Fact Sheet for the month of May-07 - HDFC Mutual Fund

hdfc-cov.qxd 5/8/2007 19:47 Page 1 

Vol. No. 4 Issue No. 10 

April 2007 

Average assets under management for April 2007: Rs. 32,005.19 Crore 

Assets under management as at April 30 2007: Rs. 31,485.15 Crore 

The hitchhiker’s guide to investing overseas

hdfc-ad.qxd 5/8/2007 19:59 Page 1

hdfc-mkt1.qxd 5/8/2007 20:33 Page 1 

Market Review 

Equity market update 

The month of April saw the indices bouncing back 

close to 14000 levels with the announcement of 

good results by IT companies like Infosys, Wipro 

and TCS. Also the over hang of CRR hike was absorbed 

by the market as most of the banks reported good quarterly 

numbers and reported improvement in NIM’s. 

BSE Sensex and CNX Nifty ended the month at 13872 

and 4087 respectively, rising by 6.46% and 6.96% 

respectively from March. The CNX MidCap Index, at 

5245, also increases by 8.14% over the month. 

Key global equity indices also gained over the 

month. The Dow Jones and the NASDAQ moved up by 

5.73% and 4.29% respectively. London’s FTSE also 

gained 2.23% in the month. 

The rupee appreciated sharply by 5.54% in April. 

FIIs were buyers in April with net inflows of $1.51 billion 

(~ Rs. 6,679 crore) compared to net outflow of 

$243.9 million (~ Rs. 1,081 crore) in March. During the 

month Mutual Funds were net buyers of Rs. 960 crore. 

Despite healthy economic growth, the profit growth 

rates are likely to slowdown to approximately 15% levels 

over the next 2 years due to higher base effect and 

reversion to sustainable growth rates. The Sensex is currently 

trading at 17 times estimated 1-year forward 

earnings. Rising interest rates and increasing IPO/capital 

raising pipeline are risks for equities. 

The above indicates a moderate outlook for markets 

over the medium to long term. There is thus a need to 

invest with a minimum view of two years and be tolerant 

to volatility. 

Debt market update 

Yields in the debt markets moved up during the 

month of April. Yield on the 10-year 

Government Security ended April at 8.17% - an 

increase of 0.2% over March-07. 

The stock of liquidity (LAF + MSS + Surplus 

cash held by centre) remains comfortable. The avg. 

LAF repo volumes during the fortnight were around 

Rs. 13,340 crs, considerably higher than Rs. 8,852 cr 

seen previous fortnight. The NSE overnight MIBOR 

ended at 9.34%. 

WPI Inflation moved marginally down from 5.77% 

in end-march to 5.74% in April. INR strengthened 

sharply tracking buoyant FII flows. FII flows improved 

considerably and were at USD 1.03 billion. INR was 

also driven higher on account of participants approaching 

the forex market to meet liquidity requirements. 

INR closed at Rs. 41.18 against the USD. 

RBI in its Annual Policy in April has put its GDP 

growth target for 2007-08 at 8.5%. Money supply is targeted 

to grow in the range of 17.0%-17.5%. The money 

supply growth was at 21.0% and 20.7% for 2005-06 

and 2006-07 respectively. Deposits are expected to 

increase by 19% (approx) in 2007-08. Non-food credit 

growth is projected in the range of 24.0%-25.0% in 

2007-08. Inflation for 2007-08 targeted to be contained 

within 5.0%. Medium term inflation targeted in the 

range of 4.0%-4.5% 

Even though there has been some hardening in 

yields during this month, domestic interest rates 

maintain an upward bias over the medium term. The 

Fund continues to position itself in instruments 

and maturity buckets that provide higher relative 

value in an attempt to deliver superior risk adjusted 

returns. 

Intouchmutually 

April 2007 3

hdfc-bs2.qxd 5/8/2007 19:53 Page 1 

The hitchhiker’s guide 

to investing 

overseas 

Illustration: Prashant Bane 

Here’s a paradox. Want to 

invest abroad The 

Reserve Bank of India 

(RBI) okays it but there are virtually no 

products in sight. The other contradiction 

is that many foreign funds, be it the 

Japanese or the US ones are winging their way 

to India for a look-see. And some of them seem 

to have made more money in India than in 

their own markets. Currently, it’s the 

Indian stockmarket that is blazing 

and is on the world radar, but 

over time and in the interest 

of diversification, investing 

overseas does have 

potential. Returns on 

Indian stocks have, no 

doubt, been vastly 

superior to most other 

markets over the past 

five years. The MSCI 

India Index has registered 

a threefold rise 

from its levels in 2002, 

while the MSCI AC World 

Index has appreciated just 50 

per cent. The question therefore is: 

Why would we look at other emerging 

markets, if not now, at least in a slightly 

longer timeframe 

The emerging market promise 

Let us look at the positives and the equally 

persuasive negatives. First of all, developing 

countries tend to experience rapid economic 

growth. And quite clearly that translates into 

strong earnings growth for the companies that do 

business there. Rapid earnings growth, in turn, 

means big gains in stock prices. Consider China, 

whose Gross Dome-stic Product (GDP) soared an 

estimated 10.5 per cent last year. By contrast, the 

US GDP grew only 3.3 per cent. Not surprisingly, 

China’s stock market soared, rising 83 per cent in 

2006. The Standard & Poor’s 500-stock index, 

meantime, gained just 15.8 per cent. Emerging 

markets have for some time now consistently outperformed 

the developed markets. The Dow 

Jones BRIC 50 Index (Brazil, Russia, India and 

China), for instance, generated 3-year annualised 

returns of approximately 45 per cent compared 

with a measly 10 per cent on the Dow Jones 

Industrial Average (DJIA) over the same period. 

Some markets are on fire. In the 12 months ended 

April 13, mutual funds specialising in Latin 

American stocks returned a stunning 82.5 per 

cent. Japanese stock funds returned nearly 46 per 

cent and Chinese stock funds were up 

34.4 per cent. 

One more positive for emerging markets. 

Today’s emerging markets also seem more financially 

stable than they once were. The average 

emerging-market credit rating is higher than it was 

10 to 15 years ago. Many developing countries have 

tightened monetary policy and improved their 

financial structures. Some have seen their economies 

buoyed by the global boom in commodity 

prices. And credit ratings for some of the East 

European developing nations have risen because 

they’ve recently joined the European Union. 

Furthermore, you could make the case for 

investing in emerging markets because of their 

long-term outlook. People and growth both are 

there. For us in India the incremental growth in 

other emerging markets over India is the only 

magnet to invest there. 

The challenges 

That said the case is now compelling for India 

to look at other emerging markets as asset prices in 

India are no longer cheap. The S&P CNX Nifty, for 

instance, rose nearly 50 per cent last year and 

should chug along at the same rate. But one caveat. 

4 April 2007 Intouchmutually

hdfc-bs2.qxd 5/8/2007 19:53 Page 2 

As if making sense of the BSE was not enough, we 

have now to think of tax hedging, foreign currency 

hedging especially with a flip-flopping rupee, and 

understanding economies like Brazil and Poland to 

make our money in foreign climes. If you buy at 

Rs 41 to a dollar and sell at Rs 39 to a dollar you 

have to figure how much you need to make to be 

able to hedge this downside to the rupee and also 

make a neat profit. Yet there are many markets that 

will reward you with turbo scrips. 

Emerging markets investing is really for the 

risk taker, the greedier among us, because you 

could lay in a nice nestegg if you stuck your neck 

out in markets that are growing at a faster clip than 

India. More options for investing in scrips of sunrise 

sectors like alternate energy are also available. 

The momentum in other emerging markets such as 

Vietnam, China and Chile is likely to be higher in 

the future as well. While we think of the US most 

often, on a longer horizon there could be even 

faster growing emerging markets. 

However this is an opportune moment to weigh 

in your investment in the far future in foreign climes. 

And by foreign climes we mean not just the US as 

most Yankee obsessed Indians think. You need to 

think of the Karachi stock market, (can one invest in 

Pakistan as an individual; maybe in the future). 

Developed market outlook 

We will surely see a number of financial services 

providers and brokerages to soon follow with 

products and tie-ups to tap Indian investors seeking 

to invest in foreign equity, commodities and derivatives 

markets. Anyway for individuals who feel 

that investing in new markets is not for them, the 

RBI in its credit policy 2007-2008 has enabled 

mutual funds to be able to invest funds to the tune 

of $4 billion in overseas avenues, from an earlier 

cap of $3 billion. 

But for you investing abroad has to be like a 

drug good in small doses. Small foreign stock markets 

based in developing countries can also be useful 

in small doses. 

But holding periods could be longer and you 

need to know which the next Microsoft in the 

emerging economies will be. Also, is it better to 

invest in a country or a scrip or in a blue chip like a 

Microsoft The returns on a Microsoft will any day 

be swifter than holding small scrips in an emerging 

market. Then again, volatility is the hallmark of 

emerging markets, so you need to be nimble. 

Meltdowns too are common. However, exposure to 

other emerging markets could drag down returns 

due to high transaction costs and management fees. 

So maybe some time in the next three years it 

would be good to have an emerging market fund in 

your portfolio. This would be especially useful to 

spread risk in a more global scenario. 

Stay diversified. Make small bets of about 4 per 

cent of overall portfolio in emerging markets. Hold 

on long term; don’t get swayed by the volatility. 

However, US companies will be tempting in 

their own right. The case for buying US multinationals 

is so tempting: American companies are 

safer; they aren’t likely to be bettered by foreign 

rivals, and their shares trade in the world’s largest, 

most liquid markets. A lot of foreign markets are 

illiquid and highly vulnerable, both to policy missteps 

and to local manipulation. Mutual-fund managers 

who invest abroad, however, argue that 

focusing on US stocks means missing out on good 

foreign companies. 

