Hdfc Factsheet May 2012 Final

7/31/2019 Hdfc Factsheet May 2012 Final

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Vol. No. 9 Issue No. 11

May 2012


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The Indian markets corrected for the thirdstraight month on the back of moderating

domestic growth and uncertainty over theEuro zones prospects. The SENSEX & the Niftyfell more than 6% each. The broader markets sawan even larger correction, with the CNX MidcapIndex falling 7.7%.

During the month, global markets faced a slewof negative news including a sharp rise in Spainsborrowing cost, uncertainty surrounding theupcoming Greek elections and all time high Eurozone unemployment. Consequently, world marketssaw a sharp correction, with the German DAX,French CAC, and US Dow Jones falling 6-7%. Asiamirrored this sentiment with the Hong Kong HSIand Japanese Nikkei falling 9-11%. The MSCIemerging markets Index fell 10.7%, with Europehaving an exaggerated effect on emerging markets.

In commodities, Brent corrected to $103/bbl(falling 14.3% in May) as economic concerns indeveloped economies & China stoked fears of lower fuel demand. This was further helped by thestrength in the USD. Other commodities followedsuit with Copper, Zinc, Lead and Nickel falling 8-12%. Aluminium saw a milder fall of just 6% onhigher cost of production and supply cuts globally.Prices of precious metals also corrected as moneyflew into US treasuries instead.

The domestic front also saw a spate of badnews. Industrial production fell 3.5% y/y inMarch, owing to a slowdown in manufacturingand mining. Inflation for April was also higherthan expected at 7.23%, and GDP growth for

March quarter slowed to just 5.3%, making it theslowest quarter in 9 years. On the brighter side,

oil-marketing companies finally managed to raisepetrol prices by INR 7.5/litre. Hikes in diesel,kerosene & LPG prices were debated to bringdown the widening fiscal deficit. Fourth quartercorporate results were mixed with pressure on bothsales and profit growth. Margins were lower ascompanies paid higher wages & interest, andlower commodity prices were offset by a weakerRupee.

In such a negative environment it is worthremembering Sir John Templetons sage advicethat Bull markets are born on pessimism, grow onskepticism, mature on optimism and die on eupho-ria. The Sensex now trades at 13x FY13 EPS,which is meaningfully below its long-term averagevaluations. With the global economy slowing,commodity prices have begun to correct. Any sus-tained correction in crude and gold prices wouldhave a beneficial impact on the fiscal and currentaccount deficit. It would give policy makers moreflexibility and enable a more benign interest rateregime. Policy makers are also belatedly recogniz-ing the negative impact of their delayed decisionmaking and hopefully this will result in a pick upin activity levels. India remains a growth economyavailable at reasonable valuations. For investorswith a tolerance for volatility there lies merit ininvesting in equity markets.

Source for various data points: Bloomberg & publicly available data.

Equity market update

During the month of April 2012, the yield on10-year Government benchmark bondended higher at 8.67% as against 8.54% in

March 2012.During the month of May 2012, the yield on 10-

year Government benchmark bond ended lower at8.50% as against 8.67% in April 2012.

The average LAF during the month wasnegative ` 98,485 crs as compared to negative` 1,02,469 crs in April 2012. The NSE overnightMIBOR ended at 8.14% lower than the rate seen inend April (8.37%).

The annual rate of inflation, based on monthlyWPI, stood at 7.23% (Provisional) for the month of April 2012 as compared to 6.89% (Provisional) forthe previous month and 9.74% during the corre-sponding month of the previous year.

The INR depreciated to 56.11 against the USdollar as compared to 52.74 at the end of previousmonth, a fall of 6.4% for the month. The net FII

investments in equities & debt was an inflow of USD 597.39 million in May 2012 as compared toan outflow of USD 926.77 million in April 2012.

The industrial production (IIP) data for themonth of March 2012 showed a contraction of 3.5% over the previous year as against 4.1%growth in the previous month. The slow down inMarch was largely broad based across all sectorswith mining, manufacturing, and capital goods allcontracting.

Indias 4QFY12 GDP growth touched a nineyear low of 5.3%, significantly lower than consen-

sus expectations of 6.1% growth. The slow downin 4QFY12 GDP growth has resulted in govern-ments advance GDP estimate for full year FY12being revised down from 6.9% to 6.5%.

Source for various data points: Bloomberg & publicly available data.

Debt market update

May 2012 3Intouch mutually

Market Review - May 2012


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When Dadasaheb Phalke made RajaHarishchandra a silent film inMarathi that was the first full-

length motion picture produced in India in 1913 and had it screened in a Mumbaitheatre on 3 May that year, little did herealise that he was laying the foundation for

what would become one of the biggest filmindustries in the world. Indian cinemaentered its 100th year in May 2012, and

will complete its centenary next May.Between 1913 and today it has undergonesuch a sea change that Phalke, had he beenalive today, would not have recognized it.

Today, more than 1,000 films are madeevery year, in several languages, and Indiancinema has crossed several milestones. Thesilent era that began with Phalke ended

when Alam Ara, the first talkie (made by Ardeshir Irani), debuted in a theatre inMumbai on 14 March, 1931. The talkieschanged the face of Indian cinema actorsnow needed not only good looks and agood voice, but also singing skills, becausemusic became a defining element in Indiancinema. The year 1931 also marked theadvent of south Indian cinema, with therelease of Bhakta Prahlada in Telugu andKalidas in Tamil.

The year 1937 saw Indian cinema reach-ing another landmark, when Kisan Kanya(a film based on a novel by Saadat HasanManto) produced by Ardeshir Irani becameIndias first indigenously made colour film.But colour was the exception. Most films,right until the late 1950s, were made inblack and white. In 1960, only one colourfilm, Angulimala, was made. It was themassive success of colour films likeJunglee and Ganga Jamuna, released in1961, that finally established the ascendan-cy of colour. In 1964, more than 10 Hindifilms were made in colour; by the late1960s, colour had become the norm.

There were other landmarks along the way Sohrab Modis Jhansi Ki Rani (in

1953) became the first film to be shot inTechnicolor; the first 70-mm film withstereophonic sound was Around The

World (1967), while G P Sippys Sholay(1975) was shot in the 70-mm formatalong with four-track stereophonic sound;the first 3D movie made in India was theMalayalam film My Dear Kuttichathanin 1984, and the first 3D Hindi movie

was Shiva ka Insaaf, made in 1985.Finally, Sivaji: The Boss, a Tamil filmmade in 2007, is the first Indian film whichincorporated the latest 4K resolution tech-nology that is used only in big-budgetHollywood movies.

The winning formula at the box office songs, dance, drama, romance and fantasy had taken shape long before, whenKismet (starring Ashok Kumar) became abig hit in 1945. In the 1950s the earlier reli-gious and spiritual themes of the first twodecades also to an extent gave way to socialthemes relevant to the times. They wereentertaining and at the same time became apotent medium to educate the masses. Bythen, ticket prices had already been set atlevels that made cinema an affordablesource of entertainment.

Today, Indian movies have touchedalmost every genre of entertainment, be itromances, films about the underworld,action thrillers, or rollicking comedies.

With a substantial Indian diaspora scat-tered across the United States, Europe, and

African and Asian countries, Indian film-makers have in recent years also been mak-ing films with themes meant to appeal tonon-resident Indian audiences. Predictably,many more movies are now shot in theseforeign locales. A good chunk of their rev-enues also come from overseas markets.

The movie viewing experience has alsobeen transformed beyond recognition, asthe simple, low-tech theatres of yesteryearhave given way to multiplexes with digitalsound and 3D screens. In the year 2000,

when the multiplex trend started, there were only 14 such cinema halls; today thereare more than 1,100. In early 2009, there

were only 12 3D screens in India; todaythere are 200.

But the very range of entertainmentoptions available to the movie-goer explosive growth in cable and satellite tele-

vision channels, as well as online video,

and the circulation of pirated DVDs nowposes a threat to film-makers. What Indiancinema will look like another 100 yearshence is anyones guess.

B S R EPORTER

This article is issued in general investor interest.

Please refer Page No. 47 for disclaimer

A century of Indian cinema

Intouch mutually4 May 2012


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Intouch mutually May 2012 5

Nature of Scheme

Investment Objective

Fund Manager

Inception Date(Date of Allotment)

Entry / Sales Load

Exit Load

InvestmentPlan / Options

MinimumApplication Amount(Under each Plan)

Lock-in Period

Net Asset Value(NAV)

RedemptionProceeds

HDFC GrowthFund

Open-endedGrowth Scheme

To generate long

term capitalappreciation froma portfolio thatis investedpredominantly inequity and equityrelated instruments.

Srinivas Rao Ravuri(since Apr 3, 06)#

September 11, 2000

Growth & Dividend

Nil

Every Business Day

Normally despatchedwithin 3-4 BusinessDays.

HDFC EquityFund


To achieve capital

appreciation.

Prashant Jain(since Jun 19, 03)*#

January 1, 1995

Growth & Dividend

Nil

Every Business Day


HDFC Top 200Fund


To generate long

term capitalappreciation from aportfolio of equityand equity-linkedinstruments primarilydrawn from thecompanies in BSE200 index.

Prashant Jain(since Jun19, 03)*#

October 11, 1996

Growth & Dividend

Nil

Every Business Day


HDFC CapitalBuilder Fund


To achieve capital

appreciation in thelong term.

Chirag Setalvad(since April 2, 07)& Miten Lathia(since May 10, 12)#

February 1, 1994

Growth & Dividend

Nil

Every Business Day


HDFC Core &Satellite


To generate capital

appreciation throughequity investment incompanies whoseshares are quotingat prices below theirtrue value.

