hdfc combined equity mip kim april 2320101

8/9/2019 Hdfc Combined Equity Mip Kim April 2320101

1/44

Open-ended Growth Schemes

Open-ended Balanced Schemes

Open-ended Equity Linked Savings Schemes

Open-ended Index Linked Scheme

Open-ended Monthly Income Scheme

Sponsors :

Housing Development Finance Corporation LimitedRegistered Office :Ramon House, H. T. Parekh Marg,

169, Backbay Reclamation,Churchgate, Mumbai 400 020.

Standard Life Investments LimitedRegistered Office :1 George Street, Edinburgh, EH2 2LLUnited Kingdom.

Asset Management Company :

HDFC Asset Management Company Limited

A Joint Venture with Standard Life Investments LimitedRegistered Office :Ramon House, 3rd Floor,H. T. Parekh Marg,169, Backbay Reclamation,Churchgate, Mumbai 400 020.

Trustee :

HDFC Trustee Company LimitedRegistered Office :Ramon House, 3rd Floor,H. T. Parekh Marg,169, Backbay Reclamation,Churchgate, Mumbai 400 020.

This Key Information Memorandum (KIM) sets forth the information, which a prospective investor ought to know before investing.

For further details of the scheme / Mutual Fund, due diligence certificate by the AMC, Key Personnel, investors' rights & services,

risk factors, penalties & pending litigations, etc. investors should, before investment, refer to the Scheme Information Document(s)

(SID) and Statement of Additional Information (SAI) available free of cost at any of the Investor Service Centres or distributors or

from the website www.hdfcfund.com

The Scheme particulars have been prepared in accordance with Securities and Exchange Board of India (Mutual Funds)

Regulations, 1996, as amended till date, and filed with Securities and Exchange Board of India (SEBI). The units being offered for

public subscription have not been approved or disapproved by SEBI, nor has SEBI certified the accuracy or adequacy of this KIM.

The date of this Key Information Memorandum is April 23, 2010.


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SCHEMES OFFERED TABLE OF CONTENTS

Page No.

HDFC Growth Fund (HGF) .......... ....................... 1

HDFC Equity Fund (HEF) .............................................. 2

HDFC Top 200 Fund (HT200) ...................................... 3

HDFC Capital Builder Fund (HCBF) .............................. 4

HDFC Core & Satellite Fund (HCSF) ............................. 5

HDFC Premier Multi-Cap Fund (HPMCF) ...................... 6

HDFC Arbitrage Fund (HAF) ....................................... 8

HDFC Balanced Fund (HBF) ........................................ 10

HDFC Prudence Fund (HPF) ........................................ 11

HDFC Long Term Advantage Fund (HLTAF) ................. 12

HDFC TaxSaver (HTS) .................................................. 13

HDFC Index Fund (HIF) ................................................... 14

HDFC MF Monthly Income Plan (HMIP) ....................... 16

Information Common to Schemes ............................... 18

.........Open-ended Grow th Schemes

HDFC Grow th Fund (HGF)

HDFC Equi t y Fund (HEF)

HDFC Top 200 Fund (HT200)

HDFC Capi tal Bui lder Fund (HCBF)

HDFC Core & Satellite Fund (HCSF)

HDFC Premier Mult i-Cap Fund(HPMCF)

HDFC Arbit rage Fund (HAF)

Open-ended Balanced Schemes

HDFC Balanced Fund (HBF)

HDFC Prudence Fund (HPF)

Open-ended Equity Linked Savings Schemes

(Lock-in period : 3 years)

HDFC Long Term Advantage Fund (HLTAF)

HDFC TaxSaver (HTS)

Open-ended Index Linked Scheme

HDFC Index Fund (HIF)

Open-ended Monthly Income Scheme

HDFC MF Monthly Income Plan (HMIP)

(An open-ended Income Scheme. Monthly Incomeis not assured and is subject to availability ofdistributable surplus)


3/44Key Information Memorandum 1

Name & TName & TName & TName & TName & Type of Schemeype of Schemeype of Schemeype of Schemeype of Scheme HDFC Growth Fund (HGF)HDFC Growth Fund (HGF)HDFC Growth Fund (HGF)HDFC Growth Fund (HGF)HDFC Growth Fund (HGF)(An Open-ended Growth Scheme)Investment ObjectiveInvestment ObjectiveInvestment ObjectiveInvestment ObjectiveInvestment Objective To generate long term capital appreciation from a portfolio that is invested predominantly in equity and equity-

related instruments.

Asset AllocationAsset AllocationAsset AllocationAsset AllocationAsset Allocation TTTTTypes of Instrumentsypes of Instrumentsypes of Instrumentsypes of Instrumentsypes of Instruments Normal AllocationNormal AllocationNormal AllocationNormal AllocationNormal AllocationPPPPPattern of the Schemeattern of the Schemeattern of the Schemeattern of the Schemeattern of the Scheme (% of Net Assets)(% of Net Assets)(% of Net Assets)(% of Net Assets)(% of Net Assets)

Equities & Equity related instruments 80 - 100

Debt Securities, Money Market instruments & Cash (including money at call) 0 - 20

The Scheme may seek investment opportunity in the ADR / GDR / Foreign Equity and Debt Securities subjectto SEBI (Mutual Funds) Regulations, 1996. Maximum exposure to investment in Foreign Debt Securities will berestricted to 20% of the net assets. The Scheme may use derivatives mainly for the purpose of hedging andportfolio balancing (max. 20% of net assets) based on the opportunities available subject to SEBI (Mutual Funds)Regulations, 1996. The Scheme will not invest in Foreign Securitised Debt.

Investment StrategyInvestment StrategyInvestment StrategyInvestment StrategyInvestment Strategy The Scheme is an open-ended equity scheme that invests predominantly in equity and equity related instruments.The following are the five basic principles that serve as the foundation for this investment approach :i) Focus on the long term;ii) Investments confer proportionate ownership;ii i) Maintain a margin of safety;iv) Maintain a balanced outlook on the market;v) Discipl ined approach to sell ing

A part of the net assets of the Scheme may be invested in debt securities and money market instruments.

Please refer to Scheme Information Document (SID) of the Scheme for complete details.Please refer to Scheme Information Document (SID) of the Scheme for complete details.Please refer to Scheme Information Document (SID) of the Scheme for complete details.Please refer to Scheme Information Document (SID) of the Scheme for complete details.Please refer to Scheme Information Document (SID) of the Scheme for complete details.

Comparison of ExistingComparison of ExistingComparison of ExistingComparison of ExistingComparison of Existing For Comparison of Existing Schemes, Risk Mitigation Strategy, Asset Under Management (AUM) andSchemes & RiskSchemes & RiskSchemes & RiskSchemes & RiskSchemes & Risk Number of Folios, please refer to point 1 on pages 18 - 22 for details.Mitigation StrategyMitigation StrategyMitigation StrategyMitigation StrategyMitigation Strategy

Risk Profile of the SchemeRisk Profile of the SchemeRisk Profile of the SchemeRisk Profile of the SchemeRisk Profil e of the Scheme Please refer to point 2 on pages 23 & 24 for details.

Plans and OptionsPlans and OptionsPlans and OptionsPlans and OptionsPlans and Options PlansPlansPlansPlansPlans ::::: NilOptionsOptionsOptionsOptionsOptions ::::: Growth Option Dividend Option

Dividend Option offers Payout and Reinvestment facility.

