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March 31, 2020

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2 March 2020

Fund ManagerAn employee of the asset management company such as a mutual fund or life insurer, who manages investments of the scheme. He is usually part of a larger team of fund managers and research analysts.

Application Amount for Fresh SubscriptionThis is the minimum investment amount for a new investor in a mutual fund scheme.

Minimum Additional AmountThis is the minimum investment amount for an existing investor in a mutual fund scheme.

Yield to MaturityThe Yield to Maturity or the YTM is the rate of return anticipated on a bond if held until maturity. YTM is expressed as an annual rate. The YTM factors in the bond’s current market price, par value, coupon interest rate and time to maturity.

SIPSIP or systematic investment plan works on the principle of making periodic investments of a fixed sum. It works similar to a recurring bank deposit. For instance, an investor may opt for an SIP that invests Rs 500 every 15th of the month in an equity fund for a period of three years.

NAVThe NAV or the net asset value is the total asset value per unit of the mutual fund after deducting all related and permissible expenses. The NAV is calculated at the end of every business day. It is the value at which the investor enters or exits the mutual fund.

BenchmarkA group of securities, usually a market index, whose performance is used as a standard or benchmark to measure investment performance of mutual funds, among other investments. Some typical benchmarks include the NIFTY, SeNSex, BSe200, BSe500, 10-Year Gsec.

Entry LoadA mutual fund may have a sales charge or load at the time of entry and/or exit to compensate the distributor/agent. entry load is charged at the time an investor purchases the units of a mutual fund.

The entry load is added to the prevailing NAV at the time of investment. For instance, if the NAV is Rs. 100 and the entry load is 1 %, the investor will enter the fund at Rs. 101. (Note: SeBI, vide circular dated June 30, 2009 has abolished entry load and mandated that the upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor).

Exit Loadexit load is charged at the time an investor redeems the units of a mutual fund. The exit load is reduced from the prevailing NAV at the time of redemption. The investor will receive redemption proceed at net value of NAV less Exit Load. For instance if the NAV is Rs. 100 and the exit load is 1%, the investor will receive Rs. 99.

Modified DurationModified duration is the price sensitivity and the percentage change in price for a unit change in yield.

Standard Deviation

Standard deviation is a statistical measure of the range of an investment’s performance. When a mutual fund has a high standard deviation, its means its range of performance is wide, implying greater volatility.

Sharpe Ratio

The Sharpe Ratio, named after its founder, the Nobel Laureate William Sharpe, is a measure of risk-adjusted returns. It is calculated using standard deviation and excess return to determine reward per unit of risk.

Beta Ratio (Portfolio Beta)

Beta is a measure of an investment’s volatility vis-a-vis the market. Beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 implies that the security’s price will be more volatile than the market.

Average portfolio PE (Average P/E)

It is price to earnings ratio of the stocks calculated for the entire portfolio on a weighted average basis.

Average portfolio price to book ratio (Average P/BV)

It is price to book value of the stocks calculated for the entire portfolio on a weighted average basis.

Average portfolio dividend yield (Average Dividend Yield)

It is dividend yield of the stocks calculated for the entire portfolio on a weighted average basis.

Net Equity

Net equity level is the net equity exposure percentage adjusted for any derivative positions in stocks or index for hedging or rebalancing purpose.

R Squared

It is a statistical measure of how closely the portfolio returns are correlated with its benchmark.

AUM

AUM or assets under management refers to the recent / updated cumulative market value of investments managed by a mutual fund or any investment firm.

Holdings

The holdings or the portfolio is a mutual fund’s latest or updated reported statement of investments/securities. These are usually displayed in terms of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being invested by the fund manager.

Nature of Scheme

The investment objective and underlying investments determine the nature of the mutual fund scheme. For instance, a mutual fund that aims at generating capital appreciation by investing in stock markets is an equity fund or growth fund. Likewise, a mutual fund that aims at capital preservation by investing in debt markets is a debt fund or income fund. each of these categories may have sub-categories.

Rating Profile

Mutual funds invest in securities after evaluating their creditworthiness as disclosed by the ratings. A depiction of the mutual fund in various investments based on their ratings becomes the rating profile of the fund. Typically, this is a feature of debt funds.

HOW TO READ FACTSHEET

Sharpe RatioSharpe Ratio is a risk to reward ratio, it measures portfolio returns generated in excess to the investment in risk-free asset, for per unit of total risk taken. While, positive Sharpe ratio indicates, portfolio compensating investors with excess returns (over risk-free rate) for the commensurate risk taken; negative Sharpe ratio indicates, investors are better off investing in risk-free assets.

BetaBeta (ß) of a portfolio is a number indicating the relation between portfolio returns with that of the market index i.e. it measure the volatility, or systematic risk, of a portfolio in comparison to the market as a whole.

Standard DeviationA statistical measure that defines expected volatility/risk associated with a portfolio. This explains the variation/deviation from the average returns delivered by the portfolio. A higher standard deviation means higher volatility (risk) and a lower standard deviation means lower volatility.

Risk Free ReturnThe theoretical rate of return of an investment with safest (zero risk) investment in a country.

4 Indexation Benefit

l Long Term Capital Gains (holding period of over 3 years) from Debt Mutual Funds are taxed at 20% plus applicable surcharge and cess with the benefit of indexation.

l Government notifies Cost Inflation Index (CII) for each financial year taking into consideration the prevailing inflation levels.

l The cost of acquistion for computation of tax is adjusted for inflation using CII, thereby reducing the capital gains from tax perspective.

l An investment made into a debt fund towards the end of a financial year (say, in March 2020) and held for a little over 3 years (say, in April 2023) would be eligible for application of CII over 5 financial years, resulting in 4 indexation benefit.

Total Expense RatioTotal expenses charged to scheme for the month expressed as a percentage to average monthly net assets.

Tracking ErrorTracking error indicates how closely the portfolio return is tracking the benchmark Index return. It measures the deviation between portfolio return and benchmark index return. A lower tracking error indicates portfolio closely tracking benchmark index and higher tracking error indicates portfolio returns with higher deviation from benchmark index returns.

Average MaturityWeighted average maturity of the securities in scheme.

Portfolio Yield (Yield To Maturity)Weighted average yield of the securities in scheme portfolio.

Portfolio Turnover RatioPortfolio Turnover Ratio is the percentage of a fund’s holdings that have changed in a given year. This ratio measures the fund’s trading activity, which is computed by taking the lesser of purchases or sales and dividing by average monthly net assets.

Modified DurationA formula that expresses the measurable change in the value of a security in response to a change in interest rates. Modified duration of portfolio can be used to anticipate the change in market value of portfolio for every change in portfolio yield.

Macaulay Duration (Duration)Macaulay Duration (Duration) measures the price volatility of fixed income securities. It is often used in the comparison of interest rate risk between securities with different coupons and different maturities. It is defined as the weighted average time to cash flows of a bond where the weights are nothing but the present value of the cash flows themselves. It is expressed in years. The duration of a fixed income security is always shorter than its term to maturity, except in the case of zero coupon securities where they are the same.

GLOSSARY

March 2020 3

Market Review

Market Review continued on next pageSource for various data points: Bloomberg, NSDL, CMIE, RBI, Kotak Institutional Research, Worldometers.info, World Bank.

Macroeconomic Update

FY20 was a challenging year for Indian and global markets. The single biggest event of the year which happened in last quarter of the year was spread of coronavirus or Covid-19 which was declared a Pandemic by World Health Organisation (WHO). The virus that originated in China rapidly covered all major countries, especially in the month of March 2020. Many economies implemented shutdown – partial or full and consequently economic activity was severely disrupted globally. This also resulted in a fall in most asset classes including equities, commodities and currencies.

Apart from this, other major events that made headlines during the year include - escalation in US China trade tensions and subsequently agreement on phase I of trade deal, sharp rate cuts by US Fed and European Central Bank (ECB) bringing it back to all time lows, restart of Quantitative Easing (QE) by US & ECB, sharp fall in oil prices in Q4FY20 due to severe demand destruction because of Covid-19 aggravated by breakdown of OPEC plus alliance, completion of BREXIT, etc. On domestic front, re-election of BJP led NDA with strong majority, 210 bps of rate cuts by RBI, softening of growth, default by a major housing finance company, removal of Section 370, Citizenship Amendment Act (CAA), 21 days lockdown imposed by Government, fiscal and monetary stimulus announced to counter slowdown due to Covid-19, etc. made news.

Few other key developments in FY20 were:l Reduction in corporate tax rates and a concessional tax rate for new manufacturing units

set up before March-2023l Announcement of INR 100 trillion National Infrastructure Pipeline to boost infrastructure

spendingl Weak revenue collections resulting in higher fiscal deficit l Gsec yields declined but the Yield curve steepened during the year l Inflation hardened significantly due to higher food prices, especially vegetablesl Resolution of Essar steel under Insolvency and Bankruptcy code (IBC) with Supreme

court upholding the rights of financial creditorsl Introduction of bankruptcy resolution mechanism for NBFCs under IBCl Crisis in a major private sector bank and consequent rescue by group of large banks – both

PSUs and privateSpread of Covid-19 intensifies, WHO declares it a pandemic: The spread of coronavirus, which was considered more of a local issue of China till February 2020, covered nearly the whole world in March 2020. In fact, as of end-March 2020, number of reported cases in US, Italy and Spain has taken over China and Germany is not much behind. The total number of cases globally has almost multiplied 10 times in past one month. This could also be partly due to low number of testing done in other countries till February 2020.

Total cases 31-Mar-20 29-Feb-20USA 188,530 69 Italy 105,792 1,128 Spain 95,923 58 China 81,518 Germany 71,808 79 France 52,128 100 Iran 44,605 593 UK 25,150 23 Switzerland 16,605 19 S Korea 9,887 3,526 Japan 2,229 241 India 1,397 3 Total of Above 695,572 5,839 Total global cases 858,478 86,604

India is relatively better placed till now with lower number of reported cases, though rising. To contain the spread of Covid-19, Indian Government has imposed lockdown of 21 days throughout the nation and all activities except essential services, stand suspended. A serious impact on growth in FY21, especially on sectors like discretionary consumption, aviation, hospitality, etc. is likely.

Fiscal and monetary stimulus: Globally, most central banks have cut policy rates significantly with US Fed cutting the target rate by 150 bps to 25 bps in March 2020 to its lowest level. US Fed also restarted its QE program with initial commitment of at least USD 700 billion. Further, it has also taken other measures like providing USD swap lines to major central banks, facilities to purchase of corporate bonds & commercial papers, etc.

Fiscal Measures: India also announced fiscal stimulus of ~INR 1.7 lakh crore, mostly targeted at vulnerable sections of society. The major steps are highlighted below

Benefits (INR billion)

Remarks

Food security 450 Additional 5 kgs of rice/wheat and 1 kg of pulses PM-KISAN 160 Rs.2000 transferred to all farmers in April (front

loaded)NREGA 56 Rs.20 increase in base wagesSenior citizens/widows/handicapped

30 Rs.500 each in two tranches over next three months

Women Jan Dhan accounts

310 Rs.500 each per month for next three months

Ujjwala scheme 130 Free cylinders for next three monthsOrganized sector - I 50 24% contribution due for PF for next 3 months

to be borne by government; all firms with up to 100 employees and employees whose salary is <Rs.15000/month

Organized sector - II PF scheme regulation will be amended to allow non-refundable advance of 70% of outstanding or three months of wages, whichever is lower

Building and construction workers

310 Through building and other construction worker welfare fund

Women SHG group Rs.2 million collateral free loan compared to Rs.1 million earlier

District Mineral Funds

255 States to use this fund for medical testing/screening/prevention of Covid-19

Total 1,750

The aforesaid stimulus is likely to have only a moderate impact on FY21 fiscal deficit as substantial portion is front loading of expenditure (PM-KISAN payment), and burden of certain expenditure being shifted to states (construction worker payment, spending on testing, etc.), in our opinion. The impact on central government fiscal deficit is likely to be ~0.3-0.4% of GDP. Government might announce additional stimulus for the specific industries & services, which have suffered most due to this crisis.

Monetary Measures: RBI also unleashed a large set of monetary measures to counter the slowdown. The key measures taken by RBI are as follows:

l Reduction in repo rate by 75 bps to 4.4% (apart from 135 bps already reduced since beginning of FY20); reverse repo reduced by 90 bps to 4%

l Reduction in cash reserve ratio by 1% for a year – expected to release liquidity of INR 1.37 lakh crore.

l Allowing additional 1% dip in SLR for the purpose of availing liquidity under marginal standing facility

l Conduct of Targeted Long Term Repo Operations (TLTROs) of aggregate amount of INR 1 lakh crore at floating rate and linked to repo rate. The amount under these operations has to be invested in Commercial papers, Non-convertible debentures and corporate bonds.

l Moratorium on debt servicing on term loans and interest on working capital facilitiesThe measures announced by RBI can infuse liquidity to the extent of INR 3.74 lakh crore. Further, announcement of TLTROs should help reduce credit spread which had surged due to growing risk aversion amongst lenders.

Inflation firms up in FY20: Annual rate of retail inflation, CPI increased in 11MFY20 due to high food prices. The key reason for rise in food inflation was sharp rise in vegetable prices especially onions due to supply disruption. Further, prices of other food items like meat, eggs, milk, pulses etc. also firmed up during the second half. The impact of high food inflation was partially offset by lower fuel inflation due to fall in global crude prices. Core inflation also moderated due to weak economic activity and partly due to higher base. Going forward, with growth slowing down and strong agriculture production, inflation should moderate.

Average (%) FY19 11MFY20 Change in %CPI 3.4 4.7 1.2Food & beverages 0.7 5.9 5.2Fuel and Light 5.8 0.9 -4.9Housing 6.8 4.6 -2.2Core CPI 5.7 4.4 -1.3

Industrial production turns negative: Industrial activity slowed down during the 10 months of FY20 led by decline in manufacturing activities. Electricity and mining production growth also softened. The production of capital goods contracted and infrastructure goods slowed down significantly. Further, the consumer durables growth rate fell sharply during the period

4 March 2020

Market Review Contd...

while consumer non-durables growth also fell, albeit to a lesser extent. Due to lockdown imposed, we expect that the industrial production can contract significantly in coming months.

Average growth (%) FY19 10MFY20IIP 3.9 2.4By economic activity

Mining & quarrying 2.9 2.0Manufacturing 3.9 2.3Electricity 5.2 3.3

By usage Primary goods 3.6 2.2Capital goods 3.4 -3.2Intermediate goods 0.8 5.5Infrastructure/construction goods 7.4 2.9Consumer goods 4.8 2.0

Consumer durables 5.6 0.3Consumer non- durables 4.1 3.4

Current account deficit (CAD) narrowed significantly in 9MFY20: India’s trade deficit for 9MFY20 narrowed significantly as non-oil non-gold (NONG) imports slowed significantly on back of weak domestic consumption. Oil imports also declined due to soft oil prices. Net gold* imports fell sharply on back of lower volumes. Growth in invisibles remained stable over the period resulting in CAD narrowing to 1% of GDP from 2.6% during the same period last year. Further, sharp improvement in FII and FDI inflows during the aforesaid period resulted in balance of payment turning significantly positive. With Q4 being generally a stronger quarter, India’s CAD and Balance of Payment (BOP) in FY20 is likely to remain comfortable. During FY20, INR depreciated by ~9.3% against USD and ended the year at INR 75.63. The sharp fall in INR was triggered by massive FII selling in both debt and equity markets in month of March 2020 (in aggregate ~USD 16 billion).

India's external situation (USD billion) 9MFY19 9MFY20 Change (YoY, %)

Trade (Deficit) /Surplus -145.1 -118.9 -18.0%Net Oil imports -71.9 -63.0 -12.3%Net Gold imports* -18.4 -14.6 -20.9%Trade deficit ex oil & gold -54.8 -41.3 -24.6%

Net Invisibles exports Surplus/(Deficit) 93 97 4.4%Current account deficit -52.6 -22.3 -57.6%% of GDP -2.6% -1.0%Capital Account Surplus / (Deficit) 35.0 63.0 79.7%

FDI 24.3 32.1 32.1%FII -11.9 15.1Others 22.6 15.7 -30.5%

Balance of Payments -17.5 40.7* includes net imports of gold, silver & precious stones adjusted for gems & jewellery exports.

In FY21, given the sharp fall in oil prices, India’s trade deficit is likely to narrow significantly. Further, slowdown in growth is likely to weigh on India’s other imports as well. Further, while the foreign outflows have been significantly high in March 2020, it should stabilise if the spread of Covid-19 is contained within a reasonable time. However, weakness in global trade is likely to adversely impact India’s exports too. However, considering the lower composition of discretionary items like electronics, automobiles, luxury goods etc. in India’s export basket, fall in exports is likely to be lower than imports. Also, with sharp fall in oil prices, foreign remittances can reduce significantly. On overall basis, we believe that outlook on India’s BoP remains comfortable. Additionally, strong foreign exchange reserves of India should help RBI to manage any significant volatility in exchange rate.

Fiscal deficit continues to widen: Fiscal deficit for FYTD-February 2020 stood at ~135% of FY20 revised estimates, slightly higher than ~134% during the same period last year. Gross tax revenues contracted by ~1% on back of decline in direct tax collections by ~3.5% and Indirect tax collections growing by ~2%. This was partially set off by higher dividend payout by RBI (FYTD 2019 – INR 400 billion; FYTD 2020 - INR 1,480 billion). Growth in expenditure remained healthy at 12.6% YoY resulting in fiscal deficit widening to 5.1% of GDP as against revised target of 3.8% for FY20. With divestment receipt falling short of target, news report of weak direct tax collections in March 2020 and low GST collections, risk of fiscal slippage in FY20 remains high.

In FY21, risk of fiscal slippage also remains high due to disruption in economic activity, slowdown in domestic growth and fiscal stimulus announced. Weak growth in FY21 could weigh on the revenue collections of both – direct and indirect taxes. Further, apart from already announced measures, government might also announce further measures to boost growth and / or step up expenditure to boost growth. However, fall in oil prices provides a room to increase duties on petrol and diesel which should cushion the fall in revenue from other sources. Additionally, lower prices should result in lower fuel subsidy outgo.

Commodity prices corrects sharply: Except gold, most commodity prices declined significantly driven by concern over global growth as coronavirus spread in most major countries. Most countries have imposed restriction on activities and mobility which has resulted in significantly low demand of all major industrial commodities. Further, fall in oil prices was intensified due to breakdown of OPEC plus alliance. Major producers like Saudi Arabia and Russia have announced increase in oil production adding to already over supplied market, despite global demand destruction due to disruption.

% Change Market price (USD)* FY2019 FY 2020Brent Crude (per barrel) 23 (2.7) (66.7)Gold (per ounce) 1,598 (2.5) 23.6 Steel (per tonne) 3,400 1.2 (12.6)Zinc (per tonne) 1,868 (10.0) (37.8)Copper (per tonne) 4,797 (3.0) (26.0)Aluminium (per tonne) 1,493 (4.7) (21.2)Lead (per tonne) 1,712 (16.1) (15.3)

*Market prices as on March 31, 2020

Summary and Conclusion

Given the evolving situation, it is difficult to assess the exact impact of coronavirus on growth. If the spread of virus is contained within a reasonable time, impact on growth is likely to be for the short term and it should recover in second half of FY21. Stimulative measures announced by major global central banks and governments of many countries should help counter the impact on growth to a certain extent. Further, this combination of weak near term growth, easing liquidity and low commodity prices bode well for global rates and inflation, which may thus remain lower for extended period and may also result in lower yields in India.

While immediate impact of disruption is negative for India in near term but once the spread is contained, India stands to benefit in this environment, in our opinion. Amongst the Emerging Markets (EMs), India is uniquely placed as most major economies have high dependence on exports and/or are net oil exporters. Thus, weakness in global growth and fall in oil prices is likely to hurt these economies significantly. But India is a net importer of oil and stands to gain significantly due to fall in oil prices. Further, India’s dependence on exports is relatively limited as compared to other EMs. Thus, once the situation stabilises, India could see relatively stronger recovery.

Further, disruption in global supply chain caused by this event has highlighted risk of overdependence on a single country. Thus, over medium to long term, many global MNCs are likely to consider diversifying their manufacturing operations from China and India could be a likely beneficiary given the low corporate tax rate, skilled population, relatively low wages and a large domestic market. For more on this, please refer “HDFC MF Yearbook 2020” published in January 2020 and available on our website www.hdfcfund.com.


March 2020 5


Equity Market Update

Key Highlights of equity markets in FY20 were:

l S&P BSE SENSEX / NIFTY 50 ended the year with large negative returns but still outperformed mid-cap and small cap indices. After corrections of mid-caps and smallcaps, long term returns of largecaps and midcaps/smallcaps have now largely converged.

l Performance of major sector indices was negative for the year with Metals, Auto, Capital goods and banking significantly underperforming.

l Globally, all major indices like S&P, FTSE, DAX, Nikkei, Shanghai, etc. also delivered negative returns but most outperformed NIFTY 50 for the year.

The tables below give the details of performance of key domestic and global indices in FY20

% Change in Indices FY 2019 FY2020

S&P BSE India Auto (21.7) (42.9)S&P BSE India Bankex 25.5 (35.4)S&P BSE India Capital Goods (0.0) (40.6)S&P BSE India FMCG 14.1 (12.7)S&P BSE India Healthcare 9.5 (15.7)S&P BSE India Metal (14.8) (49.7)S&P BSE India Power (4.3) (32.3)S&P BSE India Oil & Gas 4.5 (34.4)S&P BSE India IT 26.3 (16.0)S&P BSE SENSEX 17.3 (23.8)NIFTY 50 14.9 (26.0)NIFTY Midcap 100 (2.7) (35.9)NIFTY Smallcap (14.4) (46.1)

% Change in Indices FY 2019 FY2020

S&P 500 7.3 (8.8)FTSE 3.2 (22.1)DAX (4.7) (13.8)CAC 3.5 (17.8)Nikkei (1.2) (10.8)Hang Seng (3.5) (18.8)KOSPI (12.5) (18.0)Shanghai (2.5) (11.0)MSCI Emerging Market Index (9.6) (19.8)

FPIs sold massively during the month of March 2020 with net equity outflows of US $8.3 billion (February’20: US $0.3 billion) but still ended FY20 with net inflows of US $1.3 billion (FY19: US $ 0.1 billion). The size of outflow in March 2020 was highest ever in one month and was ~0.4% of Indian market capitalisation. This resulted in equities falling significantly during the month. Net inflows in domestic equity oriented mutual funds were INR 9,958 crore in February 2020 compared to net inflow of INR 7,696 crore a month ago. For FYTD20 till February 2020, total flows in domestic equity oriented mutual fund stood at INR 55,691 crore.

