HDFC EQUITY FUND-GROWTH              
      PERIOD FROM : 01-JAN-2000 TO 01-May-2006              
                             
NO DATE AMOUNT NAV UNITS TOTAL UNITS VALUATION INVESTMENT S & P CNX 500 SENSEX          
1 03-Jan-00 5000 24.91 200.72 200.72                 5,000 5,000 1291.55 5375
2 01-Feb-00 5000 25.57 195.54 396.26 10,132 10,000 1335.2 5216
3 01-Mar-00 5000 27.74 180.25 576.51 15,992 15,000 1563.45 5642
4 03-Apr-00 5000 24.13 207.21 783.72 18,911 20,000 1287.8 5,070.50 
5 02-May-00 5000 20.78 240.62 1024.34 21,286 25,000 994.9 4,736.02 
6 01-Jun-00 5000 19.97 250.38 1274.71 25,456 30,000 949.1 4,406.52 
7 03-Jul-00 5000 22.39 223.31 1498.03 33,541 35,000 1096.1 4,846.69 
8 01-Aug-00 5000 18.69 267.52 1765.55 32,998 40,000 951.95 4,295.35 
9 04-Sep-00 5000 21.27 235.07 2000.62 42,553 45,000 1052.6 4,571.89 
10 03-Oct-00 5000 18.96 263.71 2264.33 42,932 50,000 927.4 4,035.64 
11 01-Nov-00 5000 18.57 269.25 2533.59 47,049 55,000 866.5 3,749.35 
12 01-Dec-00 5000 18.93 264.13 2797.72 52,961 60,000 936.25 3,968.89 
13 01-Jan-01 5000 18.80 265.96 3063.67 57,597 65,000 907.75 3,990.65 
14 01-Feb-01 5000 19.67 254.19 3317.87 65,262 70,000 965.95 4,303.13 
15 01-Mar-01 5000 19.66 254.32 3572.19 70,229 75,000 993.55 4,288.23 
16 02-Apr-01 5000 16.16 309.41 3881.60 62,727 80,000 739.6 3,491.41 
17 02-May-01 5000 17.34 288.35 4169.95 72,307 85,000 753.2 3,565.53 
18 01-Jun-01 5000 17.89 279.49 4449.43 79,600 90,000 779.7 3,637.03 
19 02-Jul-01 5000 16.99 294.29 4743.73 80,596 95,000 719.25 3,480.06 
20 01-Aug-01 5000 16.14 309.79 5053.51 81,564 100,000 693.3 3,335.00 
21 03-Sep-01 5000 15.95 313.48 5366.99 85,604 105,000 679.6 3,245.71 
22 01-Oct-01 5000 14.69 340.37 5707.36 83,841 110,000 579.5 2,817.74 
23 01-Nov-01 5000 16.73 298.86 6006.23 100,484 115,000 633.2 Rounded Rectangular Callout: Though we invested at 5375 level, at NAV of 24.91, and inspite of NAV (19.64) and Sensex (3334.69) going down continously, our valuations has remained positive
3,003.95 
         
24 03-Dec-01 5000 18.17 275.18 6281.41 114,133 120,000 705.45 3,301.05           
25 01-Jan-02 5000 18.20 274.73 6556.13 119,322 125,000 698.9 3,262.01           
26 01-Feb-02 5000 19.64 254.58 6810.71 133,762 130,000 719.1 3,334.69           
27 01-Mar-02 5000 21.92 228.10 7038.81 154,291 135,000 790.1 3,551.56           
28 01-Apr-02 5000 22.59 221.34 7260.15 164,007 140,000 786.1 3,482.94           
29 02-May-02 5000 22.94 217.96 7478.11 171,548 145,000 778.2 3,361.33           
30 03-Jun-02 5000 21.53 232.23 7710.35 166,004 150,000 751.1 3,162.27           
31 01-Jul-02 5000 22.31 224.11 7934.46 177,018 155,000 783.7 3,246.44           
32 01-Aug-02 5000 20.86 239.69 8174.15 170,513 160,000 706.85 2,998.46           
33 02-Sep-02 5000 21.63 231.16 8405.31 181,807 165,000 739.5 Rounded Rectangular Callout: Though Sensex is at 2949 levels but our fund has recovered its NAV to what we had started I.e. 24 Rs but at that time Sensex was 5375. This is Power of Fund Manager
3,206.81 
         