But it is very expensive to do research on companies 

in foreign countries, especially in the smaller, 

less-developed ones. Trading costs are much 

higher in many foreign markets than in the US 

Many of the smaller foreign markets suffer from 

liquidity problems, with small numbers of shares 

in circulation and limited number of traders. You 

also have to keep tabs on global interest rates especially 

signals from the US and Japan as they tilt 

fund inflows into emerging markets. Second, you 

need to be politically savvy about many of these 

economies as we are fixated only on the US, the 

NASDAQ and the Dow. Third, you need to feel the 

pulse of the international commodity and oil/energy 

prices as well. 

If you have finally mustered up the courage to 

invest in an emerging market economy, though a 

bank or a fund house is expected to take RBI permission, 

a resident individual’s right is in no way 

restricted from availing of the scheme. In other 

words, you as an investor can well approach an 

Authorised Dealer (AD) and request remittance of 

the funds in an off-shore deposit or a mutual fund 

or a stock of your choice. 

Foreign markets too have their own regulatory 

and permission mechanisms in place. Therefore, 

before deciding on an investment, (though India’s 

RBI allows you), you will have to determine 

whether you are eligible to invest in that market as 

per the rules and regulations of that country. 

But looking at the pace of globalisation, the full 

convertibility of the rupee and the growing high 

risk appetites of the Indian investors, this cross 

country investing will soon become the norm. It is 

quite possible then that owning scrips in other markets 

could well be the next status symbol for the 

Indian stock market enthusiast.● 

S. LALITHA 

lalithak@yahoo.com 



hdfc-fos.qxd 5/8/2007 20:36 Page 1 

Features of our open-ended schemes 

HDFC Growth 

Fund 

HDFC Equity 


HDFC Top 200 


HDFC Capital 

Builder Fund 

HDFC Core & Satellite 


HDFC Premier 

Multi-Cap Fund 

Nature of Scheme 

Open-ended Growth 

Scheme 

Open-ended 

Growth Scheme 


Scheme 

Open-ended 

Growth Scheme 


Scheme 


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. 


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 

Prashant Jain 

Prashant Jain 

Chirag Setalvad 

Vinay Kulkarni 


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) 

● 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. 

Exit Load 


● 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. 

Nil 


purchase / switch-in of Units 

less than Rs. 5 Crore in 

value, an Exit Load of 1% is 

payable if units are 

redeemed / 






equal to or greater than Rs. 

5 Crore in value, no Exit 


Nil 



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. 

Nil 

Investment 

Plan / Options 

Growth & Dividend 

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

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


Minimum 

Application Amount 

(Under each Plan) 

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

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

Lock-in Period 

Nil 

Nil 

Nil 

Nil 

Nil 

Nil 

Net Asset Value 

(NAV) 

Every Business Day 






Redemption 

Proceeds 

Normally despatched 

within 3 Business 

Days. 

Normally 

despatched within 

3 Business Days. 

Normally despatched within 


Normally 

despatched within 



within 3 Business Days. 



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

For Tax Benefits / Consequences, Please refer to page 11 

6 April 2007 

Intouchmutually



HDFC Index Fund 

HDFC Children’s Gift Fund^# 

HDFC Balanced Fund 

HDFC Prudence Fund 


Open-ended Index Linked Scheme 

Open-ended Balanced Scheme 

Open-ended Balanced 

Scheme 

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. 

The primary objective of both the Plans viz. 

Investment Plan & Savings Plan under the 

Scheme is to generate long term capital 

appreciation. 


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. 





Prashant Jain 



July 17, 2002 

March 2, 2001 





Nil 

Investment Plan: 2.25% 

Savings Plan: 1.25% 

● 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. 

Exit Load 


● 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. 

● 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. 

Nil 



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 




equal to or greater than Rs. 

5 Crore in value, no Exit 


Investment 


Nifty Plan, SENSEX Plan, SENSEX Plus Plan 

At present, each Plan offers Growth Option 

only. 

Investment Plan : (Equity Oriented) 

Savings Plan : (Debt Oriented) 

Growth & Dividend Growth & Dividend 

The Dividend Plan offers Dividend payout 

and Reinvestment facility. 

Minimum 



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



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. 

Nil 

Nil 


(NAV) 





Redemption 

Proceeds 



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. 



Intouchmutually April 2007 7




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 

HDFC MF Monthly Income Plan 

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

is subject to availability of distributable surplus 


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. 

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. However, there can be no assurance that the 

investment objective of the Scheme will be achieved. 

Fund Managers 



LTP - Prashant Jain (Equities), Shabbir Kapasi (Debt), 

STP - Vinay Kulkarni (Equities), Shobit Mehrotra (Debt) 




December 18, 1995 

December 26, 2003 



● 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. 

Nil 

Exit Load 


Nil 

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 / switched-out within 6 months from the date 


● 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 / switched-out within 3 months from the date of 

allotment. 

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 / switchedout 

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. 

Investment 


Minimum 





The Dividend Plan offers Dividend Payout and Reinvestment facility. 

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

3 years from the date of allotment of the respective Units 

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

Growth, Monthly Dividend & Quarterly Dividend Option. The 

Dividend Option offers Dividend Payout and Reinvestment facility. 

Short Term Plan : For new investors : 

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

Rs. 100 thereafter under each Option. 

(Monthly Dividend Option) – Rs. 25,000 and in multiples of Rs. 100 

thereafter. 

For existing investors : Rs. 1000 and in multiples of Rs. 100 thereafter. 

Long Term Plan : For new investors : 

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

Rs. 100 thereafter under each Option. 

(Monthly Dividend Option) – Rs. 25,000 and in multiples of Rs. 100 



Nil 


(NAV) 




Redemption 

Proceeds 

Normally despatched within 3 Business Days (subject to completion 

of Lock-in Period). 

Normally despatched within 3 Business Days 


# Previously HDFC Tax Plan 2000 



Intouchmutually



HDFC Multiple Yield Fund 


– Plan 2005 

Open-ended Income Scheme 

HDFC Income Fund 

HDFC High Interest Fund (HHIF) 






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. 

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. 


Vinay Kulkarni (Equities), 

Anil Bamboli (Debt) 

Chirag Setalvad (Equities), 

Anil Bamboli (Debt) 

Shabbir Kapasi 

Anil Bamboli (HHIF), 

Shabbir Kapasi (HHIF - STP) 




August 17, 2005 


HHIF : April 28, 1997 

HHIF-STP : February 6, 2002 



1% 

1% 

Nil 

Nil 

Exit Load 


Investment 


Minimum 


● In respect of each purchase / 

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 Exit 




including Rs. 2 crore in value, 



- out within 15 months from 

date of allotment. 


switch-in of Units greater than 

Rs. 2 crore in value, no Exit 




including Rs. 10 Lakh in value, 



- out within six months from 

date of allotment. 


switch-in (per Investor, per day) 

of Units, greater than Rs. 10 Lakh 

in value, no exit load is 

applicable. 

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

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

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

HHIF : 

● In respect of each purchase / switch-in 

of units up to and including Rs. 10 

lakhs in value, an Exit Load of 0.50% 

is payable if Units are redeemed / 

switched-out within 6 months 

from the date of allotment. 

● In respect of each purchase / switch-in 

of Units greater than Rs. 10 lakhs in 

value, no Exit Load is payable. 

HHIF - STP : NIL 

HHIF : Growth, Quarterly, Half Yearly 

and Yearly Dividend Options. 

HHIF-STP : Growth & Dividend Option 

All Dividend Options offer Dividend Payout 

and Reinvestment facility. 


For new Investors : Rs. 5,000 and in 

multiples of Rs. 100 thereafter. 

For existing investors : Rs. 1,000 and 

in multiples of Rs. 100 thereafter. 


Nil 

Nil 

Nil 

Nil 


(NAV) 





Redemption 

Proceeds 

Normally depatched within 3 

Business Days 

Normally depatched within 3 

Business Days 

Normally despatched within 3 

Business Days. 


3 Business Days 






HDFC Short Term Plan (STP) 

HDFC Liquid Fund (HLF) 

HDFC Cash Management Fund 



Open-ended Liquid Income Scheme 

Savings & Call Plan: Open ended High 

Liquidity Income Scheme. 

Savings Plus Plan (erstwhile Investment Plan - 

Growth Option): Open-ended 

Income Scheme. 


To generate regular income through investment in Debt 

Securities and Money Market Instruments. 

To enhance income consistent with a high 

level of liquidity, through a judicious portfolio mix 

comprising of money market and debt 

instruments. 

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 

Shobhit Mehrotra 

Shabbir Kapasi (Savings Plus Plan) 

Anil Bamboli (Savings Plan and Call Plan) 




HLF : October 17, 2000 

HLF – Premium Plan & HLF – Premium Plus Plan : 


Savings & Savings Plus Plan : 

November 18, 1999 

Call Plan : February 6, 2002 



Nil 

Nil 

Nil 

Exit Load 


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

including Rs. 25 crore in value, no Exit Load is payable. 

● In respect of each purchase / switch-in (per Investor, 

per day) of Units, greater than Rs. 25 crore in value, an Exit 

Load of 0.25% is payable if Units are redeemed / switched-out 

within 15 days from the date of allotment. 

Nil 

Savings & Call Plan : Nil 

Savings Plus Plan : Nil 

Investment 


Growth & Dividend (Dividend Option offers 

Reinvestment facility only). 

HLF, HLF - Premium Plan & HLF - Premium Plus Plan. 

Each Plan offers Growth & Dividend Option. 

HLF - The Dividend Option offers Daily and Weekly 

Dividend Option (Reinvestment facility only) and 

Monthly Dividend Option (with payout and 

Reinvestment facility). 

