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Portfolio December_ 2009 - HDFC Mutual Fund

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					    HDFC                                               Growth Fund
                                                                                       An open ended growth sche
    Portfolio                                                           31-Dec-09
    Name of Instrument                                    Industry +                  Quantity


    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   State Bank of India                                   Banks                        448,000
l   Zee Entertainment Enterprises Ltd.                    Media & Entertainment      3,402,298
l   Bharat Petroleum Corporation Limited                  Petroleum Products         1,351,557
l   ITC Ltd.                                              Consumer Non Durables      2,916,305
l   ICICI Bank Ltd.                                       Banks                        832,397
l   Infosys Technologies Ltd                              Software                     280,000
l   Oil & Natural Gas Corporation Ltd.                    Oil                          596,353
l   Crompton Greaves Ltd.                                 Industrial Capital Goods   1,542,519
l   Sun Pharmaceutical Industries Ltd.                    Pharmaceuticals              372,365
l   Housing Development Finance Corporation Ltd.$         Finance                      182,500
    Exide Industries Ltd.                                 Auto Ancillaries           4,069,910
    Nestle India Ltd.                                     Consumer Non Durables        160,268
    Coromandel International Limited                      Fertilisers                1,574,271
    Solar Explosives Ltd.                                 Chemicals                    913,257
    Biocon Limited                                        Pharmaceuticals            1,319,006
    Reliance Industries Ltd.                              Petroleum Products           308,500
    H T Media Ltd.                                        Media & Entertainment      2,307,000
    Bank of Baroda                                        Banks                        619,151
    Nagarjuna Construction Co. Ltd.                       Construction Project       1,611,738
    Oil India Limited                                     Oil                          200,785
    Hindustan Petroleum Corporation Ltd.                  Petroleum Products           633,721
    Bharti Airtel Ltd.                                    Telecom - Services           720,692
    Dr Reddys Laboratories Ltd.                           Pharmaceuticals              205,000
    Thermax Ltd.                                          Industrial Capital Goods     317,366
    Apollo Tyres Ltd                                      Auto Ancillaries           3,867,120
    Divis Laboratories Ltd.                               Pharmaceuticals              230,070
    Noida Toll Bridge Company Ltd.                        Transportation             3,907,000
    Maytas Infra Ltd                                      Construction                 761,912
    Punj Lloyd Ltd.                                       Construction Project         520,000
    C & C Constructions Ltd                               Construction                 396,496
    Amara Raja Batteries Ltd.                             Auto Ancillaries             596,454
    Ballarpur Industries Ltd.                             Paper Products             3,967,287
    KNR Construction limited                              Construction                 710,597
    Eimco Elecon (India) Ltd.                             Industrial Capital Goods     276,428
    ISMT Ltd.                                             Ferrous Metals             1,175,668
    Godrej Properties Limited                             Construction                  71,316
    Ahmednagar Forgings Ltd.                              Industrial Products          424,234
    Technocraft Industries (India) Ltd                    Ferrous Metals               538,745
    Subtotal
    Total

    Short Term Deposits as margin for Futures & Options
    Other Cash,Cash Equivalents and Net Current Assets
    Net Assets
l   Top Ten Holdings




    Sectoral Allocation of Assets(%)
    Banks
    Petroleum Products
    Pharmaceuticals
    Media & Entertainment
    Consumer Non Durables
    Oil
    Industrial Capital Goods
    Auto Ancillaries
    Software
    Finance
    Fertilisers
    Construction Project
    Chemicals
    Construction
    Telecom - Services
    Transportation
    Paper Products
    Ferrous Metals
    Industrial Products
    Cash,Cash Equivalents and Net Current Assets
An open ended growth scheme
               Market/     % to
            Fair Value     NAV
        (Rs. In Lakhs)


           10,165.12      7.51
            8,747.31      6.46
            8,589.82      6.34
            7,314.09      5.40
            7,300.12      5.39
            7,283.08      5.38
            7,025.04      5.19
            6,591.18      4.87
            5,618.24      4.15
            4,883.34      3.61
            4,692.61      3.47
            4,083.55      3.02
            3,742.83      2.76
            3,643.90      2.69
            3,641.12      2.69
            3,364.35      2.48
            3,345.15      2.47
            3,182.13      2.35
            2,671.46      1.97
            2,493.55      1.84
            2,473.41      1.83
            2,376.48      1.76
            2,350.53      1.74
            1,932.92      1.43
            1,894.89      1.40
            1,557.11      1.15
            1,474.89      1.09
            1,207.25      0.89
            1,062.62      0.78
              986.48      0.73
              974.61      0.72
              950.17      0.70
              833.89      0.62
              731.01      0.54
              627.81      0.46
              349.45      0.26
              287.63      0.21
              241.36      0.18
           130,690.50     96.53
           130,690.50     96.53

            1,000.00       0.74
            3,708.98       2.73
          135,399.48     100.00

                         $ Sponsor
15.25
10.65
 9.73
 8.93
 8.42
 7.03
 6.84
 5.59
 5.38
 3.61
 2.76
 2.75
 2.69
 2.50
 1.76
 1.09
 0.70
 0.64
 0.21
 3.47
    HDFC                                               Equity Fund
                                                                               An open ended growth scheme
    Portfolio                                              31-Dec-09
    Name of Instrument                                  Industry +         Quantity           Market/
                                                                                           Fair Value
                                                                                       (Rs. In Lakhs)
    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   State Bank of India                                 Banks              1,600,000      36,304.00
l   Oil & Natural Gas Corporation Ltd.                  Oil                2,700,000      31,806.00
l   ICICI Bank Ltd.                                     Banks              3,085,000      27,055.45
l   Bank of Baroda                                      Banks              3,597,500      18,489.35
l   LIC Housing Finance Ltd.                            Finance            2,142,000      17,195.98
l   Larsen and Toubro Ltd                               Construction Project 972,500      16,314.66
l   Infosys Technologies Ltd                            Software             600,000      15,606.60
l   Titan Industries Ltd.                                                  1,062,714
                                                        Consumer Non Durables             15,126.14
l   Tata Consultancy Services Ltd.                      Software           2,000,000      15,005.00
l   CMC Ltd.                                            Hardware           1,000,000      13,400.50
    Cipla Ltd.                                          Pharmaceuticals 3,970,000         13,301.49
    Crompton Greaves Ltd.                                                  3,000,000
                                                        Industrial Capital Goods          12,819.00
    Axis Bank Ltd                                       Banks              1,250,000      12,365.00
    Punj Lloyd Ltd.                                                        6,000,000
                                                        Construction Project              12,261.00
    Britannia Industries Ltd.                           Consumer Non Durables688,505      11,569.64
    Bharat Petroleum Corporation Limited                Petroleum Products 1,820,000      11,567.01
    Zee Entertainment Enterprises Ltd.                                     4,447,819
                                                        Media & Entertainment             11,435.34
    Sun Pharmaceutical Industries Ltd.                  Pharmaceuticals 728,000           10,984.06
    GAIL (India) Ltd.                                   Gas                2,500,000      10,332.50
    Dr Reddys Laboratories Ltd.                         Pharmaceuticals 900,000           10,319.40
    Maruti Suzuki India Limited                         Auto                 650,000      10,140.65
    H T Media Ltd.                                                         6,777,825
                                                        Media & Entertainment              9,827.85
    Jet Airways (India) Ltd.                            Transportation 1,748,000           9,676.05
    Lupin Ltd.                                          Pharmaceuticals 647,465            9,544.28
    Motherson Sumi Systems Ltd.                         Auto Ancillaries 6,900,000         9,108.00
    Divis Laboratories Ltd.                             Pharmaceuticals 1,298,000          8,784.86
    GlaxoSmithKline Consumer Healthcare Limited         Consumer Non Durables655,619       8,525.34
    Marico Ltd.                                                            7,749,993
                                                        Consumer Non Durables              7,994.12
    Jagran Prakashan Ltd.                                                  5,789,670
                                                        Media & Entertainment              7,908.69
    Mahindra & Mahindra Ltd.                            Auto                 725,000       7,836.16
    Housing Development Finance Corporation Ltd.$       Finance              265,000       7,090.87
    Oil India Limited                                   Oil                  569,725       7,075.41
    Zee News Ltd.                                                        11,197,358
                                                        Media & Entertainment              6,533.66
    Motilal Oswal Financial Services Ltd.               Finance            3,632,000       6,410.48
    AIA Engineering Ltd.                                                   1,700,000
                                                        Industrial Capital Goods           6,319.75
    Emami Ltd.                                                             1,200,000
                                                        Consumer Non Durables              5,894.40
    NTPC Limited                                        Power              2,500,000       5,891.25
    Punjab National Bank                                Banks                650,000       5,890.30
    Simplex Infrastructures Limited                     Construction       1,008,000       5,613.05
    Nagarjuna Construction Co. Ltd.                                        3,340,000
                                                        Construction Project               5,536.05
    Balkrishna Industries Ltd.                          Auto Ancillaries     945,640       5,240.26
    IRB Infrastructure Developers Ltd                   Transportation 2,124,500           5,219.90
    Exide Industries Ltd.                               Auto Ancillaries 4,500,000         5,188.50
    Dishman Pharma & Chemicals Ltd.                     Pharmaceuticals 2,108,207          5,000.67
    GlaxoSmithkline Pharmaceuticals Ltd                 Pharmaceuticals 300,000            4,835.85
    Apollo Tyres Ltd                                    Auto Ancillaries 8,500,000         4,165.00
Procter & Gamble Hygiene and Health Care Limited   Consumer Non Durables204,000    3,555.31
T. V. Today Network Ltd.                                             2,847,069
                                                   Media & Entertainment           3,516.13
Savita Chemicals Ltd.                              Chemicals            830,063    3,315.27
Dish TV India Limited                                                7,500,000
                                                   Media & Entertainment           3,187.50
ISMT Ltd.                                          Ferrous Metals 5,962,399        3,183.92
Biocon Limited                                     Pharmaceuticals 1,100,000       3,036.55
Nestle India Ltd.                                  Consumer Non Durables 91,000    2,318.63
Himatsingka Seide Ltd.                             Textile Products 5,206,277      2,152.80
Indo Rama Synthetics (India) Ltd.                                    4,638,229
                                                   Textiles - Synthetic            1,672.08
The Federal Bank Ltd.                              Banks                278,388      655.88
Emami Infrastructure Limited                       Construction         400,000      348.85
Subtotal                                                                          531,452.44
(b) Unlisted
Alberg Software Ltd.£                              Software              7,500         0.00
Subtotal                                                                                0.00
Total                                                                             531,452.44

Cash,Cash Equivalents and Net Current Assets                                        8,144.01
Net Assets                                                                        539,596.45




Sectoral Allocation of Assets(%)
Banks
Pharmaceuticals
Consumer Non Durables
Media & Entertainment
Oil
Construction Project
Finance
Software
Auto Ancillaries
Industrial Capital Goods
Auto
Transportation
Hardware
Petroleum Products
Gas
Construction
Power
Chemicals
Ferrous Metals
Textile Products
Textiles - Synthetic
Cash,Cash Equivalents and Net Current Assets
open ended growth scheme
                   % to
                   NAV




                   6.73
                   5.89
                   5.01
                   3.43
                   3.19
                   3.02
                   2.89
                   2.80
                   2.78
                   2.48
                   2.47
                   2.38
                   2.29
                   2.27
                   2.14
                   2.14
                   2.12
                   2.04
                   1.91
                   1.91
                   1.88
                   1.82
                   1.79
                   1.77
                   1.69
                   1.63
                   1.58
                   1.48
                   1.47
                   1.45
                   1.31
                   1.31
                   1.21
                   1.19
                   1.17
                   1.09
                   1.09
                   1.09
                   1.04
                   1.03
                   0.97
                   0.97
                   0.96
                   0.93
                   0.90
                   0.77
 0.66
 0.65
 0.61
 0.59
 0.59
 0.56
 0.43
 0.40
 0.31
 0.12
 0.06
 98.46

 0.00
  0.00
 98.46

  1.54
100.00

$ Sponsor




 18.67
 12.21
 10.18
  7.86
  7.20
  6.32
  5.69
  5.67
  4.39
  3.55
  3.33
  2.76
  2.48
  2.14
  1.91
  1.10
  1.09
  0.61
  0.59
  0.40
  0.31
  1.54
    HDFC                                               Top 200 Fund
                                                                       An open ended growth scheme
    Portfolio                                              31-Dec-09
    Name of Instrument                                  Industry +         Quantity       Market/
                                                                                       Fair Value
                                                                                   (Rs. In Lakhs)
    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   State Bank of India                                 Banks              1,752,500   39,764.23
l   Infosys Technologies Ltd                            Software           1,420,000   36,935.62
l   ICICI Bank Ltd.                                     Banks              4,009,791   35,165.87
l   Oil & Natural Gas Corporation Ltd.                  Oil                2,403,940   28,318.41
l   Larsen and Toubro Ltd                                                  1,539,977
                                                        Construction Project           25,834.65
l   Bank of Baroda                                      Banks              4,261,400   21,901.47
l   ITC Ltd.                                                               7,450,000
                                                        Consumer Non Durables          18,684.60
l   Reliance Industries Ltd.                            Petroleum Products 1,675,000   18,266.71
l   LIC Housing Finance Ltd.                            Finance            1,940,000   15,574.32
l   Housing Development Finance Corporation Ltd.$       Finance              578,000   15,466.12
    Crompton Greaves Ltd.                                                  3,105,983
                                                        Industrial Capital Goods       13,271.87
    Punj Lloyd Ltd.                                                        6,400,000
                                                        Construction Project           13,078.40
    Sun Pharmaceutical Industries Ltd.                  Pharmaceuticals 863,700        13,031.51
    NTPC Limited                                        Power              5,519,043   13,005.62
    Cipla Ltd.                                          Pharmaceuticals 3,813,171      12,776.03
    Tata Consultancy Services Ltd.                      Software           1,700,100   12,755.00
    Zee Entertainment Enterprises Ltd.                                     4,888,500
                                                        Media & Entertainment          12,568.33
    Axis Bank Ltd                                       Banks              1,252,000   12,384.78
    Tata Steel Ltd.                                     Ferrous Metals 2,000,000       12,354.00
    Bharti Airtel Ltd.                                  Telecom - Services 3,700,000   12,200.75
    Lupin Ltd.                                          Pharmaceuticals 793,237        11,693.11
    Titan Industries Ltd.                               Consumer Non Durables720,592   10,256.55
    Maruti Suzuki India Limited                         Auto                 657,140   10,252.04
    Mahindra & Mahindra Ltd.                            Auto                 947,896   10,245.33
    Punjab National Bank                                Banks              1,032,162    9,353.45
    GAIL (India) Ltd.                                   Gas                2,121,875    8,769.71
    Dr Reddys Laboratories Ltd.                         Pharmaceuticals 723,875         8,299.95
    Nagarjuna Construction Co. Ltd.                                        4,984,612
                                                        Construction Project            8,261.99
    Hindustan Unilever Ltd.                             Diversified        2,800,000    7,414.40
    Oil India Limited                                   Oil                  594,725    7,385.89
    GlaxoSmithkline Pharmaceuticals Ltd                 Pharmaceuticals 407,500         6,568.70
    Wipro Ltd.                                          Software             958,204    6,515.79
    Bharat Petroleum Corporation Limited                Petroleum Products989,000       6,285.59
    Bharat Heavy Electricals Ltd.                                            257,600
                                                        Industrial Capital Goods        6,190.90
    IRB Infrastructure Developers Ltd                   Transportation 2,399,000        5,894.34
    Marico Ltd.                                                            5,700,000
                                                        Consumer Non Durables           5,879.55
    Container Corporation of India Ltd.                 Transportation       415,451    5,435.55
    Exide Industries Ltd.                               Auto Ancillaries 4,468,000      5,151.60
    Divis Laboratories Ltd.                             Pharmaceuticals 746,220         5,050.42
    Hindustan Petroleum Corporation Ltd.                Petroleum Products 1,100,000    4,293.30
    Britannia Industries Ltd.                           Consumer Non Durables250,635    4,211.67
    Reliance Infrastruture Ltd                          Power                350,000    4,013.63
    Bharat Electronics Ltd.                                                  198,139
                                                        Industrial Capital Goods        3,845.98
    Jet Airways (India) Ltd.                            Transportation       680,000    3,764.14
    Bajaj Auto Limited                                  Auto                 200,000    3,509.60
    Hero Honda Motors Ltd.                              Auto                 200,000    3,435.40
Nestle India Ltd.                                Consumer Non Durables133,500    3,401.51
Dabur India Ltd.                                                    2,125,904
                                                 Consumer Non Durables           3,375.94
The Federal Bank Ltd.                            Banks              1,348,888    3,177.98
CMC Ltd.                                         Hardware             235,584    3,156.94
Bank of India                                    Banks                800,000    3,078.80
Indian Oil Corporation Ltd                       Petroleum Products997,824       3,052.34
United Spirits Limited                           Consumer Non Durables240,000    3,024.72
GlaxoSmithKline Consumer Healthcare Limited      Consumer Non Durables215,000    2,795.75
Suzlon Energy Limited                                               3,000,000
                                                 Industrial Capital Goods        2,710.50
Union Bank of India                              Banks                935,000    2,469.80
Biocon Limited                                   Pharmaceuticals 787,560         2,174.06
Thermax Ltd.                                                          248,910
                                                 Industrial Capital Goods        1,515.99
Cairn India Ltd.                                 Oil                  500,000    1,410.75
Apollo Tyres Ltd                                 Auto Ancillaries 2,615,000      1,281.35
Jaiprakash Associates Ltd.                       Cement               750,000    1,101.38
Asian Paints Limited                             Consumer Non Durables 45,220      812.69
Tata Motors Ltd.                                 Auto                 100,000      791.55
Siemens Ltd.                                                          100,000
                                                 Industrial Capital Goods          582.35
Oracle Financial Ser Software Ltd                Software              25,000      579.51
Colgate-Palmolive (India) Ltd.                   Consumer Non Durables 85,000      560.15
United Phosphorus Ltd.                           Pesticides           166,000      288.34
Rural Electrification Corporation Ltd.           Finance              100,000      242.80
Steel Authority Of India Ltd.                    Ferrous Metals        15,000       36.26
Subtotal                                                                        596,938.33
Total                                                                           596,938.33

Cash margin / Earmarked cash for Futures & Options                                2,479.50
Other Cash,Cash Equivalents and Net Current Assets                                7,213.40
Net Assets                                                                      606,631.23




Sectoral Allocation of Assets(%)
Banks
Pharmaceuticals
Software
Consumer Non Durables
Construction Project
Oil
Petroleum Products
Finance
Auto
Industrial Capital Goods
Power
Transportation
Media & Entertainment
Ferrous Metals
Telecom - Services
Gas
Diversified
Auto Ancillaries
Hardware
Cement
Pesticides
Cash,Cash Equivalents and Net Current Assets
open ended growth scheme
                     % to
                     NAV
    (Rs. In Lakhs)


                     6.55
                     6.09
                     5.80
                     4.67
                     4.26
                     3.61
                     3.08
                     3.01
                     2.57
                     2.55
                     2.19
                     2.16
                     2.15
                     2.14
                     2.11
                     2.10
                     2.07
                     2.04
                     2.04
                     2.01
                     1.93
                     1.69
                     1.69
                     1.69
                     1.54
                     1.45
                     1.37
                     1.36
                     1.22
                     1.22
                     1.08
                     1.07
                     1.04
                     1.02
                     0.97
                     0.97
                     0.90
                     0.85
                     0.83
                     0.71
                     0.69
                     0.66
                     0.63
                     0.62
                     0.58
                     0.57
 0.56
 0.56
 0.52
 0.52
 0.51
 0.50
 0.50
 0.46
 0.45
 0.41
 0.36
 0.25
 0.23
 0.21
 0.18
 0.13
 0.13
 0.10
 0.10
 0.09
 0.05
 0.04
 0.01
 98.42
 98.42

  0.41
  1.17
100.00

$ Sponsor




 20.98
  9.83
  9.36
  8.73
  7.78
  6.12
  5.26
  5.16
  4.66
  4.64
  2.80
  2.49
  2.07
  2.05
  2.01
  1.45
  1.22
  1.06
  0.52
  0.18
  0.05
1.58
    HDFC                                           Capital Builder Fund
                                                                           An open ended growth scheme
    Portfolio                                                  31-Dec-09
    Name of Instrument                                 Industry +             Quantity     Market/
                                                                                        Fair Value
                                                                                    (Rs. In Lakhs)
    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   State Bank of India                                Banks                    170,000   3,857.30
l   Ipca Laboratories Ltd.                             Pharmaceuticals          360,000   3,745.26
l   Dr Reddys Laboratories Ltd.                        Pharmaceuticals          300,000   3,439.80
l   Tata Consultancy Services Ltd.                     Software                 450,000   3,376.13
l   Crompton Greaves Ltd.                              Industrial Capital Goods 530,000   2,264.69
l   Reliance Industries Ltd.                           Petroleum Products       200,000   2,181.10
l   Patni Computer Systems Ltd.                        Software                 450,000   2,180.70
l   Exide Industries Ltd.                              Auto Ancillaries       1,870,000   2,156.11
l   Bharat Petroleum Corporation Limited               Petroleum Products       323,854   2,058.25
l   Blue Star Ltd.                                     Consumer Durables        520,672   2,018.65
    ITC Ltd.                                           Consumer Non Durables800,000       2,006.40
    Biocon Limited                                     Pharmaceuticals          660,788   1,824.11
    Bank of Baroda                                     Banks                    350,000   1,798.83
    Axis Bank Ltd                                      Banks                    180,000   1,780.56
    ICICI Bank Ltd.                                    Banks                    200,000   1,754.00
    Hero Honda Motors Ltd.                             Auto                     100,000   1,717.70
    Infosys Technologies Ltd                           Software                  65,000   1,690.72
    Nestle India Ltd.                                  Consumer Non Durables 64,000       1,630.69
    Container Corporation of India Ltd.                Transportation           115,000   1,504.60
    Bharti Airtel Ltd.                                 Telecom - Services       390,000   1,286.03
    Pidilite Industries Ltd.                           Chemicals                635,000   1,239.52
    Dabur India Ltd.                                   Consumer Non Durables757,138       1,202.34
    Britannia Industries Ltd.                          Consumer Non Durables 69,113       1,161.37
    Punj Lloyd Ltd.                                    Construction Project     556,500   1,137.21
    Wyeth Ltd.                                         Pharmaceuticals          142,400   1,063.30
    Zee Entertainment Enterprises Ltd.                 Media & Entertainment 400,000      1,028.40
    Motilal Oswal Financial Services Ltd.              Finance                  573,200   1,011.70
    LIC Housing Finance Ltd.                           Finance                  124,808   1,001.96
    Sun Pharmaceutical Industries Ltd.                 Pharmaceuticals           65,000     980.72
    Bharat Electronics Ltd.                            Industrial Capital Goods 50,000      970.53
    Procter & Gamble Hygiene and Health Care Limited   Consumer Non Durables 53,000         923.68
    Oil India Limited                                  Oil                       70,000     869.33
    KEC International Ltd.                             Power                    147,000     865.76
    Bharat Heavy Electricals Ltd.                      Industrial Capital Goods 35,000      841.16
    Indraprastha Gas Ltd.                              Gas                      400,000     798.80
    Balrampur Chini Mills Ltd.                         Consumer Non Durables400,000         531.00
    Himatsingka Seide Ltd.                             Textile Products         800,000     330.80
    Subtotal                                                                              60,229.21
    (b) Unlisted
    Renewable Energy Systems Ltd.**£                   Power                    90,900        0.00
    Subtotal                                                                                   0.00
    Total                                                                                 60,229.21