Vinay Kulkarni(since Nov 21, 06)#

September 17, 2004

Growth & Dividend

Nil

Every Business Day


HDFC PremierMulti-Cap Fund


To generate capital

appreciation in thelong term throughequity investmentsby investing in adiversified portfolioof Mid Cap & LargeCap blue chipcompanies.


April 6, 2005

Growth & Dividend

Nil

Every Business Day


HDFC Mid-CapOpportunities Fund

Open-endedEquity Scheme

To generate long-termcapital appreciationfrom a portfolio thatis substantiallyconstituted of equityand equity relatedsecurities of Small anMid-Cap companies

Chirag Setalvad (SinJune 25, 07) #

June 25, 2007

Growth and Dividen

Nil

Every Business Day


Not Applicable.Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) baassessment of various factors including the service rendered by the ARN Holder.

Purchase :` 5,000 and any amount thereafter.Additional Purchase :` 1,000 and any amount thereafter.

The Dividend Option offers Dividend Payout and Reinvestment facility.

Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units.For Tax Benefits / Consequences, Please refer to page 11* Date of migration from Zurich India Mutual Fund# Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas since May 10, 2012. (Mr Miten Lathia from August 5, 2010 to May 9, 2012).

In respect of eachpurchase / switch-in of Units, an Exit Load of 1% is payable if units are redeemed / switched-out within 1 yedate of allotment.

No Exit Load is payable if Units are redeemed / switched-out after 1 year from the date of allotment.No Entry / Exit Load shall be levied on bonus units and units allotted on dividend reinvestment.

Features of our select schemes


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Nature of Scheme


Fund Manager


Entry / Sales Load

Exit Load


MinimumApplication Amount(Under each Plan)

Lock-in Period


RedemptionProceeds

HDFC Long TermEquity Fund

Open-ended Equity Scheme

To achieve long-term capitalappreciation

Srinivas Rao Ravuri (SinceFebruary 10, 06) #

February 10, 2006

In respect of eachpurchase / switch-in of Units, an Exit Load of 1%is payable if units areredeemed / switched-outwithin 1 year from the dateof allotment.

No Exit Load is payable if Units are redeemed /switched-out after 1 yearfrom the date of allotment.

Nil

Every Business Day

Normally despatched within3-4 Business days

Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units.For Tax Benefits / Consequences, Please refer to page 11# Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas since May 10, 2012. (Mr Miten Lathia from August 5, 2010 to May 9, 2012).$ All applications for purchase of units including additional purchases for an amount of ` 5 Lakhs and above will be accepted with payment mode only as Real Time Gross Settlement (RTGS) /National(NEFT)/Funds Transfer Letter/ Transfer Cheque of a bank where the Scheme has a collection account. Any application for an amount of ` 5 Lakhs and above with payment mode other than the above will be reje

HDFC Index Fund

Open-ended Index Linked Scheme

Nif ty Plan :To generate returns that arecommensurate with the performancethe Nifty, subject to tracking errors.

SENSEX Plan :To generate returns thatare commensurate with the performaof the SENSEX, subject to tracking eSENSEX Plus Plan : To invest 80 to 90%of the net assets of the Plan in compawhose securities are included in SENand between 10% & 20% of the netassets in companies whose securitieare not included in the SENSEX.

Vinay Kulkarni (since Dec 29, 06)

July 17, 2002

Nil

No Load shall be levied on bonus un

Nifty Plan, SENSEX Plan andSENSEX Plus PlanAt present, each Plan offersGrowth Option only.

Purchase :` 5,000 and anyamount thereafter. $Additional Purchase :` 1,000 andany amount thereafter. $

Nil

Every Business Day

Normally despatched within3-4 Business Days.

HDFC Arbitrage Fund

Open ended Equity Fund

To generate income through arbitrageopportunities between cash and derivativemarket and arbitrage opportunities withinthe derivative segment and by deploymentof surplus cash in debt securities andmoney market instruments.

Anil Bamboli (since Oct 23, 07)#

October 23, 2007

Retail Plan & Wholesale Plan In respect of eachpurchase / switch-in

of Units, an Exit Load of 0.50% ispayable if units are redeemed /switched-out within 6 months fromthe date of allotment.

No Exit Load is payable if Units areredeemed / switched-out after 6months year from the date of allotment.

Wholesale Plan and Retail Plan Both Planoffers Growth and Dividend Option. DividendOption offers Quarterly Dividend Option withPayout and Reinvestment Facility.

Wholesale Plan: Purchase / AdditionalPurchase :` 1 Crore and any amountthereafter.Retail Plan: Purchase /Additional Purchase :` 5,000 and anyamount thereafter.

Nil

Every Business Day

Normally despatched within3-4 Business days.

HDFC Infrastructure Fund

Open-ended Equity Scheme

To seek long-term capitalappreciation by investingpredominantly in equity andequity related securities of companies engaged in orexpected to benefit from growthand development of infrastructure

Prashant Jain and Srinivas RaoRavuri (Since March 10, 08) #

March 10, 2008

In respect of eachpurchase / switch-in of Units, an Exit Load of 1%is payable if units areredeemed / switched-outwithin 1 year from the dateof allotment.

No Exit Load is payable if Unitsare redeemed / switched-outafter 1 year from the date of allotment.

Nil

Every Business Day

Normally despatched within3-4 Business days

Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder(AMFI registered Distributor) based on the investors assessment of various factors including the service rendered by

No Entry / Exit Load shall be levied on bonus units and units allotted on dividend reinvestment.

Growth and Dividend. The Dividend Option offers DividendPayout and Reinvestment facility.



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Nature of Scheme


Fund Managers


Entry / Sales Load

Exit Load


MinimumApplication Amount

Lock-in Period


RedemptionProceeds

^ Eligibility (of Unit holder) :Children less than 18 years of age as on the date of investment by the Investor / Applicant are eligible as Unit holders in the Scheme.@ Personal Accident Insurance Cover for Parent / Lega(upto the age of 80 years) of the Unit holder, equivalent to 10 times the cost value of the outstanding Units held by the Unit holder under all the applications / account statements / folios` 10lakhs per Unit holder. The insurance premium in respect of the personal accident insurance cover will be borne by the AMC. This accident insurance cover is subject to conditions of thInvestors 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 / C* Date of migration from Zurich India Mutual Fund # Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas since May 10, 2012. (Mr Miten Lathia

HDFC Prudence Fund

Open-ended Balanced Scheme

To provide periodic returns and

capital appreciation over a longperiod of time from a judiciousmix of equity and debt invest-ments with an aim to prevent /minimise any capital erosion.

Prashant Jain(since Jun 19, 03)*#

February 1, 1994

Nil

Every Business Day

Normally despatchedwithin 3-4 Business Days.

HDFC Long Term Advantage FundOpen-ended Equity LinkedSavings Scheme with alock-in period of 3 years

To generate long term

capital appreciation from aportfolio that is investedpredominantly in equityand equity-relatedinstruments.

Chirag Setalvad(since April 2, 07)#

January 2, 2001

Nil

3 years from the dateof allotment of therespective Units (includingUnits allotted underdividend reinvestment)

Every Business Day

Normally despatchedwithin 3-4 Business Days(Redemption is subject tocompletion of Lock-inPeriod, if applicable).

HDFC TaxSaver

Open-ended Equity LinkSavings Scheme with alock-in period of 3 years

To achieve long term

growth of capital.


March 31, 1996

Nil

3 years from the dateof allotment of therespective Units (includiUnits allotted underdividend reinvestment)

Every Business Day

Normally despatchedwithin 3-4 Business Day(Redemption is subject tcompletion of Lock-inPeriod, if applicable).

HDFC ChildrensGift Fund^@Open-ended Balanced Scheme

The primary objective of both

the Plans viz. Investment Plan& Savings Plan under theScheme is to generate longterm capital appreciation.


March 2, 2001

For Units subject to Lock-inPeriod: NIL

For Units not subject toLock-in Period: 3% if theUnits are redeemed /switched-out within oneyear from the date of allotment; 2% if the Unitsare redeemed / switched-outbetween the first and secondyear of the date of allotment;1% if Units are redeemed /switched-out between thesecond and third year of thedate of allotment; Nil if theUnits are redeemed /switched -out after thirdyear from the date of allotment.

Investment Plan(EquityOriented)

Savings Plan(Debt Oriented)

If opted :Until the Unit holder(being the beneficiary child)attains the age of 18 years oruntil completion of 3 yearsfrom date of allotment,whichever is later.

Every Business Day

Normally despatched within3-4 Business Days (Redemptionis subject to completion of Lock-in Period, if opted).

For Purchase & Additional Purchase :` 500 and inmultiples of ` 500 thereafter.

HDFC Balanced Fund

Open-ended Balanced Scheme

To generate capital

appreciation along withcurrent income from acombined portfolio of equity& equity-related and debt &money market instruments.


September 11, 2000

Nil

Every Business Day

Normally despatchedwithin 3-4 Business Days.

Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) basassessment of various factors including the service rendered by the ARN Holder.



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

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

In respect of eachpurchase / switch-in of Units, an ExitLoad of 1% is payable if units are redeemed / switched-outwithin 1 year from the date of allotment.

No Exit Load is payable if Units are redeemed / switched-out after 1 year from the date of allotment.


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Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units.For Tax Benefits / Consequences, Please refer to page 11# Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas since May 10, 2012. (Mr Miten Lathia from August 5, 2010 to May 9, 2012).

HDFC Income Fund

Open-ended Income Scheme

To optimise returns whilemaintaining a balance of safety, yield and liquidity.

Shobhit Mehrotra(since Sep 1, 07)#

September 11, 2000

In respect of eachpurchase /switch-in of Units, an ExiLoad of 0.5% is payable iunits are redeemed /switched-out within6 months from the dateof allotment.