Applicable NAApplicable NAApplicable NAApplicable NAApplicable NAVVVVV The NAV applicable for purchase or redemption or switching of units will be based on the time of the Business Day onwhich the application is accepted. Please refer to point 3 on page 24 for further details.

Minimum ApplicationMinimum ApplicationMinimum ApplicationMinimum ApplicationMinimum Application PurchasePurchasePurchasePurchasePurchase Additional PurchaseAdditional PurchaseAdditional PurchaseAdditional PurchaseAdditional Purchase RepurchaseRepurchaseRepurchaseRepurchaseRepurchaseAmount / Number ofAmount / Number ofAmount / Number ofAmount / Number ofAmount / Number of UnitsUnitsUnitsUnitsUnits(Under each Plan / Option)(Under each Plan / Option)(Under each Plan / Option)(Under each Plan / Option)(Under each Plan / Option) Rs. 5,000 and any amount thereafter. Rs. 1,000 and any amount thereafter. Rs. 500 or minimum of 50 units

Despatch of RepurchaseDespatch of RepurchaseDespatch of RepurchaseDespatch of RepurchaseDespatch of Repurchase Within 10 Working days of the receipt of the redemption request at the official points of acceptance of HDFC Mutual(Redemption) Request(Redemption) Request(Redemption) Request(Redemption) Request(Redemption) Request Fund.

Benchmark IndexBenchmark IndexBenchmark IndexBenchmark IndexBenchmark Index BSE SENSEX

Dividend PDividend PDividend PDividend PDividend Policyolicyolicyolicyolicy Please refer to point 4 on page 24 for details.

Name of the Fund ManagerName of the Fund ManagerName of the Fund ManagerName of the Fund ManagerName of the Fund Manager Mr. Srinivas Rao RavuriMr. Anand Laddha (Dedicated Fund Manager for Overseas Investments)

Name of the TName of the TName of the TName of the TName of the Trusteerusteerusteerusteerustee HDFC Trustee Company LimitedCompanyCompanyCompanyCompanyCompany

PPPPPerformance of the Schemeerformance of the Schemeerformance of the Schemeerformance of the Schemeerformance of the Scheme HDFC Growth Fund - Growth OptionHDFC Growth Fund - Growth OptionHDFC Growth Fund - Growth OptionHDFC Growth Fund - Growth OptionHDFC Growth Fund - Growth Option Absolute Returns for each FAbsolute Returns for each FAbsolute Returns for each FAbsolute Returns for each FAbsolute Returns for each Financial Yinancial Yinancial Yinancial Yinancial Year for last 5 year for last 5 year for last 5 year for last 5 year for last 5 yearsêarsêarsêarsêars^(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010) ReturnsReturnsReturnsReturnsReturns BenchmarkBenchmarkBenchmarkBenchmarkBenchmark

(%)^(%)^(%)^(%)^(%)^ ReturReturReturReturReturnnnnns (%)#s (%)#s (%)#s (%)#s (%)#

Last 1 Year (365 days) 92.38 80.54Last 3 Years (1097 days) 17.87 10.25Last 5 Years (1826 days) 25.24 21.96Since Inception* (3488 days) 23.39 14.78

^ P^ P^ P^ P^ Past performance maast performance maast performance maast performance maast performance may or may or may or may or may or may not be sustainedy not be sustainedy not be sustainedy not be sustainedy not be sustainedin the futurein the futurein the futurein the futurein the futureAbove returns are compounded annualized (CAGR).*Inception Date September 11, 00# SENSEX Due to an overall sharp rise in the stock prices

Expenses of the SchemeExpenses of the SchemeExpenses of the SchemeExpenses of the SchemeExpenses of the Scheme Continuous Offer PContinuous Offer PContinuous Offer PContinuous Offer PContinuous Offer Perioderioderioderioderiod

( i )( i )( i )( i )( i ) Load StructureLoad StructureLoad StructureLoad StructureLoad Structure Entry Load:Entry Load:Entry Load:Entry Load:Entry Load: Not ApplicableNot ApplicableNot ApplicableNot ApplicableNot Applicable

Pursuant to SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009, no entry load will be charged bythe 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 theARN Holder.

Exit Load :Exit Load :Exit Load :Exit Load :Exit Load :

In respect of eacheacheacheacheach purchase / switch-in of units, an Exit Load of 1.00% is payable if Units are redeemed /switched-out within 1 year from the date of allotment.

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

Also refer to point 5 on page 24 for details. Please refer SIP/STP enrolment form or contact nearest InvestorService Centres (ISCs) for SIP/STP load structure.

The Trustee reserves the right to change / modify the load structure from a prospective date.

( i i)( i i)( i i)( i i)( i i) Recurring ExpensesRecurring ExpensesRecurring ExpensesRecurring ExpensesRecurring Expenses First Rs. 100 crores 2.50(% of weekly average(% of weekly average(% of weekly average(% of weekly average(% of weekly average Next Rs. 300 crores 2.25 Actual expenses for the previous financial year endedNet Assets)Net Assets)Net Assets)Net Assets)Net Assets) Next Rs. 300 crores 2.00 March 31, 2010 (Unaudited) :1.99% p.a.

Balance 1.75

Waiver of Load for DirectWaiver of Load for DirectWaiver of Load for DirectWaiver of Load for DirectWaiver of Load for Direct Not Applicable. Please refer to point 6 on page 24 for details.ApplicationsApplicationsApplicationsApplicationsApplications

TTTTTax treatment for theax treatment for theax treatment for theax treatment for theax treatment for the Investors are advised to refer to the Section on TTTTTaxation on invaxation on invaxation on invaxation on invaxation on investing in Mutual Fundsesting in Mutual Fundsesting in Mutual Fundsesting in Mutual Fundsesting in Mutual Funds in the Statement ofStatement ofStatement ofStatement ofStatement ofInvestors (Unit holders)Investors (Unit holders)Investors (Unit holders)Investors (Unit holders)Investors (Unit holders) Additional InformationAdditional InformationAdditional InformationAdditional InformationAdditional Information and to consult their own tax advisors with respect to the specific amount of tax and otherimplications arising out of their participation in the Scheme.

Daily Net Asset VDaily Net Asset VDaily Net Asset VDaily Net Asset VDaily Net Asset Value (NAalue (NAalue (NAalue (NAalue (NAV)V)V)V)V) The NAV will be declared on all Business Days and will be published in 2 newspapers. NAV can also be viewed onPublicationPublicationPublicationPublicationPublication wwwwwwwwwwwwwww.hdfcfund.com.hdfcfund.com.hdfcfund.com.hdfcfund.com.hdfcfund.com and wwwwwwwwwwwwwww.amfiindia.com.amfiindia.com.amfiindia.com.amfiindia.com.amfiindia.com. Investors may also contact any of the Investor Service Centres

(ISCs) of HDFC Mutual Fund.

For Investor Grievances,For Investor Grievances,For Investor Grievances,For Investor Grievances,For Investor Grievances, Please refer to point 7 on page 24 for details.Please contactPlease contactPlease contactPlease contactPlease contact

Unit holderUnit holderUnit holderUnit holderUnit holders Informations Informations Informations Informations Inf ormation Please refer to point 8 on page 24 for details.