Outlook

As on 31st March 2020, NIFTY 50 was trading near 13.5x FY21 (e) and 11.1x FY22 (e) price to earnings ratio. While multiples remains very attractive, in uncertain times like the current one, limited reliance can be placed on the Price to earnings multiples for gauging valuations as earnings are difficult to predict, especially for FY21. In our opinion, Indian market cap to GDP is better indicator of valuation of overall market. As of end-March 2020, Indian market capitalisation is ~50% of GDP, a level seen last post correction during global financial crisis in 2008-09.

For 2020E and 2021E, Market cap/NIFTY as on 31 March 20 is taken; GDP estimates are for 2020E and 2021E. For 2020E, PE based on free-float EPS as of Mar-21 end and for 2021E EPS of Mar-22 end is used

Further, it is worth noting that the gap between 10Y Gsec and 1Y-Forward NIFTY 50 Earning yield* has turned negative and is significantly below 10 year average. This further indicates that equity markets are attractively priced.

*Earning yield = 1/(one year forward P/E).

Markets thus hold promise over the medium to long term in our opinion. With the sharp decline in midcaps and small caps since beginning of 2018, significant divergence with large caps is not likely going forward. Further, DIPAM (Department of Investment and Public Asset Management) secretary (source: Interview dated Feb 4, 2020, in Financial Express) recently mentioned that Exchange Traded Funds (ETFs) are going to be less preferred route for divestments going forward. This should lead to better valuations of PSUs as regular supply of shares through ETFs was a big overhang on their share prices.

Sectoral impact: India’s growth is likely to slow down in near term but impact is not likely to be equal for all the sectors. The impact on consumption – discretionary and even non-discretionary though to a lesser extent, will be felt for some time. Given that India is services led economy – and given the impact on airlines, retail, travel, tourism etc. there should be impact on wages, especially of the lower income groups. This could result in a slightly more prolonged impact on consumption. However, direct impact of slowdown in discretionary consumption will be on stocks whose weightage in NIFTY 50 is less than 15%. Apart from consumer discretionary, the sectors which are likely to be impacted most are aviation, tourism, hospitality, etc. Impact on sectors like large banks, utilities, pharma, oil & refining companies, telecommunication, etc. is likely to be limited.

In view of the above, where risk appetite permits, investors should use this deep correction to their advantage by increasing exposure to equity funds. At times like these, perceived risk is higher than the real risk. Thus, there is merit in increasing allocation to equities in a phased manner or in staying invested as the case may be (for those with a medium to long term view and in line with individual risk appetite). It is advisable to invest one’s total investible surplus of risk capital in 2-3 phases over next few weeks or months. One significant tranche should be deployed now because markets are down 20-30% and the other portion should be invested over few weeks or months. Historically, it has been observed that investments made during the time when FPIs are large sellers, have yielded strong returns over medium term.

Significant delay in containment of coronavirus, adverse global events, sharp rise in crude oil prices, sharp moderation in equity oriented mutual funds flows, delays in NPA resolution under NCLT are key risks in the near term.


6 March 2020


Source for various data points: Bloomberg, NSDL, CMIE, RBI, Kotak Institutional Research, Worldometers.info, World Bank.

Debt Market Update

FY20 was a mixed year for Indian debt markets. The key macroeconomic events which impacted the fixed income markets during the year were 185 bps rate cuts by RBI (in addition to 25 bps rate cut in February’19), reduction in Cash Reserve Ratio (CRR) by 1% for a year, use of innovative tools by RBI to improve rate transmission (LTROs and TLTROs), moderation in India’s GDP growth, challenges faced by NBFCs and few private banks, rise in inflation in second half, etc. Global events which impacted were sharp rate cuts by US Fed, restart of QE by many major central banks, easing global liquidity, uncertainty around trade tensions between US and China, etc.

The yield on 10-year benchmark Gsec started the year at 7.35%, touched the low of 6.06% and ended the year at 6.14%, down ~121 bps. Apart from aggressive rate cuts by RBI, fall in yield was supported by ample system liquidity, slowdown in growth and decline in global yields during the year. Yield curve steepened significantly during the year with difference between 10Y benchmark Gsec yield and repo rate increasing to 174 bps from 110 bps a year ago. FY19 FY20 Change (%)10Yr Benchmark G-Sec Yield^ 7.35 6.14 -1.21AAA 10Yr Corporate bond yields (%)# 8.35 7.30 -1.05AAA 10Y corporate bond spread over benchmark 10Y Gsec (bps)@ 100 116 0.16

Average liquidity absorbed / (infused) by RBI* (INR billion) (approx.) -333 1,620

MIBOR Overnight Rate (%) 8.80 4.81 -3.99* Average daily liquidity infused / absorbed through Liquidity Adjustment Facility, exports

refinance, marginal standing facility and term repos/reverse repos; ^ bi-annual yield;# annualised yields;@ Spreads have been calculated by subtracting non-annualised Gsec yields from annualised

corporate bond yields

Average interbank liquidity which was negative during last year turned positive in June 2019 and remained in comfortable surplus since then. This was as a result of forex purchases by RBI, soft credit growth vis-a-vis deposit growth, lower pace of currency withdrawal, OMO purchases by RBI and high government spending.

NBFC challenges, which started post IL&FS default, were aggravated due to concerns over asset quality of few NBFCs/HFCs. This resulted in widening of spreads for select NBFCs and non-AAA rated corporate bonds. As a result of improved liquidity and multiple steps taken by RBI & Government, spreads normalised to a certain extent. However, they rose again in February-March 2020 due to rise in risk aversion amongst lenders on spread of Covid-19 but with RBI announcing launch of TLTROs, it has compressed from the highs.

Outlook

Post the sharp rate cut of 75 bps in repo rate in March’20 along with other measures to improve liquidity (refer details above), fall in Gsec yield was moderate. The Gsec yield curve steepened further with shorter end of the curve rallying by 25-30 bps as against longer end (5-10 bps only). This also validates our view, which we have been highlighting for some time now, that the short to medium end of the yield curve offers better risk adjusted returns.

In our opinion, the current environment offers attractive opportunity for fixed income investments because of the following reasons, apart from the aforesaid actions taken by the RBI:

l The recent volatility in Fixed Income market is more technical in nature because of India being clubbed with other EMs which have been negatively hit from the weak global growth outlook and fall in oil prices (especially for net oil exporting countries). This has led to high degree of selling of INR bonds by FIIs (~Rs. 60,000 crore in March-2020). However, with the latest measures announced by RBI, this is likely to reduce/stabilise.

l Sharp fall in crude oil prices: Apart from improving CAD, sharp fall in crude oil prices arms the government with tool to augment fiscal revenue by increasing the excise duties. Increase in duties on petrol and diesel can increase the revenue by ~0.5-0.6% of GDP. Thus, this should cushion the expected slippage in fiscal deficit to a certain extent.

l Attractive market for foreign institutional investors: Given low dependence on exports and benefits due to fall in oil prices, impact of global slowdown is likely to be low for India. This, along with comfortable external position, bodes well for INR. Thus, given the attractive yield levels and INR outlook, Indian fixed income market is attractive for foreign investors. Additionally, Government has announced issue of special securities with no restriction on foreign holdings which can boost Gsec demand.

l Global monetary easing: Most of the central banks have taken aggressive measures to provide monetary stimulus. The US Fed has cut rates sharply by 150 bps in March 2020, taking the target federal funds rate back to a historic low of 0-0.25%. Alongside it has also announced a large asset purchase programme. Many other global central banks have followed suit by cutting rates and announcing other easing measures. This would further improve the attractiveness of Indian bonds.

l Further, the outlook on inflation seems benign with core inflation expected to soften further due to muted growth outlook in near term. Food and fuel inflation is also expected to decline with strong food production and sharp fall in oil prices respectively.

Thus, in our opinion as some degree of stability returns and the FII selling abates, we believe, there is reasonable room for yields to decline and the spreads on corporate bonds should also come down to more reasonable levels.

However, aggressive revenue assumptions and recently announced/planned fiscal stimulus leading to higher than estimated fiscal slippage for FY21, excess SLR (Statutory Liquidity Ratio) investments within banking system, sharp increase in oil prices, etc. are key risks to our view. In view of the above, yields at the longer end of the curve are likely to trade within a range in the foreseeable future.

Considering the aforesaid factors, we maintain our view that the short to medium end of the yield curve offers better risk adjusted returns. We believe, HDFC MF schemes are well positioned to take advantage of this environment along with focus on credit quality and scheme liquidity. Further, the prevailing high credit spreads also create a favourable risk reward opportunity in select pockets.

March 2020 7

CONTENTS

PAGE NO.

WEAlTH CREATION

HDFC Equity Fund ............................................................................. 08

HDFC Capital Builder Value Fund ........................................................ 09

HDFC Top 100 Fund ........................................................................... 10

HDFC Mid-Cap Opportunities Fund ..................................................... 11

HDFC Small Cap Fund ........................................................................ 12

HDFC Growth Opportunities Fund ...................................................... 13

HDFC Focused 30 Fund ...................................................................... 14

HDFC Infrastructure Fund .................................................................. 15

HDFC Balanced Advantage Fund ........................................................ 16-17

HDFC Hybrid Equity Fund ................................................................... 18-19

HDFC Multi-Asset Fund ...................................................................... 20-21

HDFC NIFTY 50 ETF ............................................................................ 22

HDFC Index Fund - NIFTY 50 Plan ....................................................... 23

HDFC SENSEx ETF .............................................................................. 24

HDFC Index Fund - SeNSex Plan ......................................................... 25

TAx SAVINGS

HDFC Taxsaver .................................................................................. 26

CHIlDREN'S FUTURE

HDFC Children’s Gift Fund ................................................................. 27-28

RETIREMENT PLANNING

HDFC Retirement Savings Fund - Equity Plan ....................................... 29

HDFC Retirement Savings Fund - Hybrid Equity Plan ............................ 30-31

HDFC Retirement Savings Fund - Hybrid Debt Plan .............................. 32

PAGE NO.

REgUlAR INCOME

HDFC Equity Savings Fund ................................................................. 33-34

HDFC Hybrid Debt Fund ..................................................................... 35-36

HDFC Arbitrage Fund ......................................................................... 37-38

HDFC Corporate Bond Fund ............................................................... 39

HDFC Credit Risk Debt Fund ............................................................... 40-41

HDFC Banking and PSU Debt Fund ..................................................... 42

HDFC Gilt Fund.................................................................................. 43

HDFC Dynamic Debt Fund .................................................................. 44

HDFC Income Fund ........................................................................... 45

HDFC Medium Term Debt Fund .......................................................... 46

HDFC Short Term Debt Fund .............................................................. 47

HDFC Low Duration Fund ................................................................... 48

HDFC Money Market Fund ................................................................. 49

HDFC Floating Rate Debt Fund ........................................................... 50

HDFC Ultra Short Term Fund .............................................................. 51

HDFC Liquid Fund .............................................................................. 52-53

HDFC Overnight Fund ........................................................................ 54

Performance details of schemes managed by respective fund managers ............................................. 55

Scheme performance summary - Regular Plans ................................. 56-62

Scheme performance summary - Direct Plans .................................... 63-72

Performance of Category I - FPI Portfolio ........................................... 72

Dividend History ............................................................................... 73-74

Disclaimer ....................................................................................... 75

gOAl BASED SOlUTIONS

WEAlTH CREATION These schemes aim to increase wealth over the long term by investing predominantly in equity instruments and are suitable for investors with high risk appetite and relatively higher investment horizon.

TAx SAVINGS This scheme is eligible to provide tax deduction under Section 80C and also aims to increase wealth over the long term. This is an ideal solution for investors who would like to create wealth and save tax.

CHIlDREN'S FUTURE This scheme aims to help you achieve your specific financial goal of planning for child’s future expenses like higher education, etc.

RETIREMENT PLANNING These schemes aim to help you achieve your specific financial goal of retirement planning.

REgUlAR INCOME These schemes aim to provide stable income and are ideal for investors with low to medium risk appetite who wish to receive regular income to meet their periodic expenses.

Disclaimer: Investors are requested to note that the above goal based solutions should not be construed as financial planning solution/recommendation by the Fund/AMC. It does not in any manner, indicate or imply either the quality of any particular Scheme or guarantee any specific performance/returns. Such solutions must be tailored to investor’s individual situation and objectives and therefore, investors should consult their financial advisors to ascertain whether a product is suitable for them.

8 March 2020

SIP PERFORMANCE ^ - Regular plan - growth OptionSince Inception

SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,030.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 31, 2020 (` ‘000) 49,914.57 3,540.72 1,450.35 502.06 263.78 83.81 Returns (%) 18.36 8.49 3.72 -6.98 -19.20 -50.61 Benchmark Returns (%) # 12.09 7.16 4.52 -4.47 -15.61 -44.09 Additional Benchmark Returns (%) ## 11.16 7.35 4.64 -2.83 -12.84 -43.43

Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after accounting for the cash flow by using xIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of March 31, 2020 unless otherwise specified.

PERFORMANCE ^ - Regular plan - growth OptionDate Period Scheme

Returns (%)

Benchmark Returns

(%)#

Additional Benchmark

Returns (%) ##

Value of ` 10,000 investedScheme (`) Benchmark

(`)#Additional

Benchmark (`)##

Mar 29, 19 Last 1 Year -32.59 -26.44 -24.85 6,741 7,356 7,515Mar 31, 17 Last 3 Years -5.57 -3.14 -0.81 8,418 9,088 9,757Mar 31, 15 Last 5 Years -0.52 1.29 1.56 9,745 10,660 10,807Jan 01, 95 Since Inception 16.34 9.77 9.40 457,735 105,404 96,795

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. N.A. Not Available. For performance of other schemes managed by Prashant Jain, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. As NIFTY 50 TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of NIFTY 50 PRI values from January 1, 1995 to June 29, 1999 and TRI values since June 30, 1999. For Performance of Direct Plan, refer page no. 63. For FPI Portfolio, refer page no. 72.

This product is suitable for investors who are seeking ~

l to generate long-term capital appreciation / income

l investment predominantly in equity & equity related instruments

Riskometer

Investors understand that their principal will be at moderately high risk

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them. ^Past performance may or may not be sustained in the future. Load is not taken into consideration for computation of performance.

(An open ended equity scheme investing across large cap, mid cap & small cap stocks)HDFC Equity Fund

Company Industry+ % to NAV

EqUITY & EqUITY RElATED

• State Bank of India Banks 9.03

• ICICI Bank Ltd. Banks 8.73

• Larsen and Toubro Ltd. Construction Project 7.60

• Infosys Ltd. Software 7.01

• Reliance Industries Ltd. Petroleum Products 6.29

• ITC Ltd. Consumer Non Durables 6.26

• Coal India Ltd. Minerals/Mining 4.31

• NTPC Ltd. Power 4.31

• Power Grid Corporation of India Ltd. Power 3.94

• HDFC Bank Ltd. Banks 3.58

Power Finance Corporation Ltd. Finance 3.57

Bharat Petroleum Corporation Ltd. Petroleum Products 3.04

Aurobindo Pharma Ltd. Pharmaceuticals 2.54

Axis Bank Ltd. Banks 2.43

ReC Ltd. Finance 2.34

Tata Steel Ltd. Ferrous Metals 2.30

InterGlobe Aviation Ltd. Transportation 2.15

Ambuja Cements Ltd. Cement 1.84

Housing Development Finance Corporation Ltd.£ Finance 1.65

Lupin Ltd. Pharmaceuticals 1.63

GAIL (India) Ltd. Gas 1.58

Bank of Baroda Banks 1.56

CeSC Ltd. Power 1.49

Cipla Ltd. Pharmaceuticals 1.43

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.22

Siemens Ltd. Industrial Capital Goods 1.15

SBI Cards and Payment Services Ltd. Finance 0.96

Kalpataru Power Transmission Ltd. Power 0.79

Vedanta Ltd. Non - Ferrous Metals 0.72

Punjab National Bank Banks 0.67

L&T Technology Services Ltd. Software 0.65

Canara Bank Banks 0.53

BeML Ltd. Industrial Capital Goods 0.52

Praj Industries Ltd. Industrial Capital Goods 0.50

Bharat Dynamics Ltd. Aerospace & Defence 0.48

Oracle Financial Ser Software Ltd. Software 0.38


Hindustan Petroleum Corporation Ltd. Petroleum Products 0.17

Time Technoplast Ltd. Industrial Products 0.15

CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.11

Hindustan Construction Company Ltd. Construction Project 0.09

Ramco Systems Ltd. Software 0.06

Simplex Infrastructures Ltd. Construction 0.05Sub Total 99.81Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 99.82Cash, Cash equivalents and Net Current Assets 0.18

Grand Total 100.00

• Top Ten Holdings, £ Co-sponsor

PORTFOLIO

Industry Allocation of Equity Holding (% of Net Assets)

0.010.050.150.480.721.581.842.152.282.30

4.316.266.827.698.108.529.5010.53

26.53

0 5 10 15 20 25 30

Media & EntertainmentConstruction

Industrial ProductsAerospace & DefenceNon - Ferrous Metals

GasCement

TransportationIndustrial Capital Goods

Ferrous MetalsMinerals/Mining

Consumer Non DurablesPharmaceuticals

Construction ProjectSoftware

FinancePetroleum Products

PowerBanks

KEY FACTS

INVESTMENT OBjECTIVETo generate capital appreciation / income from a portfolio, predominantly invested in equity & equity related instruments.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER § ¥

Prashant Jain (since June 20, 2003)

Total experience: Over 27 years

INCEPTION DATE (Date of Allotment)January 1, 1995

NAV (AS ON MARCH 31, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 457.735Regular Plan - Dividend Option 29.847Direct Plan - Growth Option 483.779Direct Plan - Dividend Option 32.611

ASSETS UNDER MANAgEMENT (`) IN CROREAs on March 31, 2020 16,041.82Average for Month of March 2020 17,884.96

qUANTITATIVE DATAPortfolio Turnover Ratio (Last 1 year) 25.63%Risk Ration Standard Deviation 4.579%n Beta 1.109n Sharpe Ratio* 0.020Computed for the 3-yr period ended March 31, 2020. Based on month-end NAV. * Risk free rate: 4.81%(Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on March 31, 2020)Including Additional expenses and Goods and Service Tax on Management FeesRegular: 1.76% Direct: 1.16%

#BENCHMARK INDEX: NIFTY 500 (Total Returns Index)##ADDl. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)

EXIT lOADl In respect of each purchase / switch-in of Units, an exit Load

of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment.

l No exit Load is payable if Units are redeemed / switched-out after 1 year from the date of allotment.

For further details, please refer to para ‘Exit Load’ on Pg 55.

PLANS & OPTIONSRegular Plan, Direct Plan. Under each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility.

MINIMUM APPlICATION AMOUNTPurchase : ` 5,000 and any amount thereafter.Additional Purchase : ` 1,000 and any amount thereafter.

SEgMENT-WISE BREAK-UP OF EqUITY HOlDINg (% OF NET ASSETS)Large Cap 93.41%Mid Cap 2.67%Small Cap 3.71%¥ Dedicated Fund Manager for Overseas Investments: Mr. Chirag Dagli (since July 22, 2019) (Total experience: Over 18 years).

§ Date of migration from Zurich India Mutual Fund (Close of business hours - June 19, 03).

CATEgORY OF SCHEME: MULTI-CAP FUND

March 2020 9

SIP PERFORMANCE ^ - Regular plan - growth Option

Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 3,140.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 31, 2020 (` ‘000) 29,358.94 3,434.40 1,475.15 480.28 251.50 83.59 Returns (%) 14.38 8.13 4.04 -8.70 -21.97 -50.89Benchmark Returns (%) # N.A. 7.16 4.52 -4.47 -15.61 -44.09Additional Benchmark Returns (%) ## 10.92 7.35 4.64 -2.83 -12.84 -43.43

Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after accounting for the cash flow by using xIRR method (investment internal rate of return). The above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.


Returns (%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 invested

Scheme (`) Benchmark (`)#


(`)##Mar 29, 19 Last 1 Year -34.92 -26.44 -24.85 6,508 7,356 7,515Mar 31, 17 Last 3 Years -7.54 -3.14 -0.81 7,902 9,088 9,757Mar 31, 15 Last 5 Years -0.33 1.29 1.56 9,838 10,660 10,807Feb 01, 94 Since Inception 12.04 N.A. 8.89 196,231 N.A. 93,045

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. N.A. Not Available. For performance of other schemes managed by Miten Lathia, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. As NIFTY 50 TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of NIFTY 50 PRI values from February 1, 1994 to June 29, 1999 and TRI values since June 30, 1999. For Performance of Direct Plan, refer page no. 71.



l to generate long-term capital appreciation / income in the long term

l investment primarily in undervalued stocks

Riskometer



(An open ended equity scheme following a value investment strategy)HDFC Capital Builder Value Fund

Company Industry+ % to NAVEqUITY & EqUITY RElATED• ITC Ltd. Consumer Non Durables 7.08• HDFC Bank Ltd. Banks 6.52• Axis Bank Ltd. Banks 5.70• Reliance Industries Ltd. Petroleum Products 5.45• Infosys Ltd. Software 5.26• ICICI Bank Ltd. Banks 4.53• Larsen and Toubro Ltd. Construction Project 3.09• Grasim Industries Ltd. Cement 2.94• Kotak Mahindra Bank Ltd. Banks 2.86• Housing Development

Finance Corporation Ltd.£ Finance 2.82GAIL (India) Ltd. Gas 2.75Colgate-Palmolive (I) Ltd. Consumer Non Durables 2.50Aurobindo Pharma Ltd. Pharmaceuticals 2.42Max Financial Services Ltd. Finance 2.27Persistent Systems Ltd. Software 2.24Bharat Petroleum Corporation Ltd. Petroleum Products 2.12NTPC Ltd. Power 1.82Coal India Ltd. Minerals/Mining 1.74Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.74S H Kelkar and Company Ltd. Consumer Non Durables 1.73Indoco Remedies Ltd. Pharmaceuticals 1.64Ambuja Cements Ltd. Cement 1.60State Bank of India Banks 1.33Advanced enzyme Technologies Ltd.

