hdfc-february-factsheet-final

8/7/2019 hdfc-february-factsheet-final

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Vol. No. 8 Issue No. 8

February 2011

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2 February 2011 Intouchmutually

The equity market continued to show weak-ness with the Sensex and Nifty down about3% each for the month. The broader market

underperformed with the CNX Midcap Index

down 7%. Since its recent high in November, theSensex has corrected 15% while the CNX MidcapIndex is down 25%. However, fundamentallythings remain on track with the recent EconomicSurvey projecting the Indian economy to grow by8.6% in FY11 and over 9% in FY12. Concernsover the political scenario, in particular corruptionrelated issues and stagnation in decision makingalong with rising crude prices on the back onwidening unrest in the Middle East and Africahave taken a toll on sentiment. Besides theseissues, the Union Budget and corporate results for the third quarter grabbed much of the attentionduring the month.

The Union Budget 2011-12 has attempted tosupport overall growth while seeking to reign in the

fiscal deficit. By tinkering with income tax exemp-tion limits and keeping the central excise ratebroadly unchanged, the government has sought tobolster consumption. At the same time, it hasstepped up spending in a measured manner partic-ularly on infrastructure. The government’s desire toreduce the fiscal deficit is welcomed but there issome skepticism on the budget’s arithmetic.Estimates of expenses seem to be low while rev-enue projections appear to be optimistic. Overall,the market has reacted positively to the Budget as itmanaged to exceed very muted expectations.

As far as results are concerned, as mentioned

the last time, results for this quarter have beenmixed. While top line growth continued to bestrong, margin pressure was evident in select com-panies. Excluding oil company results, which had

some exceptional components, companies withinthe Sensex saw earnings grow 17% while totalearnings including all companies grew 27%.

Internationally, most Asian markets with theexception of Korea and Taiwan ended positively.Developed markets continued to outperformemerging markets with most US and Europeanmarkets up 2-3%. In the last six months, the Dowhas outperformed the Sensex by almost 25% and asa result India’s relative valuations now look moreattractive. Within commodity markets, crude andgold stood out as a result of the ongoing turmoil inthe Middle East & Africa. Oil gained 3% for themonth and has now rallied 26% in the last sixmonths. Gold, the traditional haven for safety rosealmost 6% for the month and is up 13% in the last

six months. Most other metals also rose by 1-3%.The Sensex currently trades at 15x one-year

forward earnings, around its long term average. Inthe short term, commodity prices and a murkypolitical scenario remain areas of concern andcould result in some volatility. Thus, a phasedmanner of investing would make greater sense.However, over a longer period, the markets shouldmove in line with underlying fundamentals whichcontinue to remain strong. Thus, for investorswith a tolerance for volatility and a long-term per-spective, there continues to be merit in investingin equities.

Equity market update

During the month of February 2011, the yieldon the 10-year Government Securitydecreased by 0.16% over January 2011 to

8.00% p.a. (source: Bloomberg).The average LAF during the month was negative

` 78,639 crs compared to negative ` 92,785 crs inJanuary. The liquidity improved due to some gov-ernment spending and maturities. The NSEovernight MIBOR ended at 7% same as at the end of the previous month.

The annual rate of inflation, based on monthlyWPI, stood at 8.23% (Provisional) for the month of January, 2011 (over January, 2010) as compared to8.43 % (Provisional) for the previous month and8.53% during the month of January 2010. Build upof inflation in the financial year so far was 7.44%

compared to a build up of 9.42% in the correspon-ding period of the previous year. Inflation is expect-ed to drop due to the higher base effect as well assome reversal in food prices.

INR appreciated during the month and closed at45.2708 as compared to 45.9050 at end of previousmonth. Net FII investment in equities & debt was anoutflow of USD 721.33 million in February as com-pared to an inflow of USD 1198.15 million inJanuary 2011.

Against the generally modest expectations of fis-

cal deficit for 2011-12, the Union Budget has sur-prised positively by targeting a lower fiscal deficit of 4.6% of GDP. The government has done so by tar-geting a slower than expected increase in spending of about 3% against a much higher average growth inspending over the last few years. The tax revenue tar-gets assumed in the budget factor an 18% increase,which appears to be reasonable unlike the spendingtargets. Receipts from divestments are being target-ed at ` 40000 crs. The total subsidy bill as per therevised budget estimates is around ` 1,64,000 crs for FY11. The government is targeting a total reductionof approx ` 20000 crs out of which ` 15,000 crs isexpected to be from the petroleum sector. This mayonly be possible if global oil prices correct or thegovernment deregulates fuel/fertilizer prices.

Consequently, the net borrowing programme for dated Government securities for fiscal 2011-12 istargeted at INR 3.4 lakh crores, lower than consen-sus estimates of INR 3.8 lakh crores. However, theactual borrowing in the next fiscal may end up beinghigher due to slippages on account of lower disin-vestments or higher subsidy burden. With theincreasing focus of banks on raising deposits (result-ing in higher demand for G-sec) and relatively lower borrowing plan the yields on government bonds mayremain range bound in the first half FY2011-12.

Debt market update

Market Review - February 2011

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February 2011 3Intouchmutually

Thirty-year-old Sylvain Tuffet has beentravelling across India for over twomonths now, but is neither tracking the

Lonely Planet list of must-see destinations, noris he a soul-searching hippie. Instead, he roughsit out for five to six hours a day, weeding fieldsor reaping crops at organic farms. And usually,in return for his labour the host farms providefor his food and lodging.

Tuffet, who sells organic ice-creams — withingredients like sugar, fruit and cream pro-duced without the use of fertilisers or pesti-

cides — in France, is among the many“wwoofers” who come to India to volunteer onorganic and bio-dynamic farms.

“Wwoof”, or World Wide Opportunities onOrganic Farms, is a network of organic farms,small holdings and gardeners that welcome vol-unteers to live with them. Volunteers typicallystay for a month and get hands-on experience of farming and organic production. In return fortheir help, the host farms provide board.

Wwoof originally stood for “WorkingWeekends on Organic Farms” and was started inEngland in 1971 by Sue Coppard with the aimof providing city dwellers a getaway in the coun-tryside, while promoting the organic farmingmovement. The idea soon became popular withbackpackers and now more than 50 countriesacross the globe have their autonomous wwoof-ing networks. Tuffet, who has wwoofed at anorganic amla farm near Jaipur, says, “I havewwoofed in Nepal, Ecuador and France, andthink its great way of meeting people, apart frombeing an economical way of travelling.”

The wwoof network in India was founded in2007 by Harish Tiwari, who works with anUttarakhand-based NGO. A consultant inorganic agriculture, Tiwari says, “With just a fewhosts to begin with, we now have almost 200farms across 16 states listed with us.” The farms

are spread across Karnataka, Kerala, HimachalPradesh, Uttarakhand, Madhya Pradesh andJammu & Kashmir. Farms have to pay a fee of `500 to be listed as a host. However, small andmarginal farms (below five acres) need not pay.

Volunteers pay an annual fee to the wwoof organisation of a country (in India it is $25 forforeign citizens and ` 1,125 for Indians). Evenas wwoofing has become a popular way for dis-cerning travellers to see countries, its aim is to

generate an understanding of sustainable agri-cultural practices. Nicole Klein, who haswwoofed in France and is currently volunteeringwith an environmental NGO, says, “For a city-dweller, working on land helps you get ‘closer toyour plate’ and understand what goes into thefood you eat everyday.”

The popularity of the idea is reflected in thenumbers. “From just 10 to 15 wwoofers in thepeak season, we now get almost 40 to 50 in amonth during witer,” says Tiwari. The volun-teers, mostly from France, Canada and the US,

help with activities ranging from making com-post to weeding to harvesting. The idea is catch-ing on with Indians too. Take, for instance,Mahesh Margabandhu (35) who left his job as asoftware engineer to wwoof along with his wife.He is currently at a farm near Pondicherry. “Ihave always wanted to farm and travel, this is agreat way of combining the two,” he says.

Host farms, too, are more than happy to havevolunteers, as it helps them cut their labourcosts. Karen Uppendahl, who works for anNGO which is working at restoring infertile trib-al land in Ganeshpuri near Mumbai, says, “Wehave a small farm. We haven’t gone into produc-ing organic food for commercial purposes yet,hence the help we get from wwoofers is veryimportant for us in managing costs.”

Some small farms that can’t afford to hostvolunteers for long durations charge a nominalfee. “Depending on their financial situationand skills, we ask wwoofers to con-tribute between ` 100 and ` 200a day for food,” saysUppendahl. Most arehappy to give the money.“I’d rather give moneyto farmers working onthe land than a mid-dleman,” says Tuffet.

The wwoof networkin India earns rev-enues of around` 60,000 a month in thepeak season from sub-scription fees, which isused to maintain and devel-op the network.●

MANISHA PANDE

Farm away from homeVolunteering on organic farms catches on as a new travel experience

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Features of our following schemes

NNaattuurree oof f SScchheemmee

IInnvveessttmmeenntt OObbjjeeccttiivvee

FFuunndd MMaannaaggeerr

IInncceeppttiioonn DDaattee((DDaattee oof f AAlllloottmmeenntt))

EEnnttrryy // SSaalleess LLooaadd

EExxiitt LLooaadd

IInnvveessttmmeennttPPllaann // OOppttiioonnss

MMiinniimmuumm AApppplliiccaattiioonn AAmmoouunntt((UUnnddeerr eeaacchh PPllaann))

LLoocck k--iinn PPeerriioodd

NNeett AAsssseett VVaalluuee((NNAAVV))

RReeddeemmppttiioonnPPrroocceeeeddss

HDFC Growth

Fund

Open-endedGrowth Scheme

To generate longterm 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 BusinessDays.

HDFC Equity

Fund


To achieve capitalappreciation.

Prashant Jain(since Jun 19, 03)*#

January 1, 1995

Growth & Dividend

Nil

Every Business Day


HDFC Top 200

Fund


To generate longterm 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 Capital

Builder Fund


To achieve capitalappreciation in thelong term.

Chirag Setalvad(since Apr 2, 07)#

February 1, 1994

Growth & Dividend

Nil

Every Business Day


HDFC Core &

Satellite


To generate capitalappreciation 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 Premier

Multi-Cap Fund


To generate capitalappreciation in thelong term throughequity investmentsby investing in adiversified portfolioof Mid Cap & LargeCap ‘blue chip’companies.

Vinay Kulkarni(since Nov 21, 06)#

April 6, 2005

Growth & Dividend

Nil

Every Business Day


HDFC Mid-Cap

Opportunities Fund

Open-endedEquity Scheme

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

Chirag Setalvad (SinceJune 25, 2007) #

June 25, 07

Growth and Dividend

Nil

Every Business Day


NNoott AApppplliiccaabbllee.. Pursuant to SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009, no entry load will be charged by the Scheme tothe investor. 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 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 9* Date of migration from Zurich India Mutual Fund# Miten Lathia (Dedicated Fund Manager for Overseas Investments since August 5, 2010)

● In respect of eeaacchh purchase / switch-in of Units, an Exit Load of 1% is payable if units are redeemed / switched-out within 1 year from thedate 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.

Intouchmutually4 February 2011

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Intouchmutually February 2011 5







EExxiitt LLooaadd


MMiinniimmuumm AApppplliiccaattiioonn AAmmoouunntt((UUnnddeerr eeaacchh PPllaann))




HDFC Long TermEquity Fund

Open-ended Equity Scheme

To achieve long-term capitalappreciation

Srinivas Rao Ravuri (SinceFebruary 10, 2006) #

February 10, 2006

Not Applicable

For purchase / switch-in madeat a time of NFO: Nil. For pur-chase / switch-in made on orafter February 10, 2011:● In respect of eeaacchh

purchase / 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.

Growth and DividendThe Dividend Option offersDividend payout and DividendReinvestment facility.

Not Applicable^

Nil

Every Business Day

Normally despatched within3 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

# Miten Lathia (Dedicated Fund Manager for Overseas Investments since August 5, 2010)$ All applications for purchase of units including additional purchases for an amount of Rupees Five Lakhs and above will be accepted with payment mode only as Real Time Gross Settlement (RTGS) /National Electronic Funds Transfer(NEFT)/Funds Transfer Letter/ Transfer Cheque of a bank where the Scheme has a collection account. Any application for an amount of Rupees Five Lakhs and above with payment mode other than the above will be rejected.