    Cash,Cash Equivalents and Net Current Assets                                           2,720.95
    Net Assets                                                                            ########
l   Top Ten Holdings




    Sectoral Allocation of Assets(%)
    Pharmaceuticals
    Banks
    Consumer Non Durables
    Software
    Petroleum Products
    Industrial Capital Goods
    Auto Ancillaries
    Consumer Durables
    Finance
    Auto
    Transportation
    Telecom - Services
    Chemicals
    Construction Project
    Media & Entertainment
    Oil
    Power
    Gas
    Textile Products
    Cash,Cash Equivalents and Net Current Assets
open ended growth scheme
                       % to
                       NAV
    (Rs. In Lakhs)


                      6.13
                      5.95
                      5.46
                      5.36
                      3.60
                      3.46
                      3.46
                      3.43
                      3.27
                      3.21
                      3.19
                      2.90
                      2.86
                      2.83
                      2.79
                      2.73
                      2.69
                      2.59
                      2.39
                      2.04
                      1.97
                      1.91
                      1.84
                      1.81
                      1.69
                      1.63
                      1.61
                      1.59
                      1.56
                      1.54
                      1.47
                      1.38
                      1.38
                      1.34
                      1.27
                      0.84
                      0.53
                      95.70

                      0.00
                       0.00
                      95.70

                       4.30
                     100.00
17.56
14.61
11.84
11.51
 6.73
 6.48
 3.43
 3.21
 3.20
 2.73
 2.39
 2.04
 1.97
 1.81
 1.63
 1.38
 1.38
 1.27
 0.53
 4.30
    HDFC                                               Index Fund
                                                                An open-ended index linked scheme
                                                             31-Dec-09
    SENSEX Plan                                        (Face Value per Unit:Rs. 32.161)

    Portfolio
    Name of Instrument                                    Industry +         Quantity    Market/
                                                                                      Fair Value
                                                                                  (Rs. In Lakhs)
    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   Reliance Industries Ltd.                              Petroleum Products 63,912        696.26
l   Infosys Technologies Ltd                              Software             18,952      493.75
l   ICICI Bank Ltd.                                       Banks                43,317      379.33
l   Larsen and Toubro Ltd                                 Construction Project 21,025      353.09
l   Housing Development Finance Corporation Ltd.$         Finance               9,994      267.62
l   ITC Ltd.                                                                  103,178
                                                          Consumer Non Durables            258.82
l   State Bank of India                                   Banks                11,113      252.20
l   HDFC Bank Ltd.                                        Banks                14,196      241.39
l   Oil & Natural Gas Corporation Ltd.                    Oil                  16,641      195.96
l   Tata Consultancy Services Ltd.                        Software             22,830      171.17
    Bharti Airtel Ltd.                                    Telecom - Services 51,645        169.81
    Bharat Heavy Electricals Ltd.                                               6,660
                                                          Industrial Capital Goods         160.25
    Tata Steel Ltd.                                       Ferrous Metals       24,155      149.18
    Sterlite Industries (India) Limited                   Non - Ferrous Metals14,700       126.66
    NTPC Limited                                          Power                48,030      113.21
    Hindustan Unilever Ltd.                               Diversified          42,502      112.52
    Tata Motors Ltd.                                      Auto                 11,209       88.84
    Tata Power Company Ltd.                               Power                 6,441       88.75
    Mahindra & Mahindra Ltd.                              Auto                  8,139       87.97
    Maruti Suzuki India Limited                           Auto                  5,629       87.79
    Hindalco Industries Ltd.                              Non - Ferrous Metals52,342        84.14
    Wipro Ltd.                                            Software             11,419       77.58
    Hero Honda Motors Ltd.                                Auto                  3,877       66.55
    Grasim Industries Ltd.                                Cement                2,669       66.13
    Jaiprakash Associates Ltd.                            Cement               44,950       66.03
    Reliance Infrastruture Ltd                            Power                 5,655       64.86
    DLF Ltd.                                              Construction         16,541       59.74
    Sun Pharmaceutical Industries Ltd.                    Pharmaceuticals       3,213       48.42
    Reliance Communication Ltd                            Telecom - Services 27,982         48.38
    ACC Ltd.                                              Cement                4,006       34.91
    Subtotal                                                                              5,111.31
    Total                                                                                 5,111.31

    Cash,Cash Equivalents and Net Current Assets                                             15.61
    Net Assets                                                                            5,126.92




    Sectoral Allocation of Assets(%)
    Banks
    Software
    Petroleum Products
Construction Project
Auto
Finance
Power
Consumer Non Durables
Telecom - Services
Non - Ferrous Metals
Oil
Cement
Industrial Capital Goods
Ferrous Metals
Diversified
Construction
Pharmaceuticals
Cash,Cash Equivalents and Net Current Assets
ended index linked scheme



                       % to
                       NAV
    (Rs. In Lakhs)


                      13.58
                       9.63
                       7.40
                       6.89
                       5.22
                       5.05
                       4.92
                       4.71
                       3.82
                       3.34
                       3.31
                       3.13
                       2.91
                       2.47
                       2.21
                       2.19
                       1.73
                       1.73
                       1.72
                       1.71
                       1.64
                       1.51
                       1.30
                       1.29
                       1.29
                       1.27
                       1.17
                       0.94
                       0.94
                       0.68
                       99.70
                       99.70

                       0.30
                     100.00




                      17.03
                      14.48
                      13.58
6.89
6.46
5.22
5.21
5.05
4.25
4.11
3.82
3.26
3.13
2.91
2.19
1.17
0.94
0.30
    HDFC                                 Index Fund
                                                         An open-ended index linked scheme
                                              31-Dec-09
    NIFTY Plan                           (Face Value per Unit:Rs. 10.326)

    Portfolio
    Name of Instrument                      Industry +        Quantity             Market/    % to
                                                                                Fair Value    NAV
                                                                            (Rs. In Lakhs)
    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   Reliance Industries Ltd.                Petroleum Products 53,146             579.58     12.34
l   Infosys Technologies Ltd                Software             14,434           375.44      7.99
l   Larsen and Toubro Ltd                   Construction Project 18,093           303.53      6.46
l   ICICI Bank Ltd.                         Banks                33,552           294.25      6.27
l                                           Finance
    Housing Development Finance Corporation Ltd.$                 7,596           203.25      4.33
l   ITC Ltd.                                Consumer Non Durables77,626           194.69      4.15
l   HDFC Bank Ltd.                          Banks                10,417           177.32      3.78
l   State Bank of India                     Banks                 7,764           176.17      3.75
l   Bharti Airtel Ltd.                      Telecom - Services 36,951             121.85      2.59
l   Oil & Natural Gas Corporation Ltd.      Oil                  10,149           119.56      2.55
    Bharat Heavy Electricals Ltd.                                 4,754
                                            Industrial Capital Goods              114.25      2.43
    Tata Steel Ltd.                         Ferrous Metals       18,388           113.58      2.42
    Tata Consultancy Services Ltd.          Software             15,120           113.44      2.42
    Sterlite Industries (India) Limited     Non - Ferrous Metals12,144            104.87      2.23
    Hindustan Unilever Ltd.                 Diversified          31,604            83.69      1.78
    Jindal Steel & Power Ltd.               Ferrous Metals       11,615            81.69      1.74
    Axis Bank Ltd                           Banks                 7,400            73.20      1.56
    Tata Power Company Ltd.                 Power                 4,922            67.99      1.45
    Mahindra & Mahindra Ltd.                Auto                  6,109            66.03      1.41
    Tata Motors Ltd.                        Auto                  8,105            64.16      1.37
    Maruti Suzuki India Limited             Auto                  3,998            62.37      1.33
    NTPC Limited                            Power                26,132            61.58      1.31
    Wipro Ltd.                              Software              8,985            61.10      1.30
    Hindalco Industries Ltd.                Non - Ferrous Metals36,792             59.18      1.26
    GAIL (India) Ltd.                       Gas                  13,590            56.17      1.20
    Grasim Industries Ltd.                  Cement                2,074            51.33      1.09
    Cipla Ltd.                              Pharmaceuticals      15,022            50.33      1.07
    Jaiprakash Associates Ltd.              Cement               33,786            49.61      1.06
    Reliance Infrastruture Ltd              Power                 4,221            48.40      1.03
    Hero Honda Motors Ltd.                  Auto                  2,702            46.41      0.99
                                            Finance
    Infrastructure Development Finance Co. Ltd.                  28,382            43.79      0.93
    Steel Authority Of India Ltd.           Ferrous Metals       17,732            42.86      0.91
    DLF Ltd.                                Construction         10,860            39.23      0.84
    Cairn India Ltd.                        Oil                  12,942            36.52      0.78
    Punjab National Bank                    Banks                 3,992            36.18      0.77
    Reliance Communication Ltd              Telecom - Services 20,394              35.15      0.75
    Sun Pharmaceutical Industries Ltd.      Pharmaceuticals       2,252            33.98      0.72
    Unitech Ltd                             Construction         40,244            33.12      0.71
    Reliance Capital Ltd.                   Finance               3,456            29.64      0.63
    Idea Cellular Ltd                       Telecom - Services 47,448              27.54      0.59
    Siemens Ltd.                                                  4,585
                                            Industrial Capital Goods               26.70      0.57
    ACC Ltd.                                Cement                3,060            26.70      0.57
    Ambuja Cements Ltd.                     Cement               24,591            25.64      0.55
    Bharat Petroleum Corporation Limited   Petroleum Products 3,918        24.90     0.53
    Ranbaxy Laboratories Ltd.              Pharmaceuticals       4,610     23.88     0.51
    HCL Technologies Ltd.                  Software              6,323     23.48     0.50
    ABB Ltd.                                                     3,046
                                           Industrial Capital Goods        23.37     0.50
    Suzlon Energy Limited                                       21,987
                                           Industrial Capital Goods        19.87     0.42
    Power Grid Corporation of India Ltd    Power                17,310     19.07     0.41
    Reliance Power Ltd                     Power                11,054     17.14     0.36
    Subtotal                                                             4,563.78    97.21
    Total                                                                4,563.78    97.21

    Cash,Cash Equivalents and Net Current Assets                           132.47     2.79
    Net Assets                                                           4,696.25   100.00


l   Top Ten Holdings                                                                $ Sponsor




    Sectoral Allocation of Assets(%)
    Banks                                                                            16.13
    Petroleum Products                                                               12.87
    Software                                                                         12.21
    Construction Project                                                              6.46
    Finance                                                                           5.89
    Auto                                                                              5.10
    Ferrous Metals                                                                    5.07
    Power                                                                             4.56
    Consumer Non Durables                                                             4.15
    Telecom - Services                                                                3.93
    Industrial Capital Goods                                                          3.92
    Non - Ferrous Metals                                                              3.49
    Oil                                                                               3.33
    Cement                                                                            3.27
    Pharmaceuticals                                                                   2.30
    Diversified                                                                       1.78
    Construction                                                                      1.55
    Gas                                                                               1.20
    Cash,Cash Equivalents and Net Current Assets                                      2.79
    HDFC                                      Index Fund
                                                                An open-ended index linked scheme
                                                      31-Dec-09
    SENSEX Plus Plan                               (Face Value per Unit:Rs. 32.161)

    Portfolio
    Name of Instrument                             Industry +        Quantity           Market/
                                                                                     Fair Value
                                                                                 (Rs. In Lakhs)
    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   Infosys Technologies Ltd                      Software             22,745          592.56
l   ICICI Bank Ltd.                               Banks                51,418          450.27
l   Reliance Industries Ltd.                      Petroleum Products 41,000            446.65
l   State Bank of India                           Banks                18,682          423.98
l   Larsen and Toubro Ltd                         Construction Project 18,657          313.33
l   Dr Reddys Laboratories Ltd.                   Pharmaceuticals      24,000          274.51
l   Housing Development Finance Corporation Ltd.$ Finance               8,559          229.20
l   Oil & Natural Gas Corporation Ltd.            Oil                  17,654          207.88
l   Bharat Heavy Electricals Ltd.                                       7,599
                                                  Industrial Capital Goods             182.84
l   HDFC Bank Ltd.                                Banks                10,454          177.76
                                                  Consumer Non Durables
    Procter & Gamble Hygiene and Health Care Limited                    8,822          152.41
    Cipla Ltd.                                    Pharmaceuticals      40,477          135.84
    Bharti Airtel Ltd.                            Telecom - Services 40,000            131.52
    Motherson Sumi Systems Ltd.                   Auto Ancillaries    100,000          131.50
    Container Corporation of India Ltd.           Transportation       10,000          130.91
    Tata Consultancy Services Ltd.                Software             17,358          130.14
    The Federal Bank Ltd.                         Banks                50,000          117.88
    Tata Steel Ltd.                               Ferrous Metals       18,148          112.08
    Hindustan Unilever Ltd.                       Diversified          38,613          102.23
    Maruti Suzuki India Limited                   Auto                  5,109           79.68
    Reliance Infrastruture Ltd                    Power                 6,704           76.89
    Mahindra & Mahindra Ltd.                      Auto                  6,940           75.01
    Wipro Ltd.                                    Software             10,374           70.48
    Tata Motors Ltd.                              Auto                  8,505           67.41
    Kirloskar Pneumatic Ltd.#                     Industrial Products 12,000            50.93
    NTPC Limited                                  Power                18,503           43.61
    Reliance Communication Ltd                    Telecom - Services 24,546             42.44
    Sun Pharmaceutical Industries Ltd.#           Pharmaceuticals       2,408           36.29
    DLF Ltd.                                      Construction          9,081           32.80
    Ranbaxy Laboratories Ltd.                     Pharmaceuticals       5,124           26.51
    Grasim Industries Ltd.                        Cement                  934           23.14
    Hindalco Industries Ltd.                      Non - Ferrous Metals13,375            21.50
    ACC Ltd.                                      Cement                1,949           16.99
    Tata Power Company Ltd.                       Power                   763           10.51
    Subtotal                                                                          5,117.68
    Total                                                                             5,117.68

    Cash,Cash Equivalents and Net Current Assets                                        111.23
    Net Assets                                                                        5,228.91



l   Top Ten Holdings
Sectoral Allocation of Assets(%)
Banks
Software
Pharmaceuticals
Petroleum Products
Construction Project
Finance
Auto
Oil
Industrial Capital Goods
Telecom - Services
Consumer Non Durables
Auto Ancillaries
Power
Transportation
Ferrous Metals
Diversified
Industrial Products
Cement
Construction
Non - Ferrous Metals
Cash,Cash Equivalents and Net Current Assets
ended index linked scheme



                     % to
                     NAV




                   11.33
                    8.61
                    8.54
                    8.11
                    5.99
                    5.25
                    4.38
                    3.98
                    3.50
                    3.40
                    2.91
                    2.60
                    2.52
                    2.51
                    2.50
                    2.49
                    2.25
                    2.14
                    1.96
                    1.52
                    1.47
                    1.43
                    1.35
                    1.29
                    0.97
                    0.83
                    0.81
                    0.69
                    0.63
                    0.51
                    0.44
                    0.41
                    0.32
                    0.20
                    97.84
                    97.84

                    2.16
                  100.00



                   $ Sponsor
22.37
15.17
 9.05
 8.54
 5.99
 4.38
 4.24
 3.98
 3.50
 3.33
 2.91
 2.51
 2.50
 2.50
 2.14
 1.96
 0.97
 0.76
 0.63
 0.41
 2.16
    HDFC                                               Balanced Fund
    Portfolio                                              31-Dec-09
    Name of Instrument                                  Industry +


    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   Coromandel International Limited                    Fertilisers
l   Tata Consultancy Services Ltd.                      Software
l   Crompton Greaves Ltd.                               Industrial Capital Goods
l   Balkrishna Industries Ltd.                          Auto Ancillaries
l   Infosys Technologies Ltd                            Software
l   Sun Pharmaceutical Industries Ltd.                  Pharmaceuticals
l   Motherson Sumi Systems Ltd.                         Auto Ancillaries
l   Biocon Limited                                      Pharmaceuticals
    Larsen and Toubro Ltd                               Construction Project
    Bharat Heavy Electricals Ltd.                       Industrial Capital Goods
    Ipca Laboratories Ltd.                              Pharmaceuticals
    Dabur India Ltd.                                    Consumer Non Durables
    Bank of Baroda                                      Banks
    KEC International Ltd.                              Power
    The Federal Bank Ltd.                               Banks
    Reliance Industries Ltd.                            Petroleum Products
    Sadbhav Engineering Ltd.                            Construction
    Bharat Petroleum Corporation Limited                Petroleum Products
    VST Industries Ltd.                                 Consumer Non Durables
    Blue Star Ltd.                                      Consumer Durables
    Axis Bank Ltd                                       Banks
    Aarti Industries Ltd.                               Chemicals
    Divis Laboratories Ltd.                             Pharmaceuticals
    Bharti Airtel Ltd.                                  Telecom - Services
    Lupin Ltd.                                          Pharmaceuticals
    M M Forgings Ltd.                                   Industrial Products
    Subtotal
    Total

  Credit Exposures
l Tata Motors Ltd. (Guaranteed by SBI)                  AAA(SO)
l Housing Development Finance Corporation Ltd.$         AAA
  Shriram Transport Finance Co. Ltd.                    AA(SO)
  Grasim Industries Ltd.                                AAA(SO)
  State Bank of India                                   AAA
  Bajaj Auto Limited                                    AAA(SO)
  Reliance Industries Ltd.                              AAA(SO)
  Total

    Cash,Cash Equivalents and Net Current Assets
    Net Assets



l   Top Ten Holdings
Sectoral Allocation of Assets(%)
Pharmaceuticals
Software
Industrial Capital Goods
Auto Ancillaries
Banks
Petroleum Products
Consumer Non Durables
Fertilisers
Construction Project
Power
Construction
Consumer Durables
Chemicals
Telecom - Services
Industrial Products
Credit Exposures
Cash,Cash Equivalents and Net Current Assets
Balanced Fund
          An open ended balanced scheme
          Quantity          Market/     % to
                         Fair Value     NAV
                     (Rs. In Lakhs)


          270,000          641.93      4.67
           80,000          600.20      4.37
          130,743          558.66      4.07
           95,900          531.43      3.87
           20,000          520.22      3.79
           30,000          452.64      3.29
          339,001          447.48      3.26
          160,000          441.68      3.21
           25,800          432.82      3.15
           17,500          420.58      3.06
           40,000          416.14      3.03
          250,000          397.00      2.89
           70,000          359.77      2.62
           60,500          356.31      2.59
          150,000          353.40      2.57
           32,000          348.98      2.54
           27,445          336.74      2.45
           51,445          326.96      2.38
           48,500          256.44      1.87
           65,000          252.01      1.83
           25,000          247.30      1.80
          420,000          206.64      1.50
           26,400          178.68      1.30
           45,000          148.39      1.08
           10,000          147.41      1.07
          208,000          133.54      0.97
                          9,513.35     69.23
                          9,513.35     69.23


              150        1,548.68      11.27
               50          500.55       3.64
                4          394.43       2.87
                8          354.58       2.58
               25          269.62       1.96
                5          222.05       1.62
                5           48.63       0.35
                          3,338.54      24.29

                           890.73       6.48
                        13,742.62     100.00



                                      $ Sponsor
11.90
 8.16
 7.13
 7.13
 6.99
 4.92
 4.76
 4.67
 3.15
 2.59
 2.45
 1.83
 1.50
 1.08
 0.97
24.29
 6.48
    HDFC                                               Prudence Fund
                                                                    An open ended balance
    Portfolio                                              31-Dec-09
    Name of Instrument                                  Industry +


    Sovereign Securities
    Government Securities
    6.07% GOI 2014                                      Sovereign
    6.35% GOI 2020                                      Sovereign
    8.20% GOI 2022                                      Sovereign
    8.24% GOI 2027                                      Sovereign
    6.49% GOI 2015                                      Sovereign
    7.59% GOI 2016                                      Sovereign
    7.94% GOI 2021                                      Sovereign
    7.61% GOI 2015                                      Sovereign
    Subtotal
    Total

    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   State Bank of India                                 Banks
l   Oil & Natural Gas Corporation Ltd.                  Oil
l   Bank of Baroda                                      Banks
l   LIC Housing Finance Ltd.                            Finance
l   Pidilite Industries Ltd.                            Chemicals
l   Infosys Technologies Ltd                            Software
l   ICICI Bank Ltd.                                     Banks
l   Tata Consultancy Services Ltd.                      Software
l   Titan Industries Ltd.                               Consumer Non Durables
    Page Industries Ltd                                 Textile Products
    Jagran Prakashan Ltd.                               Media & Entertainment
    Crompton Greaves Ltd.                               Industrial Capital Goods
    Procter & Gamble Hygiene and Health Care Limited    Consumer Non Durables
    H T Media Ltd.                                      Media & Entertainment
    Axis Bank Ltd                                       Banks
    3M India Ltd.                                       Trading
    GlaxoSmithKline Consumer Healthcare Limited         Consumer Non Durables
    Zee Entertainment Enterprises Ltd.                  Media & Entertainment
    KEC International Ltd.                              Power
    Lupin Ltd.                                          Pharmaceuticals
    Punj Lloyd Ltd.                                     Construction Project
    The Federal Bank Ltd.                               Banks
    Simplex Infrastructures Limited                     Construction
    Divis Laboratories Ltd.                             Pharmaceuticals
    Apollo Tyres Ltd                                    Auto Ancillaries
    Sun Pharmaceutical Industries Ltd.                  Pharmaceuticals
    Nagarjuna Construction Co. Ltd.                     Construction Project
    Dr Reddys Laboratories Ltd.                         Pharmaceuticals
    Ipca Laboratories Ltd.                              Pharmaceuticals
    Britannia Industries Ltd.                           Consumer Non Durables
    Bharat Petroleum Corporation Limited                Petroleum Products
    Emami Ltd.                                          Consumer Non Durables
    Zee News Ltd.                                       Media & Entertainment
  Motilal Oswal Financial Services Ltd.               Finance
  AIA Engineering Ltd.                                Industrial Capital Goods
  Bata India Ltd.                                     Consumer Non Durables
  GAIL (India) Ltd.                                   Gas
  Oil India Limited                                   Oil
  Maruti Suzuki India Limited                         Auto
  Zydus Wellness Ltd                                  Consumer Non Durables
  Esab India Ltd.                                     Industrial Products
  Grindwell Norton Ltd.                               Industrial Products
  Dishman Pharma & Chemicals Ltd.                     Pharmaceuticals
  Savita Chemicals Ltd.                               Chemicals
  T. V. Today Network Ltd.                            Media & Entertainment
  Crisil Limited                                      Finance
  Aarti Industries Ltd.                               Chemicals
  Housing Development Finance Corporation Ltd.$       Finance
  Balkrishna Industries Ltd.                          Auto Ancillaries
  Punjab National Bank                                Banks
  Maharashtra Seamless Ltd.                           Ferrous Metals
  Shanthi Gears Ltd.                                  Auto Ancillaries
  Ballarpur Industries Ltd.                           Paper Products
  Biocon Limited                                      Pharmaceuticals
  Ahmednagar Forgings Ltd.                            Industrial Products
  Himatsingka Seide Ltd.                              Textile Products
  Trent Ltd.                                          Retailing
  Whirlpool of India Ltd.                             Consumer Durables
  Eveready Industries India Ltd.                      Consumer Non Durables
  ISMT Ltd.                                           Ferrous Metals
  Indo Rama Synthetics (India) Ltd.                   Textiles - Synthetic
  Emami Infrastructure Limited                        Construction
  Uniphos Enterprises Ltd.                            Trading
  WABCO-TVS India Ltd.                                Auto Ancillaries
  Subtotal
  (b) Unlisted
  Alberg Software Ltd.£                               Software
  Subtotal
  Total


