Vol. No. 9 Issue No. 11. May 2012

Vol. No. 9 Issue No. 11 May 2012

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 LONG TERM EQUITY FUND 15 HDFC INFRASTRUCTURE FUND 16 HDFC ARBITRAGE FUND 16 HDFC INDEX FUND - SENSEX PLAN 17 HDFC INDEX FUND - 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 20 HDFC CHILDREN S GIFT FUND - SAVINGS PLAN 20 HDFC LONG TERM ADVANTAGE FUND 21 HDFC TAXSAVER 21 SIP PERFORMANCE OF SELECT SCHEMES 22-23 HDFC MF MIP - SHORT TERM PLAN 24 HDFC MF MIP - LONG TERM PLAN 24 HDFC MULTIPLE YIELD FUND 25 HDFC MULTIPLE YIELD FUND - PLAN 2005 25 HDFC INCOME FUND 26 HDFC HIGH INTEREST FUND 26 HDFC SHORT TERM PLAN 27 HDFC HIGH INTEREST FUND - SHORT TERM PLAN 27 HDFC GILT FUND - SHORT TERM PLAN 28 HDFC GILT FUND - LONG TERM PLAN 28 HDFC FLOATING RATE INCOME FUND - SHORT TERM PLAN 29 HDFC FLOATING RATE INCOME FUND - LONG TERM PLAN 29 HDFC LIQUID FUND 30 HDFC CASH MANAGEMENT FUND - SAVINGS PLAN 30 HDFC CASH MANAGEMENT FUND - TREASURY ADVANTAGE PLAN 31 HDFC CASH MANAGEMENT FUND - CALL PLAN 31 HDFC SHORT TERM OPPORTUNITIES FUND 32 HDFC MEDIUM TERM OPPORTUNITIES FUND 32 SCHEME PERFORMANCE SUMMARY (FUND MANAGER-WISE) 33-44 DIVIDEND HISTORY 45-47 DISCLAIMER 47 2 May 2012 Intouchmutually

Market Review - May 2012 Equity market update The Indian markets corrected for the third straight month on the back of moderating domestic growth and uncertainty over the Euro zone s prospects. The SENSEX & the Nifty fell more than 6% each. The broader markets saw an even larger correction, with the CNX Midcap Index falling 7.7%. During the month, global markets faced a slew of negative news including a sharp rise in Spain s borrowing cost, uncertainty surrounding the upcoming Greek elections and all time high Euro zone unemployment. Consequently, world markets saw a sharp correction, with the German DAX, French CAC, and US Dow Jones falling 6-7%. Asia mirrored this sentiment with the Hong Kong HSI and Japanese Nikkei falling 9-11%. The MSCI emerging markets Index fell 10.7%, with Europe having an exaggerated effect on emerging markets. In commodities, Brent corrected to $103/bbl (falling 14.3% in May) as economic concerns in developed economies & China stoked fears of lower fuel demand. This was further helped by the strength in the USD. Other commodities followed suit with Copper, Zinc, Lead and Nickel falling 8-12%. Aluminium saw a milder fall of just 6% on higher cost of production and supply cuts globally. Prices of precious metals also corrected as money flew into US treasuries instead. The domestic front also saw a spate of bad news. Industrial production fell 3.5% y/y in March, owing to a slowdown in manufacturing and mining. Inflation for April was also higher than expected at 7.23%, and GDP growth for Debt market update During the month of April 2012, the yield on 10-year Government benchmark bond ended higher at 8.67% as against 8.54% in March 2012. During the month of May 2012, the yield on 10- year Government benchmark bond ended lower at 8.50% as against 8.67% in April 2012. The average LAF during the month was negative ` 98,485 crs as compared to negative ` 1,02,469 crs in April 2012. The NSE overnight MIBOR ended at 8.14% lower than the rate seen in end April (8.37%). The annual rate of inflation, based on monthly WPI, stood at 7.23% (Provisional) for the month of April 2012 as compared to 6.89% (Provisional) for the previous month and 9.74% during the corresponding month of the previous year. The INR depreciated to 56.11 against the US dollar as compared to 52.74 at the end of previous month, a fall of 6.4% for the month. The net FII March quarter slowed to just 5.3%, making it the slowest quarter in 9 years. On the brighter side, oil-marketing companies finally managed to raise petrol prices by INR 7.5/litre. Hikes in diesel, kerosene & LPG prices were debated to bring down the widening fiscal deficit. Fourth quarter corporate results were mixed with pressure on both sales and profit growth. Margins were lower as companies paid higher wages & interest, and lower commodity prices were offset by a weaker Rupee. In such a negative environment it is worth remembering Sir John Templeton s sage advice that Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria. The Sensex now trades at 13x FY13 EPS, which is meaningfully below its long-term average