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HDFC Asset Management Company Limited (AMC)

HDFC Asset Management Company Ltd (AMC) was incorporated under the Companies Act, 1956, on
December 10, 1999, and was approved to act as an Asset Management Company for the HDFC Mutual
Fund by SEBI vide its letter dated July 3, 2000.

The registered office of the AMC is situated at Ramon House, 3rd Floor, H.T. Parekh Marg, 169,
Backbay Reclamation, Churchgate, Mumbai - 400 020.

In terms of the Investment Management Agreement, the Trustee has appointed the HDFC Asset
Management Company Limited to manage the Mutual Fund. The paid up capital of the AMC is Rs.
25.161 crore.

The present equity shareholding pattern of the AMC is as follows :

Trustees
HDFC Trustee Company Limited, a company incorporated under the Companies Act, 1956 is the
Trustee to HDFC Mutual Fund vide the Trust deed dated June 8, 2000, as amended from time to time.
HDFC Trustee Company Ltd is wholly owned subsidiary of HDFC

The Board of Directors of HDFC Trustee company Limited consists of the following eminent
persons.

• Mr. Anil Kumar Hirjee

• Mr. Vincent Joseph O’Brien
• Mr. Shishir K. Diwanji
• Mr. Ranjan Sanghi
• Mr. V. Srinivasa Rangan

Sponsors
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED (HDFC)

HDFC was incorporated in 1977 as the first specialized Mortgage Company in India. HDFC provides
financial assistance to individuals, corporates and developers for the purchase or construction of
residential housing. It also provides property related services (e.g. property identification, sales services
and valuation), training and consultancy. Of these activities, housing finance remains the dominant
activity. HDFC has a client base of around 11 lac borrowers, 9 lac depositors, 1.95 lac shareholders and
about 25,000 deposit agents, as at December 31, 2010.

HDFC had raised funds from international agencies such as the World Bank, IFC (Washington),
USAID, DEG, ADB and KfW, international syndicated loans, domestic term loans from banks and
insurance companies, bonds and deposits. HDFC has received the highest rating for its bonds and
deposits program for the fifteenth year in succession.

HDFC Standard Life Insurance Company Limited, promoted by HDFC was the first life insurance
company in the private sector to be granted a Certificate of Registration (on October 23, 2000) by the
Insurance Regulatory and Development Authority to transact life insurance business in India.
Website : www.hdfc.com

STANDARD LIFE INVESTMENTS LIMITED

Standard Life Investments was launched as an investment management company in 1998. It is the
dedicated investment management company of the Standard Life group and is a wholly owned
subsidiary of Standard Life Investments (Holdings) Limited, which in turn is a wholly owned
subsidiary of Standard Life plc.

MC
HDFC Asset Management Company Limited (AMC)

HDFC Asset Management Company Ltd (AMC) was incorporated under the Companies Act, 1956, on
December 10, 1999, and was approved to act as an Asset Management Company for the HDFC Mutual
Fund by SEBI vide its letter dated July 3, 2000.
The registered office of the AMC is situated at Ramon House, 3rd Floor, H.T. Parekh Marg, 169,
Backbay Reclamation, Churchgate, Mumbai - 400 020.

In terms of the Investment Management Agreement, the Trustee has appointed the HDFC Asset
Management Company Limited to manage the Mutual Fund. The paid up capital of the AMC is Rs.
25.161 crore.

The present equity shareholding pattern of the AMC is as follows :

Particulars
% of the paid up equity capital
Housing Development Finance Corporation Limited
60
Standard Life Investments Limited
40

The Board of Directors of the HDFC Asset Management Company Limited (AMC) consists of
the following eminent persons.

• Mr. Deepak S. Parekh

• Mr. N. Keith Skeoch
• Mr. Keki M. Mistry
• Mr. James Aird
• Mr. P. M. Thampi
• Mr. Humayun Dhanrajgir
• Dr. Deepak B. Phatak
• Mr. Hoshang S. Billimoria
• Mr. Rajeshwar Raj Bajaaj
• Mr. Vijay Merchant
• Ms. Renu S. Karnad
• Mr. Milind Barve

Why HDFC Mutual Fund

HDFC Mutual Fund is one of the largest mutual funds and well-established fund house in the country
with consistent and above average fund performance across categories since its incorporation on
December 10, 1999. While our past experience does make us a veteran, but when it comes to
investments, we have never believed that the experience is enough.