HLF Premium Plan - The Dividend Option offers Daily 

Dividend Option (with Reinvestment facility only) and 

Weekly Dividend Option. 

HLF Premium Plus Plan - The Dividend Option offers 

Weekly Dividend Option only. 

Savings Plan & Call Plan : Growth Option & 

Daily Dividend Option. Savings Plan also offers 

Weekly Dividend Option. The Dividend Option 

offers Reinvestment 

facility only. 

Savings Plus Plan : (Retail and Wholesale 

Option)# Growth and Dividend Option. 

Dividend Option offers Daily Dividend Option 

with Reinvestment facility only and Weekly and 

Monthly Dividend Option with payout and 

Reinvestment facility. 

Minimum 


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

Rs. 100 thereafter. 

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

Rs. 100 thereafter. 

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

Rs. 1,000 thereafter. Dividend Option : 

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


HLF – Premium Plan (for new investors) : Rs. 

5,00,00,000 and in multiples of Re. 1 thereafter for 

opening an account / folio (Under each Option). 

HLF – Premium Plus Plan (for new investors) : 

Rs. 20,00,00,000 and in multiples of Re. 1 

thereafter for opening an account / folio (Under 

each Option). 

HLF - Premium Plan & HLF – Premium Plus Plan 

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

thereafter under each Option. 

Savings Plan : (Growth Option) 

Rs. 10,000 and in multiples of 

Rs. 1,000 thereafter. 

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

multiples of Rs. 1,000 thereafter. 

Call Plan : (Under Each Option) 

Rs. 1,00,000 and in multiples of 

Rs. 1,000 thereafter. 

Savings Plus Plan - 

Retail Option 

Growth, Weekly and Monthly Dividend Option 

New Investors Rs. 5000 In multiples 

of Rs. 100 

thereafter 

Existing Investors Rs. 1000 In multiples 

of Rs. 100 


Daily Dividend Option 

New/Existing Rs. 1,00,000 In multiples 

Investors of Rs. 1 


Savings Plus Plan - 

Wholesale Option 

New/Existing Rs. 1Crore In multiples 

Investors of Rs. 1 



Nil 

Nil 

Nil 


(NAV) 


All Year Round 

Savings & Call Plan: All Year Round 

Savings Plus Plan: Every Business Day 

Redemption 

Proceeds 

Normally despatched within 3 Business Days. 

Normally despatched within 1 Business Day. 

Savings & Call Plan : Normally despatched 

within 1 Business Day. 

Savings Plus Plan : Normally despatched 



For Tax Benefits / Consequences, Please refer to page 11 # Effective April 23, 2007. 

HDFC Cash Management Fund Savings Plus Plan (Growth Option and Weekly Dividend Option) renamed to HDFC Cash Management Fund Savings Plus Plan Retail Option (Growth and Weekly Dividend sub-options) and 

Daily Dividend and Monthly Dividend sub-options were also introduced. Wholesale Option was introduced under HDFC Cash Management Fund Savings Plus Plan. 


Intouchmutually




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. 






Exit Load 


Investment 


Shobhit Mehrotra 


Short Term Plan : Nil 

Long Term Plan : Nil 

Short Term Plan : Nil 

Long 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 / switched-out 

within 6 months from the date of allotment. 

In respect of each purchase / switch-in of units greater than Rs. 10 lakhs in value, no Exit Load 

is payable. 

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 : Growth and Dividend Option. The Dividend Option offers Daily and Weekly 

Dividend Option (with Reinvestment facility only) and Monthly Dividend Option (with payout 

and Reinvestment facility). 

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

facility only. 

Shabbir Kapasi 

July 25, 2001 

Nil 

Nil 

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 : (Growth Option) 

Rs. 10,000 and in multiples of Rs. 1,000 thereafter. 

(Dividend Option) 

Rs. 1,00,000 and in multiples of Rs. 1,000 thereafter. 

Long Term Plan : For new investors : 

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


(Under each Plan / Option) 

For new investors : 


For existing investors : 




(NAV) 

Redemption 

Proceeds 

Nil 

Short Term Plan : All Year Round 

Long Term Plan : Every Business Day 

Normally despatched within 3 Business 

Days (1 Business Day in case of Short Term Plan). 

Nil 





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 

open-ended equity-oriented funds shall be payable by the mutual fund at the rate of 14.1625%*# (including surcharge and education cess) on income distributed to an individual/HUF 

and at the rate of 22.66%*# (including surcharge and education cess) on income distributed to any other investor. 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. 

# The Finance Bill 2007 has proposed to increase Dividend Distribution Tax to 28.325%*# (excluding surcharge and education cess) in case of income distributed by Liquid Funds 

and Money Market Mutual Funds. 

* Including the Secondary and Higher Secondary Education Cess proposed by the Finance Bill 2007. 


hdfc-eq-r.qxd 5/8/2007 20:39 Page 1 

HDFC 

Growth Fund 

An open-ended growth scheme 


Equity Fund 

IN EQUITY - DIVERSIFIED CATEGORY 

(77 schemes) for 3 and 5 year 

periods ending April 30, 2007 


NAV (as at April 30, 2007) 

Relative Performance ^ (Growth Plan) 

NAV per Unit (Rs.) 

Growth Plan 48.581 

Dividend Plan 26.374 






Date Period NAV Returns Benchmark 

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

Mar 30, 07 Last 31 days 45.461 6.86* 6.12* 

Apr 28, 06 Last 1 Year (367 days) 43.129 12.57** 16.95** 

Apr 30, 04 Last 3 Years (1095 days) 19.100 36.50** 34.87** 


Sep 11, 00 Since Inception (2422 days) 10.000 26.90** 17.73** 

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

* Absolute Returns ** Compounded Annualised Returns 

# SENSEX 

Portfolio – Top 10 Holdings (as at April 30, 2007) 

Company Industry + / Rating % to NAV 

EQUITY & EQUITY RELATED 

Divi’s Laboratories Ltd. Pharmaceuticals 7.69 

Reliance Industries Ltd. Petroleum Products 6.19 

Crompton Greaves Ltd. Industrial Capital Goods 5.99 

Infosys Technologies Ltd. Software 5.57 

Bharti Airtel Ltd. Telecom - Services 5.46 

Bharat Heavy Electricals Ltd. Industrial Capital Goods 4.78 

ITC Ltd. Consumer Non Durables 4.42 

Oil & Natural Gas Corporation Ltd. Oil 4.34 

Thermax Ltd. Industrial Capital Goods 4.18 

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 4.06 

Total of Top Ten Equity Holdings 52.68 

Total Equity & Equity Related Holdings 97.94 

Debt / Money Market Instrument 

State Bank of Saurashtra P1+ 1.19 

L & T Finance Ltd. PR1+ 1.19 

Total Debt / Money Market Instrument 

(aggregated holdings in a single issuer) 2.38 

Other Current Assets (Including Reverse Repos’ / CBLO) (0.32) 

Grand Total 100.00 

Net Assets (Rs. In Lakhs) 41,597.47 

Portfolio Turnover Ratio (Last 1 Year) 104.57% 

Industrial Capital Goods 17.38 

Pharmaceuticals 15.63 

Consumer Non Durables 13.49 

Petroleum Products 10.04 

Software 8.30 

Auto Ancillaries 8.07 

Banks 5.91 

Telecom - Services 5.71 

Oil 4.34 

+ Industry Classification as recommended by AMFI 

Industry Allocation of Equity Holding (% of Net Assets) 

Construction 2.52 

Ferrous Metals 1.99 

Industrial Products 1.76 

Auto 1.08 

Chemicals 1.07 

Textiles - Synthetic 0.55 

Engineering 0.10 

Std Deviation 

Beta Sharpe Ratio* 

Risk Ratio (for the 3-yr period ended April 30, 2007) 6.60% 0.9371 0.54 




Apr 28, 06 Last 1 Year (367 days) 130.607 15.64** 12.04** 




Jan 01, 95 Since Inception (4502 days) 10.000 24.63** 10.61** 



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


Company Industry + % to NAV 






Amtek Auto Ltd. Auto Ancillaries 4.61 

Larsen and Toubro Ltd. Industrial Capital Goods 3.99 

Punj Lloyd Ltd. Construction 3.69 

CMC Ltd. Hardware 3.45 


United Phosphorus Ltd. Pesticides 3.15 



Other Current Assets (Including Reverse Repos’ / CBLO) 3.36 





✤ Past performance is no guarantee of future results. 

