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

hdfc-cov.qxd 10/8/2008 4:20 PM Page 1Vol. No. 6 Issue No. 3September 2008Average assets under management for September 2008: Rs. 51,998.29 Crore

hdfc-fos.qxd 10/13/2008 12:07 PM Page 1Features of our following schemesHDFC GrowthFundOpen-ended GrowthSchemeHDFC EquityFundOpen-endedGrowth SchemeHDFC Top 200FundOpen-ended GrowthSchemeHDFC CapitalBuilder FundOpen-endedGrowth SchemeHDFC Core & SatelliteFundOpen-ended GrowthSchemeHDFC PremierMulti-Cap FundOpen-ended GrowthSchemeNature of SchemeInvestment ObjectiveTo generate long termcapital appreciationfrom a portfolio that isinvested predominantlyin equity andequity relatedinstruments.To achieve capitalappreciation.To generate long termcapital appreciation from aportfolio of equity andequity-linked instrumentsprimarily drawn from thecompanies in BSE 200index.To achieve capitalappreciation in thelong term.To generate capitalappreciation throughequity investment incompanies whose sharesare quoting at prices belowtheir true value.To generate capitalappreciation in the longterm through equityinvestments by investingin a diversified portfolioof Mid Cap & Large Cap‘blue chip’ companies.Fund ManagerSrinivas 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)Vinay Kulkarni(since Nov 21, 06)Inception Date(Date of Allotment)September 11, 2000January 1, 1995October 11, 1996February 1, 1994September 17, 2004April 6, 2005Entry / Sales Load(Non-SIP / STP)Exit Load(Non-SIP / STP)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 eachpurchase / switch-in ofUnits less than Rs. 5Crore in value, an ExitLoad of 1% is payableif units are redeemed /switched-out within1 year from the dateof allotment.● In respect of eachpurchase / switch-in ofUnits equal to orgreater than Rs. 5Crore in value, no ExitLoad is payable.● In respect ofeach purchase /switch-in of Unitsless than Rs. 5Crore in value, anExit Load of 1% ispayable if units areredeemed /switched-out within1 year from thedate of allotment.● In respect ofeach purchase /switch-in of Unitsequal to or greaterthan Rs. 5 Crore invalue, no Exit Loadis payable.● In respect of eachpurchase / switch-in of Unitsless than Rs. 5 Crore invalue, an Exit Load of 1% ispayable if units areredeemed /switched-out within1 year from the dateof allotment.● In respect of eachpurchase / switch-in of Unitsequal to or greater thanRs. 5 Crore in value, no ExitLoad is payable.● In respect ofeach purchase /switch-in of Unitsless than Rs. 5Crore in value, anExit Load of 1% ispayable if units areredeemed /switched-out within1 year from thedate of allotment.● In respect ofeach purchase /switch-in of Unitsequal to or greaterthan Rs. 5 Crore invalue, no Exit Loadis payable.● In respect of eachpurchase / switch-in ofUnits less than Rs. 5 Crorein value, an Exit Load of1% is payable if units areredeemed /switched-out within1 year from the dateof allotment.● In respect of eachpurchase / switch-in ofUnits equal to or greaterthan 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.● In respect ofeach purchase / switchinof Units less thanRs. 5 Crore in value, anExit Load of 1% ispayable if units areredeemed /switched-out within 1year from the date ofallotment.● In respect ofeach purchase / switchinof Units equal to orgreater than Rs. 5 Crorein value, no Exit Load ispayable.InvestmentPlan / OptionsGrowth & DividendGrowth & Dividend Growth & Dividend Growth & Dividend Growth & DividendThe Dividend Plan / Option offers Dividend Payout and Reinvestment facility.Growth & DividendMinimumApplication Amount(Under each Plan)Purchase : Rs. 5,000 and any amount thereafter.Additional Purchase : Rs. 1,000 and any amount thereafter.Lock-in PeriodNilNilNilNilNilNilNet Asset Value(NAV)Every Business DayEvery Business DayEvery Business DayEvery Business DayEvery Business DayEvery Business DayRedemptionProceedsNormally despatchedwithin 3 BusinessDays.Normallydespatched within3 Business Days.Normally despatched within3 Business Days.Normallydespatched within3 Business Days.Normally despatchedwithin 3 Business Days.Normally despatchedwithin 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 9* Date of migration from Zurich India Mutual FundIntouchmutually September 2008 3

hdfc-fos.qxd 10/13/2008 12:07 PM Page 3Features of our following schemesNature of SchemeHDFC Balanced FundOpen-ended Balanced SchemeHDFC Prudence FundOpen-ended Balanced SchemeHDFC Long Term AdvantageFund #Open-ended Equity Linked SavingsScheme with a lock-in period of3 yearsHDFC TaxSaverOpen-ended Equity Linked SavingsScheme with a lock-in period of 3 yearsInvestment ObjectiveTo generate capital appreciationalong with current income from acombined portfolio of equity &equity-related and debt & moneymarket instruments.To provide periodic returns andcapital appreciation over a longperiod of time from a judicious mixof equity and debt investments withan aim to prevent / minimise anycapital erosion.To generate long term capitalappreciation from a portfoliothat is invested predominantlyin equity and equity-relatedinstruments.To achieve long term growth of capital.Fund ManagersChirag Setalvad (since April 2, 07)Prashant Jain (since Jun 19, 03)*Chirag Setalvad (since April 2, 2007)Vinay Kulkarni (since Nov 21, 2006)Inception Date(Date of Allotment)September 11, 2000February 1, 1994January 2, 2001December 18, 1995Entry / Sales Load(Non-SIP / STP)Exit Load(Non-SIP / STP)InvestmentPlan / OptionsMinimumApplication Amount● In respect of each purchase /switch-in of Units less thanRs. 5 Crore in value, an ExitLoad of 1% is payable if unitsare redeemed / switched-outwithin 1 year from the date ofallotment.● In respect of each purchase /switch-in of Units equal to orgreater than Rs. 5 Crore invalue, no Exit Load is payable.Growth & DividendApplications 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 thanRs. 5 Crore in value, an ExitLoad of 1% is payable if unitsare redeemed / switched-outwithin 1 year from the date ofallotment.● In respect of each purchase /switch-in of Units equal to orgreater than Rs. 5 Crore invalue, no Exit Load is payable.No Entry/Exit Load shall be levied on bonus units and units allotted on dividend reinvestment.Purchase : Rs. 5,000 and any amount thereafter.Additional Purchase : Rs. 1,000 and any amount thereafter.Growth & DividendGrowth & DividendThe Dividend Plan offers Dividend payout and Reinvestment facility.NilNilGrowth & DividendFor Purchase & Additional Purchase : Rs. 500 and in multiples of Rs500 thereafter.Lock-in PeriodNilNil3 years from the date of allotment of the respective UnitsNet Asset Value(NAV)Every Business DayEvery Business DayEvery Business DayEvery Business DayRedemptionProceedsNormally despatchedwithin 3 Business Days.Normally despatchedwithin 3 Business Days.Normally despatched within 3 Business Days (subject to completionof Lock-in Period).Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units.# Previously HDFC Tax Plan 2000For Tax Benefits / Consequences, Please refer to page 9* Date of migration from Zurich India Mutual FundIntouchmutually September 2008 5

hdfc-fos.qxd 10/13/2008 12:07 PM Page 4Features of our following schemesHDFC Long TermEquity FundHDFC Mid-Cap OpportunitiesFundHDFC Infrastructure FundNature of SchemeInvestment ObjectiveA 5 year close-ended Equity Schemewith automatic conversion into anOpen-ended scheme upon maturityTo achieve long-term capital appreciationA 3 year close-ended Equity Schemewith automatic conversion into anOpen-ended scheme upon maturityTo generate long-term capitalappreciation from a portfolio that issubstantially constituted of equityand equity related securities of Smalland Mid-Cap companiesA 3 year close-ended Equity Scheme withautomatic conversion into an Open-endedscheme upon maturityTo seek long-term capital appreciation byinvesting predominantly in equity and equityrelated securities of companies engaged inor expected to benefit from growth anddevelopment of infrastructureFund ManagersSrinivas Rao Ravuri(Since February 10, 2006)Chirag Setalvad(Since June 25, 2007)Prashant Jain and Srinivas Rao Ravuri(Since March 10, 2008)Inception Date(Date of Allotment)February 10, 200625-Jun-0710-Mar-08Entry / Sales Load(Non-SIP / STP)Not ApplicableNot ApplicableNot ApplicableExit Load(Non-SIP / STP)Redemption/switch-out from the date ofallotment: upto 12 months 4%;after 12 months upto 24 months 3%;after 24 months upto 36 months 2%;after 36 months upto 48 months 1%;after 48 months upto 54 months 0.5%;after 54 months upto maturity Nil.Nil *Nil *InvestmentPlan / OptionsGrowth and DividendGrowth and DividendGrowth and DividendMinimumApplication AmountNot ApplicableNot ApplicableNot ApplicableLock-in PeriodNilNilNilNet Asset Value(NAV)Every Business DayEvery Business DayEvery Business DayRedemptionProceedsNormally despatched within3 Business daysNormally despatched within3 Business daysNormally despatched within3 Business daysInvestors 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 9* Pursuant to SEBI circular ref. SEBI/MFD/CIR No. 1/64057/06 dated April 4, 2006, the balance proportionate unamortised issue expenses will be recovered from the Unitholder if an Unitholder exists the Scheme beforethe amortisation of NFO expenses is completed.6 September 2008Intouchmutually

hdfc-fos.qxd 10/13/2008 12:07 PM Page 5Features of our following schemesHDFC MF Monthly Income PlanHDFC Multiple Yield FundHDFC Multiple Yield Fund– Plan 2005HDFC Income FundNature of SchemeAn open-ended income scheme. Monthly income isnot assured and is subject to availability ofdistributable surplusOpen-ended Income SchemeOpen-ended Income SchemeOpen-ended Income SchemeInvestment ObjectiveThe primary objective of Scheme is to generate regularreturns through investment primarily in Debt andMoney Market Instruments. The secondary objectiveof the Scheme is to generate long-term capitalappreciation by investing a portion of the Scheme’sassets in equity and equity related instruments.To generate positive returnsover medium time frame withlow risk of capital loss overmedium time frame.To generate positive returnsover medium time frame withlow risk of capital loss overmedium time frame.To optimise returns whilemaintaining a balance ofsafety, yield and liquidity.Fund ManagersLTP - 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),(since Nov 21, 06)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)Inception Date(Date of Allotment)December 26, 2003September 17, 2004August 17, 2005September 11, 2000Entry / Sales Load(Non-SIP / STP)Exit Load(Non-SIP / STP)InvestmentPlan / OptionsMinimumApplication AmountLock-in PeriodNet Asset Value(NAV)Direct Applications & Applications routed through anyAgent/Distributor/Broker: NilFor Short-Term Plan● In respect of each purchase / switch-in of Units uptoand including Rs.10 lakhs in value, an Exit Load of0.50% is payable if Units are redeemed / switchedoutwithin 6 months from the date of allotment.● In respect of each purchase / switch-in of Unitsgreater than Rs.10 lakhs in value, an Exit Load of0.25% is payable if Units are redeemed / switchedoutwithin 3 months from the date of allotment.For Long-Term Plan● In respect of each purchase / switch-in of Units lessthan Rs. 5 crore in value, an Exit Load of 1% ispayable if Units are redeemed / switched-out within1 year from the date of allotment.● In respect of each purchase / switch-in of Units equalto or greater than Rs. 5 crore in value, no Exit Loadis payable.Short Term Plan (STP) & Long Term Plan (LTP). Each Planoffers Growth, Monthly Dividend & Quarterly DividendOption. The Dividend Option offers Dividend Payout andReinvestment facility.Short Term Plan : Purchase :(Growth & Quarterly Dividend Option) – Rs. 5,000 andany amount thereafter under each Option.(Monthly Dividend Option) – Rs. 25,000 and anyamount thereafter.Additional Purchase : Rs. 1,000 and any amount thereafter.Long Term Plan : Purchase :(Growth & Quarterly Dividend Option) – Rs. 5,000 andany amount thereafter under each Option.(Monthly Dividend Option) – Rs. 25,000 and anyamount thereafter.Additional Purchase : Rs. 1,000 and any amount thereafter.NilEvery Business Day● In respect of each purchase /switch-in of Units, upto andincluding Rs. 2 crore invalue, an Exit Load of 1.00%is payable if Units areredeemed / switched - outwithin 1 year from date ofallotment.● In respect of each purchase /switch-in of Units greaterthan Rs. 2 crore in value, noExit Load is payable.NilApplications routed through any Distributor/Agent/Broker: 1%Applications not routed through any Distributor/Agent/Broker(Direct Applications): NilEvery Business Day● In respect of each purchase /switch-in of Units, upto andincluding Rs. 2 crore invalue, an Exit Load of1.00% is payable if Unitsare redeemed / switched -out within 15 months fromdate of allotment.● In respect of each purchase /switch-in of Units greaterthan Rs. 2 crore in value, noExit Load is payable.No Entry/Exit Load shall be levied on bonus units and units allotted on dividend reinvestment.NilEvery Business DayDirect Applications &Applications routed through anyAgent/Distributor/Broker: Nil● In respect of each purchase /switch-in of Units less thanRs 5 crore in value:❍ an Exit Load of 2.00% ispayable if Units are redeemed/ switched-out within 1 yearfrom the date of allotment.❍ an Exit Load of 1.00% ispayable if Units are redeemed/ switched-out after 1 yearbut within 2 years from thedate of allotment.● In respect of each purchase /switch-in of Units equal to orgreater than Rs 5 crore in value:❍ an Exit Load of 0.50% ispayable if Units are redeemed/ switched-out within 3months from the date ofallotment.❍ an Exit Load of 0.25% ispayable if Units are redeemed/ switched-out after 3 monthsbut within 6 months from thedate of allotment.Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility.Purchase : Rs 5,000 and any amount thereafter.Additional Purchase : Rs. 1,000 and any amount thereafter.NilEvery Business DayRedemptionProceedsNormally despatched within 3 Business DaysNormally depatched within3 Business DaysNormally depatched within3 Business DaysNormally despatched within3 Business DaysInvestors 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 9Intouchmutually September 2008 7

hdfc-fos.qxd 10/13/2008 12:07 PM Page 6Features of our following schemesHDFC High Interest Fund (HHIF)HDFC Short Term Plan (STP) HDFC Liquid Fund (HLF)HDFC Cash Management FundNature of SchemeInvestment ObjectiveFund ManagersInception Date(Date of Allotment)Entry / Sales Load(Non-SIP / STP)Exit Load(Non-SIP / STP)InvestmentPlan / OptionsMinimumApplication AmountLock-in PeriodNet Asset Value(NAV)RedemptionProceedsOpen-ended Income SchemeTo generate income by investing in arange of debt and money marketinstruments of various maturity dateswith a view to maximise income whilemaintaining the optimum balance ofyield, safety and liquidity.Anil Bamboli (HHIF) (since Feb 16, 04),Shobhit Mehrotra - STP (since Sep 1, 07)HHIF : April 28, 1997HHIF-STP : February 6, 2002Open-ended Income SchemeTo generate regular income throughinvestment in Debt Securities andMoney Market Instruments.Anil Bamboli (since Jan 13, 04)February 28, 2002Growth & Dividend (Dividend Optionoffers Reinvestment facility only).Purchase : Rs. 5,000 and anyamount thereafter.Additional Purchase : Rs. 1,000 andany amount thereafter.NilEvery Business DayNormally despatched within 3 BusinessDays.Open-ended Liquid Income SchemeTo enhance income consistent with a highlevel of liquidity, through a judicious portfoliomix comprising of money market and debtinstruments.Shobhit Mehrotra (since Feb 16, 04)HLF : October 17, 2000HLF – Premium Plan & HLF – Premium Plus Plan :February 24, 2003Savings & Call Plan: Open ended HighLiquidity Income Scheme.Savings Plus Plan (erstwhile Investment Plan- Growth Option): Open-endedIncome Scheme.Savings & Call Plan: To generateoptimal returns while maintainingsafety and high liquidity.Savings Plus Plan: To generate regularincome through investment in debtsecurities 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, 1999Call Plan : February 6, 2002HHIF :● In respect of each purchase / NilSavings, Savings Plus & Call Plan : Nil● In respect of each purchase / switch-in switch-in of Units, upto andof 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 monthsswitch-in (per Investor, per day) offrom 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% isof Units greater than Rs. 10 lakhs in payable if Units are redeemed /value, no Exit Load is payable.switched-out within 15 days fromHHIF - STP : NILthe date of allotment.No Entry/Exit Load shall be levied on bonus units and units allotted on dividend reinvestment.HHIF : Growth, Quarterly, Half Yearlyand Yearly Dividend Options.HHIF-STP : Growth & Dividend OptionAll Dividend Options offer Dividend Payoutand Reinvestment facility.(Under each Plan)Purchase : Rs. 5,000 and any amountthereafter.Additional Purchase : Rs. 1,000 and anyamount thereafter.NilEvery Business DayNormally despatched within3 Business DaysDirect Applications & Applications routed through any Agent/Distributor/Broker: NilHLF, HLF - Premium Plan & HLF - Premium Plus Savings Plan & Call Plan : Growth Option &Plan. Each Plan offers Growth & Dividend Daily Dividend Option (with ReinvestmentOption.facility only). Savings Plan also offers WeeklyHLF - The Dividend Option offers Daily Dividend Option (with payout andDividend 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 OptionDaily Dividend Option (with Reinvestment facilityonly) and Weekly Dividend Option (with and Monthly Dividend Option with payoutwith Reinvestment facility only and Weeklypayout and Reinvestment facility).and Reinvestment facility.HLF Premium Plus Plan - The Dividend Optionoffers Weekly Dividend Option (with payoutand Reinvestment facility).HLF : Growth Option : Rs. 10,000 and anyamount thereafter. Dividend Option :Rs. 1,00,000 and any amount thereafter.HLF – Premium Plan (Purchase) :Rs. 5,00,00,000 and any amountthereafter for opening an account / folio(Under each Option).HLF – Premium Plus Plan (Purchase) :Rs. 20,00,00,000 and any amountthereafter for opening an account / folio(Under each Option).HLF - Premium Plan & HLF – Premium PlusPlan (Additional Purchase) : Re. 1 and andany amount thereafter under each Option.NilAll Year RoundNormally despatched within 1 Business Day.Savings Plan : (Growth Option)Rs. 10,000 and any amount thereafter.(Dividend Option) Rs. 1,00,000 and anyamount thereafter.Call Plan : (Under Each Option)Rs. 1,00,000 and any amountthereafter.Savings Plus Plan - Retail OptionGrowth, Weekly and Monthly DividendOptionPurchase : Rs. 5,000 and any amountthereafter.Additional Purchase : Rs. 1,000 and anyamount thereafter.Daily Dividend OptionPurchase / Additional Purchase:Rs. 1,00,000 and any amountthereafter.Savings Plus Plan - Wholesale OptionPurchase : Rs. 1 Crore and any amountthereafter.Additional Purchase : Re. 1 and anyamount thereafter.NilSavings & Call Plan: All Year RoundSavings Plus Plan: Every Business DaySavings & Call Plan : Normally despatchedwithin 1 Business Day.Savings Plus Plan : Normally despatchedwithin 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 98 September 2008Intouchmutually