4/442 HDFC Mutual Fund

Investment ObjectiveInvestment ObjectiveInvestment ObjectiveInvestment ObjectiveInvestment Objective To achieve capital appreciation.



Debt and Money Market instruments* 0 - 20

*Investment in Securitised debt, if undertaken, would not exceed 20% of the net assets of the Scheme.The Scheme may seek investment opportunity in the ADR / GDR / Foreign Equity and Debt Securities (max. 40%of net assets) subject to SEBI (Mutual Funds) Regulations, 1996. The Scheme may use derivatives mainly for thepurpose of hedging and portfolio balancing (max. 25% of net assets) based on the opportunities available subjectto SEBI (Mutual Funds) Regulations, 1996.

Investment StrategyInvestment StrategyInvestment StrategyInvestment StrategyInvestment Strate gy The Scheme is an open-ended equity scheme that invests predominantly in equity and equity related instruments. The

Scheme invests predominantly in growth companies. Companies selected under this portfolio would as far as practicableconsist of medium to large sized companies which :a) are likely to achieve above average growth than the industry;b) enjoy distinct competitive advantages; andc) have superior financial strengths.

A part of the net assets of the Scheme may be invested in debt securities and money market instruments.




Plans and OptionsPlans and OptionsPlans and OptionsPlans and OptionsPlans and Options PlansPlansPlansPlansPlans ::::: Ni lOptionsOptionsOptionsOptionsOptions ::::: Growth Option Dividend Option

Dividend Option offers Payout and Reinvestment facility.Applicable NAApplicable NAApplicable NAApplicable NAApplicable NAVVVVV The NAV applicable for purchase or redemption or switching of units will be based on the time of the Business Day on

which the application is accepted. Please refer to point 3 on page 24 for further details.

Minimum ApplicationMinimum ApplicationMinimum ApplicationMinimum ApplicationMinimum Application PurchasePurchasePurchasePurchasePurchase Additional PurchaseAdditional PurchaseAdditional PurchaseAdditional PurchaseAdditional Purchase RepurchaseRepurchaseRepurchaseRepurchaseRepurchaseAmount / Number of UnitsAmount / Number of UnitsAmount / Number of UnitsAmount / Number of UnitsAmount / Number of Units(Under each Plan/ Option)(Under each Plan/ Option)(Under each Plan/ Option)(Under each Plan/ Option)(Under each Plan/ Option) Rs. 5,000 and any amount thereafter. Rs. 1,000 and any amount thereafter. Rs. 500 or minimum of 50 units


Benchmark IndexBenchmark IndexBenchmark IndexBenchmark IndexBenchmark Index S&P CNX 500. HDFC Equity Fund, which is benchmarked to S&P CNX 500 Index is not sponsored, endorsed, sold orpromoted by India Index Services & Products Limited (IISL). IISL is not responsible for any errors or omissions or theresults obtained from the use of such index and in no event shall IISL have any liability to any party for any damagesof whatsoever nature (including lost profits) resulted to such party due to purchase or sale or otherwise of suchproduct benchmarked to such index.


Name of the Fund ManagerName of the Fund ManagerName of the Fund ManagerName of the Fund ManagerName of the Fund Manager Mr. Prashant JainMr. Anand Laddha (Dedicated Fund Manager for Overseas Investments)


PPPPPerformance of the Schemeerformance of the Schemeerformance of the Schemeerformance of the Schemeerformance of the Scheme HDFC Equity Fund - Growth OptionHDFC Equity Fund - Growth OptionHDFC Equity Fund - Growth OptionHDFC Equity Fund - Growth OptionHDFC Equity Fund - Growth Option Absolute Returns for each FAbsolute Returns for each FAbsolute Returns for each FAbsolute Returns for each FAbsolute Returns for each Financial Yinancial Yinancial Yinancial Yinancial Year for last 5 year for last 5 year for last 5 year for last 5 year for last 5 yearsêarsêarsêarsêars^

(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010) ReturnsReturnsReturnsReturnsReturns BenchmarkBenchmarkBenchmarkBenchmarkBenchmark(%)^(%)^(%)^(%)^(%)^ Returns (%)#Returns (%)#Returns (%)#Returns (%)#Returns (%)#

Last 1 Year (365 days) 117.06 87.95Last 3 Years (1097 days) 18.29 11.08Last 5 Years (1826 days) 28.71 19.45Last 10 Years (3652 days) 25.22 12.54Since Inception* (5568 days) 23.04 10.25

^ P^ P^ P^ P^ Past performance maast performance maast performance maast performance maast performance may or may or may or may or may or may not be sustainedy not be sustainedy not be sustainedy not be sustainedy not be sustainedin the futurein the futurein the futurein the futurein the futureAbove returns are compounded annualized (CAGR).*Inception Date January 01, 95# S&P CNX 500 Due to an overall sharp rise in the stock prices


( i )( i )( i )( i )( i ) Load StructureLoad StructureLoad StructureLoad StructureLoad Structure Entry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not Applicable

Pursuant to SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009, no entry load will be charged by theScheme to the investor. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registeredDistributor) based on the investors assessment of various factors including the service rendered by the ARN Holder.

Exit Load :Exit Load :Exit Load :Exit Load :Exit Load : In respect of eacheacheacheacheach purchase / switch-in of units, an Exit Load of 1.00% is payable if Units are redeemed /

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



( i i)( i i)( i i)( i i)( i i) Recurring ExpensesRecurring ExpensesRecurring ExpensesRecurring ExpensesRecurring Expenses First Rs. 100 crores 2.50(% of weekly average(% of weekly average(% of weekly average(% of weekly average(% of weekly average Next Rs. 300 crores 2.25 Actual expenses for the previous financial year endedNet Assets)Net Assets)Net Assets)Net Assets)Net Assets) Next Rs. 300 crores 2.00 March 31, 2010 (Unaudited) : 1.82% p.a.

Balance 1.75


TTTTTax treatment for theax treatment for theax treatment for theax treatment for theax treatment for the Investors are advised to refer to the Section on TTTTTaxation on invaxation on invaxation on invaxation on invaxation on investing in Mutual Fundsesting in Mutual Fundsesting in Mutual Fundsesting in Mutual Fundsesting in Mutual Funds in the Statement ofStatement ofStatement ofStatement ofStatement ofInvestors (Unit holders)Investors (Unit holders)Investors (Unit holders)Investors (Unit holders)Investors (Unit holders) Additional InformationAdditional InformationAdditional InformationAdditional InformationAdditional Information and to consult their own tax advisors with respect to the specific amount of tax and other

implications arising out of their participation in the Scheme.





Name & TName & TName & TName & TName & Type of Schemeype of Schemeype of Schemeype of Schemeype of Scheme HDFC Equity Fund (HEF)HDFC Equity Fund (HEF)HDFC Equity Fund (HEF)HDFC Equity Fund (HEF)HDFC Equity Fund (HEF)(An Open-ended Growth Scheme)



Name & TName & TName & TName & TName & Type of Schemeype of Schemeype of Schemeype of Schemeype of Scheme HDFC THDFC THDFC THDFC THDFC Top 200 Fund (HT200)op 200 Fund (HT200)op 200 Fund (HT200)op 200 Fund (HT200)op 200 Fund (HT200)(An Open-ended Growth Scheme)Investment ObjectiveInvestment ObjectiveInvestment ObjectiveInvestment ObjectiveInvestment Objective To generate long term capital appreciation from a portfolio of equity and equity-linked instruments primarily

drawn from the companies in BSE 200 index.