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






Auto Ancillaries 7.72 

Media & Entertainment 7.06 


Oil 5.55 

Banks 4.81 


Hardware 3.45 

Pesticides 3.15 


Cement 1.45 

Textiles - Silk 1.32 


Textiles - Synthetic 0.56 

Retailing 0.56 

Chemicals 0.47 

Others 0.16 

Std Deviation 



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



HDFC Top 

200 Fund 





HDFC Capital 

Builder Fund 













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






Oct 11, 96 Since Inception (3853 days) 10.000 28.08** 17.14** 


* 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 





Tata Consultancy Services Ltd. Software 4.33 


Hindustan Petroleum Corporation Ltd. Petroleum Products 3.29 


Bharat Electronics Ltd. Industrial Capital Goods 2.78 


ICICI Bank Ltd. Banks 2.68 











Industrial Capital Goods 12.80 Media & Entertainment 1.81 

Software 12.77 Cement 1.64 

Petroleum Products 11.82 Ferrous Metals 1.62 

Banks 9.17 Pesticides 1.56 

Consumer Non Durables 8.66 Power 1.35 

Pharmaceuticals 6.96 Auto 1.19 

Auto Ancillaries 6.66 Transportation 1.06 

Oil 6.40 Gas 0.66 

Telecom - Services 6.11 Textiles - Silk 0.17 









Feb 01, 94 Since Inception (4836 days) 10.000 15.28** 9.12** 


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

** Compounded Annualised Returns 





Container Corporation of India Ltd. Transportation 6.37 

SKF India Ltd. Industrial Products 5.89 

Jindal Steel & Power Ltd. Ferrous Metals 5.68 

Sintex Industries Ltd. Industrial Products 5.53 


Ipca Laboratories Ltd. Pharmaceuticals 4.53 


Motor Industries Company Ltd. Auto Ancillaries 4.06 

Hindustan Zinc Ltd. Non - Ferrous Metals 3.69 




IDBI Bank Ltd. P1+ 3.54 

State Bank of Mysore A1+ 1.41 










Industrial Capital Goods 15.41 Software 4.37 

Industrial Products 11.42 Non - Ferrous Metals 3.69 

Ferrous Metals 10.63 Media & Entertainment 2.91 

Consumer Non Durables 9.71 Chemicals 1.56 

Transportation 7.78 Textile Products 1.22 

Banks 7.35 Textiles - Silk 1.16 

Auto Ancillaries 7.27 Hotels 0.94 

Pharmaceuticals 4.53 Oil 0.76 

Std Deviation Beta Sharpe Ratio* 

Std Deviation Beta Sharpe Ratio* 

Risk Ratio (for the 3-yr period ended April 30, 2007) 6.56% 0.9069 0.55 Risk Ratio (for the 3-yr period ended April 30, 2007) 6.67% 0.8528 0.62 





HDFC Core & Satellite Fund 


HDFC Premier Multi-Cap Fund 




Growth Option 25.182 

Dividend Option 19.400 

Relative Performance ^ (Growth Option) 










Apr 06, 05 Since Inception (754 days) 10.000 35.60** 35.39** 



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




Apr 28, 06 Last 1 Year (367 days) 25.505 -1.26** 12.94** 



*Absolute Returns #BSE 200 ** Compounded Annualised Returns 










KEC International Ltd. Power 3.95 


Siemens Ltd. Industrial Capital Goods 3.65 


















Banks 7.12 





Power 3.95 



Consumer Durables 2.83 




Company / Issuer Industry + % to NAV 







Deccan Chronicle Holdings Ltd. Media & Entertainment 5.61 


Maruti Udyog Ltd. Auto 4.65 

Hindustan Lever Ltd. Consumer Non Durables 4.45 





State Bank of Indore P1+ 3.59 














Banks 6.50 



Oil 5.50 


Auto 4.65 

Power 2.02 


Textile Products 1.40 






IN EQUITY - INDEX CATEGORY 



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 (1748 days) 32.1610^^ 33.29** 39.42** 



#SENSEX (Total Returns Index) 

^^Face Value per Unit 











Housing Development Finance Corporation Ltd.$ Finance 4.25 

Reliance Communication Ltd Telecom - Services 3.88 

Satyam Computer Services Ltd. Software 3.35 














#S&P CNX Nifty (Total Returns Index) 

^^Face Value per Unit 









Reliance Communication Ltd. Telecom - Services 4.83 

Wipro Ltd. Software 4.08 






Other Current Assets (Including Reverse Repos’ / CBLO) (3.70) 




+ Industry Classification as recommended by AMFI $ Sponsor 






Industry Allocation of Equity Holding (% of Net Assets) Software 18.51 Pharmaceuticals 3.67 

Software 19.02 Cement 4.45 

Petroleum Products 13.63 Cement 2.81 

Telecom - Services 13.53 Finance 2.07 

Banks 14.69 Oil 4.42 Oil 9.68 Non - Ferrous Metals 1.62 

Petroleum Products 12.34 Finance 4.25 Banks 9.09 Metals - Aluminium 1.44 

Telecom - Services 10.00 Pharmaceuticals 3.33 Industrial Capital Goods 8.91 Gas 1.25 

Industrial Capital Goods 7.28 Power 3.22 Consumer Non Durables 5.56 Power 1.15 

Consumer Non Durables 7.26 Ferrous Metals 2.53 Auto 5.43 Media & Entertainment 0.64 

Auto 5.75 Non - Ferrous Metals 1.44 Ferrous Metals 4.24 Chemicals 0.47 

Tracking Error Since Inception (Annualised) 2.43% Tracking Error Since Inception (Annualised) 2.84% 





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





Growth Option 149.5807 









#SENSEX (Total Returns Index) 

^^ Face Value per Unit 








ABB Ltd.# Industrial Capital Goods 5.22 




Housing Development Finance Corporation Ltd.$ Finance 3.77 

Reliance Communication Ltd. Telecom - Services 3.44 








$ Sponsor, # Non-Index scrip 





Banks 13.03 






Auto 5.12 




Cement 3.96 

Oil 3.92 

Finance 3.77 

Power 2.86 


Consumer Durables 2.07 

Non - Ferrous Metals 1.37 

Dividend History ^ 

HDFC Growth Fund 

Record Cum Div Dividend Per unit (Rs.) For 

Date NAV (Rs.) Individuals & HUF Others 

Dec 15, 04 17.7110 2.00 2.00 

Dec 30, 05 23.1230 2.50 2.50 

HDFC Equity Fund 

Record Date NAV per Unit (Rs.) Dividend 

Cum Dividend Per Unit (Rs.) 

Aug 06, 99 16.030 1.60 

Nov 29, 99 19.100 2.00 

Mar 24, 00 21.520 3.00 

Dec 22, 00 12.660 1.70 

Mar 15, 02 13.470 1.20 

Jul 15, 03 17.097 2.00 

Sep 30, 03 18.792 2.50 

HDFC Top 200 Fund 



Jan 07, 00 25.810 2.50 

Mar 24, 00 24.810 2.50 

Aug 25, 00 16.030 2.10 

Feb 23, 01 13.840 2.00 

Mar 15, 02 12.440 1.20 

Jul 15, 03 16.272 2.00 

Oct 31, 03 19.899 2.50 

HDFC Capital Builder Fund 



Jul 07, 00 13.810 2.00 

Jan 30, 04 19.4770 5.00 



Jan 11, 07 22.6100 3.00 3.00 




Dec 30, 05 18.2720 2.00 2.00 

HDFC Prudence Fund 



Nov 29, 99 17.730 2.00 

Apr 07, 00 15.200 1.50 

Mar 09, 01 12.700 0.90 

Mar 15, 02 13.900 1.00 

Jul 15, 03 18.737 2.00 

Dec 26, 03 23.711 3.00 

HDFC Long Term Advantage Fund 

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



Mar 18, 02 11.600 1.20 

Feb 14, 03 12.172 1.20 

Feb 13, 04 26.075 2.00 

Mar 15, 04 22.937 2.00 

Dividend Plan 



Dec 28, 06 29.6810 3.50 3.50 

Dividend Plan 



Mar 19, 04 20.790 1.50 



Nov 30, 04 23.4450 3.00 3.00 

Mar 17, 06 41.8770 5.00 5.00 

Mar 07, 07 40.3520 5.00 5.00 

Dividend Plan 



Mar 08, 04 21.959 1.50 



Dec 15, 04 24.0660 3.00 3.00 

Feb 17, 06 36.4090 4.50 4.50 

Feb 07, 07 42.9680 5.00 5.00 

Dividend Plan 



Feb 04, 05 22.5520 5.00 5.00 

Feb 17, 06 26.6200 5.00 5.00 

Feb 07, 07 26.3890 3.00 3.00 

HDFC Core & Satellite Fund HDFC Premier Multi-Cap Fund 

Dividend Option 

Dividend Option 

HDFC TaxSaver 

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



Aug 06, 99 25.6900 3.60 

Nov 29, 99 35.4400 5.00 

Apr 03, 00 41.5800 21.00 

Mar 30, 01 15.7200 1.60 

Mar 15, 02 17.9400 2.00 

Jul 15, 03 19.9220 2.00 

Feb 27, 04 28.4330 2.00 



Mar 03, 06 15.7560 1.75 1.75 

Feb 21, 07 16.6540 2.00 2.00 

Dividend Plan 



Dec 28, 06 20.5880 2.50 2.50 

Dividend Plan 



Mar 15, 04 20.247 1.50 



Mar 18, 05 25.2650 5.00 5.00 

Mar 03, 06 30.5430 5.00 5.00 


Dividend Plan 



Feb 04, 05 32.588 5.00 5.00 

Jan 13, 06 44.270 6.00 6.00 


Dividend Plan 



Mar 15, 04 26.7160 2.00 



Feb 17, 05 40.572 5.00 5.00 

Mar 17, 06 67.080 7.50 7.50 


^ 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 distribution tax (if applicable). 




An open-ended balanced scheme 







Prudence Fund 







IN HYBRID EQUITY - ORIENTED CATEGORY 





Mar 30, 07 Last 31 days 29.183 5.55* 6.07* 




Sep 11, 00 Since Inception (2422 days) 10.000 18.48** N.A. 



#CRISIL Balanced Fund Index 

N.A. Not Available 


Company / Issuer Industry + / Rating % to NAV 






Jindal Saw Ltd. Ferrous Metals 5.13 

Tata Elxsi Ltd. Hardware 4.88 

Bank of Baroda Banks 4.16 

Coromandel Fertilisers Ltd. Fertilisers 3.63 






Loan Securitisation Trust - Grasim Industries Ltd. AAA(SO) 5.46 

State Bank of Patiala P1+ 4.34 

Indian Railways Finance Corp. Ltd. AAA 4.19 

Loan Securitisation Trust - Bajaj Auto Ltd. AAA(SO) 4.10 

Indian Oil Corporation Ltd. LAAA 4.09 

Housing Dev. Finance Corpn Ltd.$ AAA 4.09 

Loan Securitisation Trust - Reliance Industries Ltd. AAA(SO) 2.18 








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

Mar 30, 07 Last 31 days 110.132 4.82* 6.07* 


Apr 30, 04 Last 3 Years (1095 days) 47.747 34.21**~ 19.83** 

Apr 30, 02 Last 5 Years (1826 days) 19.230 43.08**~ 20.47** 

Apr 30, 97 Last 10 Years (3652 days) 9.380 29.71** N.A. 

