382 0.0161 0.0161 




Jul 07, 08 10.3269 0.0129 0.0129 Jul 07, 08 12.4377 0.0157 0.0157 





hdfc-bk1.qxd 8/8/2008 3:40 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 (114), Equity : Index (19), Equity Tax Planning (18), Hybrid Equity Oriented (26), Hybrid: Monthly Income (34), Debt: Medium-term 

(35), Gilt: Medium and Long-term (29), Gilt: Short-term (10), Debt: Ultra Short-term (39), Debt: Ultra Short-term Institutional (43), Debt: Short-term (16), Debt: Floating Rate Shortterm 

(18), Debt: Floating Rate Short-term Institutional (11) Debt: Floating Rate Long-term (11), Hybrid: Debt-oriented (17), Debt: Liquid Plus: (11). These Fund Ratings are as on 

July 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 8/8/2008 3:41 PM Page 2 

Visit us at 

www.hdfcfund.com 

Telephone Services 

Toll-free number : 1800 233 6767 

Dedicated number : 60006767 

Intouchmutually, July 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 1317. 

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., Plot # 8 & 73, 3rd Floor, Rajesh Building, Super Market, Main Road, 

Gulbarga - 585 101. Tel: (08472) 399910 Fax: (08472) 271041 

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., Ground Floor, Bhadra Tower, Cotton Hill Road, Vazhuthacaud, Thycaud PO, 

Trivandrum - 695 014. Tel: 0471 - 3983 730 / 731 / 732, Fax: 0471 - 3983 738 

MADHYA PRADESH 

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. 

HDFC AMC Ltd., First Floor, Alakhnanda Towers, Shrimant Madhav Rao Scindia Marg, City Centre, 

Gwalior - 474 001. Tel No.: (0751) - 4066060, 3988029 Fax No.: (0751) - 3982803 

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., First Floor, Muthye Udyog Bhawan,1039, Wright Town, Opp. Telephone Exchange, 

Jabalpur - 482 002. Tel No.: (0761) - 4049800, 3988029 Fax No.: (0761) - 4068814 

MAHARASHTRA 

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

Nageshwar Wadi Road, Aurangabad - 431 001. Tel: (0240) - 3988029 Fax: (0240) - 3982068 

HDFC AMC Ltd., 138, Ground Floor, Kavya Ratnavali Chowk, Omkareshwar Road, Jalgaon – 425 002. 

Tel. No.: (0257) 3982100/ 01 Fax : (0257) 3982114 

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 

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.: (022) 32157334/332 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 # 7, Abhilasha Building, Punjabi Lane, Borivali (W), Mumbai - 400 092 

Tel: (022) 32157268 / 342 Fax: (022) 32719222 

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., 1st Floor, Plot No. 2690 (P) Bajrakabati Road, Ranihat, Cuttack – 753 001. 

Tel: (0671) 2323724/ 725 Fax: (0671) 2324741 

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

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

PONDICHERRY 

HDFC AMC Ltd., No.17, I Floor, Sree Velayudham Complex, Near Indhira Gandhi Square, Natesan Nagar, 

Pondicherry - 605 005. Tel: (0413) 3043 293 / 500 / 600 Fax: (0413) 2206776 

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., 1st Floor, No1 Bhimsena Garden Street, Royapettah High Road, Mylapore, 

Chennai – 600 004. Tel: (044) 30913060 Fax: (044) 30913082 

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) 3982680/700 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 July-08 - HDFC Mutual Fund

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