No Exit Load is payable iUnits are redeemed /switched-out after 6 montfrom the date of allotment

Nil

Every Business Day


HDFC Multiple Yield Fund Plan 2005


To generate positive returnsover medium time frame withlow risk of capital loss overmedium time frame.

Chirag Setalvad (Equities),(since April 2, 07)Anil Bamboli (Debt)(since Aug 17, 05)#

August 17, 2005

In respect of eachpurchase / switch-in of Units, an ExitLoad of 1% is payable if units are redeemed /switched-out within 15months from the dateof allotment.

No Exit Load is payable if Units are redeemed /switched-out after 15months from the date of allotment.

Nil

Every Business Day

Normally depatched within3-4 Business Days.

HDFC Multiple Yield Fund


To generate positive returnsover medium time frame withlow risk of capital loss overmedium time frame.

Vinay Kulkarni (Equities),(since Nov 21, 06)Anil Bamboli (Debt)(since Sep 17, 04)#

September 17, 2004

In respect of eachpurchase / switch-in of Units, an ExitLoad of 1% is payable if units are redeemed /switched-out within1 year from the dateof allotment.

No Exit Load is payable if Units are redeemed /switched-out after 1 yearfrom the date of allotment.

Nil

Every Business Day

Normally depatched within3-4 Business Days.

Nature of Scheme


Fund Managers


Entry / Sales Load

Exit Load



Lock -in Period


RedemptionProceeds

Growth & Dividend. The Dividend Option offers Dividend Payout and Reinve


HDFC MF Monthly Income Plan(HDFC MF MIP)

An open-ended income scheme. Monthly income isnot assured and is subject to availability of distributable surplus

The 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 Schemesassets in equity and equity related instruments.

LTP Prashant Jain (Equities) (since Dec 26, 03),Shobhit Mehrotra (Debt) (since Sep 1, 07)#,STP Vinay Kulkarni (Equities) (since Nov 21, 06),Shobhit Mehrotra (Debt) (since Feb 16, 04)#

December 26, 2003

For Short-Term Plan (STP) & Long-Term Plan (LTP) In respect of eachpurchase / switch-in of Units, an

Exit Load of 1% is payable if units are redeemed /switched-out within 1 year from the dateof allotment.

No Exit Load is payable if Units are redeemed /switched-out after 1 year from the date of allotment.

STP & LTP.Each Plan offers Growth, Monthly Dividend &Quarterly Dividend Option. The Dividend Option offersDividend Payout and Reinvestment facility.

STP :Purchase :(Growth & Quarterly Dividend Option) ` 5,000 andany amount thereafter under each Option.(Monthly Dividend Option) ` 25,000 and any amountthereafter.Additional Purchase :` 1,000 and any amount thereafter.LTP :Purchase :(Growth & Quarterly Dividend Option) ` 5,000 andany amount thereafter under each Option.(Monthly Dividend Option) ` 25,000 and any amountthereafter.Additional Purchase :` 1,000 and any amount thereafter.

Nil

Every Business Day

Normally despatched within 3-4 Business Days.

Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) baassessment of various factors including the service rendered by the ARN Holder.



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HDFC Floating Rate Income Fund


To 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.

Shobhit Mehrotra (since Feb 16, 04)#

January 16, 2003 October 23, 2007

Nil

In respect of purchase / switch-in of Units, an Exit Load of 2% is payable if units areredeemed / switched-out within 12 months from the date of allotment.

No Exit Load is payable if Units are redeemed / switched-out after 12 months from thedate of allotment.

For investors who wish to invest for short time period. For investors who wish to invest for relatively longer time period. Growth and Dividend Option. The Dividend Option

offers Daily Dividend Option (with Reinvestment facility only) and Weekly and Monthly DividendOption (with Payout and Reinvestment facility).

Growth and Weekly Dividend Option (with Reinvestment facility only).


Purchase` 10,000 and any amount thereafter; Additional Purchase` 5,000 and any amount thereafter.

Purchase :` 10 lakh and any amount thereafter.Additional Purchase :` 1 and and any amount thereafter.

For Purchase :` 5,000 and any amount thereafter.Additional Purchase :` 1,000 and any amount thereafter.

Nil

Every Business Day


HDFC Gilt Fund


To generate credit risk-free returns through investin sovereign securities issued by the Central Govand / or a State Government.

Anil Bamboli (sinceSep 1, 07)

July 25, 2001

Nil

In respect of each purchase / switch - in of units, an exit load of 0.25% is payable if unitsare redeemed / switched out within 3 monthsfrom the date of allotment. No exit load is payable if units are redeemed / switched - out after 3 months from the dateof allotment.

For investors who wish toinvest for short time period. For investors who wish to invest fo

relatively longer time period.

(Under each Plan / Option)Purchase :` 5,000 and any amount thereafter.Additional Purchase :` 1,000 and any amount thereafter.

Nil

Every Business Day


-i

Each Plan offers Growth and Dividend Options.The Dividend Option offers Dividend Payout andReinvestment facility.

Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units.For Tax Benefits / Consequences, Please refer to page 11 # Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas since May 10, 2012. (Mr Miten Lathia f


Not Applicable.Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) bassessment of various factors including the service rendered by the ARN Holder.


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Nature of Scheme


Fund Managers


Entry / Sales Load

Exit Load



Lock-in Period


RedemptionProceeds

HDFC Short TermOpportunities FundOpen-ended Income Scheme

To generate regular income throughinvestments in Debt/Money Market

Instruments and Government Securitwith maturities not exceeding 30 mo

Anil Bamboli (since June 25, 10) #

June 25, 2010

In respect of each purchase/switchof units, an Exit load of 0.25% ispayable if units are redeemed/switched-out within 1 month fromdate of allotment.

No Exit Load is payable if units aredeemed/ switched-out after 1 mfrom the date of allotment.

Growth & Fortnightly Dividend Optio(Dividend Option offers Payout andReinvestment facility).

Nil

Every Business Day


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 Large Investors, subscriptions shall only be allowed by payment of requisite Cash through RTGS/NEFT or Funds Transfer Letter/ Transfer Cheque of a bank where the Schem^ All applications for purchase of units including additional purchases for an amount equal to or more than` 10 lakhs will be accepted with payment mode only as Real Time Gross Settlement (RTGS) Funds Transfer (NEFT) / Funds Transfer Letter / Transfer Cheque of a bank where the Scheme has a collection account. Any application for an amount of ` 10 lakhs and above withpayment mode other than the above will be rejected.# Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas since May 10, 2012. (Mr Miten Lathia from August 5, 2010 to May 9, 2012).

HDFC Gold Fund

An Open-ended Fund of Fund Schemeinvesting in HDFC Gold Exchange TradedFund

To seek capital appreciation by investing inunits of HDFC Gold Exchange Traded Fund.

Anil Bamboli (since November 1, 11)

November 1, 2011

In respect of each purchase / switch-inof units an Exit Load of 2% is payable if Unitsare redeemed / switched-out within 6months from thedate of allotment. an Exit Load of 1% is payable if Units are redeemed / switched-out after6 months but within 1 year from the dateof allotment. No Exit Load is payable if Units areredeemed / switched-out after 1 year fromthe date of allotment.

No Entry / Exit Load shall be leviedon bonus units and units allotted ondividend reinvestment.

Currently the Scheme offers onlyGrowth Option.

Purchase:` 5,000 and any amountthereafter. Additional Purchase:` 1,000and any amount thereafter. ^

Nil

Every Business Day


HDFC Medium TermOpportunities FundOpen-ended Income Scheme

To generate regular income throughinvestments in Debt/Money Market

Instruments and Government Securities withmaturities not exceeding 60 months.

Shobhit Mehrotra (since June 29, 10) #

June 29, 2010

In respect of each purchase/switch-in of units, an exit load of 2% is payable if units are redeemed/switched out within12 months from the date of allotment.

In respect of each purchase/switch-in of units, an exit load of 1% is payable if units are redeemed/switched out after 12months but within 18 months from thedate of allotment.

No exit load is payable if units areredeemed/switched-out after 18 monthsfrom the date of allotment.

Growth & Dividend Option (Dividend Optionoffers Payout and Reinvestment facility).

Nil

Every Business Day


HDFC Gold ExchangeTraded FundAn Open-ended Exchange Traded Fund

To generate returns that are in line with theperformance of gold, subject to tracking errors.

Anil Bamboli (since August 13, 10)

August 13, 2010

For Creation Unit Size: No Exit load will be levied on

redemptions made by AuthorisedParticipants / Large Investors directlywith the Fund in Creation Unit Size.

For other than Creation Unit Size: Not Applicable. The Units in other

than Creation Unit Size cannot bedirectly redeemed with the Fund. TheseUnits can be redeemed (sold) on acontinuous basis on the stock exchange(s) during the trading hourson all trading days.

Currently, there are no investment Plans /Options being offered under the Scheme.

Directly with the Fund Subscription /Redemption in exchange of Portfolio Depositand Cash Component in creation unit size of 1,000 units and in multiples thereafter. $On the Exchange(s) 1 unit and inmultiples of 1 unit thereafter.

Nil

Every Business Day


Tax Benefits / Consequences : Income distributed by the Scheme (s) are free from Income tax in the hands of Investors. The additional income-tax on distribution of income by a money fund to an individual / HUF shall be payable by the mutual fund at the rate of 27.038%* and at the rate of 32.445%* to any other investor. The additional income-tax on distribution ovidual/ HUF shall be payable at the rate of 13.519%* and at the rate of 32.445%* on distribution of income to any other investor. Units of the Scheme(s) are not subject to Wealth-tato pay Securities Transaction Tax (STT) at the rate of 0.25% at the time of redemption / switch-out of units of an equity-oriented fund.* including applicable surcharge, education cess and secondary and higher education cessGif t of Units :With effect from 1.10.2009, as per the provisions of section 56(2)(vii) of the Income-tax Act, 1961, certain specified property transferred, without consideration / adequatlimits, are taxable in the hands of the recipient individual / HUF (subject to certain exceptions). The term property includes shares and securities. Units of a mutual fund could fallAs per the Act, property would refer to capital assets only.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 naturadvised to consult his / her own professional tax advisor.