HDFC Index Fund

Open-ended Index Linked Scheme

NNiif fttyy PPllaann :: To generate returns that arecommensurate with the performance of the Nifty, subject to tracking errors.SSEENNSSEEXX PPllaann :: To generate returns thatare commensurate with the performanceof the SENSEX, subject to tracking errors.SSEENNSSEEXX PPlluuss PPllaann :: To invest 80 to 90%of the net assets of the Plan in companieswhose securities are included in SENSEXand between 10% & 20% of the netassets in companies whose securitiesare not included in the SENSEX.

Vinay Kulkarni (since Dec 29, 06)

July 17, 2002

Nil

No Entry / Exit Load shall be levied onbonus units.

Nifty Plan, SENSEX Plan, SENSEX Plus PlanAt present, each Plan offers Growth Optiononly.

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

Nil

Every Business Day

Normally despatched within3 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

RReettaaiill PPllaann && WWhhoolleessaallee PPllaann● In respect of eeaacchh purchase / 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: Growth / Quaterly Dividend Option:`5,000 and any amount thereafter.

Nil

Every Business Day

Normally despatched within3 Business days.

HDFC Balanced Fund

Open-ended Balanced Scheme

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

Chirag Setalvad(since April 2, 07)#

September 11, 2000

● In respect of eeaacchh purchase /switch-in of Units, an ExitLoad of 1% is payable if unitsare redeemed / 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.

No Entry/Exit Load shall be levied

on bonus units and units allottedon dividend reinvestment.

Growth & DividendThe Dividend Option offersDividend payout and DividendReinvestment facility.

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

Nil

Every Business Day

Normally despatchedwithin 3 Business Days.

NNoott AApppplliiccaabbllee.. Pursuant to SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009, no entry loadwill be charged by the Scheme to the investor. Upfront commission shall be paid directly by the investor to theARN Holder (AMFI registered Distributor) based on the investors’ assessment of various factors including the

service rendered by the ARN Holder.






FFuunndd MMaannaaggeerrss



EExxiitt LLooaadd


MMiinniimmuumm AApppplliiccaattiioonn AAmmoouunntt




^̂ EElliiggiibbiilliittyy ((oof f UUnniitt hhoollddeerr)) :: 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 / Legal Guardian(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, subject to a maximum amount of Rs. 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 the group personal accident insurance policy.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 Fund# Miten Lathia (Dedicated Fund Manager for Overseas Investments since August 5, 2010)

HDFC Prudence Fund


To provide periodic returns andcapital appreciation over a longperiod of time from a judiciousmix of equity and debt investmentswith an aim to prevent / minimiseany capital erosion.

Prashant Jain (since Jun 19, 03)*#

February 1, 1994

● In respect of eeaacchhpurchase / switch-in of Units,an Exit Load of 1% is payableif units are redeemed /switched-out within 1 year fromthe date of allotment.

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

No Entry / Exit Load shall be leviedon bonus units and units allottedon dividend reinvestment.

Growth & Dividend

The Dividend Option offers Dividendpayout and Reinvestment facility.

Nil

Every Business Day

Normally despatchedwithin 3 Business Days.

HDFC Long TermAdvantage Fund

Open-ended Equity Linked SavingsScheme with a lock-in period of

3 years

To generate long termcapital appreciation from a portfoliothat is invested predominantly inequity and equity-related instruments.

Chirag Setalvad (since April 2, 07)#

January 2, 2001

Nil

No Entry/Exit Load shall be leviedon bonus units and units allottedon dividend reinvestment.

Growth & Dividend

The Dividend Option offers Dividendpayout and Reinvestment facility

3 years from the date of allotment of the respective Units

Every Business Day

Normally despatched within 3Business Days (subject to completionof Lock-in Period).

HDFC TaxSaver

Open-ended Equity Linked SavingsScheme with a lock-in period of

3 years

To achieve long term growth of capital.

Vinay Kulkarni (since Nov 21, 06)#

March 31, 1996

Nil

No Entry/Exit Load shall be leviedon bonus units and units allottedon dividend reinvestment.

Growth & Dividend

The Dividend Option offers Dividendpayout and Reinvestment facility

3 years from the date of allotment of the respective Units

Every Business Day

Normally despatched within 3Business Days (subject to completionof Lock-in Period).



HDFC Children’s Gift Fund^*


The primary objective of both thePlans viz. Investment Plan & SavingsPlan under the Scheme is to generatelong term capital appreciation.

Chirag Setalvad (since April 2, 07)#

March 2, 2001

● For Units subject to Lock-in Period:NIL

● For Units not subject to Lock-inPeriod: 3% if the Units areredeemed / switched-out withinone year from the date of allotment; 2% if the Units areredeemed / switched-out betweenthe first and second year of thedate of allotment; 1% if Units areredeemed / switched-out betweenthe second and third year of thedate of allotment; Nil if theUnits are redeemed / switched -outafter third year from the dateof allotment.

No Entry / Exit Load shall be leviedon bonus units

IInnvveessttmmeenntt PPllaann :: (Equity Oriented)SSaavviinnggss PPllaann :: (Debt Oriented)

IIf f oopptteedd :: Until the Unit holder (beingthe beneficiary child) attains the ageof 18 years or until completion of 3years from date of allotment,whichever is later.

Every Business Day

Normally despatched within 3 BusinessDays (subject to completion of Lock-inPeriod, if opted).

NNoott AApppplliiccaabbllee.. Pursuant to SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009, no entry load will be charged by the Scheme tothe investor. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors’



For Purchase & Additional Purchase : ` 500 and in multiplesof ` 500 thereafter.






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

# Miten Lathia (Dedicated Fund Manager for Overseas Investments since August 5, 2010)

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 eeaacchh purchase /switch-in of Units, an ExitLoad of 0.5% is payable if units are redeemed /switched-out within6 months from the dateof allotment.

● No Exit Load is payable if Units are redeemed /switched-out after 6 monthsfrom the date of allotment.

Nil

Every Business Day

Normally despatched within3 Business Days

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 eeaacchh purchase/ 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 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 eeaacchh purchase/ 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 Business Days






EExxiitt LLooaadd






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


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 Scheme’sassets 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

FFoorr SShhoorrtt--TTeerrmm PPllaann && LLoonngg--TTeerrmm PPllaann● In respect of eeaacchh purchase / 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.

Short Term Plan (STP) & Long Term Plan (LTP). Each Planoffers Growth, Monthly Dividend & Quarterly DividendOption. The Dividend Option offers Dividend Payout andReinvestment facility.

SShhoorrtt TTeerrmm PPllaann :: 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.LLoonngg TTeerrmm PPllaann :: 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 Business Days

NNoott AApppplliiccaabbllee.. Pursuant to SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009, no entry load will be charged by the Scheme to

the investor. 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 the ARN Holder.

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










EExxiitt LLooaadd






HDFC Cash Management Fund

Savings & Call Plan: Open ended High LiquidityIncome Scheme.Treasury Advantage Plan: Open-endedIncome Scheme.

Savings & Call Plan: To generateoptimal returns while maintainingsafety and high liquidity.Treasury Advantage Plan: To generate regularincome through investment in debtsecurities and money market instruments.

Treasury Advantage Plan – Anil Bamboli(since Sep 1, 07)#Call Plan – Bharat Pareek (since May 23, 08)#,Savings Plan – Bharat Pareek (w.e.f. Oct 1, 09)#

Savings & Treasury Advantage Plan:November 18, 1999Call Plan : February 6, 2002

Savings, Treasury Advantage & Call Plan : Nil

SSaavviinnggss PPllaann && CCaallll PPllaann :: Growth Option &Daily Dividend Option (with Reinvestmentfacility only). Savings Plan also offers WeeklyDividend Option (with payout andReinvestment facility.TTrreeaassuurryy AAddvvaannttaaggee PPllaann :: ((RReettaaiill aannddWWhhoolleessaallee OOppttiioonn)) Growth and DividendOption. Dividend Option offers Daily DividendOption with Reinvestment facility only and

Weekly and Monthly Dividend Option withpayout and Reinvestment facility.

SSaavviinnggss PPllaann :: ((GGrroowwtthh OOppttiioonn))Purchase / Additional Purchase: ` 10,000and any amount thereafter.((DDiivviiddeenndd OOppttiioonn)) Purchase / Additional Purchase:` 1,00,000 and any amount thereafter.CCaallll PPllaann :: ((UUnnddeerr EEaacchh OOppttiioonn))Purchase / Additional Purchase: ` 1,00,000and any amount thereafter.TTrreeaassuurryy AAddvvaannttaaggee PPllaann – – RReettaaiill OOppttiioonnGrowth, Weekly and Monthly Dividend OptionPurchase : ` 5,000 and any amount thereafter.Additional Purchase: ` 1,000 and any amountthereafter.Daily Dividend OptionPurchase / Additional Purchase:`1,00,000 and any amount thereafter.TTrreeaassuurryy AAddvvaannttaaggee PPllaann – – WWhhoolleessaallee OOppttiioonnPurchase : ` 1 Crore and anyamount thereafter.Additional Purchase : ` 1 and anyamount thereafter.

Nil

Savings & Call Plan: All Year RoundTreasury Advantage Plan: Every Business Day

Savings & Call Plan : Normally despatchedwithin 1 Business Day.Treasury Advantage 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 9

# Miten Lathia (Dedicated Fund Manager for Overseas Investments since August 5, 2010)

HDFC Short Term Plan (STP)


To generate regular income throughinvestment in Debt Securities and MoneyMarket Instruments.

Anil Bamboli (since Jan 13, 04)#

February 28, 2002

● In respect of eeaacchh purchase /

switch-in of Units, an Exit Load of 0.50% is payable if units areredeemed / switched-out within6 months from the dateof allotment.

● No Exit Load is payable if Unitsareredeemed / switched-outafter 6 months from the dateof allotment.

Growth & Dividend (Dividend Optionoffers payout and Reinvestment facility).

Purchase : ` 5,000 and any amountthereafter. *Additional Purchase : ` 1,000 and anyamount thereafter. *

* The maximum investment amount(including switch-in) under all optionsshall be ` 10 crore per investor (forall folios) in a calendar quarter.

Nil

Every Business Day

Normally despatched within3 Business Days.

HDFC Liquid Fund (HLF)

Open-ended Liquid Income Scheme

To 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, 2003

Nil

HLF, HLF – Pr emium Plan & HLF – Premium PlusPlan. Each Plan offers Growth & Dividend Option.HLF – The Dividend Option offers Daily DividendOption (Reinvestment facility only) and Weeklyand Monthly Dividend Option (with payout andReinvestment facility).HLF Premium Plan – The Dividend Option offersDaily Dividend Option (with Reinvestment facilityonly) and Weekly Dividend Option (with payout

and Reinvestment facility).HLF Premium Plus Plan – The Dividend Optionoffers Weekly Dividend Option (with payout andReinvestment facility).

HHLLFF :: Growth Option : Purchase / AdditionalPurchase: ` 10,000 and any amountthereafter.Dividend Option : Purchase / Additional Purchase:` 1,00,000 and any amount thereafter.HHLLFF – – PPrreemmiiuumm PPllaann (Purchase) :: ` 5,00,00,000 and any amountthereafter for opening an account / folio(Under each Option).HHLLFF – – PPrreemmiiuumm PPlluuss PPllaann (Purchase) :` 20,00,00,000 and any amountthereafter for opening an account / folio (Undereach Option).HLF – Premium Plan & HLF – Premium Plus Plan(Additional Purchase) : ` 1 and and any amountthereafter under each Option.

Nil

All Year Round

Normally despatched within 1 Business Day.

HDFC High Interest Fund (HHIF)


To generate income by investing in arange of debt and money marketinstruments of various maturity dateswith a view to maximise income whilemaintaining the optimum balance of yield, safety and liquidity.

Anil Bamboli (HHIF) (since Feb 16, 04)#,Shobhit Mehrotra – STP (since Sep 1, 07)#

HHIF : April 28, 1997HHIF-STP : February 6, 2002

HHHHIIFF ::

● In respect of eeaacchh purchase / switch-inof Units, an Exit Load of 0.50% ispayable if units are redeemed /switched-out within 3 months from thedate of allotment.

● No Exit Load is payable if Units areredeemed / switched-out after 3 monthsfrom the date of allotment.

HHHHIIFF -- SSTTPP :: In respect of each purchase /switch-in of units, an Exit Load of 0.25% ispayable if units are redeemed / switched-outwithin 1 month from the date of allotment.

HHHHIIFF :: Growth, Quarterly, Half Yearlyand Yearly Dividend Options.HHHHIIFF--SSTTPP :: Growth & Dividend OptionAll Dividend Options offer Dividend Payout andReinvestment facility.

(Under each Plan)Purchase : ` 5,000 and any amountthereafter.Additional Purchase : ` 1,000 and anyamount thereafter.