Feb 01, 94 Since Inception (4836 days) 10.000 22.63** N.A. 

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

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


Dividend and Growth Plans ~ Due to an over all sharp rise in the stock prices 






AIA Engineering Ltd. Industrial Capital Goods 3.91 


Punj Lloyd Ltd. Construction 3.42 

Hindustan Petroleum Corporation Ltd. Petroleum Products 3.07 




Pidilite Industries Ltd. Consumer Non Durables 2.83 




ICICI Bank Ltd. P1+ 8.89 

UTI Bank Ltd. AA+ 1.30 

ACC Ltd. AA+ 1.09 

Ultratech Cemco Ltd. AA+ 1.05 

Allahabad Bank PR1+ 0.99 


GE Money Financial Services Limited AAA 0.88 

Export - Import Bank of India AAA 0.87 

UCO Bank P1+ 0.87 

IDBI Bank Ltd. AA 0.67 

Total of Top Ten Debt / Money Market Instrument 


Total Debt / Money Market Instrument 20.39 











Industry Allocation of Equity Holding (% of Net Assets) Industrial Capital Goods 13.48 Industrial Products 2.69 

Media & Entertainment 9.11 Cement 0.93 

Pharmaceuticals 11.19 Power 3.61 Auto Ancillaries 8.93 Chemicals 0.90 

Software 9.19 Consumer Non Durables 2.61 Consumer Non Durables 7.48 Textile Products 0.67 

Banks 6.31 Auto Ancillaries 2.56 Software 6.37 Retailing 0.61 

Petroleum Products 5.50 Textile Products 2.02 Banks 4.64 Textiles - Silk 0.51 

Industrial Capital Goods 5.24 Oil 2.01 

Oil 4.52 Ferrous Metals 0.41 

Construction 3.42 Pharmaceuticals 0.40 

Ferrous Metals 5.13 Transportation 1.64 

Petroleum Products 3.07 Textiles - Synthetic 0.33 

Hardware 4.88 Chemicals 1.02 Power 2.88 Consumer Durables 0.32 

Fertilisers 3.63 

Pesticides 2.69 Trading 0.17 




HDFC Children’s Gift Fund 


Investment Plan 





HDFC Children’s Gift Fund 


Savings Plan 






$ Sponsor 





Mar 30, 07 Last 31 days 23.946 5.54* 6.07* Mar 30, 07 Last 31 days 14.526 1.29* 1.84* 

Apr 28, 06 Last 1 Year (367 days) 24.034 5.13** 13.48** Apr 28, 06 Last 1 Year (367 days) 14.868 -1.03** 6.12** 

Apr 30, 04 Last 3 Years (1095 days) 18.213 21.73** 19.83** Apr 30, 04 Last 3 Years (1095 days) 15.733 6.73** 6.71** 



Mar 02, 01 Since Inception (2250 days) 10.000 11.09** N.A. 

Mar 02, 01 Since Inception (2250 days) 10.000 21.28** N.A. 



* Absolute Returns ** Compounded Annualised Returns * Absolute Returns ** Compounded Annualised Returns 

#CRISIL Balanced Fund Index 

N.A. Not Available #CRISIL MIP Blended Index 


Portfolio – Top Holdings (as at April 30, 2007) 






Esab India Ltd. Industrial Products 7.28 Esab India Ltd. Industrial Products 2.03 

Reliance Industries Ltd. Petroleum Products 6.52 Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.90 

Bharti Airtel Ltd. Telecom - Services 6.39 Shriram Transport Finance Co. Ltd. Finance 1.06 

Thermax Ltd. Industrial Capital Goods 5.09 Sun Pharma Advan. Res. Co. Ltd. Pharmaceuticals 0.25 

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 4.04 Total Equity & Equity Related Holdings 5.24 

Deccan Chronicle Holdings Ltd. Media & Entertainment 4.01 Debt / Money Market Instrument 

Satyam Computer Services Ltd. Software 3.91 State Bank of Saurashtra P1+ 18.35 

Biocon Ltd. Pharmaceuticals 3.79 Loan Securitisation Trust - Grasim Industries Ltd. AAA(SO) 12.90 




Power Finance Corpn. Ltd. AAA 8.63 




Citicorp Finance (India) Ltd. AAA 5.51 




JUS Trust - Jet Airways AAA(SO) 5.45 

Indian Railways Finance Corp. Ltd. AAA 5.28 

Loan Securitisation Trust - Grasim Industries Ltd. AAA(SO) 4.88 Standard Chartered Bank AAA 1.97 

Loan Securitisation Trust - Bajaj Auto Ltd. AAA(SO) 2.09 State Bank of India AAA 1.87 

Indian Railways Finance Corp. Ltd. AAA 1.50 Total of Top Ten Debt / Money Market Instrument 

Housing Dev. Finance Corpn. Ltd.$ AAA 1.46 (aggregated holdings in a single issuer) 75.75 

Standard Chartered Bank AAA 0.84 Total Debt / Money Market Instrument 78.51 



(aggregated holdings in a single issuer) 27.90 Grand Total 100.00 

Other Current Assets (Including Reverse Repos’ / CBLO) 1.04 Net Assets (Rs. In Lakhs) 5,403.01 















Auto 2.86 

Banks 1.86 


Average Portfolio Maturity (Other than equity investments) 1.05 years 





Finance 1.06 



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 





Container Corporation of India Ltd. Transportation 4.72 

Maharashtra Seamless Ltd. Ferrous Metals 4.27 


Blue Star Ltd. Consumer Durables 4.07 


State Bank of India Banks 3.33 


Heritage Foods India Ltd. Consumer Non Durables 3.02 

AIA Engineering Ltd. Industrial Capital Goods 2.80 




The Federal Bank Ltd. P1+ 3.73 


















Transportation 6.36 




Consumer Durables 4.07 

Banks 3.33 


Auto 2.04 

Oil 1.62 



Gas 0.97 


Healthcare Services 0.36 


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






Mar 31, 96 Since Inception (4047 days) 10.000 38.29** 15.25** 


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












Siemens Ltd. Industrial Capital Goods 4.08 




ITC Ltd. Consumer Non Durables 3.07 




State Bank of Bikaner & Jaipur P1+ 3.00 

















Banks 7.20 





Oil 3.38 

Auto 2.93 





Transportation 0.69 

Textiles - Cotton 0.29 

Cement 0.22 

Std Deviation 


Std Deviation 







hdfc-sip.qxd 5/8/2007 20:40 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) 79.00 60.00 36.00 12.00 

Mkt Value as on April 30, 2007 (Rs. ‘000) 295.74 179.29 63.47 13.65 

Returns (Annualised)* (%) 39.14 45.55 40.67 26.68 

Benchmark Returns (Annualised) (%) # 31.37 39.37 41.28 27.30 

# 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) 147.00 120.00 60.00 36.00 12.00 

Mkt Value as on April 30, 2007 (Rs. ‘000) 1,565.20 1000.45 202.99 67.86 13.75 

Returns (Annualised)* (%) 34.70 39.84 51.11 45.99 28.28 

Benchmark Returns (Annualised) (%) # 19.58 23.58 38.70 36.06 27.23 

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


HDFC TOP 200 FUND 




Mkt Value as on April 30, 2007 (Rs. ‘000) 796.77 715.75 197.77 65.47 13.54 



# BSE 200 


HDFC CAPITAL BUILDER FUND 




Mkt Value as on April 30, 2007 (Rs. ‘000) 901.60 596.40 179.77 58.62 13.56 





HDFC PREMIER MULTI-CAP FUND 

SIP Investments Since Inception 1 Year SIP 

Total Amount Invested (Rs.) 24.000.00 12,000.00 

Market Value as April 30, 2007, (Rs.) 32,024.32 13,682.61 

Returns (Annualised)* (%) 24.84 24.27 

Benchmark Returns (Annualised) (%) # 27.59 27.23 



HDFC CORE & SATELLITE FUND 

SIP Investments Since Inception 1 Year SIP 

Total Amount Invested (Rs.) 31,000.00 12.000.00 

Market Value as April 30, 2007, (Rs.) 47,839.26 13,591.46 

Returns (Annualised)* (%) 32.00 11.60 

Benchmark Returns (Annualised) (%) # 31.45 25.70 

# BSE 200 


HDFC BALANCED FUND 




Returns (Annualised)* (%) 23.11 25.74 22.07 8.27 

Benchmark Returns (Annualised) (%) # N.A. N.A. 24.61 22.12 

# CRISIL Balanced Fund Index 


HDFC PRUDENCE FUND 




Mkt Value as on April 30, 2007 (Rs. ‘000) 1,192.67 657.91 161.36 59.14 13.67 


Benchmark Returns (Annualised) (%) # N.A. N.A. N.A. 21.95 5.05 



HDFC CHILDREN’S GIFT FUND - INVESTMENT PLAN 



Mkt Value as on April 30, 2007 (Rs. ‘000) 151.84 110.07 49.37 12.87 


Benchmark Returns (Annualised) (%) # N.A. N.A. 24.61 22.12 



HDFC CHILDREN’S GIFT FUND - SAVINGS PLAN 





Benchmark Returns (Annualised) (%) # N.A. N.A. 8.64 8.07 

# CRISIL MIP Blended Index 


HDFC LONG TERM ADVANTAGE FUND 





Benchmark Returns (Annualised) (%) # 32.95 39.37 41.28 27.30 

# SENSEX 


HDFC TAXSAVER 




Mkt Value as on April 30, 2007 (Rs. ‘000) 1,634.37 1,262.34 222.88 68.36 13.06 



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


HDFC MF MIP - SHORT TERM PLAN 

SIP Investments Since Inception 3 Year SIP 1 Year SIP 

Total Amount Invested (Rs.) 40,000.00 36,000.00 12,000.00 

Market Value as April 30, 2007 (Rs.) 45,788.15 40,643.51 12,444.36 

Returns (Annualised)* (%) 6.43 8.07 7.00 

Benchmark Returns (Annualised) (%) # 6.60 8.64 8.07 

# CRISIL MIP BLENDED INDEX 


HDFC MF MIP - LONG TERM PLAN 

SIP Investments Since Inception 3 Year SIP 1 Year SIP 

Total Amount Invested (Rs.) 40,000.00 36,000.00 12,000.00 

Market Value as April 30, 2007 (Rs.) 49,153.99 44,717.74 12,855.44 

Returns (Annualised)* (%) 10.66 12.38 -1.92 

Benchmark Returns (Annualised) (%) # 6.60 8.64 8.07 

# 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. 


Intouchmutually

hdfc-dt.qxd 5/8/2007 21:26 Page 1 

HDFC MF MIP - 

Short Term Plan 

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

subject to availability of distributable surplus 




Monthly Dividend Option 10.2180 

Quarterly Dividend Option 10.5058 

Relative Performance^(Growth Option) 






