Vol. No. 10 Issue No. 11 May 2013

Transcription

1 Vol. No. 10 Issue No. 11 May 2013

2 CONTENTS PAGE NO. MARKET REVIEW 3 EDITORIAL 4 FEATURES OF OUR SELECT SCHEMES 5-11 HDFC GROWTH FUND 12 HDFC EQUITY FUND 12 HDFC TOP 200 FUND 13 HDFC CAPITAL BUILDER FUND 13 HDFC CORE & SATELLITE FUND 14 HDFC PREMIER MULTI-CAP FUND 14 HDFC MID-CAP OPPORTUNITIES FUND 15 HDFC FOCUSED LARGE-CAP FUND (ERSTWHILE HDFC LONG TERM EQUITY FUND) 15 HDFC INFRASTRUCTURE FUND 16 HDFC ARBITRAGE FUND 16 HDFC INDEX FUND - SENSEX PLAN & NIFTY PLAN 17 HDFC INDEX FUND - SENSEX PLUS PLAN 18 HDFC GOLD EXCHANGE TRADED FUND 18 HDFC GOLD FUND 18 HDFC BALANCED FUND 19 HDFC PRUDENCE FUND 19 HDFC CHILDREN S GIFT FUND - INVESTMENT PLAN & SAVINGS PLAN 20 HDFC LONG TERM ADVANTAGE FUND 21 HDFC TAXSAVER 21 SIP PERFORMANCE OF SELECT SCHEMES HDFC MF MIP - SHORT TERM PLAN & LONG TERM PLAN 24 HDFC MULTIPLE YIELD FUND 25 HDFC MULTIPLE YIELD FUND - PLAN HDFC INCOME FUND 26 HDFC HIGH INTEREST FUND 26 HDFC HIGH INTEREST FUND - SHORT TERM PLAN 27 HDFC SHORT TERM PLAN 27 HDFC SHORT TERM OPPORTUNITIES FUND 28 HDFC MEDIUM TERM OPPORTUNITIES FUND 28 HDFC GILT FUND - SHORT TERM PLAN & LONG TERM PLAN 29 HDFC FLOATING RATE INCOME FUND - SHORT TERM PLAN & LONG TERM PLAN 30 HDFC LIQUID FUND 31 HDFC CASH MANAGEMENT FUND - SAVINGS PLAN 31 HDFC CASH MANAGEMENT FUND - TREASURY ADVANTAGE PLAN & CALL PLAN 32 SCHEME PERFORMANCE SUMMARY - PRASHANT JAIN SCHEME PERFORMANCE SUMMARY - VINAY KULKARNI SCHEME PERFORMANCE SUMMARY - MITEN LATHIA 36 SCHEME PERFORMANCE SUMMARY - CHIRAG SETALVAD SCHEME PERFORMANCE SUMMARY - SRINIVAS RAO RAVURI 38 SCHEME PERFORMANCE SUMMARY - SHOBHIT MEHROTRA SCHEME PERFORMANCE SUMMARY - ANIL BAMBOLI DIVIDEND HISTORY DISCLAIMER 50 2 May 2013 Intouchmutually

3 Market Review - May 2013 Equity market update The overall economic environment continues to remain challenging with weak commodity prices, lower inflation and an improving fiscal deficit providing a silver lining. As expected, economic expansion continues to be weak - fourth quarter GDP growth came in at an uninspiring 4.8%. While IIP growth of 2.5% for March improved from the earlier month, it remains at a depressed pace. Government decision making took a back seat with a curtailment of the budget session resulting in a postponement of key legislation. On the positive front, the government was able to reign in the fiscal deficit for FY13 at 4.9% against the 5.1% projected in the budget. In addition, inflation, as measured by the WPI, has continued to grind lower and fell to 4.9% in April. The Indian equity markets had a lack luster performance this month with the Sensex and Nifty up 1.3% and 0.9% respectively while the CNX Midcap Index was flat. FMCG, IT and healthcare sectors performed well while capital goods and metal sectors were laggards. FII inflows in equities continued to be strong with net purchases of $3.6b during the month and $15.3b during the calendar year till date. On the other hand, domestic institutions sold $2.2b in May and $9b during the calendar year till date. Despite strong portfolio flows, the rupee weakened by 5% during the month largely driven by a rise in the trade deficit, which rose to $17.8 in April from $10.3 in March. International markets continued to perform well with the US hitting new highs supported by better than expected economic data. The Dow and NAS- Debt market update During the month of May 2013, the yield on 10-year Government bond (8.15% GoI 2022) ended lower at 7.44% as against 7.73% in April During the month, Government issued a new ten year benchmark bond (7.16% GoI 2023), the cut off for which came in at 7.16%. The average Liquidity Adjustment Factor (LAF) during the month was negative ` 95,969 crs as compared to negative ` 85,928 crs in April The NSE overnight MIBOR ended at 7.30% lower than the rate seen in end April 2013 (7.62%). The annual rate of inflation, based on monthly WPI, stood at 4.89% (Provisional) for the month of April 2013 as compared to 5.96% (Provisional) for the previous month and 7.50% during the corresponding month of the previous year. The INR depreciated to against the US dollar as compared to at the end of previous month, a steep fall of 5% for the month. The net FII investments in equities & debt was an inflow DAQ were up 1.9% and 3.8% respectively. European markets also did well with the CAC 40 and FTSE 100 up 2.4% while the DAX rose 5.5%. Asia had a mixed performance, with the Hang Seng down 1.5% and the Nikkei falling marginally albeit after rising for nine consecutive months. On the other hand, the Kospi rose 1.9%, the Taiex 2.7% and the Shanghai Composite gained 5.6%. Commodity prices took a breather from their recent downtrend and inched up during the month. Copper, aluminum and zinc rose 2-4%. Crude fell almost 2% while gold prices dropped by 6%. Crude prices remained weak on concerns that the advent of US shale gas would dampen demand. Gold retreated as investor attention seemed to be shifting towards riskier assets on the expectation that the global economy was stabilizing. The Sensex currently trades at a PE of 14x oneyear forward earnings and is moderately below its long-term average valuation. Averages hide more than what they reveal and this is true for the current markets. At current levels the markets seems to be polarized. A 14x PE for the markets is a result of very high PEs for consumer and few other high quality companies and much lower PEs for a large number of other companies. Also, the current market PE is based on net profit margins that are at cyclical lows in a high interest rate regime. As the economy improves and interest rates fall, it is possible that actual profits would be higher than estimated. Thus, apart from growth in P/E multiples, even earnings may surprise on upside. of USD million in May 2013 as compared to an inflow of USD million in April The industrial production (IIP) data for March 2013 came in at 