Prashant Jain Over 21 yearsVinay Kulkarni Over 23 yearsSrinivas Rao Ravuri Over 17 yearsChirag Setalvad Over 16 yearsRakesh Vyas Over 8 years

Shobhit Mehrotra Over 19 yearsAnil Bamboli Over 17 yearsMiten Lathia Over 12 yearsBharat Pareek Over 11 years

Fund Manager Total Experience Fund Manager Total Experience

Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI Registered Distributor) based on the inincluding the service rendered by theARN Holder.

Purchase:` 5,000 and any amount thereafter. Additional Purchase:` 1,000and any amount thereafter.


12/48

Portfolio Top 10 Holdings

HDFC Growth Fund

+ Industry Classification as recommended by AMFI $ Sponsor

An open-ended growth scheme

HDFC Equity Fund An open-ended growth scheme

Banks 14.90Petroleum Products 11.84Software 9.77Pharmaceuticals 9.17Industr ia l Capital Goods 5.98Chemicals 5.96Consumer Non Durables 5 .80Construction 4.75Finance 4.60Oil 4.06Telecom - Services 3.18Auto 2.85

Textiles - Synthetic 2.20Gas 1.99Auto Ancillaries 1.75Power 1.69Ferrous Metals 1.69Minerals/Mining 1.51Media & En tertainment 1.05Cement 0.99Transportation 0.79Paper 0.78Consumer Durables 0.53

Industry Allocation of Equity Holding (% of Net Assets)

Portfolio Turnover Ratio (Last 1 Year) 33.19%

NAV NAV per Unit (` )Growth Option 79.134Dividend Option 25.286

Std Deviation Beta Sharpe Ratio*

Risk Ratio (for the 3-yr period ended May 31, 2012) 6.80% 0.9180 0.15Monthly Figure


Risk Ratio (for the 3-yr period ended May 31, 2012) 7.70% 0.9530 0Monthly Figure

NAV NAV per Unit (` )Growth Option 242.224Dividend Option 37.193


Portfolio Turnover R atio (Last 1 Year) 30.81%+ Industry Classification as recommended by AM

Banks 20.51Software 10.82Consumer Non Durables 9.68Petroleum Products 5.99Oil 4.78Finance 4.41Auto 4.24Pharmaceuticals 4.17Industrial Capital Goods 4.15Media & Entertainment 3.87Construction Project 3.38Ferrous Metals 3.03

Telecom - Services 2.84Construction 2.36Auto Ancillaries 2.32Consumer Durables 1.91Non - Ferrous Metals 1.80Power 1.70Gas 1.67Minerals/Mining 1.46Transportation 1.32Industrial Products 1.28Textile Products 1.26Textiles - Synthetic 0.09


Company Industry+ % to NAV

EQUITY & EQUIT Y RELATEDInfosys Ltd. Software 8.09ICICI Bank Ltd. Banks 6.38Reliance Industries Ltd. Petroleum Products 6.05ITC Ltd. Consumer Non Durables 5.80Bharat Petroleum Corporation Ltd. Petroleum Products 5.79State Bank of India Banks 5.47Divis Laboratories Ltd. Pharmaceuticals 5.17Housing Development Finance Corporation Ltd. $ Finance 4.60Solar Industries India Ltd. Chemicals 4.32Bharti Airtel Ltd. Telecom - Services 3.18Total of Top Ten Equity & Equity Related Holdings 54.85Total Equity & Equity Related Holdings 97.83Cash, Cash Equivalents and Net Current Assets 2.17Grand Total 100.00

Average AUM for the quarter ended March 31, 2012 ( In Lak hs) 126,195.48


EQUITY & EQUITY RELATEDState Bank of India Banks 9.63ICICI Bank Ltd. Banks 5.5ITC Ltd. Consumer Non Durables 5.3Infosys Ltd. Software 5.06Tata Motors Ltd. DVR Auto 4.2Oil & Natural Gas Corporation Ltd. Oil 3Larsen & Toubro Ltd. Construction Project 2Bharti Airtel Ltd. Telecom - Services 2Bank of Baroda Banks 2.84Tata Steel Ltd. Ferrous Metals 2.8Total of Top Ten Equity & Equity Related Holdings 44.31Total Equity & Equity Related Holdings 99.04Cash, Cash Equivalents and Net Current Assets 0Grand Total 100.00

Average AUMf or the quarter ended March 31, 2012 ( In Lak hs) 991,636.92

Source : CRISIL Fund Analyser * Risk-free rate assumed to be 8.19% (364-day Treasury Bill yield on 31-05-12)


12 May 2012 Intouch mutually

Data is as of May 31, 2012 unless otherwise specified.


13/48

HDFC Top 200 Fund An open-ended growth scheme

HDFC Capital Builder Fund An open-ended growth scheme

NAV NAV per Unit (` )

Growth Option 99.183Dividend Option 19.224




EQUITY & EQUIT Y RELATEDState Bank of India Banks 8.96Infosys Ltd. Software 5.95ITC Ltd. Consumer Non Durables 5.80ICICI Bank Ltd. Banks 5.69Tata Motors Ltd. DVR Auto 4.03Tata Consultancy Services Ltd. Software 3.09Larsen & Toubro Ltd. Construction Project 3.08HDFC Bank Ltd. Banks 3.07Bharti Airtel Ltd. Telecom - Services 2.96Reliance Industries Ltd. Petroleum Products 2.81Total of Top Ten Equity & Equity Related Holdings 45.44Total Equity & Equity Related Holdings 98.52Cash, Cash Equivalents and Net Current Assets 1.48Grand Total 100.00

Average AUM for the quarter ended March 31, 2012 ( In Lak hs) 1,138,105.57

Portfolio Top 10 Holdings Portfolio Top 10 Holdings

Portfolio Turnov er Ratio (Last 1 Year) 12.51%

Company Industry+ / Rating % to NAV

EQUIT Y & EQUIT Y RELATEDTata Consultancy Services Ltd. Software 5.Infosys Ltd. Software 5.41Bank of Baroda Banks 5.37Reliance Industries Ltd. Petroleum Products 5.ITC Ltd. Consumer Non Durables 5.1State Bank of India Banks 4.58IPCA Laboratories Ltd. Pharmaceuticals 4ICICI Bank Ltd. Banks 4.0Bata India Ltd. Consumer Non Durables 3.4Dr. Reddys Laboratories Ltd. Pharmaceuticals 3Total of Top Ten Equity & Equity Related Holdings 46.49Total Equity & Equity Related Holdings 97.30CREDIT EXPOSUREBritannia Industries Ltd. CRISIL - AAATotal Credit Exposure 0.26Cash, Cash Equivalents and Net Current Assets 2.Grand Total 100.00

Average AUM f or the quarter ended March 31, 2012 ( In Lak hs) 48,084.61

Banks 25.60Software 10.46Consumer Non Durables 10.31Pharmaceuticals 6.33Petroleum Products 5.85Oil 4.78Finance 4.06Auto 4.03Ferrous Metals 3.96Construction Project 3.31Telecom - Services 2.96

Power 2.29Industrial Capital Goods 2.29Non - Ferrous Metals 2.11Media & Entertainment 2.00Minerals/Mining 1.94Construction 1.69Gas 1.64Transportation 1.22Consumer Durables 1.13Cement 0.48Auto Ancillaries 0.08

Industry Allocation of Equity Holding (% of Net Assets)Banks 19.99Software 16.28Consumer Non Durables 13.00Pharmaceuticals 10.40Petroleum Products 8.45Chemicals 5.87Auto 4.21Telecom - Services 3.37

Auto Ancillaries 3.14Oil 2.91Media & Entertainment 2.36Industrial Capital Goods 1.95Consumer Durables 1.80Industrial Products 1.52Finance 1.23Power 0.82





Risk Ratio (for the 3-yr period ended May 31, 2012) 6.50% 0.8010 0.Monthly Figure

+ Industry Classification as recommended by AM



Portfolio Turnover Ratio (Last 1 Year) 19.52 %+ Industry Classification as recommended by AMFI




14/48

An open-ended growth scheme An open-ended growth scheme

HDFC Core & Satellite Fund

Portfolio Turnov er Ratio (Last 1 Year) 2 8.6 5%+ Industry Classification as recommended by AMFI

+ Industry Classification as recommended by AM

Banks 17.32

Software 15.07

Consumer Non Durables 8.99

Industrial Capital Goods 6.77

Pharmaceuticals 6.57

Power 5.66

Petroleum Products 5.45

Auto 3.88

Auto Ancillaries 3.40

Oil 3.09

Construction Project 3.03

Media & Entertainment 3.01

Chemicals 2.93

Paper 2.23

Non - Ferrous Metals 2.09

Consumer Durables 1.54

Transportation 1.17

Textiles - Synthetic 1.05

Construction 0.77

Gas 0.67






Software 16.95Banks 14.12Gas 8.03Media & Entertainment 8.01Consumer Non Durables 6.90Petroleum Products 6.76Chemicals 6.70Telecom - Services 4.99Auto 4.04Industrial Capital Goods 3.32Power 3.13

Industrial Products 2.56Minerals/Mining 1.77Consumer Durables 1.71Oil 1.69Paper 1.57Finance 1.48Auto Ancillaries 1.30Ferrous Metals 1.12Pharmaceuticals 0.91Fertilisers 0.77Transportation 0.05