Consumer Non Durables 1.26

Oracle Financial Ser Software Ltd. Software 1.26Spicejet Ltd. Transportation 1.23Tech Mahindra Ltd. Software 1.19Oil & Natural Gas Corporation Ltd. Oil 1.18VRL Logistics Ltd. Transportation 1.07Indusind Bank Ltd. Banks 1.04Vedanta Ltd. Non - Ferrous Metals 1.02Solar Industries India Ltd. Chemicals 0.97Trent Ltd. Retailing 0.94Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.93Newgen Software Technologies Ltd. Software 0.93L&T Technology Services Ltd. Software 0.78Gujarat Pipavav Port Ltd. Transportation 0.74Indostar Capital Finance Ltd. Finance 0.73Shriram Transport Finance Company Ltd. Finance 0.73Inox Leisure Ltd. Media & entertainment 0.66JK Cement Ltd. Cement 0.65Ashoka Buildcon Ltd. Construction Project 0.63Mishra Dhatu Nigam Ltd. Ferrous Metals 0.61Avenue Supermarts Ltd. Retailing 0.60

Company Industry+ % to NAVemami Ltd. Consumer Non Durables 0.58Dilip Buildcon Ltd. Construction Project 0.55SBI Life Insurance Company Ltd. Finance 0.55Blue Star Ltd. Consumer Durables 0.54Bharat Dynamics Ltd. Aerospace & Defence 0.51Tejas Networks Ltd. Telecom - equipment

& Accessories 0.51Bajaj Finserv Ltd. Finance 0.48RBL Bank Ltd. Banks 0.47Bajaj Consumer Care Ltd. Consumer Non Durables 0.39Zee entertainment enterprises Ltd. Media & entertainment 0.34Radico Khaitan Ltd. Consumer Non Durables 0.33Hero MotoCorp Ltd. Auto 0.31Bharti Infratel Ltd. Telecom - equipment

& Accessories 0.28Schaeffler India Ltd. Industrial Products 0.28Just Dial Ltd. Software 0.17Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) Construction Project 0.08Siti Networks Ltd. Media & entertainment 0.06Sub Total 97.73Cash, Cash equivalents and Net Current Assets 2.27Grand Total 100.00• Top Ten Holdings, £ Co-sponsor

PORTFOLIO


0.280.310.510.540.610.790.930.971.021.061.181.541.741.822.753.044.355.195.80

7.577.58

11.8313.87

22.45

0 5 10 15 20 25Industrial Products

AutoAerospace & Defence

Consumer DurablesFerrous Metals

Telecom - Equipment & AccessoriesFertilisersChemicals

Non - Ferrous MetalsMedia & Entertainment

OilRetailing

Minerals/MiningPower

GasTransportation

Construction ProjectCement

PharmaceuticalsPetroleum Products

FinanceSoftware

Consumer Non DurablesBanks

KEY FACTS

INVESTMENT OBjECTIVE

To achieve capital appreciation/income in the long term by primarily investing in undervalued stocks.

There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Miten Lathia (since May 10, 2012*)

Total experience: Over 18 years*The scheme was co-managed by Miten Lathia with Chirag Setalvad from May 10, 2012 to March 19, 2017

INCEPTION DATE (Date of Allotment)

February 1, 1994

NAV (AS ON MARCH 31, 2020) NAV PER UNIT (`)

Regular Plan - Growth Option 196.231Regular Plan - Dividend Option 14.717Direct Plan - Growth Option 209.049Direct Plan - Dividend Option 16.274

ASSETS UNDER MANAgEMENT (`) IN CRORE

As on March 31, 2020 2,952.15Average for Month of March 2020 3,309.11

qUANTITATIVE DATA

Portfolio Turnover Ratio (Last 1 year) 46.91%

Risk Ration Standard Deviation 4.088%n Beta 1.021n Sharpe Ratio* -0.000

Computed for the 3-yr period ended March 31, 2020. Based on month-end NAV. * Risk free rate: 4.81%(Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on March 31, 2020)Including Additional expenses and Goods and Service Tax on Management Fees

Regular: 2.30% Direct: 1.05%

#BENCHMARK INDEX: NIFTY 500 (Total Returns Index)

##ADDl. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)

EXIT lOAD

l In respect of each purchase / switch-in of Units, an exit Load of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment.



PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility.

MINIMUM APPlICATION AMOUNT

Purchase : ` 5,000 and any amount thereafter.Additional Purchase : ` 1,000 and any amount thereafter.

¥ Dedicated Fund Manager for Overseas Investments: Mr. Chirag Dagli (since July 22, 2019) (Total experience: Over 18 years).

CATEgORY OF SCHEME: VALUE FUND

10 March 2020

CATEgORY OF SCHEME: LARGE-CAP FUND


KEY FACTS

INVESTMENT OBjECTIVETo provide long-term capital appreciation/income by investing predominantly in Large-Cap companies.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER § ¥

Prashant Jain (since June 20, 2003)


INCEPTION DATE (Date of Allotment)October 11, 1996






##ADDl. BENCHMARK INDEX: S&P BSe SeNSex (Total Returns Index)







SEgMENT-WISE BREAK-UP OF EqUITY HOlDINg (% OF NET ASSETS)Large Cap 94.27%Mid Cap 3.79% Small Cap 1.14%§ Date of migration from Zurich India Mutual Fund (Close of business hours - June 19, 03).¥ Dedicated Fund Manager for Overseas Investments: Mr. Chirag Dagli (since July 22, 2019) (Total experience: Over 18 years).



l investment predominantly in Large-Cap companies

Riskometer


~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,820.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 31, 2020 (` ‘000) $$ 27,000.69 3,475.49 1,448.01 514.95 270.40 85.06 Returns (%) $$ 16.29 8.27 3.68 -5.99 -17.74 -49.07 Benchmark Returns (%) # N.A. 7.82 5.03 -3.03 -13.38 -42.84 Additional Benchmark Returns (%) ## 11.90 7.88 5.41 -1.25 -10.62 -41.57



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Mar 29, 19 Last 1 Year -31.20 -24.76 -22.69 6,880 7,524 7,731Mar 31, 17 Last 3 Years -4.97 -1.35 1.07 8,579 9,600 10,326Mar 31, 15 Last 5 Years 0.12 1.84 2.41 10,061 10,958 11,265Oct 11, 96 Since Inception 17.26 N.A. 11.77 420,386 N.A. 136,428

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. N.A. Not Available. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Prashant Jain, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63. For FPI Portfolio, refer page no. 72.

^Past performance may or may not be sustained in the future. Load is not taken into consideration for computation of performance.

(An open ended equity scheme predominantly investing in large cap stocks)HDFC Top 100 Fund



• ICICI Bank Ltd. Banks 7.69• Reliance Industries Ltd. Petroleum Products 7.60• Infosys Ltd. Software 7.58• HDFC Bank Ltd. Banks 6.59• ITC Ltd. Consumer Non Durables 6.57• State Bank of India Banks 6.24• Larsen and Toubro Ltd. Construction Project 5.47• Housing Development

Finance Corporation Ltd.£ Finance 5.06• NTPC Ltd. Power 3.85• Coal India Ltd. Minerals/Mining 3.69Power Grid Corporation of India Ltd. Power 3.17Axis Bank Ltd. Banks 3.16Hindustan Petroleum Corporation Ltd. Petroleum Products 2.23Power Finance Corporation Ltd. Finance 2.18Bharat Petroleum Corporation Ltd. Petroleum Products 2.07Tata Steel Ltd. Ferrous Metals 1.77Oil & Natural Gas Corporation Ltd. Oil 1.49ReC Ltd. Finance 1.45GAIL (India) Ltd. Gas 1.36Ambuja Cements Ltd. Cement 1.28Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.28Aurobindo Pharma Ltd. Pharmaceuticals 1.22Cipla Ltd. Pharmaceuticals 1.13Lupin Ltd. Pharmaceuticals 1.07SBI Cards and Payment Services Ltd. Finance 1.04Bank of Baroda Banks 0.94InterGlobe Aviation Ltd. Transportation 0.93Tata Consultancy Services Ltd. Software 0.93Bharat electronics Ltd. Industrial Capital Goods 0.91CeSC Ltd. Power 0.89Bharti Infratel Ltd. Telecom - equipment

& Accessories 0.75HCL Technologies Ltd. Software 0.69Siemens Ltd. Industrial Capital Goods 0.69Grasim Industries Ltd. Cement 0.56Tech Mahindra Ltd. Software 0.51Vedanta Ltd. Non - Ferrous Metals 0.51Canara Bank Banks 0.46Oracle Financial Ser Software Ltd. Software 0.45ABB India Ltd. Industrial Capital Goods 0.44Tata Consumer Products Ltd. Consumer Non Durables 0.43Wipro Ltd. Software 0.43Adani Ports & Special economic Zone Transportation 0.39


Indian Oil Corporation Ltd. Petroleum Products 0.36Bank of India Banks 0.32Tata Chemicals Ltd. Chemicals 0.28NHPC Ltd. Power 0.27Punjab National Bank Banks 0.27Union Bank of India Banks 0.21Petronet LNG Ltd. Gas 0.17ABB Power Products and Systems India Ltd. Industrial Capital Goods 0.09Hindalco Industries Ltd. Non - Ferrous Metals 0.05LIC Housing Finance Ltd. Finance 0.02Sub Total 99.19Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 99.20Cash, Cash equivalents and Net Current Assets 0.80

Grand Total 100.00


PORTFOLIO


0.010.280.560.751.321.491.531.771.842.13

3.694.705.47

7.008.18

9.7510.59

12.2625.88

0 5 10 15 20 25 30

Media & EntertainmentChemicals

Non - Ferrous MetalsTelecom - Equipment & Accessories

TransportationOil

GasFerrous Metals

CementIndustrial Capital Goods

Minerals/MiningPharmaceuticals

Construction ProjectConsumer Non Durables

PowerFinance

SoftwarePetroleum Products

Banks

March 2020 11

CATEgORY OF SCHEME: MID CAP FUND

KEY FACTS

INVESTMENT OBjECTIVETo provide long-term capital appreciation/income by investing predominantly in Mid-Cap companies.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Chirag Setalvad (since June 25, 2007)


INCEPTION DATE (Date of Allotment)June 25, 2007





#BENCHMARK INDEX: NIFTY Midcap 100 (Total Returns Index) ##ADDl. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)







SEgMENT-WISE BREAK-UP OF EqUITY HOlDINg (% OF NET ASSETS)Large Cap 10.51%Mid Cap 64.57%Small Cap 16.39%¥ Dedicated Fund Manager for Overseas Investments: Mr. Chirag Dagli (since July 22, 2019) (Total experience: Over 18 years).


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,540.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 31, 2020 (` ‘000) 3,277.69 1,804.80 496.57 259.94 88.21 Returns (%) 11.11 7.92 -7.41 -20.05 -45.11 Benchmark Returns (%) # 5.58 2.89 -11.05 -24.95 -51.01 Additional Benchmark Returns (%) ## 6.12 4.64 -2.83 -12.84 -43.43


PERFORMANCE ^ - Regular plan - growth Option

Date Period Scheme Returns

(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year -30.47 -34.83 -24.85 6,953 6,517 7,515Mar 31, 17 Last 3 Years -7.80 -11.09 -0.81 7,836 7,026 9,757Mar 31, 15 Last 5 Years 1.21 -0.95 1.56 10,618 9,533 10,807Jun 25, 07 Since Inception 11.25 6.97 6.92 39,019 23,645 23,500

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Chirag Setalvad, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.




l investment predominantly in Mid-Cap companies

Riskometer




(An open ended equity scheme predominantly investing in mid cap stocks)HDFC Mid Cap Opportunities Fund

Company Industry+ / Rating % to NAVEqUITY & EqUITY RElATED• Aarti Industries Ltd. Chemicals 4.30• Balkrishna Industries Ltd. Auto Ancillaries 3.96• Trent Ltd. Retailing 3.50• Ipca Laboratories Ltd. Pharmaceuticals 3.19• Voltas Ltd. Consumer Durables 3.11• Cholamandalam Investment

& Finance Finance 3.05• Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.72• Sundram Fasteners Ltd. Auto Ancillaries 2.63• City Union Bank Ltd. Banks 2.62• Divis Laboratories Ltd. Pharmaceuticals 2.61Atul Ltd. Chemicals 2.52Whirlpool of India Ltd. Consumer Durables 2.44Bharat electronics Ltd. Industrial Capital Goods 2.43Crompton Greaves Consumer electricals Ltd. Consumer Durables 2.42Max Financial Services Ltd. Finance 2.27AIA engineering Ltd. Industrial Products 2.07Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 1.96Hexaware Technologies Ltd. Software 1.95Finolex Industries Ltd. Consumer Non Durables 1.77SKF India Ltd. Industrial Products 1.74Tata Consumer Products Ltd. Consumer Non Durables 1.70exide Industries Ltd. Auto Ancillaries 1.59Supreme Industries Ltd. Industrial Products 1.55Nippon Life India Asset Management Ltd. Finance 1.52Carborundum Universal Ltd. Industrial Products 1.39Aurobindo Pharma Ltd. Pharmaceuticals 1.35Cholamandalam Financial Holdings Ltd. Finance 1.32Larsen & Toubro Infotech Ltd. Software 1.27Power Finance Corporation Ltd. Finance 1.22Tube Investments of India Ltd. Auto Ancillaries 1.21MRF Ltd. Auto Ancillaries 1.12Solar Industries India Ltd. Chemicals 1.10RBL Bank Ltd. Banks 1.09KNR Construction Ltd. Construction 1.08KeC International Ltd. Construction Project 1.03Tata Chemicals Ltd. Chemicals 1.03ReC Ltd. Finance 1.02The Federal Bank Ltd. Banks 1.01Apollo Tyres Ltd. Auto Ancillaries 0.98Blue Star Ltd. Consumer Durables 0.92Schaeffler India Ltd. Industrial Products 0.81Bata India Ltd. Consumer Durables 0.76Redington (India) Ltd. Transportation 0.75Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.72Dilip Buildcon Ltd. Construction Project 0.68Navneet education Ltd. Media & entertainment 0.63Persistent Systems Ltd. Software 0.63Symphony Ltd. Consumer Durables 0.56Greenlam Industries Ltd. Consumer Durables 0.54Grindwell Norton Ltd. Industrial Products 0.53Union Bank of India Banks 0.53RITeS Ltd. Construction Project 0.48Jagran Prakashan Ltd. Media & entertainment 0.47Gujarat Fluorochemicals Ltd. Chemicals 0.46Vesuvius India Ltd. Industrial Products 0.43Edelweiss Financial Services Ltd. Finance 0.41Karur Vysya Bank Ltd. Banks 0.40Delta Corp Ltd. Hotels/Resorts & Other

Recreational Activities 0.37Greenply Industries Ltd. Consumer Durables 0.37Indian Bank Banks 0.35

Company Industry+ / Rating % to NAVCummins India Ltd. Industrial Products 0.32Mahindra Holidays & Resorts Ind Ltd.

Hotels/Resorts & Other Recreational Activities 0.32

NIIT Technologies Ltd. Software 0.32Punjab National Bank Banks 0.32Vardhman Textiles Ltd. Textiles - Cotton 0.27Arvind Fashions Ltd. Retailing 0.26Strides Pharma Science Ltd. Pharmaceuticals 0.22Dhanuka Agritech Ltd. Pesticides 0.21Arvind Ltd. Textile Products 0.15GFL Ltd. Chemicals 0.13Greenpanel Industries Ltd. Consumer Durables 0.13Arti Surfactants Ltd. Chemicals 0.11The Anup engineering Ltd. Industrial Capital Goods 0.10Sub Total 91.50Preference SharesZee entertainment enterprises Ltd. Media & entertainment @Sub Total @Total 91.50DEBT & DEBT RElATEDCredit Exposure Tata Capital Financial Services Ltd. ICRA - AAA 0.62Sub Total 0.62Total 0.62MONEY MARKET INSTRUMENTSCPNational Bank for Agriculture & Rural Development ICRA - A1+ 0.61Sub Total 0.61CDAxis Bank Ltd. CRISIL - A1+ 0.60Sub Total 0.60Total 1.21Cash, Cash equivalents and Net Current Assets 6.67Grand Total 100.00• Top Ten Holdings, @ Less than 0.01%

PORTFOLIO


0.150.210.270.751.081.10

2.192.532.65

3.473.764.17

6.328.84

9.6510.8110.8111.2511.49

0 2 4 6 8 10 12 14Textile Products

PesticidesTextiles - Cotton

TransportationConstruction

Media & EntertainmentConstruction Project

Industrial Capital GoodsHotels, Resorts & Other Recreational Activities

Consumer Non DurablesRetailingSoftware

BanksIndustrial Products

ChemicalsFinance

PharmaceuticalsConsumer Durables

Auto Ancillaries

12 March 2020

CATEgORY OF SCHEME: SMALL CAP FUND

KEY FACTS

INVESTMENT OBjECTIVETo provide long-term capital appreciation /income by investing predominantly in Small-Cap companies.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER § ¥

Chirag Setalvad (since June 28, 2014)


INCEPTION DATE (Date of Allotment)April 3, 2008





#BENCHMARK INDEX: NIFTY Smallcap 100 (Total Returns Index)##ADDl. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)







SEgMENT-WISE BREAK-UP OF EqUITY HOlDINg (% OF NET ASSETS)Large Cap 4.83%Mid Cap 17.58%Small Cap 66.00%§ Date of migration from Morgan Stanley Mutual Fund

(Close of business hours - June 27, 14)¥ Dedicated Fund Manager for Overseas Investments:

Mr. Chirag Dagli (since July 22, 2019) (Total experience: Over 18 years).


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,440.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 31, 2020 (` ‘000) 2,166.59 1,453.14 456.76 228.45 78.17 Returns (%) 6.57 3.75 -10.65 -27.42 -57.37 Benchmark Returns (%) # -0.48 -3.58 -20.45 -36.40 -62.60 Additional Benchmark Returns (%) ## 6.19 4.64 -2.83 -12.84 -43.43




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year -41.52 -45.03 -24.85 5,848 5,497 7,515Mar 31, 17 Last 3 Years -8.21 -18.94 -0.81 7,731 5,322 9,757Mar 31, 15 Last 5 Years 0.40 -7.55 1.56 10,200 6,752 10,807Apr 03, 08 Since Inception 8.29 1.05 6.31 25,992 11,342 20,843

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Chirag Setalvad, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.




l investment predominantly in Small-Cap companies

Riskometer




(An open ended equity scheme predominantly investing in small cap stocks)HDFC Small Cap Fund

Company Industry+ % to NAVEqUITY & EqUITY RElATED• NIIT Technologies Ltd. Software 3.24• Atul Ltd. Chemicals 3.06• Balkrishna Industries Ltd. Auto Ancillaries 3.04• Bajaj Electricals Ltd. Consumer Durables 2.94• Inox Leisure Ltd. Media & entertainment 2.87• Procter & Gamble Health Ltd. Pharmaceuticals 2.85• Aurobindo Pharma Ltd. Pharmaceuticals 2.58• Persistent Systems Ltd. Software 2.52• Chambal Fertilizers &

Chemicals Ltd. Fertilisers 2.38• Sonata Software Ltd. Software 2.34Finolex Industries Ltd. Industrial Products 2.29Firstsource Solutions Ltd. Software 2.25SKF India Ltd. Industrial Products 2.15DCB Bank Ltd. Banks 2.09Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 2.05Chalet Hotels Ltd. Hotels/Resorts & Other

Recreational Activities 2.03Aster DM Healthcare Ltd. Healthcare Services 1.90KeC International Ltd. Construction Project 1.81PNC Infratech Ltd. Construction 1.69The Federal Bank Ltd. Banks 1.66KeI Industries Ltd. Industrial Products 1.65Bank of Baroda Banks 1.51Vardhman Textiles Ltd. Textiles - Cotton 1.50La Opala RG Ltd. Consumer Durables 1.49Tube Investments of India Ltd. Auto Ancillaries 1.47Great eastern Shipping Company Ltd. Transportation 1.43Bajaj Consumer Care Ltd. Consumer Non Durables 1.42Nilkamal Ltd. Industrial Products 1.41T. V. Today Network Ltd. Media & entertainment 1.41Unichem Laboratories Ltd. Pharmaceuticals 1.27Kalpataru Power Transmission Ltd. Power 1.23Tata Metaliks Ltd. Ferrous Metals 1.16Advanced enzyme Technologies Ltd.

Consumer Non Durables 1.15

Carborundum Universal Ltd. Industrial Products 1.12Suprajit engineering Ltd. Auto Ancillaries 1.08Radico Khaitan Ltd. Consumer Non Durables 1.07eClerx Services Ltd. Software 1.06eIH Ltd. Hotels/Resorts & Other

Recreational Activities 1.02Sharda Cropchem Ltd. Pesticides 0.97Astral Poly Technik Ltd. Industrial Products 0.96Gujarat Fluorochemicals Ltd. Chemicals 0.93Goodyear India Ltd. Auto Ancillaries 0.91Insecticides (India) Ltd. Pesticides 0.87Delta Corp Ltd. Hotels/Resorts & Other

Recreational Activities 0.85NRB Bearing Ltd. Industrial Products 0.83Punjab National Bank Banks 0.75Redington (India) Ltd. Transportation 0.71Repco Home Finance Ltd. Finance 0.69D B Corp Ltd. Media & entertainment 0.63Gabriel India Ltd. Auto Ancillaries 0.60Kirloskar Ferrous Industries Ltd. Ferrous Metals 0.60Orient Refractories Ltd. Industrial Products 0.56Vesuvius India Ltd. Industrial Products 0.55LG Balakrishnan & Bros Ltd. Auto Ancillaries 0.52Power Mech Projects Ltd. Construction Project 0.52

Company Industry+ % to NAVIndian Bank Banks 0.50Oriental Carbon & Chemicals Ltd. Chemicals 0.49emami Ltd. Consumer Non Durables 0.41Apar Industries Ltd. Industrial Capital Goods 0.38IFGL Refractories Ltd. (Erst IFGL exports Ltd.) Industrial Products 0.38engineers India Ltd. Construction Project 0.37Greenlam Industries Ltd. Consumer Durables 0.32Sadbhav engineering Ltd. Construction Project 0.31Jagran Prakashan Ltd. Media & entertainment 0.30Taj GVK Hotels & Resorts Ltd. Hotels/Resorts & Other

Recreational Activities 0.30Atul Auto Ltd. Auto 0.27Shaily engineering Plastics Ltd. Industrial Products 0.27GNA Axles Ltd. Auto Ancillaries 0.24Greenply Industries Ltd. Consumer Durables 0.20Time Technoplast Ltd. Industrial Products 0.04CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.02Sub Total 88.44DEBT & DEBT RElATEDMONEY MARKET INSTRUMENTSCPNational Bank for Agriculture & Rural Development ICRA - A1+ 1.59Sub Total 1.59CDAxis Bank Ltd. CRISIL - A1+ 1.57Sub Total 1.57Total 3.16Cash, Cash equivalents and Net Current Assets 8.40Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.270.400.691.231.501.691.761.841.902.142.383.01

4.054.484.955.21

6.256.516.70

7.8611.41

12.21

0 2 4 6 8 10 12 14Auto

Industrial Capital GoodsFinance

PowerTextiles - Cotton

ConstructionFerrous Metals

PesticidesHealthcare Services

TransportationFertilisers

Construction ProjectConsumer Non Durables

ChemicalsConsumer Durables

Media & EntertainmentHotels, Resorts & Other Recreational Activities

BanksPharmaceuticalsAuto Ancillaries

SoftwareIndustrial Products

March 2020 13

CATEgORY OF SCHEME: LARGE & MID CAP FUND

KEY FACTS

INVESTMENT OBjECTIVETo generate long term capital appreciation/income from a portfolio, predominantly invested in equity and equity related instruments. There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER § ¥

Vinay Kulkarni (since June 28, 2014)


INCEPTION DATE (Date of Allotment)February 18, 1994





#BENCHMARK INDEX: NIFTY Large Midcap 250 (Total Returns Index)##ADDl. BENCHMARK INDEX: S&P BSe SeNSex (Total Returns Index)







SEgMENT-WISE BREAK-UP OF EqUITY HOlDINg (% OF NET ASSETS)Large Cap 59.52%Mid Cap 35.16%Small Cap 1.47%§ Date of migration from Morgan Stanley Mutual Fund (Close of business hours - June 27, 14)¥ Dedicated Fund Manager for Overseas Investments: Mr. Chirag Dagli (since July 22, 2019) (Total experience: Over 18 years).