Nil

Every Business Day

Normally despatched within3 Business Days

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

NNoott AApppplliiccaabbllee.. Pursuant to SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009, no entry load will be charged by the Scheme to the investor. Upfront commissionshall 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 the ARN Holder.







HDFC Floating Rate Income Fund

Open-ended Income Scheme.

To generate regular income through investment in a portfolio comprising substantially of floating

rate debt / money market instruments, fixed rate debt / money market instruments swapped forfloating rate returns and fixed rate debt securities and money market instruments.

Shobhit Mehrotra (since Feb 16, 04)#

January 16, 2003

SShhoorrtt TTeerrmm PPllaann :: NilLLoonngg TTeerrmm PPllaann :: ● In respect of eeaacchh purchase / switch-in of Units, an Exit Load of 3% is payable if units are

redeemed / switched-out within 18 months from the date of allotment.● No Exit Load is payable if Units are redeemed / switched-out after 18 months from the

date of allotment.

SShhoorrtt TTeerrmm PPllaann :: For investors who wish to invest for short time period.LLoonngg TTeerrmm PPllaann :: For investors who wish to invest for relatively longer time period.SShhoorrtt TTeerrmm PPllaann – – WWhhoolleessaallee && RReettaaiill OOppttiioonn :: Growth and Dividend Option. The Dividend Optionoffers Daily Dividend Option (with Reinvestment facility only) and Weekly and Monthly DividendOption (with payout and Reinvestment facility).LLoonngg TTeerrmm PPllaann :: Growth and Weekly Dividend Option (with Reinvestment facility only).

SShhoorrtt TTeerrmm PPllaann – – RReettaaiill OOppttiioonn :: ((GGrroowwtthh OOppttiioonn,, WWeeeek kllyy DDiivviiddeenndd OOppttiioonn &&MMoonntthhllyy DDiivviiddeenndd OOppttiioonn))Purchase : ` 5,000 and any amount thereafter.Additional Purchase : ` 1,000 and any amount thereafter.((DDaaiillyy DDiivviiddeenndd OOppttiioonn)) Purchase / Additional Purchase : ` 1 lakh and any amount thereafter.SShhoorrtt TTeerrmm PPllaann – – WWhhoolleessaallee OOppttiioonn :: ((GGrroowwtthh OOppttiioonn,, DDaaiillyy DDiivviiddeenndd OOppttiioonn,, WWeeeek kllyy DDiivviiddeenndd OOppttiioonn && MMoonntthhllyy DDiivviiddeenndd OOppttiioonn))Under each option : Purchase : ` 10 lakh and any amount thereafter.Additional Purchase : ` 1 and and any amount thereafter.LLoonngg TTeerrmm PPllaann :: For Purchase : ` 5,000 and any amount thereafter.Additional Purchase : ` 1,000 and any amount thereafter.

Nil

Every Business Day

Normally despatched within 3 Business Days.

HDFC Gilt Fund

Open-ended Income Scheme.

To generate credit risk-free returns through investments

in sovereign securities issued by the Central Governmentand / or a State Government.

Anil Bamboli (since Sep 1, 2007)

July 25, 2001

SShhoorrtt TTeerrmm PPllaann :: NilLLoonngg TTeerrmm PPllaann :: ● In respect of each purchase / switch - in of units, an exit load of 0.25% is payable if units

are 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.

SShhoorrtt TTeerrmm PPllaann :: For investors who wish toinvest for short time period.LLoonngg TTeerrmm PPllaann :: For investors who wish to invest forrelatively 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

Normally despatched within 3 Business Days.






EExxiitt LLooaadd

IInnvveessttmmeenntt





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.# Miten Lathia (Dedicated Fund Manager for Overseas Investments since August 5, 2010)

TTaaxx BBeenneef fiittss // CCoonnsseeqquueenncceess :: Income distributed by the Scheme(s) are free from Income-tax in the hands of investors. Distribution tax in case of Scheme(s) other than equity-oriented funds shall be payableby the mutual fund at the rate of 13.841%* on income distributed to an individual/HUF and at the rate of 22.145%* on income dis tributed 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 @27.681%*. Units of the Scheme(s) are not subject to Wealth-tax and Gift-tax. Unit holders are required to

pay Securities Transaction Tax (STT) at the rate of 0.25% at the time of redemption / switch-out of units of an equity-oriented fund.* including applicable surcharge, education cess and secondary and higher education cess.GGiif ftt oof f UUnniittss :: 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 / adequate consideration,exceeding specified limits, 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 fall withinthe purview of the term “securities”. As 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 nature of tax consequences,each investor is advised to consult his / her own professional tax advisor.FFuunndd MMaannaaggeerr TToottaall EExxppeerriieenncceePrashant Jain Over 19 yearsShobhit Mehrotra Over 17 yearsAnil Bamboli Over 15 yearsVinay Kulkarni Over 19 yearsCh ir ag Seta lvad Ove r 13 year sSrinivas Rao Ravuri Over 15 yearsBharat Pareek Over 9 yearsMiten Lathia Over 9 years

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

NNoott AApppplliiccaabbllee.. Pursuant to SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009, no entry load will be charged by the Scheme to the investor.Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors’





DDaattee PPeerriioodd NNAAVV RReettuurrnnss BBeenncchhmmaarrk kppeerr UUnniitt ((`̀)) ((%%))^̂ RReettuurrnnss ((%%))##

^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR).# SENSEX

Portfolio – Top 10 Holdings (as at February 28, 2011)

HDFC

Growth Fund

Relative Performance ^ (Growth Option)

+ Industry Classification as recommended by AMFI, $ Sponsor ✤ PPaasstt ppeer rf foor rmmaannccee i iss nnoo gguuaar raanntteeee oof f f fuuttuur ree r reessuul lttss..

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

An open-ended growth scheme

HDFC

Equity FundAn open-ended growth scheme

Banks 15.98

Petroleum Products 10.43

Consumer Non Durables 8.19

Pharmaceuticals 7.95

Software 7.64

Media & Entert ainment 5 .94

Industr ial Capital Goods 5.17Oil 4.88

Finance 4.72

Chemicals 4.40

Construction 3.96

Telecom - Services 3.25

Power 2.86

Fertilisers 1.99

Textile Products 1.81

Cement 1.63

Gas 1.44

Construction Project 1.34

Auto Ancillaries 1.30Electrical Components & Equipments 1.15

Paper Products 0.99

Engineering 0.85

Ferrous Metals 0.24

Industry Allocation of Equity Holding (% of Net Assets)

PPoorrttffoolliioo TTuurrnnoovveerr RRaattiioo ((LLaasstt 11 Y Yeeaarr)) 3322..1199%%

NAV (as at February 28, 2011) NAV per Unit (`)

Growth Option 81.420Dividend Option 28.857

Std Deviation Beta Sharpe Ratio*

Risk Ratio (for the 3-yr period ended February 28, 2011) 8.80% 0.8890 0.024Monthly Figure



EQUITY - MULTI CAP CATEGORY (43 schemes) for 3 and 5 year

periods ending February 28, 2011



^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR).#S&P CNX 500 (Please refer to page no 31)

Aug 27, 10 Las t S ix months (185 days ) 274.276 -4.74 -6.67Feb 26, 10 Last 1 Year (367 days) 223.385 16.87 2.88Feb 28, 08 Las t 3 Years (1096 days ) 188.246 11.54 -1.20Feb 28, 06 Las t 5 Years (1826 days ) 116.840 17.45 9.81Feb 28, 01 Las t 10 Years (3652 days ) 19.880 29.36 16.14Feb 28, 96 Last 15 Years (5479 days) 7 .370 26.83 12.54Jan 01, 95 S ince Inception (5902 days ) 10.000 22.36 9.54

Aug 27, 10 Last S ix months (185 days ) 86.136 -5.48 -0.97Feb 26, 10 Last 1 Year (367 days) 70.260 15.79 8.44Feb 28, 08 Last 3 Years (1096 days) 68.441 5.95 0.00Feb 28, 06 Last 5 Year s (1826 days) 36.490 17.40 11.43Feb 28, 01 Last 10 Years (3652 days) 8.829 24.86 15.41Sep 11, 00 S ince Incep tion (3822 days ) 10.000 22.17 13.58





+ Industry Classification as recommended by AMFI✤ PPaasstt ppeer rf foor rmmaannccee i iss nnoo gguuaar raanntteeee oof f f fuuttuur ree r reessuul lttss..

Please refer to page no 31 for details on the Rating Methodology Total outstanding position (as at February 28, 2011) in Derivative Instruments

(Punjab National Bank NSE Stock Futures March 2011) (Gross Notional) ` 261.74 lakhs,(Larsen & Toubro Ltd. NSE Stock Futures March 2011) (Gross Notional) ` 3,217.41 lakhs,

(Dr. Reddy’s Laboratories Ltd. NSE Stock Futures March 2011) (Gross Notional) ` 612.96 lakhs,(Tata Power Company NSE Stock Futures March 2011) (Gross Notional) ` 632.97,

(Sun Pharmaceuticals Industries Ltd. NSE Stock Futures March 2011) (Gross Notional) ` 1,185.10,(Mahindra & Mahindra Ltd. NSE Stock Futures March 2011) (Gross Notional) ` 618.65.

Banks 22.03Consumer Non Durab les 9.64Software 8.99Petroleum Products 8.95Pharmaceuticals 6.78

Industrial Capital Goods 3.94Oil 3.80Minerals/Mining 3.50Gas 3.41Med ia & Entertainment 3.40Ferrous Metals 3.26Auto Ancillaries 3.02

Auto 2.33Hardware 2.31Telecom - Services 2.30Finance 1.72Non - Ferrous Metals 1.60

Construction Project 1.42Power 1.14Textile Products 0.94Transportation 0.63Construction 0.55Chemicals 0.49Textiles - Synthetic 0.23


CCoommppaannyy IInndduussttrryy++ %% ttoo NNAAVV

EEQQUUIITTY Y && EEQQUUIITTY Y RREELLAATTEEDD

Infosys Technologies Ltd. Software 7.64

ITC Ltd. Consumer Non Durables 6.72

ICICI Bank Ltd. Banks 6.25

State Bank of India Banks 6.01

Reliance Industries Ltd. Petroleum Products 5.77

Housing Development F inance Corporat ion Ltd. $ Finance 4.72

Bharat Petro leum Corpora tion L td. Petroleum Products 4.66

Solar Industries India Ltd. Chemicals 4.40

Bank of Baroda Banks 3.72

Zee Entertainment Enterprises Ltd. Media & Entertainment 3.50

TToottaall oof f TToopp TTeenn EEqquuiittyy HHoollddiinnggss 5533..3399

TToottaall EEqquuiittyy && EEqquuiittyy RReellaatteedd HHoollddiinnggss 9988..1111

Cash, Cash Equivalents and Net Current Assets 1.89

GGrraanndd TToottaall 110000..0000

NNeett AAsssseettss ((`̀ IInn LLaak khhss)) 112211,,661122..5544






Tata Consultancy Services Ltd. Software 4.52


Titan Industries Ltd. Consumer Non Durables 4.31


Coal India Ltd. Minerals/Mining 3.50

Tata Steel Ltd. Ferrous Metals 2.74

GAIL (India) Ltd. Gas 2.54



Cash margin / Earmarked cash for Futures & Options 0.32

Other Cash, Cash Equivalents and Net Current Assets 3.30

GGrraanndd TToottaall 110000..0000NNeett AAsssseettss ((`̀ IInn LLaak khhss)) 882277,,119944..7700

EQUITY - MULTI CAP C ATEGORY (44 schemes) for 3 and 5 year


Source : CRISIL Fund Analyser * Risk-free rate assumed to be 7.61% (364-day Treasury Bill yield on 28-02-11)



hdfc-eq-r.qxd 3/9/2011 12:48 PM Page 1



HDFC Top200 Fund


HDFCCapitalBuilder Fund


DDaattee PPeerriioodd NNAAVV RReettuurrnnss BBeenncchhmmaarrk kppeerr UUnniitt ((`̀)) ((%%)) $$^ RReettuurrnnss ((%%))##


^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR). #BSE 200$$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Optionsare assumed to be reinvested in the units of the Scheme at the then prevailing NAV(ex-dividend NAV).