Our Investment Philosophy

The single most important factor that drives HDFC Mutual Fund is its belief to give the investor the
chance to profitably invest in the financial market, without constantly worrying about the market
swings. To realize this belief, HDFC Mutual Fund has set up the infrastructure required to conduct all
the fundamental research and back it up with effective analysis. Our strong emphasis on managing and
controlling portfolio risk avoids chasing the latest “fads” and trends.

We Offer
We believe, that, by giving the investor long-term benefits, we have to constantly review the markets
for new trends, to identify new growth sectors and share this knowledge with our investors in the form
of product offerings. We have come up with various products across asset and risk categories to enable
investors to invest in line with their investment objectives and risk taking capacity. Besides, we also
offer Portfolio Management Services.

Our Achievements
HDFC Asset Management Company Limited was awarded NDTV Profit Business Leadership Award
2009 in the Mutual Funds Category for the period April 1, 2008 to March 31, 2009 from amongst six
nominees in the category. NDTV Profit Business Leadership Awards have been instituted to honour
organization excellence and promise to acknowledge the best, the brightest and the most dynamic of
Indian organizations that have emerged as leaders in their respective verticals and are taking India to
economic superpower status. The objective of the Awards is to salute men and women who fuel India’s
journey to the forefront of the World Economy. Grand Thornton India are the Business Process
Advisors to the Awards instituted by NDTV Profit.

Equity / Growth Fund

---Select Scheme--- HDFC Mid-Cap Opportunities Fund HDFC TaxSaver (ELSS) HDFC Prudence
Fund HDFC Arbitrage Fund HDFC Index Fund - Nifty Plan HDFC Premier Multi-Cap Fund HDFC
Capital Builder Fund HDFC Equity Fund HDFC Infrastructure Fund HDFC Long Term Equity Fund
HDFC Long Term Advantage Fund (ELSS) HDFC Balanced Fund HDFC Index Fund - Sensex Plus
Plan HDFC Index Fund - Sensex Plan HDFC Core and Satellite Fund HDFC Top 200 Fund HDFC
Growth Fund

HDFC Mid-Cap Opportunities Fund HDFC TaxSaver (ELSS)

To generate long-term capital appreciation from a The investment objective of the Scheme is to
portfolio that is... achieve long term grow...

HDFC Prudence Fund HDFC Arbitrage Fund

The investment objective of the Scheme is to To generate income through arbitrage opportunities
provide periodic retur... between cash and...

HDFC Index Fund - Nifty Plan HDFC Premier Multi-Cap Fund

The objective of this Plan is to generate returns The primary objective of the Scheme is to generate
that are commensu... capital apprecia...

HDFC Capital Builder Fund HDFC Equity Fund

The Investment Objective of the Scheme is to The investment objective of the Scheme is to
achieve capital apprec... achieve capital apprec...

HDFC Infrastructure Fund HDFC Long Term Equity Fund

To seek long-term capital appreciation by investingTo achieve long term capital appreciation.
predominantly i...
 HDFC Balanced Fund
HDFC Long Term Advantage Fund (ELSS) The primary objective of the Scheme is to generate
The primary objective of the Scheme is to generate capital ap...
long term capita...

HDFC Index Fund - Sensex Plan

HDFC Index Fund - Sensex Plus Plan The objective of this Plan is to generate returns that
The objective of this Plan is to invest 80 to 90% of are commensu...
the net assets...

HDFC Top 200 Fund

HDFC Core and Satellite Fund To generate long term capital appreciation from a
The primary objective of the Scheme is to generate portfolio of equi...
capital apprecia...

HDFC Growth Fund

The primary investment objective of the Scheme is
to generate long ...