Portfolio Turno ver Ratio (Last 1 Year) 3 9.25%

HDFC Premier Multi-Cap Fund


EQUITY & EQUIT Y RELATEDTata Consultancy Services Ltd. Software 8.72Cipla Ltd. Pharmaceuticals 6.57Bank of Baroda Banks 6.51Infosys Ltd. Software 6.33Bharat Petroleum Corporation Ltd. Petroleum Products 4.61Bharat Electronics Ltd. Industrial Capital Goods 4.08Tata Motors Ltd. DVR Auto 3.88Federal Bank Ltd. Banks 3.79State Bank of India Banks 3.62Emami Ltd. Consumer Non Durables 3.57Total of Top Ten Equity & Equity Related Holdings 51.68Total Equity & Equity Related Holdings 94.69Cash, Cash Equivalents and Net Current Assets 5.31Grand Total 100.00









Large-Cap 37.60Mid-Cap 59.50

Segmentwise Break-up of Equity Holding (% of Net Assets)


EQUITY & EQUIT Y RELATEDTata Consultancy Services Ltd. Software 8Bharti Airtel Ltd. Telecom - Services 4Infosys Ltd. Software 4.68ICICI Bank Ltd. Banks 4.3State Bank of India Banks 4.18Tata Motors Ltd. DVR Auto 4.0Bharat Petroleum Corporation Ltd. Petroleum ProductsJagran Prakashan Ltd. Media & Entertainment 3Bank of Baroda Banks 3.54Petronet LNG Ltd. Gas 3.52Total of Top Ten Equity & Equity Related Holdings 45.27

Total Equity & Equity Related Holdings 97.88Cash, Cash Equivalents and Net Current Assets 2Grand Total 100.00

Average AUM f or the quarter ended March 31, 2012 ( In Lakhs) 40,075.75





15/48

Portfolio Turnover Ratio (Last 1 Year) 10.23 %+ Industry Classification as recommended by AMFI

Portfolio Turnover Ratio (Last 1 Year) 16.8 8%+ Industry Classification as recommended by AM

HDFC Mid-Cap Opportunities Fund An open-ended equity scheme




Banks 16.37Industrial Products 15.91Pharmaceuticals 14.56Consumer Non Durables 9.08Software 7.95Auto Ancillaries 6.85Chemicals 4.87Consumer Durables 4.18Construction 3.61

Media & Entertainment 2.95Industrial Capital Goods 2.22Petroleum Products 2.07Finance 1.18Oil 0.93Construction Project 0.62Power 0.38Textile Products 0.28Ferrous Metals 0.15


Mid-Cap 88.80Small-Cap 5.00

Segmentwise Break-up of Equity Holding (% of Net Assets)


EQUIT Y & EQUIT Y RELATEDCarborundum Universal Ltd. Industrial Products 3.91IPCA Laboratories Ltd. Pharmaceuticals 3.88Bata India Ltd. Consumer Non Durables 2.90Divis Laboratories Ltd. Pharmaceuticals 2.77Bank of Baroda Banks 2.68Lupin Ltd. Pharmaceuticals 2.63Allahabad Bank Banks 2.62Solar Industries India Ltd. Chemicals 2.49NIIT Technologies Ltd. Software 2.49Fag Bearings India Ltd. Industrial Products 2.41Total of Top Ten Equity & Equity Related Holdings 28.78Total Equity & Equity Related Holdings 94.16Cash, Cash Equivalents and Net Current Assets 5.84Grand Total 100.00



Risk Ratio (for the 3-yr period ended May 31, 2012) 6.90% 0.7770 0.24Monthly FigureSource : CRISIL Fund Analyser * Risk-free rate assumed to be 8.19% (364-day Treasury Bill yield on 31-05-12)

HDFC Long Term Equity Fund An open-ended equity scheme





EQUITY & EQUIT Y RELATEDICICI Bank Ltd. Banks 8.9State Bank of India Banks 8.34Infosys Ltd. Software 8.12Bharat Petroleum Corporation Ltd. Petroleum Products 6Reliance Industries Ltd. Petroleum Products 5.Cipla Ltd. Pharmaceuticals 4.57GAIL (India) Ltd. Gas 4.48ITC Ltd. Consumer Non Durables 3.8Tata Motors Ltd. DVR Auto 3.8Simplex Infrastructures Ltd. Construction 3.

Total of Top Ten Equity & Equity Related Holdings 57.50Total Equity & Equity Related Holdings 96.37Cash, Cash Equivalents and Net Current Assets 3.Grand Total 100.00


Banks 19.00Petroleum Products 12.09Software 9.51Construction 7.22Pharmaceuticals 5.72Power 5.53Consumer Non Durables 5.25Oil 4.71Gas 4.48

Construction Project 4.43Auto 3.80Ferrous Metals 3.10Minerals/Mining 2.79Telecom - Services 2.71Transportation 2.02Non - Ferrous Metals 1.73Media & Entertainment 1.38Industrial Capital Goods 0.90



Risk Ratio (for the 3-yr period ended May 31, 2012) 7.10% 0.9300 0Monthly FigureSource : CRISIL Fund Analyser * Risk-free rate assumed to be 8.19% (364-day Treasury Bill yield on 31-05-12)




16/48


Retail PlanGrowth Option 13.666Dividend Option 10.421Quarterly Dividend Option 10.612

Wholesale PlanGrowth Option 13.824Dividend Option 10.000Quarterly Dividend Option 10.468

An open-ended equity fund

HDFC Arbitrage Fund

Consumer Non Durables 10.61Ferrous Metals 10.20Pharmaceuticals 9.26Retailing 6.77Power 6.22Telecom - Services 5.68

Petroleum Products 4.65Auto 4.06Cement 3.87Finance 1.74Non - Ferrous Metals 1.48Construction 1.47



EQUIT Y & EQUIT Y RELATED (Quantity fully hedged using futures / options)Pantaloon Retail (India) Ltd. Retailing 6.7Cipla Ltd. Pharmaceuticals 6.38JSW Steel Ltd. Ferrous Metals 5.59Jindal Steel & Power Ltd. Ferrous Metals 4.Tata Global Beverages Ltd. Consumer Non Durables 4

ITC Ltd. Consumer Non Durables 4.1Tata Motors Ltd. Auto 4.06Reliance Infrastructure Ltd. Power 3.9Tata Teleservices (Maharashtra) Ltd. Telecom - ServicesReliance Communications Ltd. Telecom - Services 2Total of Top Ten Equity & Equity Related Holdings 45.66Total Equity & Equity Related Holdings 66.01Short Term Deposits as margin for Futures & Options 24Other Cash, Cash Equivalents and Net Current Assets 9Grand Total 100.00



Portfolio Turnov er Ratio (Last 1 Year) 12 8.7 8%+ Industry Classification as recommended by AM

HDFC Infrastructure Fund An open-ended equity scheme




+ Industry Classification as recommended by AMFI


EQUIT Y & EQUIT Y RELATEDState Bank of India Banks 9.27Bank of Baroda Banks 8.97ICICI Bank Ltd. Banks 8.14Bharat Petroleum Corporation Ltd. Petroleum Products 7.52Federal Bank Ltd. Banks 6.18Tata Motors Ltd. DVR Auto 5.31Sadbhav Engineering Ltd. Construction Project 5.12Oil & Natural Gas Corporation Ltd. Oil 4.49Punjab National Bank Banks 4.13Coal India Ltd. Minerals/Mining 4.11Total of Top Ten Equity & Equity Related Holdings 63.24Total Equity & Equity Related Holdings 97.34Cash, Cash Equivalents and Net Current Assets 2.66Grand Total 100.00


Banks 38.97Construction Project 8.84Petroleum Products 7.52Power 6.77Construction 6.28Auto 5.31Industrial Capital Goods 4.73Oil 4.49

Minerals/Mining 4.11Media & Entertainment 3.36Gas 2.21Consumer Durables 1.44Auto Ancillaries 1.23Transportation 1.06Non - Ferrous Metals 1.02


Portfolio Turnover Ratio (Last 1 Year) 7.07 %







17/48

HDFC Index Fund

NIFTY Plan (Face Value per Unit: ` 10.326)


Growth Option 42.3695


EQUITY & EQUITY RELATEDITC Ltd. Consumer Non Durables 7.5Reliance Industries Ltd. Petroleum Products 7.Infosys Ltd. Software 7.15Housing Development Finance Corporation Ltd. $ Finance 5HDFC Bank Ltd. Banks 5.5ICICI Bank Ltd. Banks 5.5Tata Consultancy Services Ltd. Software 3.Larsen & Toubro Ltd. Construction Project 3State Bank of India Banks 3.25

Oil & Natural Gas Corporation Ltd. Oil 2.Total of Top Ten Equity & Equity Related Holdings 52.53Total Equity & Equity Related Holdings 93.71Cash margin / Earmarked cash for Futures & Options 5Other Cash, Cash Equivalents and Net Current Assets 0Grand Total 100.00



Portfolio Turnov er Ratio (Last 1 Year ) 217. 90%+ Industry Classification as recommended by AMFI $ SpoTotal outstanding position (as at May 31,2012) in Derivative Instrum

(Long NIFTY NSE Index Futures June 2012) (Gross Notional)` 565.98 lakhs.