2.5% over the previous year as against 0.6% reading in the previous month in line with consensus expectations. On a cumulative basis April March FY2013 IIP increased by only 1% as against 2.9% increase in FY12. India s 4QFY13 GDP growth came in at 4.8% over the previous year, in line with consensus expectations and slightly better than the revised 4.7% growth seen in the previous quarter. For the full year FY CSO s estimate of GDP came in at 5%, which is a ten year low. After two months of declining trend in trade deficit, the April trade deficit widened to USD 17.8bn largely due to a surge in gold imports, which were up 138% over the previous year. Exports came in at USD 24.2 billion up 1.7% over the previous year while imports were USD 42 billion up 11% over the previous year. Source for various data points: Bloomberg, Reuters, and Central Statistics Office (CSO). Intouchmutually May

4 A second lease of life Smarter, cutting-edge pacemakers, which act as a mini-heart, are now helping people with coronary problems live longer, healthier lives. Take the case of Delhi-based Ashok Jain (name changed) who, by the age of 42, had high blood pressure and diabetes; moreover, his heart muscles were not pumping blood effectively through his body. Jain was put on medication to control his BP and diabetes, but by the time he turned 47, his heart was pumping only 25 per cent of the blood it should have with each beat. He was constantly tired. This was when Jain learnt about stateof-the-art pacemakers that did more than just correct the slow beating of the heart they understood the heart, could feel its rhythm and correct it. If they sensed trouble, they could even give the heart a mild electric jolt to put it back in balance. Traditional pacemakers made the heart beat at a particular pace, whether a person was walking, sleeping or exercising. They were not programmed to understand when the body needed the heart to beat faster (such as when climbing stairs), or slow down (when resting). Today s pacemakers are also compatible with diagnostic tests such as MRI scans. The older metallic pacemakers were a hazard during MRI scans, and all patients implanted with the device would be warned of the risks to both body and device. Now, all parts of a pacemaker are made of nonferromagnetic material unaffected by magnetic rays. That, cardiologists say, is critical, because 75 per cent of those who get pacemakers implanted every year may need to have an MRI test at some stage. Pacemakers have become smarter too. Take Jain s case. Instead of going in for the traditional pacemaker, which would only prod the heart to beat regularly, he opted for a multifunction device that has the ability to detect and treat dangerously fast heart rhythms, or speed up a heart that is beating too slowly. It is equipped to control the heart rate as well as prevent heart failure. Two-and-a-half years after he got this device, Jain says he s able to live a normal life. Earlier, he couldn t walk or drive, and had to call a taxi to take him home from office. An outstation trip would leave him exhausted for a week, severely affecting his work, which involved lots of travel. Today, Jain says he travels a lot, and goes for a daily walk. Tests show his heart is pumping more blood 40 per cent more; and the improvement will continue. Like Jain, Mumbai-based Lata Sridhar (name changed), 67, also got a second chance at life after she got a pacemaker implanted five years ago. Her heart condition was weak, but with the pacemaker, she has been living a healthier life. Unlike the traditional pacemaker s single wire providing electrical impulses to a single chamber of the heart, Sridhar got a newer model with two wires going from the battery unit to both chambers of her heart, which performed much better. Implanting a pacemaker isn t complex. The procedure is performed under local anaesthesia and lasts about an hour, says a senior cardiologist at a major hospital in Delhi. A two-inch incision is made in the upper chest, leads are pushed into the heart and the pacemaker is lodged under the chest muscle. After three to four days of hospitalisation, the person can go home. A check-up is recommended every four to six months. The battery is regularly monitored and needs replacement every seven to eight years. With coronary diseases affecting more than 100 million Indians, the new pacemakers are gaining ground. At the Delhi heart hospital referred to earlier, such pacemakers are implanted every month, giving beneficiaries a second lease of life. Beneficiaries only need to remember that if the pacemaker is implanted on the right side, they must use a mobile phone with the left ear. They should also avoid exposure to hand-held metal detectors (people with pacemakers are given a special card which can be shown for this purpose to security guards at airports and malls). However, a pacemaker allows beneficiaries to use all electric appliances. B S REPORTER This article is issued in general investor interest. Please refer Page No. 50 for disclaimer. 4 May 2013 Intouchmutually