Equity & Equity linked instruments Upto 100% (including use of derivatives for hedging andother uses as permitted by prevailing SEBI Regulations)

Debt and money market instruments* Balance in debt and money market instruments

*Investment in Securitised debt, if undertaken, would not exceed 20% of the net assets of the Scheme.

The Scheme may seek investment opportunity in the ADR / GDR / Foreign Equity and Debt Securities (max.40% of net assets) subject to SEBI (Mutual Funds) Regulations, 1996. The Scheme may use derivatives mainlyfor the purpose of hedging and portfolio balancing (max. 25% of net assets) based on the opportunities available

subject to SEBI (Mutual Funds) Regulations, 1996.Investment StrategyInvestment StrategyInvestment StrategyInvestment StrategyInvestment Strategy This Scheme is an open-ended equity scheme that predominantly invests in equity and equity related instruments. The net

assets of the Schemes portfolio consist of equity and equity-linked instruments primarily drawn from the companies inBSE 200 index. A part of the net assets of the Scheme may be invested in debt securities and money market instruments.







Minimum ApplicationMinimum ApplicationMinimum ApplicationMinimum ApplicationMinimum Application PurchasePurchasePurchasePurchasePurchase Additional PurchaseAdditional PurchaseAdditional PurchaseAdditional PurchaseAdditional Purchase RepurchaseRepurchaseRepurchaseRepurchaseRepurchase

Amount / Number of UnitsAmount / Number of UnitsAmount / Number of UnitsAmount / Number of UnitsAmount / Number of Units(Under each Plan/ Option)(Under each Plan/ Option)(Under each Plan/ Option)(Under each Plan/ Option)(Under each Plan/ Option) Rs. 5,000 and any amount thereafter. Rs. 1,000 and any amount thereafter. Rs. 500 or minimum of 50 units


Benchmark IndexBenchmark IndexBenchmark IndexBenchmark IndexBenchmark Index BSE 200


Name of the Fund ManagerName of the Fund ManagerName of the Fund ManagerName of the Fund ManagerName of the Fund Manager Mr. Prashant JainMr. Anand Laddha (Dedicated Fund Manager for Overseas Investments)


PPPPPerformance of the Schemeerformance of the Schemeerformance of the Schemeerformance of the Schemeerformance of the Scheme HDFC THDFC THDFC THDFC THDFC Top 200 Fund - Groop 200 Fund - Groop 200 Fund - Groop 200 Fund - Groop 200 Fund - Growth Optionwth Optionwth Optionwth Optionwth Option Absolute Returns for each FAbsolute Returns for each FAbsolute Returns for each FAbsolute Returns for each FAbsolute Returns for each Financial Yinancial Yinancial Yinancial Yinancial Year for last 5 year for last 5 year for last 5 year for last 5 year for last 5 yearsêarsêarsêarsêars^(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010) ReturnsReturnsReturnsReturnsReturns BenchmarkBenchmarkBenchmarkBenchmarkBenchmark

(%)$$^(%)$$^(%)$$^(%)$$^(%)$$^ Returns (%)#Returns (%)#Returns (%)#Returns (%)#Returns (%)#

Last 1 Year (365 days) 98.51 92.87Last 3 Years (1097 days) 20.65 12.19

Last 5 Years (1826 days) 28.55 20.44Last 10 Years (3652 days) 23.89 13.43Since Inception* (4919 days) 25.95 15.55

^ P^ P^ P^ P^ Past performance maast performance maast performance maast performance maast performance may or may or may or may or may or may not be sustainedy not be sustainedy not be sustainedy not be sustainedy not be sustainedin the futurein the futurein the futurein the futurein the futureAbove returns are compounded annualized (CAGR).*Inception Date October 11, 96# BSE 200$$ All dividends declared prior to the splitting of theScheme into Dividend & Growth Options have beenreinvested in the units of the Scheme at the thenprevailing NAV (applicable ex-dividend NAV). Due to an overall sharp rise in the stock prices


( i )( i )( i )( i )( i ) Load StructureLoad StructureLoad StructureLoad StructureLoad Structure Entry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not ApplicablePursuant to SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009, no entry load will be charged by theScheme to the investor. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registeredDistributor) based on the investors assessment of various factors including the service rendered by the ARN Holder.






Balance 1.75


TTTTTax treatment for theax treatment for theax treatment for theax treatment for theax treatment for the Investors are advised to refer to the Section on TTTTTaxation on invaxation on invaxation on invaxation on invaxation on investing in Mutual Fundsesting in Mutual Fundsesting in Mutual Fundsesting in Mutual Fundsesting in Mutual Funds in the Statement ofStatement ofStatement ofStatement ofStatement of

Investors (Unit holders)Investors (Unit holders)Investors (Unit holders)Investors (Unit holders)Investors (Unit holders) Additional InformationAdditional InformationAdditional InformationAdditional InformationAdditional Information and to consult their own tax advisors with respect to the specific amount of tax and otherimplications arising out of their participation in the Scheme.







Investment ObjectiveInvestment ObjectiveInvestment ObjectiveInvestment ObjectiveInvestment Objective To achieve capital appreciation in the long term.


Equities & Equity related instruments Upto 100

Debt and Money Market instruments* Not more than 20

*Investment in Securitised debt, if undertaken, would not exceed 20% of the net assets of the Scheme.

The Scheme may seek investment opportunity in the ADR / GDR / Foreign Equity and Debt Securities (max. 40%of net assets) subject to SEBI (Mutual Funds) Regulations, 1996. The Scheme may use derivatives mainly for thepurpose of hedging and portfolio balancing (max. 25% of net assets) based on the opportunities available subjectto SEBI (Mutual Funds) Regulations, 1996.

Investment StrategyInvestment StrategyInvestment StrategyInvestment StrategyInvestment Strategy This Scheme is an open-ended equity scheme that predominantly invests in equity and equity related instruments. The netassets of the Schemes portfolio consist of strong companies at prices which are quoting below fair value, in the opinion of theFund Manager. A part of the net assets of the Scheme may be invested in debt securities and money market instruments.







Minimum ApplicationMinimum ApplicationMinimum ApplicationMinimum ApplicationMinimum Application PurchasePurchasePurchasePurchasePurchase Additional PurchaseAdditional PurchaseAdditional PurchaseAdditional PurchaseAdditional Purchase RepurchaseRepurchaseRepurchaseRepurchaseRepurchaseAmount / Number of UnitsAmount / Number of UnitsAmount / Number of UnitsAmount / Number of UnitsAmount / Number of Units(Under each Plan / Option)(Under each Plan / Option)(Under each Plan / Option)(Under each Plan / Option)(Under each Plan / Option) Rs. 5,000 and any amount thereafter. Rs. 1,000 and any amount thereafter. Rs. 500 or minimum of 50 units

Despatch of RepurchaseDespatch of RepurchaseDespatch of RepurchaseDespatch of RepurchaseDespatch of Repurchase Within 10 Working days of the receipt of the redemption request at the official points of acceptance of HDFC Mutual Fund.(Redemption) Request(Redemption) Request(Redemption) Request(Redemption) Request(Redemption) Request

Benchmark IndexBenchmark IndexBenchmark IndexBenchmark IndexBenchmark Index S&P CNX 500. HDFC Capital Builder Fund, which is benchmarked to S&P CNX 500 Index is not sponsored, endorsed,sold or promoted by India Index Services & Products Limited (IISL). IISL is not responsible for any errors or omissions orthe results obtained from the use of such index and in no event shall IISL have any liability to any party for any damagesof whatsoever nature (including lost profits) resulted to such party due to purchase or sale or otherwise of such productbenchmarked to such index.