An open-ended index linked scheme

Banks 18.45Software 13.04Consumer Non Durables 11.34Petroleum Products 7.80Auto 7.53Finance 6.77Pharmaceuticals 4.06Construction Project 3.84Oil 3.46

Power 3.38Ferrous Metals 3.03Cement 2.26Telecom - Services 2.22Non - Ferrous Metals 1.74Minerals/Mining 1.67Industrial Capital Goods 1.39Gas 0.88Construction 0.85


Track ing Error Sinc e Inception (Annu alised) 2.81%


EQUIT Y & EQUIT Y RELATEDReliance Industries Ltd. Petroleum Products 9.16ITC Ltd. Consumer Non Durables 9.05Infosys Ltd. Software 8.57Housing Development Finance Corporation Ltd. $ Finance 6.90HDFC Bank Ltd. Banks 6.82ICICI Bank Ltd. Banks 6.52Tata Consultancy Services Ltd. Software 5.33Larsen & Toubro Ltd. Construction Project 4.68State Bank of India Banks 4.03

Oil & Natural Gas Corporation Ltd. Oil 3.88Total of Top Ten Equity & Equity Related Holdings 64.94Total Equity & Equity Related Holdings 98.30Cash, Cash Equivalents and Net Current Assets 1.70Grand Total 100.00



Portfolio Turnover Ratio (Last 1 Year) 72.45%+ Industry Classification as recommended by AMFI $ Sponsor

SENSEX Plan (Face Value per Unit: ` 32.161)




HDFC Index Fund

Banks 17.37Software 15.74Consumer Non Durables 12.40Auto 9.43Petroleum Products 9.16Finance 6.90Construction Project 4.68Oil 3.88Ferrous Metals 3.36

Power 2.94Telecom - Services 2.91Pharmaceuticals 2.89Non - Ferrous Metals 2.15Minerals/Mining 1.45Industrial Capital Goods 1.29Gas 1.15Construction 0.60


Track ing Error Since Inc eption (Annu alised) 3.08%




18/48


EQUIT Y & EQUIT Y RELATEDITC Ltd. Consumer Non Durables 7.55Reliance Industries Ltd. Petroleum Products 7.40Infosys Ltd. Software 7.21Housing Development Finance Corporation Ltd. $ Finance 5.70HDFC Bank Ltd. Banks 5.61ICICI Bank Ltd. Banks 5.38Tata Consultancy Services Ltd. Software 4.34State Bank of India Banks 3.82Larsen & Toubro Ltd. Construction Project 3.77

Hindustan Unilever Ltd. Consumer Non Durables 3.01Total of Top Ten Equity & Equity Related Holdings 53.79Total Equity & Equity Related Holdings 97.36Cash, Cash Equivalents and Net Current Assets 2.64Grand Total 100.00



Portfolio Turnover Ratio (Last 1 Year) 11.2 9%+ Industry Classification as recommended by AMFI $ Sponsor

SENSEX Plus Plan (Face Value per Unit: ` 32.161)




HDFC Index Fund

Banks 17.34Consumer Non Durables 13.08Software 12.99Petroleum Products 9.09Auto 7.82Finance 5.70Chemicals 3.96Power 3.95

Construction Project 3.77Pharmaceuticals 3.77Oil 2.90

Ferrous Metals 2.90Telecom - Services 2.41Non - Ferrous Metals 1.77Minerals/Mining 1.30Media & Entertainment 1.19Industrial Capital Goods 1.15Gas 1.06Industrial Products 0.64

Construction 0.48Cement 0.10


% to NAV

Gold 995 (Fineness) 1 Kg Bars 100.05Cash, Cash Equivalents and Net Current Assets (0.0Grand Total 100.00


Portfolio

% to NAV

HDFC Gold Exchange Traded Fund 98.4Cash, Cash Equivalents and Net Current Assets 1.5Grand Total 100.00


Portfolio


HDFC Gold Exchange Traded Fund 2898.749

An open-ended Exchange Traded Fund

HDFC Gold Exchange Traded Fund

An open-ended fund of fund scheme investing inHDFC Gold Exchange Traded Fund

HDFC Gold Fund

(Face Value per unit: ` 100)

Portfolio Classification by Asset Class (%)Gold 100.05Cash, Cash Equivalents and Net Current Assets (0.0

Track ing Error Since Inc eption (Annuali sed) 2.12%






19/48

+ Industry Classification as recommended by AMFI $ Sponsor



Portfolio Turn over Ratio (Last 1 Year) 16.35 %+ Industry Classification as recommended by AM

Portfolio Turn over Ratio (Last 1 Year ) 36.26 %

HDFC Balanced Fund An open-ended balanced scheme

HDFC Prudence Fund An open-ended balanced scheme



Company / Issuer Industry+ / Rating % to NAV

EQUITY & EQUIT Y RELATEDState Bank of India Banks 2.70Tata Consultancy Services Ltd. Software 2.59Reliance Industries Ltd. Petroleum Products 2.40NIIT Technologies Ltd. Software 2.20Balkrishna Industries Ltd. Auto Ancillaries 1.98ICICI Bank Ltd. Banks 1.93Bata India Ltd. Consumer Non Durables 1.90Infosys Ltd. Software 1.87Divi's Laboratories Ltd. Pharmaceuticals 1.86Allahabad Bank Banks 1.80Total of Top Ten Equity & Equity Related Holdings 21.23Total Equity & Equity Related Holdings 65.79G-SEC, CREDIT EXPOSURELIC Housing Finance Ltd. CRISIL - AAA 6.28Government Securities Sovereign 4.18Housing Development Finance Corporation Ltd. $ CRISIL - AAA 3.54Power Finance Corporation Ltd. CRISIL - AAA 3.54Tata Motors Ltd. (Guaranteed by SBI) CRISIL - AAA(SO) 2.74Cholamandalam Investment and Finance Company Ltd. ICRA - AA 1.65Tata Sons Ltd. CRISIL - AAA 1.54Bajaj Finance Ltd. ICRA - AA+ 1.54State Bank of India CRISIL - AAA 0.40Bajaj Auto Ltd. CRISIL - AAA(SO) 0.05Total of Top Ten G-Sec, Credit Exposure 25.46Total G-Sec, Credit Exposure(aggregated holdings in a single issuer) 25.47Cash, Cash Equivalents and Net Current Assets 8.74

Grand Total 100.00


Portfolio Top 10 HoldingsCompany / Issuer Industry+ / Rating % to NAV

EQUIT Y & EQUIT Y RELATEDState Bank of India Banks 6.08ICICI Bank Ltd. Banks 4.6Page Industries Ltd. Textile Products 3.Infosys Ltd. Software 3.09Tata Motors Ltd. DVR Auto 2.4Bank of Baroda Banks 2.30Tata Steel Ltd. Ferrous Metals 2.2Bharti Airtel Ltd. Telecom - Services 2Bharat Petroleum Corporation Ltd. Petroleum ProductsTata Consultancy Services Ltd. Software 1Total of Top Ten Equity & Equity Related Holdings 29.69Total Equity & Equity Related Holdings 74.80

G-SEC, CREDIT EXPOSUREGovernment Securities Sovereign 11.1State Bank of India CRISIL - AAAPower Finance Corporation Ltd. CRISIL - AAAIndian Railway Finance Corporation Ltd. CRISIL - AAALIC Housing Finance Ltd. CRISIL - AAANational Bank for Agriculture & Rural Development CRISIL - AAATata Power Co. Ltd. CRISIL - AA 0Rural Electrification Corporation Ltd. CRISIL - AAAPunjab National Bank CRISIL - AAAState Bank of Indore CRISIL - AAATotal of Top Ten G-Sec, Credit Exposure 21.77Total G-Sec, Credit Exposure(aggregated holdings in a single issuer) 22.66Cash margin 0.04Short Term Deposits as margin for Futures & Options

Other Cash, Cash Equivalents and Net Current AssetsGrand Total 100.00



Banks 15.21Software 10.37Pharmaceuticals 6.40Auto Ancillaries 4.39Consumer Non Durables 4.35Industrial Products 4.10Industrial Capital Goods 2.70Chemicals 2.54Petroleum Products 2.40Consumer Durables 2.36

Construction Project 2.08Auto 1.78Construction 1.65Telecom - Services 1.40Ferrous Metals 1.25Media & Entertainment 1.08Power 0.95Fertilisers 0.50Finance 0.28

Industry Allocation of Equity Holding (% of Net Assets)Banks 19.48Software 7.19Textile Products 5.10Pharmaceuticals 4.90Consumer Non Durables 4.34Industrial Products 3.36Petroleum Products 3.07Ferrous Metals 2.94Media & Entertainment 2.72Auto 2.48Oil 2.32Auto Ancillaries 2.11Telecom - Services 2.02Industrial Capital Goods 1.97

Finance 1.67Construction 1.66Chemicals 1.36Consumer Durables 1.33Power 1.23Paper 1.10Transportation 0.88Non - Ferrous Metals 0.69Cement 0.51Retailing 0.11Textiles - Cotton 0.10Pesticides 0.08Minerals/Mining 0.05Textiles - Synthetic 0.03





20/48

HDFC Childrens Gift Fund An open-ended balanced scheme

HDFC Childrens Gift Fund An open-ended balanced scheme

Investment Plan


Investment Plan 43.770

Portfolio Turn over Ratio (Last 1 Year ) 17.53 %+ Industry Classification as recommended by AMFI $ Sponsor

Savings Plan


Savings Plan 24.7632

Modi fied Durati on 2.07 y ears (oth er than equi ty investm ents)

Average Matur ity 2.83 y ears (other th an equi ty investents)