5 Features of our select schemes Nature of Scheme HDFC Growth Fund Open-ended Growth Scheme HDFC Equity Fund Open-ended Growth Scheme HDFC Top 200 Fund Open-ended Growth Scheme HDFC Capital Builder Fund Open-ended Growth Scheme HDFC Core & Satellite Fund Open-ended Growth Scheme HDFC Premier Multi-Cap Fund Open-ended Growth Scheme HDFC Mid-Cap Opportunities Fund Open-ended Equity Scheme Investment Objective To generate long term capital appreciation from a portfolio that is invested predominantly in equity and equity related instruments. To achieve capital appreciation. To generate long To achieve capital term capital appreciation in the appreciation from a long term. portfolio of equity and equity-linked instruments primarily drawn from the companies in BSE 200 index. To generate capital To generate capital appreciation through appreciation in the equity investment in long term through companies whose equity investments shares are quoting by investing in a at prices below their diversified portfolio true value. of Mid Cap & Large Cap blue chip companies. To generate long-term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities of Small and Mid-Cap companies Fund Manager Srinivas Rao Ravuri (since Apr 3, 06)# Prashant Jain (since Jun 19, 03)*# Prashant Jain (since Jun19, 03)*# Chirag Setalvad (since Apr 2, 07) & Miten Lathia (since May 10, 12)# Vinay Kulkarni (since Nov 21, 06)# Vinay Kulkarni (since Nov 21, 06)# Chirag Setalvad (Since June 25, 07) # Inception Date (Date of Allotment) September 11, 2000 January 1, 1995 October 11, 1996 February 1, 1994 September 17, 2004 April 6, 2005 June 25, 2007 Entry / Sales Load Exit Load Investment Plan Investment Options Minimum Application Amount (Under each Plan) Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors assessment of various factors including the service rendered by the ARN Holder. In respect of each purchase / switch-in of Units, an Exit Load of 1% 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. For further details, please refer to para Exit Load on Pg 11. HDFC Growth Fund, HDFC Equity Fund, HDFC Growth Fund - HDFC Equity Fund - HDFC Top 200 Fund, HDFC Top 200 Fund - HDFC Capital Builder Fund, HDFC Capital Builder Fund - HDFC Core & Satellite Fund, HDFC Core & Satellite Fund - Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Purchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter. HDFC Premier Multi- Cap Fund, HDFC Premier Multi-Cap Fund - HDFC Mid-Cap Opportunities Fund, HDFC Mid-Cap Opportunities Fund - Lock-in Period Net Asset Value () Every Business Day Every Business Day Every Business Day Every Business Day Redemption Proceeds Normally despatched within 3-4 Business Days. Normally despatched within 3-4 Business Days. Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units. For Tax Benefits / Consequences, Please refer to page 11 * Date of migration from Zurich India Mutual Fund # Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas since May 10, : has been introduced with effect from January 1, 2013 under all Schemes except HDFC Gold Exchange Traded Fund. is for investors who purchase /subscribe Units in a Scheme directly with the Fund and is not available for investors who route their investments through a Distributor. Intouchmutually May

6 Features of our select schemes HDFC Focused Large-Cap Fund * Open-ended Equity Scheme HDFC Infrastructure Fund HDFC Arbitrage Fund HDFC Index Fund Nature of Scheme Open-ended Equity Scheme Open ended Equity Fund Open-ended Index Linked Scheme Investment Objective To generate long term capital appreciation from a focused portfolio that is invested in Large-cap Companies. To seek long-term capital appreciation by investing predominantly in equity and equity related securities of companies engaged in or expected to benefit from growth and development of infrastructure 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. Nifty Plan : To generate returns that are commensurate with the performance of the Nifty, subject to tracking errors. SENSEX Plan : To generate returns that are commensurate with the performance of the SENSEX, subject to tracking errors. SENSEX Plus Plan : To invest 80 to 90% of the net assets of the Plan in companies whose securities are included in SENSEX and between 10% & 20% of the net assets in companies whose securities are not included in the SENSEX. Fund Manager Srinivas Rao Ravuri (Since Feb 10, 06) # Prashant Jain and Srinivas Rao Ravuri (Since Mar 10, 08) # Anil Bamboli (since Oct 23, 07)# Vinay Kulkarni (since Dec 29, 06) Inception Date (Date of Allotment) February 10, 2006 March 10, 2008 October 23, 2007 July 17, 2002 Entry / Sales Load Exit Load Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors assessment of various factors including the service rendered by the ARN Holder. In respect of each purchase / switch-in of Units, an Exit Load of 1% is payable if units are redeemed / switchedout within 1 year from the date of allotment. No Exit Load is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para Exit Load on Pg 11. In respect of each purchase / switch-in of Units, an Exit Load of 0.50% is payable if units are redeemed / switched-out within 6 months from the date of allotment. No Exit Load is payable if Units are redeemed / switched-out after 6 months year from the date of allotment. In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed / switched-out within 30 days from the date of allotment. No Exit Load is payable if Units are redeemed / switched-out after 30 days from the date of allotment. No Load shall be levied on bonus units. Investment Plan HDFC Focused Large-Cap Fund, HDFC Focused Large-Cap Fund - HDFC Infrastructure Fund, HDFC Infrastructure Fund - HDFC Arbitrage Fund (Retail Option), HDFC Arbitrage Fund (Retail Option ) - HDFC Index Fund - Nifty Plan, HDFC Index Fund - Nifty Plan -, HDFC Index Fund - Sensex Plan, HDFC Index Fund - Sensex Plan -, HDFC Index Fund - Sensex Plus Plan, HDFC Index Fund - Sensex Plus Plan - Investment Options Under Each Plan: Growth and Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Under Each Plan : Growth and Dividend Option. Dividend Option offers Quarterly Dividend Option with Payout and Reinvestment Facility. At present, each Plan offers Growth Option only. Minimum Application Amount (Under each Plan) Purchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter. Retail Plan: Purchase / Additional Purchase: `5,000 and any amount thereafter. Purchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter. Lock-in Period Net Asset Value () Every Business Day Every Business Day Redemption Proceeds Normally despatched within 3-4 Business Days. Normally despatched within 3-4 Business Days. Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units. For Tax Benefits / Consequences, Please refer to page 11 # Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas since May 10, * erstwhile HDFC Long Term Equity Fund. Pursuant to change in fundamental attributes w.e.f. March 27, 2013, the scheme has been changed to HDFC Focused Large-Cap Fund. : has been introduced with effect from January 1, 2013 under all Schemes except HDFC Gold Exchange Traded Fund. is for investors who purchase /subscribe Units in a Scheme directly with the Fund and is not available for investors who route their investments through a Distributor. 6 May 2013 Intouchmutually

