Performance you can trust.

Invest in BSE 200 companies through the HDFC Top 200 Fund. With investments primarily drawn from the companies in BSE 200 its benchmark index, and the rest being actively managed, this fund has performed consistently (past performance may or may not be sustained in the future). So, if you are looking at enhancing your investment portfolio, consider investing in the HDFC Top 200 Fund today.

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INVEST IN THE

TOP 200 FUND

(An o p en - en ded g rowt h s ch e m e )

HDFC Top 200 Fund Growth Option was assigned CRISIL Mutual Fund Rank 2 # in the Open End Large Cap Oriented Equity Schemes Category (out of 37 schemes) for the 2 year period ended September 30, 2011 by CRISIL.

# Past Performance is no guarantee of future results. Please refer the Ranking Methodology and Disclaimer on the last page.

HDFC Top 200 Fund

(An Open-ended Growth Scheme)

HDFC Top 200 Fund, an open-ended growth scheme, has an investment strategy of limiting risk by investing in companies that are among the 200 largest companies by market capitalization. Active management of the fund is focused on selecting and weighing stocks from this universe. The investment strategy of primarily restricting the equity portfolio to BSE 200 Index scrips is intended to reduce risk while maintaining steady growth. The Scheme may also invest in listed companies that would qualify to be in the top 200 by market capitalization on the BSE even though they may not be listed on the BSE. This would include participation in large IPOs. Stock specific risk will be minimised by investing only in those companies/ industries that have been thoroughly researched. INVESTMENT OBJECTIVE: To generate long term capital appreciation from a portfolio of equity and equity-linked instruments primarily drawn from the companies in BSE 200 Index. FEATURES: Asset Allocation: Up to 100% in Equity & Equity-linked Instruments and balance in Debt and Money Market Instruments - (Securitized Debt up to 20% of Net Assets). Options: Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Minimum Application Amount (Under each Option): Purchase: ` 5,000 and any amount thereafter. Additional Purchase: ` 1,000 and any amount thereafter. LOAD STRUCTURE: Entry 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.

Exit Load: In respect of each purchase / switch-in of units, an Exit Load of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment. No Exit Load is payable if Units are redeemed / switched-out after 1 year from the date of allotment. No Entry / Exit Load shall be levied on bonus units & units allotted on dividend reinvestment. The Trustee reserves the right to change/modify the load structure from a prospective date, subject to SEBI (Mutual Funds) Regulations, 1996.
HDFC TOP 200 FUND - GROWTH OPTION A. Cumulative performance
Date Period NAV as at September 30, 2011 ` 187.561

Value of investment of NAV Scheme Benchmark Additional ` 10,000@ per Unit Returns Returns Benchmark Returns (%)^$$ (`) (%)# Scheme Benchmark Additional (%)# # Benchmark (`) (`)# (`)# # 224.764 171.765 118.754 10.000 -16.55 4.50 16.46 23.24 --19.85 -1.60 9.24 13.27 --18.01 -1.98 8.56 11.63 8,345 10,920 15,794 228,695 8,015 9,682 13,038 64,687 8,199 9,607 12,794 51,986

Sep 30, 10 Sep 30, 09 Sep 30, 08 Jan 01, 95

Last 1 Year Last 2 Years Last 3 Years Since Inception

^Past performance may or may not be sustained in the future.

B. Discrete 12 month returns (%)

Period
Sep 30, 10 to Sep 30, 11 Sep 30, 09 to Sep 30, 10 Sep 30, 08 to Sep 30, 09

Scheme ^
-16.55 30.86 44.64

Benchmark #
-19.85 20.79 34.66

Additional Benchmark ##
-18.01 17.18 33.17

^Past performance may or may not be sustained in the future.

Notes for table A & B Returns greater than 1 year period are compounded annualized (CAGR). # BSE 200 ##SENSEX @ shows the current value of ` 10,000/- invested at the beginning of a given period Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV).

Refer next page for performance of other schemes managed by Prashant Jain, fund manager of the Scheme.