+ Industry Classification as recommended by AMFI $ Spo


EQUITY & EQUIT Y RELATEDInfosys Ltd. Software 1.12State Bank of India Banks 0.8Solar Industries India Ltd. Chemicals 0.NIIT Technologies Ltd. Software 0.ICICI Bank Ltd. Banks 0.7VST Industries Ltd. Consumer Non Durables 0Divi's Laboratories Ltd. Pharmaceuticals 0Fag Bearings India Ltd. Industrial Products 0IPCA Laboratories Ltd. Pharmaceuticals 0Emami Ltd. Consumer Non Durables 0.Total of Top Ten Equity & Equity Related Holdings 7.96Total Equity & Equity Related Holdings 16.86G-SEC, CREDIT EXPOSURELIC Housing Finance Ltd. CRISIL - AAAGovernment Securities Sovereign 10.5Bajaj Finance Ltd. ICRA - AA+ 9.Housing Development Finance Corporation Ltd.$ CRISIL - AAATata Sons Ltd. CRISIL - AAA 7Indian Railway Finance Corporation Ltd. CRISIL - AAAPower Finance Corporation Ltd. CRISIL - AAAICICI Bank Ltd. CRISIL - AAAState Bank of India CRISIL - AAATata Motors Ltd. (Guaranteed by SBI) CRISIL - AAA(SO)Total of Top Ten G-Sec, Credit Exposure 74.54Total G-Sec, Credit Exposure(aggregated holdings in a single issuer) 76.76

Cash, Cash Equivalents and Net Current Assets 6Grand Total 100.00



Banks 14.32Pharmaceuticals 12.85Consumer Non Durables 8.00

Software 6.43Industrial Products 6.06Auto Ancillaries 4.04Consumer Durables 3.12Petroleum Products 2.78Industrial Capital Goods 1.75

Finance 1.64Construction 1.60Auto 1.58

Construction Project 1.54Telecom - Services 1.49Ferrous Metals 1.32Media & Entertainment 0.94Fertilisers 0.84



EQUIT Y & EQUITY RELATEDLupin Ltd. Pharmaceuticals 3.56VST Industries Ltd. Consumer Non Durables 3.20Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 3.07Reliance Industries Ltd. Petroleum Products 2.78Fag Bearings India Ltd. Industrial Products 2.77Infosys Ltd. Software 2.71State Bank of India Banks 2.70TTK Prestige Ltd. Consumer Durables 2.47Axis Bank Ltd. Banks 2.26Bank of Baroda Banks 2.26

Total of Top Ten Equity & Equity Related Holdings 27.78Total Equity & Equity Related Holdings 70.30CREDIT EXPOSUREHousing Development Finance Corporation Ltd. $ CRISIL - AAA 5.24Tata Motors Ltd. (Guaranteed by SBI) CRISIL - AAA(SO) 5.05Power Finance Corporation Ltd. CRISIL - AAA 3.27LIC Housing Finance Ltd. CRISIL - AAA 3.26ICICI Bank Ltd. CRISIL - AAA 2.56Shriram Transport Finance Co. Ltd. FITCH - AA 1.97Indian Railway Finance Corporation Ltd. CRISIL - AAA 1.62Britannia Industries Ltd. CRISIL - AAA 0.99Bajaj Finance Ltd. ICRA - AA+ 0.98Jet Airways (India) Ltd. CRISIL - AAA(SO) 0.93Total of Top Ten Credit Exposure 25.87Total Credit Exposure

(aggregated holdings in a single issuer) 25.94Cash, Cash Equivalents and Net Current Assets 3.76Grand Total 100.00





21/48

HDFC Long Term Advantage Fund An open-ended equity linked savings scheme with

a lock-in period of 3 years

HDFC TaxSaver An open-ended equity linked savings scheme with

a lock-in period of 3 years





Portfolio Turnover Ratio (Last 1 Year) 6.34%

Company Industry+ / Rating % to NAV

EQUITY & EQUIT Y RELATEDTata Consultancy Services Ltd. Software 7.00Infosys Ltd. Software 6.50ICICI Bank Ltd. Banks 6.36Reliance Industries Ltd. Petroleum Products 6.17State Bank of India Banks 5.65Balkrishna Industries Ltd. Auto Ancillaries 4.28IPCA Laboratories Ltd. Pharmaceuticals 4.18ITC Ltd. Consumer Non Durables 4.01Carborundum Universal Ltd. Industrial Products 3.74Dr. Reddy's Laboratories Ltd. Pharmaceuticals 3.37Total of Top Ten Equity & Equity Related Holdings 51.26

Total Equity & Equity Related Holdings 96.15CREDIT EXPOSUREBritannia Industries Ltd. CRISIL - AAA 0.17Total Credit Exposure 0.17Cash, Cash Equivalents and Net Current Assets 3.68Grand Total 100.00





Portfolio Turnover Ratio (Last 1 Year) 15.80 %

Banks 15.94Software 13.50Industrial Products 8.49Petroleum Products 8.31Pharmaceuticals 8.21Consumer Non Durables 8.08Auto Ancillaries 5.72Oil 4.18Auto 4.12

Construction Project 3.89Finance 3.27Telecom - Services 3.03Chemicals 2.97Industrial Capital Goods 2.30Consumer Durables 1.68Ferrous Metals 1.51Media & Entertainment 0.95


Banks 16.46Software 11.16Consumer Non Durables 10.80Pharmaceuticals 9.41Industrial Capital Goods 5.07Power 4.94Petroleum Products 3.76Media & Entertainment 3.49Industrial Products 3.19Auto 2.98Telecom - Services 2.97Oil 2.58

Auto Ancillaries 2.52Chemicals 1.77Gas 1.72Ferrous Metals 1.64Minerals/Mining 1.48Finance 1.28Construction Project 1.23Transportation 1.11Non - Ferrous Metals 0.62Consumer Durables 0.46Paper 0.37



EQUITY & EQUIT Y RELATEDState Bank of India Banks 6.83Tata Consultancy Services Ltd. Software 5Infosys Ltd. Software 4.43ITC Ltd. Consumer Non Durables 4.2ICICI Bank Ltd. Banks 3.5IPCA Laboratories Ltd. Pharmaceuticals 3Bharat Petroleum Corporation Ltd. Petroleum Products 3Tata Motors Ltd. DVR Auto 2.9Bharti Airtel Ltd. Telecom - Services 2Britannia Industries Ltd. Consumer Non Durables 2Total of Top Ten Equity & Equity Related Holdings 39.35Total Equity & Equity Related Holdings 91.01Cash margin / Earmarked cash for Futures & Options 7Short Term Deposits as margin for Futures & OptionsOther Cash, Cash Equivalents and Net Current Assets 1Grand Total 100.00








+ Industry Classification as recommended by AMTotal outstanding position (as at May 31, 2012) in Derivative Instrum

(Long NIFTY NSE Index Futures June 2012) (Gross Notional)` 9,843.20 lakhs




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EQUIT Y & EQUIT Y RELATEDBharat Petroleum Corporation Ltd. Petroleum Products 1.52Oil & Natural Gas Corporation Ltd. Oil 1.10Cipla Ltd. Pharmaceuticals 1.08Solar Industries India Ltd. Chemicals 0.89NHPC Ltd. Power 0.80Bank of Baroda Banks 0.75Procter & Gamble Hygiene and Health Care Ltd. Consumer Non Durables 0.75Federal Bank Ltd. Banks 0.73SJVN Ltd. Power 0.65NTPC Ltd. Power 0.64Total of Top Ten Equity & Equity Related Holdings 8.91

Total Equity & Equity Related Holdings 14.96CD /CP, CREDIT EXPOSUREPower Finance Corporation Ltd. CRISIL - AAA 12.93Punjab National Bank FITCH - A1+ 10.10Cholamandalam Investment and Finance Co. Ltd. ICRA - AA 8.69Infrastructure Development Finance Co. Ltd. ICRA - AAA 4.35Sundaram BNP Paribas Home Finance Ltd. ICRA - AA 4.35LIC Housing Finance Ltd. CRISIL - AAA 4.33Bajaj Finance Ltd. CRISIL - AA+ 4.27Andhra Bank FITCH - A1+ 4.02Shriram Transport Finance Co. Ltd. FITCH - AA / CARE - AA+(SO) 3.86Tata Motors Finance Ltd. CRISIL - AA- 3.64Total of Top Ten CD / CP, Credit Exposure 60.54Total CD /CP, Credit Exposure(aggregated holdings in a single issuer) 80.12

Cash, Cash Equivalents and Net Current Assets 4.92Grand Total 100.00



EQUIT Y & EQUIT Y RELATEDState Bank of India Banks 1.9Page Industries Ltd. Textile Products 1.ICICI Bank Ltd. Banks 1.0Bank of Baroda Banks 0.99Tata Motors Ltd. DVR Auto 0.9Bharat Petroleum Corporation Ltd. Petroleum ProductsOil & Natural Gas Corporation Ltd. Oil 0Tube Investments of India Ltd. Consumer Durables 0Federal Bank Ltd. Banks 0.6Procter & Gamble Hygiene and Health Care Ltd. Consumer Non DurablesTotal of Top Ten Equity & Equity Related Holdings 9.59Total Equity & Equity Related Holdings 25.20G-SEC, CD/CP, CREDIT EXPOSUREGovernment Securities Sovereign 9.4LIC Housing Finance Ltd. CRISIL - AAA / CARE - AAAShriram Transport Finance Co. Ltd. FITCH - AA / CRISIL - AA /

CARE - AA+, AA+(SO) 3.9Power Finance Corporation Ltd. CRISIL - AAAHousing Development Finance Corporation Ltd. $ CRISIL - AAARural Electrification Corporation Ltd. CRISIL - AAACanara Bank CRISIL - A1+ 2.4Power Grid Corporation of India Ltd. CRISIL - AAAHindalco Industries Ltd. CRISIL - AA+ 2State Bank of India CRISIL - AAATotal of Top Ten G-Sec, CD / CP, Credit Exposure 39.93Total G-Sec, CD/CP, Credit Exposure(aggregated holdings in a single issuer) 69.14Short Term Deposits as margin for Futures & OptionsCash, Cash Equivalents and Net Current Assets 3Grand Total 100.00