  Credit Exposures
l Indian Railways Finance Corporation Ltd.            AAA
  State Bank of India                                 AAA
  Power Finance Corporation Ltd.                      AAA
  Tata Motors Ltd. (Guaranteed by SBI)                AAA(SO)
  Indian Oil Corporation Ltd                          AAA
  Housing Development Finance Corporation Ltd.$       AAA
  Rural Electrification Corporation Ltd.              AAA
  Punjab National Bank                                AAA
  State Bank of Indore                                AAA
  National Bank for Agriculture & Rural Development   AAA
  Infrastructure Development Finance Co. Ltd.         AA+
  State Bank of Bikaner & Jaipur                      AAA
  ICICI Bank Ltd.                                     AAA
  State Bank of Patiala                               AAA
  Jet Airways (India) Ltd.                            AAA(SO)
  Subtotal
  Total
                Cash margin
                Other Cash,Cash Equivalents and Net Current Assets
                Net Assets



£ Illiquid Security. Fair Value as per procedures determined by HDFC AMC in accordance with the guidelines for valuation specified in the sebi (Mutual Funds) Regulations, 1996, and amendments there


           l   Top Ten Holdings




                Sectoral Allocation of Assets(%)
                Banks
                Consumer Non Durables
                Pharmaceuticals
                Media & Entertainment
                Finance
                Software
                Oil
                Chemicals
                Industrial Capital Goods
                Construction Project
                Textile Products
                Auto Ancillaries
                Industrial Products
                Trading
                Power
                Construction
                Petroleum Products
                Gas
                Auto
                Ferrous Metals
                Paper Products
                Retailing
                Consumer Durables
                Textiles - Synthetic
                Government Securities
                Credit Exposures
                Cash,Cash Equivalents and Net Current Assets
Prudence Fund
       An open ended balanced scheme
           Quantity      Market/   % to
                      Fair Value   NAV
                  (Rs. In Lakhs)


          4,000,000   3,796.00     1.11
          4,000,000   3,657.20     1.07
          3,000,000   3,030.00     0.89
          3,000,000   3,005.40     0.88
          3,000,000   2,877.90     0.84
          1,500,000   1,518.64     0.44
          1,000,000   1,010.00     0.30
            250,000     248.38     0.07
                      19,143.52     5.60
                      19,143.52     5.60



            522,500   11,855.53    3.47
            985,000   11,603.30    3.39
          1,790,000    9,199.71    2.69
          1,100,000    8,830.80    2.58
          4,045,000    7,895.84    2.31
            290,000    7,543.19    2.21
            850,000    7,454.50    2.18
            990,000    7,427.48    2.17
            483,424    6,880.82    2.01
            779,539    6,787.84    1.99
          4,885,668    6,673.82    1.95
          1,500,264    6,410.63    1.88
            365,143    6,363.71    1.86
          4,366,965    6,332.10    1.85
            636,000    6,291.31    1.84
            326,225    6,086.54    1.78
            450,000    5,851.58    1.71
          2,100,000    5,399.10    1.58
            900,000    5,300.55    1.55
            350,000    5,159.35    1.51
          2,500,000    5,108.75    1.49
          2,038,012    4,801.56    1.40
            846,885    4,715.88    1.38
            681,000    4,609.01    1.35
          9,295,900    4,554.99    1.33
            283,850    4,282.73    1.25
          2,500,000    4,143.75    1.21
            350,000    4,013.10    1.17
            374,263    3,893.65    1.14
            230,465    3,872.73    1.13
            595,000    3,781.52    1.11
            750,000    3,684.00    1.08
          6,269,745    3,658.40    1.07
1,960,000    3,459.40    1.01
  916,000    3,405.23    1.00
1,720,000    3,390.12    0.99
  800,000    3,306.40    0.97
  262,362    3,258.27    0.95
  205,000    3,198.21    0.94
1,155,920    3,137.17    0.92
  523,305    2,794.97    0.82
1,658,767    2,443.36    0.71
  988,087    2,343.74    0.69
  488,278    1,950.18    0.57
1,513,936    1,869.71    0.55
   41,000    1,822.27    0.53
3,429,794    1,687.46    0.49
   60,000    1,605.48    0.47
  287,335    1,592.27    0.47
  175,000    1,585.85    0.46
  405,749    1,459.88    0.43
3,241,645    1,447.39    0.42
5,808,000    1,391.02    0.41
  500,000    1,380.25    0.40
1,867,572    1,266.21    0.37
2,738,320    1,132.30    0.33
  110,000      994.73    0.29
  657,500      920.50    0.27
1,260,000      857.43    0.25
1,405,098      750.32    0.22
1,500,000      540.75    0.16
  250,000      217.23    0.06
  500,778      145.98    0.04
   15,000       79.15    0.02
            255,901.00   74.83

   7,500         0.00    0.00
                  0.00    0.00
            255,901.00   74.83



   1,150    12,754.16    3.73
     600     6,470.92    1.89
     575     6,456.63    1.89
     600     6,197.48    1.81
     500     4,943.04    1.45
     300     3,167.81    0.93
     300     3,014.32    0.88
     200     2,174.66    0.64
     150     1,622.12    0.47
     150     1,595.04    0.47
     150     1,558.86    0.46
     100     1,055.94    0.31
   7,551       778.91    0.23
      50       528.58    0.15
 900,000       464.89    0.14
             52,783.36   15.45
             52,783.36   15.45
                                                          63.04                    0.02
                                                      13,934.20                    4.10
                                                     341,825.12                  100.00


                                                                                  $ Sponsor
pecified in the sebi (Mutual Funds) Regulations, 1996, and amendments thereto, as applicable




                                                                                    12.04
                                                                                     9.95
                                                                                     7.51
                                                                                     7.00
                                                                                     4.59
                                                                                     4.38
                                                                                     4.34
                                                                                     3.37
                                                                                     2.88
                                                                                     2.70
                                                                                     2.32
                                                                                     2.24
                                                                                     1.90
                                                                                     1.82
                                                                                     1.55
                                                                                     1.44
                                                                                     1.11
                                                                                     0.97
                                                                                     0.94
                                                                                     0.65
                                                                                     0.41
                                                                                     0.29
                                                                                     0.27
                                                                                     0.16
                                                                                     5.60
                                                                                    15.45
                                                                                     4.12
    HDFC                                           Children's Gift Fund
                                                                 An open ended balanced scheme
                                                         31-Dec-09
    Investment Plan

    Portfolio
    Name of Instrument                                 Industry +        Quantity      Market/
                                                                                    Fair Value
                                                                                (Rs. In Lakhs)
    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   LIC Housing Finance Ltd.                           Finance              90,000     722.52
l   Coromandel International Limited                   Fertilisers         300,000     713.25
l   Crompton Greaves Ltd.                                                  163,000
                                                       Industrial Capital Goods        696.50
l   Reliance Industries Ltd.                           Petroleum Products 63,600       693.59
l   VST Industries Ltd.                                                    129,685
                                                       Consumer Non Durables           685.71
l   ICICI Bank Ltd.                                    Banks                77,000     675.29
l   Axis Bank Ltd                                      Banks                65,000     642.98
    Micro Inks Ltd.                                    Chemicals           101,965     607.51
    Lupin Ltd.                                         Pharmaceuticals      40,000     589.64
    Infosys Technologies Ltd                           Software             22,000     572.24
    Biocon Limited                                     Pharmaceuticals 200,000         552.10
    Hero Honda Motors Ltd.                             Auto                 30,000     515.31
    Bank of Baroda                                     Banks               100,000     513.95
    Cipla Ltd.                                         Pharmaceuticals 150,000         502.58
    Motherson Sumi Systems Ltd.                        Auto Ancillaries    380,000     501.60
    Sun Pharmaceutical Industries Ltd.                 Pharmaceuticals      33,000     497.90
    Blue Star Ltd.                                     Consumer Durables   120,000     465.24
    Divis Laboratories Ltd.                            Pharmaceuticals      60,000     406.08
    Tata Consultancy Services Ltd.                     Software             50,000     375.13
    Union Bank of India                                Banks               140,000     369.81
    Bharat Heavy Electricals Ltd.                                           15,000
                                                       Industrial Capital Goods        360.50
    Dabur India Ltd.                                                       225,000
                                                       Consumer Non Durables           357.30
    ITC Ltd.                                                               140,000
                                                       Consumer Non Durables           351.12
    Shanthi Gears Ltd.                                 Auto Ancillaries    780,000     348.27
    Esab India Ltd.                                    Industrial Products 65,000      347.17
    Fag Bearings India Ltd.                            Industrial Products 56,000      344.76
    Apollo Tyres Ltd                                   Auto Ancillaries    700,000     343.00
    Allahabad Bank                                     Banks               250,000     313.00
    Larsen and Toubro Ltd                              Construction Project 18,000     301.97
    Britannia Industries Ltd.                          Consumer Non Durables17,000     285.67
    Zee Entertainment Enterprises Ltd.                                     110,000
                                                       Media & Entertainment           282.81
    GlaxoSmithKline Consumer Healthcare Limited        Consumer Non Durables21,292     276.87
    Bharti Airtel Ltd.                                 Telecom - Services 75,000       247.31
    Crisil Limited                                     Finance               4,858     215.92
    Ceat Ltd.                                          Auto Ancillaries    124,900     181.35
    Carborundum Universal Ltd.                         Industrial Products 100,000     157.80
    TTK Prestige Ltd.                                  Consumer Durables 3,500          14.88
    Subtotal                                                                         16,028.63
    Total                                                                            16,028.63

  Credit Exposures
l Tata Motors Ltd. (Guaranteed by SBI)                 AAA(SO)                130    1,342.19
l Shriram Transport Finance Co. Ltd.                   AA(ind)/AA(SO)      60,004    1,008.76
l ICICI Bank Ltd.                                  AAA           7,801      810.10
  Jet Airways (India) Ltd.                         AAA(SO)   1,000,000      516.55
  Indian Railways Finance Corporation Ltd.         AAA              50      504.67
  Tata Motors Finance Ltd.                         A                30      302.49
  Bajaj Auto Limited                               AAA(SO)           3      133.23
  Subtotal                                                                4,617.99
  ABS Pool
  Tata Motors Finance Ltd.                         AAA(SO)          2       169.74
  Subtotal                                                                  169.74
  Total                                                                   4,787.73

    Cash,Cash Equivalents and Net Current Assets                          1,215.30
    Net Assets                                                           22,031.66



l   Top Ten Holdings




    Sectoral Allocation of Assets(%)
    Pharmaceuticals
    Banks
    Consumer Non Durables
    Auto Ancillaries
    Industrial Capital Goods
    Software
    Finance
    Industrial Products
    Fertilisers
    Petroleum Products
    Chemicals
    Auto
    Consumer Durables
    Construction Project
    Media & Entertainment
    Telecom - Services
    Credit Exposures
    Cash,Cash Equivalents and Net Current Assets
en ended balanced scheme



                     % to
                     NAV
    (Rs. In Lakhs)


                     3.28
                     3.24
                     3.16
                     3.15
                     3.11
                     3.07
                     2.92
                     2.76
                     2.68
                     2.60
                     2.51
                     2.34
                     2.33
                     2.28
                     2.28
                     2.26
                     2.11
                     1.84
                     1.70
                     1.68
                     1.64
                     1.62
                     1.59
                     1.58
                     1.58
                     1.56
                     1.56
                     1.42
                     1.37
                     1.30
                     1.28
                     1.26
                     1.12
                     0.98
                     0.82
                     0.72
                     0.07
                     72.77
                     72.77


                     6.09
                     4.58
  3.68
  2.34
  2.29
  1.37
  0.60
 20.95

  0.77
  0.77
 21.72

  5.51
100.00




 11.57
 11.42
  8.88
  6.24
  4.80
  4.30
  4.26
  3.86
  3.24
  3.15
  2.76
  2.34
  2.18
  1.37
  1.28
  1.12
 21.72
  5.51
    HDFC                                               Children's Gift Fund
                                                                 An open ended balanced scheme
                                                          31-Dec-09
    Savings Plan

    Portfolio
    Name of Instrument                                  Industry +        Quantity    Market/
                                                                                   Fair Value
                                                                               (Rs. In Lakhs)
    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
    Banco Products (India) Ltd.                         Auto Ancillaries    104,976     90.86
    Infosys Technologies Ltd                            Software              3,250     84.54
    Ipca Laboratories Ltd.                              Pharmaceuticals       7,500     78.03
    Crompton Greaves Ltd.                                                    18,000
                                                        Industrial Capital Goods        76.91
    Crisil Limited                                      Finance               1,500     66.67
    Ceat Ltd.                                           Auto Ancillaries     44,959     65.28
    Carborundum Universal Ltd.                          Industrial Products 35,324      55.74
    Britannia Industries Ltd.                           Consumer Non Durables 3,300     55.45
    Blue Star Ltd.                                      Consumer Durables 14,000        54.28
    VST Industries Ltd.                                 Consumer Non Durables10,000     52.88
    Sun Pharmaceutical Industries Ltd.                  Pharmaceuticals       3,500     52.81
    ICICI Bank Ltd.                                     Banks                 5,800     50.87
    Coromandel International Limited                    Fertilisers          21,000     49.93
    Sadbhav Engineering Ltd.                            Construction          4,000     49.08
    MRF Ltd.                                            Auto Ancillaries        800     48.37
    Motherson Sumi Systems Ltd.                         Auto Ancillaries     35,611     47.01
    TTK Prestige Ltd.                                   Consumer Durables 11,000        46.75
    Wyeth Ltd.                                          Pharmaceuticals       5,700     42.56
    Shanthi Gears Ltd.                                  Auto Ancillaries     80,000     35.72
    Torrent Gujrat Biotech Limited                      Pharmaceuticals      26,323     34.06
    Vesuvius India Ltd.                                 Industrial Products 10,000      21.74
    Procter & Gamble Hygiene and Health Care Limited    Consumer Non Durables 006       10.46
    Subtotal                                                                          1,170.00
    Total                                                                             1,170.00

    Credit Exposures
l   Shriram Transport Finance Co. Ltd.                                   11,945
                                                        AA(SO)/AA+(SO)/AA(ind)          817.28
l   Housing Development Finance Corporation Ltd.$       AAA                  60         600.66
l   Indian Railways Finance Corporation Ltd.            AAA                  50         504.67
l   Grasim Industries Ltd.                              AAA(SO)              10         443.23
l   ICICI Bank Ltd.                                     AAA               3,526         366.16
l   Power Finance Corporation Ltd.                      AAA                  25         283.16
l   Infrastructure Development Finance Co. Ltd.         AAA                  30         273.44
l   State Bank of India                                 AAA                  25         269.62
l   Tata Motors Ltd. (Guaranteed by SBI)                AAA(SO)              20         206.49
l   Citi Financial Consumer Finance (India) Ltd.        AA                   20         202.62
    Bajaj Auto Limited                                  AAA(SO)                3        133.23
    Tata Power Company Ltd.                             AAA                    1         34.09
    Subtotal                                                                          4,134.65
    ABS Pool
    Shriram City Union Finance Ltd.                     AAA(Ind)(SO)             6     185.39
    Magma Shrachi Finance Limited                       AAA(SO)                  5      96.54
    Subtotal                                                                           281.93
    Total                                          4,416.58

    Cash,Cash Equivalents and Net Current Assets     329.85
    Net Assets                                     5,916.43




l   Top Ten Holdings




    Sectoral Allocation of Assets(%)
    Auto Ancillaries
    Pharmaceuticals
    Consumer Non Durables
    Consumer Durables
    Software
    Industrial Products
    Industrial Capital Goods
    Finance
    Banks
    Fertilisers
    Construction
    Credit Exposures
    Cash,Cash Equivalents and Net Current Assets
en ended balanced scheme



                      % to
                      NAV
    (Rs. In Lakhs)


                     1.54
                     1.43
                     1.32
                     1.30
                     1.13
                     1.10
                     0.94
                     0.94
                     0.92
                     0.89
                     0.89
                     0.86
                     0.84
                     0.83
                     0.82
                     0.79
                     0.79
                     0.72
                     0.60
                     0.58
                     0.37
                     0.18
                     19.78
                     19.78


                     13.82
                     10.15
                      8.53
                      7.49
                      6.19
                      4.79
                      4.62
                      4.56
                      3.49
                      3.42
                      2.25
                      0.58
                     69.89

                      3.13
                      1.63
                      4.76
 74.65

  5.57
100.00


$ Sponsor




  4.85
  3.51
  2.01
  1.71
  1.43
  1.31
  1.30
  1.13
  0.86
  0.84
  0.83
 74.65
  5.57
    HDFC                                    Long Term Advantage Fund
                                                   An open ended equity-linked savings scheme
    Portfolio                                      31-Dec-09
    Name of Instrument                          Industry +         Quantity           Market/
                                                                                   Fair Value
                                                                               (Rs. In Lakhs)
    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   ICICI Bank Ltd.                             Banks                650,000       5,700.50
l   Tata Consultancy Services Ltd.              Software             630,000       4,726.58
l   State Bank of India                         Banks                200,000       4,538.00
l   Infosys Technologies Ltd                    Software             150,000       3,901.65
l   Reliance Industries Ltd.                    Petroleum Products354,000          3,860.55
l   Blue Star Ltd.                              Consumer Durables    816,768       3,166.61
l   Exide Industries Ltd.                       Auto Ancillaries 2,716,600         3,132.24
l   Crompton Greaves Ltd.                                            722,500
                                                Industrial Capital Goods           3,087.24
l   Hero Honda Motors Ltd.                      Auto                 155,000       2,662.44
l   Bharti Airtel Ltd.                          Telecom - Services800,000          2,638.00
    GlaxoSmithKline Consumer Healthcare Limited Consumer Non Durables194,972       2,535.32
    Oil & Natural Gas Corporation Ltd.          Oil                  201,750       2,376.62
    Balkrishna Industries Ltd.                  Auto Ancillaries     428,317       2,373.52
    Nestle India Ltd.                           Consumer Non Durables 90,000       2,293.16
    Axis Bank Ltd                               Banks                230,000       2,275.16
    Pidilite Industries Ltd.                    Chemicals          1,119,325       2,184.92
                                                Finance
    Housing Development Finance Corporation Ltd.$                     80,000       2,140.64
    Dr Reddys Laboratories Ltd.                 Pharmaceuticals 180,000            2,063.88
    Container Corporation of India Ltd.         Transportation       155,200       2,030.56
    Biocon Limited                              Pharmaceuticals 690,000            1,904.75
    ITC Ltd.                                    Consumer Non Durables700,000       1,755.60
    Punj Lloyd Ltd.                             Construction Project 778,500       1,590.86
    Bharat Petroleum Corporation Limited        Petroleum Products244,758          1,555.56
    AIA Engineering Ltd.                                             418,000
                                                Industrial Capital Goods           1,553.92
    Carborundum Universal Ltd.                  Industrial Products 900,000        1,420.20
    Nagarjuna Construction Co. Ltd.             Construction Project 848,577       1,406.52
    Wyeth Ltd.                                  Pharmaceuticals 181,300            1,353.77
    Britannia Industries Ltd.                   Consumer Non Durables 80,000       1,344.32
    Larsen and Toubro Ltd                       Construction Project 80,000        1,342.08
    Balrampur Chini Mills Ltd.                                     1,000,000
                                                Consumer Non Durables              1,327.50
    Bharat Heavy Electricals Ltd.                                     55,000
                                                Industrial Capital Goods           1,321.82
    Zee Entertainment Enterprises Ltd.          Media & Entertainment500,000       1,285.50
    Thermax Ltd.                                                     210,000
                                                Industrial Capital Goods           1,279.01
    United Phosphorus Ltd.                      Pesticides           686,600       1,192.62
    Sun Pharmaceutical Industries Ltd.          Pharmaceuticals       75,000       1,131.60
    Ipca Laboratories Ltd.                      Pharmaceuticals 100,000            1,040.35
    H T Media Ltd.                              Media & Entertainment685,000         993.25
    Colgate-Palmolive (India) Ltd.              Consumer Non Durables149,933         988.06
    Elgi Equipments Ltd.                                           1
                                                Industrial Products ,127,624         977.65
    Motherson Sumi Systems Ltd.                 Auto Ancillaries     700,000         924.00
    Indraprastha Gas Ltd.                       Gas                  443,775         886.22
    Voltas Ltd.                                 Construction Project 500,000         866.50
    Shanthi Gears Ltd.                          Auto Ancillaries 1,538,550           686.96
    Oil India Limited                           Oil                   48,626         603.89
    Subtotal                                                                       88,420.10
    Total                                                                          88,420.10
    Cash,Cash Equivalents and Net Current Assets    4,098.05
    Net Assets                                     92,518.15




l   Top Ten Holdings




    Sectoral Allocation of Assets(%)
    Banks
    Consumer Non Durables
    Software
    Pharmaceuticals
    Industrial Capital Goods
    Auto Ancillaries
    Petroleum Products
    Construction Project
    Consumer Durables
    Oil
    Auto
    Telecom - Services
    Industrial Products
    Media & Entertainment
    Chemicals
    Finance
    Transportation
    Pesticides
    Gas
    Cash,Cash Equivalents and Net Current Assets
quity-linked savings scheme
                      % to
                      NAV




                     6.16
                     5.11
                     4.90
                     4.22
                     4.17
                     3.42
                     3.39
                     3.34
                     2.88
                     2.85
                     2.74
                     2.57
                     2.57
                     2.48
                     2.46
                     2.36
                     2.31
                     2.23
                     2.19
                     2.06
                     1.90
                     1.72
                     1.68
                     1.68
                     1.54
                     1.52
                     1.46
                     1.45
                     1.45
                     1.43
                     1.43
                     1.39
                     1.38
                     1.29
                     1.22
                     1.12
                     1.07
                     1.07
                     1.06
                     1.00
                     0.96
                     0.94
                     0.74
                     0.65
                     95.56
                     95.56
  4.44
100.00