7 Features of our select schemes Nature of Scheme HDFC Gold Exchange Traded Fund An Open-ended Exchange Traded Fund HDFC Gold Fund An Open-ended Fund of Fund Scheme investing in HDFC Gold Exchange Traded Fund HDFC Balanced Fund Open-ended Balanced Scheme HDFC Prudence Fund Open-ended Balanced Scheme HDFC Children s Gift Fund^@ Open-ended Balanced Scheme Investment Objective To generate returns that are in line with the performance of gold, subject to tracking errors. To seek capital appreciation by investing in units of HDFC Gold Exchange Traded Fund. To generate capital appreciation along with current income from a combined portfolio of equity & equity-related and debt & money market instruments. To provide periodic returns and capital appreciation over a long period of time from a judicious mix of equity and debt investments with an aim to prevent / minimise any capital erosion. The primary objective of both the Plans viz. Investment Plan & Savings Plan under the Scheme is to generate long term capital appreciation. Fund Managers Anil Bamboli (since August 13, 10) August 13, 2010 Anil Bamboli (since November 1, 11) November 1, 2011 Chirag Setalvad (since Apr 2, 07)# Prashant Jain (since Jun 19, 03)*# February 1, 1994 Chirag Setalvad (since Apr 2, 07)# March 2, 2001 Inception Date (Date of Allotment) September 11, 2000 Entry / Sales Load Exit Load Investment Plan Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors assessment of various factors including the service rendered by the ARN Holder. For Creation Unit Size: In respect of each purchase / No Exit load will be levied on switch-in of units redemptions made by an Exit Load of 2% is payable if Authorised Participants / Large Units are redeemed / switchedout within 6 months from the Investors directly with the Fund in Creation Unit Size. date of allotment. For other than Creation an Exit Load of 1% is payable Unit Size: if Units are redeemed / Not Applicable. The Units switched-out after 6 months in other than Creation Unit Size but within 1 year from the date cannot be directly redeemed of allotment. with the Fund. These Units can No Exit Load is payable if Units be redeemed (sold) on a continuous basis on the stock after 1 year from the date of are redeemed / switched-out exchange(s) during the trading allotment. hours on all trading days. HDFC Gold Exchange Traded Fund HDFC Gold Fund, HDFC Gold Fund - In respect of each purchase / switch-in of Units, an Exit Load of 1% 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. For further details, please refer to para Exit Load on Pg 11. HDFC Balanced Fund, HDFC Balanced Fund - HDFC Prudence Fund, HDFC Prudence Fund - For Units subject to Lock-in Period: NIL For Units not subject to Lock-in Period: 3% if the Units are redeemed / switched-out within one year from the date of allotment; 2% if the Units are redeemed / switched-out between the first and second year of the date of allotment; 1% if Units are redeemed / switched-out between the second and third year of the date of allotment; if the Units are redeemed / switched-out after third year from the date of allotment. Investment Plan, Investment Plan - (Equity Oriented), Savings Plan, Savings Plan - (Debt Oriented) Investment Option Currently, there are no Options being offered under the Scheme. Currently each Plan offers only Growth Option. Under Each Plan: Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Minimum Application Amount Lock-in Period Directly with the Fund Subscription / Redemption in exchange of Portfolio Deposit and Cash Component in creation unit size of 1,000 units and in multiples thereafter. $ On the Exchange(s) 1 unit and in multiples of 1 unit thereafter. Purchase: ` 5,000 and any amount thereafter. Additional Purchase: ` 1,000 and any amount thereafter. If opted : Until the Unit holder (being the beneficiary child) attains the age of 18 years or until completion of 3 years from date of allotment, whichever is later. Net Asset Value () Redemption Proceeds Every Business Day Every Business Day Every Business Day Normally despatched within 3-4 Business Days. Normally despatched within 3-4 Business Days. Normally despatched within 3-4 Business Days (Redemption is subject to completion of Lock-in Period, if opted). ^ Eligibility (of Unit holder) : Children less than 18 years of age as on the date of investment by the Investor / Applicant are eligible as Unit holders in the 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 ` 10 lakhs 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 11 * Date of migration from Zurich India Mutual Fund # Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas since May 10, $ For Large Investors, subscriptions shall only be allowed by payment of requisite Cash through RTGS/NEFT or Funds Transfer Letter/ Transfer Cheque of a bank where the Scheme has a collection account. : has been introduced with effect from January 1, 2013 under all Schemes except HDFC Gold Exchange Traded Fund. is for investors who purchase /subscribe Units in a Scheme directly with the Fund and is not available for investors who route their investments through a Distributor. Intouchmutually May