+ Industry Classification as recommended by AMFI $ Spo

Modified Durati on 2.6 2 years (other than equit y investments)

Average Matur ity 4.21 y ears (other than equi ty investm ent s)


Modified Dur ation 1.23 y ears (oth er than equity inv estm ents)

Average Maturit y 1.57 y ears (oth er than equit y investm ents)

N AV NAV per Unit (` )

Growth Option 18.1920Monthly Dividend Option 11.0217Quarterly Dividend Option 11.4100


Growth Option 24.1492Monthly Dividend Option 12.5912Quarterly Dividend Option 13.0663

HDFC MF MIP - Short Term Plan An open-ended income scheme. Monthly income is not

assured and is subject to availability of distributable surplus

HDFC MF MIP - Long Term Plan An open-ended income scheme. Monthly income is not

assured and is subject to availability of distributable surplus


CD - Certificate of Deposit CP - Commercial Papers CD - Certificate of Deposit CP - Commercial Papers



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HDFC Multiple Yield Fund An open-ended income scheme

+ Industry Classification as recommended by AMFI + Industry Classification as recommended by AMFI $ Spo



HDFC Multiple Yield Fund - Plan 2005 An open-ended income scheme

Modifi ed Duration 153 day s (other th an equity inv estm ents)

Averag e Maturi ty 168 day s (other th an equi ty investm ents) Average Maturi ty 98 day s (other than equi ty investments)


EQUITY & EQUITY RELATEDState Bank of India Banks 0.7Tata Motors Ltd. DVR Auto 0.6NIIT Technologies Ltd. Software 0VST Industries Ltd. Consumer Non Durables 0Bajaj Holdings & Investment Ltd. Finance 0Tata Chemicals Ltd. Chemicals 0.4Oil & Natural Gas Corporation Ltd. Oil 0Jaiprakash Associates Ltd. Construction 0Rural Electrification Corporation Ltd. FinanceUnion Bank of India Banks 0.4Total of Top Ten Equity & Equity Related Holdings 5.21Total Equity & Equity Related Holdings 12.44CD /CP, CREDIT EXPOSURELIC Housing Finance Ltd. CRISIL - AAA / CARE - AAAState Bank of Hyderabad ICRA - A1+ 6.State Bank of Travancore CRISIL - A1+ 6State Bank of Patiala CRISIL - A1+ 5Cairn India Ltd. CARE - AAA 5ICICI Bank Ltd. ICRA - A1+ 5Oriental Bank of Commerce CRISIL - A1+Housing Development Finance Corporation Ltd. $ CRISIL - AAAIndian Overseas Bank ICRA - A1+ 4.State Bank of Bikaner & Jaipur CRISIL - A1+Total of Top Ten CD /CP, Credit Exposure 56.04Total CD /CP, Credit Exposure(aggregated holdings in a single issuer) 82.58Cash, Cash Equivalents and Net Current Assets 4

Grand Total 100.00



Modi fied Durati on 89 day s (oth er than equi ty investment s)


EQUIT Y & EQUIT Y RELATEDCipla Ltd. Pharmaceuticals 1.60Hindalco Industries Ltd. Non - Ferrous Metals 1.21Tata Motors Ltd. DVR Auto 1.06Tata Steel Ltd. Ferrous Metals 1.04Apollo Tyres Ltd. Auto Ancillaries 0.90CMC Ltd. Software 0.89CRISIL Ltd. Finance 0.83Britannia Industries Ltd. Consumer Non Durables 0.83Federal Bank Ltd. Banks 0.65GVK Power & Infrastructure Ltd. Power 0.62Total of Top Ten Equity & Equity Related Holdings 9.63

Total Equity & Equity Related Holdings 15.40CD/CPState Bank of Patiala CRISIL - A1+ 15.14Corporation Bank CRISIL - A1+ 10.41Hindustan Petroleum Corporation Ltd. CRISIL - A1+ 10.07Syndicate Bank CARE - A1+ 10.05Punjab National Bank FITCH - A1+ 9.58Andhra Bank FITCH - A1+ 9.57Indian Bank FITCH - A1+ 5.98IDBI Bank Ltd. ICRA - A1+ 5.14Oriental Bank of Commerce CRISIL - A1+ 3.01State Bank of Bikaner & Jaipur CRISIL - A1+ 1.89Total of Top Ten CD /CP 80.84Total CD /CP(aggregated holdings in a single issuer) 82.38

Cash, Cash Equivalents and Net Current Assets 2.22Grand Total 100.00



May 2012 25Intouch mutually




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Growth Option 36.0836Quarterly Dividend Option 11.5609Half-Yearly Dividend Option 11.227 Yearly Dividend Option 11.8887

HDFC Income Fund An open-ended income scheme

Modified Dur ation 4.83 y ears

Average Maturi ty 7.51 y earsAverage Maturi ty 8.4 4 years

HDFC High Interest Fund An open-ended income scheme

Modified Durati on 4.52 y ears

Issuer Rating % to NAV

G-SEC, CD/CP, CREDIT EXPOSUREGovernment Securities Sovereign 46.23State Bank of India CRISIL - AAA 8.86Power Finance Corporation Ltd. CRISIL - AAA 5.95Rural Electrification Corporation Ltd. CRISIL - AAA 5.06Export - Import Bank of India CRISIL - AAA 4.26Punjab National Bank FITCH - A1+ 3.95Oriental Bank of Commerce CRISIL - A1+ 3.94Canara Bank CRISIL - A1+ 3.94Tata Power Co. Ltd. CRISIL - AA 3.56NTPC Ltd. CRISIL - AAA 2.48Total of Top Ten G-Sec, CD/CP, Credit Exposure 88.23Total G-Sec, CD/CP, Credit Exposure(aggregated holdings in a single issuer) 90.78Cash, Cash Equivalents and Net Current Assets 9.22Grand Total 100.00


Portfolio Top Holdings

Issuer Rating % to NAV

G-SEC, CD/CP, CREDIT EXPOSUREGovernment Securities Sovereign 53.2Andhra Bank FITCH - A1+ 7.0Tata Power Co. Ltd. CRISIL - AA 5Indian Railway Finance Corporation Ltd. CRISIL - AAALIC Housing Finance Ltd. CRISIL - AAAPower Grid Corporation of India Ltd. CRISIL - AAANeyveli Lignite Corporation Ltd. CRISIL - AAATotal G-Sec, CD /CP, Credit Exposure(aggregated holdings in a single issuer) 87.73Cash, Cash Equivalents and Net Current Assets 12Grand Total 100.00


Portfolio Top Holdings

Total outstanding position (as at May 31, 2012) in Derivative Instrum(Interest Rate Swap) (Gross Notional)` 500 lakhs.





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HDFC Short Term Plan An open-ended income scheme

HDFC High Interest Fund - Short Term Plan An open-ended income scheme

Modifi ed Duration 1.15 y ears

Averag e Maturi ty 1.41 y ears

Modi fied Durati on 1.4 9 years

Averag e Maturi ty 1.91 y ears

Portfolio Top 10 HoldingsIssuer Rating % to NAV

CD /CP, CREDIT EXPOSUREExport - Import Bank of India CRISIL - AAAPower Grid Corporation of India Ltd. CRISIL - AAAFirst Blue Home Finance Ltd. ICRA - AACholamandalam Investment and Finance Co. Ltd. ICRA - A1+, AAShriram Transport Finance Co. Ltd. CRISIL - AA / CARE - AA+LIC Housing Finance Ltd. CRISIL - AAASundaram Finance Ltd. ICRA - AA+ 4.Power Finance Corporation Ltd. CRISIL - AAAHousing Development Finance Corporation Ltd.$ CRISIL - AAAInfrastructure Development Finance Co. Ltd. ICRA - AAATotal of Top Ten CD /CP, Credit Exposure 54.01Total CD /CP, Credit Exposure(aggregated holdings in a single issuer) 95.28Cash, Cash Equivalents and Net Current Assets 4Grand Total 100.00



CD/CP, CREDIT EXPOSURELIC Housing Finance Ltd. CRISIL - AAA / CARE - AAA 7.28Indian Overseas Bank ICRA - A1+ 6.85Power Finance Corporation Ltd. CRISIL - AAA 6.56Punjab National Bank FITCH - A1+ 5.19Syndicate Bank CARE - A1+ 4.85Cairn India Ltd. CARE - AAA 4.74Housing Development Finance Corporation Ltd. $ CRISIL - AAA 4.62Infrastructure Development Finance Co. Ltd. ICRA - AAA 4.55Cholamandalam Investment and Finance Co. Ltd. ICRA - A1+, AA, AA- /

ICRA - A1+, AA 4.33Sundaram Finance Ltd. ICRA - AA+ 3.61Total of Top Ten CD /CP, Credit Exposure 52.58Total CD/CP, Credit Exposure(aggregated holdings in a single issuer) 94.17Cash, Cash Equivalents and Net Current Assets 5.83Grand Total 100.00






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Portfolio Top HoldingsIssuer Rating % to NAV

HDFC Short Term Opportunities Fund An open-ended income scheme An open-ended income scheme

HDFC Medium Term Opportunities Fund

$ Sponsor

Average Maturi ty 3.41 ye arsAverage Maturi ty 19 d ays

Modified Dur ation 18 d ays Modi fied Durati on 2.65 y ears


N AV NAV per Unit (` )Growth Option 11.6316Dividend Option 10.1489

N AV NAV per Unit (` )Growth Option 11.7823Dividend Option 10.0343

CD /CP, CREDIT EXPOSURE

Export - Import Bank of India CRISIL - AAANational Bank for Agriculture & Rural Development CRISI

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Hdfc Factsheet May 2012 Final

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