Dec 26, 03 Since Inception (1221 days) 10.0000 8.33** 6.54** 

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


#Crisil MIP Blended Index 






Maruti Udyog Ltd. Auto 1.37 

Hindustan Lever Ltd. Consumer Non Durables 1.27 

Motherson Sumi Systems Ltd. Auto Ancillaries 1.04 



Hindustan Oil Exploration Co. Ltd. Oil 0.89 

T. V. Today Network Ltd. Media & Entertainment 0.64 

Godawari Power & Ispat Ltd. Ferrous Metals 0.63 




IDBI Bank Ltd. AA/AA+ 12.06 

Housing Dev. Finance Corpn. Ltd.$ AAA 9.52 

Infrastructure Dev. Fin. Corp. Ltd. AAA/LAAA 9.15 

Citi Financial Consumer Fin. (I) Ltd. AAA 6.84 

RPS Trust-Tata Teleservices Ltd. LAAA(SO) 5.40 

Cholamandalam DBS Fin. Co. Ltd. LAA 4.72 

LIC Housing Finance Ltd. AAA 4.72 



M&M Financial Services Ltd. MAA+ 2.46 







HDFC MF MIP - 

Long Term Plan 


In Hybrid - Monthly Income Category 

(38 schemes) for 3 & 5 year periods 

ending April 30, 2007 

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

subject to availability of distributable surplus 





Quarterly Dividend Option 11.8232 






Dec 26, 03 Since Inception (1221 days) 10.0000 12.86** 6.54** 



#Crisil MIP Blended Index 










GlaxoSmithkline Consumer Healthcare Consumer Non Durables 1.26 


Zee Entertainment Enterprises Ltd. Media & Entertainment 1.06 

Ceat Ltd. Auto Ancillaries 1.00 



Debt / Money Market Instrument / Government Securities 



Sundaram Finance Ltd. AA+ 3.32 

Infrastructure Dev. Fin. Corp. Ltd. AAA/LAAA 2.94 


BHPC Auto Loan Securitisation Trust - Tata Motors Ltd. AAA(SO) 2.50 



Government Securities SOV 2.23 


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


Total Debt / Money Market Instrument / Government Securities 70.99 




Average Portfolio Maturity 

1.65 years (other than equity investments) 

+ Industry Classification as recommended by AMFI, 

$ Sponsor 


1.29 years (other than equity investments) 

+ Industry Classification as recommended by AMFI, 






An open-ended income scheme 

HDFC Multiple Yield Fund - Plan 2005 













*Absolute Returns 

# Crisil MIP Blended Index 







Nestle India Ltd. Consumer Non Durables 1.76 

Tata Chemicals Ltd. Fertilisers 1.35 

Videsh Sanchar Nigam Ltd. Telecom - Services 1.32 

Colgate-Palmolive (India) Ltd. Consumer Non Durables 1.03 

SKF India Ltd. Industrial Products 0.92 


Dr Reddys Laboratories Ltd. Pharmaceuticals 0.64 



IDBI Bank Ltd. P1+ 16.68 

Export - Import Bank of India A1+ 11.36 


DSP Merrill Lynch Capital Ltd. P1+ 8.38 

Allahabad Bank PR1+ 8.35 

Loan securitisation Trust Series XLIV (Tata Tea) M A1+(SO) 5.99 

State Bank of Travancore P1+ 5.56 

YES Bank Ltd. A1+ 5.56 


Kotak Mahindra Prime Ltd. P1+ 1.78 
















Aug 17, 05 Since Inception (621 days) 10.0000 6.36** 8.26** 


* Absolute Returns # Crisil MIP Blended Index 





Exide Industries Ltd. Auto Ancillaries 6.08 

Hindustan Petroleum Corporation Ltd. Petroleum Products 4.35 




State Bank of Travancore P1+ 19.77 

Gruh Finance Ltd. LAA+ 17.18 



Corporation Bank P1+ 5.18 

Fullerton India Credit Corp. Ltd. F1+ 4.87 

Morgan Stanley Growth Fund 3.70 

Indian Retail ABS Trust - ICICI Bank Ltd. LAAA(SO) 2.37 

Standard Chartered Inv. & Loans P1+ 1.47 







172 days Average Portfolio Maturity 

197 days 

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


Intouchmutually




HDFC High Interest Fund 













Sep 11, 00 Since Inception (2422 days) 10.0000 7.96** N.A. 



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


Issuer Rating % to NAV 

DEBT / MONEY MARKET INSTRUMENTS / GOVERNMENT SECURITIES 



Indian Oil Corporation Ltd. LAAA 11.33 

Loan Securitisation Trust - Bajaj Auto Ltd. AAA(SO) 9.40 


Tata Sons Ltd. AAA 6.99 

IDBI Bank Ltd. AA+ 6.99 

Housing Dev. Finance Corpn. Ltd.$ AAA 5.42 

DSP Merrill Lynch Capital Ltd. AAA(SO) 4.78 

Housing and Urban Development Corporation Ltd.$ AAA 3.45 

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

(aggregated holdings in a single issuer 91.75 

Total Debt / Money Market Instrument / Government Securities 96.10 







Quarterly Dividend Plan 10.4125 

Half-Yearly Dividend Plan 10.1945 

Yearly Dividend Plan 10.6531 








Apr 28, 97 Since Inception (3654 days) 10.0000 9.32** N.A. 



#CRISIL Composite Bond Fund Index 




DEBT / MONEY MARKET INSTRUMENTS / GOVERNMENT SECURITIES 





Mahindra and Mahindra Fin. Ser Ltd. AA+ 10.96 

Housing and Urban Development Corporation Ltd. AAA 6.73 

Hindalco Industries Ltd. AAA 5.27 

Total Debt / Money Market Instrument / Government Securities 

(aggregated holdings in a single issue 95.60 





5.68 years 

$ Sponsor 


5.54 years 



HDFC Short Term Plan 


HDFC High Interest Fund - Short TermPlan 





Dividend Reinvestment Option 10.3621 



Growth Option 13.7307 






Apr 28, 06 Last 1 Year (367 days) 12.6507 6.60** 6.60** 






# Crisil Liquid Fund Index N.A. Not Available 



DEBT / MONEY MARKET INSTRUMENTS 


Indian Retail ABS Trust - ICICI Bank Ltd. AA- 10.86 


Jammu & Kashmir Bank Ltd P1+ 10.35 


Allahabad Bank P1+ 9.85 

DSP Merrill Lynch Capital Ltd. AAA(SO) 8.56 

UTI Bank Ltd. A1+ 8.27 

GE Capital Services India AAA 7.02 

Indian Corp. Loan Sec.Trust - Yes Bank Ltd. AA(SO) 6.50 

















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

Portfolio – Holdings (as at April 30, 2007) 



DSP Merrill Lynch Capital Ltd. P1+(SO) 15.85 

APL Loan Trust Series (ILFS) A1(SO) 14.54 

Kotak Mahindra Investments Ltd. A1+ 12.55 

Citi Financial Consumer Fin. (I) Ltd. AAA 12.16 

State Bank of Patiala A1+ 12.06 


UBL Trust - DLF A+(IND)(SO) 9.51 







Average Portfolio Maturity 335 days Average Portfolio Maturity 227 days 


Intouchmutually


HDFC Gilt Fund 



















Jul 25, 01 Since Inception (2105 days) 10.0000 5.67** N.A. 



#I-Sec Si-Bex 




Government Securites / Treasury Bills 

364 Days T-Bills SOV 29.33 

7.44% GOI 2012 SOV 21.30 

12.25% GOI 2008 SOV 13.14 

11.40% GOI 2008 SOV 0.09 

Total Government Securites / Treasury Bills 63.86 







Mar 30, 07 Last 31 days 15.6291 -0.25* 0.11* 




Jul 25, 01 Since Inception (2105 days) 10.0000 8.00** N.A. 