Aug 27, 10 Las t S ix months (185 days) 205.630 -3.91 -5.34Feb 26, 10 Last 1 Year (367 days) 173.606 13 .74 5 .48Feb 28, 08 Last 3 Years (1096 days) 148.934 9.87 -0 .82Feb 28, 06 Las t 5 Years (1826 days) 87.250 17.75 11.03Feb 28, 01 Las t 10 Years (3652 days ) 15.940 28.61 16.80Oct 11, 96 S ince Incept ion (5253 days ) 10.000 24.74 14.45

NAV (as at February 28, 2011) NAV per Unit (̀ )

Growth Option 103.540

Dividend Option 22.566





EEQQUUIITTY Y && EEQQUUIITTY Y RREELLAATTEEDDState Bank of India Banks 7.30







Coal India Ltd. Minerals/Mining 3.11

Titan Industries Ltd. Consumer Non Durables 2.99

Oil & Natural Gas Corporation Ltd. Oil 2.58



Cash margin 0.35





EQUITY - LARGE & MID CAP CATEGORY (57 schemes) for 3 and 5 year




^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable#S&P CNX 500 (Please refer to page no 31)Returns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR).

Aug 27, 10 Last S ix months (185 days ) 108.666 -4.72 -6.67Feb 26, 10 Last 1 Year (367 days) 90.370 14.49 2.88Feb 28, 08 Last 3 Years (1096 days) 88.308 5.44 -1.20Feb 28, 06 Last 5 Year s (1826 days) 55.290 13 .36 9 .81Feb 28, 01 Last 10 Years (3652 days ) 12.200 23.83 16.14Feb 28, 96 Last 15 Years (5479 days) 7.920 18 .68 12 .54Feb 01, 94 S ince Incept ion (6236 days ) 10.000 14.66 8.45



CCoommppaannyy IInndduussttrryy++ // RRaattiinngg %% ttoo NNAAVV







Ipca Laboratories Ltd. Pharmaceuticals 5.44

Oil India Ltd. Oil 4.64

Bharti Airtel Ltd. Telecom - Services 4.40

Dr. Reddy’s Laboratories Ltd. Pharmaceuticals 4.10




CCrreeddiitt EExxppoossuurree

Britannia Industries Ltd. AAA 0.22

TToottaall CCrreeddiitt EExxppoossuurree 00..2222Cash, Cash Equivalents and Net Current Assets 1.13



Banks 22.73Software 10.80Consumer Non Durables 9.07Petroleum Products 8.87

Pharmaceuticals 7.24Auto 4.96Oil 4.16Industrial Capital Goods 3.25Construction Project 3.22Power 3.18Minerals/Mining 3.11

Gas 3.10Ferrous Metals 2.46Telecom - Services 2.11Finance 1.92

Non - Ferrous Metals 1.81Diversified 1.25Media & Enter ta inment 1.05Transportation 0.52Hardware 0.50Cement 0.47


Banks 20.08


Software 12.42

Petroleum Products 8.89Consumer Non Durables 7.22

Industrial Capital Goods 4.99

Oil 4.64


Consumer Durables 3.18

Chemicals 2.58


Auto 2.47

Auto Ancillaries 2.15Media & Enter ta inment 1.80

Finance 1.42

Power 1.10

Gas 0.97






+ Industry Classification as recommended by AMFI



PPoorrttffoolliioo TTuurrnnoovveerr RRaattiioo ((LLaasstt 11 Y Yeeaarr)) 2266..2244%%+ Industry Classification as recommended by AMFI

✤ PPaasstt ppeer rf foor rmmaannccee i iss nnoo gguuaar raanntteeee oof f f fuuttuur ree r reessuul lttss.. Please refer to page no 31 for details on the Rating Methodology

Total outstanding position (as at February 28, 2011) in Derivative Instruments(Hero Honda Motors Ltd. NSE Stock Futures March 2011) (Gross Notional) ` 744.40 lakhs,

(Hindustan Unilever Ltd. NSE Stock Futures March 2011) (Gross Notional) ` 1,124.80 lakhs,(Steel Authority of India Ltd. NSE Stock Futures March 2011) (Gross Notional) ` 153.40 lakhs

(Tata Motors Ltd. NSE Stock Futures March 2011) (Gross Notional) ` 1,294.20 lakhs,(Aurobindo Pharma Ltd. NSE Stock Futures March 2011) (Gross Notional) ` 170.60 lakhs,

(Larsen & Toubro Ltd. NSE Stock Futures March 2011) (Gross Notional) ` 1,302.29.





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

HDFCCore &Satellite Fund



Aug 27, 10 Last S ix months (185 days ) 40.314 -6.24 -5.34Feb 26, 10 Last 1 Year (367 days) 33.667 12.20 5.48Feb 28 , 08 Last 3 Years (1096 days) 31 .627 6.12 -0.82Feb 28 , 06 Last 5 Years (1826 days) 21 .160 12.30 11.03Sep 17, 04 S ince Incept ion (2355 days ) 10.000 22.89 18.66



Software 17.16

Banks 15.16

Power 8.47


Pharmaceuticals 5.54Consumer Non Durab les 5.31

Auto Ancillaries 5.24

Med ia & Entertainment 4.64

Construction 4.05

Industrial Products 3.36

Textiles - Synthetic 2.78


Oil 2.70

Consumer Durables 2.33Paper Products 2.27

Engineering 0.73

Chemicals 0.67

Engineer ing Se rvices 0 .64





Relative Performance ^ (Growth Option) Relative Performance ^ (Growth Option)





^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR). #S&P CNX 500 (Please refer to page no 31)

Aug 27, 10 Las t S ix months (185 days ) 29.141 -8.00 -6.67Feb 26, 10 Last 1 Year (367 days) 24.328 10.14 2.88Feb 28, 08 Last 3 Years (1096 days) 23.019 5.21 -1.20Feb 28, 06 Last 5 Years (1826 days) 15.280 11 .89 9 .81Apr 06, 05 S ince Incept ion (2154 days ) 10.000 18.19 15.58

Software 13.42

Banks 9.81

Consumer Non Durab les 9.72

Media & Enter ta inment 9.49

Pharmaceuticals 6.51Industrial Capital Goods 4.96


Power 4.05

Transportation 3.81

Gas 3.68


Chemicals 2.92


Paper Products 1.73Construction Project 1.68

Oil 1.59


Engineering 0.06



HDFCPremierMulti-Cap Fund

^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR). #BSE 200



Infosys Technologies Ltd. Software 9.78Tata Consultancy Services Ltd. Software 7.38


Crompton Greaves Ltd. Industrial Capital Goods 4.51

NTPC Ltd. Power 4.02

Emami Ltd. Consumer Non Durables 3.77

KEC International Ltd. Power 3.27

Bharat Electronics Ltd. Industrial Capital Goods 3.15

Sundaram Fasteners Ltd. Auto Ancillaries 3.10

Axis Bank Ltd. Banks 3.06








Risk Ratio (for the 3-yr period ended February 28, 2011) 10.50% 0.9860 0.04

Monthly Figure




Monthly Figure


Large-Cap 37.29

Mid-Cap 47.86

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



Infosys Technologies Ltd. Software 8.35Emami Ltd. Consumer Non Durables 5.75

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 5.08





KEC International Ltd. Power 4.05

Container Corporation of India Ltd. Transportation 3.81

H T Media Ltd. Media & Entertainment 3.78














HDFCMid-CapOpportunities Fund

An open-ended equity scheme


^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR).#CNX Midcap (Please refer to page no 31)

Aug 27, 10 Las t S ix months (185 days ) 15.223 -8.68 -15.85Feb 26, 10 Last 1 Year (367 days) 12.251 13.40 2.81Feb 28, 08 Last 3 Years (1096 days) 11.060 7.91 0.69Jun 25 , 07 Since Incepti on (1344 days) 10 .000 9.36 6 .59







Banks 11.16



Chemicals 4.53



Med ia & Enter ta inment 2.13


Finance 1.94

Fertilisers 1.75

Pesticides 1.29

Construction 1.26

Power 1.07

Textile Products 0.61

Ferrous Metals 0.59

Software 0.45


Large-Cap 0.08

Mid-Cap 85.19

Small-Cap 6.69

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



IPCA Laboratories Ltd. Pharmaceuticals 4.75Carborundum Universal Ltd. Industrial Products 4.35

Lupin Ltd. Pharmaceuticals 3.25

Exide Industries Ltd. Auto Ancillaries 3.15

Union Bank of India Banks 3.13

Solar Industries India Ltd. Chemicals 3.02

Indian Bank Banks 2.74


Allahabad Bank Banks 2.69

Biocon Limited Pharmaceuticals 2.67









Monthly Figure


EQUITY - MID & SMALL CAP CATEGORY (54 schemes) for 3 and 5 year



HDFC Long Term Equity Fund

An open-ended equity scheme





^̂P Pa as st t p pe er rf fo or rm ma an nc ce e m ma ay y o or r m ma ay y n no ot t b be e s su us st ta ai in ne ed d i in n t th he e f fu ut tu ur re ePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable Returns less than 1 year period are absolute. Returns equal to or greater than 1 year are compounded annualized (CAGR). #S&P CNX Nifty (Please refer to page no 31)

Aug 27, 10 Las t S ix months (185 days ) 16.221 -6.55 -1.39Feb 26, 10 Last 1 Year (367 days) 13.258 14.26 8.30Feb 28, 08 Last 3 Years (1096 days) 13.430 4.12 0.30Feb 28, 06 Last 5 Years (1826 days) 10 .070 8.52 11.64Feb 10, 06 S ince Inception (1844 days ) 10.000 8.58 11.86

CCoommppaannyy // IIssssuueerr IInndduussttrryy++ %% ttoo NNAAVV



State Bank of India Banks 8.28Atlas Copco (India) Ltd. Industrial Products 6.78


Bharat Petroleum Corpora tion Ltd . Petroleum Products 5.11

Cipla Ltd. Pharmaceuticals 4.78



Sadbhav Engineering Ltd. Construction 3.87




Cash Equivalents and Net Current Assets 2.87



Banks 16.67

Construction 9.83


Petroleum Products 8.50Oil 7.60





Power 4.00


Med ia & Enter ta inment 3.43

Software 2.76Gas 2.41

Minerals/Mining 2.08

Engineering 1.60

Cement 1.22






Monthly Figure







^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR). #CRISIL Liquid Fund Index

RReettaaiill PPllaannAug 27, 10 Last Six months (185 days) 11.892 4.38 3.53Feb 26, 10 Last 1 Year (367 days) 11.573 7.22 5.84Feb 28, 08 Last 3 Years (1096 days) 10.326 6.32 6.22Oc t 23 , 07 Si nce In ception (1224 days) 10.000 6.66 6.22WWhhoolleessaallee PPllaannAug 27, 10 Last Six months (185 days) 11.977 4.51 3.53Feb 26, 10 Last 1 Year (367 days) 11.641 7.48 5.84Feb 28, 08 Last 3 Years (1096 days) 10.336 6.58 6.22Oc t 23 , 07 Si nce In ception (1224 days) 10.000 6.92 6.22


RReettaaiill PPllaannGrowth Option 12.413Dividend Opt ion (Erstwhile Monthly D ividend Option) 10.144Quarterly Dividend Option 10.574

WWhhoolleessaallee PPllaannGrowth Option 12.517Dividend Opt ion (Erstwhile Monthly D ividend Option) 10.147Quarterly Dividend Option 10.430

An open-ended equity fund

HDFCArbitrage Fund

Power 9.11

Cement 6.20Ferrous Metals 5.10Consumer Non Durables 4.79Industrial Capital Goods 4.68Pharmaceuticals 4.13Retailing 3.72Hotels 3.53Petroleum Products 2.81Construction 2.62Telecom - Services 2.58Banks 2.35Finance 1.64Telecom - Equipment & Accessories 1.57

Oil 1.43

Media & Enter ta inment 1.33Chemicals 1.32Transportation 1.30Textile Products 1.27Agro-Tea & Sugar 0.91Fertilisers 0.78Hardware 0.74Gas 0.69Non - Ferrous Metals 0.63Software 0.40Auto Ancillaries 0.09Industrial Products 0.07


CCoommppaannyy // IIssssuueerr IInndduussttrryy++ // RRaattiinngg %% ttoo NNAAVV

EEQQUUIITTY Y && EEQQUUIITTY Y RREELLAATTEEDD ((QQuuaannttiittyy f fuullllyy hheeddggeedd uussiinngg f fuuttuurreess // ooppttiioonnss))

Reliance Infrastruture Ltd. Power 5.18

Pantaloon Retail (India) Ltd. Retailing 3.72

JSW Steel Ltd. Ferrous Metals 3.71

Indian Hotels Company Ltd. Hotels 3.53

Power Grid Corporation of India Ltd. Power 3.44

Century Text iles & Indus tr ies L td . Cement 3.08

Balrampur Chini Mills Ltd. Consumer Non Durables 2.44

Oriental Bank of Commerce Banks 2.35

PRAJ Industries Ltd. Industrial Capital Goods 2.14

Suzlon Energy Ltd. Industrial Capital Goods 2.10

TToottaall oof f TToopp TTeenn EEqquuiittyy HHoollddiinnggss 3311..6699TToottaall EEqquuiittyy && EEqquuiittyy RReellaatteedd HHoollddiinnggss 6655..7799

MMoonneeyy MMaarrk keett IInnssttrruummeennttss

Axis Bank Ltd. P1+ 10.96

ING Vysya Bank Ltd. P1+ 5.56

TToottaall MMoonneeyy MMaarrk keett IInnssttrruummeennttss 1166..5522

Short Term Deposits as margin fo r Futur es & Options 23.38

Other Cash, Cash Equ ival ents and Net Cur ren t Assets -5.69




RETAIL & WHOLESALE PLAN

HYBRID - ARBITRAGE CATEGORY (14 schemes) for 18 month

period ending February 28, 2011







Larsen & Toubro Ltd. Construction Project 5.88

Housing Development Finance Corporation L td. $ Finance 5.72

HDFC Bank Ltd. Banks 5.31










Relative Performance ^

+ Industry Classification as recommended by AMFI, $ Sponsor

PPoorrttffoolliioo TTuurrnnoovveerr RRaattiioo ((LLaasstt 11 Y Yeeaarr)) 8888..0088%%+ Industry Classification as recommended by AMFI✤ PPaasstt ppeer rf foor rmmaannccee i iss nnoo gguuaar raanntteeee oof f f fuuttuur ree r reessuul lttss..