hdfc-fos.qxd 10/13/2008 12:07 PM Page 7Features of our following schemesNature of SchemeHDFC Floating Rate Income FundOpen-ended Income Scheme.HDFC Gilt FundOpen-ended Income Scheme.Investment ObjectiveTo generate regular income through investment in a portfolio comprising substantially of floatingrate debt / money market instruments, fixed rate debt / money market instruments swapped forfloating rate returns and fixed rate debt securities and money market instruments.To generate credit risk-free returns through investmentsin sovereign securities issued by the CentralGovernment and / or a State Government.Fund ManagerInception Date(Date of Allotment)Entry / Sales Load(Non-SIP / STP)Shobhit Mehrotra (since Feb 16, 04)January 16, 2003Short Term Plan & Long Term Plan: Direct Applications & Applications routed through anyAgent/Distributor/Broker: NilAnil Bamboli (since Sep 1, 2007)July 25, 2001Direct Applications & Applications routed through anyAgent/Distributor/Broker: NilExit Load(Non-SIP / STP)InvestmentPlan / OptionsShort Term Plan : NilLong Term Plan : In respect of each purchase / switch-in of units, upto and includingNilRs. 10 lakhs in value, an Exit Load of 0.50% is payable if units are redeemed / switched-outwithin 6 months from the date of allotment.In respect of each purchase / switch-in of units greater than Rs. 10 lakhs in value, an Exit Load of1% is payable if units are redeemed / switched-out within 6 months from the date of allotment.No Entry/Exit Load shall be levied on bonus units and units allotted on dividend reinvestment.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 Optionoffers Daily Dividend Option (with Reinvestment facility only) and Weekly and Monthly DividendOption (with payout and Reinvestment facility).Long Term Plan : Growth and Dividend Option. The Dividend Option offers Reinvestmentfacility only.Short Term Plan : For investors who wish toinvest for short time period.Long Term Plan : For investors who wish to invest forrelatively longer time period.Each Plan offers Growth and Dividend Options.The Dividend Option offers Dividend Payout andReinvestment facility.MinimumApplication AmountShort 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 :Rs. 5,000 and any amount thereafter.Additional Purchase : Rs. 1,000 and any amount thereafter.(Under each Plan / Option)Purchase :Rs. 5,000 and any amount thereafter.Additional Purchase :Rs. 1,000 and any amount thereafter.Lock-in PeriodNet Asset Value(NAV)RedemptionProceedsNilEvery Business DayNormally despatched within 3 Business Days.NilEvery Business DayNormally despatched within 3 Business Days.Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units.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 bepayable 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 atthe 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 LiquidFunds 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 unitsof 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 ExperiencePrashant JainOver 16 yearsShobhit MehrotraOver 15 yearsAnil BamboliOver 13 yearsVinay KulkarniOver 16 yearsChirag SetalvadOver 11 yearsSrinivas Rao Ravuri Over 12 yearsAkashdeep SarpalOver 13 yearsBharat PareekOver 6 yearsIntouchmutually September 2008 9

hdfc-eq-r.qxd 10/8/2008 4:18 PM Page 1HDFCGrowth FundIN EQUITY - DIVERSIFIED CATEGORY(120 schemes) for 3 and 5 yearperiods ending September 30, 2008An open-ended growth schemeHDFCEquity FundIN EQUITY - DIVERSIFIED CATEGORY(120 schemes) for 3 and 5 yearperiods ending September 30, 2008An open-ended growth schemeNAV (as at September 30, 2008)Relative Performance ^ (Growth Plan)NAV per Unit (Rs.)Growth Plan 54.537Dividend Plan 26.858NAV (as at September 30, 2008)Relative Performance ^ (Growth Plan)NAV per Unit (Rs.)Growth Plan 145.721Dividend Plan 33.616Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six months (186 days) 63.640 -14.30* -21.45*Sep 28, 07 Last 1 Year (368 days) 63.818 -14.43** -25.44**Sep 30, 05 Last 3 Years (1096 days) 31.382 20.21** 14.19**Sep 30, 03 Last 5 Years (1827 days) 13.959 31.29** 23.60**Sep 11, 00 Since Inception (2941 days) 10.000 23.43** 13.32**^Past performance may or may not be sustained in the futurePerformance of the Dividend Plan for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns # SENSEXPortfolio – Top 10 Holdings (as at September 30, 2008)Company / Issuer Industry + / Rating % to NAVEQUITY & EQUITY RELATEDReliance Industries Ltd. Petroleum Products 7.29Bharti Airtel Ltd. Telecom - Services 6.31ICICI Bank Ltd. Banks 5.72Oil & Natural Gas Corporation Ltd. Oil 5.71State Bank of India Banks 5.09ITC Ltd. Consumer Non Durables 4.60Crompton Greaves Ltd. Industrial Capital Goods 4.48Divi’s Laboratories Ltd. Pharmaceuticals 4.19Housing Development Finance Corporation Ltd.$ Finance 3.86Sun Pharmaceutical Industries Ltd. Pharmaceuticals 3.02Total of Top Ten Equity Holdings 50.27Total Equity & Equity Related Holdings 94.18Debt / Money Market InstrumentCanara Bank P1+ 2.35GE Capital Services India AAA 1.97IDBI Bank Ltd. AA 1.48ICICI Bank Ltd. A1+ 0.94Total Debt / Money Market Instrument 6.74Other Current Assets (Including Reverse Repos’ / CBLO) (0.92)Grand Total 100.00Net Assets (Rs. In Lakhs) 101,417.15Portfolio Turnover Ratio (Last 1 Year) 52.11%+ 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 MethodologyIndustry Allocation of Equity Holding (% of Net Assets)Pharmaceuticals 11.98Consumer Non Durables 11.16Banks 10.81Industrial Capital Goods 10.59Petroleum Products 8.94Construction 7.04Telecom - Services 6.31Oil 5.71Media & Entertainment 4.54Auto Ancillaries 4.14Finance 3.86Software 3.00Chemicals 2.02Ferrous Metals 1.96Paper Products 1.11Textiles - Synthetic 0.46Industrial Products 0.35Engineering 0.20Std DeviationBeta Sharpe Ratio*Risk Ratio (for the 3-yr period ended September 30, 2008) 7.70% 0.9390 0.28Source : CRISIL Fund Analyser* Risk-free rate assumed to be 9.15% (364-day Treasury Bill yield on 30-09-08)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six months (186 days) 171.142 -14.85* -22.98*Sep 28, 07 Last 1 Year (368 days) 182.838 -20.15** -26.79**Sep 30, 05 Last 3 Years (1096 days) 93.055 16.11** 10.38**Sep 30, 03 Last 5 Years (1827 days) 38.874 30.21** 21.83**Sep 30, 98 Last 10 Years (3653 days) 7.950 33.72** 17.23**Jan 01, 95 Since Inception (5021 days) 10.000 21.50** 8.67**^Past performance may or may not be sustained in the futurePerformance of the Dividend Plan for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns#S&P CNX 500 (Please refer to page no 31)Portfolio – Top 10 Holdings (as at September 30, 2008)Company / Issuer Industry + / Rating % to NAVEQUITY & EQUITY RELATEDICICI Bank Ltd. Banks 7.85Oil & Natural Gas Corporation Ltd. Oil 6.54State Bank of India Banks 6.10Crompton Greaves Ltd. Industrial Capital Goods 4.38Punj Lloyd Ltd. Construction 4.21United Phosphorus Ltd. Pesticides 3.98Hero Honda Motors Ltd. Auto 3.89Bank of Baroda Banks 3.87Divi’s Laboratories Ltd. Pharmaceuticals 3.30Larsen & Toubro Ltd. Industrial Capital Goods 3.02Total of Top Ten Equity Holdings 47.14Total Equity & Equity Related Holdings 99.14Debt / Money Market InstrumentICICI Bank Ltd. A1+ 0.43Canara Bank P1+ 0.27Total Debt / Money Market Instrument 0.70Other Current Assets (Including Reverse Repos’ / CBLO) 0.16Grand Total 100.00Net Assets (Rs. In Lakhs) 348,052.35Portfolio Turnover Ratio (Last 1 Year) 87.43%+ Industry Classification as recommended by AMFI✤ Past performance is no guarantee of future results.♓ Please refer to page no 31 for details on the Rating MethodologyIndustry Allocation of Equity Holding (% of Net Assets)Banks 21.58Industrial Capital Goods 11.96Pharmaceuticals 11.85Consumer Non Durables 11.06Media & Entertainment 7.67Oil 6.54Construction 6.07Auto Ancillaries 4.45Pesticides 3.98Auto 3.89Petroleum Products 2.85Finance 2.01Software 1.37Hardware 1.27Ferrous Metals 1.18Textiles - Silk 0.64Chemicals 0.51Textiles - Synthetic 0.26Std DeviationBeta Sharpe Ratio*Risk Ratio (for the 3-yr period ended September 30, 2008) 7.50% 0.8520 0.24Source : CRISIL Fund Analyser* Risk-free rate assumed to be 9.15% (364-day Treasury Bill yield on 30-09-08)10 September 2008 Intouchmutually

hdfc-eq-r.qxd 10/8/2008 4:18 PM Page 2HDFC Top200 FundIN EQUITY - DIVERSIFIED CATEGORY(120 schemes) for 3 and 5 yearperiods ending September 30, 2008An open-ended growth schemeHDFC CapitalBuilder FundAn open-ended growth schemeNAV (as at September 30, 2008)Relative Performance ^ (Growth Plan)NAV per Unit (Rs.)Growth Plan 118.754Dividend Plan 35.175NAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Plan 63.365Dividend Plan 20.007Relative Performance ^ (Growth Plan)Date Period NAV Returns Benchmarkper Unit (Rs.) (%) $$^ Returns (%)#Mar 28, 08 Last Six months (186 days) 136.002 -12.68* -22.71*Sep 28, 07 Last 1 Year (368 days) 140.491 -15.36** -26.39**Sep 30, 05 Last 3 Years (1096 days) 69.895 19.31** 12.30**Sep 30, 03 Last 5 Years (1827 days) 30.185 31.47** 22.06**Sep 30, 98 Last 10 Years (3653 days) 13.509 26.74** 17.10**Oct 11, 96 Since Inception (4372 days) 10.000 25.00** 14.31**^Past performance may or may not be sustained in the futurePerformance of the Dividend Plan for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #BSE 200$$ Adjusted for the dividends declared under the scheme prior to its splittng into the Dividendand Growth PlansPortfolio – Top 10 Holdings (as at September 30, 2008)Company / Issuer Industry + / Rating % to NAVEQUITY & EQUITY RELATEDICICI Bank Ltd. Banks 5.43Oil & Natural Gas Corporation Ltd. Oil 5.07Infosys Technologies Ltd. Software 4.50Larsen and Toubro Ltd. Industrial Capital Goods 4.17Bharti Airtel Ltd. Telecom - Services 3.44Housing Development Finance Corporation Ltd.$ Finance 3.38State Bank of India Banks 3.32Reliance Industries Ltd. Petroleum Products 3.32ITC Ltd. Consumer Non Durables 3.21Punj Lloyd Ltd. Construction 2.99Total of Top Ten Equity Holdings 38.83Total Equity & Equity Related Holdings 97.97Debt / Money Market InstrumentICICI Bank Ltd. A1+ 1.22IDBI Bank Ltd. A1+ 0.41Total Debt / Money Market Instrument 1.63Other Current Assets (Including Reverse Repos’ / CBLO) 0.40Grand Total 100.00Net Assets (Rs. In Lakhs) 234,630.41Portfolio Turnover Ratio (Last 1 Year) 89.44%+ 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 MethodologyIndustry Allocation of Equity Holding (% of Net Assets)Banks 17.64Industrial Capital Goods 13.26Consumer Non Durables 11.38Pharmaceuticals 8.62Software 7.94Petroleum Products 7.52Oil 5.07Auto 4.41Construction 4.35Telecom - Services 3.44Finance 3.38Auto Ancillaries 2.61Pesticides 2.08Media & Entertainment 1.53Transportation 1.38Ferrous Metals 1.32Gas 0.87Brewers 0.73Hardware 0.44Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six months (186 days) 76.923 -17.63* -22.98*Sep 28, 07 Last 1 Year (368 days) 83.094 -23.57** -26.79**Sep 30, 05 Last 3 Years (1096 days) 48.846 9.05** 10.38**Sep 30, 03 Last 5 Years (1827 days) 16.839 30.31** 21.83**Sep 30, 98 Last 10 Years (3653 days) 8.390 22.39** 17.23**Feb 01, 94 Since Inception (5355 days) 10.000 13.41** 7.47**^Past performance may or may not be sustained in the futurePerformance of the Dividend Plan for the investor would be net of Distribution Tax as applicable#S&P CNX 500 (Please refer to page no 31)** Compounded Annualised Returns* Absolute ReturnsPortfolio – Top 10 Holdings (as at September 30, 2008)Company / Issuer Industry + / Rating % to NAVEQUITY & EQUITY RELATEDState Bank of India Banks 5.61ICICI Bank Ltd. Banks 5.55Crompton Greaves Ltd. Industrial Capital Goods 4.84IPCA Laboratories Ltd. Pharmaceuticals 4.33Exide Industries Ltd. Auto Ancillaries 3.93Pidilite Industries Ltd. Consumer Non Durables 3.92Hero Honda Motors Ltd. Auto 3.88Britannia Industries Ltd. Consumer Non Durables 3.86Reliance Industries Ltd. Petroleum Products 3.74Blue Star Ltd. Consumer Durables 3.17Total of Top Ten Equity Holdings 42.83Total Equity & Equity Related Holdings 97.40Debt / Money Market InstrumentCanara Bank P1+ 2.75Total Debt / Money Market Instrument 2.75Other Current Assets (Including Reverse Repos’ / CBLO) (0.15)Grand Total 100.00Net Assets (Rs. In Lakhs) 52,137.36Portfolio Turnover Ratio (Last 1 Year) 78.96%+ Industry Classification as recommended by AMFIIndustry Allocation of Equity Holding (% of Net Assets)Industrial Capital Goods 17.87 Consumer Durables 3.17Banks 13.71 Gas 3.09Consumer Non Durables 11.32 Telecom - Services 3.01Pharmaceuticals 10.07 Oil 2.78Petroleum Products 6.50 Construction 2.75Software 4.77 Finance 2.53Auto Ancillaries 3.93 Transportation 1.83Auto 3.88 Pesticides 1.78Industrial Products 3.75 Textiles - Silk 0.66Std DeviationBeta Sharpe Ratio*Std DeviationBeta Sharpe Ratio*Risk Ratio (for the 3-yr period ended September 30, 2008) 7.40% 0.8570 0.29Source : CRISIL Fund Analyser* Risk-free rate assumed to be 9.15% (364-day Treasury Bill yield on 30-09-08)Risk Ratio (for the 3-yr period ended September 30, 2008) 8.00% 0.8880 0.17Source : CRISIL Fund Analyser* Risk-free rate assumed to be 9.15% (364-day Treasury Bill yield on 30-09-08)IntouchmutuallySeptember 2008 11

hdfc-eq-r.qxd 10/8/2008 4:18 PM Page 3HDFC Core & Satellite FundAn open-ended growth schemeHDFC Premier Multi-Cap FundAn open-ended growth schemeNAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Option 22.656Dividend Option 15.601Relative Performance ^ (Growth Option)NAV (as at September 30, 2008)Relative Performance ^ (Growth Option)NAV per Unit (Rs.)Growth Option 17.249Dividend Option 11.909Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six months (186 days) 27.849 -18.65* -22.71*Sep 28, 07 Last 1 Year (368 days) 30.621 -25.83** -26.39**Sep 30, 05 Last 3 Years (1096 days) 17.180 9.65** 12.30**Sep 17, 04 Since Inception (1474 days) 10.000 22.45** 20.82**^Past performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable*Absolute Returns #BSE 200 ** Compounded Annualised ReturnsPortfolio – Top 10 Holdings (as at September 30, 2008)Company / Issuer Industry + / Rating % to NAVIndustry Allocation of Equity Holding (% of Net Assets)Banks 16.65Pharmaceuticals 9.64Media & Entertainment 8.15Industrial Capital Goods 8.06Auto Ancillaries 7.86Consumer Non Durables 7.37Software 6.48Pesticides 6.39Oil 6.06Petroleum Products 3.63Power 3.30Telecom - Services 3.26Construction 3.03Consumer Durables 2.87Industrial Products 2.50Brewers 1.85Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six months (186 days) 20.461 -15.70* -22.98*Sep 28, 07 Last 1 Year (368 days) 22.731 -23.95** -26.79**Sep 30, 05 Last 3 Years (1096 days) 13.178 9.38** 10.38**Apr 06, 05 Since Inception (1273 days) 10.000 16.92** 16.29**^Past performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns#S&P CNX 500 (Please refer to page no 31)Portfolio – Top 10 Holdings (as at September 30, 2008)Company Industry + % to NAV+ Industry Classification asEQUITY & EQUITY RELATEDEQUITY & EQUITY RELATEDICICI Bank Ltd. Banks 6.43 Crompton Greaves Ltd. Industrial Capital Goods 6.41State Bank of India Banks 6.43 ICICI Bank Ltd. Banks 6.24United Phosphorus Ltd. Pesticides 6.39 State Bank of India Banks 6.13Oil & Natural Gas Corporation Ltd. Oil 6.06 Oil & Natural Gas Corporation Ltd. Oil 6.02Crompton Greaves Ltd. Industrial Capital Goods 5.43United Phosphorus Ltd. Pesticides 5.23Dishman Pharma & Chemicals Ltd. Pharmaceuticals 3.86AIA Engineering Ltd. Industrial Capital Goods 5.06ITC Ltd. Consumer Non Durables 3.85Amtek Auto Ltd. Auto Ancillaries 3.69Bank of Baroda Banks 3.79Punj Lloyd Ltd. Construction 3.68Bharat Petroleum Corporation Ltd. Petroleum Products 3.63Zee Entertainment Enterprises Ltd. Media & Entertainment 3.59Container Corporation of India Ltd. Transportation 3.66Total of Top Ten Equity Holdings 49.46 KEC International Ltd. Power 3.63Total Equity & Equity Related Holdings 97.10 Total of Top Ten Equity Holdings 49.75Debt / Money Market InstrumentTotal Equity & Equity Related Holdings 96.05L & T Finance Ltd. AA+ 1.45 Other Current Assets (Including Reverse Repos’ / CBLO) 3.95Total Debt / Money Market Instrument 1.45 Grand Total 100.00Other Current Assets (Including Reverse Repos’ / CBLO) 1.45 Net Assets (Rs. In Lakhs) 42,940.04Grand Total 100.00Net Assets (Rs. In Lakhs) 34,159.88Portfolio Turnover Ratio (Last 1 Year) 71.41%recommended by AMFI+ Industry Classification as recommended by AMFI Industry Allocation of Equity Holding (% of Net Assets)Portfolio Turnover Ratio (Last 1 Year) 63.38%Std DeviationBeta Sharpe Ratio*Banks 18.21Industrial Capital Goods 16.04Pharmaceuticals 11.18Media & Entertainment 7.95Oil 6.02Pesticides 5.23Consumer Non Durables 4.44Software 4.22Auto Ancillaries 3.69Construction 3.68Transportation 3.66Power 3.63Brewers 2.95Petroleum Products 2.77Auto 2.03Consumer Durables 0.19Retailing 0.16Std DeviationBeta Sharpe Ratio*Risk Ratio (for the 3-yr period ended September 30, 2008) 8.10% 0.9110 0.17Source : CRISIL Fund Analyser* Risk-free rate assumed to be 9.15% (364-day Treasury Bill yield on 30-09-08)Risk Ratio (for the 3-yr period ended September 30, 2008) 7.80% 0.8740 0.16Source : CRISIL Fund Analyser* Risk-free rate assumed to be 9.15% (364-day Treasury Bill yield on 30-09-08)12 September 2008 Intouchmutually