valuations. With the global economy slowing, commodity prices have begun to correct. Any sustained correction in crude and gold prices would have a beneficial impact on the fiscal and current account deficit. It would give policy makers more flexibility and enable a more benign interest rate regime. Policy makers are also belatedly recognizing the negative impact of their delayed decision making and hopefully this will result in a pick up in activity levels. India remains a growth economy available at reasonable valuations. For investors with a tolerance for volatility there lies merit in investing in equity markets. Source for various data points: Bloomberg & publicly available data. investments in equities & debt was an inflow of USD 597.39 million in May 2012 as compared to an outflow of USD 926.77 million in April 2012. The industrial production (IIP) data for the month of March 2012 showed a contraction of 3.5% over the previous year as against 4.1% growth in the previous month. The slow down in March was largely broad based across all sectors with mining, manufacturing, and capital goods all contracting. India s 4QFY12 GDP growth touched a nine year low of 5.3%, significantly lower than consensus expectations of 6.1% growth. The slow down in 4QFY12 GDP growth has resulted in government s advance GDP estimate for full year FY12 being revised down from 6.9% to 6.5%. Source for various data points: Bloomberg & publicly available data. Intouchmutually May 2012 3

A century of Indian cinema W hen Dadasaheb Phalke made Raja Harishchandra a silent film in Marathi that was the first fulllength motion picture produced in India in 1913 and had it screened in a Mumbai theatre on 3 May that year, little did he realise that he was laying the foundation for what would become one of the biggest film industries in the world. Indian cinema entered its 100th year in May 2012, and will complete its centenary next May. Between 1913 and today it has undergone such a sea change that Phalke, had he been alive today, would not have recognized it. Today, more than 1,000 films are made every year, in several languages, and Indian cinema has crossed several milestones. The silent era that began with Phalke ended when Alam Ara, the first talkie (made by Ardeshir Irani), debuted in a theatre in Mumbai on 14 March, 1931. The talkies changed the face of Indian cinema actors now needed not only good looks and a good voice, but also singing skills, because music became a defining element in Indian cinema. The year 1931 also marked the advent of south Indian cinema, with the release of Bhakta Prahlada in Telugu and Kalidas in Tamil. The year 1937 saw Indian cinema reaching another landmark, when Kisan Kanya (a film based on a novel by Saadat Hasan Manto) produced by Ardeshir Irani became India s first indigenously made colour film. But colour was the exception. Most films, right until the late 1950s, were made in black and white. In 1960, only one colour film, Angulimala, was made. It was the massive success of colour films like Junglee and Ganga Jamuna, released in 1961, that finally established the ascendancy of colour. In 1964, more than 10 Hindi films were made in colour; by the late 1960s, colour had become the norm. There were other landmarks along the way Sohrab Modi s Jhansi Ki Rani (in 1953) became the first film to be shot in Technicolor; the first 70-mm film with stereophonic sound was Around The World (1967), while G P Sippy s Sholay (1975) was shot in the 70-mm format along with four-track stereophonic sound; the first 3D movie made in India was the Malayalam film My Dear Kuttichathan in 1984, and the first 3D Hindi movie was Shiva ka Insaaf, made in 1985. Finally, Sivaji: The Boss, a Tamil film made in 2007, is the first Indian film which incorporated the latest 4K resolution technology that is used only in big-budget Hollywood movies. The winning formula at the box office songs, dance, drama, romance and fantasy had taken shape long before, when Kismet (starring Ashok Kumar) became a big hit in 1945. In the 1950s the earlier religious and spiritual themes of the first two decades also to an extent gave way to social themes relevant to the times. They were entertaining and at the same time became a potent medium to educate the masses. By then, ticket prices had already