#I-Sec Li-Bex 




Government Securities / Treasury Bills 

9.39% GOI 2011 SOV 50.72 

8.07% GOI 2017 SOV 24.15 

8.33% GOI 2036 SOV 15.91 

364 Days T-Bills SOV 4.54 

Total Government Securites / Treasury Bills 95.32 




Average Portfolio Maturity 1.38 years Average Portfolio Maturity 9.12 years 


hdfc-dt1.qxd 5/8/2007 20:53 Page 1 

HDFC Floating 

Rate Income Fund 


In Debt: Floating Rate Short Term Category 

(21 schemes) for 18 month period 



(Classified as Liquid Scheme) 

HDFC Floating Rate 

Income Fund 


In Debt: Floating Rate Long Term Category 







Daily Dividend Reinvestment Option 10.0809 

Weekly Dividend Reinvestment Option 10.1515 










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

















IDBI Bank Ltd. AA/AA+/P1+ 12.21 

SBI Cards & Payment Services P. Ltd. P1+ 7.29 


Indian Retail ABS Trust - ICICI Bank Ltd. AAA(SO)/LAAA(SO) 6.34 

Citi Financial Consumer Fin.(I) Ltd AAA 4.40 


Housing Dev. Finance Corpn Ltd.$ AAA/LAAA 3.85 

DAS Trust - Standard Chartered Bank A1+(SO) 3.70 

Nirma Ltd. P1+ 3.67 












Citi Financial Consumer Fin.(I) Ltd. AAA 22.11 


National Housing Bank AAA 12.61 



Kotak Mahindra Investments Ltd. A1+ 2.92 







254 days 



$ Sponsor 


1.58 years 



$ Sponsor 




Liquid Fund 

An open-ended liquid income scheme 


IN DEBT: ULTRA SHORT-TERM CATEGORY 





HDFC Liquid Fund 



Weekly Dividend Option 10.3287 


HDFC Liquid Fund - Premium Plan 




HDFC Liquid Fund - Premium Plus Plan 





Liquid Fund 





Oct 17, 00 Since Inception (2386 days) 10.0000 6.39** N.A. 

Liquid Fund - Premium Plan 




Feb 24, 03 Since Inception (1526 days) 11.9684 5.70** 5.07** 

Liquid Fund - Premium Plus Plan 




Feb 24, 03 Since Inception (1526 days) 11.9684 5.76** 5.07** 



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




Standard Chartered Bank UNRATED 7.69 


Indian Retail ABS Trust - ICICI Bank Ltd. AAA(SO)/LAAA(SO)/P1+(SO) 5.48 

UTI Bank UNRATED 5.54 

DSP Merrill Lynch Capital Ltd. P1+/P1+(SO) 4.49 

Union Bank of India A1+/P1+ 4.19 

State Bank of Patiala A1+ 4.07 

ING Vysya Bank UNRATED 3.99 

Canara Bank P1+ 3.00 

UBL TRUST - DLF A+(IND)(SO) 2.75 







HDFC Cash 

Management Fund 

An open-ended high liquidity income scheme 

Savings Plan 



IN DEBT: ULTRA SHORT-TERM CATEGORY 






Weekly Dividend Reinvestment Option 10.6327 



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





Nov 18, 99 Since Inception (2720 days) 10.0000 6.34** N.A. 



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








UTI Bank UNRATED 4.65 


Standard Chartered Bank /P1+/UNRATED 4.23 

State Bank of Patiala A1+/P1+ 3.47 


State Bank of Bikaner & Jaipur P1+ 3.24 


Indian Retail ABS Trust - ICICI Bank Ltd. A1+(SO)/AAA(SO)/LAAA(SO) 2.81 



Total Debt / Money Market Instrument 98.07 




157 days 




150 days 






Savings Plus Plan 




Retail Option 


Daily Dividend Option 10.0315 





Daily Dividend Option 10.0315 










Nov 18, 99 Since Inception (2720 days) 10.0000 6.84** N.A. 






HDFC Mutual Fund UNRATED 7.18 

Standard Chartered Bank P1+/UNRATED 6.82 




Global Trade Finance Ltd. P1+ 3.83 

Sundaram Finance Ltd. /AA+ 3.49 

State Bank of Patiala A1+/P1+ 3.22 

GE Money Financial Services Limited P1+ 2.47 

UBL Trust Series 26 A+(IND)(SO) 2.39 







Call Plan 

An open-ended high liquidity income scheme 







Apr 30, 04 Last 3 Years (1095 days) 11.0734 5.64** 5.35** 












State Bank of Mysore A1+/P1+ 15.57 



Union Bank of India P1+ 10.30 


Industrial Dev. Bank of India Ltd. P1+ 8.02 










22 days 


122 days 

Note for All Open-Ended Schemes (as at April 30, 2007) 

i) Total NPAs provided for and its percentage to NAV : Nil 

ii) Total outstanding exposure in derivative instruments (Notional) : Nil 


hdfc-div.qxd 5/8/2007 20:53 Page 1 



Dividend Option (Since September 2006) 

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

Individuals & HUF 

Others 

Sep 26, 06 10.3248 0.1000 0.0931 

Dec 26, 06 10.3300 0.1000 0.0931 

HDFC Gilt Fund (Since June 2005) 

Short Term Plan (Dividend Option) 

Record Cum Div Dividend Per unit (Re.) For 


Sep 26, 06 10.5747 0.1000 0.0931 

Dec 26, 06 10.5893 0.1000 0.0931 

Mar 26, 07 10.5816 0.1000 0.0931 

Long Term Plan (Dividend Option) 



Jun 24, 05 10.1395 0.0500 0.0466 

Dec 26, 05 10.2049 0.0750 0.0698 

Dec 26, 06 10.3609 0.1500 0.1397 

HDFC High Interest Fund-Short Term Plan 

Dividend Option (Last 6 months) 



Nov 01, 06 10.6132 0.0453 0.0422 

Dec 01, 06 10.6267 0.0504 0.0470 






Apr 02, 07 10.6314 0.0692 0.0644 

HDFC High Interest Fund (Since September 2006) 

Quarterly (Dividend Option) 



Sep 26, 06 10.6598 0.1500 0.1397 

Dec 26, 06 10.5792 0.1000 0.0931 

Yearly (Dividend Option) 

Half-yearly (Dividend Option) 



Sep 26, 06 10.5576 0.3000 0.2794 


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

Individuals & HUF 

Others 

Mar 24, 05 10.9273 0.5000 0.4676 


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) (Last 6 months) 

Monthly (Dividend Option) 



Nov 27, 06 10.4729 0.0600 0.0559 

Dec 26, 06 10.3766 0.0600 0.0559 






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

Monthly (Dividend Option) 



Nov 27, 06 11.7059 0.0700 0.0652 

Dec 26, 06 11.6341 0.0700 0.0652 

Jan 25, 07 11.7929 0.0700 0.0652 

Feb 26, 07 11.6509 0.0700 0.0652 

Sep 25, 06 10.7066 0.1800 0.1677 

Dec 26, 06 10.7293 0.1800 0.1676 


Mar 26, 07 11.5333 0.0700 0.0652 

Apr 25, 07 11.6214 0.0700 0.0652 


Sep 25, 06 11.7808 0.2000 0.1863 

Dec 26, 06 11.9511 0.2000 0.1863 


HDFC Floating Rate Income Fund 

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

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 06, 06 10.1492 0.0121 0.0113 Feb 05, 07 10.1502 0.0130 0.0121 




Dec 04, 06 10.1493 0.0122 0.0114 Mar 05, 07 10.1503 0.0130 0.0121 




Jan 02, 07 10.1482 0.0112 0.0104 April 02, 07 10.1573 0.0171 0.0171 





HDFC Short Term Plan 

Dividend Reinvestment Option (Last 6 months) 



Nov 01, 06 10.3578 0.0268 0.0250 

Nov 16, 06 10.3566 0.0258 0.0240 

Dec 01, 06 10.3585 0.0275 0.0256 

Dec 18, 06 10.3523 0.0220 0.0205 













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 

Oct 13, 05 11.0409 0.9000 0.8381 Oct 12, 06 10.7938 0.6700 0.6240 

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





Jan 02, 07 10.1968 0.0227 0.0211 Apr 02, 07 10.2031 0.0282 0.0262 

Jan 16, 07 10.1942 0.0204 0.0190 Apr 16, 07 10.1955 0.0230 0.0214 

HDFC Multiple Yield Fund - Plan 2005) 




Nov 16, 06 10.9001 0.7500 0.6985 


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 distribution tax (if applicable). 



hdfc-div.qxd 5/8/2007 20:53 Page 2 



Savings Plus Plan (Daily Dividend Option) 

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

for the month Individuals & HUF Others 

Retail Option 

April 2007 Daily 10.0315 0.0201 0.0188 


April 2007 Daily 10.0315 0.0212 0.0198 



Nov 06, 06 10.0281 0.0124 0.0115 

Nov 13, 06 10.0280 0.0123 0.0114 

Nov 20, 06 10.0278 0.0121 0.0113 

Nov 27, 06 10.0280 0.0123 0.0114 

Dec 04, 06 10.0283 0.0125 0.0117 

Dec 11, 06 10.0277 0.0120 0.0112 

Dec 18, 06 10.0280 0.0122 0.0114 

Dec 26, 06 10.0303 0.0126 0.0118 

Dec 26, 06 10.0303 0.0126 0.0118 








Weekly Dividend Option (Last 6 months) 

Monthly Dividend Option 














Wholesale Plan 





Retail Option 

April 30, 2007 10.0493 0.0353 0.0329 


April 30, 2007 10.0488 0.0349 0.0324 


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



Nov 2006 Daily 10.6364 0.0021 0.0020 

Dec 2006 Daily 10.6364 0.0589 0.0544 

Jan 2007 Daily 10.6364 0.0608 0.0566 

Feb 2007 Daily 10.6364 0.0552 0.0513 

Mar 2007 Daily 10.6364 0.0748 0.0699 

Apr 2007 Daily 10.6364 0.0613 0.0613 

Weekly Dividend Reinvestment Option (Last 6 months) 

