Date of Inception : 4/2/2002

Open-ended Equity Funds

HH (by Value Research) Report As On : 31-07-2007

An Open-ended Index Scheme

INVESTMENT OBJECTIVE:

The scheme will adopt a passive investment strategy. The scheme will invest
in stocks comprising the S&P CNX Nifty index in the same proportion as in the
index with the objective of achieving returns equivalent to the Total Returns
Index of S&P CNX Nifty index by minimizing the performance difference
between the benchmark index and the scheme. The Total Returns Index is an
index that reflects the returns on the index from index gain/loss plus dividend
payments by the constituent stocks.

Option NAV (Rs.) AUM Mar 2006 Mar 2005 Mar 2004
Growth 40.76 7.77 cr.
33% 37.5% 30%
Dividend 20.18

TRACKING ERROR (Vis-à-vis Total Return Index)

PERFORMANCE REPORT & PORTFOLIO ANALYSIS :
Period 1m 3m 6m 12m
Benchmark : S & P NIFTY TRI
Tracking Error 0.805% 0.755% 1.301% 1.245%

YTD 1m 3m 6m 1y 3y 5y S.Inc

Fund 13.28% 4.33% 9.58% 9.60% 39.46% 39.40% 36.22% 29.90%

Benchmark 14.93% 4.88% 10.79% 10.93% 44.08% 40.47% 36.39% 29.92%
Date of 1st NAV - 17/2/2006

1% 5%
13% 3%
2%

99.30% 3%
3%

7% 28%
100.00%

1%
80.00%
15%

60.00%
8% 12%

 AUTOMOBILE - 4.52%  MEDIA & ENTERTAINMENT - 0.60 %

40.00%
 CEMENT & CEMENT PRODUCTS - 2.84%  METALS - 7.46%
0.10% 0.60%  CHEMICALS - 0.48%  MISCELLANEOUS - 2.73 %
20.00%  CONSUMER GOODS -2.32 %  PHARMA - 2.99%
 ENERGY - 27.64 %  TELECOM - 13.04 %
0.00%  FINANCIAL SERVICES - 12.25%  CASH - 0.60%
Large Cap Mid Cap Small Cap Other Current  INDUSTRIAL MANUFACTURING -7.64%
Assets
 IT - 14.89 %

Large Cap Mid Cap Small Cap Other Current Assets

TOP HOLDINGS
Reliance Industries Limited 11.18%
Oil And Natural Gas Corporation Ltd. 8.29% SIP Investments 1 year 3 year
Bharti Airtel Ltd. 7.24% Total Amount Invested Rs 12,000 Rs 36,000
Reliance Communication Ltd. 4.84% Market Value Rs 14,015 Rs 59,104
Tata Consultancy Services Ltd. 4.80% Capital Gain Rs 2,015 Rs 23,104
Infosys Technologies Limited 4.78% The simulation is only for illustrative purposes and based on regular investment of Rs
ICICI Bank 4.17% 1,000 every first business day of the month (load is not taken into consideration and
returns are of growth plan). Please note that SIP does not ensure any capital or returns
State Bank Of India 3.62% guarantees.
Bharat Heavy Electricals Limited 3.59% Exit Load
NIL
Larsen & Toubro Limited 3.14%
Wipro Limited 3.07% Entry Load Options
Investments below Rs.50 lakhs - 1.25% Growth
ITC Limited 2.73% Investments of Rs.50 lakhs and above - NIL Dividend
Steel Authority Of India Ltd. 2.63% SIP
Rs. 500/month - 12 months
Housing Development Finance Corporation Limited 2.15% Rs. 1000/month - 6 months
Reliance Petroleum Limited 2.13% Rs. 1500/quarter - 12 months
Min. Inv
Total 68.37% Rs. 5000