SENSEX Plan (Face Value per Unit: ` 32.161)


^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreeReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR).^^Face Value per Unit #SENSEX (Total Returns Index) (Please refer to page no 31)

Aug 27, 10 Last Six months (185 days) 150.2902 -1.29 -0.67Feb 26, 10 Last 1 Year (367 days) 136.9729 8 .26 9 .63Feb 28, 08 Las t 3 Years (1096 days ) 155.4320 -1.54 1.18Feb 28, 06 Las t 5 Years (1826 days ) 96.5500 8.97 13.23Jul 17, 02 Since Inception (3148 days) 32.1610^^ 19.40 24.54


SENSEX Plan 148.3581

An open-ended index linked scheme

HDFC Index Fund

Banks 18.42Software 16.65


Auto 8.07

Consumer Non Durables 6.36


Finance 5.72

Ferrous Metals 4.72

Power 3.88

Non - Ferrous Metals 3.77Telecom - Services 3.55

Oil 3.23


Diversified 2.15


Cement 0.65

Construction 0.64


TTrraacck kiinngg EErrrroorr SSiinnccee IInncceeppttiioonn ((AAnnnnuuaalliisseedd)) 22..2299%%











Housing Development Finance Corporat ion Ltd . $ Finance 4.67





The Federal Bank Ltd. Banks 2.86









^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreeReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR).#SENSEX (Total Returns Index) (Please refer to page no 31)^^ Face Value per Unit

Aug 27, 10 Last S ix months (185 days ) 219.0297 -1.36 -0.67Feb 26 , 10 Last 1 Year (367 days) 195.4888 10 .45 9.63Feb 28 , 08 Last 3 Years (1096 days) 187.0120 4 .92 1.18Feb 28, 06 Last 5 Years (1826 days ) 112.5100 13.93 13.23Jul 17, 02 Since Inception (3148 days) 32.1610^^ 24.71 24.54

+ Industry Classification as recommended by AMFI, $ Sponsor ✤ PPaasstt ppeer rf foor rmmaannccee i iss nnoo gguuaar raanntteeee oof f f fuuttuur ree r reessuul lttss..


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

NAV (as at February 28, 2011) NAV per Unit (̀ )

SENSEX Plus Plan 216.0439


HDFC Index Fund

Banks 19.16

Software 12.54



Finance 4.67


Auto 3.13

Power 2.90





Diversified 1.88

Transportation 1.83

Chemicals 1.62

Ferrous Metals 1.42


Non - Ferrous Metals 0.60

Cement 0.52

Construction 0.34


HDFC Index Fund

NIFTY Plan (Face Value per Unit: ` 10.326)



^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreeReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR).#S&P CNX Nifty (Total Returns Index) (Please refer to page no 31)^^Face Value per Unit

Aug 27, 10 Last S ix months (185 days ) 47.1540 -2.06 -1.09Feb 26, 10 Last 1 Year (367 days) 42.9407 7.51 9.46Feb 28, 08 Last 3 Years (1096 days) 47.4060 -0.87 1.35Feb 28, 06 Last 5 Years (1826 days) 30.4200 8.70 12.96Jul 17, 02 Since Inception (3148 days) 10.3260^^ 18.97 22.76


NIFTY Plan 46.1844








Housing Development Finance Corporation L td. $ Finance 4.65







Cash margin / Earmarked cash for Futures & Options 8.18

Other Cash, Cash Equivalents and Net Current Assets 0.74GGrraanndd TToottaall 110000..0000



PPoorrttffoolliioo TTuurrnnoovveerr RRaattiioo ((LLaasstt 11 Y Yeeaarr)) 225533..5566%%+ Industry Classification as recommended by AMFI, $ Sponsor

Total outstanding position (as at February 28,2011) in Derivative Instruments(Nifty NSE Index Futures March 2011 Futures) (Gross Notional) ` 157.47 lacs


Banks 17.83

Software 13.32Petroleum Products 9.70

Auto 6.25

Finance 5.90



Ferrous Metals 4.12

Power 3.91


Non - Fe rrous Metals 3.03

Oil 2.94Industrial Capital Goods 2.77


Diversified 1.71

Cement 1.63

Gas 1.10

Minerals/Mining 0.62

Construction 0.44


TTrraacck kiinngg EErrrroorr SSiinnccee IInncceeppttiioonn ((AAnnnnuuaalliisseedd)) 22..5555%%

EQUITY - LARGE CAP CATEGORY (35 schemes) for 3 and 5 year






HDFC Long TermAdvantage FundAn 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






^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR).#SENSEX

Aug 27, 10 Last S ix months (185 days ) 132.966 -3.00 -0.97Feb 26, 10 Last 1 Year (367 days) 112.076 14.99 8.44Feb 28, 08 Last 3 Year s (1096 days) 111.191 5.06 0.00Feb 28, 06 Last 5 Year s (1826 days) 79.150 10.25 11.43Feb 28, 01 Last 10 Years (3652 days ) 10.186 28.88 15.41Jan 02, 01 S ince Incep tion (3709 days ) 10.000 28.61 15.79




CCoommppaannyy IInndduussttrryy++ // RRaattiinngg %% ttoo NNAAVV








Balkrishna Industries Ltd. Auto Ancillaries 3.30

Carborundum Universal Ltd. Industrial Products 3.27


Blue Star Ltd. Consumer Durables 3.02



CCrreeddiitt EExxppoossuurree


TToottaall CCrreeddiitt EExxppoossuurree 00..1155Cash, Cash Equivalents and Net Current Assets 2.77



DDaattee PPeerriioodd NNAAVV RReettuurrnnss BBeenncchhmmaarrk kppeerr UUnniitt ((`̀)) ((%%))$$$$^̂ RReettuurrnnss ((%%))##


^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR). #S&P CNX 500 (Please refer to page no 31)$$ All dividends declared prior to the splitting of the Scheme into Dividend &Growth Options are assumed to be reinvested in the units of the Scheme at the thenprevailing NAV (ex-dividend NAV).

Aug 27, 10 Las t S ix months (185 days ) 231.866 -5.86 -6.67Feb 26, 10 Last 1 Year (367 days) 193.845 12.53 2.88Feb 28, 08 Last 3 Years (1096 days) 172.991 8 .05 -1.20Feb 28, 06 Last 5 Years (1826 days) 116.440 13 .38 9.81Feb 28, 01 Last 10 Years (3652 days ) 18.840 27.74 16.14Mar 31, 96 S ince Incep tion (5447 days ) 10.000 30.81 12.84





Software 14.74

Banks 13.28



Industrial Products 7.26Petroleum Products 6.09



Auto 4.94

Oil 4.18



Chemicals 2.96

Finance 2.89Industrial Capital Goods 2.52

Ferrous Metals 1.54

Pesticides 1.07

Media & Enter ta inment 1.04

Industry Allocation of Equity Holding (% of Net Assets) Banks 14.53Pharmaceuticals 10.76Software 9.32Industrial Capital Goods 7.90Consumer Non Durables 6.26Oil 4.15

Power 4.06Telecom - Services 3.59Auto Ancillaries 3.04Med ia & Enter tainment 2.89Industrial Products 2.82Petroleum Products 2.55

Construction Project 2.45Finance 1.98Transportation 1.56Gas 1.28Chemicals 0.93Construction 0.71

Consumer Durables 0.64Minerals/Mining 0.59Paper Products 0.57Trading 0.15Engineer ing Ser vices 0.05Engineering 0.04






Sun Pharmaceutical Industries Ltd. Pharmaceuticals 4.25







Bharat Electronics Ltd. Industrial Capital Goods 2.57



Cash margin 0.09




EQUITY - TAX PLANNING CATEGORY (28 schemes) for 3 and 5 year


EQUITY - TAX PLANNING CATEGORY (28 schemes) for 3 and 5 year




Monthly Figure



Monthly Figure




Please refer to page no 31 for details on the Rating Methodology Total outstanding position (as at February 28,2011) in Derivative Instruments

(Apollo Tyres Ltd. NSE Stock Futures March 2011) (Gross Notional) ` 584.91 lakhs.





NNA AVV (as at February 28, 2011) NAV per Unit (`)





Quarterly Dividend Option 11.2512

Half-Yearly Dividend Option 10.9999

Yearly Dividend Option 11.9289

HDFC Income FundAn open-ended income scheme

^̂PPaasstt PPeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR).# Crisil Composite Bond Fund Index N.A. Not Available


Aug 27, 10 Last Six Months (185 days) 21.9661 2 .58 2.13Feb 26, 10 Last 1 Year (367 days) 21.1859 6.33 4.99Feb 28, 08 Last 3 Years (1096 days) 18.2744 7.23 5.67Feb 28, 06 Last 5 Years (1826 days) 16.1907 6.83 5.74Feb 28, 01 Last 10 Year s (3652 days) 10 .8170 7.61 N.A.Sep 11, 00 Since Incept ion (3822 days ) 10.0000 8.07 N.A .

Relative Performance^(Growth Option)

MMooddiiffiieedd DDuurraattiioonn 33..5555 yyeeaarrss AAvveerraaggee MMaattuurriittyy 77..3333 yyeeaarrss

AAvveerraaggee MMaattuurriittyy 77..2222 yyeeaarrss

HDFCHigh Interest FundAn open-ended income scheme

^̂PPaasstt PPeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR).# Crisil Composite Bond Fund Index N.A. Not Available


A ug 27 , 10 L ast Six Months (185 days) 31 .8833 2.72 2 .13Feb 26, 10 Last 1 Year (367 days) 30.8385 6.16 4.99Feb 28, 08 Last 3 Years (1096 days) 26.5658 7.22 5.67Feb 28, 06 Last 5 Years (1826 days) 23.7477 6.64 5.74Feb 28 , 01 Last 10 Years (3652 days) 16.0100 7.41 N.A .A pr 28 , 97 Since Inception (5054 days) 10 .0000 8.95 N.A .