8 Features of our select schemes Nature of Scheme HDFC Long Term Advantage Fund Open-ended Equity Linked Savings Scheme with a lock-in period of 3 years HDFC TaxSaver Open-ended Equity Linked Savings Scheme with a lock-in period of 3 years HDFC MF Monthly Income Plan (HDFC MF MIP) An open-ended income scheme. Monthly income is not assured and is subject to availability of distributable surplus HDFC Multiple Yield Fund Open-ended Income Scheme Investment Objective To generate long term capital appreciation from a portfolio that is invested predominantly in equity and equity-related instruments. To achieve long term growth of capital. The primary objective of Scheme is to generate regular returns through investment primarily in Debt and Money Market Instruments. The secondary objective of the Scheme is to generate long-term capital appreciation by investing a portion of the Scheme s assets in equity and equity related instruments. To generate positive returns over medium time frame with low risk of capital loss over medium time frame. Fund Managers Chirag Setalvad (since Apr 2, 07)# Vinay Kulkarni (since Nov 21, 06)# 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)# Vinay Kulkarni (Equities), (since Nov 21, 06) Anil Bamboli (Debt) (since Sep 17, 04)# Inception Date (Date of Allotment) January 2, 2001 March 31, 1996 December 26, 2003 September 17, 2004 Entry / Sales Load Exit Load Investment Plan Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors assessment of various factors including the service rendered by the ARN Holder. HDFC Long Term Advantage Fund, HDFC Long Term Advantage Fund - HDFC TaxSaver, HDFC TaxSaver - In respect of each purchase / switch-in of Units, an Exit Load of 1% is payable if units are redeemed / switchedout within 1 year from the date of allotment. No Exit Load is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para Exit Load on Pg 11. HDFC MF MIP - Short Term Plan (STP), HDFC MF MIP - STP -, HDFC MF MIP - Long Term Plan (LTP), HDFC MF MIP - LTP - In respect of each purchase / switch-in of Units, an Exit Load of 1% 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. HDFC Multiple Yield Fund, HDFC Multiple Yield Fund - Investment Option Under Each Plan: Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility Each Plan offers Growth, Monthly Dividend & Quarterly Dividend Option. The Dividend Option offers Dividend Payout and Reinvestment facility. Under Each Plan: Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Minimum Application Amount Purchase & Additional Purchase : ` 500 and in multiples of ` 500 thereafter. Under Each Plan : Purchase (Growth & Quarterly Dividend Option) ` 5,000 and any amount thereafter under each Option. (Monthly Dividend Option) ` 25,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter. Purchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter. Lock-in Period 3 years from the date of allotment of the respective Units (including Units allotted under dividend reinvestment) Net Asset Value () Every Business Day Every Business Day Redemption Proceeds Normally despatched within 3-4 Business Days (Redemption is subject to completion of Lock-in Period, if applicable). Normally despatched within 3-4 Business Days. Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units. For Tax Benefits / Consequences, Please refer to page 11 * Date of migration from Zurich India Mutual Fund # Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas since May 10, : has been introduced with effect from January 1, 2013 under all Schemes except HDFC Gold Exchange Traded Fund. is for investors who purchase /subscribe Units in a Scheme directly with the Fund and is not available for investors who route their investments through a Distributor. 8 May 2013 Intouchmutually

9 Features of our select schemes HDFC Multiple Yield Fund (MYF) Plan 2005 HDFC Income Fund HDFC High Interest Fund (HHIF) HDFC Short Term Plan Nature of Scheme Open-ended Income Scheme Open-ended Income Scheme Open-ended Income Scheme Open-ended Income Scheme Investment Objective To generate positive returns over medium time frame with low risk of capital loss over medium time frame. To optimise returns while maintaining a balance of safety, yield and liquidity. To generate income by investing in a range of debt and money market instruments of various maturity dates with a view to maximise income while maintaining the optimum balance of yield, safety and liquidity. To generate regular income through investment in Debt Securities and Money Market Instruments. Fund Managers Chirag Setalvad (Equities), (since April 2, 07) Anil Bamboli (Debt) (since Aug 17, 05)# Shobhit Mehrotra (since Sep 1, 07)# Anil Bamboli (HHIF) (since Feb 16, 04)#, Shobhit Mehrotra STP (since Sep 1, 07)# Anil Bamboli (since Jan 13, 04)# Inception Date (Date of Allotment) August 17, 2005 September 11, 2000 HHIF : April 28, 1997 HHIF-STP : February 6, 2002 February 28, 2002 Entry / Sales Load Exit Load Investment Plan Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors assessment of various factors including the service rendered by the ARN Holder. In respect of each purchase / switch-in of Units, an Exit Load of 1% is payable if units are redeemed / switched-out within 15 months from the date of allotment. No Exit Load is payable if Units are redeemed / switched-out after 15 months from the date of allotment. In respect of each purchase / switch-in of Units, an Exit Load of 0.5% is payable if units are redeemed / switched-out within 6 months from the date of allotment. No Exit Load is payable if Units are redeemed / switched-out after 6 months from the date of allotment. HDFC MYF - Plan 2005, HDFC Income Fund, HDFC MYF - Plan HDFC Income Fund - HHIF : In respect of each purchase / switchin of Units, an Exit Load of 0.50% is payable if units are redeemed / switched-out within 3 months from the date of allotment. No Exit Load is payable if Units are redeemed / switched-out after 3 months from the date of allotment. HHIF - STP : In respect of each purchase / switch-in