Name of the Fund ManagerName of the Fund ManagerName of the Fund ManagerName of the Fund ManagerName of the Fund Manager Mr. Chirag SetalvadMr. Anand Laddha (Dedicated Fund Manager for Overseas Investments)


PPPPPerformance of the Schemeerformance of the Schemeerformance of the Schemeerformance of the Schemeerformance of the Scheme HDFC Capital Builder Fund - Growth OptionHDFC Capital Builder Fund - Growth OptionHDFC Capital Builder Fund - Growth OptionHDFC Capital Builder Fund - Growth OptionHDFC Capital Builder Fund - Growth Option Absolute Returns for each FAbsolute Returns for each FAbsolute Returns for each FAbsolute Returns for each FAbsolute Returns for each Financial Yinancial Yinancial Yinancial Yinancial Year for last 5 year for last 5 year for last 5 year for last 5 year for last 5 yearsêarsêarsêarsêars^(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010) ReturnsReturnsReturnsReturnsReturns BenchmarkBenchmarkBenchmarkBenchmarkBenchmark

(%)^(%)^(%)^(%)^(%)^ Returns (%)#Returns (%)#Returns (%)#Returns (%)#Returns (%)#

Last 1 Year (365 days) 108.59 87.95Last 3 Years (1097 days) 17.22 11.08Last 5 Years (1826 days) 22.14 19.45Last 10 Years (3652 days) 22.23 12.54Since Inception* (5902 days) 15.10 9.05

^ P^ P^ P^ P^ Past performance maast performance maast performance maast performance maast performance may or may or may or may or may or may not be sustainedy not be sustainedy not be sustainedy not be sustainedy not be sustainedin the futurein the futurein the futurein the futurein the futureAbove returns are compounded annualized (CAGR).*Inception Date February 1, 94# S&P CNX 500 Due to an overall sharp rise in the stock prices


( i )( i )( i )( i )( i ) Load StructureLoad StructureLoad StructureLoad StructureLoad Structure Entry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not ApplicablePursuant to SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009, no entry load will be charged bythe 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 theARN Holder.






Balance 1.75


TTTTTax treatment for theax treatment for theax treatment for theax treatment for theax treatment for the Investors are advised to refer to the Section on TTTTTaxation on invaxation on invaxation on invaxation on invaxation on investing in Mutual Fundsesting in Mutual Fundsesting in Mutual Fundsesting in Mutual Fundsesting in Mutual Funds in the Statement ofStatement ofStatement ofStatement ofStatement of

Investors (Unit holders)Investors (Unit holders)Investors (Unit holders)Investors (Unit holders)Investors (Unit holders) Additional InformationAdditional InformationAdditional InformationAdditional InformationAdditional Information and to consult their own tax advisors with respect to the specific amount of tax and otherimplications arising out of their participation in the Scheme.





Name & TName & TName & TName & TName & Type of Schemeype of Schemeype of Schemeype of Schemeype of Scheme HDFC Capital Builder Fund (HCBF)HDFC Capital Builder Fund (HCBF)HDFC Capital Builder Fund (HCBF)HDFC Capital Builder Fund (HCBF)HDFC Capital Builder Fund (HCBF)(An Open-ended Growth Scheme)



Name & TName & TName & TName & TName & Type of Schemeype of Schemeype of Schemeype of Schemeype of Scheme HDFC Core & Satellite Fund (HCSF)HDFC Core & Satellite Fund (HCSF)HDFC Core & Satellite Fund (HCSF)HDFC Core & Satellite Fund (HCSF)HDFC Core & Satellite Fund (HCSF) (An Open-ended Growth Scheme)

Investment ObjectiveInvestment ObjectiveInvestment ObjectiveInvestment ObjectiveInvestment Objective To generate capital appreciation through equity investment in companies whose shares are quoting at pricesbelow their true value.



Fixed Income Securities (including securitised debt of upto 10% of net assets & 5 - 10Money Market instruments)

The Scheme may seek investment opportunity in the ADR / GDR / Foreign Equity and Debt Securities (max. 25%of net assets) subject to SEBI (Mutual Funds) Regulations, 1996. The Scheme may use derivatives mainly for thepurpose of hedging and portfolio balancing (max. 50% of net assets) based on the opportunities available subjectto SEBI (Mutual Funds) Regulations, 1996.

Investment StrategyInvestment StrategyInvestment StrategyInvestment StrategyInvestment Strategy This Scheme is an open-ended equity scheme that predominantly invests in equity and equity related instrumentscomprising of Core group of companies and Satellite group of companies. Core group will comprise of well establishedand predominantly large cap companies. The Satellite group will comprise of predominantly small-mid cap companiesthat offer higher potential returns with higher risk. A part of the net assets of the Scheme may be invested in debt securitiesand money market instruments.







Minimum ApplicationMinimum ApplicationMinimum ApplicationMinimum ApplicationMinimum Application PurchasePurchasePurchasePurchasePurchase Additional PurchaseAdditional PurchaseAdditional PurchaseAdditional PurchaseAdditional Purchase RepurchaseRepurchaseRepurchaseRepurchaseRepurchaseAmount / Number of UnitsAmount / Number of UnitsAmount / Number of UnitsAmount / Number of UnitsAmount / Number of Units(Under each Plan / Option)(Under each Plan / Option)(Under each Plan / Option)(Under each Plan / Option)(Under each Plan / Option) Rs. 5,000 and any amount thereafter. Rs. 1,000 and any amount thereafter. Rs. 1,000 or minimum of 100 units

Despatch of RepurchaseDespatch of RepurchaseDespatch of RepurchaseDespatch of RepurchaseDespatch of Repurchase Within 10 Working days of the receipt of the redemption request at the official points of acceptance of HDFC Mutual Fund.(Redemption) Request(Redemption) Request(Redemption) Request(Redemption) Request(Redemption) Request

Benchmark IndexBenchmark IndexBenchmark IndexBenchmark IndexBenchmark Index BSE 200


Name of the Fund ManagerName of the Fund ManagerName of the Fund ManagerName of the Fund ManagerName of the Fund Manager Mr. Vinay KulkarniMr. Anand Laddha (Dedicated Fund Manager for Overseas Investments)


PPPPPerformance of the Schemeerformance of the Schemeerformance of the Schemeerformance of the Schemeerformance of the Scheme HDFC Core & Satellite Fund - Growth OptionHDFC Core & Satellite Fund - Growth OptionHDFC Core & Satellite Fund - Growth OptionHDFC Core & Satellite Fund - Growth OptionHDFC Core & Satellite Fund - Growth Option Absolute Returns for each FAbsolute Returns for each FAbsolute Returns for each FAbsolute Returns for each FAbsolute Returns for each Financial Yinancial Yinancial Yinancial Yinancial Year for lastear for lastear for lastear for lastear for last 55555 yyyyyearsêarsêarsêarsêars^(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010) ReturnsReturnsReturnsReturnsReturns BenchmarkBenchmarkBenchmarkBenchmarkBenchmark


Last 1 Year (365 days) 124.91 92.87

Last 3 Years (1097 days) 14.33 12.19Last 5 Years (1826 days) 23.91 20.44Since Inception* (2021 days) 25.90 22.20

^ P^ P^ P^ P^ Past performance maast performance maast performance maast performance maast performance may or may or may or may or may or may not be sustained iny not be sustained iny not be sustained iny not be sustained iny not be sustained inthe futurethe futurethe futurethe futurethe futureAbove returns are compounded annualized (CAGR).*Inception Date September 17, 04# BSE 200 Due to an overall sharp rise in the stock prices


( i )( i )( i )( i )( i ) Load StructureLoad StructureLoad StructureLoad StructureLoad Structure Entry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not ApplicablePursuant to SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009, no entry load will be charged bythe Scheme to the investor. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFIregistered Distributor) based on the investors assessment of various factors including the service rendered by theARN Holder.