(%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year -29.91 -27.29 -22.69 7,009 7,271 7,731Mar 31, 17 Last 3 Years -6.08 -3.99 1.07 8,282 8,848 10,326Mar 31, 15 Last 5 Years -2.20 1.92 2.41 8,944 10,999 11,265Feb 18, 94 Since Inception 9.44 N.A. N.A. 105,638 N.A. N.A.

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. N.A. Not Available. The Scheme, formerly a large cap fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a Large and Mid-cap Fund. Accordingly, the Scheme’s benchmark has also changed. Hence, the past performance of the Scheme may not strictly be comparable with that of the new benchmark. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Vinay Kulkarni, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.



l to generate long-term capital appreciation/income

l investment predominantly in Large Cap and Mid Cap companies

Riskometer




(An open ended equity scheme investing in both large cap and mid cap stocks)HDFC Growth Opportunities Fund



• ICICI Bank Ltd. Banks 7.67• State Bank of India Banks 6.85• Infosys Ltd. Software 6.81• NTPC Ltd. Power 6.52• Reliance Industries Ltd. Petroleum Products 5.54• Bharat Petroleum

Corporation Ltd. Petroleum Products 4.38• ITC Ltd. Consumer Non Durables 4.10• Tata Consumer Products Ltd. Consumer Non Durables 4.08• HDFC Bank Ltd. Banks 4.04• Trent Ltd. Retailing 3.08Tata Steel Ltd. Ferrous Metals 2.15Max Financial Services Ltd. Finance 2.13Gujarat State Petronet Ltd. Gas 2.09emami Ltd. Consumer Non Durables 2.05Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 2.05GAIL (India) Ltd. Gas 2.04NHPC Ltd. Power 1.89Larsen and Toubro Ltd. Construction Project 1.73Prestige estates Projects Ltd. Construction 1.69Mahanagar Gas Ltd. Gas 1.62Bharat electronics Ltd. Industrial Capital Goods 1.48Mindtree Consulting Ltd. Software 1.45LIC Housing Finance Ltd. Finance 1.34Hindustan Petroleum Corporation Ltd. Petroleum Products 1.28Solar Industries India Ltd. Chemicals 1.24Shriram Transport Finance Company Ltd. Finance 1.18Castrol India Ltd. Petroleum Products 1.17Apollo Tyres Ltd. Auto Ancillaries 1.15Ambuja Cements Ltd. Cement 1.12CeSC Ltd. Power 1.08exide Industries Ltd. Auto Ancillaries 1.05Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.05Lupin Ltd. Pharmaceuticals 0.99Power Finance Corporation Ltd. Finance 0.92Power Grid Corporation of India Ltd. Power 0.79Tata Chemicals Ltd. Chemicals 0.76Tata Motors Ltd. DVR Auto 0.72


Vedanta Ltd. Non - Ferrous Metals 0.67Bharat Heavy electricals Ltd. Industrial Capital Goods 0.64Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.64Canara Bank Banks 0.52Hexaware Technologies Ltd. Software 0.37Dilip Buildcon Ltd. Construction Project 0.34NLC India Ltd. Power 0.33Titagarh Wagons Ltd. Industrial Capital Goods 0.30NBCC (India) Ltd. Construction 0.21Union Bank of India Banks 0.21Oil India Ltd. Oil 0.19SBI Cards and Payment Services Ltd. Finance 0.15Aurobindo Pharma Ltd. Pharmaceuticals 0.12Indian Bank Banks 0.10Reliance Power Ltd. Power 0.05Sub Total 96.12Cash, Cash equivalents and Net Current Assets 3.88

Grand Total 100.00

• Top Ten Holdings

PORTFOLIO


0.190.670.721.121.902.002.052.072.152.202.422.803.08

5.725.75

8.6310.2310.66

12.3719.39

0 5 10 15 20

OilNon - Ferrous Metals

AutoCement

ConstructionChemicals

Hotels, Resorts & Other Recreational ActivitiesConstruction Project

Ferrous MetalsAuto Ancillaries

Industrial Capital GoodsPharmaceuticals

RetailingFinance

GasSoftware

Consumer Non DurablesPower

Petroleum ProductsBanks


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,140.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 31, 2020 (` ‘000) $$ 14,407.50 2,637.60 1,356.15 489.33 266.85 86.65 Returns (%) $$ 10.15 4.90 2.41 -7.98 -18.52 -47.09 Benchmark Returns (%) # N.A. 8.36 5.75 -4.77 -16.78 -44.20 Additional Benchmark Returns (%) ## 11.43 7.88 5.41 -1.25 -10.62 -41.57


14 March 2020

CATEgORY OF SCHEME: FOCUSED FUND

KEY FACTS

INVESTMENT OBjECTIVETo generate long term capital appreciation/income by investing in equity & equity related instruments of up to 30 companies.


FUND MANAgER ¥

Vinay Kulkarni (since November 21, 2006)


INCEPTION DATE (Date of Allotment)September 17, 2004


ASSETS UNDER MANAgEMENT (`) IN CROREAs on March 31, 2020 358.65Average for Month of March 2020 389.86

qUANTITATIVE DATAPortfolio Turnover Ratio (Last 1 year) 31.67%














Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,870.00 1,800.00 1,200.00 600.00 360.00 120.00

Mkt Value As on March 31, 2020 (` ‘000) 3,045.91 2,712.33 1,263.36 459.45 248.93 84.04

Returns (%) 5.97 5.25 1.02 -10.42 -22.56 -50.33

Benchmark Returns (%) # 7.70 7.16 4.52 -4.47 -15.61 -44.09

Additional Benchmark Returns (%) ## 8.49 7.88 5.41 -1.25 -10.62 -41.57

Assuming ̀ 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after accounting for the cash flow by using xIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year -32.48 -26.44 -22.69 6,752 7,356 7,731

Mar 31, 17 Last 3 Years -9.17 -3.14 1.07 7,493 9,088 10,326

Mar 31, 15 Last 5 Years -1.60 1.29 2.41 9,225 10,660 11,265

Sep 17, 04 Since Inception 11.33 12.01 12.88 53,033 58,328 65,723

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Vinay Kulkarni, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.




l investments in equity & equity related instruments of up to 30 companies

Riskometer




[An open ended equity scheme investing in maximum 30 stocks in large-cap, mid-cap and small-cap category (i.e. Multi-Cap)]HDFC Focused 30 Fund

Company Industry+ / Rating % to NAV










• Bharat Petroleum Corporation Ltd. Petroleum Products 4.71




Bharat electronics Ltd. Industrial Capital Goods 2.78

Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 2.70

Avenue Supermarts Ltd. Retailing 2.24

Coal India Ltd. Minerals/Mining 1.92

Gujarat Pipavav Port Ltd. Transportation 1.88




Colgate-Palmolive (I) Ltd. Consumer Non Durables 1.75







elecon engineering Comapny Ltd. Industrial Capital Goods 1.24

Titagarh Wagons Ltd. Industrial Capital Goods 1.22

Sub Total 96.58

Cash, Cash equivalents and Net Current Assets 3.42

Grand Total 100.00


PORTFOLIO


1.64

1.70

1.75

1.77

1.85

1.87

1.88

1.92

2.24

2.70

5.24

5.24

5.75

7.65

12.62

17.21

23.55

0 5 10 15 20 25

Pharmaceuticals

Gas

Non - Ferrous Metals

Finance

Cement

Ferrous Metals

Transportation

Minerals/Mining

Retailing

Aerospace & Defence

Industrial Capital Goods

Software

Construction Project

Consumer Non Durables

Power

Petroleum Products

Banks

March 2020 15

CATEgORY OF SCHEME: THEMATIC FUND

KEY FACTS

INVESTMENT OBjECTIVETo seek long-term capital appreciation/income by investing predominantly in equity and equity related securities of companies engaged in or expected to benefit from the growth and development of infrastructure.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Rakesh Vyas (since June 01, 2019*)

Total experience: Over 15 years *The scheme was co-managed by Rakesh Vyas and Prashant Jain from June 01, 2019 till January 23, 2020

INCEPTION DATE (Date of Allotment)March 10, 2008



qUANTITATIVE DATAPortfolio Turnover Ratio (Last 1 year) 9.82%Risk Ration Standard Deviation 6.981%n Beta 1.623n Sharpe Ratio* -0.125Computed for the 3-yr period ended March 31, 2020. Based on month-end NAV. * Risk free rate: 4.81%(Source: FIMMDA MIBOR)


#BENCHMARK INDEX: NIFTY 500 (Total Returns Index)##ADDl. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)









Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,450.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 31, 2020 (` ‘000) 1,129.27 835.68 329.74 190.66 70.65 Returns (%) -4.20 -7.37 -23.20 -37.19 -65.81 Benchmark Returns (%) # 6.20 4.52 -4.47 -15.61 -44.09 Additional Benchmark Returns (%) ## 6.19 4.64 -2.83 -12.84 -43.43




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year -47.39 -26.44 -24.85 5,261 7,356 7,515Mar 31, 17 Last 3 Years -19.75 -3.14 -0.81 5,166 9,088 9,757Mar 31, 15 Last 5 Years -11.43 1.29 1.56 5,446 10,660 10,807Mar 10, 08 Since Inception -0.78 6.15 6.22 9,100 20,555 20,722

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Rakesh Vyas, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 71.




l investment predominantly in equity and equity related securities of companies engaged in or expected to benefit from the growth and development of infrastructure

Riskometer

Investors understand that their principal will be at high risk


(An open ended equity scheme following infrastructure theme)HDFC Infrastructure Fund








• CESC Ltd. Power 6.12

• Centum Electronics Ltd. Industrial Capital Goods 3.72

• Power Finance Corporation Ltd. Finance 3.64

• REC Ltd. Finance 3.64

• SBI Cards and Payment Services Ltd. Finance 3.32

J.Kumar Infraprojects Ltd. Construction 3.28



JMC Projects (India) Ltd. Construction 2.85


Texmaco Rail & engineering Ltd. Industrial Capital Goods 2.31

Dilip Buildcon Ltd. Construction Project 2.19



Dynamatic Technologies Ltd. Auto Ancillaries 1.50

Ashoka Buildcon Ltd. Construction Project 1.49


Premier explosives Ltd. Chemicals 1.40




B L Kashyap & Sons Ltd. Construction 0.54

MeP Infrastructure Developers Ltd. Transportation 0.52

Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) Construction Project 0.36




Simplex Infrastructures Ltd. Construction 0.27

IRB Infrastructure Developers Ltd. Construction 0.07

Union Bank of India Banks 0.04

Sub Total 96.90


Grand Total 100.00


PORTFOLIO


1.34

1.40

1.50

2.11

2.64

3.52

7.01

7.82

9.05

10.60

12.75

15.25

21.91

0 5 10 15 20 25


Chemicals

Auto Ancillaries

Ferrous Metals

Petroleum Products

Transportation

Construction

Minerals/Mining


Finance

Power


Banks

16 March 2020

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of March 31, 2020 unless otherwise specified. ....Contd on next page

Note: ¤ Effective close of business hours of June 1, 2018, HDFC Prudence Fund merged with HDFC Growth Fund (HDFC Balanced Advantage Fund after changes in fundamental attributes). As the portfolio characteristics and the broad investment strategy of HDFC Balanced Advantage Fund is similar to that of erstwhile HDFC Prudence Fund, the track record (i.e. since inception date, dividend history, etc.) and past performance of erstwhile HDFC Prudence Fund has been considered, in line with SEBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.

(An open ended balanced advantage fund)HDFC Balanced Advantage Fund ¤






















NHPC Ltd. Power 0.85



Mishra Dhatu Nigam Ltd. Ferrous Metals 0.68

Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.66




Just Dial Ltd. Software 0.47

Apollo Tyres Ltd. Auto Ancillaries 0.43



Bharti Infratel Ltd. Telecom - equipment & Accessories 0.40


Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 0.35

NLC India Ltd. Power 0.32


Spicejet Ltd. Transportation 0.28

Savita Oil Technologies Ltd. Petroleum Products 0.24

Lakshmi Machine Works Ltd. Industrial Capital Goods 0.23


Apar Industries Ltd. Industrial Capital Goods 0.20

Tata Consumer Products Ltd. Consumer Non Durables 0.20

Ashoka Buildcon Ltd. Construction Project 0.18




Orient Cement Ltd. Cement 0.15

RITeS Ltd. Construction Project 0.13

J.Kumar Infraprojects Ltd. Construction 0.12

Gujarat Industries Power Company Ltd. Power 0.10

Tata Chemicals Ltd. Chemicals 0.10

Kirloskar Pneumatic Ltd. Industrial Products 0.09

JMC Projects (India) Ltd. Construction 0.08

Time Technoplast Ltd. Industrial Products 0.07

InterGlobe Aviation Ltd. Transportation 0.06

Bharat Dynamics Ltd. Aerospace & Defence 0.05

Dynamatic Technologies Ltd. Auto Ancillaries 0.05

Sagar Cements Ltd. Cement 0.05




ABB Power Products and Systems India Ltd. Industrial Capital Goods 0.02

Cochin Shipyard Ltd. Industrial Capital Goods 0.02


Ramco Systems Ltd. Software 0.02

Solar Industries India Ltd. Chemicals 0.02

Sterling and Wilson Solar Construction Project 0.02


S Chand and Company Ltd. Media & entertainment 0.01

Sub Total 82.11

DEBT & DEBT RElATED

CREDIT EXPOSURE

• State Bank of India CARE - AA+ / CRISIL - AA+ 5.28

Canara Bank CRISIL - AA 2.07

ICICI Bank Ltd. CARE - AA+ / ICRA - AA+ 1.38

Punjab National Bank IND - A 1.36

HDFC Bank Ltd. CARE - AA+ 1.35

Bank of Baroda CRISIL - AA+ 1.29

Tata Sons Ltd. CRISIL - AAA 1.22

Union Bank of India CARe - AA- 0.91

IDBI Bank Ltd. CRISIL - A+ 0.86

Syndicate Bank CARE - A+ 0.39

Axis Bank Ltd. CRISIL - AA+ 0.08

Andhra Bank CARE - A+ 0.06

Sub Total 16.25

MUTUAl FUND UNITS

HDFC SeNSex Exchange Traded Fund 0.03

Sub Total 0.03


Grand Total 100.00


PORTFOLIO

KEY FACTS


To provide long term capital appreciation / income from a dynamic mix of equity and debt investments.


FUND MANAgER ¥

Prashant Jain (since June 20, 2003)§


INCEPTION DATE ¤February 01, 1994





qUANTITATIVE DATAPortfolio Turnover Ratio 27.60%Average Maturity * 2.18 yearsMacaulay Duration * 1.95 yearsModified Duration * 1.79 yearsYield to Maturity * 8.52%

* Computed on the invested amount for debt portfolio.



#BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 65:35 Index


EXIT lOAD

l In respect of each purchase / switch-in of Units, upto 15% of the units may be redeemed without any exit load from the date of allotment.

l Any redemption in excess of the above limit shall be subject to the following exit load:

n exit load of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment of units.



PLANS & OPTIONS





§ Date of migration of erstwhile HDFC Prudence Fund from Zurich India Mutual Fund (Close of business hours - June 19, 03).

(The Scheme underwent Change in Fundamental Attributes i.e. change in Asset Allocation Pattern w.e.f. March 14, 2019).

CATEgORY OF SCHEME: BALANCED ADVANTAGE FUND

March 2020 17



l investments in a mix of equity and debt instruments

Riskometer




SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,140.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 31, 2020 (` ‘000) $$ 45,053.46 3,895.49 1,587.28 539.95 287.46 91.73 Returns (%) $$ 16.87 9.64 5.46 -4.14 -14.09 -40.56Benchmark Returns (%) # N.A. 8.17 6.43 1.66 -4.63 -26.50Additional Benchmark Returns (%) ## 10.92 7.35 4.64 -2.83 -12.84 -43.43



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##Mar 29, 19 Last 1 Year -25.10 -12.78 -24.85 7,490 8,722 7,515Mar 31, 17 Last 3 Years -4.04 2.60 -0.81 8,836 10,802 9,757Mar 31, 15 Last 5 Years 1.46 4.24 1.56 10,752 12,309 10,807Feb 01, 94 Since Inception 16.59 N.A. 8.89 556,036 N.A. 93,045

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Prashant Jain, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. As NIFTY 50 TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of NIFTY 50 PRI values from February 1, 1994 to June 29, 1999 and TRI values since June 30, 1999 For Performance of Direct Plan, refer page no. 63. For FPI Portfolio, refer page no. 72.


Portfolio Classification By Asset Class (%)

n equity 82.11

n Credit exposure 16.25

n Mutual Fund Units 0.03

n Cash, Cash equivalents and Net Current Assets 1.61

Portfolio Classification By Rating Class (%)

n equity 82.11n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 1.22n AA+ 9.38n AA/AA- 2.98n A+ & Below 2.67n Mutual Fund Units 0.03n Cash, Cash equivalents and Net

Current Assets 1.61

(An open ended balanced advantage fund)HDFC Balanced Advantage Fund ¤ .....Contd from previous page


0.010.120.160.200.400.400.400.480.660.790.971.101.272.22

4.234.625.185.646.39

7.938.83

10.2619.85

0 5 10 15 20 25Media & Entertainment

ChemicalsIndustrial Products

ConstructionAerospace & DefenceNon - Ferrous Metals

Telecom - Equipment & AccessoriesAuto Ancillaries

FertilisersTransportation

Industrial Capital GoodsCement

GasFerrous Metals

PharmaceuticalsMinerals/Mining

Consumer Non DurablesFinance

Construction ProjectSoftware

Petroleum ProductsPowerBanks

18 March 2020

CATEgORY OF SCHEME: AGGRESSIVE HYBRID FUND


Note: ¤ Effective close of business hours of June 1, 2018, HDFC Balanced Fund merged with HDFC Premier Multi Cap Fund (HDFC Hybrid Equity Fund after changes in fundamental attributes). As the portfolio characteristics and the broad investment strategy of HDFC Hybrid Equity Fund is similar to that of erstwhile HDFC Balanced Fund, the track record (i.e. since inception date dividend history, etc) and past performance of erstwhile HDFC Balanced Fund has been considered, in line with SEBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.






• Housing Development Finance Corporation Ltd.£ Finance 5.39




Aarti Industries Ltd. Chemicals 2.27

State Bank of India Banks 2.06



Bharti Airtel Ltd. Telecom - Services 1.90


Power Grid Corporation of India Ltd. Power 1.66

Atul Ltd. Chemicals 1.58

SKF India Ltd. Industrial Products 1.49

UPL Ltd. Pesticides 1.22


KeC International Ltd. Construction Project 0.99



Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 0.69


Hexaware Technologies Ltd. Software 0.63

Ipca Laboratories Ltd. Pharmaceuticals 0.60

Mahindra Holidays & Resorts Ind Ltd.


Indusind Bank Ltd. Banks 0.48

PNC Infratech Ltd. Construction 0.46


Cholamandalam Financial Holdings Ltd. Finance 0.42

Redington (India) Ltd. Transportation 0.37

Vardhman Textiles Ltd. Textiles - Cotton 0.31


Tamilnadu Newsprint & Papers Ltd. Paper 0.29

Tube Investments of India Ltd. Auto Ancillaries 0.28

Carborundum Universal Ltd. Industrial Products 0.27


Persistent Systems Ltd. Software 0.18

Sharda Cropchem Ltd. Pesticides 0.17

Jagran Prakashan Ltd. Media & entertainment 0.15

Zensar Technologies Ltd. Software 0.15

Navneet education Ltd. Media & entertainment 0.13

Tata Motors Ltd. DVR Auto 0.13

Greenply Industries Ltd. Consumer Durables 0.10

Sadbhav engineering Ltd. Construction Project 0.10

MM Forgings Ltd. Industrial Products 0.07

Arti Surfactants Ltd. Chemicals 0.06

Atul Auto Ltd. Auto 0.05

IFB Industries Ltd. Consumer Durables 0.05

Indian Bank Banks 0.05

Insecticides (India) Ltd. Pesticides 0.04

Greenpanel Industries Ltd. Consumer Durables @

Sub Total 64.92

DEBT & DEBT RElATED

gOVERNMENT SECURITIES (CENTRAl/STATE)

7.16 GOI 2023 Sovereign 2.25












SUB TOTAL 9.96

(An open ended hybrid scheme investing predominantly in equity and equity related instruments)HDFC Hybrid Equity Fund ¤

PORTFOLIO

KEY FACTS


The investment objective of the Scheme is to generate capital appreciation / income from a portfolio, predominantly of equity & equity related instruments. The Scheme will also invest in debt and money market instruments.


FUND MANAgER ¥

Chirag Setalvad (since April 2, 2007) ¤


INCEPTION DATE ¤September 11, 2000





qUANTITATIVE DATA

Portfolio Turnover Ratio (Last 1 year) 1.53%Average Maturity * 2.65 yearsMacaulay Duration * 2.22 yearsModified Duration * 2.09 yearsYield to Maturity * 6.41%

* Computed on the invested amount for debt portfolio.