of units, an Exit Load of 0.25% is payable if units are redeemed / switched-out within 1 month from the date of allotment. For further details, please refer to para Exit Load on Pg 11. HHIF, HHIF -, HHIF - Short Term Plan (STP), HHIF - STP - In respect of each purchase / switch-in of Units, an Exit Load of 0.75% is payable if units are redeemed / switched-out within 9 months from the date of allotment. No Exit Load is payable if Units areredeemed / switched-out after 9 months from the date of allotment. HDFC Short Term Plan, HDFC Short Term Plan - Investment Option Under each Plan: Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. HHIF : Under both the Plans: Growth, Quarterly, Half Yearly and Yearly Dividend Options. HHIF - STP : Under both the Plans: Growth & Dividend Option All Dividend Options offer Dividend Payout and Reinvestment facility. Under both the Plans: Growth & Dividend (Dividend Option offers Payout and Reinvestment facility). Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter. Purchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter. Purchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter. Lock-in Period Net Asset Value () Every Business Day Every Business Day Redemption Proceeds Normally despatched within 3-4 Business Days. Normally despatched within 3-4 Business Days. Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units. For Tax Benefits / Consequences, Please refer to page 11 # Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas since May 10, : has been introduced with effect from January 1, 2013 under all Schemes except HDFC Gold Exchange Traded Fund. is for investors who purchase /subscribe Units in a Scheme directly with the Fund and is not available for investors who route their investments through a Distributor. Intouchmutually May

10 Features of our select schemes Nature of Scheme Investment Objective Fund Managers Inception Date (Date of Allotment) Entry / Sales Load Exit Load Investment Plan Investment Option Minimum Application Amount Lock-in Period Net Asset Value () Redemption Proceeds HDFC Short Term Opportunities Fund Open-ended Income Scheme HDFC Medium Term Opportunities Fund Open-ended Income Scheme To generate regular income To generate regular income through through investments in Debt/ investments in Debt/Money Market Money Market Instruments Instruments and Government and Government Securities Securities with maturities not with maturities not exceeding exceeding 60 months. 36 months. Anil Bamboli (since June 25, 10) # June 25, 2010 Shobhit Mehrotra (since June 29, 10) # June 29, 2010 HDFC Short Term HDFC Medium Term Opportunities Opportunities Fund, HDFC Fund, HDFC Medium Term Short Term Opportunities Fund Opportunities Fund - - Under both the Plans: Under both the Plans: Growth & Growth & Fortnightly Dividend Dividend Option (Dividend Option Option (Dividend Option offers Payout and Reinvestment offers Payout and facility). Reinvestment facility). HDFC Liquid Fund Open-ended Liquid Income Scheme To enhance income consistent with a high level of liquidity, through a judicious portfolio mix comprising of money market and debt instruments. Shobhit Mehrotra (since Feb 16, 04)# October 17, 2000 HDFC Liquid Fund, HDFC Liquid Fund - Under both the Plans: Growth & Dividend Option. The Dividend Option offers Daily Dividend Option (Reinvestment facility only) and Weekly and Monthly Dividend Option (with Payout and Reinvestment facility). Purchase ` 10,000 and any amount thereafter; Additional Purchase ` 5,000 and any amount thereafter. All Year Round Normally despatched within 1 Business Day. HDFC Cash Management Fund Savings & Call Plan: Open-ended High Liquidity Income Scheme Treasury Advantage Plan: Open-ended Income Scheme Savings & Call Plan: To generate optimal returns while maintaining safety and high liquidity. Treasury Advantage Plan: To generate regular income through investment in debt securities and money market instruments. Anil Bamboli# Savings & Call Plan (since Jul 25, 12) Treasury Advantage Plan (since Sep 1, 07) Savings & Treasury Advantage Plan (Retail Option): November 18, 1999 Call Plan : February 6, 2002 In respect of each In respect of each purchase/ Savings, Treasury Advantage & Call Plan : purchase/switch-in of switch-in of units, an exit load units, an Exit load of of 2% is payable if units are 0.50% is payable if units redeemed/switched out within are redeemed/switchedout 12 months from the date of within 3 months from allotment. the date of allotment. In respect of each purchase/ No Exit Load is payable if switch-in of units, an exit load of units are redeemed/ 1% is payable if units are switched-out after 3 redeemed/switched out after 12 months from the date months but within 18 months of allotment. from the date of allotment. No exit load is payable if units are redeemed/switched-out after 18 months from the date of allotment. For further details, please refer to para Exit Load on Pg 11. Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors assessment of various factors including the service rendered by the ARN Holder. Purchase: ` 5,000 and any amount thereafter. Additional Purchase: ` 1,000 and any amount thereafter. Every Business Day Normally despatched within 3-4 Business Days. Savings Plan, Savings Plan -, Call Plan, Call Plan -, Treasury Advantage Plan, Treasury Advantage Plan - Savings & Call Plan : Each Plan offers Growth Option & Daily Dividend Option (with Reinvestment facility only). Savings Plan also offers Weekly Dividend Option (with Payout and Reinvestment facility). Treasury Advantage Plan (Retail Option): Each Plan offers Growth and Dividend Option. Dividend Option offers Daily Dividend Option with Reinvestment facility only and Weekly and Monthly Dividend Option with Payout and Reinvestment facility. Savings & Call Plan : Purchase ` 10,000 and any amount thereafter; Additional Purchase ` 5,000 and any amount thereafter. Treasury Advantage Plan Retail Option Growth, Weekly and Monthly Dividend Option : Purchase ` 5,000 and any amount thereafter. Additional Purchase: ` 1,000 and any amount thereafter. Daily Dividend Option : Purchase ` 10,000 and any amount thereafter; Additional Purchase ` 5,000 and any amount thereafter. Savings & Call Plan: All Year Round Treasury Advantage Plan: Every Business Day Savings & Call Plan : Normally despatched within 1 Business Day. Treasury Advantage Plan: Normally despatched within 3-4 Business Days. Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units. For Tax Benefits / Consequences, Please refer to page 11 : has been introduced with effect from January 1, 2013 under all Schemes except HDFC Gold Exchange Traded Fund. is for investors who purchase /subscribe Units in a Scheme directly with the Fund and is not available for investors who route their investments through a Distributor. 10 May 2013 Intouchmutually

11 Features of our select schemes Nature of Scheme Investment Objective Fund Manager Inception Date (Date of Allotment) 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 for floating rate returns and fixed rate debt securities and money market instruments. Shobhit Mehrotra (since Feb 16, 04)# Long Term Plan (LTP) : January 16, 2003 Short Term Plan (STP) - Wholesale Option: October 23, 2007 HDFC Gilt Fund Open-ended Income Scheme To generate credit risk-free returns through investments in sovereign securities issued by the Central Government and / or a State Government. Anil Bamboli (since Sep 1, 07) July 25, 2001 Entry / Sales Load Exit Load Investment Plan Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors assessment of various factors including the service rendered by the ARN Holder. STP : LTP : In respect of each purchase / switch-in of Units, an Exit Load of 2% is payable if units are redeemed / switched-out within 12 months from the date of allotment. No Exit Load is payable if Units are redeemed / switched-out after 12 months from the date of allotment. STP - Wholesale Option, STP - Wholesale Option -, LTP, LTP - For further details, please refer to para Exit Load on Pg 11. Short Term Plan : Long Term Plan : 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 months from the date of allotment. No exit load is payable if units are redeemed / switched - out after 3 months from the date of allotment. Short Term Plan, Short Term Plan -, Long Term Plan, Long Term Plan - Investment Option STP Wholesale Option : Under both the Plans: Growth and Dividend Option. The Dividend Option offers Daily Dividend Option (with Reinvestment facility only) and Weekly and Monthly Dividend Option (with Payout and Reinvestment facility). LTP : Under both the Plans: Growth and Weekly Dividend Option (with Reinvestment facility only). Each Plan offers Growth and Dividend Options. The Dividend Option offers Dividend Payout and Reinvestment facility. Minimum Application Amount Lock-in Period Net Asset Value () STP Wholesale Option : Purchase : ` 10 lakh and any amount thereafter. Additional Purchase : ` 1 and and any amount thereafter. LTP : For Purchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter. Purchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter. Every Business Day Redemption Proceeds Normally despatched within 3-4 Business Days. Investors are advised to consult their tax advisors with respect to the tax consequences of the purchase, ownership and disposal of mutual fund units. # Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas since May 10, : has been introduced with effect from January 1, 2013 under all Schemes except HDFC Gold Exchange Traded Fund. is for investors who purchase /subscribe Units in a Scheme directly with the Fund and is not available for investors who route their investments through a Distributor. Exit Load: (i) No exit load shall be levied for switching between Options under the same Plan within a Scheme. (ii) Switch of investments to within the same Scheme shall be subject to applicable exit load, unless the investments were made without any distributor code. However, any subsequent switch-out or redemption of such investments from the will not be subject to any exit load.(iii) No exit load shall be levied for switch-out from to other Plan within the same Scheme. However, any subsequent switch-out or redemption of such investment from the other Plan shall be subject to exit load based on the original date of investment in the. (iv) Switch of investments between Plans under a Scheme having separate portfolios, will be subject to applicable exit load. (v) No exit load will be levied on Bonus Units and Units allotted on Dividend Re-investment. Tax Benefits / Consequences : Income distributed by the Scheme (s) are free from Income tax in the hands of Investors. The additional income-tax on distribution of income by a money market mutual fund or a liquid fund to an individual / HUF shall be payable by the mutual fund at the rate of %* and at the rate of %* to any other investor. The additional income-tax on distribution of income by any other fund to an individual / HUF shall be payable at the rate of %* and at the rate of %* on distribution of income to any other investor. 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 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. Fund Manager Total Experience Fund Manager Total Experience Prashant Jain Over 22 years Shobhit Mehrotra Over 19 years Vinay Kulkarni Over 23 years Anil Bamboli Over 18 years Srinivas Rao Ravuri Over 16 years Miten Lathia Over 13 years Chirag Setalvad Over 16 years Rakesh Vyas Over 10 years Intouchmutually May