been set at levels that made cinema an affordable source of entertainment. Today, Indian movies have touched almost every genre of entertainment, be it romances, films about the underworld, action thrillers, or rollicking comedies. With a substantial Indian diaspora scattered across the United States, Europe, and African and Asian countries, Indian filmmakers have in recent years also been making films with themes meant to appeal to non-resident Indian audiences. Predictably, many more movies are now shot in these foreign locales. A good chunk of their revenues also come from overseas markets. The movie viewing experience has also been transformed beyond recognition, as the simple, low-tech theatres of yesteryear have given way to multiplexes with digital sound and 3D screens. In the year 2000, when the multiplex trend started, there were only 14 such cinema halls; today there are more than 1,100. In early 2009, there were only 12 3D screens in India; today there are 200. But the very range of entertainment options available to the movie-goer explosive growth in cable and satellite television channels, as well as online video, and the circulation of pirated DVDs now poses a threat to film-makers. What Indian cinema will look like another 100 years hence is anyone s guess. B S REPORTER This article is issued in general investor interest. Please refer Page No. 47 for disclaimer 4 May 2012 Intouchmutually

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 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 April 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 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. No Entry / Exit Load shall be levied on bonus units and units allotted on dividend reinvestment. Investment Plan / Options Growth & Dividend Growth & Dividend Growth & Dividend Growth & Dividend Growth & Dividend The Dividend Option offers Dividend Payout and Reinvestment facility. Growth & Dividend Growth and Dividend Minimum Application Amount (Under each Plan) Purchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter. Lock-in Period Net Asset Value () Redemption Proceeds Normally despatched within 3-4 Business Days. Normally despatched within 3-4 Business Days. Normally despatched within 3-4 Business Days. Normally despatched within 3-4 Business Days. Normally despatched within 3-4 Business Days. 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, 2012. (Mr Miten Lathia from August 5, 2010 to May 9, 2012). Intouchmutually May 2012 5

Features of our select schemes HDFC Long Term Equity 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 achieve long-term capital appreciation 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 February 10, 06) # Prashant Jain and Srinivas Rao Ravuri (Since March 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 / 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. 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. Retail Plan & Wholesale Plan 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. No Entry / Exit Load shall be levied on bonus units and units allotted on dividend reinvestment. No Load shall be levied on bonus units. Investment Plan / Options Growth and Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Wholesale Plan and Retail Plan Both Plan offers Growth and Dividend Option. Dividend Option offers Quarterly Dividend Option with Payout and Reinvestment Facility. Nifty Plan, SENSEX Plan and SENSEX Plus Plan 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. Wholesale Plan: Purchase / Additional Purchase : `1 Crore 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 () Redemption Proceeds Normally despatched within 3-4 Business days Normally despatched within 3-4 Business days 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, 2012. (Mr Miten Lathia from August 5, 2010 to May 9, 2012). $ All applications for purchase of units including additional purchases for an amount of ` 5 Lakhs and above will be accepted with payment mode only as Real Time Gross Settlement (RTGS) /National Electronic Funds Transfer (NEFT)/Funds Transfer Letter/ Transfer Cheque of a bank where the Scheme has a collection account. Any application for an amount of ` 5 Lakhs and above with payment mode other than the above will be rejected. 6 May 2012 Intouchmutually