Balance 1.75



implications arising out of their participation in the Scheme.Daily Net Asset VDaily Net Asset VDaily Net Asset VDaily Net Asset VDaily Net Asset Value (NAalue (NAalue (NAalue (NAalue (NAV)V)V)V)V) The NAV will be declared on all Business Days and will be published in 2 newspapers. NAV can also be viewed onPublicationPublicationPublicationPublicationPublication wwwwwwwwwwwwwww.hdfcfund.com.hdfcfund.com.hdfcfund.com.hdfcfund.com.hdfcfund.com and wwwwwwwwwwwwwww.amfiindia.com.amfiindia.com.amfiindia.com.amfiindia.com.amfiindia.com. Investors may also contact any of the Investor Service Centres






Name & TName & TName & TName & TName & Type of Schemeype of Schemeype of Schemeype of Schemeype of Scheme HDFC Premier Multi-Cap Fund (HPMCF)HDFC Premier Multi-Cap Fund (HPMCF)HDFC Premier Multi-Cap Fund (HPMCF)HDFC Premier Multi-Cap Fund (HPMCF)HDFC Premier Multi-Cap Fund (HPMCF)(An Open-ended Growth Scheme)Investment ObjectiveInvestment ObjectiveInvestment ObjectiveInvestment ObjectiveInvestment Objective To generate capital appreciation in the long term through equity investments by investing in a diversified portfolio

of Mid Cap and Large Cap blue chip companies.


Equity & Equity related instruments out of which 85 - 100

Large Cap 35 - 65

Mid Cap 35 - 65

Debt Securities (including securitised debt of upto 10% of the net assets) 0 - 15

Money Market Instruments 0 - 15

The Scheme may seek investment opportunity in the ADR / GDR / Foreign Equity and Debt Securities (max. 25%of net assets in ADR / GDR and Foreign Equity Securities and max. 10% of net assets in Foreign Debt Securities)subject to SEBI (Mutual Funds) Regulations, 1996. The Scheme may use derivatives mainly for the purpose ofhedging and portfolio balancing (max. 50% of net assets) based on the opportunities available subject to SEBI(Mutual Funds) Regulations, 1996. The Scheme will not invest in Foreign Securitised Debt.

Investment StrategyInvestment StrategyInvestment StrategyInvestment StrategyInvestm ent St ra teg y This Scheme predominantly invests in equity and equity related instruments by taking advantage of the opportunitiesin terms of asset allocation between Mid and Large Caps. The Scheme will invest predominantly in premier or bluechip companies. The Scheme will invest a minimum of 35% of the portfolio each in Large Caps and Mid Caps. Thebalance will be a SWING portfolio that can invest in either Mid or Large Cap companies based on their relativevaluations. This provides an opportunity in terms of asset allocation between Mid Caps and Large Caps. A part of the netassets of the Scheme may be invested in debt securities and money market instruments.



Risk Profile of the SchemeRisk Profile of the SchemeRisk Profile of the SchemeRisk Profile of the SchemeRisk Profil e of the Scheme Please refer to point 2 on pages 23 & 24 for details.Plans and OptionsPlans and OptionsPlans and OptionsPlans and OptionsPlans and Options PlansPlansPlansPlansPlans ::::: Nil

OptionsOptionsOptionsOptionsOptions ::::: Growth Option Dividend OptionDividend Option offers Payout and Reinvestment facility.


Minimum ApplicationMinimum ApplicationMinimum ApplicationMinimum ApplicationMinimum Application PurchasePurchasePurchasePurchasePurchase Additional PurchaseAdditional PurchaseAdditional PurchaseAdditional PurchaseAdditional Purchase RepurchaseRepurchaseRepurchaseRepurchaseRepurchaseAmount / Number of UnitsAmount / Number of UnitsAmount / Number of UnitsAmount / Number of UnitsAmount / Number of Units(Under each Plan / Option)(Under each Plan / Option)(Under each Plan / Option)(Under each Plan / Option)(Under each Plan / Option) Rs. 5,000 and any amount thereafter. Rs. 1,000 and any amount thereafter. Rs. 1,000 or minimum of 100 units

Despatch of RepurchaseDespatch of RepurchaseDespatch of RepurchaseDespatch of RepurchaseDespatch of Repurchase Within 10 Working days of the receipt of the redemption request at the official points of acceptance of HDFC(Redemption) Request(Redemption) Request(Redemption) Request(Redemption) Request(R ed em ption ) Re qu es t Mutual Fund.

Benchmark IndexBenchmark IndexBenchmark IndexBenchmark IndexBenchmark Index S&P CNX 500. HDFC Premier Multi-Cap Fund, which is benchmarked to S&P CNX 500 Index is not sponsored,endorsed, sold or promoted by India Index Services & Products Limited (IISL). IISL is not responsible for any errors oromissions or the results obtained from the use of such index and in no event shall IISL have any liability to any party for

any damages of whatsoever nature (including lost profits) resulted to such party due to purchase or sale or otherwise ofsuch product benchmarked to such index.


Name of the Fund ManagerName of the Fund ManagerName of the Fund ManagerName of the Fund ManagerName of the Fund Manager Mr. Vinay KulkarniMr. Anand Laddha (Dedicated Fund Manager for Overseas Investments)


PPPPPerformance of the Schemeerformance of the Schemeerformance of the Schemeerformance of the Schemeerformance of the Scheme HDFC Premier MultiHDFC Premier MultiHDFC Premier MultiHDFC Premier MultiHDFC Premier Multi ----- Cap Fund - Growth OptionCap Fund - Growth OptionCap Fund - Growth OptionCap Fund - Growth OptionCap Fund - Growth Option Absolute Returns for each FAbsolute Returns for each FAbsolute Returns for each FAbsolute Returns for each FAbsolute Returns for each Financial Yinancial Yinancial Yinancial Yinancial Year for lastear for lastear for lastear for lastear for last 44444 yyyyyearsêarsêarsêarsêars^

(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010) ReturnsReturnsReturnsReturnsReturns BenchmarkBenchmarkBenchmarkBenchmarkBenchmark(%)^(%)^(%)^(%)^(%)^ Returns (%)#Returns (%)#Returns (%)#Returns (%)#Returns (%)#

Last 1 Year (365 days) 115.28 87.95

Last 3 Years (1097 days) 13.55 11.08

Since Inception* (1820 days) 20.96 19.06

^ P^ P^ P^ P^ Past performance maast performance maast performance maast performance maast performance may or may or may or may or may or may not be sustained iny not be sustained iny not be sustained iny not be sustained iny not be sustained inthe futurethe futurethe futurethe futurethe futureAbove returns are compounded annualized (CAGR).*Inception Date April 06, 05# S&P CNX 500 Due to an overall sharp rise in the stock prices


( i )( i )( i )( i )( i ) Load StructureLoad StructureLoad StructureLoad StructureLoad Structure Entry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not ApplicablePursuant to SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009, no entry load will be charged bythe Scheme to the investor. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFIregistered Distributor) based on the investors assessment of various factors including the service rendered by theARN Holder.