EXIT lOAD

l In respect of each purchase/switch-in of Units, upto 15% of the units may be redeemed without any exit load from the date of allotment.





PLANS & OPTIONS




SEgMENT-WISE BREAK-UP OF EqUITY HOlDINgS (% OF NET ASSETS)

Large Cap 50.55%Mid Cap 9.36%Small Cap 5.00%


March 2020 19


CREDIT EXPOSURE

• Tata Sons Ltd. CRISIL - AAA 6.32

• LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 2.96

• Axis Bank Ltd. CRISIL - AA+ 2.31

National Bank for Agriculture & Rural Development CRISIL - AAA 2.28

Power Finance Corporation Ltd. CRISIL - AAA / ICRA - AAA 1.93

Small Industries Development Bank CARe - AAA 1.73

ReC Ltd. CARe - AAA / CRISIL - AAA / IND - AAA 0.92

National Highways Authority of India CARe - AAA 0.86

Housing Development Finance Corporation Ltd.£ CRISIL - AAA 0.67


HDFC Bank Ltd. CRISIL - AAA 0.35


State Bank of India CRISIL - AA+ 0.34

Oriental Bank of Commerce CARE - A+ 0.20


ICICI Bank Ltd. CARe - AAA 0.17


Hindalco Industries Ltd. CRISIL - AA 0.07

Sub Total 22.11

Total 32.07

MUTUAl FUND UNITS

HDFC NIFTY 50 Exchange Traded Fund 0.79

Sub Total 0.79


gRAND TOTAl 100.00

l Top Ten Holdings, £ Co-sponsor, @ Less than 0.01%


Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,350.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 31, 2020 (` ‘000) 9,931.62 4,170.09 1,728.61 557.03 296.30 94.62 Returns (%) 13.09 10.44 7.09 -2.92 -12.25 -36.74 Benchmark Returns (%) # N.A. 8.17 6.43 1.66 -4.63 -26.50 Additional Benchmark Returns (%) ## 11.29 7.35 4.64 -2.83 -12.84 -43.43




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year -21.87 -12.78 -24.85 7,813 8,722 7,515Mar 31, 17 Last 3 Years -2.40 2.60 -0.81 9,295 10,802 9,757Mar 31, 15 Last 5 Years 2.55 4.24 1.56 11,341 12,309 10,807Sep 11, 00 Since Inception 13.62 N.A. 11.04 121,569 N.A. 77,581

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments. For performance of other schemes managed by Chirag Setalvad, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.



PORTFOLIO


l to generate long-term capital appreciation / income.

l investments predominantly in equity & equity related instruments. The Scheme will also invest in debt and money market instruments.

Riskometer



PORTFOlIO ClASSIFICATION BY ASSET ClASS (%)

equity 64.92

G-Sec 9.96

Credit exposure 22.11

Mutual Fund Units 0.79Cash, Cash equivalents and Net Current Assets 2.22

PORTFOlIO ClASSIFICATION BY RATINg ClASS (%)

n equity 64.92n Sovereign 9.96n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 18.19n AA+ 2.65n AA/AA- 0.07n A+ & Below 1.20n Mutual Fund Units 0.79n Cash, Cash equivalents and Net

Current Assets 2.22

(An open ended hybrid scheme investing predominantly in equity and equity related instruments)HDFC Hybrid Equity Fund ¤ .....Contd from previous page


0.150.180.280.280.290.310.370.450.460.911.241.431.681.831.851.902.643.093.914.154.775.81

7.0519.89

0 5 10 15 20 25Consumer Durables

AutoAuto Ancillaries

Media & EntertainmentPaper

Textiles - CottonTransportation

Non - Ferrous MetalsConstruction

Ferrous MetalsHotels, Resorts & Other Recreational Activities

PesticidesIndustrial Capital Goods

Industrial ProductsPower

Telecom - ServicesPharmaceuticals

Consumer Non DurablesChemicals

Construction ProjectPetroleum Products

FinanceSoftware

Banks

20 March 2020


Since Inception SIP

10 year SIP

5 Year SIP

3 Year SIP

1 Year SIP

Total Amount Invested (` ‘000) 1,760.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 31, 2020 (` ‘000) 2,768.62 1,457.42 567.14 316.31 101.39 Returns (%) 5.91 3.81 -2.21 -8.23 -27.47 Benchmark Returns (%) # N.A. N.A. 3.10 -1.97 -21.14 Additional Benchmark Returns (%) ## 7.00 4.64 -2.83 -12.84 -43.43




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year -15.01 -8.43 -24.85 8,499 9,157 7,515Mar 31, 17 Last 3 Years -1.92 3.95 -0.81 9,435 11,233 9,757Mar 31, 15 Last 5 Years 2.11 5.02 1.56 11,102 12,779 10,807Aug 17, 05 Since Inception 7.13 N.A. 10.46 27,395 N.A. 42,887

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. N.A. Not Available. The Scheme formerly, a debt oriented hybrid fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a multi asset fund investing in equities, debt and gold. Accordingly, the Scheme’s benchmark has also changed. Hence, the performance of the Scheme from inception till May 22, 2018 may not strictly be comparable with those of the new benchmark and the additional benchmark. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments and gold. For performance of other schemes managed by Chirag Setalvad (equities), Anil Bamboli (Debt) and Krishan Kumar Daga (Gold), please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 71.



l to generate long-term capital appreciation/incomel investments in a diversified portfolio of equity & equity

related instruments, debt & money market instruments and Gold

Riskometer




(An open ended scheme investing in equity and equity related instruments, debt & money market instruments and gold)HDFC Multi-Asset Fund


0.090.250.310.380.430.861.061.22

2.842.88

3.904.26

4.885.085.13

5.776.42

8.5312.13

0 2 4 6 8 10 12 14


AutoPesticides

Ferrous MetalsPower

TransportationTelecom - Services

Auto AncillariesIndustrial ProductsConsumer Durables

Industrial Capital GoodsChemicals

Consumer Non DurablesConstruction ProjectPetroleum Products

FinanceSoftware

Banks

KEY FACTS

INVESTMENT OBjECTIVEThe objective of the Scheme is to generate long term capital appreciation/income by investing in a diversified portfolio of equity & equity related instruments, debt & money market instruments and Gold.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Chirag Setalvad (equities) (since April 2, 2007)

Total experience - Over 21 years &Anil Bamboli (Debt) (since August 17, 2005)

Total experience: Over 23 yearsKrishan Kumar Daga (Gold) (since May 23, 2018)


INCEPTION DATE (Date of Allotment)August 17, 2005



qUANTITATIVE DATAPortfolio Turnover Ratio 21.42%


#BENCHMARK INDEX: 90% NIFTY 50 Hybrid Composite Debt 65:35 Index + 10% Domestic Price of Gold##ADDl. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)

EXIT lOADl In respect of each purchase / switch-in of Units, 15% of the

units (“the limit”) may be redeemed without any exit Load from the date of allotment.


t exit Load of 1.00% is payable if units are redeemed / switched out within 12 months from the date of allotment.

l No exit Load is payable if units are redeemed / switched out after 12 months from the date of allotment.





(The Scheme underwent Change in Fundamental Attributes i.e. change in Asset Allocation Pattern w.e.f. March 14, 2019).


n equity 66.42


n Gold ETF 20.16



n equity 66.42n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 2.72n AA/AA- 7.52n A+ & Below 2.54n Gold ETF 20.16n Cash, Cash equivalents and Net

Current Assets 0.64

Cash and Cash equivalents include overnight deployment of Cash in Tri-Party Repos

CATEgORY OF SCHEME: MULTI ASSET ALLOCATION FUND

March 2020 21

Company Industry+ / Rating % to NAV (Hedged & Unhedged)

% exposure of Derivative


• HDFC Bank Ltd. Banks 6.23 0.00

• Reliance Industries Ltd. Petroleum Products 4.61 0.00

• Housing Development Finance Corporation Ltd.£ Finance 4.35 0.00

• ITC Ltd. Consumer Non Durables 3.52 0.00

• ICICI Bank Ltd. Banks 3.39 0.00

• Infosys Ltd. Software 3.13 0.00

• Larsen and Toubro Ltd. Construction Project 2.68 0.00

SBI Cards and Payment Services Ltd. Finance 2.07 0.00

State Bank of India Banks 2.04 0.00

NIIT Technologies Ltd. Software 1.97 0.00

Bharat electronics Ltd. Industrial Capital Goods 1.88 0.00

Alkyl Amines Chemicals Ltd. Chemicals 1.82 0.00

Bajaj electricals Ltd. Consumer Durables 1.61 0.00

engineers India Ltd. Construction Project 1.61 0.00

Aarti Industries Ltd. Chemicals 1.55 0.00

Oracle Financial Ser Software Ltd. Software 1.55 0.00

Timken India Ltd. Industrial Products 1.32 0.00

Balkrishna Industries Ltd. Auto Ancillaries 1.28 0.00

Bharti Airtel Ltd. Telecom - Services 1.22 0.00

La Opala RG Ltd. Consumer Durables 1.19 0.00

Firstsource Solutions Ltd. Software 1.17 0.00

Voltamp Transformers Ltd. Industrial Capital Goods 1.10 0.00

Whirlpool of India Ltd. Consumer Durables 1.10 0.00

The Anup engineering Ltd. Industrial Capital Goods 1.08 0.00

Redington (India) Ltd. Transportation 1.06 0.00

Oriental Carbon & Chemicals Ltd. Chemicals 1.04 0.00

Suprajit engineering Ltd. Auto Ancillaries 1.04 0.00

emami Ltd. Consumer Non Durables 1.02 0.00

Bharat Petroleum Corporation Ltd. Petroleum Products 0.86 0.00

Power Grid Corporation of India Ltd. Power 0.86 0.00

KeC International Ltd. Construction Project 0.84 0.00



Sonata Software Ltd. Software 0.71 0.00

Vesuvius India Ltd. Industrial Products 0.59 0.00

Carborundum Universal Ltd. Industrial Products 0.57 0.00

Finolex Industries Ltd. Consumer Non Durables 0.54 0.00

Gabriel India Ltd. Auto Ancillaries 0.52 0.00

Axis Bank Ltd. Banks 0.47 0.00

Gujarat Fluorochemicals Ltd. Chemicals 0.43 0.00

Tata Steel Ltd. Ferrous Metals 0.43 0.00

Shaily engineering Plastics Ltd. Industrial Products 0.40 0.00

Sharda Cropchem Ltd. Pesticides 0.38 0.00

Tata Motors Ltd. DVR Auto 0.31 0.00

Savita Oil Technologies Ltd. Petroleum Products 0.30 0.00

Jagran Prakashan Ltd. Media & entertainment 0.25 0.00

Apar Industries Ltd. Industrial Capital Goods 0.20 0.00

Vedanta Ltd. Non - Ferrous Metals 0.09 0.00

Arti Surfactants Ltd. Chemicals 0.04 0.00

Sub Total 66.42

DEBT & DEBT RElATED

CREDIT EXPOSURE

• Vedanta Ltd. CRISIL - AA 5.02

• Power Finance Corporation Ltd. CRISIL - AAA 2.72

TATA International Ltd. CARe - A 2.54


Sub Total 12.78

MUTUAl FUND UNITS

• HDFC Gold Exchange Traded Fund 20.16

Sub Total 20.16

OTHERS


Sub Total 0.64

Grand Total 100.00



(An open ended scheme investing in equity and equity related instruments, debt & money market instruments and gold)HDFC Multi-Asset Fund .....Contd from previous page

PORTFOLIO

22 March 2020

CATEgORY OF SCHEME: ExCHANGE TRADED FUND

KEY FACTSINVESTMENT OBjECTIVEThe investment objective of HDFC NIFTY 50 ETF is to generate returns that are commensurate with the performance of the NIFTY 50 Index, subject to tracking error.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgERKrishan Kumar Daga (since December 09, 2015)


INCEPTION DATE (Date of Allotment)December 09, 2015

NAV (AS ON MARCH 31, 2020) NAV PER UNIT (`)Growth Option 902.89

ASSETS UNDER MANAgEMENT j (`) IN CROREAs on March 31, 2020 335.14Average for Month of March 2020 356.87


TRACKINg ERRORAnnualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.19%

TOTAL ExPENSE RATIO (As on March 31, 2020)Including Additional expenses and Goods and Service Tax on Management FeesHDFC NIFTY 50 ETF 0.05%

#BENCHMARK INDEX: NIFTY 50 (Total Returns Index)##ADDl. BENCHMARK INDEX: S&P BSe SeNSex (Total Returns Index)

EXIT lOADFor Creation Unit Size:l No exit load will be levied on redemptions made by

Authorised Participants / Large Investors directly with the Fund in Creation Unit Size.

For other than Creation Unit Size:l N.A. The Units of HNETF in other than Creation Unit Size cannot

be directly redeemed with the Fund. These Units can be redeemed (sold) on a continuous basis on

the NSe and BSe during the trading hours on all trading days. Refer SID for further details.For further details, please refer to para ‘Exit Load’ on Pg 55.

PLANS & OPTIONSHDFC NIFTY 50 ETF. Presently the Scheme does not offer any Plans / Options for investmentMINIMUM APPlICATION AMOUNT (Under each Plan / Option)Authorised Participants / large Investors: Application for subscription of HNETF Units in Creation Unit Size can be made either: (i) in exchange of the Portfolio Deposit; or (ii) by depositing basket of securities comprising NIFTY 50 Index Each Creation Unit Size will consist of 4,000 Units of HNETF and 1 Unit of HNETF will be approximately equal to 1/10th of the value of NIFTY 50 Index. Other investors (including Authorised Participants and large Investors): Units of HNETF can be subscribed (in lots of 1 Unit) during the trading hours on all trading days on the NSe and BSe on which the Units will be listed.

Face Value per Unit: ` 761.25, + Industry Classification as recommended by AMFI, Data is as of March 31, 2020 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year -25.09 -24.85 -22.69 7,491 7,515 7,731

Mar 31, 17 Last 3 Years -0.97 -0.81 1.07 9,712 9,757 10,326

Dec 09, 15 Since Inception 4.04 4.22 5.17 11,861 11,949 12,427

Returns greater than 1 year period are compounded annualized (CAGR). * The Scheme does not offer any Plans/Options. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Krishan Kumar Daga, please refer page 55.


l returns that are commensurate with the performance of the NIFTY 50, subject to tracking errors over long term

l investment in equity securities covered by the NIFTY 50

Riskometer



j Includes investments made by the schemes of HDFC Mutual Fund aggregating to Rs. 118.22 Crores

(An open ended scheme replicating / tracking NIFTY 50 index)HDFC NIFTY 50 ETF








• Tata Consultancy Services Ltd. Software 5.34

• Kotak Mahindra Bank Ltd. Banks 4.83

• Hindustan Unilever Ltd. Consumer Non Durables 4.57






Asian Paints Ltd. Consumer Non Durables 2.09

Bajaj Finance Ltd. Finance 1.63

Nestle India Ltd. Consumer Non Durables 1.62

Maruti Suzuki India Ltd. Auto 1.58

HCL Technologies Ltd. Software 1.32

NTPC Ltd. Power 1.14


Titan Company Ltd. Consumer Durables 1.08


Dr Reddys Laboratories Ltd. Pharmaceuticals 1.05

UltraTech Cement Ltd. Cement 1.04

Tech Mahindra Ltd. Software 0.97

Britannia Industries Ltd. Consumer Non Durables 0.88


Wipro Ltd. Software 0.81

Bajaj Finserv Ltd. Finance 0.77

Mahindra & Mahindra Ltd. Auto 0.76

Bajaj Auto Ltd. Auto 0.73


Oil & Natural Gas Corporation Ltd. Oil 0.69

Shree Cement Ltd. Cement 0.65



Hero MotoCorp Ltd. Auto 0.58

Indian Oil Corporation Ltd. Petroleum Products 0.58



Adani Ports & Special economic Zone Transportation 0.54

Grasim Industries Ltd. Cement 0.52

eicher Motors Ltd. Auto 0.50


JSW Steel Ltd. Ferrous Metals 0.41


Hindalco Industries Ltd. Non - Ferrous Metals 0.39

Bharti Infratel Ltd. Telecom - equipment & Accessories 0.38

Tata Motors Ltd. Auto 0.35


Zee entertainment enterprises Ltd. Media & entertainment 0.31

Yes Bank Ltd. Banks @

Sub Total 99.60


Grand Total 100.00

• Top Ten Holdings, £ Co-sponsor, @ Less than 0.01%

PORTFOLIO


0.310.380.390.500.540.690.720.820.981.082.212.272.712.742.78

4.5010.2511.31

13.3314.98

26.11

0 5 10 15 20 25 30

Media & EntertainmentTelecom - Equipment & Accessories

GasPesticides

TransportationOil

Non - Ferrous MetalsMinerals/Mining

Ferrous MetalsConsumer Durables

CementPower

PharmaceuticalsTelecom - Services

Construction ProjectAuto


Consumer Non DurablesSoftware

Banks

March 2020 23

CATEgORY OF SCHEME: INDEx FUND


EqUITY & EqUITY RElATED• HDFC Bank Ltd. Banks 10.46• Reliance Industries Ltd. Petroleum Products 10.09• Housing Development

Finance Corporation Ltd.£ Finance 7.91• Infosys Ltd. Software 6.58• ICICI Bank Ltd. Banks 5.87• Tata Consultancy Services Ltd. Software 5.38• Kotak Mahindra Bank Ltd. Banks 4.86• Hindustan Unilever Ltd. Consumer Non Durables 4.60• ITC Ltd. Consumer Non Durables 4.20• Larsen and Toubro Ltd. Construction Project 2.80Bharti Airtel Ltd. Telecom - Services 2.76Axis Bank Ltd. Banks 2.40State Bank of India Banks 2.12Asian Paints Ltd. Consumer Non Durables 2.10Bajaj Finance Ltd. Finance 1.64Nestle India Ltd. Consumer Non Durables 1.63Maruti Suzuki India Ltd. Auto 1.60HCL Technologies Ltd. Software 1.33NTPC Ltd. Power 1.14Power Grid Corporation of India Ltd. Power 1.14Titan Company Ltd. Consumer Durables 1.09Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.07Dr Reddys Laboratories Ltd. Pharmaceuticals 1.06UltraTech Cement Ltd. Cement 1.05Tech Mahindra Ltd. Software 0.98Britannia Industries Ltd. Consumer Non Durables 0.89Coal India Ltd. Minerals/Mining 0.82Wipro Ltd. Software 0.82Bajaj Finserv Ltd. Finance 0.78Mahindra & Mahindra Ltd. Auto 0.76Bajaj Auto Ltd. Auto 0.74Bharat Petroleum Corporation Ltd. Petroleum Products 0.71Oil & Natural Gas Corporation Ltd. Oil 0.70Shree Cement Ltd. Cement 0.66Cipla Ltd. Pharmaceuticals 0.60Indusind Bank Ltd. Banks 0.59Hero MotoCorp Ltd. Auto 0.58Indian Oil Corporation Ltd. Petroleum Products 0.58Tata Steel Ltd. Ferrous Metals 0.57


Adani Ports & Special economic Zone Transportation 0.54Grasim Industries Ltd. Cement 0.53eicher Motors Ltd. Auto 0.51UPL Ltd. Pesticides 0.50JSW Steel Ltd. Ferrous Metals 0.42GAIL (India) Ltd. Gas 0.40Hindalco Industries Ltd. Non - Ferrous Metals 0.39Bharti Infratel Ltd. Telecom - equipment

& Accessories 0.38Tata Motors Ltd. Auto 0.36Vedanta Ltd. Non - Ferrous Metals 0.33Zee entertainment enterprises Ltd. Media & entertainment 0.32Yes Bank Ltd. Banks @Sub Total 100.34Cash, Cash equivalents and Net Current Assets -0.34Grand Total 100.00• Top Ten Holdings, £ Co-sponsor, @ Less than 0.01%

KEY FACTS


The investment objective of the Scheme is to generate returns that are commensurate with the performance of the NIFTY 50 Index, subject to tracking errors.


FUND MANAgER

Krishan Kumar Daga (since October 19, 2015)



July 17, 2002


Regular Plan - Growth Option 78.4662Direct Plan - Growth Option 79.4445



qUANTITATIVE DATA


TRACKINg ERROR

Annualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.30%





EXIT lOAD

l In respect of each purchase / switch-in of Units, an exit Load of 0.25% is payable if Units are redeemed / switched-out within 3 days from the date of allotment.

l No exit load is payable if units are redeemed / switched out after 3 days from the date of allotment.


PLANS & OPTIONS

Regular Plan, Direct Plan. Each Plan offers Growth Option only.




Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,130.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 31, 2020 (` ‘000) 4,796.72 2,872.47 1,470.02 549.82 290.63 89.04 Returns (%) 8.48 5.95 3.98 -3.43 -13.43 -44.05 Benchmark Returns (%) # 10.46 7.35 4.64 -2.83 -12.84 -43.43 Additional Benchmark Returns (%) ## 11.17 7.88 5.41 -1.25 -10.62 -41.57




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year -25.40 -24.85 -22.69 7,460 7,515 7,731Mar 31, 17 Last 3 Years -1.32 -0.81 1.07 9,609 9,757 10,326Mar 31, 15 Last 5 Years 1.09 1.56 2.41 10,556 10,807 11,265Jul 17, 02 Since Inception 12.13 14.31 15.06 75,989 106,904 120,097

Returns greater than 1 year period are compounded annualized (CAGR). Since inception returns are calculated on ` 10.3260 (allotment price). For performance of other schemes managed by Krishan Kumar Daga, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 65.



l returns that are commensurate with the performance of the NIFTY 50, subject to tracking errors over long term

l investment in equity securities covered by the NIFTY 50

Riskometer



(An open ended scheme replicating / tracking NIFTY 50 index)HDFC Index Fund - NIFTY 50 Plan

PORTFOLIO


0.320.380.400.500.540.700.720.820.991.092.242.282.732.762.80

4.5510.3311.38

13.4215.09

26.30

0 5 10 15 20 25 30Media & Entertainment

Telecom - Equipment & AccessoriesGas

PesticidesTransportation

OilNon - Ferrous Metals

Minerals/MiningFerrous Metals

Consumer DurablesCement

PowerPharmaceuticals

Telecom - ServicesConstruction Project

AutoFinance

Petroleum ProductsConsumer Non Durables

SoftwareBanks

24 March 2020

CATEgORY OF SCHEME: ExCHANGE TRADED FUND

KEY FACTS

INVESTMENT OBjECTIVEThe investment objective of HDFC SENSEx ETF is to generate returns that are commensurate with the performance of the S&P BSe SeNSex Index, subject to tracking errors.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgERKrishan Kumar Daga (since December 09, 2015)


INCEPTION DATE (Date of Allotment)December 09, 2015

NAV (AS ON MARCH 31, 2020) NAV PER UNIT (`)Growth Option 3,111.64

ASSETS UNDER MANAgEMENT j (`) IN CROREAs on March 31, 2020 76.50Average for Month of March 2020 73.30


TRACKINg ERRORAnnualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.07%

TOTAL ExPENSE RATIO (As on March 31, 2020)Including Additional expenses and Goods and Service Tax on Management FeesHDFC SeNSex ETF 0.05%

#BENCHMARK INDEX: S&P BSe SeNSex (Total Returns Index)##ADDl. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)

EXIT lOADFor Creation Unit Size:l No exit load will be levied on redemptions made by

Authorised Participants / Large Investors directly with the Fund in Creation Unit Size.