hdfc-eq-r.qxd 10/8/2008 4:18 PM Page 4HDFC Index FundAn open-ended index linked schemeHDFC Index FundAn open-ended index linked schemeSENSEX Plan (Face Value per Unit: Rs. 32.161)NAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Option 112.5567Relative Performance ^NIFTY Plan (Face Value per Unit: Rs. 10.326)NAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Option 35.0608Relative Performance ^Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six months (186 days) 142.4344 -20.98* -20.31*Sep 28, 07 Last 1 Year (368 days) 156.9800 -28.10** -23.95**Sep 30, 05 Last 3 Years (1096 days) 81.3040 11.44** 16.80**Sep 30, 03 Last 5 Years (1827 days) 44.6830 20.27** 27.04**Jul 17, 02 Since Inception (2267 days) 32.1610^^ 22.35** 28.26**^Past performance may or may not be sustained in the future* Absolute Returns ** Compounded Annualised Returns#SENSEX (Total Returns Index)^^Face Value per UnitPortfolio – Top 10 Holdings (as at September 30, 2008)Company Industry + % to NAVEQUITY & EQUITY RELATEDReliance Industries Ltd. Petroleum Products 15.15Infosys Technologies Ltd. Software 7.28Larsen & Toubro Ltd. Industrial Capital Goods 6.88ICICI Bank Ltd. Banks 6.37Bharti Airtel Ltd. Telecom - Services 5.58Housing Development Finance Corporation Ltd.$ Finance 5.54ITC Ltd. Consumer Non Durables 5.31HDFC Bank Ltd. Banks 4.76Oil & Natural Gas Corporation Ltd. Oil 4.75State Bank of India Banks 4.49Total of Top Ten Equity Holdings 66.11Total Equity & Equity Related Holdings 96.94Other Current Assets (Including Reverse Repos’ / CBLO) 3.06Grand Total 100.00Net Assets (Rs. In Lakhs) 5,188.11Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six months (186 days) 44.2266 -20.72* -20.09*Sep 28, 07 Last 1 Year (368 days) 48.0090 -26.78** -20.96**Sep 30, 05 Last 3 Years (1096 days) 25.7360 10.85** 16.16**Sep 30, 03 Last 5 Years (1827 days) 14.3660 19.51** 24.42**Jul 17, 02 Since Inception (2267 days) 10.3260^^ 21.75** 26.03**^Past performance may or may not be sustained in the future* Absolute Returns ** Compounded Annualised Returns#S&P CNX Nifty (Total Returns Index)^^Face Value per UnitPortfolio – Top 10 Holdings (as at September 30, 2008)Company Industry + % to NAVEQUITY & EQUITY RELATEDReliance Industries Ltd. Petroleum Products 11.07Oil & Natural Gas Corporation Ltd. Oil 8.64Bharti Airtel Ltd. Telecom - Services 5.82National Thermal Power Corporation Power 5.54State Bank of India Banks 3.63Infosys Technologies Ltd. Software 3.13Bharat Heavy Electricals Ltd. Industrial Capital Goods 3.04Larsen & Toubro Ltd. Industrial Capital Goods 2.80ITC Ltd. Consumer Non Durables 2.77Reliance Communication Ltd. Telecom - Services 2.69Total of Top Ten Equity Holdings 49.13Total Equity & Equity Related Holdings 94.06Other Current Assets (Including Reverse Repos’ / CBLO) 5.94Grand Total 100.00Net Assets (Rs. In Lakhs) 2,597.17Portfolio Turnover Ratio (Last 1 Year) 96.32%+ Industry Classification as recommended by AMFI$ SponsorPortfolio Turnover Ratio (Last 1 Year) 281.32%+ Industry Classification as recommended by AMFIIndustry Allocation of Equity Holding (% of Net Assets)Industry Allocation of Equity Holding (% of Net Assets) Petroleum Products 14.11 Construction 3.10Oil 10.21 Auto 2.56Banks 15.62 Oil 4.75Telecom - Services 9.95 Finance 2.38Petroleum Products 15.15 Auto 3.12Power 9.89 Pharmaceuticals 2.26Software 12.11 Ferrous Metals 2.33Software 8.92 Non - Ferrous Metals 1.62Industrial Capital Goods 9.79 Cement 1.98Banks 8.57 Cement 1.52Consumer Non Durables 8.25 Construction 1.80Telecom - Services 8.16 Metals - Aluminium 1.30Industrial Capital Goods 7.90 Gas 1.35Finance 5.54 Non - Ferrous Metals 1.29 Consumer Non Durables 4.92 Metals - Aluminium 1.19Power 5.05 Pharmaceuticals 0.70 Ferrous Metals 3.28 Media & Entertainment 0.33Tracking Error Since Inception (Annualised) 2.39% Tracking Error Since Inception (Annualised) 2.89%IntouchmutuallySeptember 2008 13

hdfc-eq-r.qxd 10/8/2008 4:18 PM Page 5HDFC Index FundAn open-ended index linked schemeHDFC Arbitrage FundAn open-ended equity fundSENSEX Plus Plan (Face Value per Unit: Rs. 32.161)NAV (as at September 30, 2008)Relative Performance ^NAV per Unit (Rs.)Growth Option 142.8234Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six months (186 days) 173.6815 -17.77* -20.31*Sep 28, 07 Last 1 Year (368 days) 184.4810 -22.42** -23.95**Sep 30, 05 Last 3 Years (1096 days) 93.0650 15.33** 16.80**Sep 30, 03 Last 5 Years (1827 days) 46.5220 25.12** 27.04**Jul 17, 02 Since Inception (2267 days) 32.1610^^ 27.13** 28.26**^Past performance may or may not be sustained in the future* Absolute Returns ** Compounded Annualised Returns#SENSEX (Total Returns Index)^^ Face Value per UnitPortfolio – Top 10 Holdings (as at September 30, 2008)Company Industry + % to NAVEQUITY & EQUITY RELATEDReliance Industries Ltd. Petroleum Products 9.41State Bank of India Banks 7.70Bharti Airtel Ltd. Telecom - Services 6.68ICICI Bank Ltd. Banks 6.30Infosys Technologies Ltd. Software 5.83Larsen & Toubro Ltd. Industrial Capital Goods 5.51ITC Ltd. Consumer Non Durables 4.79Housing Development Finance Corporation Ltd.$ Finance 4.43Oil & Natural Gas Corporation Ltd. Oil 3.80Dr Reddy’s Laboratories Ltd. Pharmaceuticals 3.72Total of Top Ten Equity Holdings 58.17Total Equity & Equity Related Holdings 88.63Other Current Assets (Including Reverse Repos’ / CBLO) 11.37Grand Total 100.00Net Assets (Rs. In Lakhs) 3,557.62Portfolio Turnover Ratio (Last 1 Year) 241.54%+ Industry Classification as recommended by AMFI$ SponsorIndustry Allocation of Equity Holding (% of Net Assets)Banks 17.00Software 9.69Petroleum Products 9.41Consumer Non Durables 8.93Telecom - Services 7.71Industrial Capital Goods 7.66Pharmaceuticals 7.40Finance 4.43Oil 3.80Auto Ancillaries 2.40Auto 2.39Transportation 2.30Ferrous Metals 1.87Construction 1.44Power 0.82Consumer Durables 0.64Cement 0.53Non - Ferrous Metals 0.21NAV (as at September 30, 2008)Relative Performance ^ – Growth OptionNAV per Unit (Rs.)Retail PlanGrowth Option 10.765Monthly Dividend Option 10.062Quarterly Dividend Option 10.063Wholesale PlanGrowth Option 10.791Monthly Dividend Option 10.063Quarterly Dividend Option 10.063Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Retail PlanMar 28, 08 Last Six months (186 days) 10.360 3.91* 4.05*Oct 23, 07 Since Inception (343 days) 10.000 7.65* 6.98*Wholesale PlanMar 28, 08 Last Six months (186 days) 10.372 4.04* 4.05*Oct 23, 07 Since Inception (343 days) 10.000 7.91* 6.98*^Past performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns #CRISIL Liquid Fund IndexPortfolio – Top 10 Holdings (as at September 30, 2008)Company Industry + % to NAVEQUITY & EQUITY RELATEDIndia Cements Ltd. Cement 3.73Reliance Industries Ltd. Petroleum Products 3.05Century Textiles & Industries Ltd. Cement 2.83GTL Ltd. Software 2.54Punjab National Bank Banks 2.20Welspun-Gujarat Stahl Rohren Ltd. Ferrous Metals 2.16Mahanagar Telephone Nigam Ltd. Telecom - Services 2.12Bank of Baroda Banks 2.06Jindal Steel & Power Ltd. Ferrous Metals 2.05Balrampur Chini Mills Ltd. Consumer Non Durables 1.98Total of Top Ten Equity Holdings 24.72Total Equity & Equity Related Holdings 73.38Other Current Assets (Including Reverse Repos’ / CBLO) 26.62Grand Total 100.00Net Assets (Rs. In Lakhs) 32,140.42Portfolio Turnover Ratio (Last 1 Year) 357.37%+ Industry Classification as recommended by AMFIIndustry Allocation of Equity Holding (% of Net Assets)Banks 10.27Cement 7.30Petroleum Products 7.27Construction 6.23Ferrous Metals 5.28Software 5.01Telecom - Services 5.01Consumer Non Durables 4.58Finance 4.26Pharmaceuticals 3.28Textile Products 2.84Media & Entertainment 2.20Industrial Capital Goods 1.42Auto Ancillaries 1.25Chemicals 1.05Industrial Products 1.02Power 0.94Hotels 0.92Gas 0.86Auto 0.86Transportation 0.65Oil 0.32Consumer Durables 0.28Paper Products 0.23Fertilisers 0.03Retailing 0.01Aviation 0.0114 September 2008 Intouchmutually

hdfc-eq-r.qxd 10/8/2008 4:18 PM Page 6HDFC Balanced FundAn open-ended balanced schemeNAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Plan 31.826Dividend Plan 16.022Relative Performance ^ (Growth Plan)HDFCPrudence FundNAV (as at September 30, 2008)An open-ended balanced schemeNAV per Unit (Rs.)Growth Plan 114.111Dividend Plan 23.049Relative Performance ^ (Growth Plan)IN HYBRID EQUITY - ORIENTED CATEGORY(27 schemes) for 3 and 5 yearperiods ending September 30, 2008Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six Months (186 days) 34.823 -8.61* -13.42*Sep 28, 07 Last 1 Year (368 days) 35.006 -9.01** -12.37**Sep 30, 05 Last 3 Years (1096 days) 24.196 9.56** 11.16**Sep 30, 03 Last 5 Years (1827 days) 14.167 17.55** 15.60**Sep 11, 00 Since Inception (2941 days) 10.000 15.45** N.A.^Past performance may or may not be sustained in the futurePerformance of the Dividend Plan for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised ReturnsN.A. Not Available#CRISIL Balanced Fund IndexPortfolio – Top Holdings (as at September 30, 2008)Company / Issuer Industry + / Rating % to NAVEQUITY & EQUITY RELATEDReliance Industries Ltd. Petroleum Products 5.99Coromandel Fertilisers Ltd. Fertilisers 5.46Sun Pharmaceutical Industries Ltd. Pharmaceuticals 4.41The Federal Bank Ltd. Banks 4.07ITC Ltd. Consumer Non Durables 3.45Balkrishna Industries Ltd. Auto Ancillaries 3.22Larsen & Toubro Ltd. Industrial Capital Goods 3.13Crompton Greaves Ltd. Industrial Capital Goods 3.00ICICI Bank Ltd. Banks 2.92Motherson Sumi Systems Ltd. Auto Ancillaries 2.91Total of Top Ten Equity Holdings 38.56Total Equity & Equity Related Holdings 66.83Debt / Money Market InstrumentPower Finance Corporation Ltd. AAA 4.94L & T Finance Ltd. AA+ 4.91Housing Development Finance Corporation Ltd.$ AAA 4.65Loan Securitisation Trust (Grasim Industries Ltd.) AAA(SO) 4.49Credit Asset Trust XVII (Shriram Transport Finance) AA(SO) 3.91Loan Securitisation Trust (Bajaj Auto Ltd.) AAA(SO) 3.66State Bank of India AAA 2.33Loan Securitisation Trust (Reliance Industries Ltd.) AAA(SO) 0.99Total Debt / Money Market Instrument(aggregated holdings in a single issuer) 29.88Other Current Assets (Including Reverse Repos’ / CBLO) 3.29Grand Total 100.00Net Assets (Rs. In Lakhs) 10,092.64Portfolio Turnover Ratio (Last 1 Year) 47.83%+ Industry Classification as recommended by AMFI $ SponsorIndustry Allocation of Equity Holding (% of Net Assets)Industrial Capital Goods 10.44Banks 9.05Pharmaceuticals 8.99Auto Ancillaries 7.36Petroleum Products 5.99Fertilisers 5.46Software 4.75Consumer Non Durables 4.67Telecom - Services 2.33Power 2.25Construction 1.97Consumer Durables 1.87Chemicals 1.70Date Period NAV Returns Benchmarkper Unit (Rs.) (%)$$^ Returns (%)#Mar 28, 08 Last Six Months (186 days) 129.872 -12.14* -13.42*Sep 28, 07 Last 1 Year (368 days) 136.239 -16.12** -12.37**Sep 30, 05 Last 3 Years (1096 days) 78.009 13.5** 11.16**Sep 30, 03 Last 5 Years (1827 days) 37.575 24.85** 15.6**Sep 30, 98 Last 10 Years (3653 days) 10.460 26.97** N.A.Feb 01, 94 Since Inception (5355 days) 10.000 20.13** N.A.^Past performance may or may not be sustained in the futurePerformance of the Dividend Plan for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #CRISIL Balanced Fund Index$$ Adjusted for the dividends declared under the scheme prior to its splittng into the Dividendand Growth PlansN.A. Not AvailablePortfolio – Top 10 Holdings (as at September 30, 2008)Company / Issuer Industry + / Rating % to NAVEQUITY & EQUITY RELATEDICICI Bank Ltd. Banks 4.90Oil & Natural Gas Corporation Ltd. Oil 3.98AIA Engineering Ltd. Industrial Capital Goods 3.04Crompton Greaves Ltd. Industrial Capital Goods 2.86Punj Lloyd Ltd. Construction 2.77GlaxoSmithkline Consumer Healthcare Consumer Non Durables 2.62Apollo Tyres Ltd. Auto Ancillaries 2.53State Bank of India Banks 2.49Bank of Baroda Banks 2.46United Phosphorus Ltd. Pesticides 2.31Total of Top Ten Equity Holdings 29.96Total Equity & Equity Related Holdings 75.02Debt / Money Market Instrument / Government SecuritiesNational Bank for Agriculture & Rural Development AAA 3.86Housing Development Finance Corporation Ltd.$ AAA 3.71Indian Railways Finance Corporation Ltd. AAA 2.95State Bank of India AAA 2.37Government Securities SOV 2.33Power Finance Corporation Ltd. AAA 2.19Axis Bank Ltd. AAA(I) 1.25Infrastructure Dev. Fin. Corp. Ltd. AAA/AAA(I) 1.01Sundaram Finance Ltd. LAA+ 0.84Punjab National Bank AAA 0.77Total of Top Ten Debt / Money Market Instrument / Government Securities(aggregated holdings in a single issuer) 21.28Total Debt / Money Market Instrument / Government Securities 25.18Other Current Assets (Including Reverse Repos’ / CBLO) (0.20)Grand Total 100.00Net Assets (Rs. In Lakhs) 237,975.52Portfolio Turnover Ratio (Last 1 Year) 66.37%+ 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 MethodologyIndustry Allocation of Equity Holding (% of Net Assets)Banks 14.20Industrial Capital Goods 9.13Consumer Non Durables 8.47Pharmaceuticals 7.95Media & Entertainment 5.57Construction 5.30Auto Ancillaries 4.40Oil 3.98Industrial Products 3.35Pesticides 2.31Petroleum Products 1.71Auto 1.47Power 1.42Textile Products 1.33Paper Products 1.07Chemicals 1.05Trading 1.05Textiles - Silk 0.50Software 0.28Ferrous Metals 0.20Finance 0.16Textiles - Synthetic 0.12IntouchmutuallySeptember 2008 15

hdfc-eq-r.qxd 10/8/2008 4:18 PM Page 7HDFC Children’s Gift FundAn open-ended balanced schemeInvestment PlanNAV (as at September 30, 2008)Relative Performance ^NAV per Unit (Rs.)Growth Option 23.9880HDFC Children’s Gift FundAn open-ended balanced schemeSavings PlanNAV (as at September 30, 2008)Relative Performance ^NAV per Unit (Rs.)Growth Option 16.2750Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^$ Returns (%)#Mar 28, 08 Last Six Months (186 days) 26.443 -9.28* -13.42*Sep 28, 07 Last 1 Year (368 days) 28.770 -16.50** -12.37**Sep 30, 05 Last 3 Years (1096 days) 20.970 4.58** 11.16**Sep 30, 03 Last 5 Years (1827 days) 15.413 15.12** 15.60**Mar 02, 01 Since Inception (2769 days) 10.000 16.17** N.A.^Past performance may or may not be sustained in the future* Absolute Returns ** Compounded Annualised Returns N.A. Not Available#CRISIL Balanced Fund Index $ Adjusted for bonus units declared under the schemePortfolio – Top Holdings (as at September 30, 2008)Company / Issuer Industry + / Rating % to NAVEQUITY & EQUITY RELATEDReliance Industries Ltd. Petroleum Products 6.56Shanthi Gears Ltd. Industrial Products 4.41Coromandel Fertilisers Ltd. Fertilisers 4.38Sun Pharmaceutical Industries Ltd. Pharmaceuticals 3.94Biocon Limited Pharmaceuticals 3.54Bharti Airtel Ltd. Telecom - Services 3.48Divi’s Laboratories Ltd. Pharmaceuticals 3.23Crompton Greaves Ltd. Industrial Capital Goods 3.04Blue Star Ltd. Consumer Durables 2.80Motherson Sumi Systems Ltd. Auto Ancillaries 2.57Total of Top Ten Equity Holdings 37.95Total Equity & Equity Related Holdings 69.38Debt / Money Market InstrumentICICI Bank Ltd. AAA 5.88JUS Trust (Jet Airways) AAA(SO) 4.54M&M Financial Services Ltd. AA+ 4.01Credit Asset Trust XVII (Shriram Transport Finance) AA(SO) 3.18Sundaram Finance Ltd. AA+ 2.37Loan Securitisation Trust (Bajaj Auto Ltd.) AAA(SO) 1.70Housing Development Finance Corporation Ltd.$ AAA 1.51TML Financial Services Ltd AA+ 1.43Loan Securitisation Trust (Grasim Industries Ltd.) AAA(SO) 0.46Total Debt / Money Market Instrument(aggregated holdings in a single issuer) 25.08Other Current Assets (Including Reverse Repos’ / CBLO) 5.54Grand Total 100.00Net Assets (Rs. In Lakhs) 12,412.71Portfolio Turnover Ratio (Last 1 Year) 49.47%+ Industry Classification as recommended by AMFI $ SponsorTotal outstanding position (as at September 30, 2008) in Derivative Instruments(Interest Rate Swaps) (Notional) Rs. 500 lakhs.Industry Allocation of Equity Holding (% of Net Assets)Pharmaceuticals 10.71Industrial Capital Goods 9.15Industrial Products 6.65Petroleum Products 6.56Consumer Non Durables 6.29Software 5.00Banks 4.86Fertilisers 4.38Telecom - Services 3.48Consumer Durables 2.80Auto Ancillaries 2.57Hotels 2.01Ferrous Metals 1.87Transportation 1.83Chemicals 1.22Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^$ Returns (%)#Mar 28, 08 Last Six Months (186 days) 16.498 -1.35* -3.08*Sep 28, 07 Last 1 Year (368 days) 15.784 3.08** 0.18**Sep 30, 05 Last 3 Years (1096 days) 14.531 3.85** 6.19**Sep 30, 03 Last 5 Years (1827 days) 14.275 8.18** 6.65**Mar 02, 01 Since Inception (2769 days) 10.000 10.38** N.A.^Past performance may or may not be sustained in the future* Absolute Returns ** Compounded Annualised Returns N.A. Not Available#CRISIL MIP Blended Index$ Adjusted for bonus units declared under the schemePortfolio – Top 10 Holdings (as at September 30, 2008)Company / Issuer Industry + / Rating % to NAVEQUITY & EQUITY RELATEDShanthi Gears Ltd. Industrial Products 1.10Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.02Procter & Gamble Hygiene & Healthcare Consumer Non Durables 0.96United Phosphorus Ltd. Pesticides 0.91Infosys Technologies Ltd. Software 0.89Britannia Industries Ltd. Consumer Non Durables 0.87Coromandel Fertilisers Ltd. Fertilisers 0.85IPCA Laboratories Ltd. Pharmaceuticals 0.83Motherson Sumi Systems Ltd. Auto Ancillaries 0.82Carborundum Universal Ltd. Auto Ancillaries 0.82Total of Top Ten Equity Holdings 9.07Total Equity & Equity Related Holdings 17.89Debt / Money Market InstrumentLoan Securitisation Trust (Grasim Industries Ltd.) AAA(SO) 11.09Housing Development Finance Corporation Ltd.$ AAA 11.04Power Finance Corporation Ltd. AAA 9.32Credit Asset Trust XVII (Shriram Transport Finance) AA(SO) 7.73ICICI Bank Ltd. AAA 6.47National Bank for Agriculture & Rural Development AAA 5.76Power Finance Corporation Ltd. AAA 4.87DSP Merrill Lynch Capital Ltd. AA+ 4.75State Bank of India AAA 4.60Sundaram Finance Ltd. AA+ 3.85Total of Top Ten Debt / Money Market Instrument(aggregated holdings in a single issuer) 69.48Total Debt / Money Market Instrument 74.46Other Current Assets (Including Reverse Repos’ / CBLO) 7.65Grand Total 100.00Net Assets (Rs. In Lakhs) 5,103.67Average Portfolio Maturity (Other than equity investments)2.55 yearsModified Duration (Debt Instruments)1.70 years+ Industry Classification as recommended by AMFI $ SponsorIndustry Allocation of Equity Holding (% of Net Assets)Pharmaceuticals 2.48Consumer Non Durables 2.33Industrial Capital Goods 2.27Auto Ancillaries 2.23Industrial Products 1.75Construction 1.32Software 1.19Banks 1.17Pesticides 0.91Fertilisers 0.85Consumer Durables 0.80Electric Utilities 0.5916 September 2008 Intouchmutually