In respect of eacheacheacheacheach purchase / switch-in of units, an Exit Load of 1.00% is payable if Units are redeemed /


Also refer to point 5 on page 24 for details. Please refer SIP/STP enrolment form or contact nearest InvestorService Centres (ISCs) for SIP/STP load structure.The Trustee reserves the right to change / modify the load structure from a prospective date.



HDFC Premier Multi-Cap Fund (HPMCF)HDFC Premier Multi-Cap Fund (HPMCF)HDFC Premier Multi-Cap Fund (HPMCF)HDFC Premier Multi-Cap Fund (HPMCF)HDFC Premier Multi-Cap Fund (HPMCF)(An Open-ended Growth Scheme) (Contd...)( i i)( i i)( i i)( i i)( i i) Recurring ExpensesRecurring ExpensesRecurring ExpensesRecurring ExpensesRecurring Expenses First Rs. 100 crores 2.50

(% of weekly average(% of weekly average(% of weekly average(% of weekly average(% of weekly average Next Rs. 300 crores 2.25 Actual expenses for the previous financial year endedNet Assets)Net Assets)Net Assets)Net Assets)Net Assets) Next Rs. 300 crores 2.00 March 31, 2010 (Unaudited) : 2.26% p.a.

Balance 1.75




Daily Net Asset VDaily Net Asset VDaily Net Asset VDaily Net Asset VDaily Net Asset Value (NAalue (NAalue (NAalue (NAalue (NAV)V)V)V)V) The NAV will be declared on all Business Days and will be published in 2 newspapers. NAV can also be viewed on

PublicationPublicationPublicationPublicationPublication wwwwwwwwwwwwwww.hdfcfund.com.hdfcfund.com.hdfcfund.com.hdfcfund.com.hdfcfund.com and wwwwwwwwwwwwwww.amfiindia.com.amfiindia.com.amfiindia.com.amfiindia.com.amfiindia.com. Investors may also contact any of the Investor Service Centres(ISCs) of HDFC Mutual Fund.





Name & TName & TName & TName & TName & Type of Schemeype of Schemeype of Schemeype of Schemeype of Scheme HDFC Arbitrage Fund (HAF)HDFC Arbitrage Fund (HAF)HDFC Arbitrage Fund (HAF)HDFC Arbitrage Fund (HAF)HDFC Arbitrage Fund (HAF) (An Open-ended Equity Fund)Investment ObjectiveInvestment ObjectiveInvestment ObjectiveInvestment ObjectiveInvestment Objective To generate income through arbitrage opportunities between cash and derivative market and arbitrage opportunities

within the derivative segment and by deployment of surplus cash in debt securities and money market instruments.


Equity & Equity related instruments 65 - 90

Derivative including index futures, stock futures, 65 - 90Index Options and Stock Options etc.^

Debt Securities and Money Market Instruments* and Fixed Income Derivative 10 - 35

When adequate arbitrage opportunities are not available in the Derivative and equity markets, the assetWhen adequate arbitrage opportunities are not available in the Derivative and equity markets, the assetWhen adequate arbitrage opportunities are not available in the Derivative and equity markets, the assetWhen adequate arbitrage opportunities are not available in the Derivative and equity markets, the assetWhen adequate arbitrage opportunities are not available in the Derivative and equity markets, the assetallocation of the schemeallocation of the schemeallocation of the schemeallocation of the schemeallocation of the schemes portfolio will be as follos portfolio will be as follos portfolio will be as follos portfolio will be as follos portfolio will be as follows :ws :ws :ws :ws :

TTTTTypes of Instrumentsypes of Instrumentsypes of Instrumentsypes of Instrumentsypes of Instruments Normal AllocationNormal AllocationNormal AllocationNormal AllocationNormal Allocation(% of Net Assets)(% of Net Assets)(% of Net Assets)(% of Net Assets)(% of Net Assets)

Equity & Equity related instruments 0 - 65

Derivative including index futures, stock futures, 0 - 65Index Options and Stock Options etc.^

Debt Securities and Money Market Instruments* and Fixed Income Derivative 35 - 100

* Investment in Securitised debt shall not normally exceed 50% of the net assets of the Scheme.^ The exposure to derivative shown in the above asset allocation table is exposure taken against the underlying equity

investments and should not be considered for calculating the total asset allocation. The idea is not to take additionalasset allocation with the use of derivative. The margin money deployed on these positions would be included inMoney Market category.

The Scheme may seek investment opportunity in the Foreign Securities in accordance with guidelines stiulated

in this regard by SEBI and RBI from time to time. Under normal circumstances, the Scheme shall not have anexposure of more than 75% of its assets in foreign securities (including bonds, mutual funds and other approvedinstruments) subject to regulatory limits.

Investment StrategyInvestment StrategyInvestment StrategyInvestment StrategyInvestment Strategy This Scheme aims to generate income through arbitrage opportunities between cash and derivative market and arbitrageopportunities within the derivative segment. The Scheme may adopt simple derivative strategies, which would be to takeoffsetting positions on various markets simultaneously. In the absence of adequate arbitrage opport-unities, the Scheme mayinvest in short term debt securities or money market instruments.




Plans and OptionsPlans and OptionsPlans and OptionsPlans and OptionsPlans and Options PlansPlansPlansPlansPlans ::::: Wholesale Plan Retai l PlanOptionsOptionsOptionsOptionsOptions::::: Growth Option Dividend Option

Dividend Option offers Quarterly Dividend Option with Payout and Reinvestment facility.Applicable NAApplicable NAApplicable NAApplicable NAApplicable NAVVVVV The NAV applicable for purchase or redemption or switching of units will be based on the time of the Business Day on

which the application is accepted. Please refer to point 3 on page 24 for further details.

Minimum ApplicationMinimum ApplicationMinimum ApplicationMinimum ApplicationMinimum Application PurchasePurchasePurchasePurchasePurchase Additional PurchaseAdditional PurchaseAdditional PurchaseAdditional PurchaseAdditional Purchase RepurchaseRepurchaseRepurchaseRepurchaseRepurchaseAmount / Number ofAmount / Number ofAmount / Number ofAmount / Number ofAmount / Number ofUnits (Under each Plan /Units (Under each Plan /Units (Under each Plan /Units (Under each Plan /Units (Under each Plan / Wholesale PlaWholesale PlaWholesale PlaWholesale PlaWholesale Plannnnn:::::

Option)Option)Option)Option)Option) Growth / Quarterly Dividend OptionGrowth / Quarterly Dividend OptionGrowth / Quarterly Dividend OptionGrowth / Quarterly Dividend OptionGrowth / Quarterly Dividend Option Rs. 1 crore and any Rs. 1 crore and Rs. 50,000 or minimum ofamount thereafter. any amount thereafter. 5,000 units

Retail PlaRetail PlaRetail PlaRetail PlaRetail Plannnnn:::::

Growth / QuarterlyGrowth / QuarterlyGrowth / QuarterlyGrowth / QuarterlyGrowth / Quarterly Dividend OptionDividend OptionDividend OptionDividend OptionDividend Option Rs. 5,000 and Rs. 5,000 and any Rs. 1,000 or minimum ofany amount amount thereafter. 100 unitsthereafter.