12 HDFC Growth Fund An open-ended growth scheme HDFC Equity Fund An open-ended growth scheme (Face Value per Unit: ` 10) (Face Value per Unit: ` 10) per Unit (`) Growth Option Dividend Option Growth Option Dividend Option per Unit (`) Growth Option Dividend Option Growth Option Dividend Option Company Industry + % to EQUITY & EQUITY RELATED ICICI Bank Ltd. Banks 8.15 Infosys Ltd. Software 7.91 ITC Ltd. Consumer Non Durables 7.12 Bharat Petroleum Corporation Ltd. Petroleum Products 7.10 State Bank of India Banks 6.20 Divi's Laboratories Ltd. Pharmaceuticals 5.36 Housing Development Finance Corporation Ltd. $ Finance 4.97 Reliance Industries Ltd. Petroleum Products 4.35 Solar Industries India Ltd. Chemicals 3.85 Tata Motors Ltd. DVR Auto 3.82 Total of Top Ten Equity & Equity Related Holdings Total Equity & Equity Related Holdings Cash, Cash Equivalents and Net Current Assets 2.36 Average AUM for the quarter ended March 31, 2013 (` In Lakhs) 122, Company Industry + % to EQUITY & EQUITY RELATED State Bank of India Banks 8.14 ICICI Bank Ltd. Banks 8.11 Infosys Ltd. Software 5.99 ITC Ltd. Consumer Non Durables 4.54 Tata Motors Ltd. DVR Auto 4.01 Larsen & Toubro Ltd. Construction Project 3.45 Oil India Ltd. Oil 2.77 Bank of Baroda Banks 2.44 Bharat Petroleum Corporation Ltd. Petroleum Products 2.42 LIC Housing Finance Ltd. Finance 2.30 Total of Top Ten Equity & Equity Related Holdings Total Equity & Equity Related Holdings Cash margin 0.01 Other Cash, Cash Equivalents and Net Current Assets 1.30 Average AUM for the quarter ended March 31, 2013 (` In Lakhs) 1,150, Industry Classification as recommended by AMFI $ Sponsor Portfolio Turnover Ratio (Last 1 Year) 17.03% + Industry Classification as recommended by AMFI Portfolio Turnover Ratio (Last 1 Year) 31.86% Industry Allocation of Equity Holding (% of Net Assets) Banks Petroleum Products Pharmaceuticals 9.85 Software 7.91 Consumer Non Durables 7.80 Chemicals 6.14 Finance 5.73 Industrial Capital Goods 4.90 Oil 4.73 Construction 4.70 Auto 3.82 Telecom - Services 2.55 Minerals / Mining 2.30 Textile - Synthetic 2.21 Gas 1.97 Transportation 1.63 Industrial Products 1.36 Ferrous Metals 1.05 Cement 1.01 Industry Allocation of Equity Holding (% of Net Assets) Banks Construction 1.84 Software Chemicals 1.58 Consumer Non Durables 8.42 Transportation 1.54 Petroleum Products 7.17 Minerals / Mining 1.44 Pharmaceuticals 5.97 Non - Ferrous Metals 1.37 Finance 5.68 Ferrous Metals 1.19 Auto 5.28 Telecom - Services 1.01 Oil 4.85 Textile Products 0.95 Construction Project 3.45 Cement 0.94 Power 2.78 Gas 0.92 Industrial Capital Goods 2.61 Fertilisers 0.51 Auto Ancillaries 2.53 Industrial Products 0.31 Media And Entertainment 1.98 Std Deviation Beta Sharpe Ratio* Risk Ratio 5.10% (for the 3-yr period ended May 31, 13) Based on month-end Source : CRISIL Fund Analyser * Risk-free rate assumed to be 7.27% (364-day Treasury Bill yield on ) Std Deviation Beta Sharpe Ratio* Risk Ratio 5.69% (for the 3-yr period ended May 31, 13) Based on month-end Source : CRISIL Fund Analyser * Risk-free rate assumed to be 7.27% (364-day Treasury Bill yield on ) Data is as of May 31, 2013 unless otherwise specified. 12 May 2013 Intouchmutually

13 HDFC Top 200 Fund An open-ended growth scheme HDFC Capital Builder Fund An open-ended growth scheme (Face Value per Unit: ` 10) (Face Value per Unit: ` 10) per Unit (`) Growth Option Dividend Option Growth Option Dividend Option per Unit (`) Growth Option Dividend Option Growth Option Dividend Option Company Industry + % to EQUITY & EQUITY RELATED State Bank of India Banks 7.68 ICICI Bank Ltd. Banks 7.52 Infosys Ltd. Software 5.87 ITC Ltd. Consumer Non Durables 5.20 Tata Motors Ltd. DVR Auto 4.36 Larsen & Toubro Ltd. Construction Project 3.76 Tata Consultancy Services Ltd. Software 3.30 HDFC Bank Ltd. Banks 3.10 Oil India Ltd. Oil 2.84 Oil & Natural Gas Corporation Ltd. Oil 2.64 Total of Top Ten Equity & Equity Related Holdings Total Equity & Equity Related Holdings Cash, Cash Equivalents and Net Current Assets 0.47 Average AUM for the quarter ended March 31, 2013 (` In Lakhs) 1,201, Company Industry + / Rating % to EQUITY & EQUITY RELATED ITC Ltd. Consumer Non Durables 7.07 Infosys Ltd. Software 6.69 ICICI Bank Ltd. Banks 6.14 State Bank of India Banks 5.44 Axis Bank Ltd. Banks 4.13 Tata Consultancy Services Ltd. Software 3.98 Pidilite Industries Ltd. Chemicals 3.84 IPCA Laboratories Ltd. Pharmaceuticals 3.83 Dabur India Ltd. Consumer Non Durables 3.61 Bank of Baroda Banks 3.46 Total of Top Ten Equity & Equity Related Holdings Total Equity & Equity Related Holdings Cash, Cash Equivalents and Net Current Assets 3.38 Average AUM for the quarter ended March 31, 2013 (` In Lakhs) 46, Industry Classification as recommended by AMFI Portfolio Turnover Ratio (Last 1 Year) 14.70% + Industry Classification as recommended by AMFI Portfolio Turnover Ratio (Last 1 Year) 20.51% Industry Allocation of Equity Holding (% of Net Assets) Banks Software Consumer Non Durables Oil 6.05 Pharmaceuticals 5.92 Auto 5.87 Petroleum Products 5.56 Finance 5.31 Construction Project 4.00 Power 3.48 Ferrous Metals 2.05 Industrial Capital Goods 1.94 Non - Ferrous Metals 1.72 Cement 1.72 Minerals / Mining 1.68 Media And Entertainment 1.57 Telecom - Services 1.35 Transportation 1.35 Gas 1.33 Construction 1.10 Auto Ancillaries 0.07 Industry Allocation of Equity Holding (% of Net Assets) Banks Software Consumer Non Durables Pharmaceuticals 8.07 Chemicals 6.88 Petroleum Products 5.78 Oil 2.75 Industrial Capital Goods 2.60 Construction Project 2.59 Auto 2.46 Telecom - Services 1.88 Consumer Durables 1.51 Industrial Products 1.50 Power 1.35 Gas 1.06 Finance 1.00 Auto Ancillaries 0.67 Std Deviation Beta Sharpe Ratio* Risk Ratio 5.60% (for the 3-yr period ended May 31, 13) Based on month-end Source : CRISIL Fund Analyser * Risk-free rate assumed to be 7.27% (364-day Treasury Bill yield on ) Std Deviation Beta Sharpe Ratio* Risk Ratio 4.66% (for the 3-yr period ended May 31, 13) Based on month-end Source : CRISIL Fund Analyser * Risk-free rate assumed to be 7.27% (364-day Treasury Bill yield on ) Data is as of May 31, 2013 unless otherwise specified. Intouchmutually May