hdfc-eq-r.qxd 10/8/2008 4:18 PM Page 8HDFC Long TermAdvantage Fund*An open-ended equity linked savings scheme with a lock-in period of 3 years* Previously HDFC Tax Plan 2000NAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Plan 82.286Dividend Plan 32.004Relative Performance ^ (Growth Plan)HDFCTaxSaverAn open-ended equity linked savings scheme with a lock-in period of 3 yearsNAV (as at September 30, 2008)Relative Performance ^ (Growth Plan)IN EQUITY - TAX PLANNING CATEGORY(19 schemes) for 3 and 5 yearperiods ending September 30, 2008NAV per Unit (Rs.)Growth Plan 132.682Dividend Plan 49.053Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six months (186 days) 97.793 -15.86* -21.45*Sep 28, 07 Last 1 Year (368 days) 109.675 -24.80** -25.44**Sep 30, 05 Last 3 Years (1096 days) 66.590 7.30** 14.19**Sep 30, 03 Last 5 Years (1827 days) 22.761 29.27** 23.60**Jan 02, 01 Since Inception (2828 days) 10.000 31.26** 16.20**^Past performance may or may not be sustained in the futurePerformance of the Dividend Plan for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #SENSEXPortfolio – Top 10 Holdings (as at September 30, 2008)Company / Issuer Industry + / Rating % to NAVEQUITY & EQUITY RELATEDICICI Bank Ltd. Banks 6.07Reliance Industries Ltd. Petroleum Products 5.95State Bank of India Banks 5.00Crompton Greaves Ltd. Industrial Capital Goods 4.30Colgate-Palmolive (India) Ltd. Consumer Non Durables 3.91Blue Star Ltd. Consumer Durables 3.58AIA Engineering Ltd. Industrial Capital Goods 3.52Thermax Ltd. Industrial Capital Goods 3.47Exide Industries Ltd. Auto Ancillaries 3.26Infosys Technologies Ltd. Software 3.17Total of Top Ten Equity Holdings 42.23Total Equity & Equity Related Holdings 96.49Debt / Money Market InstrumentICICI Bank Ltd. A1+ 2.13Total Debt / Money Market Instrument 2.13Other Current Assets (Including Reverse Repos’ / CBLO) 1.38Grand Total 100.00Net Assets (Rs. In Lakhs) 66,207.70Portfolio Turnover Ratio (Last 1 Year) 41.18%+ Industry Classification as recommended by AMFIIndustry Allocation of Equity Holding (% of Net Assets)Industrial Capital Goods 19.80Banks 15.13Consumer Non Durables 12.55Auto Ancillaries 7.54Industrial Products 6.77Petroleum Products 5.95Software 5.87Pesticides 4.76Consumer Durables 3.58Pharmaceuticals 2.69Telecom - Services 2.37Gas 2.19Auto 2.17Transportation 1.94Media & Entertainment 1.04Textile Products 1.01Hardware 0.74Ferrous Metals 0.39Date Period NAV Returns Benchmarkper Unit (Rs.) (%)$$^ Returns (%)#Mar 28, 08 Last Six months (186 days) 155.670 -14.77* -22.98*Sep 28, 07 Last 1 Year (368 days) 175.268 -24.13** -26.79**Sep 30, 05 Last 3 Years (1096 days) 99.313 10.13** 10.38**Sep 30, 03 Last 5 Years (1827 days) 30.682 33.98** 21.83**Sep 30, 98 Last 10 Years (3653 days) 12.070 37.22** 17.23**Mar 31, 96 Since Inception (4566 days) 10.000 32.40** 12.51**^Past performance may or may not be sustained in the futurePerformance of the Dividend Plan for the investor would be net of Distribution Tax as applicable* Absolute Returns #S&P CNX 500 (Please refer to page no 31)** Compounded Annualised Returns$$ Adjusted for the dividends declared under the scheme prior to its splittng into the Dividendand Growth PlansPortfolio – Top 10 Holdings (as at September 30, 2008)Company / Issuer Industry + / Rating % to NAVEQUITY & EQUITY RELATEDOil & Natural Gas Corporation Ltd. Oil 6.39ICICI Bank Ltd. Banks 5.91State Bank of India Banks 5.55Crompton Greaves Ltd. Industrial Capital Goods 4.44Larsen and Toubro Ltd. Industrial Capital Goods 3.50United Phosphorus Ltd. Pesticides 3.38Axis Bank Ltd. Banks 3.17Thermax Ltd. Industrial Capital Goods 3.10ITC Ltd. Consumer Non Durables 3.01Bharti Airtel Ltd. Telecom - Services 2.99Total of Top Ten Equity Holdings 41.44Total Equity & Equity Related Holdings 99.06Debt / Money Market InstrumentSundaram Finance Ltd. LAA+ 1.98Canara Bank P1+ 0.76Total Debt / Money Market Instrument 2.74Other Current Assets (Including Reverse Repos’ / CBLO) (1.80)Grand Total 100.00Net Assets (Rs. In Lakhs) 125,866.27Portfolio Turnover Ratio (Last 1 Year) 56.33%+ Industry Classification as recommended by AMFI✤ Past performance is no guarantee of future results.♓ Please refer to page no 31 for details on the Rating MethodologyIndustry Allocation of Equity Holding (% of Net Assets)Banks 19.02Industrial Capital Goods 13.41Consumer Non Durables 11.33Pharmaceuticals 10.47Auto Ancillaries 8.69Oil 6.39Media & Entertainment 6.25Software 3.47Pesticides 3.38Construction 3.16Telecom - Services 2.99Petroleum Products 2.72Transportation 2.61Auto 2.18Finance 1.08Power 0.87Paper Products 0.86Trading 0.14Industrial Products 0.04Std DeviationBeta Sharpe Ratio*Std DeviationBeta Sharpe Ratio*Risk Ratio (for the 3-yr period ended September 30, 2008) 6.70% 0.7820 0.16Source : CRISIL Fund Analyser* Risk-free rate assumed to be 9.15% (364-day Treasury Bill yield on 30-09-08)IntouchmutuallyRisk Ratio (for the 3-yr period ended September 30, 2008) 7.80% 0.8580 0.18Source : CRISIL Fund Analyser* Risk-free rate assumed to be 9.15% (364-day Treasury Bill yield on 30-09-08)September 2008 17

hdfc-eq-r.qxd 10/8/2008 4:18 PM Page 9HDFC Long Term Equity FundA 5 year close-ended Equity Scheme with automatic conversion into anOpen-ended scheme upon maturityHDFC Mid-Cap Opportunities FundA 3 year close-ended Equity Scheme with automatic conversion into anOpen-ended scheme upon maturityNAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Option 10.258Dividend Option 9.388Relative Performance ^ (Growth Option)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six months (186 days) 12.168 -15.70* -20.66*Sep 28, 07 Last 1 Year (368 days) 12.900 -20.33** -21.75**Feb 10, 06 Since Inception (963 days) 10.000 0.97** 10.30**^Past performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns#S&P CNX Nifty (Please refer to page no 31)Portfolio – Top 10 Holdings (as at September 30, 2008)Company / Issuer Industry + / Rating % to NAVEQUITY & EQUITY RELATEDState Bank of India Banks 5.91Crompton Greaves Ltd. Industrial Capital Goods 5.65Biocon Ltd. Pharmaceuticals 4.38ICICI Bank Ltd. Banks 4.30Nestle India Ltd. Consumer Non Durables 4.25ITC Ltd. Consumer Non Durables 4.18Divi’s Laboratories Ltd. Pharmaceuticals 4.05Oil & Natural Gas Corporation Ltd. Oil 3.81Maytas Infra Ltd Construction 3.75Exide Industries Ltd. Auto Ancillaries 3.72Total of Top Ten Equity Holdings 44.00Total Equity & Equity Related Holdings 93.22Debt / Money Market InstrumentICICI Bank Ltd. A1+ 2.81Total Debt / Money Market Instrument 2.81Other Current Assets (Including Reverse Repos’ / CBLO) 3.97Grand Total 100.00Net Assets (Rs. In Lakhs) 101,798.82Portfolio Turnover Ratio (Last 1 Year) 55.91%+ Industry Classification as recommended by AMFIIndustry Allocation of Equity Holding (% of Net Assets)Pharmaceuticals 13.91Consumer Non Durables 13.70Industrial Capital Goods 12.59Construction 10.26Banks 10.21Petroleum Products 4.72Auto Ancillaries 4.45Media & Entertainment 4.15Industrial Products 4.13Oil 3.81Dividend History ^HDFC Long Term Equity FundRecord Cum Div Dividend Per unit (Rs.) ForDate NAV (Rs.) Individuals & HUF OthersMay 28, 07 11.6670 1.00 1.00Auto 3.38Software 1.46Retailing 1.40Pesticides 1.10Chemicals 1.03Engineering 0.99Power 0.87Cement 0.49Textile Products 0.36Healthcare Services 0.21Dividend PlanRecord Cum Div Dividend Per unit (Rs.) ForDate NAV (Rs.) Individuals & HUF OthersNAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Option 8.288Dividend Option 8.288Relative Performance ^ (Growth Option)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six months (186 days) 9.628 -13.92* -23.02*Sep 28, 07 Last 1 Year (368 days) 10.830 -23.30** -28.58**Jun 25, 07 Since Inception (463 days) 10.000 -13.76** -12.90**^Past performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns#CNX MIdcap (Please refer to page no 31)Portfolio – Top 10 Holdings (as at September 30, 2008)Company Industry + % to NAVEQUITY & EQUITY RELATEDCrompton Greaves Ltd. Industrial Capital Goods 4.88United Phosphorus Ltd. Pesticides 4.49Axis Bank Ltd. Banks 4.42Indraprastha Gas Ltd. Gas 3.25Punj Lloyd Ltd. Construction 3.13GlaxoSmithkline Consumer Healthcare Ltd. Consumer Non Durables 2.97ICICI Bank Ltd. Banks 2.92Castrol India Ltd. Oil 2.82Solar Explosives Ltd. Chemicals 2.81State Bank of India Banks 2.61Total of Top Ten Equity Holdings 34.30Total Equity & Equity Related Holdings 94.89Other Current Assets (Including Reverse Repos’ / CBLO) 5.11Grand Total 100.00Net Assets (Rs. In Lakhs) 100,761.51Portfolio Turnover Ratio (Last 1 Year) 41.05%+ Industry Classification as recommended by AMFIIndustry Allocation of Equity Holding (% of Net Assets)Banks 13.36Consumer Non Durables 13.27Industrial Capital Goods 10.70Auto Ancillaries 9.56Pharmaceuticals 7.13Industrial Products 6.37Pesticides 4.49Chemicals 4.08Construction 3.83Gas 3.25Oil 2.82Transportation 2.47Telecom - Services 2.34Petroleum Products 2.14Ferrous Metals 1.85Finance 1.82Consumer Durables 1.33Software 1.01Hardware 0.93Media & Entertainment 0.91Engineering 0.81Electrical Components &Equipments 0.42Segmentwise Break-up of Equity Holding (% of Net Assets)Large-Cap 17.70Mid-Cap 69.60Small-Cap 7.60^ 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 tothe extent of the payout and statutory levy.18 September 2008 Intouchmutually

hdfc-eq-r.qxd 10/8/2008 4:18 PM Page 10HDFC Infrastructure FundA 3 year close-ended Equity Scheme with automatic conversion into anOpen-ended scheme upon maturityNAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Option 7.609Dividend Option 7.609Relative Performance ^ (Growth Option)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six months (186 days) 9.532 -20.17* -22.98*Mar 10, 08 Since Inception (204 days) 10.000 -23.91* -22.13*^Past performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns #S&P CNX 500 (Please refer to page no 31)Portfolio – Top 10 Holdings (as at September 30, 2008)Company Industry + % to NAVEQUITY & EQUITY RELATEDState Bank of India Banks 7.93ICICI Bank Ltd. Banks 5.85Oil & Natural Gas Corporation Ltd. Oil 5.64IRB Infrastructure Developers Ltd Construction 4.69Crompton Greaves Ltd. Industrial Capital Goods 4.64Punj Lloyd Ltd. Construction 4.37Maytas Infra Ltd Construction 3.86Larsen and Toubro Ltd. Industrial Capital Goods 3.82KEC International Ltd. Power 3.03Thermax Ltd. Industrial Capital Goods 2.97Total of Top Ten Equity Holdings 46.80Total Equity & Equity Related Holdings 91.87Other Current Assets (Including Reverse Repos’ / CBLO) 8.13Grand Total 100.00Net Assets (Rs. In Lakhs) 128,233.00Portfolio Turnover Ratio (Last 1 Year) 38.96%+ Industry Classification as recommended by AMFIIndustry Allocation of Equity Holding (% of Net Assets)Banks 21.25Construction 19.96Industrial Capital Goods 19.05Oil 5.64Power 4.31Media & Entertainment 3.97Pharmaceuticals 3.21Auto 2.93Consumer Non Durables 2.86IntouchmutuallyAuto Ancillaries 2.47Transportation 1.63Ferrous Metals 1.60Consumer Durables 1.21Finance 0.71Chemicals 0.62Engineering 0.35Industrial Products 0.10Dividend History ^HDFC Growth FundRecord Cum Div Dividend Per unit (Rs.) ForDate NAV (Rs.) Individuals & HUF OthersDec 15, 04 17.711 2.00 2.00Dec 30, 05 23.123 2.50 2.50HDFC Equity FundRecord Date NAV per Unit (Rs.) DividendCum Dividend Per Unit (Rs.)Jul 15, 03 17.097 2.00Sep 30, 03 18.792 2.50Mar 19, 04 20.790 1.50HDFC Top 200 FundRecord Date NAV per Unit (Rs.) DividendCum Dividend Per Unit (Rs.)Jul 15, 03 16.272 2.00Oct 31, 03 19.899 2.50Mar 08, 04 21.959 1.50HDFC Capital Builder FundRecord Cum Div Dividend Per unit (Rs.) ForDate NAV (Rs.) Individuals & HUF OthersFeb 04, 05 22.552 5.00 5.00Feb 17, 06 26.620 5.00 5.00Record Cum Div Dividend Per unit (Rs.) ForDate NAV (Rs.) Individuals & HUF OthersJan 13, 06 19.301 2.25 2.25Jan 11, 07 22.610 3.00 3.00Jan 10, 08 28.229 3.00 3.00HDFC Balanced FundRecord Cum Div Dividend Per unit (Rs.) ForDate NAV (Rs.) Individuals & HUF OthersDec 30, 05 18.272 2.00 2.00Dec 28, 06 20.588 2.50 2.50HDFC Prudence FundRecord Date NAV per Unit (Rs.) DividendCum Dividend Per Unit (Rs.)Jul 15, 03 18.737 2.00Dec 26, 03 23.711 3.00Mar 15, 04 20.247 1.50Dividend PlanRecord Cum Div Dividend Per unit (Rs.) ForDate NAV (Rs.) Individuals & HUF OthersDec 28, 06 29.681 3.50 3.50Dec 27, 07 42.928 4.00 4.00(Since December 2004)Dividend PlanRecord Cum Div Dividend Per unit (Rs.) ForDate NAV (Rs.) Individuals & HUF OthersNov 30, 04 23.445 3.00 3.00Mar 17, 06 41.877 5.00 5.00Mar 07, 07 40.352 5.00 5.00Mar 07, 08 45.4470 5.50 5.50Dividend PlanRecord Cum Div Dividend Per unit (Rs.) ForDate NAV (Rs.) Individuals & HUF OthersDec 15, 04 24.066 3.00 3.00Feb 17, 06 36.409 4.50 4.50Feb 07, 07 42.968 5.00 5.00Feb 07, 08 48.129 5.00 5.00Dividend PlanRecord Cum Div Dividend Per unit (Rs.) ForDate NAV (Rs.) Individuals & HUF OthersFeb 07, 07 26.389 3.00 3.00Feb 07, 08 30.891 3.50 3.50HDFC Core & Satellite Fund HDFC Premier Multi-Cap FundDividend Option Dividend OptionRecord Cum Div Dividend Per unit (Rs.) ForDate NAV (Rs.) Individuals & HUF OthersMar 03, 06 15.756 1.75 1.75Feb 21, 07 16.654 2.00 2.00Feb 21, 08 17.516 2.00 2.00HDFC Arbitrage Fund (Since January 2008)Monthly (Dividend Option) Quarterly (Dividend Option)Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersRetail OptionJan 31, 08 10.2640 0.2500 0.2500Mar 25, 08 10.1050 0.1050 0.1050Apr 25, 08 10.0470 0.0470 0.0470May 26, 08 10.0630 0.0630 0.0630Jun 25, 08 10.0500 0.0500 0.0500Aug 25, 08 10.1030 0.1030 0.1030Sep 25, 08 10.0580 0.0580 0.0580Wholesale OptionJan 31, 08 10.2710 0.2600 0.2600Mar 25, 08 10.1050 0.1050 0.1050Apr 25, 08 10.0480 0.0480 0.0480May 26, 08 10.0660 0.0660 0.0660Jun 25, 08 10.0520 0.0520 0.0520Aug 25, 08 10.1070 0.1070 0.1070Sep 25, 08 10.0600 0.0600 0.0600HDFC Long Term Advantage Fund(An open-ended equity linked savings scheme with a lock-in period of 3 years)Record Cum Div Dividend Per unit (Rs.) ForDate NAV (Rs.) Individuals & HUF OthersFeb 04, 05 32.588 5.00 5.00Jan 13, 06 44.270 6.00 6.00HDFC TaxSaver(An open-ended equity linked savings scheme with a lock-in period of 3 years)Record Cum Div Dividend Per unit (Rs.) ForDate NAV (Rs.) Individuals & HUF OthersFeb 17, 05 40.572 5.00 5.00Mar 17, 06 67.080 7.50 7.50Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersRetail OptionJan 31, 08 10.2640 0.2500 0.2500Mar 25, 08 10.1080 0.1080 0.1080Jun 25, 08 10.1610 0.1610 0.1610Sep 25, 08 10.1610 0.1610 0.1610Wholesale OptionJan 31, 08 10.2710 0.2600 0.2600Mar 25, 08 10.1040 0.1040 0.1040Jun 25, 08 10.1680 0.1680 0.1680Sep 25, 08 10.1680 0.1680 0.1680Dividend PlanRecord Cum Div Dividend Per unit (Rs.) ForDate NAV (Rs.) Individuals & HUF OthersDec 27, 07 22.7440 2.50 2.50Dividend PlanRecord Cum Div Dividend Per unit (Rs.) ForDate NAV (Rs.) Individuals & HUF OthersMar 18, 05 25.265 5.00 5.00Mar 03, 06 30.543 5.00 5.00Feb 21, 07 32.483 5.00 5.00Feb 21, 08 33.503 5.00 5.00Dividend PlanRecord Cum Div Dividend Per unit (Rs.) ForDate NAV (Rs.) Individuals & HUF OthersJan 11, 07 46.468 6.00 6.00Jan 10, 08 56.171 6.00 6.00Dividend PlanRecord Cum Div Dividend Per unit (Rs.) ForDate NAV (Rs.) Individuals & HUF OthersMar 07, 07 60.360 7.50 7.50Mar 07, 08 66.092 8.00 8.00^ 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 tothe extent of the payout and statutory levy.September 2008 19