$ Sponsor




 13.52
 11.07
  9.33
  8.09
  7.83
  7.70
  5.85
  5.63
  3.42
  3.22
  2.88
  2.85
  2.60
  2.46
  2.36
  2.31
  2.19
  1.29
  0.96
  4.44
    HDFC                                      TaxSaver
                                                An open ended equity-linked savings scheme
    Portfolio                                        31-Dec-09
    Name of Instrument                            Industry +        Quantity           Market/
                                                                                    Fair Value
                                                                                (Rs. In Lakhs)
    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   ICICI Bank Ltd.                              Banks              1,390,000      12,190.30
l   State Bank of India                          Banks                477,675      10,838.45
l   Crompton Greaves Ltd.                                           2,340,985
                                                 Industrial Capital Goods          10,003.03
l   Dr Reddys Laboratories Ltd.                  Pharmaceuticals 842,829            9,663.88
l   Tata Consultancy Services Ltd.               Software           1,078,694       8,092.90
l   Sun Pharmaceutical Industries Ltd.           Pharmaceuticals 511,402            7,716.03
l   Rural Electrification Corporation Ltd.       Finance            3,115,000       7,563.22
l   Axis Bank Ltd                                Banks                720,620       7,128.37
l   Infosys Technologies Ltd                     Software             250,000       6,502.75
l   Patni Computer Systems Ltd.                  Software           1,300,000       6,299.80
    Larsen and Toubro Ltd                        Construction Project 360,000       6,039.36
    Bharat Petroleum Corporation Limited         Petroleum Products885,000          5,624.62
    Thermax Ltd.                                                      850,000
                                                 Industrial Capital Goods           5,176.93
    Bank of Baroda                               Banks              1,000,000       5,139.50
    Cipla Ltd.                                   Pharmaceuticals 1,508,045          5,052.70
    Container Corporation of India Ltd.          Transportation       384,000       5,024.06
    Ipca Laboratories Ltd.                       Pharmaceuticals 473,659            4,927.71
    Zee Entertainment Enterprises Ltd.                              1,900,000
                                                 Media & Entertainment              4,884.90
    Dabur India Ltd.                                                2,885,102
                                                 Consumer Non Durables              4,581.54
    Jagran Prakashan Ltd.                                           3,211,993
                                                 Media & Entertainment              4,387.58
    H T Media Ltd.                                                  2,862,283
                                                 Media & Entertainment              4,150.31
                                                 Consumer Non Durables
    Procter & Gamble Hygiene and Health Care Limited                  226,762       3,952.01
    LIC Housing Finance Ltd.                     Finance              450,000       3,612.60
    Britannia Industries Ltd.                    Consumer Non Durables209,774       3,525.04
    Apollo Tyres Ltd                             Auto Ancillaries 7,059,813         3,459.31
    Carborundum Universal Ltd.                                      2
                                                 Industrial Products ,184,300       3,446.83
    Biocon Limited                               Pharmaceuticals 1,213,000          3,348.49
    Bharti Airtel Ltd.                           Telecom - Services 1,000,000       3,297.50
    Motherson Sumi Systems Ltd.                  Auto Ancillaries 2,411,686         3,183.43
    Maruti Suzuki India Limited                  Auto                 185,000       2,886.19
    GlaxoSmithKline Consumer Healthcare Limited Consumer Non Durables 210,000       2,730.74
    Motilal Oswal Financial Services Ltd.        Finance            1,341,450       2,367.66
    Oil & Natural Gas Corporation Ltd.           Oil                  200,000       2,356.00
    Sundaram Fasteners Ltd.                      Auto Ancillaries 4,055,000         2,258.64
    Divis Laboratories Ltd.                      Pharmaceuticals 320,000            2,165.76
    Hindustan Petroleum Corporation Ltd.         Petroleum Products532,000          2,076.40
    KEC International Ltd.                       Power                341,976       2,014.07
    Pidilite Industries Ltd.                     Chemicals          1,000,000       1,952.00
    Sadbhav Engineering Ltd.                     Construction         153,850       1,887.66
    Punj Lloyd Ltd.                              Construction Project 900,000       1,839.15
    Oil India Limited                            Oil                  143,415       1,781.07
    The Federal Bank Ltd.                        Banks                705,418       1,661.96
    Wyeth Ltd.                                   Pharmaceuticals 200,000            1,493.40
    Dishman Pharma & Chemicals Ltd.              Pharmaceuticals 620,882            1,472.73
    Amtek Auto Ltd.                              Auto Ancillaries     690,233       1,200.32
    Ballarpur Industries Ltd.                    Paper Products 3,800,000             910.10
    Hero Honda Motors Ltd.                     Auto                   40,000      687.08
    3M India Ltd.                              Trading                12,800      238.82
    Global Vectra Helicorp Ltd                 Transportation        216,000       95.47
    Nelcast Limited                            Industrial Products    91,719       63.10
    Subtotal                                                                   202,951.47
    Total                                                                      202,951.47

    Cash,Cash Equivalents and Net Current Assets                                 9,532.46
    Net Assets                                                                 212,483.93



l   Top Ten Holdings




    Sectoral Allocation of Assets(%)
    Banks
    Pharmaceuticals
    Software
    Industrial Capital Goods
    Consumer Non Durables
    Finance
    Media & Entertainment
    Auto Ancillaries
    Construction Project
    Petroleum Products
    Transportation
    Oil
    Auto
    Industrial Products
    Telecom - Services
    Power
    Chemicals
    Construction
    Paper Products
    Trading
    Cash,Cash Equivalents and Net Current Assets
quity-linked savings scheme
                      % to
                      NAV




                      5.74
                      5.10
                      4.71
                      4.55
                      3.81
                      3.63
                      3.56
                      3.35
                      3.06
                      2.96
                      2.84
                      2.65
                      2.44
                      2.42
                      2.38
                      2.36
                      2.32
                      2.30
                      2.16
                      2.06
                      1.95
                      1.86
                      1.70
                      1.66
                      1.63
                      1.62
                      1.58
                      1.55
                      1.50
                      1.36
                      1.29
                      1.11
                      1.11
                      1.06
                      1.02
                      0.98
                      0.95
                      0.92
                      0.89
                      0.87
                      0.84
                      0.78
                      0.70
                      0.69
                      0.56
                      0.43
 0.32
 0.11
 0.04
 0.03
 95.51
 95.51

  4.49
100.00




 17.39
 16.87
  9.83
  7.15
  6.97
  6.37
  6.31
  4.75
  3.71
  3.63
  2.40
  1.95
  1.68
  1.65
  1.55
  0.95
  0.92
  0.89
  0.43
  0.11
  4.49
    HDFC                                     Core & Satellite Fund
                                                                   An open ended growth scheme
    Portfolio                                      31-Dec-09
    Name of Instrument                          Industry +         Quantity           Market/
                                                                                   Fair Value
                                                                               (Rs. In Lakhs)
    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   Dr Reddys Laboratories Ltd.                 Pharmaceuticals 250,000            2,866.50
l   Infosys Technologies Ltd                    Software              85,000       2,210.94
l   LIC Housing Finance Ltd.                    Finance              249,615       2,003.91
l   Tata Consultancy Services Ltd.              Software             265,000       1,988.16
l   KEC International Ltd.                      Power                330,000       1,943.54
l   Sun Pharmaceutical Industries Ltd.          Pharmaceuticals 125,000            1,886.00
l   Zee Entertainment Enterprises Ltd.          Media & Entertainment699,376       1,798.10
l   Crompton Greaves Ltd.                                            420,000
                                                Industrial Capital Goods           1,794.66
l   Motherson Sumi Systems Ltd.                 Auto Ancillaries 1,310,821         1,730.28
l   Bank of Baroda                              Banks                290,000       1,490.46
    Emami Ltd.                                  Consumer Non Durables300,000       1,473.60
    Axis Bank Ltd                               Banks                133,000       1,315.64
    Blue Star Ltd.                              Consumer Durables    338,323       1,311.68
    T. V. Today Network Ltd.                                       1,020,755
                                                Media & Entertainment              1,260.63
    ITC Ltd.                                    Consumer Non Durables500,000       1,254.00
    Larsen and Toubro Ltd                       Construction Project 72,000        1,207.87
    State Bank of India                         Banks                 53,000       1,202.57
    H T Media Ltd.                              Media & Entertainment825,100       1,196.40
    Biocon Limited                              Pharmaceuticals 400,000            1,104.20
    Sundaram Fasteners Ltd.                     Auto Ancillaries 1,940,000         1,080.58
    Britannia Industries Ltd.                   Consumer Non Durables 63,000       1,058.65
    Zee News Ltd.                                                  1,782,830
                                                Media & Entertainment              1,040.28
    Sadbhav Engineering Ltd.                    Construction          83,424       1,023.57
    ICICI Bank Ltd.                             Banks                100,000         877.00
    Indo Rama Synthetics (India) Ltd.                              2,417,482
                                                Textiles - Synthetic                 871.50
    Pidilite Industries Ltd.                    Chemicals            373,000         728.10
    Cipla Ltd.                                  Pharmaceuticals 210,000              703.61
    Dishman Pharma & Chemicals Ltd.             Pharmaceuticals 250,964              595.29
    Esab India Ltd.                             Industrial Products 100,607          537.34
    Ahmednagar Forgings Ltd.                    Industrial Products 503,900          341.64
    Oil India Limited                           Oil                    9,472         117.63
    Emami Infrastructure Limited                Construction         100,000         110.25
    D.B.Corporation Ltd.                        Media & Entertainment 20,787          44.07
    Subtotal                                                                       40,168.65
    Total                                                                          40,168.65

    Cash,Cash Equivalents and Net Current Assets                                   2,710.49
    Net Assets                                                                    42,879.14



l   Top Ten Holdings




    Sectoral Allocation of Assets(%)
    Pharmaceuticals
Media & Entertainment
Banks
Software
Consumer Non Durables
Auto Ancillaries
Finance
Power
Industrial Capital Goods
Consumer Durables
Construction Project
Construction
Industrial Products
Textiles - Synthetic
Chemicals
Oil
Cash,Cash Equivalents and Net Current Assets
open ended growth scheme
                    % to
                    NAV




                   6.69
                   5.16
                   4.67
                   4.64
                   4.53
                   4.40
                   4.19
                   4.19
                   4.04
                   3.48
                   3.44
                   3.07
                   3.06
                   2.94
                   2.92
                   2.82
                   2.80
                   2.79
                   2.58
                   2.52
                   2.47
                   2.43
                   2.39
                   2.05
                   2.03
                   1.70
                   1.64
                   1.39
                   1.25
                   0.80
                   0.27
                   0.26
                   0.10
                   93.71
                   93.71

                    6.29
                  100.00




                   16.70
12.45
11.40
 9.80
 8.83
 6.56
 4.67
 4.53
 4.19
 3.06
 2.82
 2.65
 2.05
 2.03
 1.70
 0.27
 6.29
    HDFC                                               Premier Multicap Fund
                                                                           An open-ended growth s
    Portfolio                                              31-Dec-09
    Name of Instrument                                   Rating             Quantity


    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   Infosys Technologies Ltd                             Software             122,000
l   ICICI Bank Ltd.                                      Banks                350,000
l   KEC International Ltd.                               Power                448,756
l   Zee Entertainment Enterprises Ltd.                   Media & Entertainment900,000
l   Dr Reddys Laboratories Ltd.                          Pharmaceuticals 200,000
l   Emami Ltd.                                           Consumer Non Durables454,194
l   Oil & Natural Gas Corporation Ltd.                   Oil                  175,000
l   Jagran Prakashan Ltd.                                                   1,465,000
                                                         Media & Entertainment
l   Axis Bank Ltd                                        Banks                200,000
l   Container Corporation of India Ltd.                  Transportation       150,000
    Crompton Greaves Ltd.                                                     450,000
                                                         Industrial Capital Goods
    State Bank of India                                  Banks                 80,000
    H T Media Ltd.                                                          1,247,672
                                                         Media & Entertainment
    ITC Ltd.                                             Consumer Non Durables700,000
    Reliance Infrastruture Ltd                           Power                140,000
    Sun Pharmaceutical Industries Ltd.                   Pharmaceuticals 105,000
    Tata Consultancy Services Ltd.                       Software             200,000
    Patni Computer Systems Ltd.                          Software             300,000
    Procter & Gamble Hygiene and Health Care Limited     Consumer Non Durables 81,914
    Bharti Airtel Ltd.                                   Telecom - Services400,000
    SKF India Ltd.                                       Industrial Products 275,269
    LIC Housing Finance Ltd.                             Finance              122,538
    Pidilite Industries Ltd.                             Chemicals            500,000
    Zee News Ltd.                                                           1,414,578
                                                         Media & Entertainment
    Larsen and Toubro Ltd                                Construction Project 48,000
    Britannia Industries Ltd.                            Consumer Non Durables 47,000
    Wyeth Ltd.                                           Pharmaceuticals       97,008
    Oil India Limited                                    Oil                   56,367
    Amtek Auto Ltd.                                      Auto Ancillaries     355,000
    Steel Authority Of India Ltd.                        Ferrous Metals       250,000
    Bank of Baroda                                       Banks                100,000
    Dishman Pharma & Chemicals Ltd.                      Pharmaceuticals 175,000
    Biocon Limited                                       Pharmaceuticals 150,000
    Raymond Ltd.                                         Textile Products 200,500
    MBL Infrastructure Limited                           Construction         176,808
    Ballarpur Industries Ltd.                            Paper Products 1,000,000
    Emami Infrastructure Limited                         Construction         151,398
    Motherson Sumi Systems Ltd.                          Auto Ancillaries      72,000
    Subtotal
    Total

    Cash,Cash Equivalents and Net Current Assets
    Net Assets




l   Top Ten Holdings




    Sectoral Allocation of Assets(%)
    Banks
    Media & Entertainment
    Consumer Non Durables
    Software
    Pharmaceuticals
    Power
    Oil
    Transportation
    Industrial Capital Goods
    Telecom - Services
    Industrial Products
    Finance
    Chemicals
    Construction Project
    Auto Ancillaries
    Ferrous Metals
    Construction
    Textile Products
    Paper Products
    Cash,Cash Equivalents and Net Current Assets
ulticap Fund
 An open-ended growth scheme
               Market/   % to
            Fair Value   NAV
        (Rs. In Lakhs)


            3,173.34     6.11
            3,069.50     5.91
            2,642.95     5.09
            2,313.90     4.46
            2,293.20     4.42
            2,231.00     4.30
            2,061.50     3.97
            2,001.19     3.86
            1,978.40     3.81
            1,962.53     3.78
            1,922.85     3.70
            1,815.20     3.50
            1,809.12     3.49
            1,755.60     3.38
            1,605.45     3.09
            1,584.24     3.05
            1,500.50     2.89
            1,453.80     2.80
            1,427.60     2.75
            1,319.00     2.54
            1,027.17     1.98
              983.74     1.90
              976.00     1.88
              825.41     1.59
              805.25     1.55
              789.79     1.52
              724.36     1.40
              700.02     1.35
              617.35     1.19
              604.25     1.16
              513.95     0.99
              415.10     0.80
              414.08     0.80
              392.88     0.76
              318.25     0.61
              239.50     0.46
              121.70     0.23
               95.04     0.18
            50,484.71    97.25
            50,484.71    97.25

             1,421.32    2.75
51,906.03   100.00




             14.21
             13.40
             11.95
             11.80
             10.47
              8.18
              5.32
              3.78
              3.70
              2.54
              1.98
              1.90
              1.88
              1.55
              1.37
              1.16
              0.84
              0.76
              0.46
              2.75
    HDFC                                               Arbitrage Fund
                                                                         An open ended growth sch
    Portfolio                                               31-Dec-09
    Name of Instrument                                   Industry +       Quantity


    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   Oil & Natural Gas Corporation Ltd.                   Oil                  211,500
l   Century Textiles & Industries Ltd.                   Cement               434,176
l   HDFC Bank Ltd.                                       Banks                133,800
l   Reliance Infrastruture Ltd                           Power                161,736
l   Jaiprakash Associates Ltd.                           Cement             1,262,624
l   Reliance Industries Ltd.                             Petroleum Products165,000
l   IFCI Limited                                         Finance            3,073,200
l   ITC Ltd.                                             Consumer Non Durables643,500
l   Punjab National Bank                                 Banks                167,400
    MphasiS Limited                                      Software             200,000
    Balrampur Chini Mills Ltd.                                              1,082,400
                                                         Consumer Non Durables
    GTL Limited                                                               363,000
                                                         Telecom - Equipment & Accessories
    Axis Bank Ltd                                        Banks                135,000
    Reliance Power Ltd                                   Power                854,000
    Essar Oil Ltd.                                       Petroleum Products886,736
    India Cements Ltd.                                   Cement               957,000
    Divis Laboratories Ltd.                              Pharmaceuticals 174,220
    Jindal Steel & Power Ltd.                            Ferrous Metals       160,320
    Punj Lloyd Ltd.                                                           5
                                                         Construction Project 32,500
    United Spirits Limited                               Consumer Non Durables  84,250
    Bajaj Hindusthan Ltd.                                Consumer Non Durables465,975
    Ranbaxy Laboratories Ltd.                            Pharmaceuticals 196,000
    Cipla Ltd.                                           Pharmaceuticals 295,000
    Sterlite Industries (India) Limited                  Non - Ferrous Metals 112,566
    Shree Renuka Sugars Ltd.                             Consumer Non Durables435,000
    Infrastructure Development Finance Co. Ltd.          Finance              595,900
    Reliance Communication Ltd                           Telecom - Services497,000
    K S Oils Limited                                                        1,203,600
                                                         Consumer Non Durables
    GTL Infrastructure Ltd.                                                 2,226,150
                                                         Telecom - Equipment & Accessories
    Housing Development and Infrastructure Ltd.          Construction         208,206
    Aditya Birla Nuvo Ltd.                               Textile Products       84,000
    Indian Hotels Company Ltd.                           Hotels               695,034
    Suzlon Energy Limited                                                     786,000
                                                         Industrial Capital Goods
    GVK Power & Infrastructure Ltd.                      Power              1,439,250
    India Infoline Ltd.                                  Finance              512,500
    IDBI Bank Ltd.                                       Banks                513,600
    Indian Oil Corporation Ltd                           Petroleum Products211,200
    Oriental Bank of Commerce                            Banks                246,000
    Financial Technologies (India) Ltd.                  Software               43,050
    PRAJ Industries Ltd.                                                      539,000
                                                         Industrial Capital Goods
    Indiabulls Real Estate Limited                       Construction         249,600
    Lanco Infratech Ltd.                                 Engineering            96,338
Dish TV India Limited                                        1,261,750
                                          Media & Entertainment
Wipro Ltd.                                Software               76,200
Mahanagar Telephone Nigam Ltd.            Telecom - Services681,600
Reliance Capital Ltd.                     Finance                57,132
Great Eastern Shipping Company Ltd.       Transportation       174,000
Dena Bank                                 Banks                582,750
IVRCL Infrastructures & Projects Ltd.     Construction         136,000
ISPAT Industries Ltd.                     Ferrous Metals 2,116,500
Nagarjuna Fertilizers & Chemicals Ltd.    Fertilisers        1,428,000
Larsen and Toubro Ltd                     Construction Project 27,200
Hindustan Petroleum Corporation Ltd.      Petroleum Products112,450
Chambal Fertilizers & Chemicals Ltd.      Fertilisers          741,750
Ashok Leyland Ltd                         Auto                 849,950
Orchid Chemicals & Pharmaceuticals Ltd.   Pharmaceuticals 222,600
Andhra Bank                               Banks                386,400
Grasim Industries Ltd.                    Cement                 16,016
Rural Electrification Corporation Ltd.    Finance              156,000
Bombay Rayon Fashions Ltd.                Textile Products 197,800
Neyveli Lignite Corporation Ltd           Power                244,850
State Bank of India                       Banks                  15,972
Moser Baer India Ltd.                     Hardware             418,275
DLF Ltd.                                  Construction           98,400
Vijaya Bank                               Banks                648,600
Hindustan Construction Company Ltd.                            2
                                          Construction Project 28,900
Unitech Ltd                               Construction         400,500
Power Finance Corporation Ltd.            Finance              122,400
Sun Pharmaceutical Industries Ltd.        Pharmaceuticals        20,700
Petronet LNG Ltd.                         Gas                  426,800
Reliance Natural Resources Ltd.           Gas                  436,272
Jindal Saw Ltd.                           Ferrous Metals       160,000
Tata Communications Limited               Telecom - Services 85,575
Bharat Forge Ltd.                         Industrial Products 96,000
Chennai Petroleum Corporation Ltd.        Petroleum Products118,800
Gujarat State Petronet Ltd.               Gas                  268,400
Allahabad Bank                            Banks                205,800
Kingfisher Airlines Ltd.                  Aviation             399,500
Dabur India Ltd.                          Consumer Non Durables151,200
Aban Offshore Ltd.                                               18,400
                                          Industrial Capital Goods
Jaiprakash Hydro-Power Limited            Power                312,500
Indian Overseas Bank                      Banks                203,550
Television Eighteen India Ltd.            Media & Entertainment248,200
Canara Bank                               Banks                  52,800
Tata Teleservices Ltd.                    Telecom - Services647,900
Shipping Corporation of India Ltd.        Transportation       115,200
Voltas Ltd.                               Construction Project 97,200
Pantaloon Retail (India) Ltd.             Retailing              40,800
Oracle Financial Services Software Ltd.   Software                6,600
Syndicate Bank                            Banks                155,800
YES Bank Ltd.                             Banks                  55,000
NTPC Limited                              Power                  61,750
UCO Bank                                  Banks                250,000
PTC India Ltd.                            Power                117,500
    Hindustan Unilever Ltd.                               Diversified          50,000
    Rolta India Ltd.                                      Software             63,000
    Nagarjuna Construction Co. Ltd.                       Construction Project 68,000
    Tata Steel Ltd.                                       Ferrous Metals       13,752
    Reliance MediaWorks Ltd.                              Media & Entertainment29,400
    ICSA (India) Ltd.                                     Software             42,000
    Mercator Lines Ltd.                                   Transportation      127,400
    Sterling Biotech Ltd.                                 Pharmaceuticals      72,500
    Everest Kanto Cylinder Ltd.                                                46,000
                                                          Electrical Components & Equipments
    GAIL (India) Ltd.                                     Gas                  15,750
    Maruti Suzuki India Ltd.                              Auto                  3,000
    GMR Infrastructure Ltd.                               Construction         70,000
    Hindalco Industries Ltd.                              Non - Ferrous Metals28,144
    Crompton Greaves Ltd.                                                       9,000
                                                          Industrial Capital Goods
    Subtotal
    Total

  Money Market Instruments
  Commercial Papers (CP) / Certificate Of Deposit (CD)
l Andhra Bank                                             F1+(IND)            2,500
  Indian Oil Corporation Ltd                              P1+                   300
  Kotak Mahindra Prime Ltd.                               P1+                   200
  Subtotal
  Total