Despatch of RepurchaseDespatch of RepurchaseDespatch of RepurchaseDespatch of RepurchaseDespatch of Repurchase Within 10 working days of the receipt of the redemption request at the Official Points of Acceptance of HDFC Mutual Fund.(Redemption) Request(Redemption) Request(Redemption) Request(Redemption) Request(Redemption) Request

Benchmark IndexBenchmark IndexBenchmark IndexBenchmark IndexBenchmark Index CRISIL Liquid Fund IndexDividend PDividend PDividend PDividend PDividend Policyolicyolicyolicyolicy Please refer to point 4 on page 24 for details.

Name of the Fund ManagerName of the Fund ManagerName of the Fund ManagerName of the Fund ManagerName of the Fund Manager Mr. Anil BamboliMr. Anand Laddha (Dedicated Fund Manager for Overseas Investments)


PPPPPerformance of the Schemeerformance of the Schemeerformance of the Schemeerformance of the Schemeerformance of the Scheme HDFC Arbitrage Fund - Wholesale Plan Growth OptionHDFC Arbitrage Fund - Wholesale Plan Growth OptionHDFC Arbitrage Fund - Wholesale Plan Growth OptionHDFC Arbitrage Fund - Wholesale Plan Growth OptionHDFC Arbitrage Fund - Wholesale Plan Growth Option Absolute Returns for each FAbsolute Returns for each FAbsolute Returns for each FAbsolute Returns for each FAbsolute Returns for each Financial Yinancial Yinancial Yinancial Yinancial Year for lastear for lastear for lastear for lastear for last 22222 yyyyyearearearearearsssss^(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010)(as at March 31, 2010) ReturnsReturnsReturnsReturnsReturns BenchmarkBenchmarkBenchmarkBenchmarkBenchmark


Last 1 Year (365 days) 4.12 3.69Since Inception* (890 days) 6.51 6.32

^ P^ P^ P^ P^ Past performance maast performance maast performance maast performance maast performance may or may or may or may or may or may not be sustained iny not be sustained iny not be sustained iny not be sustained iny not be sustained inthe futurethe futurethe futurethe futurethe future

Above returns are compounded annualized (CAGR).

*Inception Date October 23, 07

# CRISIL Liquid Fund Index



HDFC Arbitrage Fund (HAF)HDFC Arbitrage Fund (HAF)HDFC Arbitrage Fund (HAF)HDFC Arbitrage Fund (HAF)HDFC Arbitrage Fund (HAF)(An Open-ended Equity Fund) (Contd...)HDFC Arbitrage Fund - Retail Plan - Growth OptionHDFC Arbitrage Fund - Retail Plan - Growth OptionHDFC Arbitrage Fund - Retail Plan - Growth OptionHDFC Arbitrage Fund - Retail Plan - Growth OptionHDFC Arbitrage Fund - Retail Plan - Growth Option Absolute Returns for each FAbsolute Returns for each FAbsolute Returns for each FAbsolute Returns for each FAbsolute Returns for each Financial Yinancial Yinancial Yinancial Yinancial Year for lastear for lastear for lastear for lastear for last 22222 yyyyyearearearearearsssss^

ReturnsReturnsReturnsReturnsReturns BenchmarkBenchmarkBenchmarkBenchmarkBenchmark(%)^(%)^(%)^(%)^(%)^ Returns (%)#Returns (%)#Returns (%)#Returns (%)#Returns (%)#

Last 1 Year (365 days) 3.86 3.69

Since Inception* (890 days) 6.25 6.32

^ P^ P^ P^ P^ Past performance maast performance maast performance maast performance maast performance may or may or may or may or may or may not be sustained iny not be sustained iny not be sustained iny not be sustained iny not be sustained inthe futurethe futurethe futurethe futurethe future

Above returns are compounded annualized (CAGR).

*Inception Date October 23, 07

# CRISIL Liquid Fund Index


( i )( i )( i )( i )( i ) Load StructureLoad StructureLoad StructureLoad StructureLoad Structure Entry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not ApplicableEntry Load: Not Applicable

Pursuant to SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009, no entry load will be charged bythe Scheme to the investor. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFIregistered Distributor) based on the investors assessment of various factors including the service rendered by theARN Holder.


Retail Plan & Wholesale Plan In respect of eacheacheacheacheach purchase / switch-in of units, an Exit Load of 1.00% is payable if Units are redeemed /


Also refer to point 5 on page 24 for details. Please refer SIP/STP enrolment form or contact nearest Investor

Service Centres (ISCs) for SIP/STP load structure.The Trustee reserves the right to change / modify the load structure from a prospective date.

( i i)( i i)( i i)( i i)( i i) Recurring ExpensesRecurring ExpensesRecurring ExpensesRecurring ExpensesRecurring Expenses First Rs. 100 crores 2.50

(% of weekly average(% of weekly average(% of weekly average(% of weekly average(% of weekly average Next Rs. 300 crores 2.25 Actual expenses for the previous financial year ended

Net Assets)Net Assets)Net Assets)Net Assets)Net Assets) Next Rs. 300 crores 2.25 March 31, 2010 (Unaudited) : 0.82% p.a.

Balance 1.75










Name & TName & TName & TName & TName & Type of Schemeype of Schemeype of Schemeype of Schemeype of Scheme HDFC Balanced Fund (HBF)HDFC Balanced Fund (HBF)HDFC Balanced Fund (HBF)HDFC Balanced Fund (HBF)HDFC Balanced Fund (HBF) (An Open-ended Balanced Scheme)

Investment ObjectiveInvestment ObjectiveInvestment ObjectiveInvestment ObjectiveInvestment Objective To generate capital appreciation along with current income from a combined portfolio of equity & equity-relatedand debt & money market instruments.


Equities & Equity related instruments 60

Debt Securities (including securitised debt) 40and Money Market instruments)

The Scheme may seek investment opportunity in the ADR / GDR / Foreign Equity and Debt Securities subject to SEBI (MutualFunds) Regulations, 1996. Maximum exposure to investment in Foreign Debt Securities will be restricted to 40% of the netassets. The Scheme may use derivatives mainly for the purpose of hedging and portfolio balancing (max. 20% of net assets)based on the opportunities available subject to SEBI (Mutual Funds) Regulations, 1996. The Scheme will not invest in Foreign

Securitised Debt.Investment StrategyInvestment StrategyInvestment StrategyInvestment StrategyInv es tment St ra tegy The Scheme is an open-ended balanced scheme. The net assets of the Scheme shall be invested in a combined portfolio

of equity and equity related instruments : debt securities and money market instruments in the range of 60 : 40respectively (normal asset allocation). The Fund Manager would continuously monitor the potential for both debt andequities to arrive at a dynamic allocation between th

hdfc combined equity mip kim april 2320101

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