hdfc-sip.qxd 10/8/2008 4:17 PM Page 1Benefits 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 wouldhave grown if you had invested say Rs. 1,000 systematically on the first BusinessDay of every month over a period of time.HDFC GROWTH FUNDSIP Investments Since Inception 5 Year SIP 3 Year SIP 1 Year SIPTotal Amount Invested (Rs. ‘000) 97.00 60.00 36.00 12.00Mkt Value as on September 30, 2008 (Rs. ‘000) 348.35 107.10 41.57 10.10Returns (Annualised)* (%) 30.63 23.38 9.57 -28.04Benchmark Returns (Annualised) (%) # 20.44 15.57 -0.43 -39.22# SENSEXPast performance may or may not be sustained in the future.HDFC EQUITY FUNDSIP Investments Since 10 year 5 Year 3 Year 1 YearInception SIP SIP SIP SIPTotal Amount Invested (Rs. ‘000) 165.00 120.00 60.00 36.00 12.00Mkt Value as on September 30, 2008 (Rs. ‘000) 1,524.29 601.39 99.42 37.15 9.88Returns (Annualised)* (%) 28.93 30.31 20.31 2.05 -31.02Benchmark Returns (Annualised) (%) # 15.11 18.17 12.50 -3.06 -42.43# S&P CNX 500 (Please refer to page no 31)Past performance may or may not be sustained in the future.HDFC TOP 200 FUNDSIP Investments Since 10 year 5 Year 3 Year 1 YearInception SIP SIP SIP SIPTotal Amount Invested (Rs. ‘000) 144.00 120.00 60.00 36.00 12.00Mkt Value as on September 30, 2008 (Rs. ‘000) 862.56 566.12 108.63 39.92 10.17Returns (Annualised)* (%) 27.35 28.77 23.97 6.83 -27.06Benchmark Returns (Annualised) (%) # 16.85 18.52 13.49 -1.55 -42.41# BSE 200Past performance may or may not be sustained in the future.HDFC CAPITAL BUILDER FUNDSIP Investments Since 10 year 5 Year 3 Year 1 YearInception SIP SIP SIP SIPTotal Amount Invested (Rs. ‘000) 176.00 120.00 60.00 36.00 12.00Mkt Value as on September 30, 2008 (Rs. ‘000) 881.83 435.49 91.60 35.38 9.45Returns (Annualised)* (%) 19.82 24.34 16.95 -1.13 -36.87Benchmark Returns (Annualised) (%) # 14.07 18.17 12.50 -3.06 -42.43# S&P CNX 500 (Please refer to page no 31)Past performance may or may not be sustained in the future.HDFC PREMIER MULTI-CAP FUNDSIP Investments Since Inception 3 Year SIP 1 Year SIPTotal Amount Invested (Rs. ‘000) 42.00 36.00 12.00Market Value as on September 30, 2008 (Rs. ‘000) 44.56 34.97 9.78Returns (Annualised)* (%) 3.32 -1.88 -32.40Benchmark Returns (Annualised) (%) # 2.64 -3.06 -42.43# S&P CNX 500 (Please refer to page no 31)Past performance may or may not be sustained in the future.HDFC CORE & SATELLITE FUNDSIP Investments Since Inception 3 Year SIP 1 Year SIPTotal Amount Invested (Rs. ‘000) 49.00 36.00 12.00Market Value as on September 30, 2008 (Rs. ‘000) 57.77 33.52 9.56Returns (Annualised)* (%) 8.02 -4.59 -35.43Benchmark Returns (Annualised) (%) # 8.89 -1.55 -42.41# BSE 200Past performance may or may not be sustained in the future.HDFC BALANCED FUNDSIP Investments Since Inception 5 Year SIP 3 Year SIP 1 Year SIPTotal Amount Invested (Rs. ‘000) 97.00 60.00 36.00 12.00Mkt Value as on September 30, 2008 (Rs. ‘000) 196.93 80.02 37.27 10.69Returns (Annualised)* (%) 17.02 11.46 2.27 -19.62Benchmark Returns (Annualised) (%) # N.A. 10.92 2.98 -23.99# CRISIL Balanced Fund IndexPast performance may or may not be sustained in the future.HDFC PRUDENCE FUNDSIP Investments Since 10 year 5 Year 3 Year 1 YearInception SIP SIP SIP SIPTotal Amount Invested (Rs. ‘000) 176.00 120.00 60.00 36.00 12.00Mkt Value as on September 30, 2008 (Rs. ‘000) 1,208.55 464.12 91.76 37.65 10.24Returns (Annualised)* (%) 23.47 25.52 17.02 2.94 -25.98Benchmark Returns (Annualised) (%) # N.A. N.A. 10.92 2.98 -23.99# CRISIL Balanced Fund IndexPast performance may or may not be sustained in the future.HDFC CHILDREN’S GIFT FUND - INVESTMENT PLANSIP Investments Since Inception 5 Year SIP 3 Year SIP 1 Year SIPTotal Amount Invested (Rs. ‘000) 91.00 60.00 36.00 12.00Mkt Value as on September 30, 2008 (Rs. ‘000) 160.00 73.58 34.71 10.36Returns (Annualised)* (%) 14.54 8.10 -2.35 -24.39Benchmark Returns (Annualised) (%) # 10.92 10.92 2.98 -23.99# CRISIL Balanced Fund IndexPast performance may or may not be sustained in the future.HDFC CHILDREN’S GIFT FUND - SAVINGS PLANSIP Investments Since Inception 5 Year SIP 3 Year SIP 1 Year SIPTotal Amount Invested (Rs. ‘000) 91.00 60.00 36.00 12.00Mkt Value as on September 30, 2008 (Rs. ‘000) 126.24 69.95 38.30 11.80Returns (Annualised)* (%) 8.47 6.08 4.07 -3.07Benchmark Returns (Annualised) (%) # 5.92 5.92 4.27 -4.55# CRISIL MIP Blended IndexPast performance may or may not be sustained in the future.HDFC LONG TERM ADVANTAGE FUNDSIP Investments Since Inception 5 Year SIP 3 Year SIP 1 Year SIPTotal Amount Invested (Rs. ‘000) 93.00 60.00 36.00 12.00Mkt Value as on September 30, 2008 (Rs. ‘000) 320.96 86.38 33.20 9.55Returns (Annualised)* (%) 31.12 14.56 -5.19 -35.47Benchmark Returns (Annualised) (%) # 21.04 15.57 -0.43 -39.22# SENSEXPast performance may or may not be sustained in the future.HDFC TAXSAVERSIP Investments Since 10 year 5 Year 3 Year 1 YearInception SIP SIP SIP SIPTotal Amount Invested (Rs. ‘000) 147.00 120.00 60.00 36.00 12.00Mkt Value as on September 30, 2008 (Rs. ‘000) 1,517.89 652.82 99.78 34.66 9.89Returns (Annualised)* (%) 34.60 31.83 20.46 5.91 -30.89Benchmark Returns (Annualised) (%) # 16.50 18.17 12.50 -3.06 -42.43# S&P CNX 500 (Please refer to page no 31)Past performance may or may not be sustained in the future.HDFC MF MIP - SHORT TERM PLANSIP Investments Since Inception 3 Year SIP 1 Year SIPTotal Amount Invested (Rs. ‘000) 58.00 36.00 12.00Market Value as on September 30, 2008 (Rs. ‘000) 65.08 37.42 11.78Returns (Annualised)* (%) 4.71 2.54 -3.38Benchmark Returns (Annualised) (%) # 5.85 4.27 -4.55# CRISIL MIP BLENDED INDEXPast performance may or may not be sustained in the future.HDFC MF MIP - LONG TERM PLANSIP Investments Since Inception 3 Year SIP 1 Year SIPTotal Amount Invested (Rs. ‘000) 58.00 36.00 12.00Market Value as on September 30, 2008 (Rs. ‘000) 70.41 38.43 11.55Returns (Annualised)* (%) 7.96 4.30 -6.82Benchmark Returns (Annualised) (%) # 5.85 4.27 -4.55# CRISIL MIP BLENDED INDEXPast performance may or may not be sustained in the future.* Load is not taken into consideration and the Returns are of Growth Plan / Option. Investors areadvised to refer to the Relative Performance table furnished in this booklet for non-SIP returns.Past performance may or may not be sustained in the future.Disclaimer: The above investment simulation is for illustrative purposes only and should not beconstrued as a promise on minimum returns and safeguard of capital. The AMC / Mutual Fund isnot guaranteeing or promising or forecasting any returns. SIP does not assure a profit or guaranteeprotection against a loss in a declining market.Please refer SIP Enrolment Form or contact nearest ISC for SIP Load Structure.20 September 2008 Intouchmutually

hdfc-dt.qxd 10/8/2008 4:16 PM Page 1HDFC MF MIP -Short Term PlanPortfolio – Top 10 Holdings (as at September 30, 2008)Company / Issuer Industry + / Rating % to NAVEQUITY & EQUITY RELATEDCrompton Greaves Ltd. Industrial Capital Goods 1.64Oil & Natural Gas Corporation Ltd. Oil 1.06ICICI Bank Ltd. Banks 1.04T. V. Today Network Ltd. Media & Entertainment 0.96ITC Ltd. Consumer Non Durables 0.96Jagran Prakashan Ltd. Media & Entertainment 0.91Amtek Auto Ltd. Auto Ancillaries 0.85Pidilite Industries Ltd. Consumer Non Durables 0.80Blue Star Ltd. Consumer Durables 0.74Procter & Gamble Hygiene & Healthcare Consumer Non Durables 0.71Total of Top Ten Equity Holdings 9.67Total Equity & Equity Related Holdings 13.25Debt / Money Market InstrumentHousing Development Finance Corporation Ltd.$ AAA 20.59Auto Securitisation Trust Mixed Pool A AAA(SO) 7.50Shriram Transport Finance Co. Ltd. AA(I) 6.66UBL Trust Series 61 P1+(SO) 6.18Credit Asset Trust XLIX F1+ (IND) (SO) 5.27Dr Reddy’s Holding Pvt Ltd. P1+ 5.15Indian Oil Corporation Ltd LAA+ 5.11Kotak Mahindra Prime Ltd. P1+ 5.04ILSS 1 Trust 2009 AAA(SO) 4.82Oriental Bank of Commerce P1+ 4.57Total of Top Ten Debt / Money Market Instrument(aggregated holdings in a single issuer) 70.89Total Debt/ Money Market Instrument 80.90Other Current Assets (Including Reverse Repos’ / CBLO) 5.85Grand Total 100.00Net Assets (Rs. In Lakhs) 9,762.12Average Portfolio MaturityModified Duration (Debt Instruments)An open-ended income scheme. Monthly income is not assured and issubject to availability of distributable surplusNAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Option 13.4556Monthly Dividend Option 9.8420Quarterly Dividend Option 10.0915Relative Performance^(Growth Option)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six Months (186 days) 13.5938 -1.02* -3.08*Sep 28, 07 Last 1 Year (368 days) 13.4927 -0.27** 0.18**Sep 30, 05 Last 3 Years (1096 days) 11.9540 4.02** 6.19**Dec 26, 03 Since Inception (1740 days) 10.0000 6.42** 5.93**^Past Performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #Crisil MIP Blended Index1.74 years (other than equity investments)280 daysHDFC MF MIP -Long Term PlanNAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Option 15.7371Monthly Dividend Option 10.5636Quarterly Dividend Option 10.7635Relative Performance^(Growth Option)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six Months (186 days) 16.1950 -2.83* -3.08*Sep 28, 07 Last 1 Year (368 days) 16.1139 -2.32** 0.18**Sep 30, 05 Last 3 Years (1096 days) 12.5250 7.90** 6.19**Dec 26, 03 Since Inception (1740 days) 10.0000 9.98** 5.93**^Past Performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #Crisil MIP Blended IndexPortfolio – Top 10 Holdings (as at September 30, 2008)Company / Issuer Industry + / Rating % to NAVEQUITY & EQUITY RELATEDState Bank of India Banks 1.94Oil & Natural Gas Corporation Ltd. Oil 1.83ICICI Bank Ltd. Banks 1.66The Federal Bank Ltd. Banks 1.27Punj Lloyd Ltd. Construction 1.27Britannia Industries Ltd. Consumer Non Durables 1.20Crompton Greaves Ltd. Industrial Capital Goods 1.17Page Industries Ltd. Textile Products 0.99United Phosphorus Ltd. Pesticides 0.83GlaxoSmithkline Consumer Healthcare Consumer Non Durables 0.83Total of Top Ten Equity Holdings 12.99Total Equity & Equity Related Holdings 24.10Debt / Money Market InstrumentTata Sons Ltd. AAA 7.17Power Finance Corporation Ltd. AAA 6.83Indian Railways Finance Corporation Ltd. AAA 4.88Sundaram Finance Ltd. AA+/LAA+ 4.00Rural Electrification Corporation Ltd. AAA 3.63National Bank for Agriculture & Rural Development AAA 3.06Tata Steel Ltd. AAA 2.97Infrastructure Dev. Fin. Corp. Ltd. AAA(I)/LAAA 2.71ICICI Bank Ltd. A1+/AAA 2.67Citicorp Maruti Finance Ltd. AAA 2.64Total of Top Ten Debt / Money Market Instrument(aggregated holdings in a single issuer) 40.56Total Debt / Money Market Instrument Instrument 73.47Other Current Assets (Including Reverse Repos’ / CBLO) 2.43Grand Total 100.00Net Assets (Rs. In Lakhs) 112,915.29Average Portfolio MaturityModified Duration (Debt Instruments)An open-ended income scheme. Monthly income is not assured and issubject to availability of distributable surplus3.67 years (other than equity investments)2.41 years+ Industry Classification as recommended by AMFI,+ Industry Classification as recommended by AMFI$ SponsorIntouchmutually September 2008 21

hdfc-dt.qxd 10/8/2008 4:16 PM Page 2HDFC MultipleYield FundNAV (as at September 30, 2008)An open-ended income schemeNAV per Unit (Rs.)Growth Option 13.6222Dividend Option 10.3180Relative Performance ^ (Growth Option)In Hybrid - Debt-oriented(17 schemes) for 3 & 5 year periodsending September 30, 2008Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six Months (186 days) 13.4775 1.07* -3.08*Sep 28, 07 Last 1 Year (368 days) 13.0142 4.63** 0.18**Sep 30, 05 Last 3 Years (1096 days) 11.0310 7.28** 6.19**Sep 17, 04 Since Inception (1474 days) 10.0000 7.96** 7.21**^Past Performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable*Absolute Returns # Crisil MIP Blended Index ** Compounded Annualised ReturnsPortfolio – Top Holdings (as at September 30, 2008)Company / Issuer Industry + / Rating % to NAVEQUITY & EQUITY RELATEDCrisil Ltd. Finance 1.90IPCA Laboratories Ltd. Pharmaceuticals 1.62Britannia Industries Ltd. Consumer Non Durables 1.55Solar Explosives Ltd. Chemicals 1.53Maytas Infra Ltd. Construction 1.443M India Ltd. Trading 1.35Apollo Tyres Ltd. Auto Ancillaries 1.30Crompton Greaves Ltd. Industrial Capital Goods 1.20The Federal Bank Ltd. Banks 1.18Zee Entertainment Enterprises Ltd. Media & Entertainment 1.13Total of Top Ten Equity Holdings 14.20Total Equity & Equity Related Holdings 18.99Debt / Money Market InstrumentKRS Loan Trust P1 (SO) 10.32ICICI Bank Ltd. A1+ 10.23Dr Reddy’s Holding Pvt Ltd. P1+ 9.63Citi Financial Consumer Finance (India) Ltd. AAA 9.50GE Capital Services India AAA 9.35Corporation Bank P1+ 8.63ING Vysya Bank Ltd. P1+ 8.62Total Debt / Money Market Instrument(aggregated holdings in a single issuer) 66.28Other Current Assets (Including Reverse Repos’ / CBLO) 14.73Grand Total 100.00Net Assets (Rs. In Lakhs) 5,224.36HDFC Multiple Yield Fund - Plan 2005An open-ended income schemeNAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Option 12.2615Dividend Option 10.1509Relative Performance ^ (Growth Option)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six Months (186 days) 12.0651 1.63* -3.08*Sep 28, 07 Last 1 Year (368 days) 11.8090 3.80** 0.18**Sep 30, 05 Last 3 Years (1096 days) 10.2040 6.31** 6.19**Aug 17, 05 Since Inception (1140 days) 10.0000 6.75** 6.54**^Past Performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns # Crisil MIP Blended Index ** Compounded Annualised ReturnsPortfolio – Holdings (as at September 30, 2008)Company / Issuer Industry + / Rating % to NAVEQUITY & EQUITY RELATEDCastrol India Ltd. Oil 1.13Shanthi Gears Ltd. Industrial Products 1.01Motherson Sumi Systems Ltd. Auto Ancillaries 0.94Crompton Greaves Ltd. Industrial Capital Goods 0.93IPCA Laboratories Ltd. Pharmaceuticals 0.90AIA Engineering Ltd. Industrial Capital Goods 0.87Pidilite Industries Ltd. Consumer Non Durables 0.83Coromandel Fertilisers Ltd. Fertilisers 0.79Savita Chemicals Ltd. Chemicals 0.78Vesuvius India Ltd. Industrial Products 0.76Total of Top Ten Equity Holdings 8.94Total Equity & Equity Related Holdings 13.74Debt / Money Market InstrumentDr Reddy’s Holding Pvt Ltd. P1+ 16.02GE Capital Services India AAA 15.57ING Vysya Bank Ltd. P1+ 14.35Citi Financial Consumer Finance (India) Ltd. AAA 12.65Credit Asset Trust Series LVIII LAAA(SO) 9.13Corporation Bank P1+ 8.62Geetanjali Trading and Investment P1+ 6.33Total Debt / Money Market Instrument(aggregated holdings in a single issuer) 82.67Other Current Assets (Including Reverse Repos’ / CBLO) 3.59Grand Total 100.00Net Assets (Rs. In Lakhs) 3,138.82Average Portfolio Maturity 248 days Average Portfolio Maturity 326 daysModified Duration (Debt Instruments)220 days+ Industry Classification as recommended by AMFI✤ Past performance is no guarantee of future results.♓ Please refer to page no 31 for details on the Rating MethodologyModified Duration (Debt Instruments)254 days+ Industry Classification as recommended by AMFI22 September 2008Intouchmutually