Features of our select schemes Nature of Scheme HDFC Balanced Fund Open-ended Balanced Scheme HDFC Prudence Fund Open-ended Balanced Scheme HDFC Children s Gift Fund^@ Open-ended Balanced 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 Investment Objective Fund Managers Inception Date (Date of Allotment) To generate capital appreciation along with current income from a combined portfolio of equity & equity-related and debt & money market instruments. Chirag Setalvad (since April 2, 07)# September 11, 2000 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. Prashant Jain (since Jun 19, 03)*# February 1, 1994 The primary objective of both the Plans viz. Investment Plan & Savings Plan under the Scheme is to generate long term capital appreciation. Chirag Setalvad (since April 2, 07)# March 2, 2001 To generate long term capital appreciation from a portfolio that is invested predominantly in equity and equity-related instruments. Chirag Setalvad (since April 2, 07)# January 2, 2001 To achieve long term growth of capital. Vinay Kulkarni (since Nov 21, 06)# March 31, 1996 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 / switched-out 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 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. No Entry / Exit Load shall be levied on bonus units and units allotted on dividend reinvestment. Investment Plan / Options Minimum Application Amount Lock-in Period Net Asset Value () 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. Investment Plan (Equity Oriented) Savings Plan (Debt Oriented) 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. Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility For Purchase & Additional Purchase : ` 500 and in multiples of ` 500 thereafter. 3 years from the date of allotment of the respective Units (including Units allotted under dividend reinvestment) 3 years from the date of allotment of the respective Units (including Units allotted under dividend reinvestment) Redemption Proceeds 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). 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 (Redemption is subject to completion of Lock-in Period, if applicable). ^ Eligibility (of Unit holder) : Children less than 18 years of age as on the date of investment by the Investor / Applicant are eligible as Unit holders in the Scheme. @ Personal Accident Insurance Cover for Parent / 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, 2012. (Mr Miten Lathia from August 5, 2010 to May 9, 2012). Intouchmutually May 2012 7

Features of our select schemes HDFC MF Monthly Income Plan (HDFC MF MIP) HDFC Multiple Yield Fund HDFC Multiple Yield Fund Plan 2005 HDFC Income Fund Nature of Scheme An open-ended income scheme. Monthly income is not assured and is subject to availability of distributable surplus Open-ended Income Scheme Open-ended Income Scheme Open-ended Income Scheme Investment Objective 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. 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. Fund Managers 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)# Chirag Setalvad (Equities), (since April 2, 07) Anil Bamboli (Debt) (since Aug 17, 05)# Shobhit Mehrotra (since Sep 1, 07)# Inception Date (Date of Allotment) December 26, 2003 September 17, 2004 August 17, 2005 September 11, 2000 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. For Short-Term Plan (STP) & Long-Term Plan (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. 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. 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. No Entry / Exit Load shall be levied on bonus units and units allotted on dividend reinvestment. 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. Investment Plan / Options STP & LTP. Each Plan offers Growth, Monthly Dividend & Quarterly Dividend Option. The Dividend Option offers Dividend Payout and Reinvestment facility. Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Minimum Application Amount STP : 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. LTP : 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 Net Asset Value () Redemption Proceeds Normally despatched within 3-4 Business Days. Normally depatched within 3-4 Business Days. Normally depatched 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, 2012. (Mr Miten Lathia from August 5, 2010 to May 9, 2012). 8 May 2012 Intouchmutually