34 01-Oct-02 5000 19.82 252.27 8657.58 171,593 170,000 685.25 2,976.04           
35 01-Nov-02 5000 20.08 249.00 8906.59 178,844 175,000 695.2 2,956.94           
36 02-Dec-02 5000 21.44 233.21 9139.80 195,957 180,000 757.8 3,247.60           
37 01-Jan-03 5000 22.90 218.34 9358.14 214,301 185,000 777.15 3,383.85           
38 03-Feb-03 5000 22.87 218.63 9576.77 219,021 190,000 756.85 3,260.04           
39 03-Mar-03 5000 23.37 213.95 9790.71 228,809 195,000 761.65 3,301.67           
40 01-Apr-03 5000 22.39 223.31 10014.03 224,214 200,000 706.2 3,037.54           
41 02-May-03 5000 23.93 208.94 10222.97 244,636 205,000 702.75 2,949.04           
42 02-Jun-03 5000 26.24 190.55 10413.52 273,251 210,000 810.95 Rounded Rectangular Callout: When the Sensex reaches 5300 level , our NAV has reached to almost Double of what it was when we started at the same sensex level I.e. NAV = 47 Rs. Also look at the valuation of your fund. It has also doubled. I.e Your Investment : 2.4 Lacs Your Returns : 5.24 Lacs
3,176.56 
         
43 01-Jul-03 5000 29.80 167.81 10581.33 315,271 215,000 894 3,617.74           
44 01-Aug-03 5000 32.04 156.05 10737.38 344,037 220,000 945.25 3,800.73           
45 01-Sep-03 5000 37.54 133.19 10870.58 408,071 225,000 1121.85 4,248.07           
46 01-Oct-03 5000 38.98 128.26 10998.84 428,768 230,000 1142.3 4,452.07           
47 03-Nov-03 5000 44.74 111.75 11110.59 497,099 235,000 1242.8 4,946.93           
48 01-Dec-03 5000 46.77 106.90 11217.49 524,687 240,000 1313.15 5,086.86           
49 01-Jan-04 5000 52.29 95.63 11313.12 591,518 245,000 1562.95 5,872.48           
50 03-Feb-04 5000 49.58 100.84 11413.96 565,927 250,000 1403.55 5,715.46           
51 01-Mar-04 5000 52.93 94.46 11508.43 609,141 255,000 1484.2 5,649.30           
52 01-Apr-04 5000 53.29 93.82 11602.25 618,330 260,000 1491.2 5,599.12           
53 03-May-04 5000 53.26 93.88 11696.13 622,912 265,000 1479.7 5,645.86           
54 01-Jun-04 5000 46.05 108.59 11804.72 543,548 270,000 1248.4 4,792.01           
55 01-Jul-04 5000 46.32 107.95 11912.67 551,771 275,000 1270.85 4,874.05           
56 02-Aug-04 5000 49.40 101.22 12013.89 593,438 280,000 1360.15 5203          
57 01-Sep-04 5000 51.90 96.34 12110.22 628,545 285,000 1383.6 5211          
58 01-Oct-04 5000 55.60 89.93 12200.16 678,304 290,000 1498.3 5676          
59 01-Nov-04 5000 55.34 90.35 12290.51 680,132 295,000 1510.6 5704          
60 01-Dec-04 5000 60.36 82.84 12373.35 746,806 300,000 1658.7 6228          
61 03-Jan-05 5000 66.39 75.32 12448.67 826,430 305,000 1834.75 6603          
62 01-Feb-05 5000 63.95 78.18 12526.85 801,105 310,000 1775 6552          
63 01-Mar-05 5000 67.76 73.79 12600.64 853,832 315,000 1811.9 6651          
64 01-Apr-05 5000 68.24 73.27 12673.91 864,868 320,000 1805.3 6605          
65 02-May-05 5000 65.48 76.35 12750.27 834,938 325,000 1695.25 6195          
66 01-Jun-05 5000 71.78 69.66 12819.92 920,214 330,000 1838.45 6730          
67 01-Jul-05 5000 74.34 67.26 12887.18 958,008 335,000 1912.35 7211          
68 01-Aug-05 5000 80.94 61.77 12948.96 1,048,089 340,000 2039.6 7669          
69 01-Sep-05 5000 85.99 58.14 13007.10 1,118,507 345,000 2143.6 7876          
70 03-Oct-05 5000 94.32 53.01 13060.11 1,231,882 350,000 2299.45 8698          
71 01-Nov-05 5000 89.33 55.97 13116.09 1,171,647 355,000 2084.65 7944          
72 01-Dec-05 5000 100.95 49.53 13165.62 1,329,003 360,000 2342.3 8945          
73 02-Jan-06 5000 107.19 46.65 13212.26 1,416,196 365,000   9390.14          
74 01-Feb-06 5000 112.48 44.45 13256.72 1,491,115 370,000   9859.26          
75 01-Mar-06 5000 119.49 41.84 13298.56 1,589,045 375,000   10565.47          
76 03-Apr-06 5000 130.81 38.22 13336.78 1,744,585 380,000   11564.36          
77 03-May-06 5000 134.05 37.30 13374.08 1,792,796 385,000   12218.78          
                             
Current Nav As Of 30-May-2006 119.173                    
Investment As Of 30-May-06 385,000                    
Value  As Of 30-May-06 1593829.69