hdfc-dt.qxd 10/8/2008 4:16 PM Page 3HDFC Income FundAn open-ended income schemeHDFC High Interest FundAn open-ended income schemeNAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Option 18.0639Dividend Option 10.1692Relative Performance^(Growth Option)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six Months (186 days) 18.0823 -0.10* 0.07*Sep 28, 07 Last 1 Year (368 days) 17.3392 4.14** 3.71**Sep 30, 05 Last 3 Years (1096 days) 16.1407 3.82** 4.15**Sep 30, 03 Last 5 Years (1827 days) 15.4706 3.14** 3.46**Sep 11, 00 Since Inception (2941 days) 10.0000 7.61** N.A.^Past Performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns# Crisil Composite Bond Fund Index N.A. Not AvailablePortfolio – Top 10 Holdings (as at September 30, 2008)Issuer Rating % to NAVDEBT / MONEY MARKET INSTRUMENTS / GOVERNMENT SECURITIESIndian Railways Finance Corporation Ltd. AAA 13.82IDBI Bank Ltd. AA+ 10.99Indian Oil Corporation Ltd. LAA+ 10.94Rural Electrification Corporation Ltd. AAA 9.82Power Finance Corporation Ltd. AAA 8.70Loan Securitisation Trust (Bajaj Auto Ltd.) AAA(SO) 8.40JUS Trust (Jet Airways) AAA(SO) 7.90Government Securities SOV 5.36ICICI Bank Ltd. AAA 3.86Credit Asset Trust Series XLVII AAA(Ind)(SO) 2.68Total of Top Ten Debt / Money Market Instrument / Government Securities(aggregated holdings in a single issuer) 82.47Total Debt / Money Market Instrument / Government Securities 92.63Other Current Assets (Including Reverse Repos’ / CBLO) 7.37Grand Total 100.00Net Assets (Rs. In Lakhs) 18,198.23NAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Plan 26.7207Quarterly Dividend Option 10.5172Half-Yearly Dividend Option 10.2824Yearly Dividend Option 10.8583Relative Performance ^ (Growth Plan)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six Months (186 days) 26.4938 0.86* 0.07*Sep 28, 07 Last 1 Year (368 days) 25.3589 5.33** 3.71**Sep 30, 05 Last 3 Years (1096 days) 23.6869 4.10** 4.15**Sep 30, 03 Last 5 Years (1827 days) 22.6829 3.33** 3.46**Sep 30, 98 Last 10 Years (3653 days) 12.0389 8.29** N.A.Apr 28, 97 Since Inception (4173 days) 10.0000 8.98** N.A.^Past Performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns#CRISIL Composite Bond Fund IndexN.A. Not AvailablePortfolio – Holdings (as at September 30, 2008)Issuer Rating % to NAVDEBT / MONEY MARKET INSTRUMENTS / GOVERNMENT SECURITIESGovernment Securities SOV 20.58Indian Railways Finance Corporation Ltd. AAA 14.63IDBI Bank Ltd. AA+ 14.54Power Finance Corporation Ltd. AAA 10.86K. Raheja Universal Pvt. Ltd. UNRATED 8.79State Bank of India AAA 6.83Housing Development Finance Corporation Ltd.$ AAA 6.36JUS Trust (Jet Airways) AAA(SO) 5.74Total Debt / Money Market Instrument / Government Securities(aggregated holdings in a single issuer) 88.33Other Current Assets (Including Reverse Repos’ / CBLO) 11.67Grand Total 100.00Net Assets (Rs. In Lakhs) 3,438.61Average Portfolio MaturityModified Duration7.98 years4.95 years$ SponsorAverage Portfolio MaturityModified Duration6.65 years4.15 years$ SponsorIntouchmutually September 2008 23

hdfc-dt.qxd 10/8/2008 4:16 PM Page 4HDFC Short Term PlanAn open-ended income schemeNAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Option 15.2503Dividend Reinvestment Option 10.3434Relative Performance ^ (Growth Option)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six Months (186 days) 14.6539 4.07* 4.05*Sep 28, 07 Last 1 Year (368 days) 14.0438 8.52** 7.48**Sep 30, 05 Last 3 Years (1096 days) 12.2907 7.45** 6.8**Sep 30, 03 Last 5 Years (1827 days) 11.2897 6.19** 5.78**Feb 28, 02 Since Inception (2406 days) 10.0000 6.61** N.A.^Past Performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns# Crisil Liquid Fund Index N.A. Not AvailablePortfolio – Top 10 Holdings (as at September 30, 2008)Issuer Rating % to NAVDEBT / MONEY MARKET INSTRUMENTSIndian Oil Corporation Ltd. LAA+ 10.55Power Finance Corporation Ltd. AAA 10.55State Bank of Travancore P1+ 9.60The Hongkong & Shanghai Banking Corporation Ltd. F1+ 8.78Tata Sons Ltd. AAA 8.19K. Raheja Universal Pvt. Ltd. UNRATED 5.33Dr Reddy’s Holding Pvt Ltd. P1+ 5.32Rural Electrification Corporation Ltd. AAA 5.25Credit Asset Trust Series XLVII AAA(Ind)(SO) 5.17Export - Import Bank of India AAA 4.98Total of Top Ten Debt / Money Market Instrument(aggregated holdings in a single issuer) 73.72Total Debt / Money Market Instrument 97.32Other Current Assets (Including Reverse Repos’ / CBLO) 2.68Grand Total 100.00Net Assets (Rs. In Lakhs) 9,456.18HDFC High Interest Fund- Short Term PlanNAV (as at September 30, 2008)An open-ended income schemeNAV per Unit (Rs.)Growth Option 15.6800Dividend Option 10.6666Relative Performance ^ (Growth Option)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six Months (186 days) 15.0483 4.20* 0.07*Sep 28, 07 Last 1 Year (368 days) 14.3384 9.28** 3.71**Sep 30, 05 Last 3 Years (1096 days) 12.4516 7.98** 4.15**Sep 30, 03 Last 5 Years (1827 days) 11.4081 6.56** 3.46**Feb 06, 02 Since Inception (2428 days) 10.0000 7.00** N.A.^Past Performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns# Crisil Composite Bond Fund Index N.A. Not AvailableAverage Portfolio MaturityIn Debt - Short-term Category(17 schemes) for 18 months periodending September 30, 2008Portfolio – Top 10 Holdings (as at September 30, 2008)Issuer Rating % to NAVDEBT / MONEY MARKET INSTRUMENTSUBL Trust Series 61 P1+(SO) 9.49ICICI Bank Ltd. A1+ 7.80Corporation Bank P1+ 7.34Oriental Bank of Commerce P1+ 7.18ILSS 1 Trust 2009 AAA(SO) 5.55Housing Development Finance Corporation Ltd.$ AAA 5.01State Bank of Bikaner & Jaipur P1+ 4.68Auto Securitisation Trust Mixed Pool A AAA(SO) 4.11BHPC Auto Securitisation Trust Feb 08 AAA(SO) 4.06Dr Reddy’s Holding Pvt Ltd. P1+ 3.95Total of Top Ten Debt / Money Market Instrument(aggregated holdings in a single issuer) 59.17Total Debt / Money Market Instrument 95.61Other Current Assets (Including Reverse Repos’ / CBLO) 4.39Grand Total 100.00Net Assets (Rs. In Lakhs) 25,453.361.20 yearsAverage Portfolio Maturity 1.76 years Modified Duration 303 daysModified Duration1.38 years✤ Past performance is no guarantee of future results.♓ Please refer to page no 31 for details on the Rating Methodology$ Sponsor24 September 2008Intouchmutually

hdfc-dt.qxd 10/8/2008 4:16 PM Page 5HDFC Gilt FundAn open-ended income schemeShort Term PlanLong Term PlanNAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Option 14.8534Dividend Option 10.6086NAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Option 17.0346Dividend Option 10.2736Relative Performance^(Growth Option)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six Months (186 days) 14.5506 2.08* 3.43*Sep 28, 07 Last 1 Year (368 days) 14.0770 5.47** 7.79**Sep 30, 05 Last 3 Years (1096 days) 12.8298 5.00** 7.00**Sep 30, 03 Last 5 Years (1827 days) 12.0252 4.31** 5.91**Jul 25, 01 Since Inception (2624 days) 10.0000 5.66** N.A.^Past Performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns#I-Sec Si-BexN.A. Not AvailablePortfolio – Holdings (as at September 30, 2008)Issuer Rating % to NAVGovernment Securites / Treasury Bills7.27% GOI 2013 SOV 42.59Total Government Securites / Treasury Bills 42.59Other Current Assets (Including Reverse Repos’ / CBLO) 57.41Grand Total 100.00Net Assets (Rs. In Lakhs) 798.28Relative Performance^(Growth Option)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six Months (186 days) 16.6820 2.11* -2.04*Sep 28, 07 Last 1 Year (368 days) 15.9986 6.42** 2.61**Sep 30, 05 Last 3 Years (1096 days) 15.0894 4.12** 4.73**Sep 30, 03 Last 5 Years (1827 days) 15.0325 2.53** 3.55**Jul 25, 01 Since Inception (2624 days) 10.0000 7.69** N.A.^Past Performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns#I-Sec Li-BexN.A. Not AvailablePortfolio – Holdings (as at September 30, 2008)Issuer Rating % to NAVGovernment Securities / Treasury Bills5.48% GOI 2009 SOV 34.257.27% GOI 2013 SOV 9.27Total Government Securites / Treasury Bills 43.52Other Current Assets (Including Reverse Repos’ / CBLO) 56.48Grand Total 100.00Net Assets (Rs. In Lakhs) 1,426.81Average Portfolio Maturity 2.10 years Average Portfolio Maturity 255 daysModified Duration 1.71 years Modified Duration 244 daysIntouchmutually September 2008 25

hdfc-dt1.qxd 10/8/2008 4:16 PM Page 1HDFC Floating Rate Income FundAn open-ended income schemeShort Term PlanNAV (as at September 30, 2008)NAV per Unit (Rs.)Retail OptionGrowth Option 14.2584Daily Dividend Reinvestment Option 10.0809Weekly Dividend Option 10.1381Monthly Dividend Option 10.1468Wholesale OptionGrowth Option 14.3019Daily Dividend Reinvestment Option 10.0809Weekly Dividend Option 10.1382Monthly Dividend Option 10.1468Relative Performance^- Retail Option (Growth Option)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six Months (186 days) 13.6488 4.47* 4.05*Sep 28, 07 Last 1 Year (368 days) 13.1086 8.70** 7.48**Sep 30, 05 Last 3 Years (1096 days) 11.4344 7.63** 6.80**Sep 30, 03 Last 5 Years (1827 days) 10.3781 6.55** 5.78**Jan 16, 03 Since Inception (2084 days) 10.0101 6.39** 5.65**^Past performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #Crisil Liquid Fund IndexPortfolio – Top 10 Holdings (as at September 30, 2008)Issuer Rating % to NAVDEBT / MONEY MARKET INSTRUMENTSHousing Development Finance Corporation Ltd.$ AAA 5.49Citicorp Finance (India) Ltd. AAA 4.40IDBI Bank Ltd. AA 3.83Tata Steel Ltd. AAA 2.74Kotak Mahindra Bank Ltd. P1+ 5.49Indian Retail ABS Trust 96 2008 AAA(SO) 7.42UBL Trust Series 61 P1+(SO) 3.43State Bank of Mysore A1+ 6.39State Bank of Bikaner & Jaipur P1+ 3.85ICICI Bank Ltd. A1+ 3.07Total of Top Ten Debt / Money Market Instrument(aggregated holdings in a single issuer) 46.11Total Debt / Money Market Instrument 97.33Other Current Assets (Including Reverse Repos’ / CBLO) 2.67Grand Total 100.00Net Assets (Rs. In Lakhs) 182,257.91Average Portfolio Maturity299 daysLong Term PlanNAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Option 14.1054Dividend Reinvestment Option 10.1736Relative Performance^(Growth Option)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six Months (186 days) 13.4199 5.11* 4.05*Sep 28, 07 Last 1 Year (368 days) 12.8438 9.74** 7.48**Sep 30, 05 Last 3 Years (1096 days) 11.3412 7.53** 6.80**Sep 30, 03 Last 5 Years (1827 days) 10.3458 6.39** 5.78**Jan 16, 03 Since Inception (2084 days) 10.0104 6.19** 5.65**^Past performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #Crisil Liquid Fund IndexPortfolio – Top 10 Holdings (as at September 30, 2008)Issuer Rating % to NAVDEBT / MONEY MARKET INSTRUMENTSHousing Development Finance Corporation Ltd.$ AAA 18.99YES Bank Ltd. A1+ 14.65Kotak Mahindra Prime Ltd. AA 14.01KRS Loan Trust P1 (SO) 6.81Dr Reddy’s Holding Pvt Ltd. P1+ 6.35GE Money Financial Services Ltd. AAA 4.41Corporate Loan Trust Series 60 AAA(SO) 3.20Credit Asset Trust Series LIX F1+ (IND) (SO) 2.96SME Retail Pool II Trust AAA(SO) 2.55Small Operatorts Trust Series A2 AAA(SO) 2.43Total of Top Ten Debt / Money Market Instrument(aggregated holdings in a single issuer) 76.36Total Debt / Money Market Instrument 95.72Other Current Assets (Including Reverse Repos’ / CBLO) 4.28Grand Total 100.00Net Assets (Rs. In Lakhs) 15,849.34Average Portfolio MaturityModified Duration284 days100 daysModified Duration 90 days $ Sponsor$ Sponsor26 September 2008 Intouchmutually

hdfc-dt1.qxd 10/8/2008 4:16 PM Page 2HDFCLiquid FundAn open-ended liquid income schemeRelative Performance^(Growth Option)IN DEBT: ULTRA SHORT-TERM CATEGORY(40 schemes) for 18 month periodending September 30, 2008NAV (as at September 30, 2008)NAV per Unit (Rs.)HDFC Liquid FundGrowth Option 16.7993Daily Dividend Reinvestment Option 10.1982Weekly Dividend Option 10.3131Monthly Dividend Option 10.2658HDFC Liquid Fund - Premium PlanGrowth Option 16.9343Daily Dividend Reinvestment Option 12.2598HDFC Liquid Fund - Premium Plus PlanGrowth Option 16.9699Weekly Dividend Option 12.4211Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Liquid FundSep 23, 08 Last 7 days 16.7688 0.18* 0.18*Sep 15, 08 Last 15 days 16.7345 0.39* 0.36*Aug 29, 08 Last 1 Month (32 days) 16.6642 0.81* 0.79*Jun 30, 08 Last 3 Months (92 days) 16.4217 2.30* 2.15*Mar 28, 08 Last 6 Months (186 days) 16.0744 4.51* 4.05*Sep 28, 07 Last 1 Year (368 days) 15.4469 8.68** 7.48**Sep 30, 05 Last 3 Years (1096 days) 13.5088 7.53** 6.80**Sep 30, 03 Last 5 Years (1827 days) 12.3225 6.39** 5.78**Oct 17, 00 Since Inception (2905 days) 10.0000 6.73** N.A.^Past performance may or may not be sustained in the futureN.A. Not AvailablePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns # Crisil Liquid Fund IndexPortfolio – Top 10 Holdings (as at September 30, 2008)Issuer Rating % to NAVDEBT / MONEY MARKET INSTRUMENTSICICI Bank Ltd. A1+ 9.95Corporation Bank P1+ 5.55UCO Bank P1+ 4.33Axis Bank Ltd.*** P1+ 3.87Indian Bank F1+ 3.47UBL Trust Series 61 P1+(SO) 3.21Dena Bank PR1+ 2.88Sundaram Finance Ltd. P1+ 2.60Allahabad Bank P1+ 2.52Vijaya Bank PR1+ 2.45Total of Top Ten Debt / Money Market Instrument(aggregated holdings in a single issuer) 40.83Total Debt / Money Market Instrument 95.22Other Current Assets (Including Reverse Repos’ / CBLO) 4.78Grand Total 100.00Net Assets (Rs. In Lakhs) 315,641.76Average Portfolio MaturityModified Duration166 days109 days*** Includes Bill Rediscounting✤ Past performance is no guarantee of future results.♓ Please refer to page no 31 for details on the Rating MethodologyHDFC CashManagement FundAn open-ended high liquidity income schemeSavings PlanNAV (as at September 30, 2008)Average Portfolio MaturityModified DurationIN DEBT: ULTRA SHORT-TERM CATEGORY(40 schemes) for 18 month periodending September 30, 2008NAV per Unit (Rs.)Growth Option 17.6668Daily Dividend Reinvestment Option 10.6364Weekly Dividend Option 10.6361Relative Performance^(Growth Option)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^$$ Returns (%)#Sep 23, 08 Last 7 days 17.6339 0.19* 0.18*Sep 15, 08 Last 15 days 17.5968 0.40* 0.36*Aug 29, 08 Last 1 Month (32 days) 17.5207 0.83* 0.79*Jun 30, 08 Last 3 Months (92 days) 17.2637 2.33* 2.15*Mar 28, 08 Last 6 Months (186 days) 16.8974 4.55* 4.05*Sep 28, 07 Last 1 Year (368 days) 16.2353 8.74** 7.48**Sep 30, 05 Last 3 Years (1096 days) 14.1604 7.65** 6.80**Sep 30, 03 Last 5 Years (1827 days) 12.8595 6.55** 5.78**Nov 18, 99 Since Inception (3239 days) 10.0000 6.66** N.A.^Past performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #Crisil Liquid Fund Index$$ Adjusted for the dividends declared under the scheme prior to its splitting into the Dividendand Growth PlansN.A. Not AvailablePortfolio – Top 10 Holdings (as at September 30, 2008)Issuer Rating % to NAVDEBT / MONEY MARKET INSTRUMENTSICICI Bank Ltd. A1+ 13.00Canara Bank P1+ 7.67Reliance Capital Ltd. A1+ 7.40Vijaya Bank PR1+ 7.31Axis Bank Ltd.*** - 7.11Corporation Bank P1+ 3.88State Bank of Mysore A1+ 3.76IWT Loan Trust P1 (SO) 3.72GE Capital Services India P1+ 2.83ABN Amro Bank P1+ 2.68Total of Top Ten Debt / Money Market Instrument(aggregated holdings in a single issuer) 59.36Total Debt / Money Market Instrument 83.19Other Current Assets (Including Reverse Repos’ / CBLO) 16.81Grand Total 100.00Net Assets (Rs. In Lakhs) 172,248.25113 days91 days*** Bill Rediscounting✤ Past performance is no guarantee of future results.♓ Please refer to page no 31 for details on the Rating MethodologyIntouchmutually September 2008 27