For other than Creation Unit Size:l N.A. The Units of HSxETF in other than Creation Unit Size cannot

be directly redeemed with the Fund. These Units can be redeemed (sold) on a continuous basis on

the NSe and BSe during the trading hours on all trading days. Refer SID for further details.For further details, please refer to para ‘Exit Load’ on Pg 55.

PLANS & OPTIONSHDFC SENSEx ETF. Presently the Scheme does not offer any Plans / Options for investment

MINIMUM APPlICATION AMOUNT (Under each Plan / Option)Authorised Participants / large Investors: Application for subscription of HSxETF Units in Creation Unit Size can be made either: (i) in exchange of the Portfolio Deposit; or (ii) by depositing basket of securities comprising S&P BSe

SeNSex IndexEach Creation Unit Size will consist of 1,000 Units of HSxETF and 1 Unit of HSxETF will be approximately equal to 1/10th of the value of S&P BSe SeNSex Index. Other investors (including Authorised Participants and large Investors): Units of HSxETF can be subscribed (in lots of 1 Unit) during the trading hours on all trading days on the NSe and BSe on which the Units will be listed.

Face Value per Unit: ` 2,503.61, + Industry Classification as recommended by AMFI, Data is as of March 31, 2020 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year -22.70 -22.69 -24.85 7,730 7,731 7,515

Mar 31, 17 Last 3 Years 1.04 1.07 -0.81 10,316 10,326 9,757


Returns greater than 1 year period are compounded annualized (CAGR). * The Scheme does not offer any Plans/Options. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Krishan Kumar Daga, please refer page 55.


l returns that are commensurate with the performance of the S&P BSe SeNSex, subject to tracking errors over long term

l investment in equity securities covered by the S&P BSe SeNSex

Riskometer



j Includes investments made by the schemes of HDFC Mutual Fund aggregating to Rs. 24.49 Crores

(An open ended scheme replicating / tracking S&P BSE SENSEX index)HDFC SENSEX ETF


































Sub Total 99.58


Grand Total 100.00


PORTFOLIO


0.66

0.69

1.16

1.22

1.26

2.35

2.86

3.16

4.20

10.77

11.33

14.27

16.48

29.17

0 5 10 15 20 25 30

Ferrous Metals

Oil

Cement

Pharmaceuticals

Consumer Durables

Power

Telecom - Services


Auto

Finance

Petroleum Products


Software

Banks

March 2020 25

CATEgORY OF SCHEME: INDEx FUND

KEY FACTS


The investment objective of the Scheme is to generate returns that are commensurate with the performance of the S&P BSe SeNSex Index, subject to tracking errors.


FUND MANAgER

Krishan Kumar Daga (since October 19, 2015)



July 17, 2002


Regular Plan - Growth Option 261.8317Direct Plan - Growth Option 265.5775


As on March 31, 2020 956.68Average for Month of March 2020 825.41

qUANTITATIVE DATA


TRACKINg ERROR

Annualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.19%



#BENCHMARK INDEX: S&P BSe SeNSex (Total Returns Index)


EXIT lOAD

l In respect of each purchase / switch-in of Units, an exit Load of 0.25% is payable if Units are redeemed / switched-out within 3 days from the date of allotment.

l No exit load is payable if units are redeemed / switched out after 3 days from the date of allotment.


PLANS & OPTIONS

Regular Plan, Direct Plan. Each Plan offers Growth Option only.




Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,130.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 31, 2020 (` ‘000) 5,081.20 2,996.75 1,529.13 572.65 301.18 90.48 Returns (%) 9.05 6.47 4.74 -1.83 -11.26 -42.19 Benchmark Returns (%) # 11.17 7.88 5.41 -1.25 -10.62 -41.57 Additional Benchmark Returns (%) ## 10.46 7.35 4.64 -2.83 -12.84 -43.43




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year -23.25 -22.69 -24.85 7,675 7,731 7,515Mar 31, 17 Last 3 Years 0.51 1.07 -0.81 10,153 10,326 9,757Mar 31, 15 Last 5 Years 1.99 2.41 1.56 11,038 11,265 10,807Jul 17, 02 Since Inception 12.56 15.06 14.31 81,413 120,097 106,904

Returns greater than 1 year period are compounded annualized (CAGR). Since inception returns are calculated on ` 32.1610 (allotment price). For performance of other schemes managed by Krishan Kumar Daga, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 65.



l returns that are commensurate with the performance of the S&P BSe SeNSex, subject to tracking errors over long term.

l investment in equity securities covered by the S&P BSe SeNSex.

Riskometer



Note: Effective close of business hours of May 25, 2018, HDFC Index Fund - SENSEx Plan (the Scheme) underwent changes in Fundamental Attributes and HDFC Index Fund - SENSEx Plus Plan was merged therein. As the portfolio structuring of the Scheme is continued, its past performance is provided, in line with SeBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.

(An open ended scheme replicating / tracking S&P BSE SENSEX index)HDFC Index Fund - SENSEX Plan


































Sub Total 101.08

Cash, Cash equivalents and Net Current Assets -1.08

Grand Total 100.00


PORTFOLIO


0.66

0.70

1.19

1.24

1.27

2.39

2.90

3.20

4.28

10.93

11.48

14.46

16.75

29.63

0 5 10 15 20 25 30

Ferrous Metals

Oil

Cement

Pharmaceuticals

Consumer Durables

Power

Telecom - Services


Auto

Finance

Petroleum Products


Software

Banks

26 March 2020

CATEgORY OF SCHEME: eqUITY LINKeD SAVINGS SCHeMe

KEY FACTS


To generate capital appreciation / income from a portfolio, comprising predominantly of equity & equity related instruments.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Vinay Kulkarni (since November 21, 2006)



March 31, 1996





qUANTITATIVE DATA








EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout facility.


Purchase : ` 500 and in multiples of ` 500 thereafter.Additional Purchase : ̀ 500 and in multiples of ̀ 500 thereafter.

lOCK-IN PERIOD

3 years from the date of allotment of the respective Units



SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,880.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 31, 2020 (` ‘000) $$ 45,361.54 3,044.47 1,350.41 473.58 253.24 84.60 Returns (%) $$ 19.11 6.67 2.33 -9.25 -21.57 -49.64 Benchmark Returns (%) # 12.26 7.16 4.52 -4.47 -15.61 -44.09 Additional Benchmark Returns (%) ## 11.31 7.35 4.64 -2.83 -12.84 -43.43



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Mar 29, 19 Last 1 Year -32.50 -26.44 -24.85 6,750 7,356 7,515Mar 31, 17 Last 3 Years -8.79 -3.14 -0.81 7,585 9,088 9,757Mar 31, 15 Last 5 Years -2.23 1.29 1.56 8,935 10,660 10,807Mar 31, 96 Since Inception 20.59 11.86 10.75 897,409 147,549 116,146

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Vinay Kulkarni, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63. As TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of NIFTY 50 PRI values from Mar 29, 96 (Data for March 31, 96 is not available) to Jun 29, 99 and TRI values since Jun 30, 99. As NIFTY 500 TRI data is not available for March 31, 96, benchmark performance is calculated from March 29, 96.




l investment predominantly of equity & equity related instruments

Riskometer



(An open ended equity linked savings scheme with a statutory lock in of 3 years and tax benefit)HDFC TaxSaver



• ICICI Bank Ltd. Banks 8.57• Infosys Ltd. Software 7.55• NTPC Ltd. Power 7.55• HDFC Bank Ltd. Banks 6.82• State Bank of India Banks 6.71• Reliance Industries Ltd. Petroleum Products 6.47• Bharat Petroleum

Corporation Ltd. Petroleum Products 5.49• Larsen and Toubro Ltd. Construction Project 5.20• ITC Ltd. Consumer Non Durables 4.84• GAIL (India) Ltd. Gas 3.22Cipla Ltd. Pharmaceuticals 2.91Power Grid Corporation of India Ltd. Power 2.61Tata Steel Ltd. Ferrous Metals 2.48Bharti Airtel Ltd. Telecom - Services 2.38NHPC Ltd. Power 2.38Coal India Ltd. Minerals/Mining 2.36Axis Bank Ltd. Banks 2.02Oracle Financial Ser Software Ltd. Software 1.73Vedanta Ltd. Non - Ferrous Metals 1.54Bharat electronics Ltd. Industrial Capital Goods 1.43Solar Industries India Ltd. Chemicals 1.32L&T Technology Services Ltd. Software 1.14Lupin Ltd. Pharmaceuticals 1.06InterGlobe Aviation Ltd. Transportation 1.02Ambuja Cements Ltd. Cement 0.98Mahanagar Gas Ltd. Gas 0.93Aurobindo Pharma Ltd. Pharmaceuticals 0.92Hindustan Petroleum Corporation Ltd. Petroleum Products 0.88Gujarat Pipavav Port Ltd. Transportation 0.87Max Financial Services Ltd. Finance 0.75Kalpataru Power Transmission Ltd. Power 0.55Shriram Transport Finance Company Ltd. Finance 0.52Tata Motors Ltd. DVR Auto 0.50Tata Motors Ltd. Auto 0.42Power Finance Corporation Ltd. Finance 0.33BeML Ltd. Industrial Capital Goods 0.31eClerx Services Ltd. Software 0.31Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.21


Persistent Systems Ltd. Software 0.16Sadbhav engineering Ltd. Construction Project 0.15ITD Cementation India Ltd. Construction 0.12Hindustan Construction Company Ltd. Construction Project 0.11Dynamatic Technologies Ltd. Auto Ancillaries 0.09CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.06Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) Construction Project 0.06Somany Home Innovation Ltd. Construction 0.06SBI Cards and Payment Services Ltd. Finance 0.04MPS Ltd. Software 0.03Siti Networks Ltd. Media & entertainment @Sub Total 98.16Cash, Cash equivalents and Net Current Assets 1.84Grand Total 100.00• Top Ten Holdings, @ Less than 0.01%

PORTFOLIO


0.090.180.920.981.321.541.641.801.892.362.382.48

4.154.845.105.52

10.9212.8413.09

24.12

0 5 10 15 20 25 30

Auto AncillariesConstruction

AutoCement

ChemicalsNon - Ferrous Metals

FinanceIndustrial Capital Goods

TransportationMinerals/Mining

Telecom - ServicesFerrous Metals

GasConsumer Non Durables

PharmaceuticalsConstruction Project

SoftwarePetroleum Products

PowerBanks

March 2020 27

CATEgORY OF SCHEME: CHILDREN’S FUND

KEY FACTS


To generate capital appreciation / income from a portfolio of equity & equity related instruments and debt and money market instruments.


FUND MANAgER ¥

Chirag Setalvad (since April 2, 2007)

Total experience - Over 21 years


March 2, 2001


Regular Plan 98.154Direct Plan 104.119



qUANTITATIVE DATA

Portfolio Turnover Ratio (Last 1 year) 10.81%Average Maturity * 3.25 yearsMacaulay Duration * 2.68 yearsModified Duration * 2.50 yearsYield to Maturity * 7.56%* Computed on the invested amount for debt portfolio.





EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan.



lOCK-IN PERIOD

Fresh investments by investors including SIP/ STP registrations, etc (effective May 23, 2018):Lock-in period will be compulsory. Lock-in period shall be earlier ofl 5 Years from the date of allotment; orl Until the Unit holder (being the beneficiary child) attains

the age of majority (i.e. completion of 18 years)

(¥) Dedicated Fund Manager for Overseas Investments:Mr. Chirag Dagli (since July 22, 2019) (Total experience: Over 18 years).(Ω) eligibility (of Unit holder) : Children less than 18 years of age as on the date of investment by the Investor / Applicant are eligible as Unit holders in the Scheme. (π) Personal Accident Insurance Cover for Parent / Legal Guardian (upto the age of 80 years) of the Unit holder, equivalent to 10 times the cost value of the outstanding Units held by the Unit holder under all the applications / account statements / folios, subject to a maximum amount of ` 10 lakhs per Unit holder. The insurance premium in respect of the personal accident insurance cover will be borne by the AMC. This accident insurance cover is subject to conditions of the group personal accident insurance policy.


[An open ended fund for investment for children having a lock-in for atleast 5 years or till the child attains age of majority (whichever is earlier)] ΩπHDFC Children's Gift Fund









Larsen and Toubro Ltd. Construction Project 2.02



NIIT Technologies Ltd. Software 1.74


Britannia Industries Ltd. Consumer Non Durables 1.71

Oracle Financial Ser Software Ltd. Software 1.20



Ipca Laboratories Ltd. Pharmaceuticals 1.12

Aster DM Healthcare Ltd. Healthcare Services 1.09


Hexaware Technologies Ltd. Software 1.00


Cholamandalam Investment & Finance Finance 0.96

Voltas Ltd. Consumer Durables 0.95

AIA engineering Ltd. Industrial Products 0.85

Century Plyboards (India) Ltd. Consumer Durables 0.84

Finolex Industries Ltd. Industrial Products 0.82

Schaeffler India Ltd. Industrial Products 0.82

Apollo Tyres Ltd. Auto Ancillaries 0.75

Balkrishna Industries Ltd. Auto Ancillaries 0.75

Larsen & Toubro Infotech Ltd. Software 0.75


Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 0.69

Supreme Industries Ltd. Industrial Products 0.69



Voltamp Transformers Ltd. Industrial Capital Goods 0.63



VST Industries Ltd. Consumer Non Durables 0.57


Mahindra Holidays & Resorts Ind Ltd.


Motherson Sumi Systems Ltd. Auto Ancillaries 0.51

PNC Infratech Ltd. Construction 0.41

Vesuvius India Ltd. Industrial Products 0.41

Sonata Software Ltd. Software 0.40

Swaraj engines Ltd. Industrial Products 0.39



Cholamandalam Financial Holdings Ltd. Finance 0.38

Blue Star Ltd. Consumer Durables 0.36


Prince Pipes and Fittings Ltd. Industrial Products 0.28


eIH Ltd. Hotels/Resorts & Other Recreational Activities 0.26

eClerx Services Ltd. Software 0.25

Nilkamal Ltd. Industrial Products 0.24


IFB Industries Ltd. Consumer Durables 0.19

V.S.T Tillers Tractors Ltd. Auto 0.15

Indian Bank Banks 0.12



Yes Bank Ltd. Banks 0.03

Jyoti Structures Ltd. Power @

Sub Total 66.28

DEBT & DEBT RElATED





PORTFOLIO

28 March 2020


Since Inception SIP 15 year SIP 10 year SIP 5 Year SIP 3 Year SIP 1 Year SIP


Mkt Value As on March 31, 2020 (` ‘000) $ 9,064.01 4,266.83 1,789.36 578.53 306.01 97.00

Returns (%) $ 12.88 10.71 7.75 -1.43 -10.28 -33.52

Benchmark Returns (%) # N.A. 8.17 6.43 1.66 -4.63 -26.50

Additional Benchmark Returns (%) ## 11.24 7.35 4.64 -2.83 -12.84 -43.43

Assuming ̀ 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after accounting for the cash flow by using xIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital. N.A. Not Available.



(%) $

Benchmark Returns

(%)#


Returns(%) ##


Scheme (`) $

Benchmark (`)#

Additional Benchmark(`)##

Mar 29, 19 Last 1 Year -19.51 -12.78 -24.85 8,049 8,722 7,515

Mar 31, 17 Last 3 Years -0.73 2.60 -0.81 9,782 10,802 9,757

Mar 31, 15 Last 5 Years 3.26 4.24 1.56 11,744 12,309 10,807

Mar 02, 01 Since Inception 14.27 N.A. 11.96 127,600 N.A. 86,470

Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments. $ Adjusted for Bonus units declared under the Scheme. For performance of other schemes managed by Chirag Setalvad, please refer page 48. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.



l capital appreciation over long term.

l investment in equity and equity related instruments as well as debt and money market instruments.

Riskometer





equity 66.28

G-Sec 5.85

Credit exposure 24.83



equity 66.28

Sovereign 5.85

AAA/AAA(SO)/A1+/A1+(SO) & equivalent 11.27

AA+ 13.56


[An open ended fund for investment for children having a lock-in for atleast 5 years or till the child attains age of majority (whichever is earlier)] ΩπHDFC Children's Gift Fund .....Contd from previous page






Sub Total 5.85

CREDIT EXPOSURE

• Housing Development Finance Corporation Ltd.£ CRISIL - AAA 5.04

• Shriram Transport Finance Company Ltd. CRISIL - AA+ 3.94

• Axis Bank Ltd. CRISIL - AA+ 3.90

• Bank of Baroda CRISIL - AA+ 3.70

LIC Housing Finance Ltd. CRISIL - AAA 2.04


ICICI Bank Ltd. CARE - AA+ 1.58

L&T Infrastructure Finance Ltd. CRISIL - AAA 1.58

State Bank of India CRISIL - AA+ / CRISIL - AAA 1.48


Power Finance Corporation Ltd. CRISIL - AAA 0.09

Britannia Industries Ltd. CRISIL - AAA 0.02

Sub Total 24.83

Total 30.68


Grand Total 100.00


PORTFOLIOIndustry Allocation of Equity Holding (% of Net Assets)

0.15

0.24

0.39

0.41

0.42

1.01

1.09

1.17

1.49

1.72

1.81

2.06

2.09

2.34

2.40

4.94

5.78

5.79

7.77

9.70

13.51

0 2 4 6 8 10 12 14

Auto


Ferrous Metals

Construction

Media & Entertainment

Power

Healthcare Services

Pesticides

Hotels, Resorts & Other Recreational Activities

Telecom - Services



Pharmaceuticals

Consumer Durables

Auto Ancillaries


Petroleum Products

Industrial Products

Finance

Software

Banks

March 2020 29

CATEgORY OF SCHEME: RETIREMENT FUND

KEY FACTS


The investment objective of the Scheme is to provide long-term capital appreciation/income by investing in a mix of equity and debt instruments to help investors meet their retirement goals. There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Chirag Setalvad (Equities) (since February 25, 2016)

Total experience - Over 21 years &Shobhit Mehrotra (Debt) (since February 25, 2016)



February 25, 2016





qUANTITATIVE DATA

Portfolio Turnover Ratio 18.55%





EXIT lOAD

Upon completion of lock-in period: Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under Each Plan offers Growth Option only.



lOCK-IN PERIOD

Existing investments by investors including SIP / STP registrations, etc (until june 1, 2018):

Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units under the Scheme.

Fresh investments by investors including SIP / STP registrations, etc (effective june 2, 2018):

Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units or Retirement Age of Unit holder (i.e. completion of 60 years), whichever is earlier.





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year -26.73 -26.44 -24.85 7,327 7,356 7,515Mar 31, 17 Last 3 Years -3.98 -3.14 -0.81 8,853 9,088 9,757Feb 25, 16 Since Inception 5.88 5.96 6.69 12,637 12,679 13,042

Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Chirag Setalvad (equities) and Shobhit Mehrotra (Debt), please refer page 55. The Scheme is in existence for more than 1 year but less than 5 years. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 71.


l a corpus to provide for pension in the form of income to the extent of the redemption value of their holding after the age of 60 years.

l investment predominantly in equity and equity related instruments.

Riskometer




[An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier)]HDFC Retirement Savings Fund - Equity Plan

(A notified Tax Savings Cum Pension Scheme)

Company Industry+ / Rating % to NAVEqUITY & EqUITY RElATED• HDFC Bank Ltd. Banks 7.54• Housing Development

Finance Corporation Ltd.£ Finance 6.01• Reliance Industries Ltd. Petroleum Products 5.93• ITC Ltd. Consumer Non Durables 4.90• Infosys Ltd. Software 4.70• ICICI Bank Ltd. Banks 4.67• Larsen and Toubro Ltd. Construction Project 2.81• Timken India Ltd. Industrial Products 2.30State Bank of India Banks 2.01Aarti Industries Ltd. Chemicals 1.94Hindustan Petroleum Corporation Ltd. Petroleum Products 1.92Whirlpool of India Ltd. Consumer Durables 1.91Voltamp Transformers Ltd. Industrial Capital Goods 1.64Aurobindo Pharma Ltd. Pharmaceuticals 1.58Balkrishna Industries Ltd. Auto Ancillaries 1.45Bajaj electricals Ltd. Consumer Durables 1.43Power Grid Corporation of India Ltd. Power 1.38engineers India Ltd. Construction Project 1.37Mahindra Holidays & Resorts Ind Ltd.


