hdfc-eq-r.

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HDFC Balanced Fund HYBRID EQUITY - ORIENTED CATEGORY HDFC HYBRID EQUITY - ORIENTED CATEGORY
(25 schemes) for 3 and 5 year (25 schemes) for 3 and 5 year
periods ending October 31, 2010 Prudence Fund periods ending October 31, 2010

An open-ended balanced scheme An open-ended balanced scheme

NAV (as at October 29, 2010) NAV per Unit (`) NAV (as at October 29, 2010) NAV per Unit (`)
Growth Option 57.091 Growth Option 222.051
Dividend Option 22.466 Dividend Option 34.108

Relative Performance ^ (Growth Option) Relative Performance ^ (Growth Option)

Date Period NAV Returns Benchmark Date Period NAV Returns Benchmark
per Unit ( `) (%)^ Returns (%)# per Unit ( `) (%)$$^ Returns (%)#
Apr 29, 10 Last Six months (183 days) 48.286 18.24 10.11 Apr 29, 10 Last Six months (183 days) 187.880 18.19 10.11
Oct 29, 09 Last 1 Year (365 days) 41.280 38.30~ 19.13 Oct 29, 09 Last 1 Year (365 days) 160.240 38.57~ 19.13
Oct 29, 07 Last 3 Years (1096 days) 37.546 14.98 3.95 Oct 29, 07 Last 3 Years (1096 days) 149.895 13.98 3.95
Oct 28, 05 Last 5 Years (1827 days) 22.479 20.47 16.09 Oct 28, 05 Last 5 Years (1827 days) 74.094 24.52 16.09
Oct 27, 00 Last 10 Years (3654 days) 9.784 19.27 N.A. Oct 27, 00 Last 10 Years (3654 days) 18.750 28.01 N.A.
Feb 01, 94 Since Inception (6114 days) 10.000 22.19 N.A.
Sep 11, 00 Since Inception (3700 days) 10.000 18.75 N.A.
^Past performance may or may not be sustained in the future
^Past performance may or may not be sustained in the future Performance of the Dividend Option for the investor would be net of Distribution Tax as applicable
Performance of the Dividend Option for the investor would be net of Distribution Tax as applicable Returns less than 1 year period are absolute. Returns equal to or greater than 1 year period are
Returns less than 1 year period are absolute. Returns equal to or greater than 1 year period are compounded annualized (CAGR). #CRISIL Balanced Fund Index N.A. Not Available
compounded annualized (CAGR). N.A. Not Available $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options
#CRISIL Balanced Fund Index ~ Due to an over all sharp rise in the stock prices are assumed to be reinvested in the units of the Scheme at the then prevailing NAV
(ex-dividend NAV). ~ Due to an over all sharp rise in the stock prices
Portfolio – Top 10 Holdings (as at October 31, 2010) Portfolio – Top 10 Holdings (as at October 31, 2010)
Company / Issuer Industry+ / Rating % to NAV Company / Issuer Industry+ / Rating % to NAV
EQUITY & EQUITY RELATED EQUITY & EQUITY RELATED
Tata Consultancy Services Ltd. Software 3.78 State Bank of India Banks 4.85
Coromandel International Ltd. Fertilisers 3.34 Bank of Baroda Banks 3.68
Titan Industries Ltd. Consumer Non Durables 3.04
Balkrishna Industries Ltd. Auto Ancillaries 3.31
ICICI Bank Ltd. Banks 2.88
Bank of Baroda Banks 3.19 Infosys Technologies Ltd. Software 2.68
The Federal Bank Ltd. Banks 3.18 Oil & Natural Gas Corporation Ltd. Oil 2.48
Reliance Industries Ltd. Petroleum Products 3.15 Tata Consultancy Services Ltd. Software 2.42
Biocon Ltd. Pharmaceuticals 2.96 3M India Ltd. Trading 2.23