hdfc-dt1.qxd 10/8/2008 4:16 PM Page 3HDFC Cash Management FundSavings Plus PlanAn open-ended income schemeNAV (as at September 30, 2008)NAV per Unit (Rs.)Retail OptionGrowth Option 18.3452Daily Dividend Reinvestment Option 10.0315Weekly Dividend Option 10.0168Monthly Dividend Option 10.0118Wholesale OptionGrowth Option 18.4367Daily Dividend Reinvestment Option 10.0315Weekly Dividend Option 10.0168Monthly Dividend Option 10.0118Relative Performance^- Retail Plan (Growth Option)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Mar 28, 08 Last Six Months (186 days) 17.5733 4.39* 4.05*Sep 28, 07 Last 1 Year (368 days) 16.8958 8.51** 7.48**Sep 30, 05 Last 3 Years (1096 days) 14.7545 7.52** 6.8**Sep 30, 03 Last 5 Years (1827 days) 13.4690 6.37** 5.78**Nov 18, 99 Since Inception (3239 days) 10.0000 7.08** N.A.^Past performance may or may not be sustained in the future N.A. Not AvailablePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #Crisil Liquid Fund IndexPortfolio – Top 10 Holdings (as at September 30, 2008)Issuer Rating % to NAVDEBT / MONEY MARKET INSTRUMENTSOriental Bank of Commerce P1+ 7.73ICICI Bank Ltd. A1+ 7.18Housing Development Finance Corporation Ltd.$ AAA 3.09State Bank of Bikaner & Jaipur P1+ 2.83UBL Trust Series 61 P1+(SO) 2.74Indian Retail ABS Trust 95 AAA(SO) 2.72State Bank of Travancore P1+ 2.44IDBI Bank Ltd. A1+/AA+ 2.42Bharti Ventures Ltd. UNRATED 2.37Corporation Bank P1+ 2.33Total of Top Ten Debt / Money Market Instrument(aggregated holdings in a single issuer) 35.85Total Debt / Money Market Instrument 93.90Other Current Assets (Including Reverse Repos’ / CBLO) 6.10Grand Total 100.00Net Assets (Rs. In Lakhs) 846,328.51Call PlanAn open-ended high liquidity income schemeNAV (as at September 30, 2008)NAV per Unit (Rs.)Growth Option 14.3976Daily Dividend Reinvestment Option 10.4266Relative Performance^(Growth Option)Date Period NAV Returns Benchmarkper Unit (Rs.) (%)^ Returns (%)#Sep 23, 08 Last 7 days 14.3650 0.23* 0.18*Sep 15, 08 Last 15 days 14.3308 0.47* 0.36*Aug 29, 08 Last 1 Month (32 days) 14.2759 0.85* 0.79*Jun 30, 08 Last 3 Months (92 days) 14.0798 2.26* 2.15*Mar 28, 08 Last 6 Months (186 days) 13.8338 4.08* 4.05*Sep 28, 07 Last 1 Year (368 days) 13.3579 7.72** 7.48**Sep 30, 05 Last 3 Years (1096 days) 11.7518 7.00** 6.80**Sep 30, 03 Last 5 Years (1827 days) 10.8390 5.84** 5.78**Feb 06, 02 Since Inception (2428 days) 10.0000 5.63** N.A.^Past performance may or may not be sustained in the future N.A. Not AvailablePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable* Absolute Returns ** Compounded Annualised Returns #Crisil Liquid Fund IndexPortfolio – Holdings (as at September 30, 2008)Issuer Rating % to NAVDEBT / MONEY MARKET INSTRUMENTSOriental Bank of Commerce P1+ 11.09Tata Sons Ltd. AAA 4.56Total Debt / Money Market Instrument 15.65Other Current Assets (Including Reverse Repos’ / CBLO) 84.35Grand Total 100.00Net Assets (Rs. In Lakhs) 4,383.93Average Portfolio MaturityModified Duration41 days12 daysAverage Portfolio MaturityModified Duration216 days94 days$ SponsorNote for All Open-Ended Schemes (as at September 30, 2008)i) Total NPAs provided for and its percentage to NAV : Nilii) Investment in ADR/GDR/Foreign Securities : Niliii) Total outstanding exposure in derivative instruments (Notional) :a) Equity : Nilb) Debt : Interest Rates Swaps / Forward Rate AgreementHDFC Children’s Gift Fund - Investment Plan Rs. 500.00 lakhsTotal Rs. 500.00 lakhs28 September 2008 Intouchmutually

hdfc-div.qxd 10/8/2008 4:15 PM Page 1Dividend History ^HDFC Cash Management FundSavings 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 OthersRetail OptionApril 2008 Daily 10.0315 0.0549 0.0511May 2008 Daily 10.0315 0.0527 0.0489June 2008 Daily 10.0315 0.0545 0.0507July 2008 Daily 10.0315 0.0608 0.0564August 2008 Daily 10.0315 0.0661 0.0614September 2008 Daily 10.0315 0.0582 0.0542Wholesale OptionApril 2008 Daily 10.0315 0.0583 0.0545May 2008 Daily 10.0315 0.0553 0.0520June 2008 Daily 10.0315 0.0576 0.0539July 2008 Daily 10.0315 0.0640 0.0600August 2008 Daily 10.0315 0.0691 0.0644Septembe 2008 Daily 10.0315 0.0603 0.0558Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersRetail PlanApr 07, 08 10.0298 0.0138 0.0129Apr 15, 08 10.0309 0.0148 0.0138Apr 21, 08 10.0269 0.0113 0.0105Apr 28, 08 10.0289 0.0131 0.0122May 05, 08 10.0290 0.0131 0.0122May 12, 08 10.0287 0.0129 0.0120May 20, 08 10.0313 0.0151 0.0141May 26, 08 10.0270 0.0114 0.0106Jun 02, 08 10.0296 0.0136 0.0127Jun 09, 08 10.0291 0.0133 0.0123Jun 16, 08 10.0295 0.0136 0.0126Jun 23, 08 10.0294 0.0135 0.0126Jul 07, 08 10.0297 0.0138 0.0128Jul 14, 08 10.0300 0.0140 0.0131Jul 21, 08 10.0302 0.0142 0.0133Jul 28, 08 10.0306 0.0145 0.0135Aug 04, 08 10.0306 0.0145 0.0135Aug 11, 08 10.0309 0.0148 0.0138Aug 18, 08 10.0313 0.0151 0.0141Aug 25, 08 10.0310 0.0148 0.0138Sep 01, 08 10.0310 0.0149 0.0139Sep 08, 08 10.0312 0.0151 0.0140Sep 15, 08 10.0312 0.0150 0.0140Sep 22, 08 10.0323 0.0160 0.0149Sep 29, 08 10.0323 0.0160 0.0149Weekly Dividend Option (Last 6 months)Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersWholesale PlanApr 07, 08 10.0308 0.0147 0.0136Apr 15, 08 10.0321 0.0159 0.0148Apr 21, 08 10.0276 0.0119 0.0111Apr 28, 08 10.0299 0.0139 0.0129May 05, 08 10.0299 0.0139 0.0129May 12, 08 10.0295 0.0136 0.0127May 20, 08 10.0323 0.0161 0.0149May 26, 08 10.0277 0.0120 0.0111Jun 02, 08 10.0305 0.0145 0.0135Jun 09, 08 10.0299 0.0140 0.0130Jun 16, 08 10.0304 0.0144 0.0134Jun 23, 08 10.0304 0.0144 0.0134Jul 07, 08 10.0306 0.0146 0.0136Jul 14, 08 10.0310 0.0149 0.0139Jul 21, 08 10.0312 0.0150 0.0140Jul 28, 08 10.0315 0.0153 0.0143Aug 04, 08 10.0314 0.0153 0.0143Aug 11, 08 10.0318 0.0156 0.0145Aug 18, 08 10.0319 0.0157 0.0146Aug 25, 08 10.0317 0.0155 0.0144Sep 01, 08 10.0318 0.0156 0.0145Sep 08, 08 10.0322 0.0160 0.0149Sep 15, 08 10.0318 0.0157 0.0146Sep 22, 08 10.0327 0.0164 0.0152Sep 29, 08 10.0328 0.0165 0.0154Monthly Dividend Option (Last 6 months)Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersRetail OptionApril 28, 08 10.0697 0.0531 0.0494May 26, 08 10.0691 0.0526 0.0490July 28, 08 10.0737 0.0567 0.0527August 25, 08 10.0768 0.0594 0.0553September 29, 08 10.0973 0.0773 0.0720Wholesale OptionApril 28, 08 10.0735 0.0565 0.0526May 26, 08 10.0725 0.0556 0.0517July 28, 08 10.0776 0.0601 0.0559August 25, 08 10.0801 0.0623 0.0579September 29, 08 10.1006 0.0802 0.0747^ 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 tothe extent of the payout and statutory levy.HDFC Cash Management FundSavings Plan (Daily Dividend Reinvestment Option) (Last 6 months)Month Record Date Ex-dividend NAV per Unit (Rs.) Aggregate Dividend Per Unit (Re.)for the month Individuals & HUF OthersApril 2008 Daily 10.6364 0.0555 0.0555May 2008 Daily 10.6364 0.0577 0.0577June 2008 Daily 10.6364 0.0563 0.0563July 2008 Daily 10.6364 0.0591 0.0591August 2008 Daily 10.6364 0.0655 0.0655September 2008 Daily 10.6364 0.0623 0.0623Record Cum Div Dividend Per unit (Re..) ForDate NAV (Rs.) Individuals & HUF OthersApr 04, 08 10.6428 0.0141 0.0141Apr 11, 08 10.6411 0.0128 0.0128Apr 21, 08 10.6491 0.0190 0.0190Apr 25, 08 10.6340 0.0073 0.0073May 02, 08 10.6410 0.0127 0.0127May 09, 08 10.6410 0.0127 0.0127May 16, 08 10.6415 0.0131 0.0131May 23, 08 10.6415 0.0131 0.0131May 30, 08 10.6419 0.0134 0.0134Jun 06, 08 10.6417 0.0100 0.0100Jun 13, 08 10.6419 0.0100 0.0100Jun 20, 08 10.6422 0.0100 0.0100Jun 27, 08 10.6425 0.0100 0.0100Weekly Dividend Option (Last 6 months)Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersJul 04, 08 10.6421 0.0136 0.0136Jul 11, 08 10.6423 0.0137 0.0137Jul 18, 08 10.6422 0.0137 0.0137Jul 25, 08 10.6431 0.0143 0.0143Aug 01, 08 10.6429 0.0142 0.0142Aug 08, 08 10.6433 0.0145 0.0145Aug 18, 08 10.6521 0.0213 0.0213Aug 22, 08 10.6356 0.0085 0.0085Aug 29, 08 10.6435 0.0147 0.0147Sep 05, 08 10.6438 0.0149 0.0149Sep 12, 08 10.6436 0.0147 0.0147Sep 19, 08 10.6440 0.0151 0.0151Sep 26, 08 10.6443 0.0153 0.0153HDFC Cash Management Fund (Call Plan)Daily Dividend Reinvestment Option (Last 6 months)Month Record Date Ex-dividend NAV per Unit (Rs.) Aggregate Dividend Per Unit (Re.)for the month Individuals & HUF OthersApril 08 Daily 10.4266 0.0381 0.0381May 08 Daily 10.4266 0.0478 0.0478June 08 Daily 10.4266 0.0503 0.0503July 08 Daily 10.4266 0.0543 0.0543August 08 Daily 10.4266 0.0598 0.0598September 08 Daily 10.4266 0.0633 0.0633HDFC Liquid Fund(Daily Dividend Reinvestment Option) (Last 6 months)Month Record Date Ex-dividend NAV per Unit (Rs.) Aggregate Dividend Per Unit (Re.)for the month Individuals & HUF OthersApril 2008 Daily 10.1982 0.0529 0.0529May 2008 Daily 10.1982 0.0554 0.0554June 2008 Daily 10.1982 0.0543 0.0543July 2008 Daily 10.1982 0.0576 0.0576August 2008 Daily 10.1982 0.0621 0.0621September 2008 Daily 10.1982 0.0591 0.0591HDFC Liquid FundMonthly Dividend Option (Last 6 months)Record Date Cum Dividend NAV (Rs.) Dividend Per unit (Re.) ForIndividuals & HUFOthersApr 28, 08 10.3273 0.0501 0.0501May 26, 08 10.3274 0.0502 0.0502July 28, 08 10.3323 0.0540 0.0540Aug 25, 08 10.3342 0.0555 0.0555Sep 29, 08 10.3535 0.0704 0.0704HDFC Liquid Fund - Premium 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 OthersApril 2008 Daily 12.2598 0.0643 0.0643May 2008 Daily 12.2598 0.0672 0.0672June 2008 Daily 12.2598 0.0640 0.0640July 2008 Daily 12.2598 0.0696 0.0696August 2008 Daily 12.2598 0.0751 0.0751September 2008 Daily 12.2598 0.0719 0.0719IntouchmutuallySeptember 2008 29

hdfc-div.qxd 10/8/2008 4:15 PM Page 2Dividend History ^HDFC Gilt Fund (Since June 2007)Short Term Plan (Dividend Option)Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersJun 25, 07 10.6272 0.1000 0.0931Sep 25, 07 10.6616 0.1000 0.0931Dec 26, 07 10.6982 0.1000 0.0931Mar 25, 08 10.8113 0.1000 0.0931Jun 25, 08 10.6134 0.1000 0.0931Sep 25, 08 10.7745 0.1500 0.1396HDFC Floating Rate Income FundShort Term Plan (Weekly Dividend Option) (Last 6 months)Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersRetail OptionApr 07, 08 10.1522 0.0147 0.0137Apr 15, 08 10.1529 0.0153 0.0142Apr 21, 08 10.1487 0.0117 0.0109Apr 28, 08 10.1511 0.0138 0.0128May 05, 08 10.1507 0.0134 0.0125May 12, 08 10.1506 0.0133 0.0124May 20, 08 10.1532 0.0156 0.0145May 26, 08 10.1488 0.0117 0.0109Jun 02, 08 10.1515 0.0141 0.0132Jun 09, 08 10.1511 0.0138 0.0128Jun 16, 08 10.1516 0.0142 0.0132Jun 23, 08 10.1512 0.0139 0.0129Jul 07, 08 10.1519 0.0144 0.0134Jul 14, 08 10.1523 0.0148 0.0138Jul 21, 08 10.1521 0.0147 0.0136Jul 28, 08 10.1526 0.0150 0.0140Aug 04, 08 10.1524 0.0149 0.0139Aug 11, 08 10.1529 0.0154 0.0143Aug 18, 08 10.1531 0.0155 0.0145Aug 25, 08 10.1531 0.0155 0.0144Sep 01, 08 10.1530 0.0155 0.0144Sep 08, 08 10.1532 0.0156 0.0145Sep 15, 08 10.1530 0.0154 0.0144Sep 22, 08 10.1540 0.0163 0.0152Sep 29, 08 10.1546 0.0168 0.0156Apr 01, 08 10.2134 0.0372 0.0346Apr 16, 08 10.2091 0.0335 0.0311May 02, 08 10.2287 0.0506 0.0471May 16, 08 10.1994 0.0250 0.0232Jun 02, 08 10.2097 0.0340 0.0316Jun 16, 08 10.1939 0.0201 0.0188Jul 01, 08 10.2307 0.0524 0.0488July 7, 08 10.1918 0.0183 0.0170July 14, 08 10.1903 0.0170 0.0158July 21, 08 10.1881 0.0151 0.0140Long Term Plan (Dividend Option)Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersJun 25, 07 10.2828 0.1000 0.0931Sep 25, 07 10.3120 0.1500 0.1396Dec 26, 07 10.4530 0.1500 0.1396Mar 25, 08 10.5135 0.1500 0.1396Sep 25, 08 10.4374 0.1500 0.1396Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersWholesale OptionApr 07, 08 10.1531 0.0155 0.0145Apr 15, 08 10.1536 0.0159 0.0148Apr 21, 08 10.1493 0.0122 0.0113Apr 28, 08 10.1518 0.0143 0.0133May 05, 08 10.1514 0.0140 0.0131May 12, 08 10.1512 0.0139 0.0129May 20, 08 10.1539 0.0163 0.0152May 26, 08 10.1492 0.0121 0.0112Jun 02, 08 10.1522 0.0147 0.0137Jun 09, 08 10.1518 0.0144 0.0134Jun 16, 08 10.1523 0.0148 0.0138Jun 23, 08 10.1518 0.0144 0.0134Jul 07, 08 10.1525 0.0150 0.0140Jul 14, 08 10.1529 0.0154 0.0143Jul 21, 08 10.1528 0.0153 0.0142Jul 28, 08 10.1533 0.0156 0.0146Aug 04, 08 10.1530 0.0154 0.0144Aug 11, 08 10.1536 0.0159 0.0148Aug 18, 08 10.1537 0.0161 0.0149Aug 25, 08 10.1536 0.0160 0.0149Sep 01, 08 10.1534 0.0158 0.0147Sep 08, 08 10.1537 0.0160 0.0149Sep 15, 08 10.1535 0.0159 0.0148Sep 22, 08 10.1545 0.0167 0.0156Sep 29, 08 10.1549 0.0171 0.0159Long Term Plan (Fortnightly Dividend Reinvestment Option) (Last 6 months)July 28, 08 10.1901 0.0168 0.0157Aug 04, 08 10.1886 0.0155 0.0145Aug 11, 08 10.1909 0.0173 0.0161Aug 18, 08 10.1902 0.0169 0.0158Aug 25, 08 10.1899 0.0167 0.0155Sep 01, 08 10.1912 0.0178 0.0165Sep 08, 08 10.1937 0.0199 0.0186Sep 15, 08 10.1873 0.0144 0.0134Sep 22, 08 10.1876 0.0146 0.0136Sep 29, 08 10.1885 0.0154 0.0143HDFC Short Term PlanDividend Reinvestment Option (Last 6 months)Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersApr 01, 08 10.3453 0.0246 0.0229Apr 16, 08 10.3585 0.0362 0.0337May 02, 08 10.3900 0.0638 0.0594May 16, 08 10.3305 0.0117 0.0108Jun 02, 08 10.3530 0.0314 0.0292June 16, 08 10.3250 0.0068 0.0064HDFC Floating Rate Income FundShort Term Plan (Daily Dividend Option)Month Record Date Ex-dividend NAV per Unit (Rs.) Aggregate Dividend Per Unit (Re.)for the month Individuals & HUF OthersRetail OptionApril 2008 Daily 10.0809 0.0564 0.0528May 2008 Daily 10.0809 0.0539 0.0505June 2008 Daily 10.0809 0.0555 0.0520July 2008 Daily 10.0809 0.0628 0.0584August 2008 Daily 10.0809 0.0680 0.0630September 2008 Daily 10.0809 0.0596 0.0552Wholesale OptionApril 2008 Daily 10.0809 0.0584 0.0548May 2008 Daily 10.0809 0.0560 0.0525June 2008 Daily 10.0809 0.0577 0.0541July 2008 Daily 10.0809 0.0651 0.0606August 2008 Daily 10.0809 0.0704 0.0652September 2008 Daily 10.0809 0.0611 0.0566HDFC Floating Rate Income FundRecord Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersJul 16, 08 10.3356 0.0161 0.0150Aug 01, 08 10.3428 0.0224 0.0209Aug 18, 08 10.3716 0.0477 0.0444Sep 01, 08 10.3445 0.0239 0.0223Sep 16, 08 10.3937 0.0670 0.0624(Last 6 months)Short Term Plan (Monthly Dividend Option) (Last 6 months)Record Date Cum Dividend NAV (Rs.) Dividend Per unit (Re.) ForIndividuals & HUFOthersRetail OptionApr 28, 08 10.2075 0.0556 0.0517May 26, 08 10.2060 0.0542 0.0505July 28, 08 10.2115 0.0591 0.0550Aug 25, 08 10.2145 0.0617 0.0574Sep 29, 08 10.2353 0.0799 0.0743Wholesale OptionApr 28, 08 10.2099 0.0537 0.0537May 26, 08 10.2085 0.0525 0.0525July 28, 08 10.2143 0.0572 0.0572Aug 25, 08 10.2168 0.0592 0.0592Sep 29, 08 10.2378 0.0764 0.0764HDFC Liquid FundWeekly Dividend Option (Last 6 months)Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersRecord Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersLiquid FundPremium Plus PlanApr 07, 08 10.3270 0.0130 0.0130 Apr 07, 08 12.4376 0.0156 0.0156Apr 15, 08 10.3281 0.0139 0.0139 Apr 15, 08 12.4393 0.0169 0.0169Apr 21, 08 10.3241 0.0108 0.0108 Apr 21, 08 12.4345 0.0132 0.0132Apr 28, 08 10.3263 0.0125 0.0125 Apr 28, 08 12.4371 0.0152 0.0152May 05, 08 10.3265 0.0126 0.0126 May 05, 08 12.4372 0.0153 0.0153May 12, 08 10.3259 0.0122 0.0122 May 12, 08 12.4365 0.0147 0.0147May 20, 08 10.3291 0.0147 0.0147 May 20, 08 12.4405 0.0178 0.0178May 26, 08 10.3242 0.0108 0.0108 May 26, 08 12.4346 0.0132 0.0132Jun 02, 08 10.3271 0.0131 0.0131 Jun 02, 08 12.4382 0.0161 0.0161Jun 09, 08 10.3264 0.0125 0.0125 Jun 09, 08 12.4372 0.0153 0.0153Jun 16, 08 10.3270 0.0131 0.0131 Jun 16, 08 12.4381 0.0159 0.0159Jun 23, 08 10.3271 0.0131 0.0131 Jun 23, 08 12.4381 0.0160 0.0160Jul 07, 08 10.3269 0.0129 0.0129 Jul 07, 08 12.4377 0.0157 0.0157Jul 14, 08 10.3277 0.0136 0.0136 Jul 14, 08 12.4389 0.0166 0.0166Jul 21, 08 10.3279 0.0137 0.0137 Jul 21, 08 12.4390 0.0167 0.0167Jul 28, 08 10.3281 0.0139 0.0139 Jul 28, 08 12.4395 0.0171 0.0171Aug 04, 08 10.3276 0.0135 0.0135 Aug 04, 08 12.4387 0.0164 0.0164Aug 11, 08 10.3285 0.0142 0.0142 Aug 11, 08 12.4400 0.0175 0.0175Aug 18, 08 10.3284 0.0141 0.0141 Aug 18, 08 12.4396 0.0171 0.0171Aug 25, 08 10.3282 0.0139 0.0139 Aug 25, 08 12.4395 0.0160 0.0160Sep 01, 08 10.3280 0.0138 0.0138 Sep 01, 08 12.4410 0.0182 0.0182Sep 08, 08 10.3280 0.0138 0.0138 Sep 08, 08 12.4388 0.0165 0.0165Sep 15, 08 10.3282 0.0139 0.0139 Sep 15, 08 12.4397 0.0172 0.0172Sep 22, 08 10.3289 0.0145 0.0145 Sep 22, 08 12.4370 0.0176 0.0176Sep 29, 08 10.3289 0.0145 0.0145 Sep 29, 08 12.4379 0.0158 0.0158^ 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.30 September 2008 Intouchmutually