MMooddiiffiieedd DDuurraattiioonn 44..2255 yyeeaarrss

IIssssuueerr RRaattiinngg %% ttoo NNAAVV

GGOOVVEERRNNMMEENNTT SSEECCUURRIITTIIEESS,, MMOONNEEY Y MMAARRK KEETT IINNSSTTRRUUMMEENNTTSS && OOTTHHEERR CCRREEDDIITT EEXXPPOOSSUURREEGovernment Securities Sovereign 36.54

Central Bank of India PR1+ 9.94

State Bank of India AAA 9.06

Punjab & Sind Bank A1+ 6.95

Tata Motors Ltd. (Guaranteed by SBI) AAA(SO) 5.53

Andhra Bank F1+(IND) 4.98

Bank of India P1+ 4.69

NTPC Ltd. AAA 2.99

National Housing Bank AAA 2.11

ICICI Home Finance Ltd. LAAA 2.04

TToottaall GGoovveerrnnmmeenntt SSeeccuurriittiieess,, MMoonneeyy MMaarrk keett IInnssttrruummeennttss

&& OOtthheerr CCrreeddiitt EExxppoossuurree

((aaggggrreeggaatteedd hhoollddiinnggss iinn aa ssiinnggllee iissssuueerr)) 8844..8833




Portfolio – Top Holdings (as at February 28, 2011)


GGOOVVEERRNNMMEENNTT SSEECCUURRIITTIIEESS,, MMOONNEEY Y MMAARRK KEETT IINNSSTTRRUUMMEENNTTSS && OOTTHHEERR CCRREEDDIITT EEXXPPOOSSUURREE

Government Securities Sovereign 54.33

Canara Bank P1+ 10.79

State Bank of Patiala P1+ 7.40

Punjab & Sind Bank A1+ 5.69

Power Grid Corporation of India Ltd. AAA 3.88

Neyveli Lignite Corporation Ltd. AAA 3.84

National Housing Bank AAA 3.59

TToottaall GGoovveerrnnmmeenntt SSeeccuurriittiieess,, MMoonneeyy MMaarrk keett IInnssttrruummeennttss








hdfc-dt.qxd 3/9/2011 2:32 PM Page 3





Dividend Reinvestment Option 10.3250




HDFCShortTerm Plan

An open-ended income scheme

^̂PPaasstt PPeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR).# Crisil Short Term Bond Fund Index N.A. Not Available


Aug 27, 10 Last Six Months (185 days) 18.3503 2.29 2.41Feb 26, 10 Last 1 Year (367 days) 17.8420 5.18 4.87Feb 28, 08 Last 3 Years (1096 days) 14.5883 8.76 6.86Feb 28, 06 Last 5 Years (1826 days) 12.5278 8.42 6.90Feb 28, 02 Since Incept ion (3287 days ) 10.0000 7.24 N.A .


HDFCHigh Interest Fund- Short Term Plan


^̂PPaasstt PPeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR).# Crisil Short Term Bond Fund Index N.A. Not Available


Aug 27, 10 L ast Six Mon ths (185 days) 18.7915 1 .95 2.41Feb 26, 10 Last 1 Year (367 days) 18.2371 5.02 4.87Feb 28, 08 Last 3 Years (1096 days) 14.9421 8.63 6.86Feb 28, 06 Last 5 Years (1826 days) 12.6590 8.64 6.90Feb 06, 02 Since Inception (3309 days) 10.0000 7 .44 N.A .


MMooddiiffiieedd DDuurraattiioonn 335522 ddaayyss

AAvveerraaggee MMaattuurriittyy 11..2200 yyeeaarrssMMooddiiffiieedd DDuurraattiioonn 11..0077 yyeeaarrss

AAvveerraaggee MMaattuurriittyy 11..3311 yyeeaarrss

Portfolio – Top 10 Holdings (as at February 28, 2011)IIssssuueerr RRaattiinngg %% ttoo NNAAVV

MMOONNEEY Y MMAARRK KEETT IINNSSTTRRUUMMEENNTTSS && OOTTHHEERR CCRREEDDIITT EEXXPPOOSSUURREE

LIC Housing Finance Ltd. AA A 10.35

Tata Motors Finance Ltd. AA-/AA-(SO) 9.23

Sundaram Finance Ltd. LAA+ 8.24

Magma Fincorp Ltd. (ABS Pool) AAA(SO) 7.91

Cholamandalam Investment and F inance Company Ltd. LAA- 6.51

Tata Sons Ltd. AAA 5.88

Shriram Transport Finance Co. Ltd. A A(IND)/A A+(SO) 5.79

Sundaram BNP Paribas Home Finance Ltd. AA+/LA A 4.72

Deutsche Postbank Home Finance Ltd. LAA+ 4.65

M&M Financial Services Ltd. AA(ind) 3.26

TToottaall oof f TToopp TTeenn MMoonneeyy MMaarrk keett IInnssttrruummeennttss &&

OOtthheerr CCrreeddiitt EExxppoossuurree


TToottaall MMoonneeyy MMaarrk keett IInnssttrruummeennttss &&

OOtthheerr CCrreeddiitt EExxppoossuurree 9955..7755

Cash, Cash Equivalents and Net Current Assets 4.25GGrraanndd TToottaall 110000..0000






LIC Housing Finance Ltd. AAA 12.61

Indian Railways Finance Corporation Ltd. AAA/AAA(Ind)(SO) 8.21

Cairn India Ltd. AAA 7.90

State Bank of Mysore A1+ 7.54

Shriram Transport Finance Co. Ltd. AA+(SO) 7.49

Sundaram Finance Ltd. LAA+ 7.13



Bajaj Finance Ltd. AA+ 3.04

TToottaall oof f TToopp TTeenn MMoonneeyy MMaarrk keett IInnssttrruummeennttss



TToottaall MMoonneeyy MMaarrk keett IInnssttrruummeennttss && OOtthheerr CCrreeddiitt EExxppoossuurree 9944..1122







An open-ended

income scheme

^̂PPaasstt PPeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR).#I-Sec Si-Bex N.A. Not Available


Aug 27, 10 Last Six Mon ths (185 days) 16.0465 3.05 2.71Feb 26, 10 Last 1 Year (367 days) 15.7349 5.06 4.53Feb 28, 08 Last 3 Years (1096 days) 14.5107 4.45 7.65Feb 28, 06 Last 5 Years (1826 days) 13.0120 4.91 7.63Jul 25, 01 Si nce In ception (3505 days) 10.0000 5.38 N.A .


HDFCGilt Fund

Short Term Plan

^̂PPaasstt PPeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR).#I-Sec Li-Bex N.A. Not Available


Aug 27, 10 L ast Six Mon ths (185 days) 19.0756 3.19 2.93Feb 26, 10 Last 1 Year (367 days) 18.5434 6.11 7.11Feb 28, 08 Last 3 Years (1096 days) 17.0895 4.82 7.23Feb 28, 06 Last 5 Years (1826 days) 15.2529 5.23 7.55Jul 25, 01 Since Incepti on (3505 days) 10.0000 7 .31 N.A .


Long Term Plan

MMooddiiffiieedd DDuurraattiioonn 11..9966 yyeeaarrss MMooddiiffiieedd DDuurraattiioonn 33..9933 yyeeaarrss

AAvveerraaggee MMaattuurriittyy 22..3399 yyeeaarrss AAvveerraaggee MMaattuurriittyy 77..4477 yyeeaarrss

IIssssuueerr RRaattiinngg %% ttoo NNAAVV GGOOVVEERRNNMMEENNTT SSEECCUURRIITTIIEESS

6.49% GOI 2015 Sovereign 29.02



TToottaall GGoovveerrnnmmeenntt SSeeccuurriittiieess 6611..8866



NNeett AAsssseettss ((`̀ IInn LLaak khhss)) 889955..6633


IIssssuueerr RRaattiinngg %% ttoo NNAAVV GGOOVVEERRNNMMEENNTT SSEECCUURRIITTIIEESS && TTRREEAASSUURRY Y BBIILLLLSS




364 Days T-Bills Sovereign 10.40




182 Days T-Bills Sovereign 4.57



TToottaall GGoovveerrnnmmeenntt SSeeccuurriittiieess && TTrreeaassuurryy BBiillllss 7766..8866











GILT - MEDIUM & LONG TERM CATEGORY

(31 schemes) for 3 & 5 year periodsending February 28, 2011





^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable

Returns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR). #Crisil Liquid Fund Index


Aug 27, 10 Last Six Months (185 days) 15.8811 3.45 3.53Feb 26, 10 Last 1 Year (367 days) 15.5072 5.91 5.84Feb 28, 08 Last 3 Years (1096 days) 13.5598 6.60 6.22Feb 28, 06 Last 5 Years (1826 days) 11.7001 7.02 6.46Jan 16, 03 S ince Incept ion (2965 days) 10.0101 6.29 5.68

Relative Performance^- Retail Option (Growth Option)


✤ PPaasstt ppeer rf foor rmmaannccee i iss nnoo gguuaar raanntteeee oof f f fuuttuur ree r reessuul lttss.. Please refer to page no 31 f or details on the Rating Methodology

Short Term Plan


Kotak Mahindra Bank Ltd. P1+/- 5.81

HDFC Bank Ltd. - 5.81

IDBI Bank Ltd. A1+ 5.80

UCO Bank P1+ 5.63

Punjab National Bank F1+(IND) 5.20

Indian Overseas Bank A1+ 4.76

Central Bank of India PR1+ 2.91

State Bank Of Hyderabad A1+ 2.91

Syndicate Bank PR1+ 2.91

Export-Import Bank Of India P1+ 2.91


&& OOtthheerr CCrreeddiitt EExxppoossuurree ((aaggggrreeggaatteedd hhoollddiinnggss iinn aa ssiinnggllee iissssuueerr)) 4444..6655








MMOONNEEY Y MMAARRK KEETT IINNSSTTRRUUMMEENNTTSS && OOTTHHEERR CCRREEDDIITT EEXXPPOOSSUURREEAndhra Bank F1+(IND) 13.83

LIC Hous ing Finance Ltd. AAA 11.41

Union Bank of India A1+ 7.68

Punjab National Bank F1+(IND) 5.87

State Bank of Bikaner & Jaipur P1+ 4.91

Vijaya Bank PR1+ 4.87

Axis Bank Ltd. P1+ 4.77

Tata Capital Ltd. AA+ 4.73

Tata Motors Finance Ltd. AA- 4.50

State Bank of Travancore P1+ 3.88

TToottaall oof f TToopp TTeenn MMoonneeyy MMaarrk keett IInnssttrruummeennttss &&

OOtthheerr CCrreeddiitt EExxppoossuurree







HDFCFloatingRate Income Fund


HDFC Floating RateIncome Fund


^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR). #Crisil Liquid Fund Index


Aug 27, 10 Last Six Mon ths (185 days) 16 .1359 3.25 3 .53Feb 26, 10 Last 1 Year (367 days) 15.7654 5.65 5.84Feb 28, 08 Last 3 Years (1096 days) 13.3366 7.69 6 .22Feb 28, 06 Last 5 Years (1826 days) 11.5838 7.53 6 .46Jan 16, 03 S ince Inception (2965 days ) 10.0104 6.47 5.68


Long Term Plan


AAvveerraaggee MMaattuurriittyy 2233 ddaayyss



RReettaaiill OOppttiioonnGrowth Option 16.4285

Daily Dividend Reinvestment Option 10.0809Weekly Dividend Option 10.1507Monthly Dividend Option 10.2049WWhhoolleessaallee OOppttiioonnGrowth Option 16.6076Daily Dividend Reinvestment Option 10.0809Weekly Dividend Option 10.1514Monthly Dividend Option 10.2078


Growth Option 16.6604Dividend Reinvestment Option 10.1861

WHOLESALE OPTIONDEBT: ULTRA SHORT TERM CATEGORY

(126 schemes) for 18 monthperiod ending February 28, 2011

DEBT: SHORT TERM CATEGORY

(23 schemes) for 18 month periodending February 28, 2011



hdfc-dt1.qxd 3/9/2011 12:49 PM Page 1



Savings Plan

An open-ended high liquidity income scheme


LLiiqquuiidd FFuunnddFeb 21, 11 Last 7 days 19.2129 0.15 0.15Feb 11, 11 Last 17 days 19.1714 0.37 0.37Jan 28, 11 Last 1 Month (31 days) 19.1141 0.67 0.67Nov 26, 10 Last 3 Months (94 days) 18.8799 1.92 1.97Aug 27, 10 L ast 6 Months (185 days) 18 .5975 3.47 3.53Feb 26, 10 Last 1 Year (367 days) 18.1740 5.85 5.84Feb 28, 08 Last 3 Years (1096 days) 15.9694 6.41 6.22Feb 28, 06 Last 5 Years (1826 days) 13.8153 6.85 6.46Feb 28, 01 Last 10 Year s (3652 days) 10.3397 6.40 N.A.Oc t 17, 00 Since In ception (3786 days) 10 .0000 6.51 N.A .