    Short Term Deposits as margin for Futures & Options
    Cash margin
    Other Cash,Cash Equivalents and Net Current Assets
    Net Assets


l   Top Ten Holdings




    Sectoral Allocation of Assets(%)
    Banks
    Consumer Non Durables
    Cement
    Power
    Finance
    Petroleum Products
    Pharmaceuticals
    Software
    Construction
    Oil
    Telecom - Equipment & Accessories
    Construction Project
    Ferrous Metals
    Telecom - Services
    Industrial Capital Goods
    Textile Products
    Non - Ferrous Metals
Gas
Fertilisers
Media & Entertainment
Transportation
Hotels
Engineering
Auto
Hardware
Industrial Products
Aviation
Retailing
Diversified
Electrical Components & Equipments
Credit Exposures
Cash,Cash Equivalents and Net Current Assets
An open ended growth scheme
              Market/   % to
           Fair Value   NAV
       (Rs. In Lakhs)


            2,491.47    2.55
            2,293.32    2.35
            2,277.61    2.33
            1,854.71    1.90
            1,854.16    1.90
            1,799.41    1.84
            1,671.82    1.71
            1,613.90    1.65
            1,516.98    1.55
            1,448.40    1.48
            1,436.89    1.47
            1,407.90    1.44
            1,335.42    1.37
            1,324.55    1.35
            1,235.67    1.26
            1,179.98    1.21
            1,179.12    1.21
            1,127.53    1.15
            1,088.16    1.11
            1,061.80    1.09
            1,047.98    1.07
            1,015.18    1.04
              988.40    1.01
              972.06    0.99
              966.35    0.99
              919.47    0.94
              856.58    0.88
              785.35    0.80
              784.72    0.80
              751.31    0.77
              735.21    0.75
              713.10    0.73
              710.15    0.73
              668.53    0.68
              660.61    0.68
              654.33    0.67
              646.06    0.66
              615.74    0.63
              578.79    0.59
              569.72    0.58
              568.34    0.58
              555.58    0.57
536.24   0.55
518.16   0.53
502.34   0.51
489.99   0.50
488.51   0.50
485.72   0.50
477.02   0.49
464.57   0.48
463.39   0.47
456.31   0.47
438.89   0.45
429.10   0.44
421.58   0.43
409.03   0.42
403.02   0.41
396.40   0.41
378.77   0.39
374.83   0.38
374.01   0.38
362.40   0.37
358.04   0.37
355.42   0.36
336.62   0.34
334.42   0.34
329.61   0.34
320.01   0.33
312.32   0.32
304.31   0.31
302.77   0.31
301.44   0.31
287.66   0.29
261.31   0.27
259.22   0.27
258.74   0.26
257.66   0.26
252.48   0.26
240.11   0.25
236.19   0.24
229.53   0.23
224.62   0.23
211.71   0.22
205.26   0.21
173.31   0.18
170.27   0.17
168.45   0.17
155.33   0.16
152.99   0.16
149.10   0.15
146.38   0.15
145.51   0.15
138.63   0.14
132.66   0.14
  132.40      0.14
  123.13      0.13
  112.71      0.12
   84.95      0.09
   75.68      0.08
   75.52      0.08
   73.45      0.08
   68.98      0.07
   66.22      0.07
   65.09      0.07
   46.80      0.05
   46.62      0.05
   45.27      0.05
   38.46      0.04
65,600.00     67.15
65,600.00     67.15



 2,399.40      2.45
 1,442.48      1.48
   955.78      0.98
  4,797.66      4.91
  4,797.66      4.91

23,913.00     24.46
   635.00      0.65
 2,819.12      2.83
97,764.78    100.00




               9.31
               7.32
               5.87
               4.83
               4.55
               4.48
               4.07
               2.97
               2.59
               2.55
               2.24
               2.21
               2.03
               1.86
               1.59
               1.13
               1.04
 0.95
 0.91
 0.85
 0.75
 0.73
 0.57
 0.48
 0.37
 0.27
 0.26
 0.16
 0.14
 0.07
 4.91
27.94
    HDFC                                                   Multiple Yield Fund
                                                                         An open-ended income scheme
    Portfolio                                                31-Dec-09
    Name of Instrument                                     Rating            Quantity


    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   Crisil Limited                                         Finance               2,858
l   3M India Ltd.                                          Trading               5,000
l   Apollo Tyres Ltd                                       Auto Ancillaries    181,630
l   Biocon Limited                                         Pharmaceuticals      30,000
    Solar Explosives Ltd.                                  Chemicals            20,000
    Zee Entertainment Enterprises Ltd.                     Media & Entertainment30,000
    The Federal Bank Ltd.                                  Banks                30,000
    Crompton Greaves Ltd.                                                       12,000
                                                           Industrial Capital Goods
    Britannia Industries Ltd.                              Consumer Non Durables 3,000
    Jagran Prakashan Ltd.                                  Media & Entertainment30,824
    ICICI Bank Ltd.                                        Banks                 3,000
    H T Media Ltd.                                         Media & Entertainment 9,705
    Oil India Limited                                      Oil                     411
    Subtotal
    Total

    Money Market Instruments
    Commercial Papers (CP) / Certificate Of Deposit (CD)
l   Kotak Mahindra Prime Ltd.                              P1+                    120
l   Hindustan Petroleum Corporation Ltd.                   P1+                    120
l   UCO Bank                                               P1+                    500
l   Corporation Bank                                       P1+                    475
    Subtotal
    Total

  Credit Exposures
l Housing Development Finance Corporation Ltd.$            AAA                     55
l Shriram Transport Finance Co. Ltd.                       AA+(SO)                  1
  Subtotal
  ABS Pool
  Magma Fincorp Limited                                    P1+(SO)                  1
  Magma Shrachi Finance Limited                            AAA(SO)                  3
  Cholamandalam DBS Finance Limited                        AAA(SO)                  2
  Subtotal
  Total

    Cash,Cash Equivalents and Net Current Assets
    Net Assets




l   Top Ten Holdings
Portfolio Classification by Asset Class(%)
Equities
Commercial Papers (CP) / Certificate Of Deposit (CD)
Credit Exposures
Cash,Cash Equivalents and Net Current Assets
ple Yield Fund
    An open-ended income scheme
An open-ended liquid income scheme
                    Market/     % to
                 Fair Value     NAV
             (Rs. In Lakhs)


                   127.03      3.34
                    93.29      2.46
                    89.00      2.34
                    82.82      2.18
                    79.80      2.10
                    77.13      2.03
                    70.68      1.86
                    51.28      1.35
                    50.41      1.33
                    42.11      1.11
                    26.31      0.69
                    14.07      0.37
                     5.10      0.13
                    809.03     21.29
                    809.03     21.29



                   576.87      15.19
                   576.70      15.18
                   480.50      12.65
                   456.99      12.03
                  2,091.06      55.05
                  2,091.06      55.05


                   526.39      13.86
                   100.71       2.65
                   627.10      16.51

                    64.10       1.69
                    57.92       1.52
                    40.77       1.07
                   162.79       4.28
                   789.89      20.79

                   108.09       2.87
                 3,798.07     100.00


                              $ Sponsor
21.29
55.05
20.79
 2.87
    HDFC                                                   Multiple Yield Fund Plan 2005
                                                                      An open-ended income schem
    Portfolio                                                 31-Dec-09
    Name of Instrument                                      Rating          Quantity    Market/
                                                                                     Fair Value
                                                                                 (Rs. In Lakhs)
  Equity & Equity Related
  (a) Listed / awaiting listing on Stock Exchanges
l Banco Products (India) Ltd.                               Auto Ancillaries  61,000     52.80
l Ipca Laboratories Ltd.                                    Pharmaceuticals    5,000     52.02
l Clariant Chemicals (India) Limited                        Chemicals         10,000     47.04
  Savita Chemicals Ltd.                                     Chemicals         11,391     45.50
  LIC Housing Finance Ltd.                                  Finance            5,000     40.14
  VST Industries Ltd.                                                          6,000
                                                            Consumer Non Durables        31.73
  Wyeth Ltd.                                                Pharmaceuticals    4,000     29.87
  Castrol India Ltd.                                        Petroleum Products 4,000     24.19
  TTK Prestige Ltd.                                         Consumer Durables 5,000      21.25
  Shanthi Gears Ltd.                                        Auto Ancillaries  45,000     20.09
  Hawkins Cookers Ltd.                                                         3,000
                                                            Consumer Non Durables        19.87
  Coromandel International Limited                          Fertilisers        8,000     19.02
  Balkrishna Industries Ltd.                                Auto Ancillaries   3,179     17.62
  Procter & Gamble Hygiene and Health Care Limited                               5
                                                            Consumer Non Durables 00      8.71
  Subtotal                                                                               429.85
  Total                                                                                  429.85

    Money Market Instruments
    Commercial Papers (CP) / Certificate Of Deposit (CD)
l   Corporation Bank                                        P1+                 925     882.87
l   Kotak Mahindra Prime Ltd.                               P1+                 100     480.73
l   State Bank Of Hyderabad                                 P1+                 300     288.50
l   State Bank of Bikaner & Jaipur                          P1+                 300     283.58
    Subtotal                                                                           1,935.68
    Total                                                                              1,935.68

  Credit Exposures
l Housing Development Finance Corporation Ltd.$             AAA                  35     334.98
l Shriram Transport Finance Co. Ltd.                        AA+(SO)               1     100.71
  Subtotal                                                                              435.69
  ABS Pool
l Magma Fincorp Limited                                     P1+(SO)               2     128.19
  Subtotal                                                                              128.19
  Total                                                                                 563.88

    Cash margin                                                                            6.80
    Other Cash,Cash Equivalents and Net Current Assets                                    87.36
    Net Assets                                                                         3,023.57
l   Top Ten Holdings




    Portfolio Classification by Asset Class(%)
    Equities
    Commercial Papers (CP) / Certificate Of Deposit (CD)
    Credit Exposures
    Cash,Cash Equivalents and Net Current Assets
und Plan 2005
nded income scheme
                 % to
                 NAV
s. In Lakhs)


                1.75
                1.72
                1.56
                1.50
                1.33
                1.05
                0.99
                0.80
                0.70
                0.66
                0.66
                0.63
                0.58
                0.29
                14.22
                14.22



                29.20
                15.90
                 9.54
                 9.38
                 64.02
                 64.02


                11.08
                 3.33
                14.41

                 4.24
                 4.24
                18.65

                 0.22
                 2.89
               100.00
$ Sponsor




 14.22
 64.02
 18.65
  3.11
    HDFC                                                   MIP - Short Term Plan
                                                               An open ended income scheme with no assured
                                                           returns subject to availability of distributable profits
    Portfolio                                                  31-Dec-09
    Name of Instrument                                       Industry + Quantity


    Sovereign Securities
    Government Securities
    6.85% GOI 2012                                          Sovereign     500,000
    Subtotal
    Total

    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
    Cipla Ltd.                                              Pharmaceuticals 80,000
    MBL Infrastructure Limited                              Construction 143,657
    Zee Entertainment Enterprises Ltd.                                     100,000
                                                            Media & Entertainment
    Sun Pharmaceutical Industries Ltd.                      Pharmaceuticals 14,000
    ITC Ltd.                                                                 Durables
                                                            Consumer Non83,000
    KEC International Ltd.                                  Power           35,000
    Coromandel International Limited                        Fertilisers     74,500
    Oil & Natural Gas Corporation Ltd.                      Oil             15,000
    Jagran Prakashan Ltd.                                                  125,000
                                                            Media & Entertainment
    Larsen and Toubro Ltd                                                   10,000
                                                            Construction Project
    ICICI Bank Ltd.                                         Banks           19,000
    Procter & Gamble Hygiene and Health Care Limited                         9,500
                                                            Consumer Non Durables
    The Federal Bank Ltd.                                   Banks           65,000
    Crompton Greaves Ltd.                                                   35,000
                                                            Industrial Capital Goods
    Bank of Baroda                                          Banks           25,000
    Dr Reddys Laboratories Ltd.                             Pharmaceuticals 11,000
    IRB Infrastructure Developers Ltd                       Transportation 50,000
    Pidilite Industries Ltd.                                Chemicals       60,000
    Biocon Limited                                          Pharmaceuticals 36,000
    Trent Ltd. Warrant                                      Retailing       38,624
    Blue Star Ltd.                                                          25,000
                                                            Consumer Durables
    LIC Housing Finance Ltd.                                Finance         12,000
    Amtek Auto Ltd.                                         Auto Ancillaries50,000
    Oil India Limited                                       Oil              6,579
    Nagarjuna Construction Co. Ltd.                                         45,880
                                                            Construction Project
    Motherson Sumi Systems Ltd.                             Auto Ancillaries55,000
    Punj Lloyd Ltd.                                                         31,528
                                                            Construction Project
    T. V. Today Network Ltd.                                                34,500
                                                            Media & Entertainment
    Sadbhav Engineering Ltd.                                Construction     2,500
    Divis Laboratories Ltd.                                 Pharmaceuticals2,722
    Subtotal
    Total

    Money Market Instruments
    Commercial Papers (CP) / Certificate Of Deposit (CD)
l   State Bank of Patiala                                   P1+              2,500
l   Union Bank of India                                     A1+              2,000
l   Axis Bank Ltd                                           P1+              1,500
l   State Bank of Bikaner & Jaipur                          P1+              1,500
    Corporation Bank                                        P1+              1,500
    L & T Finance Ltd                                      PR1+            200
    ICICI Bank Ltd.                                        P1+             500
    Subtotal
    Total

    Credit Exposures
l   National Housing Bank                                  AAA              300
l   Housing Development Finance Corporation Ltd.$          AAA              300
l   Shriram Transport Finance Co. Ltd.                                   7
                                                           AA+(SO)/AA(ind) ,978
l   Kotak Mahindra Prime Ltd.                              LAA              200
l   Export-Import Bank Of India                            AAA              150
l   IDBI Bank Ltd.                                         AA+              150
    Indian Railways Finance Corporation Ltd.               AAA              120
    Tata Motors Ltd. (Guaranteed by SBI)                   AAA(SO)          105
    Rural Electrification Corporation Ltd.                 AAA              100
    Indian Oil Corporation Ltd                             AAA              100
    LIC Housing Finance Ltd.                               AAA              100
    Infrastructure Development Finance Co. Ltd.            AAA              100
    Deutsche Postbank Home Finance Limited                 LAA+              60
    Tata Sons Ltd                                          AAA               50
    Power Finance Corporation Ltd.                         AAA               50
    L&T Infrastructure Finance                             LAA               50
    M&M Financial Services Ltd.                            AA(ind)           50
    Sundaram Finance Ltd.                                  LAA+              50
    Johnson & Johnson Ltd.                                 AAA(SO)            4
    Subtotal
    ABS Pool
    Tata Motors Finance Ltd.                               AAA(SO)           6
    Magma Fincorp Limited                                  AAA(SO)           6
    Magma Shrachi Finance Limited                          AAA(SO)           8
    Cholamandalam DBS Finance Limited                      AAA(SO)           3
    Shriram City Union Finance Ltd.                        AAA(Ind)(SO)      2
    Subtotal
    Total

    Cash,Cash Equivalents and Net Current Assets
    Net Assets




l   Top Ten Holdings




    Portfolio Classification by Asset Class(%)
    Government Securities
    Equities
    Commercial Papers (CP) / Certificate Of Deposit (CD)
    Credit Exposures
    Cash,Cash Equivalents and Net Current Assets
P - Short Term Plan
 An open ended income scheme with no assured
urns subject to availability of distributable profits

                             Market/            % to
                          Fair Value            NAV
                      (Rs. In Lakhs)


                             503.70            1.19
                              503.70            1.19
                              503.70            1.19



                             268.04            0.63
                             258.58            0.61
                             257.10            0.61
                             211.23            0.50
                             208.16            0.49
                             206.13            0.49
                             177.12            0.42
                             176.70            0.42
                             170.75            0.40
                             167.76            0.40
                             166.63            0.39
                             165.57            0.39
                             153.14            0.36
                             149.56            0.35
                             128.49            0.30
                             126.13            0.30
                             122.85            0.29
                             117.12            0.28
                              99.38            0.24
                              98.22            0.23
                              96.93            0.23
                              96.34            0.23
                              86.95            0.21
                              81.70            0.19
                              76.05            0.18
                              72.60            0.17
                              64.43            0.15
                              42.61            0.10
                              30.67            0.07
                              18.42            0.04
                            4,095.36            9.67
                            4,095.36            9.67



                           2,416.46            5.72
                           1,954.70            4.62
                           1,458.43            3.45
                           1,417.89            3.35
                           1,416.66            3.35
  948.20        2.24
  490.37        1.16
10,102.71       23.89
10,102.71       23.89


 2,999.53       7.09
 2,971.14       7.03
 2,339.69       5.53
 1,799.80       4.26
 1,534.47       3.63
 1,528.61       3.62
 1,237.09       2.93
 1,085.60       2.57
 1,025.35       2.43
   988.61       2.34
   978.50       2.31
   911.48       2.16
   605.81       1.43
   519.97       1.23
   506.29       1.20
   504.08       1.19
   495.28       1.17
   490.97       1.16
   474.00       1.12
22,996.27      54.40

   717.93       1.70
   595.50       1.41
   489.32       1.16
   230.48       0.55
    61.80       0.15
 2,095.03       4.97
25,091.30      59.37

 2,485.31       5.88
42,278.38     100.00



            $ Sponsor




                 1.19
                 9.67
                23.89
                59.37
                 5.88
  HDFC                                               MIP - Long Term Plan
                                                     An open ended income scheme with no assured return
                                                                subject to availability of distributable profit
  Portfolio                                              31-Dec-09
  Name of Instrument                                   Industry +     Quantity


  Sovereign Securities
  Government Securities
l 6.57% GOI 2011                                       Sovereign     12,500,000
l 9.39% GOI 2011                                       Sovereign      7,500,000
  11.50% GOI 2011                                      Sovereign      3,000,000
  7.40% GOI 2012                                       Sovereign      2,500,000
  6.07% GOI 2014                                       Sovereign      2,500,000
  6.85% GOI 2012                                       Sovereign      1,500,000
  6.49% GOI 2015                                       Sovereign      1,171,000
  8.20% GOI 2022                                       Sovereign      1,000,000
  7.32% GOI 2014                                       Sovereign        757,800
  7.59% GOI 2016                                       Sovereign        500,000
  7.02% GOI 2016                                       Sovereign        500,000
  6.35% GOI 2020                                       Sovereign        500,000
  Subtotal
  Total

  Equity & Equity Related
  (a) Listed / awaiting listing on Stock Exchanges
  State Bank of India                                  Banks              200,000
  ICICI Bank Ltd.                                      Banks              367,500
  Oil & Natural Gas Corporation Ltd.                   Oil                250,000
  Procter & Gamble Hygiene and Health Care Limited                        159,350
                                                       Consumer Non Durables
  Tata Consultancy Services Ltd.                       Software           368,000
  Infosys Technologies Ltd                             Software           100,000
  Bank of Baroda                                       Banks              487,990
  Page Industries Ltd                                  Textile Products 274,911
  Pidilite Industries Ltd.                             Chemicals       1,100,000
  LIC Housing Finance Ltd.                             Finance            250,000
  Mahindra & Mahindra Ltd.                             Auto               180,000
  Bharat Petroleum Corporation Limited                 Petroleum Products 300,100
  KEC International Ltd.                               Power              300,000
  The Federal Bank Ltd.                                Banks              745,000
  Exide Industries Ltd.                                Auto Ancillaries1,500,000
  Crompton Greaves Ltd.                                                   400,000
                                                       Industrial Capital Goods
  MRF Ltd.                                             Auto Ancillaries 28,089
  Larsen and Toubro Ltd                                                   100,000
                                                       Construction Project
  GAIL (India) Ltd.                                    Gas                400,000
  Zee Entertainment Enterprises Ltd.                                      621,000
                                                       Media & Entertainment
  Merck Ltd.                                           Pharmaceuticals 259,994
  Lupin Ltd.                                           Pharmaceuticals 100,000
  Oil India Limited                                    Oil                117,366
  Punj Lloyd Ltd.                                                         700,000
                                                       Construction Project
  CMC Ltd.                                             Hardware           104,249
  Britannia Industries Ltd.                                                80,000
                                                       Consumer Non Durables
  AIA Engineering Ltd.                                                    350,000
                                                       Industrial Capital Goods
  Sun Pharmaceutical Industries Ltd.                   Pharmaceuticals 80,000
  NTPC Limited                                         Power              500,000
    Cipla Ltd.                                           Pharmaceuticals 350,000
    Dr Reddys Laboratories Ltd.                          Pharmaceuticals 100,000
    Wyeth Ltd.                                           Pharmaceuticals 152,000
    Grindwell Norton Ltd.                                                  7
                                                         Industrial Products 56,019
    Ipca Laboratories Ltd.                               Pharmaceuticals 100,000
    Motilal Oswal Financial Services Ltd.                Finance           580,000
    Titan Industries Ltd.                                                    70,747
                                                         Consumer Non Durables
    Axis Bank Ltd                                        Banks             100,000
    Simplex Infrastructures Limited                      Construction      175,285
    Divis Laboratories Ltd.                              Pharmaceuticals 142,000
    Jagran Prakashan Ltd.                                                  700,000
                                                         Media & Entertainment
    Punjab National Bank                                 Banks             104,000
    Marico Ltd.                                                            900,000
                                                         Consumer Non Durables
    GlaxoSmithKline Consumer Healthcare Limited                              69,500
                                                         Consumer Non Durables
    Bata India Ltd.                                                        410,000
                                                         Consumer Non Durables
    H T Media Ltd.                                                         540,000
                                                         Media & Entertainment
    Housing Development Finance Corporation Ltd.$        Finance             29,000
    Blue Star Ltd.                                       Consumer Durables 190,900
    Emami Ltd.                                                             150,000
                                                         Consumer Non Durables
    Tube Investments of India Ltd.                       Auto Ancillaries 970,853
    Dishman Pharma & Chemicals Ltd.                      Pharmaceuticals 248,822
    Maharashtra Seamless Ltd.                            Ferrous Metals 160,000
    Zee News Ltd.                                                          809,000
                                                         Media & Entertainment
    Navneet Publications India Ltd.                                      Durables
                                                         Consumer Non 1,000,000
    D.B.Corporation Ltd.                                                   167,035
                                                         Media & Entertainment
    Godrej Properties Limited                            Construction        71,316
    Balkrishna Industries Ltd.                           Auto Ancillaries 61,003
    Apollo Tyres Ltd                                     Auto Ancillaries 500,000
    Crisil Limited                                       Finance              2,836
    Ahmednagar Forgings Ltd.                                               1
                                                         Industrial Products 82,829
    Abbott India Ltd.                                    Pharmaceuticals 10,000
    Emami Infrastructure Limited                         Construction        50,000
    Subtotal
    Total

  Money Market Instruments
  Commercial Papers (CP) / Certificate Of Deposit (CD)
l Axis Bank Ltd                                          P1+                13,500
l Union Bank of India                                    A1+                13,000
  State Bank of Bikaner & Jaipur                         P1+                 6,000
  Kotak Mahindra Bank Ltd.                               P1+                 5,000
  Corporation Bank                                       P1+                 5,000
  Export-Import Bank Of India                            P1+                 5,000
  Canara Bank                                            P1+                 4,000
  L & T Finance Ltd                                      PR1+                  800
  Punjab National Bank                                   F1+(IND)            2,500
  State Bank of Patiala                                  P1+                 2,500
  Subtotal
  Total