Atul Ltd. Chemicals 1.32KeC International Ltd. Construction Project 1.29UPL Ltd. Pesticides 1.23Chambal Fertilizers & Chemicals Ltd. Fertilisers 1.16Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 1.14NIIT Technologies Ltd. Software 1.12Nilkamal Ltd. Industrial Products 1.12Carborundum Universal Ltd. Industrial Products 1.08Redington (India) Ltd. Transportation 1.03Tata Steel Ltd. Ferrous Metals 0.94Hexaware Technologies Ltd. Software 0.92Radico Khaitan Ltd. Consumer Non Durables 0.89Axis Bank Ltd. Banks 0.84Finolex Industries Ltd. Industrial Products 0.84Blue Star Ltd. Consumer Durables 0.83Tamilnadu Newsprint & Papers Ltd. Paper 0.80Voltas Ltd. Consumer Durables 0.74KeI Industries Ltd. Industrial Products 0.70Cholamandalam Investment & Finance Finance 0.69Kalpataru Power Transmission Ltd. Power 0.63Great eastern Shipping Company Ltd. Transportation 0.62eIH Ltd. Hotels/Resorts & Other

Recreational Activities 0.61T. V. Today Network Ltd. Media & entertainment 0.54Jagran Prakashan Ltd. Media & entertainment 0.53Sharda Cropchem Ltd. Pesticides 0.53Tata Metaliks Ltd. Ferrous Metals 0.53Alkyl Amines Chemicals Ltd. Chemicals 0.47

Company Industry+ / Rating % to NAVOriental Carbon & Chemicals Ltd. Chemicals 0.47Tube Investments of India Ltd. Auto Ancillaries 0.41IFB Industries Ltd. Consumer Durables 0.35Apar Industries Ltd. Industrial Capital Goods 0.27GNA Axles Ltd. Auto Ancillaries 0.26Vedanta Ltd. Non - Ferrous Metals 0.25Indusind Bank Ltd. Banks 0.21Zensar Technologies Ltd. Software 0.21Tata Motors Ltd. DVR Auto 0.19Greenply Industries Ltd. Consumer Durables 0.15SBI Cards and Payment Services Ltd. Finance 0.07Arti Surfactants Ltd. Chemicals 0.05CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.03Sub Total 82.91DEBT & DEBT RElATEDCREDIT EXPOSURE • Power Finance Corporation Ltd. CRISIL - AAA 4.11• Vedanta Ltd. CRISIL - AA 2.69L&T Infrastructure Finance Ltd. CRISIL - AAA 1.66Shriram Transport Finance Company Ltd. CRISIL - AA+ 1.25Syndicate Bank CARE - A+ 0.53Union Bank of India CARe - AA- 0.44Sub Total 10.68Cash, Cash equivalents and Net Current Assets 6.41Grand Total 100.00• Top Ten Holdings, £ Co-sponsor

PORTFOLIO


0.190.250.801.071.161.471.581.651.761.942.012.123.11

4.255.415.475.796.046.776.957.85

15.27

0 2 4 6 8 10121416Auto

Non - Ferrous MetalsPaper

Media & EntertainmentFertilisers

Ferrous MetalsPharmaceuticals

TransportationPesticides

Industrial Capital GoodsPower

Auto AncillariesHotels, Resorts & Other Recreational Activities

ChemicalsConsumer DurablesConstruction Project

Consumer Non DurablesIndustrial Products

FinanceSoftware

Petroleum ProductsBanks


Since Inception SIP 3 Year SIP 1 Year SIP

Total Amount Invested (` ‘000) 500.00 360.00 120.00 Mkt Value As on March 31, 2020 (` ‘000) 422.54 277.07 90.02 Returns (%) -7.84 -16.29 -42.79 Benchmark Returns (%) # -7.24 -15.61 -44.09 Additional Benchmark Returns (%) ## -5.14 -12.84 -43.43


30 March 2020


[An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier)]

HDFC Retirement Savings Fund - Hybrid Equity Plan(A notified Tax Savings Cum Pension Scheme)

Company Industry+ / Rating % to

NAV









Procter & Gamble Health Ltd. Pharmaceuticals 2.02

Timken India Ltd. Industrial Products 1.62

Hindustan Petroleum

Corporation Ltd. Petroleum Products 1.39

Aarti Industries Ltd. Chemicals 1.37

Whirlpool of India Ltd. Consumer Durables 1.37

NIIT Technologies Ltd. Software 1.32


engineers India Ltd. Construction Project 1.24

Power Grid Corporation of

India Ltd. Power 1.20

Voltamp Transformers Ltd. Industrial Capital Goods 1.17


Suprajit engineering Ltd. Auto Ancillaries 1.13

Balrampur Chini Mills Ltd. Consumer Non Durables 1.10


Bajaj electricals Ltd. Consumer Durables 0.96

Vesuvius India Ltd. Industrial Products 0.94

Nilkamal Ltd. Industrial Products 0.93

Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 0.91

Chambal Fertilizers &

Chemicals Ltd. Fertilisers 0.90

Mahindra Holidays & Resorts

Ind Ltd.

Hotels/Resorts & Other

Recreational Activities 0.85


Balkrishna Industries Ltd. Auto Ancillaries 0.80

KeC International Ltd. Construction Project 0.78


Redington (India) Ltd. Transportation 0.75

Blue Star Ltd. Consumer Durables 0.67


Sonata Software Ltd. Software 0.64

Crompton Greaves Consumer

electricals Ltd. Consumer Durables 0.63

Cholamandalam Investment

& Finance Finance 0.55

Tamilnadu Newsprint &

Papers Ltd. Paper 0.53

Company Industry+ / Rating % to

NAV


Voltas Ltd. Consumer Durables 0.41


Oriental Carbon & Chemicals Ltd. Chemicals 0.38

Kalpataru Power

Transmission Ltd. Power 0.36

NRB Bearing Ltd. Industrial Products 0.36

Cholamandalam Financial

Holdings Ltd. Finance 0.29




Shree Pushkar Chemicals &

Fertilisers Ltd. Chemicals 0.22

Shaily engineering Plastics Ltd. Industrial Products 0.18



The Anup engineering Ltd. Industrial Capital Goods 0.12

Tata Motors Ltd. DVR Auto 0.11



Arti Surfactants Ltd. Chemicals 0.03

SBI Cards and Payment

Services Ltd. Finance 0.03


Yes Bank Ltd. Banks 0.01

Sub Total 66.05

DEBT & DEBT RElATED


• 7.57 GOI 2033 Sovereign 4.06

Sub Total 4.06

CREDIT EXPOSURE



• Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 3.06


State Bank of India CRISIL - AA+ 2.57

Power Grid Corporation of

India Ltd. CRISIL - AAA 1.59


Reliance Jio Infocomm Ltd. CRISIL - AAA 0.81

Sub Total 24.56

Total 28.62


Grand Total 100.00


PORTFOLIO

KEY FACTS


The investment objective of the Scheme is to provide long-term capital appreciation/income by investing in a mix of equity and debt instruments to help investors meet their retirement goals. There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥


Total experience - Over 21 years &

Shobhit Mehrotra (Debt) (since February 25, 2016)



February 25, 2016





qUANTITATIVE DATA

Portfolio Turnover Ratio 16.04%Average Maturity * 4.89 yearsMacaulay Duration * 3.62 yearsModified Duration * 3.39 yearsYield to Maturity * 6.55%* Computed on the invested amount for debt portfolio.





EXIT lOAD

Upon completion of lock-in period: Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under Each Plan offers Growth Option only.



lOCK-IN PERIOD

Existing investments by investors including SIP / STP registrations, etc (until june 1, 2018):

Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units under the Scheme.

Fresh investments by investors including SIP / STP registrations, etc (effective june 2, 2018):

Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units or Retirement Age of Unit holder (i.e. completion of 60 years), whichever is earlier.


(The Plan underwent Change in Fundamental Attributes i.e. change in Asset Allocation Pattern w.e.f. March 14, 2019).


March 2020 31


n equity 66.05

n G-Sec 4.06




n equity 66.05n Sovereign 4.06n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 16.42n AA+ 2.57n AA/AA- 4.51n A+ & Below 1.06n Cash, Cash equivalents and Net

Current Assets 5.33



l investment predominantly in equity and equity related instruments & balance in debt and money market instruments.

Riskometer





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year -18.48 -12.78 -24.85 8,152 8,722 7,515

Mar 31, 17 Last 3 Years -0.35 2.60 -0.81 9,896 10,802 9,757

Feb 25, 16 Since Inception 8.05 7.92 6.69 13,736 13,669 13,042

Returns greater than 1 year period are compounded annualized (CAGR). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Chirag Setalvad (equities) and Shobhit Mehrotra (Debt), please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 71.


[An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age(whichever is earlier)]

HDFC Retirement Savings Fund - Hybrid Equity Plan(A notified Tax Savings Cum Pension Scheme)


0.110.140.260.410.530.750.850.901.561.762.002.202.473.164.044.674.995.195.665.906.06

12.44

0 2 4 6 8 10 12 14Auto


Ferrous MetalsPaper

TransportationPesticidesFertilisers

PowerHotels, Resorts & Other Recreational Activities

ChemicalsAuto Ancillaries

Industrial Capital GoodsPharmaceuticals

Consumer DurablesConstruction Project

Consumer Non DurablesIndustrial Products

Petroleum ProductsFinance

SoftwareBanks

.....Contd from previous page



Total Amount Invested (` ‘000) 500.00 360.00 120.00

Mkt Value As on March 31, 2020 (` ‘000) 471.82 310.58 98.17

Returns (%) -2.72 -9.36 -31.93

Benchmark Returns (%) # 0.20 -4.63 -26.50

Additional Benchmark Returns (%) ## -5.14 -12.84 -43.43


32 March 2020


KEY FACTS

INVESTMENT OBjECTIVEThe investment objective of the Scheme is to provide long-term capital appreciation/income by investing in a mix of equity and debt instruments to help investors meet their retirement goals. There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥


Total experience - Over 21 years &Shobhit Mehrotra (Debt) (since February 26, 2016)


INCEPTION DATE (Date of Allotment)February 26, 2016

NAV (AS ON MARCH 31, 2020) NAV PER UNIT (`)Regular Plan 13.2905Direct Plan 14.0991


qUANTITATIVE DATAAverage Maturity * 4.31 yearsMacaulay Duration * 3.19 yearsModified Duration * 3.01 yearsYield to Maturity * 6.42%* Computed on the invested amount for debt portfolio.


#BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 15:85 Index##ADDl. BENCHMARK INDEX: CRISIL 10 Year Gilt Index

EXIT lOADUpon completion of lock-in period: Nil

PLANS & OPTIONSRegular Plan, Direct Plan. Under Each Plan offers Growth Option only.MINIMUM APPlICATION AMOUNTPurchase : ` 5,000 and any amount thereafter.Additional Purchase : ` 1,000 and any amount thereafter.

lOCK-IN PERIODExisting investments by investors including SIP / STP registrations, etc (until june 1, 2018):Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units under the Scheme. Fresh investments by investors including SIP / STP registrations, etc (effective june 2, 2018): Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units or Retirement Age of Unit holder (i.e. completion of 60 years), whichever is earlier.¥ Dedicated Fund Manager for Overseas Investments:

Mr. Chirag Dagli (since July 22, 2019) (Total experience: Over 18 years).



Returns (%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme

(`)Benchmark

(`)#Additional

Benchmark (`)##

Mar 29, 19 Last 1 Year 1.39 5.85 14.55 10,139 10,585 11,455Mar 31, 17 Last 3 Years 4.16 6.74 6.85 11,300 12,162 12,200Feb 26, 16 Since Inception 7.19 8.82 8.65 13,291 14,139 14,046

Returns greater than 1 year period are compounded annualized (CAGR). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Chirag Setalvad (equities) and Shobhit Mehrotra (Debt), please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 71.



l investment predominantly in debt and money market instruments & balance in equity and equity related instruments.

Riskometer




n equity 10.63

n G-Sec 17.11




n equity 10.63n Sovereign 17.11n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 17.67n AA+ 9.40n AA/AA- 11.60n A+ & Below 8.93n Cash, Cash equivalents and

Net Current Assets 24.66

[An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier)]

HDFC Retirement Savings Fund - Hybrid Debt Plan(A notified Tax Savings Cum Pension Scheme)

Company Industry+ / Rating % to NAVEqUITY & EqUITY RElATEDICICI Bank Ltd. Banks 1.04HDFC Bank Ltd. Banks 0.76Aarti Industries Ltd. Chemicals 0.65Reliance Industries Ltd. Petroleum Products 0.58NIIT Technologies Ltd. Software 0.55Infosys Ltd. Software 0.48Larsen and Toubro Ltd. Construction Project 0.35Voltamp Transformers Ltd. Industrial Capital Goods 0.34Alkyl Amines Chemicals Ltd. Chemicals 0.31Timken India Ltd. Industrial Products 0.30Avanti Feeds Ltd. Consumer Non Durables 0.29Axis Bank Ltd. Banks 0.29Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.28Redington (India) Ltd. Transportation 0.27Carborundum Universal Ltd. Industrial Products 0.26State Bank of India Banks 0.24Blue Star Ltd. Consumer Durables 0.23SKF India Ltd. Industrial Products 0.23Vesuvius India Ltd. Industrial Products 0.23Tata Steel Ltd. Ferrous Metals 0.22Bajaj electricals Ltd. Consumer Durables 0.20Mahindra Holidays & Resorts Ind Ltd.


Hindustan Petroleum Corporation Ltd. Petroleum Products 0.19Oriental Carbon & Chemicals Ltd. Chemicals 0.19Power Grid Corporation of India Ltd. Power 0.19Nilkamal Ltd. Industrial Products 0.17The Anup engineering Ltd. Industrial Capital Goods 0.17Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 0.15GNA Axles Ltd. Auto Ancillaries 0.13Insecticides (India) Ltd. Pesticides 0.13Kalpataru Power Transmission Ltd. Power 0.12NRB Bearing Ltd. Industrial Products 0.12Apar Industries Ltd. Industrial Capital Goods 0.11Aurobindo Pharma Ltd. Pharmaceuticals 0.11

Company Industry+ / Rating % to NAVTube Investments of India Ltd. Auto Ancillaries 0.11Poddar Pigments Ltd. Chemicals 0.10Bank of Baroda Banks 0.09Time Technoplast Ltd. Industrial Products 0.08Tamilnadu Newsprint & Papers Ltd. Paper 0.06SBI Cards and Payment Services Ltd. Finance 0.05Arti Surfactants Ltd. Chemicals 0.02Sadbhav engineering Ltd. Construction Project 0.02Tata Motors Ltd. DVR Auto 0.02Sub Total 10.63DEBT & DEBT RElATEDgOVERNMENT SECURITIES (CENTRAl/STATE)• 7.57 GOI 2033 Sovereign 10.51• 6.79 GOI 2029 Sovereign 6.60Sub Total 17.11CREDIT EXPOSURE • Vedanta Ltd. CRISIL - AA 9.07• Indian Railways Finance

Corporation Ltd. CRISIL - AAA 7.02• Starlite Lighting Ltd.

(Corporate Guarantee of Bajaj electrical Ltd.) ICRA - A-(Ce) 6.32

• State Bank of India CRISIL - AA+ 5.87• Shriram Transport Finance

Company Ltd. CRISIL - AA+ 3.53• Jamnagar Utilities & Power

Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 3.30

• L&T Infrastructure Finance Ltd. CRISIL - AAA 3.27• Reliance Jio Infocomm Ltd. CRISIL - AAA 2.66Syndicate Bank CARE - A+ 2.61Union Bank of India CARe - AA- 2.53Power Finance Corporation Ltd. CRISIL - AAA 1.42Sub Total 47.60Total 64.71Cash, Cash equivalents and Net Current Assets 24.66Grand Total 100.00• Top Ten Holdings

PORTFOLIO



Total Amount Invested (` ‘000) 500.00 360.00 120.00 Mkt Value As on March 31, 2020 (` ‘000) 545.92 374.57 118.49 Returns (%) 4.17 2.60 -2.32 Benchmark Returns (%) # 6.90 6.33 1.61 Additional Benchmark Returns (%) ## 8.85 10.19 13.46


March 2020 33

CATEgORY OF SCHEME: EqUITY SAVINGS FUND

KEY FACTS

INVESTMENT OBjECTIVETo provide capital appreciation by investing in equity & equity related instruments, Arbitrage opportunities, and Debt & money market instruments.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Vinay Kulkarni (equities) (since November 21, 2006)

Total experience: Over 29 years Krishan Kumar Daga (equities) (since January 08, 2016)

Total experience: Over 22 yearsAnil Bamboli (Debt) (since September 17, 2004)


INCEPTION DATE (Date of Allotment)September 17, 2004



qUANTITATIVE DATAPortfolio Turnover Ratio 21.19%Average Maturity * 1.89 yearsMacaulay Duration * 1.66 yearsModified Duration * 1.52 yearsYield to Maturity * 8.36%* Computed on the invested amount for debt portfolio.


#BENCHMARK INDEX: 40% NIFTY 50 Arbitrage Index, 30% CRISIL Short Term Bond Fund Index and 30% NIFTY 50 (Total Returns Index)


EXIT lOADl In respect of each purchase / switch-in of Units, upto 15%

of the units may be redeemed without any exit load from the date of allotment.








This product is suitable for investors who are seeking ~l capital appreciation while generating income over medium to

long term.l provide capital appreciation and income distribution to the

investors by using equity and equity related instruments, arbitrage opportunities, and investments in debt and money market instruments.

Riskometer



SIP PERFORMANCE ^ - Regular plan - growth OptionSince Inception SIP 15 year SIP 10 year SIP 5 Year SIP 3 Year SIP 1 Year SIP

Total Amount Invested (` ‘000) 1,870.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 31, 2020 (` ‘000) 3,381.32 3,156.55 1,601.48 622.75 335.67 107.16 Returns (%) 7.19 7.11 5.63 1.47 -4.49 -19.26 Benchmark Returns (%) # N.A. N.A. 6.81 4.20 1.36 -9.74 Additional Benchmark Returns (%) ## 7.92 7.35 4.64 -2.83 -12.84 -43.43

Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after accounting for the cash flow by using xIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital. N.A. Not Available.

PERFORMANCE ^ - Regular plan - growth OptionDate Period^^ Scheme

Returns (%)

Benchmark Returns

(%)#


Returns (%) ##


(`)#Additional

Benchmark (`)##

Mar 29, 19 Last 1 Year -10.32 -2.60 -24.85 8,968 9,740 7,515Mar 31, 17 Last 3 Years 0.45 4.52 -0.81 10,135 11,420 9,757Mar 31, 15 Last 5 Years 4.93 5.49 1.56 12,724 13,065 10,807Sep 17, 04 Since Inception 7.98 N.A. 12.26 32,969 N.A. 60,341

^^Effective December 16, 2015, certain changes, including changes to fundamental attributes, were effected in the erstwhile HDFC Multiple Yield Fund, (an open ended income scheme) which was renamed as HDFC Equity Savings Fund, an open ended equity scheme. On account of these changes, the performance during the period(s) from September 17, 2004 to December 15, 2015 is not comparable.Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark, since a portion of scheme’s investments are made in debt instruments. Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Vinay Kulkarni (equities), Krishan Kumar Daga (equities) and Anil Bamboli (Debt), please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 72.^Past performance may or may not be sustained in the future. Load is not taken into consideration for computation of performance.

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of March 31, 2020 unless otherwise specified. ...Contd on next page

PORTFOLIO





(An open ended scheme investing in equity, arbitrage and debt)HDFC Equity Savings Fund




• Housing Development Finance Corporation Ltd.£ Finance 8.11 8.11

• Reliance Industries Ltd. Petroleum Products 5.08 2.26

• Infosys Ltd. Software 4.87 0.93

• NTPC Ltd. Power 4.03 0.00

• State Bank of India Banks 3.38 0.36

• Larsen and Toubro Ltd. Construction Project 2.84 0.32

• ICICI Bank Ltd. Banks 2.81 0.00

• HDFC Bank Ltd. Banks 2.69 0.00



ITC Ltd. Consumer Non Durables 2.33 0.57

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 2.09 2.09

Bajaj Finance Ltd. Finance 1.89 1.89

Dr Reddys Laboratories Ltd. Pharmaceuticals 1.79 1.79

Tata Steel Ltd. Ferrous Metals 1.36 0.92

Axis Bank Ltd. Banks 1.23 0.87

Aurobindo Pharma Ltd. Pharmaceuticals 1.22 0.67

GAIL (India) Ltd. Gas 1.12 0.00

SBI Cards and Payment Services Ltd. Finance 1.04 0.00

Ambuja Cements Ltd. Cement 0.80 0.17

PORTFOLIO


0.010.100.120.260.330.440.570.680.69

1.111.171.211.301.47

2.582.61

3.694.07

5.488.88

0 1 2 3 4 5 6 7 8 9

Media & EntertainmentAuto Ancillaries

PesticidesAuto

ConstructionFerrous Metals

Non - Ferrous MetalsCement

Minerals/MiningTransportation

GasIndustrial Capital Goods

FinancePharmaceuticals

Consumer Non DurablesConstruction ProjectPetroleum Products

SoftwarePowerBanks

34 March 2020

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of March 31, 2020 unless otherwise specified.