HDFC Top 200 Fund

(An Open-ended Growth Scheme)

PERFORMANCE SUMMARY OF OTHER SCHEMES MANAGED BY PRASHANT JAIN, FUND MANAGER OF HDFC TOP 200 FUND

HDFC EQUITY FUND - GROWTH OPTION A. Cumulative performance

Date Period NAV per Unit (`) Scheme Returns (%)^ Benchmark Returns (%)# Additional Benchmark Returns ##(%) Value of investment of ` 10,000@ Scheme Benchmark Additional (`) #(`) Benchmark (`) ##

NAV as at September 30, 2011 ` 245.410 B. Discrete 12 month returns (%)

Period Scheme ^ Benchmark # Additional Benchmark ##

Sep 30, 10 Sep 30, 09 Sep 30, 08 Jan 01, 95

Last 1 Year Last 2 Years Last 3 Years Since Inception

296.647 211.823 145.721 10.000

-17.27 7.64 18.98 21.05

-19.22 -1.72 9.16 8.76

-18.02 -1.39 8.03 N.A.

8,273 11,586 16,841 245,410

8,078 9,659 13,007 40,849

8,198 9,723 12,606 N.A.

Sep 30, 10 to Sep 30, 11 Sep 30, 09 to Sep 30, 10 Sep 30, 08 to Sep 30, 09

-17.27 40.04 44.64 45.36

-19.22 19.58 34.66

-18.02 18.61 33.17 29.65

^Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized (CAGR). #S&P CNX 500 ## S&P CNX NIFTY

HDFC INFRASTRUCTURE FUND - GROWTH OPTION A. Cumulative performance

Date Period NAV per Unit (`) Scheme Returns (%)^ Benchmark Returns (%)# Additional Benchmark Returns (%)## Value of investment of ` 10,000@ Scheme Benchmark Additional (`) #(`) Benchmark (`) ##

NAV as at September 30, 2011 ` 9.911 B. Discrete 12 month returns (%)

Period Scheme ^ Benchmark # Additional Benchmark ##

The Scheme is co-managed by Prashant Jain and Srinivas Rao Ravuri.

Sep 30, 10 Last 1 Year 13.574 -26.99 -19.22 -18.02 7,301 8,078 8,198 Sep 30, 10 to Sep 30, 11 -26.99 -19.22 Sep 30, 09 Last 2 Years 10.488 -2.79 -1.72 -1.39 9,450 9,659 9,723 Sep 30, 09 to Sep 30, 10 29.42 19.58 Sep 30, 08 Last 3 Years 7.609 9.21 9.16 8.03 13,025 13,007 12,606 Sep 30, 08 to Sep 30, 09 37.84 34.66 Mar 10, 08 Since Inception 10.000 -0.25 0.36 0.83 9,911 10,128 10,298 ^Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized (CAGR). # S&P CNX 500 ##S&P CNX Nifty

-18.02 18.61 29.65

HDFC PRUDENCE FUND - GROWTH OPTION A. Cumulative performance

Date Period NAV per Unit (`) Scheme Benchmark Additional Returns Returns Benchmark (%)^$$ (%)# Returns (%)## Value of investment of ` 10,000@ Scheme Benchmark Additional (`) #(`) Benchmark (`) ##

NAV as at September 30, 2011 ` 202.561 B. Discrete 12 month returns (%)

Period Scheme ^$$ Benchmark # Additional Benchmark ##

Sep 30, 10 Last 1 Year 219.644 -7.78 -10.04 -18.02 9,222 8,996 8,198 Sep 30, 10 to Sep 30, 11 -7.78 -10.04 -18.02 Sep 30, 09 Last 2 Years 161.180 12.10 1.36 -1.39 12,567 10,273 9,723 Sep 30, 09 to Sep 30, 10 36.27 14.21 18.61 Sep 30, 08 Last 3 Years 114.111 21.08 8.91 8.03 17,751 12,919 12,606 Sep 30, 08 to Sep 30, 09 41.25 25.75 29.65 Feb 01, 94 Since Inception 10.000 20.29 N.A. 8.19 261,804 N.A. 40,191 ^Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized (CAGR). # CRISIL Balanced Fund Index ##S&P CNX Nifty
$$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme's investments are made in debt instruments