Features of our select schemes HDFC High Interest Fund (HHIF) HDFC Short Term Plan (STP) HDFC Liquid Fund (HLF) HDFC Cash Management Fund Nature of Scheme Open-ended Income Scheme Open-ended Income Scheme Open-ended Liquid Income Scheme Savings & Call Plan: Open-ended High Liquidity Income Scheme Treasury Advantage Plan: Open-ended Income Scheme Investment Objective 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. Anil Bamboli (HHIF) (since Feb 16, 04)#, Shobhit Mehrotra STP (since Sep 1, 07)# To generate regular income through To enhance income consistent with a high investment in Debt Securities and Money level of liquidity, through a judicious portfolio Market Instruments. mix comprising of money market and debt instruments. 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. Fund Managers Anil Bamboli (since Jan 13, 04)# Shobhit Mehrotra (since Feb 16, 04)# Treasury Advantage Plan Anil Bamboli (since Sep 1, 07)# Call Plan Bharat Pareek (since May 23, 08)#, Savings Plan Bharat Pareek (w.e.f. Oct 1, 09)# Inception Date (Date of Allotment) HHIF : April 28, 1997 HHIF-STP : February 6, 2002 February 28, 2002 HLF : October 17, 2000 HLF Premium Plan & HLF Premium Plus Plan : February 24, 2003 Savings & Treasury Advantage Plan (Retail Option): November 18, 1999 Treasury Advantage Plan (Wholesale Option): April 23, 2007 Call Plan : February 6, 2002 Entry / Sales Load Exit Load Investment Plan / Options 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. HHIF : In respect of each purchase / switch-in 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. HHIF : Growth, Quarterly, Half Yearly and Yearly Dividend Options. HHIF-STP : Growth & Dividend Option All Dividend Options offer Dividend Payout and Reinvestment facility. 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 areredeemed / switched-out after 6 months from the date of allotment. Growth & Dividend (Dividend Option offers Payout and Reinvestment facility). No Entry / Exit Load shall be levied on bonus units and units allotted on dividend reinvestment. HLF & HLF Premium Plan: Each Plan offers Growth & Dividend Option. HLF The Dividend Option offers Daily Dividend Option (Reinvestment facility only) and Weekly and Monthly Dividend Option (with Payout and Reinvestment facility). HLF Premium Plan The Dividend Option offers Daily Dividend Option (with Reinvestment facility only) and Weekly Dividend Option (with Payout and Reinvestment facility). HLF - Premium Plus Plan offers Growth Option* Savings, Treasury Advantage & Call Plan : Savings Plan & Call Plan : 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 and Wholesale Option) 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. Minimum Application Amount (Under each Plan) 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. HLF : Purchase ` 10,000 and any amount thereafter; Additional Purchase ` 5,000 and any amount thereafter. HLF Premium Plan (Purchase)** : ` 1,00,00,000 and any amount thereafter. HLF Premium Plus Plan (Purchase) : ` 20,00,00,000 and any amount thereafter. HLF Premium Plan & HLF Premium Plus Plan (Additional Purchase) : ` 1 and and any amount thereafter. Savings Plan & 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. Treasury Advantage Plan Wholesale Option Purchase : ` 1 Crore and any amount thereafter. Additional Purchase : ` 1 and any amount thereafter. Lock-in Period All Year Round Net Asset Value () Savings & Call Plan: All Year Round Treasury Advantage Plan: Redemption Proceeds Normally despatched within 3-4 Business Days. Normally despatched within 3-4 Business Days. Normally despatched within 1 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 # Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas since May 10, 2012. (Mr Miten Lathia from August 5, 2010 to May 9, 2012). *The Weekly Dividend Option with Payout and Reinvestment facility under HLF - Premium Plus Plan has been discontinued with effect from May 11, 2012. **Reduced from ` 5,00,00,000 and any amount thereafter with effect from May 11, 2012. Intouchmutually May 2012 9