IPCA Laboratories Ltd. Pharmaceuticals 2.93 Tata Motors Ltd. DVR Auto 1.89
Sun Pharmaceutical Industries Ltd. Pharmaceuticals 2.84 Page Industries Ltd. Textile Products 1.77
Total of Top Ten Equity Holdings 27.92
Motherson Sumi Systems Ltd. Auto Ancillaries 2.79
Total Equity & Equity Related Holdings 71.86
Total of Top Ten Equity Holdings 31.47
Government Securities & Other Credit Exposure
Total Equity & Equity Related Holdings 65.24 Government Securities Sovereign 13.73
Government Securities, Money Market Instruments Indian Railways Finance Corporation Ltd. AAA 1.89
& Other Credit Exposure State Bank of India AAA 1.13
Tata Motors Ltd. (Guaranteed by SBI) AAA(SO) 7.34 Power Finance Corporation Ltd. AAA 1.04
Bajaj Finance Ltd. AA+ 4.41 Rural Electrification Corporation Ltd. AAA 0.53
Punjab National Bank AAA 0.38
LIC Housing Finance Ltd. AAA 2.66
Housing Development Finance Corporation Ltd. $ AAA 0.28
Bank of India P1+ 2.51 State Bank of Indore AAA 0.28
Shriram Transport Finance Co. Ltd. AA+(SO) 1.37 Infrastructure Development Finance Co. Ltd. LAAA 0.27
State Bank of India AAA 1.20 Tata Motors Ltd. (Guaranteed by SBI) AAA(SO) 0.19
Government Securities Sovereign 1.12 Total of Top Ten Government Securities &
Grasim Industries Ltd. AAA(SO) 0.93 Other Credit Exposure
Bajaj Auto Ltd. AAA(SO) 0.66 (aggregated holdings in a single issuer) 19.72
Reliance Industries Ltd. AAA(SO) 0.05 Total Government Securities & Other Credit Exposure 20.21
Total Government Securities, Cash margin 0.03
Money Market Instruments & Other Credit Exposure Other Cash, Cash Equivalents and Net Current Assets 7.90
(aggregated holdings in a single issuer) 22.25 Grand Total 100.00
Cash, Cash Equivalents and Net Current Assets 12.51 Net Assets (` In Lakhs) 565,537.96
Grand Total 100.00
Net Assets ( ` In Lakhs) 22,254.89 Portfolio Turnover Ratio (Last 1 Year) 36.07%
+ Industry Classification as recommended by AMFI, $ Sponsor
Portfolio Turnover Ratio (Last 1 Year) 16.53% ✤ Past performance is no guarantee of future results.
+ Industry Classification as recommended by AMFI
Please refer to page no 30 for details on the Rating Methodology
✤ Past performance is no guarantee of future results. Industry Allocation of Equity Holding (% of Net Assets)

Please refer to page no 30 for details on the Rating Methodology
Banks 15.31 Power 1.89
Industry Allocation of Equity Holding (% of Net Assets) Consumer Non Durables 9.49 Finance 1.63
Software 5.66 Industrial Products 1.57
Pharmaceuticals 12.27 Fertilisers 3.34 Pharmaceuticals 5.44 Gas 1.30
Banks 8.02 Construction Project 2.35 Oil 3.70 Telecom - Services 1.21
Auto Ancillaries 7.47 Industrial Products 1.87 Textile Products 3.11 Construction 1.04
Media & Entertainment 3.10 Consumer Durables 0.82
Software 6.45 Telecom - Services 1.76 Industrial Capital Goods 2.52 Paper 0.78
Petroleum Products 5.84 Consumer Durables 1.33 Petroleum Products 2.48 Paper Products 0.78
Construction 3.69 Power 1.33 Chemicals 2.40 Construction Project 0.58
Industrial Capital Goods 3.63 Chemicals 1.32 Trading 2.23 Ferrous Metals 0.58
Auto Ancillaries 1.93 Retailing 0.24
Consumer Non Durables 3.58 Finance 0.99 Auto 1.89 Textiles - Synthetic 0.18

Intouchmutually October 2010 15