^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurree N.A. Not AvailablePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR). # Crisil Liquid Fund Index

Portfolio – Top 10 Holdings (as at February 28, 2011)IIssssuueerr RRaattiinngg %% ttoo NNAAVV

HDFC Liquid Fund

An open-ended liquid income scheme

HDFCCashManagement Fund

LIQUID FUND, PREMIUM PLAN &

PREMIUM PLUS PLAN - DEBT: LIQUID

CATEGORY (94 schemes) for 18 monthperiod ending February 28, 2011






DEBT: LIQUID CATEGORY

(94 schemes) for 18 month periodending February 28, 2011



DDaattee PPeerriioodd NNAAVV RReettuurrnnss BBeenncchhmmaarrk kppeerr UUnniitt ((`̀)) ((%%))^̂$$$$ RReettuurrnnss ((%%))##


Feb 21, 11 Last 7 days 20.3129 0.16 0.15Feb 11, 11 Last 17 days 20.2680 0.38 0.37Jan 28, 11 Last 1 Month (31 days) 20.2067 0.68 0.67Nov 26, 10 L ast 3 Months (94 days) 19.9529 1.96 1.97A ug 27, 10 Last 6 Mon ths (185 days) 19.6455 3 .56 3 .53Feb 26, 10 Last 1 Year (367 days) 19.1737 6.07 5.84Feb 28, 08 Last 3 Years (1096 days) 16.7883 6.61 6.22Feb 28, 06 Last 5 Years (1826 days) 14.4897 7.02 6.46Feb 28, 01 Last 10 Years (3652 days) 10.7527 6 .57 N.A .Nov 18, 99 Since Incept ion (4120 days ) 10.0000 6.53 N.A .

^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurreePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR). #Crisil Liquid Fund Index$$ All dividends declared prior to the splitting of the Scheme into Dividend &Growth Options are assumed to be reinvested in the units of the Scheme at the thenprevailing NAV (ex-dividend NAV). N.A. Not Available

NNA AVV (as at February 28, 2011) NAV per Unit (̀ )


Daily Dividend Reinvestment Option 10.6364

Weekly Dividend Option 10.6319

NNA AVV (as at February 28, 2011) NAV per Unit (`)HHDDFFCC LLiiqquuiidd FFuunnddGrowth Option 19.2425Daily Dividend Reinvestment Option 10.1982Weekly Dividend Option 10.3263Monthly Dividend Option 10.3254

HHDDFFCC LLiiqquuiidd FFuunndd -- PPrreemmiiuumm PPllaannGrowth Option 19.5121Daily Dividend Reinvestment Option 12.2598Weekly Dividend Option 10.1089HHDDFFCC LLiiqquuiidd FFuunndd -- PPrreemmiiuumm PPlluuss PPllaannGrowth Option 19.5516Weekly Dividend Option 10.0000

MMOONNEEY Y MMAARRK KEETT IINNSSTTRRUUMMEENNTTSS && OOTTHHEERR CCRREEDDIITT EEXXPPOOSSUURREEPunjab National Bank F1+(IND) 6.80Indian Oil Corporation Ltd P1+ 5.90Canara Bank P1+ 4.94HDFC Bank Ltd. - 4.63Indian Bank F1+(IND) 4.54Oriental Bank of Commerce P1+ 4.35Andhra Bank F1+(IND) 3.40State Bank of Mysore A1+ 2.85Axis Bank Ltd P1+ 2.78










MMOONNEEY Y MMAARRK KEETT IINNSSTTRRUUMMEENNTTSS && OOTTHHEERR CCRREEDDIITT EEXXPPOOSSUURREEIndian Oil Corporation Ltd. P1+ 5.78State Bank of India P1+ 5.12HDFC Bank Ltd. - 4.72Bank of India P1+ 4.64Syndicate Bank PR1+ 3.80Punjab National Bank F1+(IND) 3.27UCO Bank P1+ 2.60Dena Bank P1+ 2.56Andhra Bank F1+(IND) 1.92

Indian Bank F1+(IND) 1.89

TToottaall oof f TToopp TTeenn MMoonneeyy MMaarrk keett IInnssttrruummeennttss && OOtthheerr CCrreeddiitt EExxppoossuurree






NNeett AAsssseettss ((`̀ IInn LLaak khhss)) 11,,116644,,883311..4477






AAvveerraaggee MMaattuurriittyy 11 ddaayy

MMooddiiffiieedd DDuurraattiioonn 11 ddaayy

HDFCCashManagement Fund

HDFC Cash Management Fund



NNoottee f foorr AAllll AAf foorreessaaiidd OOppeenn--EEnnddeedd SScchheemmeess ((aass aatt FFeebbrruuaarryy 2288,, 22001111))i) Total NPAs provided for and its percentage to NAV : Nilii) Investment in ADR/GDR/Foreign Securities : Niliii) Total outstanding exposure in derivative instruments (Gross Notional) :

a) EquityHHDDFFCC EEqquuiittyy FFuunndd(Punjab National Bank NSE Stock Futures March 2011) ` 261.74 lakhs(Larsen & Toubro Ltd. NSE Stock Futures March 2011) ` 3,217.41 lakhs(Dr. Reddy’s Laboratories Ltd. NSE Stock Futures March 2011) ` 612.96 lakhs(Tata Power Company NSE Stock Futures March 2011) ` 632.97 lakhs(Sun Pharmaceuticals Industries Ltd. NSE Stock Futures March 2011) ` 1,185.10 lakhs(Mahindra & Mahindra Ltd. NSE Stock Futures March 2011) ` 618.65 lakhs

HHDDFFCC TToopp 220000 FFuunndd(Hero Honda Motors Ltd. NSE Stock Futures March 2011) ` 744.40 lakhs(Hindustan Unilever Ltd. NSE Stock Futures March 2011) ` 1,124.80 lakhs(Steel Authority of India Ltd. NSE Stock Futures March 2011) ` 153.40 lakhs(Tata Motors Ltd. NSE Stock Futures March 2011) ` 1,294.20 lakhs(Aurobindo Pharma Ltd. NSE Stock Futures March 2011) ` 170.60 lakhs(Larsen & Toubro Ltd. NSE Stock Futures March 2011) ` 1,302.29 lakhsHHDDFFCC IInnddeexx FFuunndd ((NNiif fttyy PPllaann))(Nifty NSE March 2011 Futures) (Gross Notional) ` 157.47 lakhsHHDDFFCC TTaaxxSSaavveerr(Apollo Tyres Ltd. NSE Stock Futures March 2011) ` 584.91 lakhsHHDDFFCC MMFF MMIIPP -- LLoonngg TTeerrmm PPllaann(LIC Housing Finance Ltd. NSE Stock Futures March 2011) ` 377.30 lakhs

TToottaall ` 1122,,443388..1199 llaak khhss

b )D eb t : Int erest Rates S wap s / Forward Rate Agreem ent : Ni l


Relative Performance^- Retail Option (Growth Option)

Treasury Advantage Plan Call Plan

Feb 21, 11 Last 7 days 15.9970 0.12 0.15Feb 11, 11 Last 17 days 15.9695 0.29 0.37Jan 28, 11 Last 1 Month (31 days) 15.9314 0.53 0.67Nov 26, 10 L ast 3 Months (94 days) 15.7653 1.59 1.97Aug 27, 10 L ast 6 Months (185 days) 15.5488 3.01 3.53Feb 26, 10 Last 1 Year (367 days) 15.2142 5.24 5.84Feb 28, 08 Last 3 Years (1096 days) 13.7614 5.18 6.22Feb 28, 06 Last 5 Years (1826 days) 12.0065 5.93 6.46Feb 06, 02 Since Inception (3309 days) 10.0000 5 .33 N.A .

An open-ended income scheme An open-ended high liquidity income scheme

^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurree N.A. Not AvailablePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period arecompounded annualized (CAGR). #Crisil Liquid Fund Index

Aug 27, 10 Last Six Months (185 days) 20.3975 3.47 3.53Feb 26, 10 Last 1 Year (367 days) 19.9061 5.99 5.84Feb 28, 08 Last 3 Years (1096 days) 17.4606 6.52 6.22Feb 28, 06 Last 5 Years (1826 days) 15.0945 6.93 6.46Feb 28, 01 Last 10 Years (3652 days) 11.2340 6.51 N.A .Nov 18, 99 S ince Incept ion (4120 days ) 10.0000 6.84 N.A .

^̂PPaasstt ppeerrf foorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee f fuuttuurree N.A. Not AvailablePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicableReturns less than 1 year period are absolute. Returns equal to or greater than 1 year period are

compounded annualized (CAGR). #Crisil Liquid Fund Index

WHOLESALE OPTIONDEBT: ULTRA SHORT TERM C ATEGORY

(126 schemes) for 18 monthperiod ending February 28, 2011






RReettaaiill OOppttiioonnGrowth Option 21.1055Daily Dividend Reinvestment Option 10.0315Weekly Dividend Option 10.0363Monthly Dividend Option 10.1107WWhhoolleessaallee OOppttiioonnGrowth Option 21.3636Daily Dividend Reinvestment Option 10.0315Weekly Dividend Option 10.0367Monthly Dividend Option 10.1127

NNA AVV (as at February 28, 2011) NAV per Unit (̀ )

Growth Option 16.0162Daily Dividend Reinvestment Option 10.4266


Punjab National Bank F1+(ind) 10.14

Union Bank of India A1+ 5.05

HDFC Bank Ltd. - 4.98

Andhra Bank F1+(ind) 4.77

Indian Overseas Bank A1+ 4.60

Corporation Bank P1+ 3.42


United Bank Of India A1+ 2.81

Oriental Bank of Commerce P1+ 2.76




((aaggggrreeggaatteedd hhoollddiinnggss iinn aa ssiinnggllee iissssuueerr)) 4433..9944 TToottaall MMoonneeyy MMaarrk keett IInnssttrruummeennttss && OOtthheerr CCrreeddiitt EExxppoossuurree 7700..0011



NNeett AAsssseettss ((`̀ IInn LLaak khhss)) 11,,550000,,551166..9966

Portfolio – Holdings (as at February 28, 2011)IIssssuueerr %% ttoo NNAAVV








Dividend History ^

^̂ PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree.. All dividends are on face value of `̀ 10 per Unit. After payment of the dividend, the per Unit NAV fallsto the extent of the payout and statutory levy, if any.* Please log on to www.hdfcfund.com for Record Date-wise listing of dividends declared

HDFC Liquid Fund

Weekly Dividend Option (Past 6 months)RReeccoorrdd CCuumm DDiivv DDiivviiddeenndd PPeerr uunniitt ((`̀)) FFoorr RReeccoorrdd CCuumm DDiivv DDiivviiddeenndd PPeerr uunniitt ((`̀)) FFoorr

DDaattee NNAAVV ((`̀)) IInnddiivviidduuaallss && HHUUFF OOtthheerrss DDaattee NNAAVV ((`̀)) IInnddiivviidduuaallss && HHUUFF OOtthheerrss