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 & Short Term Plan (Retail Option): January 16, 2003 Short Term Plan (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 / Options 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. Short Term Plan : Long Term Plan : 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. Short Term Plan : For investors who wish to invest for short time period. Long Term Plan : For investors who wish to invest for relatively longer time period. Short Term Plan Wholesale & Retail Option : 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). Long Term Plan : Growth and Weekly Dividend Option (with Reinvestment facility only). 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. No Entry / Exit Load shall be levied on bonus units and units allotted on dividend reinvestment. Short Term Plan : For investors who wish to invest for short time period. Long Term Plan : For investors who wish to invest for relatively longer time period. 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 () Redemption Proceeds Short Term Plan Retail Option : (Growth Option, Weekly Dividend Option & 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. Short Term Plan Wholesale Option : (Growth Option, Daily Dividend Option, Weekly Dividend Option & Monthly Dividend Option) Purchase : ` 10 lakh and any amount thereafter. Additional Purchase : ` 1 and and any amount thereafter. Long Term Plan : For Purchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter. Normally despatched within 3-4 Business Days. (Under each Plan / Option) Purchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter. 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, 2012. (Mr Miten Lathia from August 5, 2010 to May 9, 2012). 10 May 2012 Intouchmutually

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 Medium Term Opportunities Fund Open-ended Income Scheme HDFC Short Term Opportunities Fund Open-ended Income 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 regular income through investments in Debt/Money Market Instruments and Government Securities with maturities not exceeding 60 months. To generate regular income through investments in Debt/Money Market Instruments and Government Securities with maturities not exceeding 30 months. Fund Managers Anil Bamboli (since August 13, 10) August 13, 2010 Anil Bamboli (since November 1, 11) November 1, 2011 Shobhit Mehrotra (since June 29, 10) # June 29, 2010 Anil Bamboli (since June 25, 10) # June 25, 2010 Inception Date (Date of Allotment) 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 thearn Holder. For Creation Unit Size: No Exit load will be levied on redemptions made by Authorised Participants / Large Investors directly with the Fund in Creation Unit Size. For other than Creation Unit Size: Not Applicable. The Units in other than Creation Unit Size cannot be directly redeemed with the Fund. These Units can be redeemed (sold) on a continuous basis on the stock exchange(s) during the trading hours on all trading days. In respect of each purchase / switch-in of units an Exit Load of 2% is payable if Units are redeemed / switched-out within 6 months from thedate of allotment. an Exit Load of 1% is payable if Units are redeemed / switched-out after 6 months but 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. No Entry / Exit Load shall be levied on bonus units and units allotted on dividend reinvestment. 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. In respect of each purchase/switch-in of units, an exit load of 1% is payable if units are redeemed/switched out after 12 months but within 18 months from the date of allotment. No exit load is payable if units are redeemed/switched-out after 18 months from the date of allotment. 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. No Exit Load is payable if units are redeemed/ switched-out after 1 month from the date of allotment. Investment Plan / Options Currently, there are no investment Plans / Options being offered under the Scheme. Currently the Scheme offers only Growth Option. Growth & Dividend Option (Dividend Option offers Payout and Reinvestment facility). Growth & Fortnightly Dividend Option (Dividend Option offers Payout and Reinvestment facility). Minimum Application Amount 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. ^ Purchase: ` 5,000 and any amount thereafter. Additional Purchase: ` 1,000 and any amount thereafter. Lock-in Period Net Asset Value () Redemption Proceeds Normally despatched within 3-4 Business Days. Normally despatched within 3-4 Business Days. 