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


Nov 03, 06 10.6392 0.0127 0.0118 

Nov 10, 06 10.6393 0.0128 0.0119 

Nov 17, 06 10.6394 0.0128 0.0120 

Nov 24, 06 10.6395 0.0130 0.0121 

Dec 01, 06 10.6393 0.0128 0.0119 

Dec 08, 06 10.6392 0.0128 0.0119 

Dec 15, 06 10.6393 0.0128 0.0119 

Dec 22, 06 10.6397 0.0132 0.0123 

Dec 29, 06 10.6401 0.0135 0.0126 





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





Feb 23, 07 10.6335 0.0077 0.0072 










HDFC Cash Management Fund (Call Plan) 

Daily Dividend Reinvestment Option (Last 6 months) 



Nov 06 Daily 10.4266 0.0020 0.0019 

Dec 06 Daily 10.4266 0.0653 0.0606 

Jan 07 Daily 10.4266 0.0596 0.0558 

Feb 07 Daily 10.4266 0.0529 0.0496 

Mar 07 Daily 10.4266 0.0857 0.0805 

Apr 07 Daily 10.4266 0.0584 0.0584 

HDFC Liquid Fund 

Weekly Dividend Reinvestment Option (Last 6 months) 







Liquid Fund Premium Plan Premium Plus Plan 

Nov 06, 06 10.3242 0.0122 0.0114 Nov 06, 06 12.4928 0.0148 0.0138 Nov 06, 06 12.4344 0.0147 0.0137 

Nov 13, 06 10.3243 0.0123 0.0114 Nov 13, 06 12.4933 0.0153 0.0142 Nov 13, 06 12.4349 0.0152 0.0141 

Nov 20, 06 10.3242 0.0123 0.0114 Nov 20, 06 12.4930 0.0150 0.0140 Nov 20, 06 12.4347 0.0150 0.0140 

Nov 27, 06 10.3239 0.0119 0.0111 Nov 27, 06 12.4928 0.0148 0.0138 Nov 27, 06 12.4344 0.0147 0.0137 

Dec 04, 06 10.3241 0.0121 0.0113 Dec 04, 06 12.4929 0.0150 0.0140 Dec 04, 06 12.4346 0.0149 0.0139 

Dec 11, 06 10.3243 0.0123 0.0114 Dec 11, 06 12.4930 0.0150 0.0140 Dec 11, 06 12.4347 0.0159 0.0140 

Dec 18, 06 10.3245 0.0124 0.0116 Dec 18, 06 12.4933 0.0153 0.0142 Dec 18, 06 12.4349 0.0152 0.0141 

Dec 26, 06 10.3269 0.0146 0.0136 Dec 26, 06 12.4963 0.0179 0.0167 Dec 26, 06 12.4379 0.0178 0.0166 

Jan 02, 07 10.3256 0.0134 0.0125 Jan 02, 07 12.4947 0.0165 0.0153 Jan 02, 07 12.4363 0.0164 0.0153 





Feb 05, 07 10.3259 0.0137 0.0127 Feb 05, 07 12.4947 0.0165 0.0153 Feb 05, 07 12.4363 0.0164 0.0153 




Mar 05, 07 10.3256 0.0134 0.0125 Mar 05, 07 12.4945 0.0163 0.0152 Mar 05, 07 12.4361 0.0162 0.0151 



Mar 26, 07 10.3299 0.0134 0.0160 Mar 26, 07 12.4995 0.0207 0.0193 Mar 26, 07 12.4410 0.0205 0.0191 

Apr 02, 07 10.3328 0.0168 0.0168 Apr 02, 07 12.5032 0.0203 0.0203 Apr 02, 07 12.4448 0.0203 0.0203 






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 distribution tax (if applicable). 


hdfc-bk1.qxd 5/8/2007 20:54 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 (77), Equity : Index (18), Equity Tax Planning (20), Hybrid Equity Oriented (27), Hybrid: Monthly Income (38), Debt: Mediumterm 

(48), Gilt: Medium and Long-term (42), Gilt: Short-term (16), Debt: Ultra Short-term (36), Debt: Ultra Short-term Institutional (34), Debt: Short-term (21), Debt: Floating Rate 

Short-term (21), Debt: Floating Rate Short-term Institutional (12) Debt: Floating Rate Long-term (16), Hybrid: Debt-oriented (18). These Fund Ratings are as on April 30, 2007. 

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. 4 to 5) 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 5/8/2007 21:43 Page 2 

Visit us at 

www.hdfcfund.com 

Telephone Services 

Investor Services : (at Mumbai) 

Toll-free number : 1800 22 5373 

Dedicated number : 022-6631 6300 

Intouchmutually, April 2007, RNI Regd. No. MAHENG/2003/10804 

WANT TO HAVE THE LATEST INFORMATION ABOUT US 

e-mail 

INVESTOR SERVICE CENTRES (ISCs) 

ANDHRA PRADESH HDFC Asset Management Company Ltd., 6-3-883/7, 2nd Floor, 

Saphire Square, Somajiguda, Hyderabad 500 282. 

Tel: 040 - 2341 7401-05, Fax: 040 - 2341 7407. 

MAHARASHTRA 

HDFC LIMITED, Ground Floor, Saigopal Arcade, Opp Waltair Club, 

Waltair Main Road, Siripuram, Visakhapatnam 530 003. 

Tel: 0891- 276 9636, Fax: 0891 - 255 0411. 

BIHAR 

HDFC LIMITED, Rani Plaza Apartment, (Patna X-Ray Clinic), 

Exhibition Road, Patna 800 001. 

Tel: 0612 - 232 2047. Fax: 0612 - 232 0684. 

DELHI 

HDFC AMC LIMITED, 4th Floor, Mohan Dev Bldg., 

13, Tolstoy Marg, Connaught Place, New Delhi 110 001. 

Tel: 011 - 6632 4000. Fax: 011 - 2335 1318. 

GOA 

HDFC AMC LIMITED, 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. 

ORISSA 

GUJARAT HDFC AMC LIMITED, 2nd Floor, Megha House, 

Besides Gruh House, Mithakhali Six Roads, Ahmedabad 380 009. 

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

PUNJAB 

HDFC AMC LIMITED, Upper Ground Floor, Gokulesh, 

R C Dutt Road, Vadodara 390 007. 

Tel: 0265 6621110, 6621120, Fax 0265 6621150. 

HDFC AMC LIMITED., U1 - U3, Jolly Plaza, 

Opp Athwa Gate Police Station, Athwa Gate, Surat 395 001. 

Tel: 0261 - 246 0082 / 83. Fax: 0261 - 246 0091. 

RAJASTHAN 

HDFC Asset Management Company Ltd., 2nd Floor, Shiv Darshan, 

Dr Radha Krishnan Road, 5, Jagnath Plot Corner, Rajkot - 360 001. 

Tel: 0281 552 4881/2 

JHARKHAND HDFC AMC LIMITED, Gayatri Enclave, “K” Road, Bistupur, 

Jamshedpur 831 001. 

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

TAMIL NADU 

KARNATAKA HDFC AMC LIMITED, No.114, 1st Floor, Prestige Towers, 99 & 100, 

Residency Road, Bangalore 560 025. 

Tel: 080 - 6620 5300, Fax: 080 - 4112 5255. 

HDFC AMC LIMITED., UG - II, 6 & 7, Upper Ground Floor, 

Maximus Commercial Complex, Light House Hill Road, Opp. KMC, 

Mangalore 575 001. 

UTTAR PRADESH 

Tel: 0824 428 5333 (B), 428 5337 (D) Fax: 0824 - 428 5336. 

KERALA 

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. 

MADHYA PRADESH HDFC AMC LIMITED, 15/3, Sterling Arcade, Race Course Rd., WEST BENGAL 

Indore - 452 001 

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

Visit us at : www.hdfcfund.com 

For any query or suggestions:- 

Investors may contact us at: 

cliser@hdfcfund.com 

Distributors may contact us at: 

broser@hdfcfund.com 

SMS: HDFCMF to 6767 

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

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

HDFC AMC LIMITED, Mistry Bhavan, 1st Flr, 122, Backbay 

Reclamation, Dinsha Vachha Road, Churchgate, Mumbai 400 020. 

Tel: 022 - 6631 6300 Fax: 022 - 2282 1144. 

HDFC AMC LIMITED, 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 LIMITED, HDFC House, 2nd Floor, Shivaji Nagar, 

University Road, Pune 411 005. 

Tel: 020 - 2552 1680 / 2552 1681, 

Fax: 020 - 2552 1683. 

HDFC AMC LIMITED, 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 LIMITED, 2nd Floor, Vinayak 96, Janpath, 

Bhubaneshwar 751 001 

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

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 LIMITED, SCO 122, Feroze Gandhi Market, 

Ludhiana 141 001. 

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

HDFC AMC LIMITED, Moondhra Bhavan, 3 Ajmer Rd, 

Jaipur 302 001. 

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

HDFC AMC LIMITED, Gulab Singh Building, 11, Chopasani Road, 

Jodhpur - 342 003. 

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

HDFC AMC LIMITED, ITC Centre, 1st Floor, 760 Anna Salai, 

Chennai 600 002. 

Tel: 044 - 2841 5851/52, Fax: 044 - 2841 5855 

HDFC AMC LIMITED, 1371A, Ground Floor, Nadar Building 

Trichy Road, Coimbatore 641 018. 

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

HDFC AMC LIMITED, 4 Shahnajaf Road, 

Lucknow 226 001. 

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

HDFC AMC LIMITED, 1st Floor, 16/80 D, Behind SBI Main, 

Civil Lines, Kanpur 208 001. 

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

HDFC AMC LIMITED, Menaka Estate, 1st Floor, 

3 Red Cross Place, Kolkata 700 001. 

Tel. 033 - 2242 7849/53/56/59. Fax: 033 - 2243 9582. 

A Joint Venture with Standard Life Investments Limited 

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

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: George Skaria.

Fact Sheet for the month of May-07 - HDFC Mutual Fund

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