Sep 06, 10 10.3202 0.0078 0.0078

Sep 13, 10 10.3209 0.0083 0.0083

Sep 20, 10 10.3212 0.0085 0.0085

Sep 27, 10 10.3219 0.0091 0.0091

Oct 04, 10 10.3225 0.0096 0.0096

Oct 11, 10 10.3225 0.0096 0.0096

Oct 18, 10 10.3226 0.0096 0.0096

Oct 25, 10 10.3228 0.0098 0.0098

Nov 01, 10 10.3231 0.0100 0.0100

Nov 08, 10 10.3234 0.0103 0.0103

Nov 15, 10 10.3230 0.0099 0.0099

Nov 22, 10 10.3230 0.0099 0.0099

Nov 29, 10 10.3232 0.0101 0.0101

Dec 06, 10 10.3228 0.0098 0.0098

Dec 13, 10 10.3230 0.0099 0.0099

Dec 20, 10 10.3239 0.0107 0.0107

Dec 27, 10 10.3244 0.0110 0.0110

Jan 03, 11 10.3254 0.0118 0.0118

Jan 10, 11 10.3247 0.0113 0.0113

Jan 17, 11 10.3255 0.0119 0.0119

Jan 24, 11 10.3255 0.0119 0.0119

Jan 31, 11 10.3257 0.0121 0.0121

Feb 07, 11 10.3256 0.0120 0.0120

Feb 14, 11 10.3259 0.0122 0.0122

Feb 21, 11 10.3259 0.0122 0.0122

Feb 28, 11 10.3263 0.0125 0.0125

RReettaaiill OOppttiioonn

Sep 06, 10 10.1455 0.0089 0.0083

Sep 13, 10 10.1458 0.0091 0.0085

Sep 20, 10 10.1464 0.0097 0.0090

Sep 27, 10 10.1467 0.0099 0.0093

Oct 04, 10 10.1468 0.0100 0.0093

Oct 11, 10 10.1475 0.0106 0.0099

Oct 18, 10 10.1473 0.0105 0.0098

Oct 25, 10 10.1474 0.0105 0.0098

Nov 01, 10 10.1481 0.0111 0.0104

Nov 08, 10 10.1479 0.0110 0.0102

Nov 15, 10 10.1481 0.0112 0.0104

Nov 22, 10 10.1477 0.0108 0.0101

Nov 29, 10 10.1477 0.0109 0.0100

Dec 06, 10 10.1478 0.0109 0.0101

Dec 13, 10 10.1481 0.0111 0.0104

Dec 20, 10 10.1493 0.0122 0.0114

Dec 27, 10 10.1496 0.024 0.0116

Jan 03, 11 10.1496 0.0125 0.0116

Jan 10, 11 10.1500 0.0128 0.0119

Jan 17, 11 10.1502 0.0130 0.0121

Jan 24, 11 10.1502 0.0130 0.0121

Jan 31, 11 10.1501 0.0129 0.0120

Feb 07, 11 10.1504 0.0132 0.0123

Feb 14, 11 10.1505 0.0133 0.0124

Feb 21, 11 10.1505 0.0133 0.0124

Feb 28, 11 10.1507 0.0134 0.0125

WWhhoolleessaallee OOppttiioonn

Sep 06, 10 10.1463 0.0096 0.0089

Sep 13, 10 10.1466 0.0098 0.0092

Sep 20, 10 10.1471 0.0103 0.0096

Sep 27, 10 10.1475 0.0107 0.0099

Oct 04, 10 10.1476 0.0107 0.0100

Oct 11, 10 10.1482 0.0112 0.0105

Oct 18, 10 10.1481 0.0111 0.0104

Oct 25, 10 10.1482 0.0113 0.0105

Nov 01, 10 10.1489 0.0118 0.0110

Nov 08, 10 10.1487 0.0117 0.0109

Nov 15, 10 10.1488 0.0118 0.0110

Nov 22, 10 10.1485 0.0115 0.0107

Nov 29, 10 10.1485 0.0115 0.0107

Dec 06, 10 10.1486 0.0116 0.0108

Dec 13, 10 10.1488 0.0118 0.0110

Dec 20, 10 10.1501 0.0129 0.0120

Dec 27, 10 10.1504 0.0132 0.0123

Jan 03, 11 10.1504 0.0132 0.0123

Jan 10, 11 10.1508 0.0135 0.0126

Jan 17, 11 10.1508 0.0135 0.0126

Jan 24, 11 10.1509 0.0136 0.0127

Jan 31, 11 10.1508 0.0135 0.0126

Feb 07, 11 10.1511 0.0138 0.0128

Feb 14, 11 10.1513 0.0139 0.0130

Feb 21, 11 10.1512 0.0139 0.0129

Feb 28, 11 10.1514 0.0141 0.0131

RReeccoorrdd CCuumm DDiivv DDiivviiddeenndd PPeerr uunniitt ((`̀)) FFoorr DDaattee NNAAVV ((`̀)) IInnddiivviidduuaallss && HHUUFF OOtthheerrss




Short Term Plan (Weekly Dividend Option) (Past 6 months)


Sep 06, 10 10.1866 0.0138 0.0128

Sep 13, 10 10.1854 0.0127 0.0119

Sep 20, 10 10.1845 0.0119 0.0112

Sep 27, 10 10.1804 0.0083 0.0078

Oct 04, 10 10.1883 0.0153 0.0142

Oct 11, 10 10.1781 0.0063 0.0059

Oct 25, 10 10.1771 0.0054 0.0050

Nov 01, 10 10.1832 0.0108 0.0101

Nov 08, 10 10.1905 0.0172 0.0160

Nov 15, 10 10.1782 0.0064 0.0060

Nov 22, 10 10.1839 0.0115 0.0107

Nov 29, 10 10.1771 0.0055 0.0051

Dec 13, 10 10.1758 0.0043 0.0040

Dec 20, 10 10.1923 0.0188 0.0175

Dec 27, 10 10.1762 0.0047 0.0043

Jan 03, 11 10.1958 0.0219 0.0204

Jan 10, 11 10.1886 0.0156 0.0145

Jan 17, 11 10.1796 0.0076 0.0071

Jan 24, 11 10.1865 0.0137 0.0127

Jan 31, 11 10.1870 0.0141 0.0132

Feb 07, 11 10.1847 0.0121 0.0113

Feb 14, 11 10.1885 0.0155 0.0144

Feb 21, 11 10.1882 0.0152 0.0142

Feb 28, 11 10.1861 0.0134 0.0125

Long Term Plan (Weekly Dividend Reinvestment Option) (Past 6 months)

RReettaaiill OOppttiioonn

Dec 27, 10 10.1973 0.0468 0.0436

Jan 31, 11 10.2174 0.0644 0.0600

Feb 28, 11 10.2049 0.0534 0.0498WWhhoolleessaallee OOppttiioonn

Dec 27, 10 10.2005 0.0496 0.0462

Jan 31, 11 10.2211 0.0676 0.0630

Feb 28, 11 10.2078 0.0559 0.0521

RReeccoorrdd DDaattee CCuumm DDiivviiddeenndd NNAAVV ((`̀)) DDiivviiddeenndd PPeerr uunniitt ((`̀)) FFoorr IInnddiivviidduuaallss && HHUUFF OOtthheerrss

Short Term Plan (Monthly Dividend Option) (Past 3 months)


RReettaaiill OOppttiioonnSeptember 2010 Daily 10.0809 0.0404 0.0376October 2010 Daily 10.0809 0.0470 0.0439November 2010 Daily 10.0809 0.0465 0.0435December 2010 Daily 10.0809 0.0505 0.0468January 2011 Daily 10.0809 0.0533 0.0495February 2011 Daily 10.0809 0.0531 0.0494WWhhoolleessaallee OOppttiioonnSeptember 2010 Daily 10.0809 0.0437 0.0405October 2010 Daily 10.0809 0.0498 0.0467November 2010 Daily 10.0809 0.0494 0.0462December 2010 Daily 10.0809 0.0535 0.0496January 2011 Daily 10.0809 0.0499 0.0466February 2011 Daily 10.0809 0.0556 0.0518

MMoonntthh RReeccoorrdd DDaattee EEx x--ddiivviiddeenndd NNAAVV ppeerr UUnniitt ((`̀)) AAggggrreeggaattee DDiivviiddeenndd PPeerr UUnniitt ((`̀)) ffoorr tthhee mmoonntthh IInnddiivviidduuaallss && HHUUFF OOtthheerrss

Short Term Plan (Daily Dividend Reinvestment Option)* (Past 6 months)


HDFC Short Term PlanDividend Reinvestment Option (Past 3 months)



Jan 25, 11 10.3625 0.0398 0.0371 Feb 25 , 11 10.3689 0.0454 0.0423

HDFCGilt Fund (Past 3 quarters)

Jun 25, 10 10.7511 0.1000 0.0932

Sep 27, 10 10.6979 0.0500 0.0466Dec 27, 10 10.8185 0.0500 0.0466

Jun 25, 10 10.5837 0.1000 0.0932

Sep 27, 10 10.5985 0.0500 0.0466Dec 27, 10 10.6990 0.0500 0.0466


RReeccoorrdd CCuumm DDiivv DDiivviiddeenndd PPeerr uunniitt ((RR`̀)) FFoorr DDaattee NNAAVV ((`̀)) IInnddiivviidduuaallss && HHUUFF OOtthheerrss

Short Term Plan (Dividend Option) Long Term Plan (Dividend Option)

^̂ PPaasstt ppeerrffoorrmmaannccee mmaayy oorr mmaayy nnoott bbee ssuussttaaiinneedd iinn tthhee ffuuttuurree.. All dividends are on face value of `10 per Unit. After payment of the dividend, the per Unit NAV fallsto the extent of the payout and statutory levy, if any.


hdfc-div.qxd 3/9/2011 12:49 PM Page 2



Methodology

Value Research Fund Ratings are a composite measure of historical risk-adjusted returns. In the case of equity and hybrid funds this rating is based on the weighted aver-

age monthly returns for the last 3 and 5-year periods. In the case of debt funds this rating is based on the weighted average weekly returns for the last 18 months and 3-year

periods and in case of short-term debt funds - weekly returns for the last 18 months. These ratings do not take into consideration any entry or exit load. Each category musthave a minimum of 10 funds for it to be rated. Effective, July 2008, an additional qualifying criteria has been included, whereby a fund with less than Rs 5 crore of average AUM

in the past six months will not be eligible for rating.

Five-stars indicate that a fund is in the top 10% of its category in terms of historical risk-adjusted returns. Four stars indicate that a fund is in the next 22.5%, middle 35%

receive three stars, the next 22.5% are assigned two stars while the bottom 10% receive one star. The number of schemes in each category is mentioned along side the cate-

gories name. Equity: Large Cap (35), Equity: Large & Mid Cap (57), Equity: Multi Cap (45), Equity: Mid & Small Cap (54) Equity: Tax Planning (28), Equity: Infrastructure (18),

Hybrid: Equity-oriented (25), Hybrid: Debt-oriented Aggressive (11), Hybrid: Debt-oriented Conservative (43), Hybrid: Arbitrage (14) Debt: Income (54), Debt: Gilt Medium & Long

Term (31),

Debt: Gilt Short Term (10), Debt: Short Term (23), Debt: Ultra Short Term (126), Debt: Liquid (94). These Fund Ratings are as on February 28, 2011.

The Value Research Ratings are published in Monthly Mutual Fund Performance Report and Mutual Fund Insight. The Ratings are subject to change every month. The Rating

is based on primary data provided by respective funds, Value Research does not guarantee the accuracy.

Value Research Ratings

Disclaimer:

The information contained herein should not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media orreproduced in any form, without prior written consent of HDFC Asset Management Company Limited (HDFC AMC) or the relevant owner of the intellectual property, as the casemay be. All Intellectual property and intellectual property rights belong to the relevant owner of the intellectual property, and “Intouch Mutually” is a trademark of HDFC AMC.

Any information herein contained does not constitute and shall be deemed not to constitute an advice, an offer to sell/ purchase or as an invitation or solicitation to do sofor any securities of any entity, and further, HDFC AMC / its subsidiaries / affiliates / sponsors / trustee (HDFC AMC Group) or their officers, employees, personnel, directors maybe associated in a commercial, professional or personal capacity or may have a commercial interest including as proprietary traders in or with the securities and/ or companies

or issues or matters as contained in this publication and such commercial capacity or interest whether or not differing with or conflicting with this publication, shall not make orrender (HDFC AMC Group) liable in any manner whatsoever & (HDFC AMC Group) or any of their officers, employees, personnel, directors shall not be liable for any loss, dam-age, liability whatsoever for any direct or indirect loss arising from the use or access of any information that may be displayed in this publication from time to time. Recipientsof the information contained herein should exercise due care and caution and read the Scheme Information Document(s) and Statement of Additional Information (including if necessary, obtaining the advice of tax / legal / accounting / financial / other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the informa-tion contained herein. The printing and mailing cost of this newsletter is charged to the respective schemes subject to Securities & Exchange Board of India (Mutual Funds)Regulations, 1996.

The author’s opinions, beliefs and viewpoints published in Intouch Mutually (Page No. 3) are his own views and not of HDFC AMC Group, or any of their officers, employ-ees, personnel and directors. HDFC AMC Group or any of their officers, employees, personnel, directors do not accept responsibility for the author ’s content and make no rep-resentation as to the accuracy, completeness or reliability of the author ’s content and hereby disclaim any liability with regard to the same.

HDFC Equity Fund, HDFC Capital Builder Fund, HDFC TaxSaver and HDFC Premier Multi-Cap Fund benchmarked to S&P CNX 500 Index and HDFC Mid-Cap Opportunities Fundbenchmarked to CNX Midcap Index and HDFC Long Term Equity Fund benchmarked to S&P CNX Nifty, are not sponsored, endorsed, sold or promoted by India Index Services &

Products Limited (IISL). IISL is not responsible for any errors or omissions or the results obtained from the use of such index and in no event shall IISL have any liability to anyparty for any damages of whatsoever nature (including lost profits) resulted to such party due to purchase or sale or otherwise of such product benchmarked to such index.

“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), whichhas sublicensed such marks to the HDFC Asset Management Company Limited. The S&P CNX Nifty is not compiled, calculated or distributed by Standard & Poor’s and Standard &Poor’s and IISL make no representation regarding the advisability of investing in products that utilize any such Index as a component. All rights in the SENSEX vest in Bombay Stock Exchange Ltd. (“BSE”). BSE and SENSEX are trademarks of BSE and are used by HDFC Asset Management Company Limited under license. BSE shall not be liable in any manner what-soever (including in negligence) for any loss arising to any person whosoever out of use of or reliance on the SENSEX by any person.

# S&P CNX 500 / CNX MID CAP / BSE SENSEX / S&P CNX NIFTY


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