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 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. ^ All applications for purchase of units including additional purchases for an amount equal to or more than ` 10 lakhs will be accepted with payment mode only as Real Time Gross Settlement (RTGS) / National Electronic Funds Transfer (NEFT) / Funds Transfer Letter / Transfer Cheque of a bank where the Scheme has a collection account. Any application for an amount of ` 10 lakhs and above with payment mode other than the above will be rejected. # Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas since May 10, 2012. (Mr Miten Lathia from August 5, 2010 to May 9, 2012). 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 27.038%* and at the rate of 32.445%* 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 13.519%* and at the rate of 32.445%* on distribution of income to any other investor. Units of the Scheme(s) are not subject to Wealth-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 Gift of Units : With effect from 1.10.2009, as per the provisions of section 56(2)(vii) of the Income-tax Act, 1961, certain specified property transferred, without consideration / adequate consideration, exceeding specified limits, are taxable in the hands of the recipient individual / HUF (subject to certain exceptions). The term property includes shares and securities. Units of a mutual fund could fall within the purview of the term securities. As per the Act, property would refer to capital assets only. Investors should be aware that the fiscal rules / tax laws may change and there can be no guarantee that the current tax position may continue indefinitely. In view of individual nature of tax consequences, each investor is advised to consult his / her own professional tax advisor. Fund Manager Total Experience Fund Manager Total Experience Prashant Jain Over 21 years Shobhit Mehrotra Over 19 years Vinay Kulkarni Over 23 years Anil Bamboli Over 17 years Srinivas Rao Ravuri Over 17 years Miten Lathia Over 12 years Chirag Setalvad Over 16 years Bharat Pareek Over 11 years Rakesh Vyas Over 8 years Intouchmutually May 2012 11

HDFC Growth Fund An open-ended growth scheme per Unit (`) Growth Option 79.134 Dividend Option 25.286 HDFC Equity Fund An open-ended growth scheme per Unit (`) Growth Option 242.224 Dividend Option 37.193 Company Industry + % to EQUITY & EQUITY RELATED Infosys Ltd. Software 8.09 ICICI Bank Ltd. Banks 6.38 Reliance Industries Ltd. Petroleum Products 6.05 ITC Ltd. Consumer Non Durables 5.80 Bharat Petroleum Corporation Ltd. Petroleum Products 5.79 State Bank of India Banks 5.47 Divi s Laboratories Ltd. Pharmaceuticals 5.17 Housing Development Finance Corporation Ltd. $ Finance 4.60 Solar Industries India Ltd. Chemicals 4.32 Bharti Airtel Ltd. Telecom - Services 3.18 Total of Top Ten Equity & Equity Related Holdings 54.85 Total Equity & Equity Related Holdings 97.83 Cash, Cash Equivalents and Net Current Assets 2.17 Average AUM for the quarter ended March 31, 2012 (` In Lakhs) 126,195.48 Company Industry + % to EQUITY & EQUITY RELATED State Bank of India Banks 9.63 ICICI Bank Ltd. Banks 5.58 ITC Ltd. Consumer Non Durables 5.34 Infosys Ltd. Software 5.06 Tata Motors Ltd. DVR Auto 4.24 Oil & Natural Gas Corporation Ltd. Oil 3.06 Larsen & Toubro Ltd. Construction Project 2.92 Bharti Airtel Ltd. Telecom - Services 2.84 Bank of Baroda Banks 2.84 Tata Steel Ltd. Ferrous Metals 2.80 Total of Top Ten Equity & Equity Related Holdings 44.31 Total Equity & Equity Related Holdings 99.04 Cash, Cash Equivalents and Net Current Assets 0.96 Average AUM for the quarter ended March 31, 2012 (` In Lakhs) 991,636.92 Portfolio Turnover Ratio (Last 1 Year) 33.19% + Industry Classification as recommended by AMFI $ Sponsor Portfolio Turnover Ratio (Last 1 Year) 30.81% + Industry Classification as recommended by AMFI Industry Allocation of Equity Holding (% of Net Assets) Banks 14.90 Textiles - Synthetic 2.20 Petroleum Products 11.84 Gas 1.99 Software 9.77 Auto Ancillaries 1.75 Pharmaceuticals 9.17 Power 1.69 Industrial Capital Goods 5.98 Ferrous Metals 1.69 Chemicals 5.96 Minerals/Mining 1.51 Consumer Non Durables 5.80 Media & Entertainment 1.05 Construction 4.75 Cement 0.99 Finance 4.60 