hdfc-div.qxd 10/8/2008 4:15 PM Page 3Dividend 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.) ForDate NAV (Rs.) Individuals & HUF OthersDec 26, 07 10.4922 0.0600 0.0558Jan 25, 08 10.3562 0.0600 0.0558Feb 25, 08 10.1723 0.0600 0.0558Long Term Plan (Dividend Option)Monthly (Dividend Option)(Last 6 months)Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersApr 25, 08 11.6063 0.0900 0.0837May 26, 08 11.4675 0.0900 0.0837Jun 25, 08 10.9375 0.0900 0.0837Jul 25, 08 10.9084 0.9000 0.0837Aug 25, 08 10.8976 0.0900 0.0837Sep 25, 08 10.7561 0.0900 0.0837HDFC Multiple Yield Fund(Dividend Option)Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersOct 13, 05 11.0409 0.9000 0.8381Oct 12, 06 10.7938 0.6700 0.6240HDFC Multiple Yield Fund - Plan 2005HDFC Income FundDividend Option (Since September 2007)Record Date Cum Dividend NAV (Rs.) Dividend Per unit (Re.) ForIndividuals & HUFOthersSep 25, 07 10.4650 0.1500 0.1396Dec 26, 07 10.6323 0.2000 0.1861Mar 25, 08 10.5750 0.2000 0.1861Sep 25, 08 10.2658 0.1000 0.0931HDFC High Interest Fund - Short Term PlanDividend Option (Last 6 months)Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersApr 01, 08 10.6409 0.0666 0.0620May 02, 08 10.6705 0.0812 0.0756Jun 02, 08 10.6555 0.0700 0.0600HDFC High Interest FundQuarterly (Dividend Option)(Since September 2007)Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersSep 25, 07 10.6923 0.1500 0.1396Dec 26, 07 10.7893 0.2000 0.1861Mar 25, 08 10.8026 0.2000 0.1861Sep 25, 08 10.6121 0.1000 0.0931Yearly (Dividend Option) (Since March 2005)Quarterly (Dividend Option)(Since June 2007)Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersJun 25, 07 10.5658 0.1800 0.1675Sep 25, 07 10.6223 0.1800 0.1675Dec 26, 07 10.8695 0.1800 0.1675Mar 25, 08 10.2838 0.1000 0.0931Quarterly (Dividend Option)(Since June 2007)Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersJun 25, 07 12.1402 0.2000 0.1861Sep 25, 07 12.3797 0.2000 0.1861Dec 26, 07 13.0328 0.2700 0.2513Mar 25, 08 11.9047 0.2700 0.2513Jun 25, 08 11.3412 0.2700 0.2513Sep 25, 08 11.1645 0.2700 0.2513Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersDec 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.) ForDate NAV (Rs.) Individuals & HUF Others Date NAV (Rs.) Individuals & HUF OthersNov 16, 06 10.9001 0.7500 0.6985 Dec 12, 07 11.2388 1.0000 0.9307Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersJul 01, 08 10.6042 0.0231 0.0216Aug 01, 08 10.6404 0.0548 0.0510Sep 01, 08 10.6504 0.0636 0.0591Half-yearly (Dividend Option)(Since March 2007)Record Cum Div Dividend Per unit (Re.) ForDate NAV (Rs.) Individuals & HUF OthersMar 26, 07 10.2068 0.0500 0.0466Sep 25, 07 10.5831 0.3000 0.2792Mar 25, 08 10.7407 0.3500 0.3258Sep 25, 08 10.3777 0.1000 0.0931Record Date Cum Dividend NAV (Rs.) Dividend Per unit (Re.) ForIndividuals & HUFOthersMar 24, 05 10.9273 0.5000 0.4676Mar 26, 07 10.8913 0.2500 0.2328Mar 25, 08 11.5996 0.7000 0.6515Value Research RatingsMethodologyValue Research Fund Ratings are a composite measure of historical risk-adjustedreturns. In the case of equity and hybrid funds this rating is based on the weightedaverage monthly returns for the last 3 and 5-year periods. In the case of debt fundsthis rating is based on the weighted average weekly returns for the last 18 months and3-year periods and in case of short-term debt funds - weekly returns for the last 18months. 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 ofhistorical risk-adjusted returns. Four stars indicate that a fund is in the next 22.5 percent bottom 10% receive one star. The number of schemes in each category is mentionedalong side the categories name. Equity Diversified (120), Equity : Index (19),Equity Tax Planning (19), Hybrid Equity Oriented (27), Hybrid: Monthly Income (34),Debt: Medium-term (36), Gilt: Medium and Long-term (27), Gilt: Short-term (10), Debt:Ultra Short-term (40), Debt: Ultra Short-term Institutional (43), Debt: Short-term (17),Debt: Floating Rate Short-term (17), Debt: Floating Rate Short-term Institutional (11)Debt: Floating Rate Long-term (11), Hybrid: Debt-oriented (17), Debt: Liquid Plus: (13),Debt: Liquid Plus Institutional:(11). These Fund Ratings are as on September 30, 2008.The Value Research Ratings are published in Monthly Mutual Fund PerformanceReport and Mutual Fund Insight. The Ratings are subject to change every month. TheRating is based on primary data provided by respective funds, Value Research does notguarantee the accuracy.# S&P CNX 500 / CNX MID CAP /S&P CNX NIFTYHDFC Equity Fund, HDFC Capital Builder Fund, HDFC TaxSaver, HDFC Premier Multi-Cap Fund and HDFC Infrastructure Fund benchmarked to S&P CNX 500 Index, HDFCMid-Cap Opportunities Fund benchmarked to CNX Midcap Index and HDFC Long TermEquity Fund benchmarked to S&P CNX Nifty, are not sponsored, endorsed, sold or promotedby India Index Services & Products Limited (IISL). IISL is not responsible for anyerrors or omissions or the results obtained from the use of such index and in no eventshall IISL have any liability to any party for any damages of whatsoever nature (includinglost profits) resulted to such party due to purchase or sale or otherwise of suchproduct benchmarked to such index.Disclaimer:The information contained herein should not be altered in any way, transmittedto, copied or distributed, in part or in whole, to any other person or to the media orreproduced in any form, without prior written consent of HDFC Asset ManagementCompany Limited (HDFC AMC) or the relevant owner of the intellectual property, asthe case may be. All Intellectual property and intellectual property rights belong to therelevant owner of the intellectual property, and “Intouch Mutually” is a trademark ofHDFC AMC.Any information herein contained does not constitute and shall be deemed not toconstitute an advice, an offer to sell/ purchase or as an invitation or solicitation to doso for any securities of any entity, and further, HDFC AMC / its subsidiaries / affiliates/ sponsors / trustee (HDFC AMC Group) or their officers, employees, personnel, directorsmay be associated in a commercial, professional or personal capacity or may havea commercial interest including as proprietary traders in or with the securities and/ orcompanies or issues or matters as contained in this publication and such commercialcapacity 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 & (HDFCAMC Group) or any of their officers, employees, personnel, directors shall not be liablefor any loss, damage, liability whatsoever for any direct or indirect loss arising fromthe use or access of any information that may be displayed in this publication fromtime to time. Recipients of the information contained herein should exercise due careand caution and read the offer documents (including if necessary, obtaining the adviceof 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. Theprinting and mailing cost of this newsletter is charged to the respective schemes subjectto Securities & Exchange Board of India (Mutual Funds) Regulations, 1996.^ 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 tothe extent of the payout and statutory levy.IntouchmutuallySeptember 2008 31

hdfc-bk.qxd 10/8/2008 4:14 PM Page 2Visit us atwww.hdfcfund.comTelephone ServicesToll-free number : 1800 233 6767Dedicated number : 60006767Intouchmutually, September 2008, RNI Regd. No. MAHENG/2003/10804WANT TO HAVE THE LATEST INFORMATION ABOUT US ?ANDHRA PRADESHHDFC 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)-3988029HDFC AMC Ltd., Ground Floor, Saigopal Arcade, Opp Waltair Club, Waltair Main Road, Siripuram,Visakhapatnam 530 003. Tel: 0891- 276 9636, Fax: 0891 - 255 0411.ASSAMHDFC AMC Ltd., Premises- 1C, 1st Floor, Ganpati Enclave, G.S.Road, Guwahati -781 007Tel No.: (0361)-2464759/60 Fax No.: (0361)-2464758BIHARHDFC 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.DELHIHDFC AMC Ltd., 4th Floor, Mohan Dev Bldg., 13, Tolstoy Marg, Connaught Place,New Delhi 110 001.Tel: 011 - 6632 4000. Fax: 011 - 2335 1317.GOAHDFC AMC Ltd., Ground Floor, G3 & G4 Jivottam, Minguel Miranda Road, Off. Abade Faria Road,Margao - 403 601, Tel.No-0832 - 2737410 / 2737411,Fax No-0832-2736477HDFC 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.GUJARATHDFC 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 NandbhumiParty Plot, Anand - 388 001. Tel : (02692) - 398200 Fax : (02692) - 398222HDFC AMC Ltd., 2nd Floor, Gangotri Plaza, Opposite Daxinamurty School, Waghawadi Road,Bhavnagar - 364 001. Tel : (0278) - 3988029 Fax : (0278) - 3984039HDFC AMC Ltd., 2nd Floor, Keshav Complex, P N Marg, Opposite Dhanvantry,Jamnagar - 361 001. Tel : (0288) - 3988029 Fax : (0288) - 3982426HDFC AMC Ltd., 2nd Floor, Shiv Darshan,Dr Radha Krishnan Road, 5, Jagnath Plot Corner,Rajkot - 360 001. Tel: 0281 552 4881/2HDFC 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., Upper Ground Floor, Gokulesh, R C Dutt Road,Vadodara 390 007. Tel: 0265 6621110, 6621120, Fax 0265 6621150.HDFC AMC Ltd., 5-B, 2nd Floor, Sapphire Building, Daulatnagar, Chala-Vapi Road, Vapi - 396 191.Tel No: (0260) 3983900 Fax : (0260) 3983908HARYANAHDFC AMC Ltd., Premises 102, 1st Floor, Vipul Agora, MG Road, Gurgaon - 122 002.Tel No: (0124) 2560 450 - 54 Fax : (0124) 2560455HDFC AMC Ltd., 1175 B Royal 1, 1st Floor, Adjoining Gurudawara, G.T Road, Panipat - 132 103Tel: (0180) 3985400/ 01 Fax: (0180) 3985403JAMMU & KASHMIRHDFC AMC Ltd., Hall No-102 A/2, South Block, Bahu Plaza, Gandhi Nagar, Jammu - 180 012Tel No.: (0191)-2477911/12/13 (0191) 2474297/98/99JHARKHANDHDFC AMC Ltd., Vardhan Complex, 1st Floor, Opp. Sreeleathers Showroom, Bank More,Dhanbad - 826 001 Tel No.: (0326) 3205352, 2301756 Fax No.: (0326) 2300552HDFC 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 001Tel No.: (0651) 6003358 Fax No.: (0651) 3242077KARNATAKAHDFC 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) 271041HDFC 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 290HDFC 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 535KERALAHDFC AMC Ltd., 3rd Floor, City Mall, Opposite YMCA, Kannur Road, Calicut - 673 001.Tel: (0495) - 4099222 / 333, 3982310 Fax: (0495) - 3982330HDFC AMC Ltd., Ground Floor, Cinema Cum Commercial Complex,Behind Ravipuram Bus Stop, M.G. Road, 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 738MADHYA PRADESHHDFC 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) - 3982803HDFC 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) - 4068814MAHARASHTRAHDFC AMC Ltd., 2nd Floor, Renuka Commercial Complex, Samarth Nagar, Nirala Bazar,Nageshwar Wadi Road, Aurangabad - 431 001. Tel: (0240) - 3988029 Fax: (0240) - 3982068e-mailINVESTOR SERVICE CENTRES (ISCs)For any query or suggestions:-Investors may contact us at:cliser@hdfcfund.comDistributors may contact us at:broser@hdfcfund.comSMS: HDFCMF to 56767HDFC AMC Ltd., 138, Ground Floor, Kavya Ratnavali Chowk, Omkareshwar Road, Jalgaon – 425 002.Tel. No.: (0257) 3982100/ 01 Fax : (0257) 3982114HDFC AMC Ltd., Royal Prestige, C1/C9, 1st Floor, E - Ward, Sykes Extension,Rajarampuri Road, Kolhapur - 416 008. Tel : (0231) - 3988029 Fax : (0231) - 3982060HDFC 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) 26241131HDFC 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 092Tel: (022) 32157268 / 342 Fax: (022) 32719222HDFC 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) 25116805HDFC 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) 67124177HDFC AMC Ltd., BSE 1, Tech Building, 109, A Wing, 1st Floor,Opposite Vashi railway station, Sector 30, Vashi - 400 703. Tel: (022) - 39880299ORISSAHDFC AMC Ltd., 2nd Floor, Vinayak 96, Janpath, Bhubaneshwar 751 001Tel: 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) 2324741HDFC AMC Ltd., Praful Tower, 1st Floor, Panposh Road, Rourkela - 769 004Tel No.: (0661) - 3988029,3982060/70 Fax No.: (0661) -3982068PONDICHERRYHDFC 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) 2206776PUNJABHDFC AMC Ltd., SCO-28, 1st Floor, Taneja Towers, District Shopping Complex, Ranjit Avenue,Amritsar-143 001. Tel: (0183) 3988029 / 2570 Fax: (0183) 3982599HDFC 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) 3982966HDFC AMC Ltd., SCO 122, Feroze Gandhi Market, Ludhiana 141 001.Tel: 0161 - 277 4321, 501 4321, Fax: 0161 - 301 3838.RAJASTHANHDFC 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 - 5105919HDFC AMC Ltd., 1st Floor, Gowardhan Plaza, 25, Trench Colony, Opposite Lok Kalamandal,Udaipur - 313 001. Tel: (0294) 3988029 Fax: (0294) 3982000TAMIL NADUHDFC AMC Ltd., ITC Centre, 1st Floor, 760 Anna Salai, Chennai 600 002.Tel: 044 - 4397 9797, Fax: 044 - 2841 5855HDFC AMC Ltd., 1st Floor, No1 Bhimsena Garden Street, Royapettah High Road, Mylapore,Chennai – 600 004. Tel: (044) 30913060 Fax: (044) 30913082HDFC 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 - 3988029HDFC AMC Ltd., First floor, Ram Complex, No. 454/3, Meyanoor Main Road, Salem - 636 009.Tel : (0427) 3982680/700 Fax : (0427) 233361HDFC AMC Ltd., No. 60, Sri Krishna Arcade, First Floor, Tennur High Road, Tennur, Trichy - 620 017Tel: (0431) 3982830 Fax: (0431) 3982835UTTARANCHALHDFC AMC Ld., 76, Rajpur Road, Near RTO, Dehradun - 248 001Tel: (0135) 3988029/ 7434 Fax: (0135) 3987444UTTAR PRADESHHDFC AMC Ltd., B2, 1st Floor, 9/4, Shankar Point, Sanjay Place, Agra - 282 002Tel: (0562) 3984761-73 Fax: (0562) 3984777HDFC 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 001Tel No.: (0591) 3988029 / 3982131 Fax No.: (0591) 3982137HDFC AMC Ltd., K-24/25, Premises No. 36 & 37, Pearl Plaza, Sector-18, Noida - 201 301Tel No.: (0120) 3988029 Fax No.: (0120) 3980610HDFC AMC Ltd., D-64/127, 4th Floor, Arihant Complex, Sigra, Varanasi - 221010.Tel: 9935177068, 9935147068WEST BENGALHDFC AMC Ltd., City Plaza, City Centre, 1st Floor, Durgapur - 713 216Tel: (0343) 3982150 Fax: (0343) 3982153HDFC 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) 2545270Registered 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 NetAsset 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 andits 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 thecontribution 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 theirfuture 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 sublicensedsuch 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 theadvisability 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 AssetManagement 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 investoris 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 ISCson all Business Days.The AMC will calculate and publish NAVs on all Business Days. This quarterly newsletter contains unaudited figures. Statutory Details: HDFC Mutual Fund has been set up as a trust sponsored by HousingDevelopment 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 underthe 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, andprinted at Print House India Private Limited, 6, Datta Mandir Road, Bhandup (W), Mumbai 400 078. Editor: Suveen K. Sinha.