HDFC Top 200 Fund

Value Research Rating *
EQUITY - LARGE & MID CAP CATEGORY (57 schemes) for 3 and 5 year periods ending December 31, 2010
*Past performance is no guarantee of future results.
Please click here for details on the Value Research Rating Methodology
Morningstar Rating- Elite #
"'Elite' Rating: These funds represent Morningstar analysts’ highest conviction picks. Morningstar awards the rating to funds that it believes are capable of
outperforming their peers over the long term. To earn this rating, a fund must be significantly better than its peers in most key respects.
#Past performance is no guarantee of future results, please click here for details on the Morningstar Rating Methodology & Desclaimer.
Investment Objective | Scheme Information & NAV | Investment Pattern & Strategy | Asset Allocation
| Returns and benchmarks | Systematic Investment Plan (SIP) Details | Fund Manager | Offer Document
/ Scheme Information Document (SID) | Application Form | Leaflets
Investment 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.
Basic Scheme Information
Nature of Scheme Open Ended Growth Scheme
Inception Date October 11, 1996
Dividend Option,Growth Option. The Dividend Option offers
Option/Plan
Dividend Payout and Reinvestment Facility.
Entry Load NIL
(purchase / additional purchase / (With effect from August 1, 2009)
switch-in)
(click here for SIP Details) Please click here to go through the addendum.
Exit Load • In respect of each purchase / switchin of units, an Exit
(as a % of the Applicable NAV)
 Load of 1.00% is payable if Units are redeemed /
switched-out within 1 year from the date of allotment..
(click here for SIP Details) • No Exit Load is payable if Units are redeemed / switched-
out after 1 year from the date of allotment.

Minimum Application Amount For new investors :Rs.5000 and any amount thereafter.
(click here for SIP Details) For existing investors : Rs. 1000 and any amount thereafter.
Lock-In-Period Nil
Net Asset Value Periodicity Every Business Day.
Redemption Proceeds Normally despatched within 3 Business days
Tax Benefits
Please click for details
(As per present Laws)

On the first 100 crores average weekly net assets 2.5000%

Current Expense Ratio (#) On the next 300 crores average weekly net assets 2.25%
(Effective Date 22nd May 2009) On the next 300 crores average weekly net assets 2.00%
On the balance of the assets 1.75%
(#) Any change in the expense ratio will be updated within two working days.
Plan Name NAV Date NAV Amount
Dividend Option 03 Feb 2011 48.6520
Growth Option 03 Feb 2011 205.8280
TOP

Investment Pattern
The asset allocation under the Scheme will be as follows :
Sr.No. Asset Type (% of Portfolio) Risk Profile
Upto 100% (including use of derivatives for
Equities and Equity
1 hedging and other uses as permitted by prevailing Medium to High
Related Instruments
SEBI Regulations)
Debt & Money Market
2 Balance in Debt & Money Market Instruments Low to Medium
Instruments

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

The Scheme may also invest upto 25% of net assets of the Scheme in derivatives such as Futures &
Options and such other derivative instruments as may be introduced from time to time for the purpose
of hedging and portfolio balancing and and other uses as may be permitted under the regulations and
guidelines.

The Scheme may also invest a part of its corpus, not exceeding 40% of its net assets, in overseas
markets in Global Depository Receipts (GDRs), ADRs, overseas equity, bonds and mutual funds and
such other instruments as may be allowed under the Regulations from time to time.

Subject to the Regulations and the applicable guidelines, the Scheme may, engage in Stock Lending
activities. Also refer to Section on Stock Lending by the Fund.

If the investment in equities and related instruments falls below 65% of the portfolio of the Scheme at
any point in time, it would be endeavoured to review and rebalance the composition.
Notwithstanding anything stated above, subject to the regulations, the asset allocation pattern indicated
above may change from time to time, keeping in view market conditions, market opportunities,
applicable regulations and political and economic factors. It may be clearly understood that the
percentages stated above are only indicative and are not absolute and that they can vary substantially
depending upon the perception of the AMC, the intention being at all times to seek to protect the NAV
of the scheme. Such changes will be for short term and defensive considerations.

The Trustee may from time to time at their absolute discretion review and modify the strategy,
provided such modification is in accordance with the Regulations or in the event of a discontinuation of
or change in the compilation or the constituents of the BSE 200 Index.