HDFC MF MIP LONG TERM PLAN - GROWTH OPTION A. Cumulative performance

Date Period NAV per Unit (`) Scheme Returns (%)^ Benchmark Returns (%)# Additional Benchmark Returns (%)## Value of investment of ` 10,000@ Scheme Benchmark Additional (`) #(`) Benchmark (`) ##

NAV as at September 29, 2011 ` 23.1615 B. Discrete 12 month returns (%)

Period Scheme ^ Benchmark # Additional Benchmark ##

Sep 29, 10 Last 1 Year 22.7760 1.69 2.21 N.A. 10,169 10,221 N.A. Sep 29, 10 to Sep 29, 11 1.69 2.21 N.A. Sep 29, 09 Last 2 Years 20.0348 7.52 4.91 N.A. 11,561 11,007 N.A. Sep 29, 09 to Sep 29, 10 13.68 7.68 N.A. Sep 29, 08 Last 3 Years 15.6543 13.95 7.96 N.A. 14,796 12,584 N.A. Sep 29, 08 to Sep 29, 09 27.98 14.34 N.A. Dec 26, 03 Since Inception 10.000 11.42 6.68 N.A. 23,162 16,523 N.A. ^Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized (CAGR). # CRISIL MIP Blended Index ## 10 year dated GOI

security Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme's investments are made in equity instruments. The Scheme is co-managed by Prashant Jain (Equities) and Shobhit Mehrotra (Debt).

Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable @ shows the current value of ` 10,000/- invested at the beginning of a given period

NA: Not Available

HDFC Top 200 Fund

(An Open-ended Growth Scheme)

Registered Office: Ramon House, 3rd Floor, H. T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai 400 020. Tel.: 022-6631 6333. Fax : 022-2282 1144. CRISIL MUTUAL FUND RANKING METHODOLOGY AND DISCLAIMER: CRISIL Mutual Fund Rank 2 means that the composite performance of the Scheme is Good performance and ranks within the 11th to 30th percentile in the category. The CRISIL Mutual Fund Ranking is a quarterly ranking of mutual fund schemes. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score based on NAVs over the 2 year period ended September 30, 2011, Sectoral concentration, Company concentration and Liquidity of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. Please refer to www.crisilfundservices.com for further information on the Ranking Methodology. The CRISIL Mutual Fund Rank is no indication of the performance that can be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited. Risk Factors: All mutual funds and securities investments are subject to market risks and there can be no assurance that the Schemes objectives will be achieved and the NAV of the Scheme may go up or down depending upon the factors and forces affecting the securities market. Past performance of the Sponsors and their affiliates / AMC / Mutual Fund and its Scheme(s) do not indicate the future performance of the Scheme of the Mutual Fund. There is no assurance or guarantee to unitholders as to the rate of dividend distribution nor that dividends will be paid regularly. Investors in the Scheme are not being offered any guaranteed / assured returns. The NAV of the units issued under the Scheme may be affected, inter-alia by changes in the interest rates, trading volumes, settlement periods, transfer procedures and performance of individual securities. The NAV will inter-alia be exposed to Price / Interest Rate Risk and Credit Risk. The name(s) of the Scheme(s) do(es) not in any manner indicate either the quality of the Scheme(s), its future prospects and returns. Please read the Scheme Information Document and Statement of Additional Information before investing. Investment Objective: To generate long term capital appreciation from a portfolio of equity and equity-linked instruments primarily drawn from the companies in BSE 200 index. Terms of Issue : Applications for subscriptions / redemptions / switches would be accepted at official points of acceptance on all Business Days at NAV based prices. The AMC will calculate and publish NAV on all Business Days. Statutory Details: HDFC Mutual Fund has been set up as a trust sponsored by Housing Development Finance Corporation Limited and Standard Life Investments Limited (liability restricted to their contribution of ` 1 lakh each to the corpus) with HDFC Trustee Company Limited as the Trustee (Trustee under the Indian Trusts Act, 1882) and with HDFC Asset Management Company Limited as the Investment Manager.

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