Transportation 0.79 Oil 4.06 Paper 0.78 Telecom - Services 3.18 Consumer Durables 0.53 Auto 2.85 Industry Allocation of Equity Holding (% of Net Assets) Banks 20.51 Telecom - Services 2.84 Software 10.82 Construction 2.36 Consumer Non Durables 9.68 Auto Ancillaries 2.32 Petroleum Products 5.99 Consumer Durables 1.91 Oil 4.78 Non - Ferrous Metals 1.80 Finance 4.41 Power 1.70 Auto 4.24 Gas 1.67 Pharmaceuticals 4.17 Minerals/Mining 1.46 Industrial Capital Goods 4.15 Transportation 1.32 Media & Entertainment 3.87 Industrial Products 1.28 Construction Project 3.38 Textile Products 1.26 Ferrous Metals 3.03 Textiles - Synthetic 0.09 Std Deviation Beta Sharpe Ratio* Risk Ratio (for the 3-yr period ended May 31, 2012) 6.80% 0.9180 0.15 Monthly Figure Source : CRISIL Fund Analyser * Risk-free rate assumed to be 8.19% (364-day Treasury Bill yield on 31-05-12) Std Deviation Beta Sharpe Ratio* Risk Ratio (for the 3-yr period ended May 31, 2012) 7.70% 0.9530 0.15 Monthly Figure Source : CRISIL Fund Analyser * Risk-free rate assumed to be 8.19% (364-day Treasury Bill yield on 31-05-12) Data is as of May 31, 2012 unless otherwise specified. 12 May 2012 Intouchmutually

HDFC Top 200 Fund An open-ended growth scheme HDFC Capital Builder Fund An open-ended growth scheme per Unit (`) Growth Option 186.116 Dividend Option 36.531 per Unit (`) Growth Option 99.183 Dividend Option 19.224 Company Industry + % to EQUITY & EQUITY RELATED State Bank of India Banks 8.96 Infosys Ltd. Software 5.95 ITC Ltd. Consumer Non Durables 5.80 ICICI Bank Ltd. Banks 5.69 Tata Motors Ltd. DVR Auto 4.03 Tata Consultancy Services Ltd. Software 3.09 Larsen & Toubro Ltd. Construction Project 3.08 HDFC Bank Ltd. Banks 3.07 Bharti Airtel Ltd. Telecom - Services 2.96 Reliance Industries Ltd. Petroleum Products 2.81 Total of Top Ten Equity & Equity Related Holdings 45.44 Total Equity & Equity Related Holdings 98.52 Cash, Cash Equivalents and Net Current Assets 1.48 Average AUM for the quarter ended March 31, 2012 (` In Lakhs) 1,138,105.57 Company Industry + / Rating % to EQUITY & EQUITY RELATED Tata Consultancy Services Ltd. Software 5.55 Infosys Ltd. Software 5.41 Bank of Baroda Banks 5.37 Reliance Industries Ltd. Petroleum Products 5.34 ITC Ltd. Consumer Non Durables 5.11 State Bank of India Banks 4.58 IPCA Laboratories Ltd. Pharmaceuticals 4.32 ICICI Bank Ltd. Banks 4.01 Bata India Ltd. Consumer Non Durables 3.42 Dr. Reddy s Laboratories Ltd. Pharmaceuticals 3.38 Total of Top Ten Equity & Equity Related Holdings 46.49 Total Equity & Equity Related Holdings 97.30 CREDIT EXPOSURE Britannia Industries Ltd. CRISIL - AAA 0.26 Total Credit Exposure 0.26 Cash, Cash Equivalents and Net Current Assets 2.44 Average AUM for the quarter ended March 31, 2012 (` In Lakhs) 48,084.61 Portfolio Turnover Ratio (Last 1 Year) 19.52% + Industry Classification as recommended by AMFI Portfolio Turnover Ratio (Last 1 Year) 12.51% + Industry Classification as recommended by AMFI Industry Allocation of Equity Holding (% of Net Assets) Banks 25.60 Power 2.29 Software 10.46 Industrial Capital Goods 2.29 Consumer Non Durables 10.31 Non - Ferrous Metals 2.11 Pharmaceuticals 6.33 Media & Entertainment 2.00 Petroleum Products 5.85 Minerals/Mining 1.94 Oil 4.78 Construction 1.69 Finance 4.06 Gas 1.64 Auto 4.03 Transportation 1.22 Ferrous Metals 3.96 Consumer Durables 1.13 Construction Project 3.31 Cement 0.48 Telecom - Services 2.96 Auto Ancillaries 0.08 Industry Allocation of Equity Holding (% of Net Assets) Banks 19.99 Software 16.28 Consumer Non Durables 13.00 Pharmaceuticals 10.40 Petroleum Products 8.45 Chemicals 5.87 Auto 4.21 Telecom - Services 3.37 Auto Ancillaries 3.14 Oil 2.91 Media & Entertainment 2.36 Industrial Capital Goods 1.95 Consumer Durables 1.80 Industrial Products 1.52 Finance 1.23 Power 0.82 Std Deviation Beta Sharpe Ratio* Risk Ratio (for the 3-yr period ended May 31, 2012) 7.20% 0.9250 0.12 Monthly Figure Source : CRISIL Fund Analyser * Risk-free rate assumed to be 8.19% (364-day Treasury Bill yield on 31-05-12) Std Deviation Beta Sharpe Ratio* Risk Ratio (for the 3-yr period ended May 31, 2012) 6.50% 0.8010 0.17 Monthly Figure Source : CRISIL Fund Analyser * Risk-free rate assumed to be 8.19% (364-day Treasury Bill yield on 31-05-12) Data is as of May 31, 2012 unless otherwise specified. Intouchmutually May 2012 13