    Credit Exposures
l   Housing Development Finance Corporation Ltd.$        AAA                 2,450
l   Power Finance Corporation Ltd.                       AAA                 2,145
l   Rural Electrification Corporation Ltd.               AAA                 1,350
l   Bharat Petroleum Corporation Limited                 AAA                   900
l   National Housing Bank                                AAA                   800
l National Bank for Agriculture & Rural Development        AAA              54,400
  Sundaram Finance Ltd.                                    LAA+                730
  Export-Import Bank Of India                              AAA                 700
  Tata Motors Ltd. (Guaranteed by SBI)                     AAA(SO)             695
  Shriram Transport Finance Co. Ltd.                       AA+(SO)/AA(ind) 191,017
  Indian Oil Corporation Ltd                               AAA                 600
  LIC Housing Finance Ltd.                                 AAA                 550
  Hindustan Petroleum Corporation Ltd.                     AAA                 500
  Kotak Mahindra Prime Ltd.                                LAA                 500
  IDBI Bank Ltd.                                           AA+                 400
  Tata Sons Ltd                                            AAA                 350
  Infrastructure Development Finance Co. Ltd.              AA+                 300
  M&M Financial Services Ltd.                              AA(ind)             270
  Johnson & Johnson Ltd.                                   AAA(SO)              21
  ICICI Home Finance Ltd                                   LAAA                250
  L&T Infrastructure Finance                               LAA                 250
  State Bank of India                                      AAA                 250
  NTPC Limited                                             AAA                 250
  Indian Railways Finance Corporation Ltd.                 AAA                 172
  ICICI Bank Ltd.                                          AAA              15,102
  Tata Steel Ltd.                                          AA                  150
  Deutsche Postbank Home Finance Limited                   LAA+                150
  Power Grid Corporation of India Ltd                      AAA                  80
  Bajaj Auto Finance Ltd                                   AA+                  10
  Grasim Industries Ltd.                                   AAA(SO)              19
  Citi Financial Consumer Finance (India) Ltd.             AA                   80
  Reliance Industries Ltd.                                 AAA(SO)              63
  State Bank of Patiala                                    AAA                  50
  Axis Bank Ltd                                            AAA                  50
  Tata Tea Ltd.                                            LAA                  25
  IBM India Limited                                        AAA(Ind)(SO)          2
  Tata Motors Finance Ltd.                                 A                     2
  Trent Ltd.                                               LAA               6,281
  Subtotal
  ABS Pool
  Magma Shrachi Finance Limited                            AAA(SO)             16
  Tata Motors Finance Ltd.                                 AAA(SO)             10
  Subtotal
  Total

    Cash,Cash Equivalents and Net Current Assets
    Net Assets




l   Top Ten Holdings




    Portfolio Classification by Asset Class(%)
    Government Securities
    Equities
    Commercial Papers (CP) / Certificate Of Deposit (CD)
Credit Exposures
Cash,Cash Equivalents and Net Current Assets
Long Term Plan
n ended income scheme with no assured returns
    subject to availability of distributable profits

                             Market/           % to
                          Fair Value           NAV
                      (Rs. In Lakhs)


                          12,675.00           3.47
                           7,901.25           2.16
                           3,306.23           0.90
                           2,551.25           0.70
                           2,372.50           0.65
                           1,511.09           0.41
                           1,123.34           0.31
                           1,010.00           0.28
                             759.69           0.21
                             506.21           0.14
                             489.29           0.13
                             457.15           0.13
                           34,663.00           9.49
                           34,663.00           9.49



                           4,538.00           1.24
                           3,222.98           0.88
                           2,945.00           0.81
                           2,777.15           0.76
                           2,760.92           0.75
                           2,601.10           0.71
                           2,508.02           0.69
                           2,393.79           0.65
                           2,147.20           0.59
                           2,007.00           0.55
                           1,945.53           0.53
                           1,907.29           0.52
                           1,766.85           0.48
                           1,755.22           0.48
                           1,729.50           0.47
                           1,709.20           0.47
                           1,698.25           0.46
                           1,677.60           0.46
                           1,653.20           0.45
                           1,596.59           0.44
                           1,498.35           0.41
                           1,474.10           0.40
                           1,457.57           0.40
                           1,430.45           0.39
                           1,396.99           0.38
                           1,344.32           0.37
                           1,301.13           0.36
                           1,207.04           0.33
                           1,178.25           0.32
1,172.68     0.32
1,146.60     0.31
1,134.98     0.31
1,113.62     0.30
1,040.35     0.28
1,023.70     0.28
1,006.98     0.28
  989.20     0.27
  976.07     0.27
  961.06     0.26
  956.20     0.26
  942.45     0.26
  928.35     0.25
  903.74     0.25
  808.11     0.22
  783.00     0.21
  775.98     0.21
  740.12     0.20
  736.80     0.20
  666.49     0.18
  590.21     0.16
  575.68     0.16
  472.05     0.13
  415.50     0.11
  354.11     0.10
  349.45     0.10
  338.05     0.09
  245.00     0.07
  126.05     0.03
  123.96     0.03
   77.99     0.02
   46.01     0.01
80,149.13    21.88
80,149.13    21.88



12,926.24    3.53
12,722.30    3.48
 5,671.56    1.55
 4,911.84    1.34
 4,803.33    1.31
 4,795.32    1.31
 3,953.11    1.08
 3,792.78    1.04
 2,433.75    0.67
 2,416.46    0.66
 58,426.69   15.97
 58,426.69   15.97


24,633.09    6.74
22,187.15    6.07
13,715.37    3.75
 9,101.46    2.49
 7,998.76    2.19
  7,280.18       1.99
  7,233.92       1.98
  7,201.40       1.97
  7,194.83       1.97
  6,798.31       1.85
  5,931.65       1.62
  5,511.20       1.51
  5,011.03       1.37
  4,475.24       1.22
  4,059.71       1.11
  3,534.55       0.97
  3,058.01       0.84
  2,674.54       0.73
  2,572.42       0.70
  2,527.37       0.69
  2,520.42       0.69
  2,498.45       0.68
  2,380.99       0.65
  1,766.11       0.48
  1,557.82       0.43
  1,527.35       0.42
  1,516.98       0.41
  1,042.54       0.29
    994.41       0.27
    842.13       0.23
    810.47       0.22
    612.80       0.17
    528.58       0.14
    476.36       0.13
    253.75       0.07
    237.22       0.06
     20.18       0.01
     36.47       0.01
172,323.22      47.12

  1,380.47       0.38
    181.29       0.05
  1,561.76       0.43
173,884.98      47.55

 18,591.78       5.11
365,715.58     100.00



             $ Sponsor




                  9.49
                 21.88
                 15.97
47.55
 5.11
    HDFC                                                Income Fund
                                                                        An open ended income schem
    Portfolio                                               31-Dec-09
    Name of Instrument                                    Rating           Quantity

                                                                                      (Rs. In Lakhs)
    Sovereign Securities
    Government Securities
l   6.35% GOI 2020                                        Sovereign      14,000,000
l   6.57% GOI 2011                                        Sovereign       5,000,000
l   8.24% GOI 2027                                        Sovereign       3,250,000
l   7.02% GOI 2016                                        Sovereign       3,000,000
l   9.39% GOI 2011                                        Sovereign       2,500,000
    7.50% GOI 2034                                        Sovereign       2,500,000
    6.07% GOI 2014                                        Sovereign       1,500,000
    6.90% GOI 2019                                        Sovereign       1,500,000
    7.32% GOI 2014                                        Sovereign       1,000,000
    8.28% GOI 2032                                        Sovereign       1,000,000
    6.49% GOI 2015                                        Sovereign       1,000,000
    6.83% GOI 2039                                        Sovereign       1,000,000
    7.94% GOI 2021                                        Sovereign         500,000
    Subtotal
    Total

    Credit Exposures
l   Indian Oil Corporation Ltd                            LAA+                 720
l   State Bank of India                                   AAA                  775
l   National Bank for Agriculture & Rural Development     AAA               52,100
l   National Housing Bank                                 AAA               80,000
l   Power Finance Corporation Ltd.                        AAA                  250
    NTPC Limited                                          AAA                  250
    Power Grid Corporation of India Ltd                   AAA                  160
    Rural Electrification Corporation Ltd.                AAA                  100
    Housing Development Finance Corporation Ltd.$         AAA                   25
    Subtotal
    Total

    Cash,Cash Equivalents and Net Current Assets
    Net Assets




l   Top Ten Holdings




    Portfolio Classification by Asset Class(%)
    Government Securities
    Credit Exposures
    Cash,Cash Equivalents and Net Current Assets
Portfolio Classification by Rating Class(%)
Sovereign
AAA/AAA(SO)/P1+/P1+(SO) & Equivalent
AA+/LAA+ & Below
Cash,Cash Equivalents and Net Current Assets
An open ended income scheme
               Market/     % to
            Fair Value     NAV
        (Rs. In Lakhs)


           12,800.20      16.81
            5,070.00       6.66
            3,255.85       4.28
            2,935.73       3.86
            2,633.75       3.46
            2,296.25       3.02
            1,423.50       1.87
            1,421.70       1.87
            1,002.50       1.32
              999.20       1.31
              959.30       1.26
              842.00       1.11
              505.00       0.66
            36,144.98      47.49
            36,144.98      47.49


            8,170.49      10.73
            7,975.32      10.48
            4,989.82       6.55
            3,821.98       5.02
            2,704.77       3.55
            2,527.55       3.32
            2,082.49       2.74
            1,004.77       1.32
              248.67       0.33
            33,525.86      44.04
            33,525.86      44.04

            6,453.88       8.47
           76,124.72     100.00



                         $ Sponsor




                          47.49
                          44.04
                           8.47
47.49
33.31
10.73
 8.47
    HDFC                                                 High Interest Fund
                                                                        An open ended growth scheme
    Portfolio                                               31-Dec-09
    Name of Instrument                                    Rating          Quantity

                                                                                     (Rs. In Lakhs)
    Sovereign Securities
    Government Securities
l   7.02% GOI 2016                                        Sovereign      3,500,000
l   9.39% GOI 2011                                        Sovereign      2,500,000
l   6.49% GOI 2015                                        Sovereign      2,100,000
l   8.24% GOI 2027                                        Sovereign      1,000,000
l   6.83% GOI 2039                                        Sovereign      1,000,000
    6.35% GOI 2020                                        Sovereign        750,000
    8.20% GOI 2022                                        Sovereign        500,000
    7.40% GOI 2035                                        Sovereign        500,000
    7.27% GOI 2013                                        Sovereign        250,000
    7.61% GOI 2015                                        Sovereign        250,000
    11.30% GOI 2010                                       Sovereign          5,000
    Subtotal
    Total

  Money Market Instruments
  Commercial Papers (CP) / Certificate Of Deposit (CD)
l Corporation Bank                                        P1+               1,000
  Subtotal
  Total

    Credit Exposures
l   Indian Oil Corporation Ltd                            LAA+                230
l   Power Grid Corporation of India Ltd                   AAA                 120
l   National Housing Bank                                 AAA              28,700
l   Tata Motors Ltd. (Guaranteed by SBI)                  AAA(SO)             100
    National Bank for Agriculture & Rural Development     AAA               6,715
    Indian Railways Finance Corporation Ltd.              AAA                  50
    Neyveli Lignite Corporation Ltd                       AAA                  50
    Rural Electrification Corporation Ltd.                AAA                  50
    State Bank of India                                   AAA                  25
    Housing Development Finance Corporation Ltd.$         AAA                  25
    Subtotal
    Total

    Cash,Cash Equivalents and Net Current Assets
    Net Assets




l   Top Ten Holdings




    Portfolio Classification by Asset Class(%)
Government Securities
Certificate Of Deposit (CD)
Credit Exposures
Cash,Cash Equivalents and Net Current Assets


Portfolio Classification by Rating Class(%)
Sovereign
AAA/AAA(SO)/P1+/P1+(SO) & Equivalent
AA+/LAA+ & Below
Cash,Cash Equivalents and Net Current Assets
nterest Fund
    An open ended growth scheme
                   Market/     % to
                Fair Value     NAV
            (Rs. In Lakhs)


                3,425.01      14.33
                2,633.75      11.02
                2,014.53       8.43
                1,001.80       4.19
                  842.00       3.52
                  685.73       2.87
                  505.00       2.11
                  454.59       1.90
                  253.13       1.06
                  248.38       1.04
                    5.20       0.02
                12,069.12      50.49
                12,069.12      50.49



                  944.44       3.95
                   944.44       3.95
                   944.44       3.95


                2,610.02      10.92
                1,564.96       6.55
                1,371.14       5.73
                1,035.23       4.33
                  643.12       2.69
                  504.67       2.11
                  500.65       2.09
                  499.07       2.09
                  269.62       1.13
                  248.67       1.04
                 9,247.15      38.68
                 9,247.15      38.68

                1,648.08       6.88
               23,908.79     100.00



                             $ Sponsor
50.49
 3.95
38.68
 6.88



50.49
31.71
10.92
 6.88
    HDFC                                                 Short Term Plan
    Portfolio                                                     31-Dec-09
    Name of Instrument                                          Rating


    Sovereign Securities
    Government Securities
    6.57% GOI 2011                                              Sovereign
    9.39% GOI 2011                                              Sovereign
    Subtotal
    Total

  Money Market Instruments
  Commercial Papers (CP) / Certificate Of Deposit (CD)
l UCO Bank                                                      P1+
l Axis Bank Ltd                                                 P1+
l State Bank Of Hyderabad                                       P1+
  ICICI Bank Ltd.                                               P1+
  Kotak Mahindra Bank Ltd.                                      P1+
  Hindustan Petroleum Corporation Ltd.                          P1+
  Punjab National Bank                                          F1+(IND)
  State Bank of Patiala                                         P1+
  ONGC Videsh Limited                                           P1+(SO)
  Corporation Bank                                              P1+
  Export-Import Bank Of India                                   P1+
  The Federal Bank Ltd.                                         P1+
  Allahabad Bank                                                P1+
  Subtotal
  Total

    Credit Exposures
l   Indian Oil Corporation Ltd                                  AAA/LAA+
l   LIC Housing Finance Ltd.                                    AAA
l   Tata Motors Ltd. (Guaranteed by SBI)                        AAA(SO)
l   Housing Development Finance Corporation Ltd.$               AAA
l   Power Finance Corporation Ltd.                              AAA
l   Indian Railways Finance Corporation Ltd.                    AAA(Ind)(SO)/AAA
l   Infrastructure Development Finance Co. Ltd.                 AAA/AA+
    Rural Electrification Corporation Ltd.                      AAA
    National Bank for Agriculture & Rural Development           AAA
    Steel Authority of India Ltd.                               AAA
    Power Grid Corporation of India Ltd                         AAA
    Bharat Petroleum Corporation Limited                        AAA
    Subtotal
    Total

    Cash,Cash Equivalents and Net Current Assets
    Net Assets
l   Top Ten Holdings




    Portfolio Classification by Asset Class(%)
    Government Securities
    Commercial Papers (CP) / Certificate Of Deposit (CD)
    Credit Exposures
    Cash,Cash Equivalents and Net Current Assets


    Portfolio Classification by Rating Class(%)
    Sovereign
    AAA/AAA(SO)/P1+/P1+(SO) & Equivalent
    AA+/LAA+ & Below
    Cash,Cash Equivalents and Net Current Assets
ort Term Plan
            An open ended income scheme
                 Quantity          Market/     % to
                                Fair Value     NAV
                            (Rs. In Lakhs)


                2,500,000       2,535.00       0.96
                  250,000         263.38       0.10
                                 2,798.38       1.06
                                 2,798.38       1.06



                  14,500       14,020.35      5.31
                  10,550       10,372.97      3.93
                  10,500       10,095.69      3.82
                   8,730        8,572.19      3.25
                   7,000        6,852.16      2.60
                   1,380        6,718.84      2.55
                   6,500        6,425.19      2.43
                   5,300        5,260.35      1.99
                   1,000        4,992.77      1.89
                   5,000        4,886.89      1.85
                   2,500        2,360.85      0.89
                   1,500        1,500.00      0.57
                   1,250        1,236.78      0.47
                                83,295.03     31.55
                                83,295.03     31.55


                   2,480       24,751.90       9.38
                   2,150       21,659.88       8.21
                   1,850       19,118.32       7.24
                   1,850       18,185.79       6.89
                   1,450       14,678.67       5.56
                   1,550       14,548.06       5.51
                   1,380       13,182.44       4.99
                   1,100       11,536.73       4.37
                     800        8,353.33       3.16
                     550        5,295.66       2.01
                     120        1,548.48       0.59
                      50          509.89       0.19
                              153,369.15      58.10
                               153,369.15      58.10

                               24,496.48       9.29
                              263,959.04     100.00


                                             $ Sponsor
 1.06
31.55
58.10
9.29



 1.06
88.65
 5.88
 4.41
    HDFC                                                 High Interest Fund-Short Term Pla
    Portfolio                                                     31-Dec-09
    Name of Instrument                                          Rating


  Money Market Instruments
  Commercial Papers (CP) / Certificate Of Deposit (CD)
l Union Bank of India                                           A1+
l Kotak Mahindra Prime Ltd.                                     P1+
  State Bank of Patiala                                         P1+
  L & T Finance Ltd                                             PR1+
  ONGC Videsh Limited                                           P1+(SO)
  ICICI Bank Ltd.                                               P1+
  Kotak Mahindra Bank Ltd.                                      P1+
  Canara Bank                                                   P1+
  Oriental Bank Of Commerce                                     P1+
  Punjab National Bank                                          F1+(IND)
  State Bank of Bikaner & Jaipur                                P1+
  Corporation Bank                                              P1+
  State Bank Of Hyderabad                                       P1+
  Subtotal
  Total

    Credit Exposures
l   Power Finance Corporation Ltd.                              AAA
l   Housing Development Finance Corporation Ltd.$               AAA
l   Indian Railways Finance Corporation Ltd.                    AAA(Ind)(SO)/AAA
l   Export-Import Bank Of India                                 AAA
l   Tata Motors Ltd. (Guaranteed by SBI)                        AAA(SO)
l   LIC Housing Finance Ltd.                                    AAA
l   Rural Electrification Corporation Ltd.                      AAA
l   Sundaram Finance Ltd.                                       LAA+
    Tata Sons Ltd                                               AAA
    Bajaj Auto Finance Ltd                                      LAA+/AA+
    Shriram Transport Finance Co. Ltd.                          AA(ind)
    Infrastructure Development Finance Co. Ltd.                 AA+
    Bharat Petroleum Corporation Limited                        AAA
    Deutsche Postbank Home Finance Limited                      LAA+
    Indian Oil Corporation Ltd                                  AAA
    Johnson & Johnson Ltd.                                      AAA(SO)
    Kotak Mahindra Prime Ltd.                                   LAA
    Reliance Industries Ltd.                                    AAA
    IDBI Bank Ltd.                                              AA+
    M&M Financial Services Ltd.                                 AA(ind)
    ACC Ltd.                                                    AAA
    Grasim Industries Ltd.                                      AAA(SO)
    National Bank for Agriculture & Rural Development           AAA
    ICICI Home Finance Ltd                                      AAA
    Steel Authority of India Ltd.                               AAA
    Citi Financial Consumer Finance (India) Ltd.                AA
    Power Grid Corporation of India Ltd                         AAA
    Subtotal
    ABS Pool
    Magma Fincorp Limited                                  AAA(SO)
    Tata Motors Finance Ltd.                               AAA(SO)
    Magma Shrachi Finance Limited                          AAA(SO)
    Tata Motors Limited                                    AAA(SO)
    GE Capital Transportation Financial Services Ltd.      AAA(SO)
    Subtotal
    Total

    Cash,Cash Equivalents and Net Current Assets
    Net Assets




l   Top Ten Holdings




    Portfolio Classification by Asset Class(%)
    Commercial Papers (CP) / Certificate Of Deposit (CD)
    Credit Exposures
    Cash,Cash Equivalents and Net Current Assets


    Portfolio Classification by Rating Class(%)
    AAA/AAA(SO)/P1+/P1+(SO) & Equivalent
    AA+/LAA+ & Below
    Cash,Cash Equivalents and Net Current Assets
h Interest Fund-Short Term Plan
            An open ended income scheme
               Quantity          Market/    % to
                              Fair Value    NAV
                          (Rs. In Lakhs)


                10,000        9,790.25     5.11
                 1,400        6,730.20     3.52
                 5,000        4,749.92     2.48
                 1,000        4,740.98     2.48
                   900        4,493.50     2.35
                 3,000        2,950.41     1.54
                 3,000        2,936.64     1.53
                 2,500        2,461.44     1.29
                 2,500        2,456.86     1.28
                 2,500        2,433.75     1.27
                 2,200        2,079.57     1.09
                 2,100        1,983.32     1.04
                 1,000          973.79     0.51
                              48,780.63    25.49
                              48,780.63    25.49


                 1,500       15,355.44      8.02
                 1,205       11,886.80      6.21
                 1,180       11,247.21      5.87
                 1,000       10,295.98      5.38
                   850        8,792.49      4.59
                   750        7,655.72      4.00
                   700        7,487.97      3.91
                   750        7,412.45      3.87
                   650        6,713.61      3.51
                    52        5,232.36      2.73
               388,946        4,681.65      2.45
                   450        4,579.21      2.39
                   450        4,561.16      2.38
                   400        4,064.38      2.12
                   250        2,471.52      1.29
                    19        2,251.49      1.18
                   250        2,240.59      1.17
                   200        2,160.62      1.13
                   150        1,541.05      0.80
                   150        1,485.85      0.78
                   100        1,069.66      0.56
                    24        1,063.75      0.56
                   100        1,044.61      0.55
                   100        1,017.68      0.53
                   100          962.85      0.50
                    50          506.54      0.26
                    40          503.44      0.26
                            128,286.08     67.00
25     2,481.24     1.30
11     1,316.20     0.69
11       949.07     0.50
 6       695.49     0.36
 3       190.69     0.10
       5,632.69     2.95
     133,918.77    69.95

       8,765.89     4.56
     191,465.29   100.00


                  $ Sponsor




                   25.49
                   69.95
                   4.56



                   78.86
                   16.58
                    4.56
    HDFC               Gilt Fund
                                                   An open ended incomescheme
                                      31-Dec-09
    Short Term Plan

    Portfolio
    Name of Instrument             Rating            Quantity          Market/     % to
                                                                    Fair Value     NAV
                                                                (Rs. In Lakhs)
    Sovereign Securities
    Government Securities
l   6.07% GOI 2014                 Sovereign         400,000          379.60      32.32
l   9.39% GOI 2011                 Sovereign         250,000          263.38      22.42
l   7.27% GOI 2013                 Sovereign         250,000          253.13      21.55
l   7.32% GOI 2014                 Sovereign         150,000          150.38      12.80
l   6.49% GOI 2015                 Sovereign          75,000           71.95       6.13
    Subtotal                                                         1,118.44      95.22
    Total                                                            1,118.44      95.22