Provided further and subject to the above, any change in the asset allocation affecting the investment
profile of the Scheme and amounting to a change in the Fundamental Attributes of the Scheme shall be
effected in accordance with sub-regulation (15A) of regulation 18 of SEBI regulations.
TOP
Investment Strategy
The investment strategy of primarily restricting the equity portfolio to the BSE 200 Index scrips is
intended to reduce risks while maintaining steady growth. Stock specific risk will be minimised by
investing only in those companies / industries that have been thoroughly researched by the investment
manager's research team. Risk will also be reduced through a diversification of the portfolio
TOP
Fund Manager
Mr. Prashant Jain (since Jun 19, 03)
Mr. Miten Lathia - Dedicated Fund Manager - Foreign Securities
TOP
Portfolio - Holdings (as on December 31, 2010)
Company Industry+ % to NAV
EQUITY & EQUITY RELATED
State Bank of India Banks 7.10
Infosys Technologies Ltd. Software 6.06
ICICI Bank Ltd. Banks 5.52
Reliance Industries Ltd. Petroleum Products 4.47
Construction
Larsen & Toubro Ltd. 4.13
Project
Bank of Baroda Banks 3.99
Consumer Non
ITC Ltd. 3.32
Durables
Consumer Non
Titan Industries Ltd. 3.10
Durables
Oil & Natural Gas Corporation Ltd. Oil 2.94
Tata Consultancy Services Ltd. Software 2.89
Total of Top Ten Equity Holdings 43.52
Total Equity & Equity Related Holdings 97.32
Total Money Market Instrument & Other Credit Exposures
0.00
(aggregated holdings in a single issuer)
Cash margin 0.02
Other Cash, Cash Equivalents and Net Current Assets 2.66
Grand Total 100.00
Net Assets (Rs. In Lakhs) 9,90,357.06
Note : $ Sponsor
TOP
Returns
HDFC Top 200
(NAV as at evaluation date 31-Dec-10, Rs.225.661 Per unit)
Fund
NAV Per Unit Returns (%) $$ Benchmark Returns (%)
Date Period
(Rs.) ^ #
Last Six months (184
June 30, 2010 194.604 15.96* 12.71*
days)
December 31, 2009Last 1 Year (365 days) 180.456 25.05* 16.22*
December 31, 2007Last 3 Years (1096 days)169.7940 9.94** -1.56**
December 30, 2005Last 5 Years (1827 days)79.982 23.03** 16.37**
Last 10 Years (3654
December 29, 2000 15.200 30.93** 19.19**
days)
Since Inception (5194
October 11, 1996 10.000 26.23** 15.82**
days)
* Absolute Returns ** Compounded Annualised Returns
# BSE 200
^ Past performance may or may not be sustained in the future
$$ Adjusted for the dividends declared under the scheme prior to its splitting into the Dividend and
Growth Plans
TOP
SIP Returns
SIP Investments Since Inception 10 Year 5 Year 3 Year 1 Year
Total Amount Invested (Rs.) 171,000 120,000 60,000 36,000 12,000
Market Value as on December 31, 2010
1,682,484.43 714,522.36 109,165.13 57,784.90 13,834.00
(Rs.)
Returns (Annualised)*(%) 28.54% 33.51% 24.18% 33.29% 29.50%
Benchmark Returns (Annualised)(%)# 18.56% 22.62% 16.18% 24.15% 21.60%
Market Value of SIP in Benchmark# 732,270.88 396,779.09 89,902.86 51,110.94 13,356.35
Past performance may or may not be sustained in the future
Inception Date of HDFC Top 200 Fund is October 11, 1996
* Load is not taken into consideration and the Returns are of Growth Plan / Option. Investors are
advised to refer to the Relative Performance table furnished as above for non-SIP returns
# Benchmark - BSE 200
Disclaimer: The above investment simulation is for illustrative purposes only and should not be
construed as a promise on minimum returns and safeguard of capital. The AMC / Mutual Fund is not
guaranteeing or promising or forecasting any returns. SIP does not assure a profit or guarantee
protection against a loss in a declining market. Please refer SIP Enrolment Form or contact nearest ISC
for SIP Load Structure.