    Cash,Cash Equivalents and Net Current Assets                       56.06       4.78
    Net Assets                                                      1,174.50     100.00


l   Top Ten Holdings




    Portfolio Classification by Asset Class(%)
    Government Securities                                                         95.22
    Cash,Cash Equivalents and Net Current Assets                                   4.78
    HDFC               Gilt Fund
                                                   An open ended incomescheme
                                      31-Dec-09
    Long Term Plan

    Portfolio
    Name of Instrument             Rating            Quantity          Market/     % to
                                                                    Fair Value     NAV
                                                                (Rs. In Lakhs)
    Sovereign Securities
    Government Securities
l   6.49% GOI 2015                 Sovereign         825,000          791.42      16.49
l   8.24% GOI 2027                 Sovereign         750,000          751.35      15.66
l   6.35% GOI 2020                 Sovereign         750,000          685.73      14.29
l   6.07% GOI 2014                 Sovereign         600,000          569.40      11.86
l   7.02% GOI 2016                 Sovereign         500,000          489.29      10.20
l   6.83% GOI 2039                 Sovereign         500,000          421.00       8.77
l   7.32% GOI 2014                 Sovereign         350,000          350.88       7.31
    Subtotal                                                         4,059.07      84.58
    Total                                                            4,059.07      84.58

    Cash,Cash Equivalents and Net Current Assets                      740.17      15.42
    Net Assets                                                      4,799.24     100.00


l   Top Ten Holdings




    Portfolio Classification by Asset Class(%)
    Government Securities                                                         84.58
    Cash,Cash Equivalents and Net Current Assets                                  15.42
    HDFC                                              Floating Rate Short Term Fund
                                                                                     An open-ended in
    Portfolio                                                            31-Dec-09
    Name of Instrument                                       Rating                    Quantity


  Sovereign Securities
  Government Securities
  6.57% GOI 2011                                             Sovereign               17,000,000
  7.55% GOI 2010                                             Sovereign               10,500,000
  Subtotal
  Treasury Bills
l 91 Days T-Bills                                            Sovereign               76,599,750
  364 Days T-Bills                                           Sovereign                5,000,000
  Subtotal
  Total

    Money Market Instruments
    Commercial Papers (CP) / Certificate Of Deposit (CD)
l   Punjab National Bank                                     F1+(IND)                   41,600
l   State Bank of Travancore                                 P1+                        28,500
l   Indian Oil Corporation Ltd                               P1+                         5,500
l   Andhra Bank                                              F1+(IND)                   27,500
l   Kotak Mahindra Bank Ltd.                                 P1+                        24,825
l   Hindustan Petroleum Corporation Ltd.                     P1+                         4,880
l   State Bank Of Hyderabad                                  P1+                        23,400
    Corporation Bank                                         P1+                        17,775
    State Bank of Bikaner & Jaipur                           P1+                        16,500
    Allahabad Bank                                           P1+                        15,650
    Canara Bank                                              P1+                        15,005
    State Bank of Patiala                                    P1+                        12,500
    The Federal Bank Ltd.                                    P1+                        12,500
    Vijaya Bank                                              PR1+                       10,700
    National Bank for Agriculture & Rural Development        P1+                        10,000
    SBI Cards & Payment Services P. Ltd                      P1+                         2,000
    State Bank of Mysore                                     A1+                         9,000
    ING Vysya Bank Ltd.                                      P1+                         7,500
    Deutsche Postbank Home Finance Limited                   P1+                         1,500
    ICICI Bank Ltd.                                          P1+                         5,500
    ICICI Home Finance Ltd                                   A1+                         1,000
    Oriental Bank of Commerce                                P1+                         5,000
    Union Bank of India                                      A1+                         4,850
    Syndicate Bank                                           PR1+                        4,700
    Axis Bank Ltd                                            P1+                         4,000
    LIC Housing Finance Ltd.                                 P1+                           500
    Export-Import Bank Of India                              P1+                           200
    Dena Bank                                                F1+(IND)                        5
    Subtotal
    Total
  Credit Exposures
l Housing Development Finance Corporation Ltd.$            AAA                         2,520
l Shriram Transport Finance Co. Ltd.                                                     189
                                                           AA+(SO)/F1+ (IND) (SO)/AA(SO)/AA(ind)
  Tata Motors Ltd. (Guaranteed by SBI)                     AAA(SO)                     1,580
  Kotak Mahindra Prime Ltd.                                LAA                           900
  ICICI Home Finance Ltd                                   AAA/LAAA                      650
  Bharat Petroleum Corporation Limited                     AAA                           500
  Sundaram Finance Ltd.                                    LAA+/AA+                      400
  Infrastructure Development Finance Co. Ltd.              AA+                           350
  Tata Sons Ltd                                            AAA                           350
  Power Finance Corporation Ltd.                           AAA                           320
  Bajaj Auto Limited                                       AAA(SO)                        71
  L & T Finance Ltd                                        AA+                           300
  Tata Steel Ltd.                                          AA                            300
  L&T Infrastructure Finance Co. Ltd.                      LAA                           250
  Indian Railways Finance Corporation Ltd.                 AAA                           200
  National Bank for Agriculture & Rural Development        AAA                           150
  IBM India Limited                                        AAA(Ind)(SO)                   12
  Axis Bank Ltd                                            AAA                            50
  Citi Financial Consumer Finance (India) Ltd.             AA                             50
  Tata Motors Finance Ltd.                                 A (SO)                          4
  Subtotal
  ABS Pool
  Tata Motors Finance Ltd.                                 AAA(SO)/AA(SO)                105
  ICICI Bank Ltd.                                          AAA(SO)                       140
  SREI Infrastructure Finance Ltd.                         LAAA(SO)                       40
  Cholamandalam DBS Finance Limited                        AAA(SO)/LAAA(SO)               38
  Indiabulls Financial Services Ltd                        AAA(SO)                        19
  Shriram City Union Finance Ltd.                          AAA(Ind)(SO)                    9
  Magma Shrachi Finance Limited                            AAA(SO)                        11
  Tata Motors Limited                                      AAA(SO)                         3
  Subtotal
  Total

    Cash,Cash Equivalents and Net Current Assets
    Net Assets




l   Top Ten Holdings




    Portfolio Classification by Asset Class(%)
    Sovereign Securities
    Commercial Papers (CP) / Certificate Of Deposit (CD)
    Credit Exposures
    Cash,Cash Equivalents and Net Current Assets


    Portfolio Classification by Rating Class(%)
Sovereign
AAA/AAA(SO)/P1+/P1+(SO) & Equivalent
AA+/LAA+ & Below
Cash,Cash Equivalents and Net Current Assets
rm Fund
An open-ended income scheme
               Market/    % to
            Fair Value    NAV
        (Rs. In Lakhs)


           17,238.00      2.46
           10,631.25      1.52
            27,869.25      3.98

           76,127.71     10.88
            4,967.68      0.71
            81,095.39     11.59
           108,964.64     15.57



           40,389.34     5.77
           27,772.21     3.97
           26,513.38     3.79
           26,393.41     3.77
           24,284.72     3.47
           23,452.34     3.35
           23,075.31     3.30
           17,368.07     2.48
           16,094.97     2.30
           15,405.89     2.20
           14,603.76     2.09
           12,272.82     1.75
           12,246.30     1.75
           10,556.58     1.51
            9,785.31     1.40
            9,643.23     1.38
            8,830.06     1.26
            7,366.12     1.05
            7,106.47     1.02
            5,407.85     0.77
            4,938.51     0.71
            4,773.55     0.68
            4,740.15     0.68
            4,630.09     0.66
            3,924.36     0.56
            2,447.81     0.35
              977.96     0.14
                4.95     0.00
           365,005.52    52.16
           365,005.52    52.16
 24,248.58     3.47
 17,622.78     2.52
 16,327.28     2.33
  8,559.17     1.22
  6,598.10     0.94
  5,098.86     0.73
  3,683.61     0.53
  3,534.15     0.51
  3,581.10     0.51
  3,240.28     0.46
  3,153.07     0.45
  2,972.77     0.42
  2,946.18     0.42
  2,540.63     0.36
  2,021.21     0.29
  1,520.62     0.22
    718.89     0.10
    476.36     0.07
    494.79     0.07
    471.49     0.07
109,809.92    15.69

  9,322.65     1.34
  5,480.47     0.78
  4,913.48     0.70
    999.81     0.15
    816.92     0.12
    278.08     0.04
    212.39     0.03
    200.02     0.03
 22,223.82     3.19
132,033.74    18.88

 93,659.73    13.39
699,663.63   100.00


             $ Sponsor




               15.57
               52.16
               18.88
              13.39
15.57
85.30
 5.09
-5.96
    HDFC                                                   Floating Rate Long Term Fund
                                                                             An open-ended inco
    Portfolio                                                       31-Dec-09
    Name of Instrument                                            Rating


  Money Market Instruments
  Commercial Papers (CP) / Certificate Of Deposit (CD)
l IDBI Bank Ltd.                                                  A1+
l Punjab National Bank                                            F1+(IND)
l Indian Oil Corporation Ltd                                      P1+
  Corporation Bank                                                P1+
  Hindustan Petroleum Corporation Ltd.                            P1+
  State Bank of Bikaner & Jaipur                                  P1+
  LIC Housing Finance Ltd.                                        P1+
  Subtotal
  Total

    Credit Exposures
l   Indian Railways Finance Corporation Ltd.                      AAA(Ind)(SO)/AAA
l   Housing Development Finance Corporation Ltd.$                 AAA
l   Power Finance Corporation Ltd.                                AAA
l   Rural Electrification Corporation Ltd.                        AAA
l   National Bank for Agriculture & Rural Development             AAA
l   Infrastructure Development Finance Co. Ltd.                   AA+
l   LIC Housing Finance Ltd.                                      AAA
    Indian Oil Corporation Ltd                                    LAA+
    Bharat Petroleum Corporation Limited                          AAA
    Subtotal
    Total

    Cash,Cash Equivalents and Net Current Assets
    Net Assets




l   Top Ten Holdings




    Portfolio Classification by Asset Class(%)
    Commercial Papers (CP) / Certificate Of Deposit (CD)
    Credit Exposures
    Cash,Cash Equivalents and Net Current Assets


    Portfolio Classification by Rating Class(%)
    AAA/AAA(SO)/P1+/P1+(SO) & Equivalent
    AA+/LAA+ & Below
    Cash,Cash Equivalents and Net Current Assets
Rate Long Term Fund
    An open-ended income scheme
        Quantity    Market/      % to
                 Fair Value      NAV
             (Rs. In Lakhs)


         10,000    9,841.55     12.78
          6,500    6,424.43      8.34
            800    3,856.49      5.01
          2,700    2,585.83      3.36
            500    2,448.67      3.18
          1,000      981.89      1.28
            100      489.56      0.64
                   26,628.42     34.59
                   26,628.42     34.59


            800     8,039.68    10.44
            770     7,816.97    10.15
            755     7,668.02     9.96
            550     5,606.57     7.28
            550     5,596.45     7.27
            550     5,571.79     7.24
            350     3,543.87     4.60
            310     3,113.54     4.04
            100     1,019.77     1.32
                   ########     62.30
                   47,976.66     62.30

                    2,384.53     3.11
                   ########    100.00


                               $ Sponsor




                                34.59
                                62.30
                                3.11



                                85.61
                                11.28
                                 3.11
    HDFC                                                   Liquid Fund
                                                                               An open-ended liquid in
    Portfolio                                                      31-Dec-09
    Name of Instrument                                            Rating


  Sovereign Securities
  Treasury Bills
l 91 Days T-Bills                                                 Sovereign
  182 Days T-Bills                                                Sovereign
  Subtotal
  Total

    Money Market Instruments
    Commercial Papers (CP) / Certificate Of Deposit (CD)
l   Canara Bank                                                   P1+
l   Indian Bank                                                   F1+(IND)
l   ICICI Bank Ltd.                                               P1+
l   Allahabad Bank                                                P1+
l   United Bank Of India                                          A1+
l   State Bank of Mysore                                          A1+
l   State Bank of Patiala                                         P1+
l   Bank of India                                                 P1+
l   ONGC Videsh Limited                                           P1+(SO)
    Reliance Industries Ltd.                                      P1+
    Punjab National Bank                                          F1+(IND)
    The Federal Bank Ltd.                                         P1+
    National Housing Bank                                         A1+
    IDBI Bank Ltd.                                                A1+
    UCO Bank                                                      P1+
    Union Bank of India                                           A1+
    Dena Bank                                                     F1+(IND)
    Subtotal
    Total

    Credit Exposures
    Housing Development Finance Corporation Ltd.$                 AAA
    Canbank Factors Ltd.                                          P1+
    Tata Sons Ltd                                                 AAA
    Tata Steel Ltd.                                               AA
    Power Finance Corporation Ltd.                                AAA(SO)
    Subtotal
    ABS Pool
    ICICI Bank Ltd.                                               AAA(SO)/LAAA(SO)
    Tata Motors Limited                                           AAA(SO)
    Cholamandalam DBS Finance Limited                             AAA(SO)
    SREI Infrastructure Finance Ltd.                              LAAA(SO)
    Indiabulls Financial Services Ltd.                            AAA(SO)
    Tata Motors Finance Ltd.                                      AAA(SO)
    GE Capital Transportation Financial Services Ltd.             AAA(SO)
    Magma Shrachi Finance Limited                                 AAA(SO)
    Subtotal
    Total
    Cash,Cash Equivalents and Net Current Assets
    Net Assets



                                                      Total outstanding position (as at December 31, 2009) in Derivative Instruments (Interest Rate Swap) (Gross




l   Top Ten Holdings




    Portfolio Classification by Asset Class(%)
    Treasury Bills
    Commercial Papers (CP) / Certificate Of Deposit (CD)
    Credit Exposures
    Cash,Cash Equivalents and Net Current Assets



    Portfolio Classification by Rating Class(%)
    Sovereign
    AAA/AAA(SO)/P1+/P1+(SO) & Equivalent
    AA+/LAA+ & Below
    Cash,Cash Equivalents and Net Current Assets
An open-ended liquid income scheme
   Quantity          Market/    % to
                  Fair Value    NAV
              (Rs. In Lakhs)


 89,543,250      89,277.34      9.06
  8,333,500       8,280.13      0.84
                 97,557.47      9.90
                 97,557.47      9.90



    58,050       57,574.19      5.84
    44,600       44,225.41      4.49
    44,200       44,020.08      4.47
    44,000       43,699.77      4.44
    37,500       37,227.82      3.78
    36,500       36,180.26      3.67
    34,000       33,741.55      3.42
    30,500       30,221.08      3.07
     6,000       29,956.63      3.04
     6,000       29,755.01      3.02
    28,500       28,490.64      2.89
    23,500       23,486.03      2.38
     4,500       22,303.02      2.26
    20,000       19,948.43      2.02
    14,000       13,880.09      1.41
    10,000        9,995.34      1.01
        10            9.89      0.00
                504,715.24     51.21
                504,715.24     51.21


     1,500       14,953.92      1.52
       850        8,500.00      0.86
       850        8,332.92      0.85
       200        1,964.12      0.20
        15        1,092.89      0.11
                 34,843.85      3.54

       109        3,830.82      0.39
        58        3,546.04      0.36
        48        2,502.44      0.25
        71        1,925.19      0.20
        52        1,154.31      0.12
        45          815.79      0.08
         3           60.88      0.01
         7          135.15      0.01
                 13,970.62      1.42
                 48,814.47      4.96
                                                              334,179.84                   33.93
                                                              985,267.02                  100.00


                                                                                           $ Sponsor
at December 31, 2009) in Derivative Instruments (Interest Rate Swap) (Gross Notional) Rs. 65,000 lacs




                                                                                              9.90
                                                                                             51.21
                                                                                              4.96
                                                                                             33.93




                                                                                              9.90
                                                                                             57.99
                                                                                              0.20
                                                                                             31.91
    HDFC                                                              Cash Management Fund
                                                                                      An open-ended high liquidity income sc
    Savings Plan                                                                               31-Dec-09

    Portfolio
    Name of Instrument                                                                     Rating


    Sovereign Securities
    Treasury Bills
    91 Days T-Bills                                                                        Sovereign
    Subtotal
    Total
    Money Market Instruments
    Commercial Papers (CP) / Certificate Of Deposit (CD)
l   Canara Bank                                                                            P1+
l   United Bank Of India                                                                   A1+
l   Indian Bank                                                                            F1+(IND)
l   State Bank of Patiala                                                                  P1+
l   National Bank for Agriculture & Rural Development                                      P1+
l   Allahabad Bank                                                                         P1+
l   Kotak Mahindra Bank Ltd.                                                               P1+
l   State Bank of Mysore                                                                   P1+
l   UCO Bank                                                                               P1+
l   ONGC Videsh Limited                                                                    P1+(SO)
    Bank of India                                                                          P1+
    Oriental Bank Of Commerce                                                              P1+
    ICICI Bank Ltd.                                                                        P1+
    State Bank Of Hyderabad                                                                P1+
    Subtotal
    Total

    Credit Exposures
    Housing Development Finance Corporation Ltd.$                                          AAA
    Citi Financial Consumer Finance (India) Ltd.                                           AA
    Johnson & Johnson Ltd.                                                                 P1+(SO)
    Deutsche Postbank Home Finance Limited                                                 AA+(SO)
    Reliance Industries Ltd.                                                               AAA(SO)
    Subtotal
    ABS Pool
    ICICI Bank Ltd.                                                                        AAA(SO)
    Shriram City Union Finance Ltd.                                                        AAA(Ind)(SO)
    Subtotal
    Total

    Cash,Cash Equivalents and Net Current Assets
    Net Assets



                                            Total outstanding position (as at December 31, 2009) in Derivative Instruments (Interest Rate Swap) (Gross Notional) Rs
l   Top Ten Holdings




    Portfolio Classification by Asset Class(%)
    Treasury Bills
    Commercial Papers (CP) / Certificate Of Deposit (CD)
    Credit Exposures
    Cash,Cash Equivalents and Net Current Assets



    Portfolio Classification by Rating Class(%)
    Sovereign
    AAA/AAA(SO)/P1+/P1+(SO) & Equivalent
    AA+/LAA+ & Below
    Cash,Cash Equivalents and Net Current Assets
h Management Fund
     An open-ended high liquidity income scheme



                                      Quantity             Market/                      % to
                                                        Fair Value                      NAV
                                                    (Rs. In Lakhs)


                                  10,000,000               9,979.50                    3.56
                                                            9,979.50                    3.56
                                                            9,979.50                    3.56


                                         26,450          26,226.87                     9.37
                                         20,000          19,839.01                     7.08
                                         15,000          14,859.90                     5.31
                                         14,700          14,589.92                     5.21
                                          2,945          14,581.10                     5.21
                                         13,000          12,920.99                     4.61
                                         12,500          12,468.29                     4.45
                                         12,500          12,402.64                     4.43
                                         11,500          11,401.51                     4.07
                                          2,000           9,985.54                     3.57
                                         10,000           9,921.48                     3.54
                                         10,000           9,921.12                     3.54
                                          5,550           5,534.60                     1.98
                                          5,000           4,996.85                     1.78
                                                         179,649.82                    64.15
                                                         179,649.82                    64.15


                                             750           7,476.96                    2.67
                                             150           1,484.37                    0.53
                                              23             487.41                    0.17
                                              25             144.33                    0.05
                                               7              68.09                    0.02
                                                           9,661.16                    3.44

                                               95         2,953.06                     1.05
                                               14           432.57                     0.15
                                                          3,385.63                     1.20
                                                         13,046.79                     4.64

                                                         77,355.70                   27.65
                                                        280,031.81                  100.00        53794.11


                                                                                     $ Sponsor
ember 31, 2009) in Derivative Instruments (Interest Rate Swap) (Gross Notional) Rs. 25,000 lacs
 3.56
64.15
 4.64
27.65




 3.56
87.42
 0.58
 8.44
    HDFC                                              Cash Management Fund
                                                                              An open-ended income s
    Treasury Advantage

    Portfolio                                                     31-Dec-09
    Name of Instrument                                Rating                        Quantity


  Sovereign Securities
  Government Securities
l 6.57% GOI 2011                                      Sovereign                74,000,000.00
  7.55% GOI 2010                                      Sovereign                 5,500,000.00
  9.39% GOI 2011                                      Sovereign                   500,000.00
  5.87% GOI 2010                                      Sovereign                   237,600.00
  Subtotal
  Treasury Bills
l 91 Days T-Bills                                     Sovereign               258,645,750.00
  364 Days T-Bills                                    Sovereign                43,500,000.00
  182 Days T-Bills                                    Sovereign                32,692,250.00
  Subtotal
  Total

    Commercial Papers (CP) / Certificate Of Deposit (CD)
l   Canara Bank                                       P1+                            180,350
l   Punjab National Bank                              F1+ (ind)                      130,900
l   ICICI Bank Ltd.                                   P1+                             88,000
l   Corporation Bank                                  P1+                             86,310
l   Union Bank of India                               A1+                             82,500
l   Oriental Bank of Commerce                         P1+                             79,000
l   Andhra Bank                                       F1+ (ind)                       67,500
    Yes Bank Ltd.                                     A1+                             57,000
    Indian Oil Corporation Ltd.                       P1+                             11,200
    Indian Bank                                       F1+ (ind)                       52,500
    Allahabad Bank                                    P1+                             52,750
    State Bank of Travancore                          P1+                             48,000
    ONGC Videsh Limited                               P1+ (SO)                         9,100
    State Bank of Mysore                              A1+                             45,000
    Hindustan Petroleum Corporation Ltd.              P1+                              8,620
    State Bank of Bikaner & Jaipur                    P1+                             35,000
    Syndicate Bank                                    PR1+                            34,800
    Vijaya Bank                                       PR1+                            32,500
    Reliance Industries Ltd.                          P1+                              6,000
    Steel Authority Of India Ltd.                     PR1+                             6,000
    State Bank of Patiala                             P1+                             27,500
    Rural Electrification Corporation Ltd.            PR1+                             5,000
    IDBI Bank Ltd.                                    A1+                             24,500
    Federal Bank Ltd.                                 P1+                             22,500
    Axis Bank Limited                                 P1+                             22,500
    Export - Import Bank of India                     P1+                              8,000
  ICICI Home Finance Ltd.                             A1+                       4,000
  Dena Bank                                           F1+ (ind)                16,110
  State Bank Of Hyderabad                             P1+                      12,300
  United Bank of India                                A1+                      10,000
  UCO Bank                                            P1+                      10,000
  Tata Capital Limited                                A1+                       2,000
  State Bank of Indore                                P1+                       7,500
  ING Vysya Bank                                      P1+                       7,500
  Kotak Mahindra Prime Ltd.                           P1+                         800
  Central Bank Of India                               PR1+                      3,500
  LIC Housing Finance Ltd.                            P1+                         500
  Bank of India                                       A1+                       1,000
  Subtotal
  Total

  Credit Exposures
l Housing Development Finance Corporation Ltd.$       AAA                       10,815
  Power Finance Corporation Ltd.                      AAA/AAA (SO)               4,935
  Bharat Petroleum Corpn. Ltd                         AAA                        3,250
  Shriram Transport Finance Co. Ltd.                  AA+ (SO)/AA (ind)/AA         616
  Tata Sons Ltd.                                      AAA                        2,380
  Kotak Mahindra Prime Ltd.                           LAA                        2,300
  LIC Housing Finance Ltd.                            AAA                        2,000
  Sundaram Finance Ltd.                               LAA+/AA+ (ind)             1,860
  ICICI Home Finance Ltd.                             AAA/LAAA                   1,612
  Tata Steel Ltd.                                     AA                         1,500
  Bajaj Auto Finance Ltd.                             LAA+                         132
  Tata Capital Limited                                LAA+                       1,030
  L&T Infrastructure Finance Co. Ltd.                 LAA                          750
  Export - Import Bank of India                       AAA                          500
  Indian Oil Corporation Ltd.                         AA+                          500
  Rural Electrification Corporation Ltd.              AAA                          450
  L & T Finance Ltd.                                  AA+                          450
  Tata Motors Ltd. (Guaranteed by SBI)                AAA (SO)                     350
  GAIL (India) Ltd.                                   LAAA                         350
  Citi Financial Consumer Finance (India) Ltd.        AA                           350
  Axis Bank Limited                                   AAA                          250
  National Bank for Agriculture & Rural Development   AAA                          150
  DSP Merrill Lynch Capital Ltd.                      AA+ (SO)                     150
  Jet Airways (India) Ltd.                            AAA (SO)               2,900,000
  Trent Ltd.                                          AA/AA-                    20,062
  GE Capital Services India                           AAA                           50
  The Great Eastern Shipping Company Ltd.             AA+                            5
  Subtotal

  ABS Pool
  Tata Motors Finance Ltd.                            AAA (SO)/AA (SO)            707
  ICICI Bank Ltd.                                     AAA (SO)                    231
  Magma Fincorp Limited                               AAA (SO)/P1+ (SO)           103
  Cholamandalam DBS Finance Limited                   AAA (SO)/LAAA (SO)          158
  Indiabulls Financial Services Ltd.                  AAA (SO)                     95
  Tata Motors Ltd.                                    AAA (SO)                     49
    GE Capital Transportation Services Ltd.                       AAA (SO)                                                          45
    Magma Shrachi Finance Limited                                 AAA (SO)                                                           5
    Subtotal
    Total

    Cash,Cash Equivalents and Net Current Assets
    Net Assets


                                              Total outstanding position (as at December 31, 2009) in Derivative Instruments (Interest Rate Swap) (Gross Notional) R




l   Top Ten Holdings




    Portfolio Classification by Asset Class(%)
    Sovereign Securities
    Commercial Papers (CP) / Certificate Of Deposit (CD) / Bills Rediscounting
    Credit Exposures
    Cash,Cash Equivalents and Net Current Assets



    Portfolio Classification by Rating Class(%)
    Sovereign
    AAA/AAA(SO)/P1+/P1+(SO) & Equivalent
    AA+/LAA+ & Below
    Cash, Cash Equivalents and Net Current Assets
n open-ended income scheme



                 Market/   % to
              Fair Value   NAV
          (Rs. In Lakhs)


              75,036.00     2.94
               5,568.75     0.22
                 526.75     0.02
                 237.60     0.01
              81,369.10     3.19

             257,141.12    10.07
              43,210.12     1.69
              32,518.36     1.27
             332,869.60    13.03
             414,238.70    16.22


             177,132.22     6.94
             128,678.42     5.04
              86,381.86     3.38
              83,780.78     3.28
              80,681.99     3.16
              76,549.18     3.00
              66,145.35     2.59
              55,272.76     2.16
              53,845.98     2.11
              52,009.65     2.04
              51,909.15     2.03
              46,795.56     1.83
              45,434.23     1.78
              44,174.68     1.73
              42,294.37     1.66
              34,522.99     1.35
              34,249.02     1.34
              32,097.78     1.26
              29,755.01     1.17
              29,715.90     1.16
              26,984.31     1.06
              24,245.34     0.95
              24,143.20     0.95
              22,232.34     0.87
              21,409.00     0.84
              19,610.67     0.77
   19,307.09    0.76
   15,957.92    0.62
   12,013.18    0.47
    9,866.93    0.39
    9,778.14    0.38
    9,527.98    0.37
    7,496.39    0.29
    7,366.12    0.29
    3,823.13    0.15
    3,447.85    0.14
    2,388.25    0.09
      985.70    0.04
1,492,010.41   58.41
1,492,010.41   58.41


 107,032.81     4.19
  59,484.72     2.33
  33,142.59     1.30
  32,896.19     1.29
  23,967.93     0.94
  20,927.64     0.82
  20,254.95     0.79
  16,431.05     0.64
  16,397.51     0.64
  14,730.88     0.58
  13,105.18     0.51
  10,317.64     0.40
   7,621.89     0.30
   5,070.23     0.20
   5,021.83     0.20
   4,720.30     0.18
   4,459.16     0.17
   3,616.80     0.14
   3,499.80     0.14
   3,475.28     0.14
   2,381.80     0.09
   1,509.01     0.06
   1,500.00     0.06
   1,497.99     0.06
     862.40     0.03
     500.00     0.02
     495.95     0.02
 414,921.54    16.24


  13,718.55     0.54
   8,872.55     0.35
   8,449.48     0.33
   5,962.04     0.23
   3,846.39     0.15
   3,365.86     0.13
                             1,389.17              0.05
                               431.40              0.02
                            46,035.44              1.80
                           460,956.98             18.05

                          186,973.07               7.32
                        2,554,179.15             100.00

                                                $ Sponsor
ments (Interest Rate Swap) (Gross Notional) Rs. 40,000 lacs




                                                  16.22
                                                  58.41
                                                  18.05
                                                   7.32




                                                  16.22
                                                  80.63
                                                   5.26
                                                  -2.11
    HDFC               Cash Management Fund
                                An open-ended high liquidity income scheme
    Call Plan                         31-Dec-09

    Portfolio
    Name of Instrument             Rating          Quantity          Market/     % to
                                                                  Fair Value     NAV
                                                              (Rs. In Lakhs)
  Credit Exposures
l Tata Sons Ltd                    AAA                  20          199.95      11.11
  Subtotal                                                           199.95      11.11
  Total                                                              199.95      11.11

    Cash,Cash Equivalents and Net Current Assets                  1,599.73      88.89
    Net Assets                                                    1,799.68     100.00



l   Top Ten Holdings




    Portfolio Classification by Asset Class(%)
    Credit Exposures                                                             11.11
    Cash,Cash Equivalents and Net Current Assets                                88.89


    Portfolio Classification by Rating Class(%)
    AAA/AAA(SO)/P1+/P1+(SO) & Equivalent                                         11.11
    Cash,Cash Equivalents and Net Current Assets                                88.89
    HDFC                                               Long Term Equity Fund
                                                                                 A close ende
    Portfolio                                              31-Dec-09
    Name of Instrument                                  Industry +         Quantity


    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   State Bank of India                                 Banks                396,284
l   ICICI Bank Ltd.                                     Banks                779,285
l   Zee Entertainment Enterprises Ltd.                                     2,514,980
                                                        Media & Entertainment
l   Oil & Natural Gas Corporation Ltd.                  Oil                  525,000
l   Crompton Greaves Ltd.                                                  1,249,000
                                                        Industrial Capital Goods
l   Biocon Limited                                      Pharmaceuticals 1,659,782
l   ITC Ltd.                                                               1,800,000
                                                        Consumer Non Durables
l   Sadbhav Engineering Ltd.                            Construction         356,000
l   Bharat Petroleum Corporation Limited                Petroleum Products637,446
l   Britannia Industries Ltd.                           Consumer Non Durables239,593
    Simplex Infrastructures Limited                     Construction         679,000
    GAIL (India) Ltd.                                   Gas                  810,000
    Aventis Pharma Ltd.                                 Pharmaceuticals 182,101
    Exide Industries Ltd.                               Auto Ancillaries 2,553,112
    Oil India Limited                                   Oil                  216,992
    Reliance Industries Ltd.                            Petroleum Products240,000
    Jagran Prakashan Ltd.                                                  1,911,056
                                                        Media & Entertainment
    Sun Pharmaceutical Industries Ltd.                  Pharmaceuticals 160,000
    NTPC Limited                                        Power              1,000,000
    Ipca Laboratories Ltd.                              Pharmaceuticals 225,136
    Nestle India Ltd.                                   Consumer Non Durables 86,573
    AIA Engineering Ltd.                                                     563,635
                                                        Industrial Capital Goods
    Trent Ltd.                                          Retailing            220,096
    Hindustan Petroleum Corporation Ltd.                Petroleum Products450,000
    Vesuvius India Ltd.                                 Industrial Products 774,950
    Atlas Copco (India) Ltd.                            Industrial Products 207,808
    Petronet LNG Ltd.                                   Gas                2,100,000
    Hero Honda Motors Ltd.                              Auto                  84,520
    KEC International Ltd.                              Power                236,737
    Aarti Industries Ltd.                               Chemicals          2,561,438
    KCP Limited                                         Cement               375,150
    Shanthi Gears Ltd.                                  Auto Ancillaries 1,992,915
    Bharti Airtel Ltd.                                  Telecom - Services255,000
    KNR Construction limited                            Construction         647,410
    LIC Housing Finance Ltd.                            Finance               93,039
    Suven Life Sciences Ltd.                            Pharmaceuticals 2,054,411
    Maytas Infra Ltd                                    Construction         269,230
    CESC Ltd.                                           Power                102,650
    Manugraph India Ltd.                                                     615,811
                                                        Industrial Capital Goods
    Vimta Labs Ltd.                                     Pharmaceuticals 700,000
    D.B.Corporation Ltd.                                Media & Entertainment 61,107
    Subtotal
    Total

    Cash margin / Earmarked cash for Futures & Options
    Other Cash,Cash Equivalents and Net Current Assets
    Net Assets


                                        Total outstanding position (as at November 30, 2009) in Derivative Instruments (Hero Honda NSE JAN 2010 Futures) (G




l   Top Ten Holdings




    Sectoral Allocation of Assets(%)
    Banks
    Pharmaceuticals
    Consumer Non Durables
    Construction
    Media & Entertainment
    Oil
    Petroleum Products
    Industrial Capital Goods
    Gas
    Power
    Auto Ancillaries
    Industrial Products
    Retailing
    Auto
    Chemicals
    Cement
    Telecom - Services
    Finance
    Cash,Cash Equivalents and Net Current Assets
m Equity Fund
     A close ended equity scheme
                  Market/   % to
               Fair Value   NAV
           (Rs. In Lakhs)


               8,991.68     7.00
               6,834.33     5.32
               6,466.01     5.03
               6,184.50     4.81
               5,336.98     4.16
               4,581.83     3.57
               4,514.40     3.51
               4,367.94     3.40
               4,051.29     3.15
               4,026.12     3.13
               3,781.01     2.94
               3,347.73     2.61
               3,093.99     2.41
               2,943.74     2.29
               2,694.82     2.10
               2,617.32     2.04
               2,610.50     2.03
               2,414.08     1.88
               2,356.50     1.83
               2,342.20     1.82
               2,205.84     1.72
               2,095.31     1.63
               1,990.33     1.55
               1,756.35     1.37
               1,684.35     1.31
               1,679.71     1.31
               1,497.30     1.17
               1,451.80     1.13
               1,394.26     1.09
               1,260.23     0.98
               1,157.53     0.90
                 889.84     0.69
                 840.86     0.65
                 759.74     0.59
                 746.92     0.58
                 594.75     0.46
                 426.59     0.33
                 396.54     0.31
                 343.62     0.27
                 208.60     0.16
                 129.55     0.10
              107,066.99    83.33
                            107,066.99                   83.33

                             2,542.00                   1.98
                            18,837.77                  14.69
                           128,446.76                 100.00


ro Honda NSE JAN 2010 Futures) (Gross Notional) Rs. 2,545.59 lacs




                                                         12.32
                                                         10.30
                                                          8.36
                                                          7.26
                                                          7.16
                                                          6.91
                                                          6.56
                                                          6.06
                                                          3.78
                                                          3.23
                                                          2.98
                                                          2.62
                                                          1.55
                                                          1.13
                                                          0.98
                                                          0.90
                                                          0.65
                                                          0.58
                                                         16.67
    HDFC                                      Infrastructure Fund
    Portfolio                                          31-Dec-09
    Name of Instrument                              Industry +        Quantity           Market/
                                                                                      Fair Value
                                                                                  (Rs. In Lakhs)
    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   State Bank of India                            Banks                655,000      14,861.95
l   ICICI Bank Ltd.                                Banks              1,400,000      12,278.00
l   IRB Infrastructure Developers Ltd              Transportation 4,788,075          11,764.30
l   Oil & Natural Gas Corporation Ltd.             Oil                  674,800       7,949.14
l   Crompton Greaves Ltd.                                             1,842,470
                                                   Industrial Capital Goods           7,872.87
l   LIC Housing Finance Ltd.                       Finance              850,000       6,823.80
l   Bank of Baroda                                 Banks              1,276,000       6,558.00
l   KEC International Ltd.                         Power              1,035,108       6,096.27
l   Sadbhav Engineering Ltd.                       Construction         424,911       5,213.45
l   Punj Lloyd Ltd.                                                   2,500,000
                                                   Construction Project               5,108.75
    Axis Bank Ltd                                  Banks                508,500       5,030.08
    Zee Entertainment Enterprises Ltd.                                1,863,068
                                                   Media & Entertainment              4,789.95
    Larsen and Toubro Ltd                                               2
                                                   Construction Project 80,000        4,697.28
    Nagarjuna Construction Co. Ltd.                                   2,791,361
                                                   Construction Project               4,626.68
    Container Corporation of India Ltd.            Transportation       352,000       4,605.39
    NTPC Limited                                   Power              1,550,000       3,652.58
    Motherson Sumi Systems Ltd.                    Auto Ancillaries 2,620,000         3,458.40
    Bharat Petroleum Corporation Limited           Petroleum Products520,000          3,304.86
    Gujarat Industries Power Co. Ltd.              Power              2,764,779       3,259.67
    Punjab National Bank                           Banks                350,000       3,171.70
    H T Media Ltd.                                                    1,931,860
                                                   Media & Entertainment              2,801.20
    ITC Ltd.                                                          1,000,000
                                                   Consumer Non Durables              2,508.00
    The Federal Bank Ltd.                          Banks              1,000,000       2,356.00
    Housing Development Finance Corporation Ltd.$ Finance                87,500       2,341.33
    Noida Toll Bridge Company Ltd.                 Transportation 6,000,000           2,265.00
    Dr Reddys Laboratories Ltd.                    Pharmaceuticals 197,353            2,262.85
    C & C Constructions Ltd                        Construction         876,000       2,179.49
    Blue Star Ltd.                                 Consumer Durables    558,645       2,165.87
    Sun Pharmaceutical Industries Ltd.             Pharmaceuticals 130,000            1,961.44
    Thermax Ltd.                                                        305,900
                                                   Industrial Capital Goods           1,863.08
    Elecon Engineering Comapny Ltd.                                   2,007,331
                                                   Industrial Capital Goods           1,766.45
    Hindustan Petroleum Corporation Ltd.           Petroleum Products420,000          1,639.26
    Ingersoll-Rand (India) Ltd.                                         410,000
                                                   Industrial Capital Goods           1,453.86
    Indraprastha Gas Ltd.                          Gas                  606,000       1,210.18
    Maytas Infra Ltd                               Construction         534,954         847.63
    MBL Infrastructure Limited                     Construction         353,616         636.51
    KNR Construction limited                       Construction         489,895         574.89
    Subtotal                                                                         155,956.16
    Total                                                                            155,956.16

    Cash,Cash Equivalents and Net Current Assets                                      4,324.14
    Net Assets                                                                      160,280.30
l   Top Ten Holdings




    Sectoral Allocation of Assets(%)
    Banks
    Transportation
    Construction Project
    Power
    Industrial Capital Goods
    Construction
    Finance
    Oil
    Media & Entertainment
    Petroleum Products
    Pharmaceuticals
    Auto Ancillaries
    Consumer Non Durables
    Consumer Durables
    Gas
    Cash,Cash Equivalents and Net Current Assets
  % to
  NAV




 9.27
 7.66
 7.34
 4.96
 4.91
 4.26
 4.09
 3.80
 3.25
 3.19
 3.14
 2.99
 2.93
 2.89
 2.87
 2.28
 2.16
 2.06
 2.03
 1.98
 1.75
 1.56
 1.47
 1.46
 1.41
 1.41
 1.36
 1.35
 1.22
 1.16
 1.10
 1.02
 0.91
 0.76
 0.53
 0.40
 0.36
 97.29
 97.29

  2.71
100.00
$ Sponsor




 27.61
 11.62
  9.01
  8.11
  8.08
  5.90
  5.72
  4.96
  4.74
  3.08
  2.63
  2.16
  1.56
  1.35
  0.76
  2.71
    HDFC                                    Midcap Opportunity Fund
    Portfolio                                                    31-Dec-09
    Name of Instrument                            Industry +                  Quantity      Market/
                                                                                         Fair Value
                                                                                     (Rs. In Lakhs)
    Equity & Equity Related
    (a) Listed / awaiting listing on Stock Exchanges
l   Micro Inks Ltd.                               Chemicals                    815,629    4,859.52
l   Crompton Greaves Ltd.                         Industrial Capital Goods   1,096,700    4,686.20
l   Amara Raja Batteries Ltd.                     Auto Ancillaries           2,775,000    4,534.35
l   GlaxoSmithKline Consumer Healthcare Limited Consumer Non Durables          330,000    4,291.16
l   Ipca Laboratories Ltd.                        Pharmaceuticals              400,000    4,161.40
l   Patni Computer Systems Ltd.                   Software                     845,780    4,098.65
l   Exide Industries Ltd.                         Auto Ancillaries           3,336,229    3,846.67
l   Marico Ltd.                                   Consumer Non Durables      3,696,767    3,813.22
l   Hindustan Petroleum Corporation Ltd.          Petroleum Products           800,000    3,122.40
l   V.I.P. Industries Ltd.                        Consumer Non Durables      1,774,670    3,045.33
    Bharat Electronics Ltd.                       Industrial Capital Goods     153,448    2,978.50
    Axis Bank Ltd                                 Banks                        300,000    2,967.60
    Union Bank of India                           Banks                      1,100,000    2,905.65
    Castrol India Ltd.                            Petroleum Products           470,683    2,846.93
    Lupin Ltd.                                    Pharmaceuticals              188,500    2,778.68
    Carborundum Universal Ltd.                    Industrial Products        1,735,407    2,738.47
    Britannia Industries Ltd.                     Consumer Non Durables        162,631    2,732.85
    Blue Star Ltd.                                Consumer Durables            700,000    2,713.90
    LIC Housing Finance Ltd.                      Finance                      330,000    2,649.24
    Biocon Limited                                Pharmaceuticals              947,495    2,615.56
    Zee Entertainment Enterprises Ltd.            Media & Entertainment      1,000,000    2,571.00
    Divis Laboratories Ltd.                       Pharmaceuticals              360,000    2,436.48
    Indian Bank                                   Banks                      1,360,000    2,373.88
    The Federal Bank Ltd.                         Banks                      1,000,000    2,356.00
    Solar Explosives Ltd.                         Chemicals                    583,180    2,326.89
    Container Corporation of India Ltd.           Transportation               176,511    2,309.38
    Sundaram Fasteners Ltd.                       Auto Ancillaries           4,061,502    2,262.26
    Vesuvius India Ltd.                           Industrial Products        1,000,000    2,173.50
    Dishman Pharma & Chemicals Ltd.               Pharmaceuticals              846,375    2,007.60
    Apollo Tyres Ltd                              Auto Ancillaries           4,000,000    1,960.00
    Punj Lloyd Ltd.                               Construction Project         945,000    1,931.11
    Allahabad Bank                                Banks                      1,500,000    1,878.00
    United Phosphorus Ltd.                        Pesticides                 1,050,000    1,823.85
    Jagran Prakashan Ltd.                         Media & Entertainment      1,302,905    1,779.77
    KEC International Ltd.                        Power                        300,000    1,766.85
    Motilal Oswal Financial Services Ltd.         Finance                    1,000,000    1,765.00
    Dr Reddys Laboratories Ltd.                   Pharmaceuticals              150,000    1,719.90
    Paper Products Ltd.                           Industrial Products        2,688,217    1,620.99
    Indraprastha Gas Ltd.                         Gas                          805,500    1,608.58
    Esab India Ltd.                               Industrial Products          297,300    1,587.88
    Jain Irrigation Systems Ltd.                  Industrial Products          179,500    1,565.87
    Shriram Transport Finance Co. Ltd.            Finance                      298,527    1,456.51
    NRB Bearing Ltd                               Industrial Products        1,692,000    1,274.92
    Aventis Pharma Ltd.                           Pharmaceuticals               75,000    1,274.29
    Amtek India Ltd                                Auto Ancillaries        2,512,850    1,251.40
    Fag Bearings India Ltd.                        Industrial Products       200,000    1,231.30
    Kalindee Rail Nirman Ltd                       Construction              541,924    1,198.19
    Titan Industries Ltd.                          Consumer Non Durables      75,000    1,067.51
    Grindwell Norton Ltd.                          Industrial Products       689,154    1,015.12
    Ador Welding Ltd.                              Industrial Products       423,557      870.83
    ISMT Ltd.                                      Ferrous Metals          1,363,500      728.11
    Subtotal                                                                           121,579.25
    Total                                                                              121,579.25

    Cash,Cash Equivalents and Net Current Assets                                         6,508.65
    Net Assets                                                                         128,087.90



l   Top Ten Holdings




    Sectoral Allocation of Assets(%)
    Pharmaceuticals
    Consumer Non Durables
    Industrial Products
    Auto Ancillaries
    Banks
    Industrial Capital Goods
    Chemicals
    Petroleum Products
    Finance
    Media & Entertainment
    Software
    Consumer Durables
    Transportation
    Construction Project
    Pesticides
    Power
    Gas
    Construction
    Ferrous Metals
    Cash,Cash Equivalents and Net Current Assets
               % to
               NAV
s. In Lakhs)


               3.79
               3.66
               3.54
               3.35
               3.25
               3.20
               3.00
               2.98
               2.44
               2.38
               2.33
               2.32
               2.27
               2.22
               2.17
               2.14
               2.13
               2.12
               2.07
               2.04
               2.01
               1.90
               1.85
               1.84
               1.82
               1.80
               1.77
               1.70
               1.57
               1.53
               1.51
               1.47
               1.42
               1.39
               1.38
               1.38
               1.34
               1.27
               1.26
               1.24
               1.22
               1.14
               1.00
               0.99
 0.98
 0.96
 0.94
 0.83
 0.79
 0.68
 0.57
 94.95
 94.95

  5.05
100.00




 13.26
 11.67
 11.00
 10.82
  9.75
  5.99
  5.61
  4.66
  4.59
  3.40
  3.20
  2.12
  1.80
  1.51
  1.42
  1.38
  1.26
  0.94
  0.57
  5.05

				
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