(An open ended scheme investing in equity, arbitrage and debt) .....Contd from previous pageHDFC Equity Savings Fund



Power Grid Corporation of India Ltd. Power 0.75 0.00

Lupin Ltd. Pharmaceuticals 0.73 0.16

Vedanta Ltd. Non - Ferrous Metals 0.70 0.13

Coal India Ltd. Minerals/Mining 0.69 0.00

Hindustan Unilever Ltd. Consumer Non Durables 0.68 0.68

Bharat Petroleum Corporation Ltd. Petroleum Products 0.67 0.02

Bharti Airtel Ltd. Telecom - Services 0.65 0.65

Titan Company Ltd. Consumer Durables 0.64 0.64

Hindalco Industries Ltd. Non - Ferrous Metals 0.63 0.63

Dabur India Ltd. Consumer Non Durables 0.57 0.57

Mahindra & Mahindra Ltd. Auto 0.51 0.51

Tata Motors Ltd. Auto 0.51 0.34

Gujarat Pipavav Port Ltd. Transportation 0.47 0.00

HCL Technologies Ltd. Software 0.44 0.44

Shriram Transport Finance Company Ltd. Finance 0.43 0.42

United Spirits Ltd. Consumer Non Durables 0.43 0.43

LIC Housing Finance Ltd. Finance 0.42 0.42

Adani Ports & Special economic Zone Transportation 0.40 0.02

JSW Steel Ltd. Ferrous Metals 0.40 0.40

BeML Ltd. Industrial Capital Goods 0.39 0.00

NHPC Ltd. Power 0.39 0.00

Cipla Ltd. Pharmaceuticals 0.36 0.01

Grasim Industries Ltd. Cement 0.36 0.36

Colgate-Palmolive (I) Ltd. Consumer Non Durables 0.35 0.01

Tata Consultancy Services Ltd. Software 0.31 0.31

Asian Paints Ltd. Consumer Non Durables 0.29 0.29

Centum electronics Ltd. Industrial Capital Goods 0.29 0.00

Bharat electronics Ltd. Industrial Capital Goods 0.28 0.00

CeSC Ltd. Power 0.27 0.00

Container Corporation of India Ltd. Transportation 0.26 0.00

emami Ltd. Consumer Non Durables 0.26 0.00

Hero MotoCorp Ltd. Auto 0.26 0.26

Power Finance Corporation Ltd. Finance 0.25 0.00

UPL Ltd. Pesticides 0.24 0.12

DLF Ltd. Construction 0.23 0.23

escorts Ltd. Auto 0.23 0.23

Hindustan Petroleum Corporation Ltd. Petroleum Products 0.22 0.00

JMC Projects (India) Ltd. Construction 0.22 0.00

Tata Consumer Products Ltd. Consumer Non Durables 0.22 0.00

Maruti Suzuki India Ltd. Auto 0.20 0.20

Cadila Healthcare Ltd. Pharmaceuticals 0.19 0.19

Mahindra & Mahindra Financial Services Ltd. Finance 0.19 0.19

Texmaco Rail & engineering Ltd. Industrial Capital Goods 0.16 0.00

The Federal Bank Ltd. Banks 0.15 0.15

Nestle India Ltd. Consumer Non Durables 0.14 0.14

Newgen Software Technologies Ltd. Software 0.13 0.00

Max Financial Services Ltd. Finance 0.12 0.12

Adani Power (Mundra) Ltd. (Secured by Shares of Adani Port & SeZ Ltd.) Power 0.11 0.11

Apollo Tyres Ltd. Auto Ancillaries 0.10 0.00

Ashoka Buildcon Ltd. Construction Project 0.09 0.00

ITD Cementation India Ltd. Construction 0.09 0.00

Tata Motors Ltd. DVR Auto 0.09 0.00

Titagarh Wagons Ltd. Industrial Capital Goods 0.09 0.00

UltraTech Cement Ltd. Cement 0.09 0.09



Mahanagar Gas Ltd. Gas 0.07 0.02

Zee entertainment enterprises Ltd. Media & entertainment 0.07 0.07

Petronet LNG Ltd. Gas 0.06 0.06

Pidilite Industries Ltd. Chemicals 0.06 0.06

equitas Holdings Ltd. Finance 0.05 0.05

Orient Cement Ltd. Cement 0.05 0.00

Tech Mahindra Ltd. Software 0.05 0.05

Century Textiles & Industries Ltd. Paper 0.04 0.04

Kalpataru Power Transmission Ltd. Power 0.04 0.00

ACC Ltd. Cement 0.02 0.02

Bajaj Auto Ltd. Auto 0.02 0.02

Bajaj Finserv Ltd. Finance 0.02 0.02

Bosch Ltd. Auto Ancillaries 0.02 0.02

NBCC (India) Ltd. Construction 0.02 0.00

S Chand and Company Ltd. Media & entertainment 0.01 0.00

Torrent Power Ltd. Power 0.01 0.01

Biocon Ltd.Pharmaceuticals @

eClerx Services Ltd. Software @

Tata Chemicals Ltd. Chemicals @

United Breweries Ltd. Consumer Non Durables @Sub Total 67.63

Preference Shares

Zee entertainment enterprises Ltd. Media & entertainment @

Sub Total @

Total 67.63

DEBT & DEBT RElATED



Sub Total 0.64

CREDIT EXPOSURE

• Punjab National Bank IND - A 6.11

• Syndicate Bank CARE - A+ 2.54


Muthoot Finance Ltd. ICRA - AA 1.81

Union Bank of India CARe - AA- / IND - AA 1.65

Vedanta Ltd. CRISIL - AA 1.51

Shriram City Union Finance Ltd. CRISIL - AA 1.19

HDFC Bank Ltd. CARE - AA+ 0.97

ReC Ltd. CRISIL - AAA 0.96


State Bank of India CARE - AA+ 0.44

Aarish Solar Power Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.33

Bank of Baroda CARe - AA 0.30

JM Financial Asset Reconstruction Company Ltd. ICRA - AA- 0.02

Sub Total 20.89

Total 21.53

Short Term Deposits as margin for Futures & Options 9.25

Cash margin 3.88


Grand Total 100.00

• Top Ten Holdings, £ Co-sponsor , @ Less than 0.01%

Outstanding exposure in derivative instruments (` in Crore) 1,018.07

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 30.89

PORTFOLIO

March 2020 35

CATEgORY OF SCHEME: CONSERVATIVE HYBRID FUND

KEY FACTS


To generate income / capital appreciation by investing primarily in debt securities, money market instruments and moderate exposure to equities.


FUND MANAgER ¥

Prashant Jain (equities) (since December 26, 2003)

Total experience: Over 27 years &Shobhit Mehrotra (Debt) (since September 1, 2007)



December 26, 2003


Regular Plan - Growth Option 44.3409Regular Plan - Monthly Dividend Option 11.4907Regular Plan - quarterly Dividend Option 12.0636Direct Plan - Growth Option 45.9861Direct Plan - Monthly Dividend Option 12.1003Direct Plan - quarterly Dividend Option 12.7034



qUANTITATIVE DATA

Average Maturity * 4.40 yearsMacaulay Duration * 3.57 yearsModified Duration * 3.31 yearsYield to Maturity * 8.18%* Computed on the invested amount for debt portfolio.




##ADDl. BENCHMARK INDEX: CRISIL 10 year Gilt Index

EXIT lOAD

l In respect of each purchase / switch-in of Units, 15% of the Units (“the limit”) may be redeemed without any exit load from the date of allotment.

l Any redemption in excess of the limit shall be subject to the following exit load:


l No exit load is payable if Units are redeemed / switched-out after 1 year from the date of allotment.


PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan : Growth, Monthly Dividend & quarterly Dividend Option. The Dividend Option offers Dividend Payout and Reinvestment facility.


Purchase: (Growth & quarterly Dividend Option) - ` 5,000 and any amount thereafter. (Monthly Dividend Option) - ` 25,000 and any amount thereafter.Additional Purchase : ` 1,000 and any amount thereafter.


Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of March 31, 2020 unless otherwise specified.



ICICI Bank Ltd. Banks 2.37

Infosys Ltd. Software 2.13


Housing Development Finance Corporation Ltd.£ Finance 1.65


ITC Ltd. Consumer Non Durables 1.32





IRB Infrastructure Developers Ltd. Construction 0.91



Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.65


NHPC Ltd. Power 0.49



Mishra Dhatu Nigam Ltd. Ferrous Metals 0.41














elecon engineering Comapny Ltd. Industrial Capital Goods 0.01



Tata Motors Ltd. DVR Auto @

Sub Total 24.30


DEBT & DEBT RElATED





GOI 2023 Sovereign 0.32




8.10% Tamil Nadu SDL - Mat 110325 Sovereign 0.11



Sub Total 2.96

CREDIT EXPOSURE


• TATA Housing Development Company Ltd. CARe - AA 4.64

• Reliance Industries Ltd. CRISIL - AAA 4.12

• DLF Ltd. ICRA - A+ 4.05

• Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CRISIL - AAA 3.99

• Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 3.95


• Indian Railways Finance Corporation Ltd. CRISIL - AAA 3.73

• First Business Receivables Trust (PTC banked by receivables from Reliance Corporate IT Park Ltd.) CRISIL - AAA(SO) 3.49

• Manappuram Finance Ltd. CARe - AA 3.01


Shriram City Union Finance Ltd. CARE - AA+ / CRISIL - AA 2.92

Shriram Transport Finance Company Ltd. CRISIL - AA+ 2.79

Housing and Urban Development Corporation Ltd. CARe - AAA 2.20

National Highways Authority of India CRISIL - AAA 2.16

Tata Realty and Infrastructure Ltd. CRISIL - AA 2.16

Tata Projects Ltd. IND - AA 2.03

The Tata Power Company Ltd. CRISIL - AA- 1.69

Canara Bank ICRA - AA- 1.59

Hindalco Industries Ltd. CRISIL - AA 1.53

(An open ended hybrid scheme investing predominantly in debt instruments)HDFC Hybrid Debt Fund

PORTFOLIO

36 March 2020



l to generate long-term income / capital appreciation

l investments primarily in debt securities, money market instruments and moderate exposure to equities

Riskometer




Since Inception SIP

15 year SIP 10 year SIP 5 Year SIP 3 Year SIP 1 Year SIP


Mkt Value As on March 31, 2020 (` ‘000) 4,127.42 3,454.49 1,693.92 648.87 359.34 114.28

Returns (%) 8.52 8.20 6.71 3.09 -0.12 -8.73

Benchmark Returns (%) # 8.42 8.43 8.27 7.15 6.33 1.61

Additional Benchmark Returns (%) ## 7.17 7.39 8.04 8.64 10.19 13.46




(%)

Benchmark Returns

(%)#


Returns (%) ##



Additional Benchmark (`)##

Mar 29, 19 Last 1 Year -3.26 5.85 14.55 9,674 10,585 11,455

Mar 31, 17 Last 3 Years 2.29 6.74 6.85 10,704 12,162 12,200

Mar 31, 15 Last 5 Years 5.09 7.45 8.06 12,821 14,328 14,737


Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. For performance of other schemes managed by Prashant Jain (Equities) and Shobhit Mehrotra (Debt), please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 72.


Note: Effective close of business hours of May 25, 2018, HDFC MF Monthly Income Plan – Long Term Plan (MIP-LTP) underwent changes in Fundamental Attributes and was renamed as HDFC Hybrid Debt Fund (HHDF) and HDFC MF Monthly Income Plan – Short Term Plan was merged therein. As the portfolio structuring of HHDF closely resembles the erstwhile MIP-LTP, the past performance of MIP-LTP is provided, in line with SeBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.


n equity 24.30

n G-Sec, SDL 2.96







(An open ended hybrid scheme investing predominantly in debt instruments) .....Contd from previous pageHDFC Hybrid Debt Fund



Andhra Pradesh expressway Ltd. (NHAI Annuity) ICRA - AAA(SO) 1.40



Coastal Gujarat Power Ltd. (Corporate Guarantee of Tata Power) CARe - AA(SO) 0.97

Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) CARe - D 0.82


Power Grid Corporation of India Ltd. CRISIL - AAA 0.23

Bharati Telecom Ltd. CRISIL - AA+ 0.07

Tata Steel Ltd. CARe - AA 0.05

Sub Total 69.73

Total 72.69


Grand Total 100.00


PORTFOLIO

March 2020 37

CATEgORY OF SCHEME: ARBITRAGE FUND

KEY FACTS


To generate income through arbitrage opportunities and debt & money market instruments.


FUND MANAgER ¥

Krishan Kumar Daga (since September 10, 2015)



October 23, 2007


Retail PlanRegular Plan - Growth Option 22.733Regular Plan - Dividend Option 16.885Regular Plan - quarterly Dividend Option 16.151Direct Plan - Growth Option 23.594Direct Plan - quarterly Dividend Option 17.880

Wholesale PlanRegular Plan - Growth Option 23.257Regular Plan - Dividend Option 10.343Regular Plan - Monthly Dividend Option 10.808Direct Plan - Growth Option 14.885Direct Plan - Dividend Option 10.732Direct Plan - Monthly Dividend Option 10.484



qUANTITATIVE DATA

Portfolio Turnover Ratio 113.81%Average Maturity * 232 daysMacaulay Duration * 226 daysModified Duration * 201 daysYield to Maturity * 5.87%* Computed on the invested amount for debt portfolio.



#BENCHMARK INDEX: NIFTY 50 Arbitrage Index


EXIT lOAD

l In respect of each purchase / switch-in of Units, an exit Load of 0.25% is payable if Units are redeemed / switched-out within 1 month from the date of allotment.

l No exit Load is payable if Units are redeemed / switched-out after 1 month from the date of allotment.


PLANS & OPTIONS

(Wholesale Plan) - Regular Plan, (Wholesale Plan) - Direct Plan.Under Each Plan : Growth & Dividend. Dividend Option offers Monthly Dividend Option and Normal Dividend Option with Payout and Reinvestment facility.


Purchase/Additional Purchase: ̀ 1 lakh and any amount thereafter.



EqUITY & EqUITY RElATED (quantity fully hedged using Futures/Options)EqUITY• Reliance Industries Ltd. Petroleum Products 8.44• Housing Development

Finance Corporation Ltd.£ Finance 7.54• Sun Pharmaceutical

Industries Ltd. Pharmaceuticals 4.25• Maruti Suzuki India Ltd. Auto 2.91• Infosys Ltd. Software 2.32• Hindustan Unilever Ltd. Consumer Non Durables 2.29• Bharti Airtel Ltd. Telecom - Services 2.11• ITC Ltd. Consumer Non Durables 1.66Mahindra & Mahindra Ltd. Auto 1.52Adani Ports & Special economic Zone Transportation 1.47Larsen and Toubro Ltd. Construction Project 1.46Dr Reddys Laboratories Ltd. Pharmaceuticals 1.42UltraTech Cement Ltd. Cement 1.42Grasim Industries Ltd. Cement 1.37Axis Bank Ltd. Banks 1.29JSW Steel Ltd. Ferrous Metals 1.16Indusind Bank Ltd. Banks 1.02Aurobindo Pharma Ltd. Pharmaceuticals 0.98Tech Mahindra Ltd. Software 0.97United Spirits Ltd. Consumer Non Durables 0.90Nestle India Ltd. Consumer Non Durables 0.89Hero MotoCorp Ltd. Auto 0.88Bharat Petroleum Corporation Ltd. Petroleum Products 0.85Divis Laboratories Ltd. Pharmaceuticals 0.84HCL Technologies Ltd. Software 0.83Godrej Consumer Products Ltd. Consumer Non Durables 0.78Ambuja Cements Ltd. Cement 0.74Asian Paints Ltd. Consumer Non Durables 0.58Dabur India Ltd. Consumer Non Durables 0.52State Bank of India Banks 0.52Bajaj Finance Ltd. Finance 0.50UPL Ltd. Pesticides 0.50Cipla Ltd. Pharmaceuticals 0.49Tata Consultancy Services Ltd. Software 0.49Hindalco Industries Ltd. Non - Ferrous Metals 0.42Coal India Ltd. Minerals/Mining 0.39Pidilite Industries Ltd. Chemicals 0.37Colgate-Palmolive (I) Ltd. Consumer Non Durables 0.33Marico Ltd. Consumer Non Durables 0.33Lupin Ltd. Pharmaceuticals 0.32ICICI Prudential Life Insurance Company Ltd. Finance 0.27Tata Motors Ltd. Auto 0.26The Tata Power Company Ltd. Power 0.26GAIL (India) Ltd. Gas 0.25HDFC Life Insurance Company Ltd. Finance 0.25Siemens Ltd. Industrial Capital Goods 0.25The Federal Bank Ltd. Banks 0.25Zee entertainment enterprises Ltd. Media & entertainment 0.25NTPC Ltd. Power 0.24Power Grid Corporation of India Ltd. Power 0.23eicher Motors Ltd. Auto 0.22Mahanagar Gas Ltd. Gas 0.22NMDC Ltd. Minerals/Mining 0.20Petronet LNG Ltd. Gas 0.20SRF Ltd. Textile Products 0.20Titan Company Ltd. Consumer Durables 0.20DLF Ltd. Construction 0.19Mahindra & Mahindra Financial Services Ltd. Finance 0.18Bharat Forge Ltd. Industrial Products 0.16HDFC Bank Ltd. Banks 0.16Shree Cement Ltd. Cement 0.16Vedanta Ltd. Non - Ferrous Metals 0.16escorts Ltd. Auto 0.15


Bajaj Auto Ltd. Auto 0.14Wipro Ltd. Software 0.12Cholamandalam Investment & Finance Finance 0.11Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.11ACC Ltd. Cement 0.10Max Financial Services Ltd. Finance 0.09exide Industries Ltd. Auto Ancillaries 0.08Tata Consumer Products Ltd. Consumer Non Durables 0.08Muthoot Finance Ltd. Finance 0.07Sun TV Network Ltd. Media & entertainment 0.07Bajaj Finserv Ltd. Finance 0.06Bharat Heavy electricals Ltd. Industrial Capital Goods 0.06ReC Ltd. Finance 0.06Bandhan Bank Ltd. Banks 0.05Biocon Ltd. Pharmaceuticals 0.05Britannia Industries Ltd. Consumer Non Durables 0.05Canara Bank Banks 0.05Container Corporation of India Ltd. Transportation 0.05Jindal Steel & Power Ltd. Ferrous Metals 0.05Havells India Ltd. Consumer Durables 0.04Indian Oil Corporation Ltd. Petroleum Products 0.04Shriram Transport Finance Company Ltd. Finance 0.04Apollo Hospitals enterprise Ltd. Healthcare Services 0.03Berger Paints (I) Ltd. Consumer Non Durables 0.03Hindustan Petroleum Corporation Ltd. Petroleum Products 0.03Manappuram Finance Ltd. Finance 0.03Tata Steel Ltd. Ferrous Metals 0.03Voltas Ltd. Consumer Durables 0.03Bank of Baroda Banks 0.02Bosch Ltd. Auto Ancillaries 0.02Century Textiles & Industries Ltd. Paper 0.02equitas Holdings Ltd. Finance 0.02LIC Housing Finance Ltd. Finance 0.02Cadila Healthcare Ltd. Pharmaceuticals 0.01Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.01L&T Finance Holdings Ltd. Finance 0.01Power Finance Corporation Ltd. Finance 0.01Steel Authority Of India Ltd. Ferrous Metals 0.01

Bharti Infratel Ltd.Telecom - equipment & Accessories @

Cummins India Ltd. Industrial Products @Motherson Sumi Systems Ltd. Auto Ancillaries @Tata Chemicals Ltd. Chemicals @Sub Total 64.88DEBT & DEBT RElATEDCREDIT EXPOSURE • Punjab National Bank IND - A 1.85Fullerton India Credit Company Ltd. CRISIL - AAA 1.20Vedanta Ltd. CRISIL - AA 1.18LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 0.96Syndicate Bank CARE - A+ 0.58Andhra Bank CARE - A+ 0.50ICICI Bank Ltd. CARE - AA+ 0.05Sub Total 6.32MONEY MARKET INSTRUMENTSCD• Axis Bank Ltd. CRISIL - A1+ 2.27Sub Total 2.27Short Term Deposits as margin for Futures & Options 23.70 Cash margin 3.32 Cash, Cash equivalents and Net Current Assets -0.49Grand Total 100.00• Top Ten Holdings, £ Co-sponsor, @ Less than 0.01%

Outstanding exposure in derivative instruments (` in Crore) 2,743.87

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 64.99

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of March 31, 2020 unless otherwise specified. ....Contd on next page

(An open ended scheme investing in arbitrage opportunities)HDFC Arbitrage FundPORTFOLIO

38 March 2020


l income over short term.

l income through arbitrage opportunities between cash and derivative market and arbitrage opportunities within the derivative segment.

Riskometer

Investors understand that their principal will be at moderately low risk


Face Value per Unit: ̀ 10 unless otherwise specified, + Industry Classification as recommended by AMFI, CD - Certificate of Deposit; CP - Commercial Papers, Data is as of March 31, 2020 unless otherwise specified.

PERFORMANCE ^ - Wholesale Plan - Regular plan - growth Option


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year 5.99 6.04 -24.85 10,599 10,604 7,515Mar 31, 17 Last 3 Years 5.70 5.26 -0.81 11,812 11,666 9,757Mar 31, 15 Last 5 Years 6.09 5.67 1.56 13,443 13,177 10,807Oct 23, 07 Since Inception 7.02 N.A. 4.94 23,257 N.A. 18,219

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. N.A. Not Available. Scheme performance is not strictly comparable with that of its Additional Benchmark since the scheme does not take directional call in equity markets but is limited to availing arbitrage opportunities, etc. For performance of other schemes managed by Krishan Kumar Daga, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 65.



n equity 64.88n AAA/AAA(SO)/A1+/A1+(SO)




n equity 64.88

n CD 2.27



(An open ended scheme investing in arbitrage opportunities) .....Contd from previous pageHDFC Arbitrage Fund


0.020.030.100.160.190.200.270.310.320.370.500.580.590.670.73

1.251.461.52

2.113.36

3.794.73

6.088.448.48

9.269.36

0 1 2 3 4 5 6 7 8 9 10Paper

Healthcare ServicesAuto Ancillaries

Industrial ProductsConstruction

Textile ProductsConsumer Durables

Industrial Capital GoodsMedia & Entertainment

ChemicalsPesticides

Non - Ferrous MetalsMinerals/Mining

GasPower

Ferrous MetalsConstruction Project

TransportationTelecom - Services

BanksCement

SoftwareAuto

Consumer Non DurablesPharmaceuticals


March 2020 39

CATEgORY OF SCHEME: CORPORATE BOND FUND

KEY FACTSINVESTMENT OBjECTIVE

To generate income/capital appreciation through investments predominantly in AA+ and above rated corporate bonds.


FUND MANAgER ¥

Anupam Joshi (since October 27, 2015)



June 29, 2010


Regular Plan - Growth Option 22.9139Regular Plan - Dividend Option 15.5848Regular Plan - quarterly Dividend Option 10.4435Direct Plan - Growth Option 23.0836Direct Plan - Dividend Option 15.8435Direct Plan - quarterly Dividend Option 10.5086



qUANTITATIVE DATA

Average Maturity * 4.37 yearsMacaulay Duration * 3.51 yearsModified Duration * 3.31 yearsYield to Maturity * 6.92%* Computed on the invested amount.



#BENCHMARK INDEX: NIFTY Corporate Bond Index


EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under both the Plans: Growth, quarterly Dividend & Normal Dividend. Both Dividend options offer Payout and Reinvestment facilities.


Purchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter.




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year 10.02 9.47 14.55 11,002 10,947 11,455Mar 31, 17 Last 3 Years 8.16 7.65 6.85 12,654 12,478 12,200Mar 31, 15 Last 5 Years 8.56 8.21 8.06 15,082 14,842 14,737Jun 29, 10 Since Inception 8.87 8.55 7.17 22,914 22,273 19,661

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anupam Joshi, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 66.

Face Value per Unit: ` 10 unless otherwise specified, CD - Certificate of Deposit; CP - Commercial Papers, Data is as of March 31, 2020 unless otherwise specified.


l income over short to medium term

l to generate income/capital appreciation through investments predominantly in AA+ and above rated corporate bonds

Riskometer

Investors understand that their principal will be at moderate risk


Issuer Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURITIES (CENTRAl/STATE)• 6.79 GOI 2027 Sovereign 6.94• 7.59 GOI 2026 Sovereign 4.12• 7.27 GOI 2026 Sovereign 3.477.93% Uttar Pradesh SDL - ISD 240320 Mat 240330 Sovereign 1.027.78 Maharashtra Mat 240329 Sovereign 0.417.59 GOI 2029 Sovereign 0.298.21% Haryana SDL (UDAY) - Mat 310323 Sovereign 0.256.97 GOI 2026 Sovereign 0.207.68 GOI 2023 Sovereign 0.01Sub Total 16.71CREDIT EXPOSURE • LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 8.63• REC Ltd. CRISIL - AAA / IND - AAA 8.61• State Bank of India CRISIL - AAA 7.38• Reliance Industries Ltd. CRISIL - AAA / ICRA - AAA 6.01• Housing Development

Finance Corporation Ltd.£ CRISIL - AAA 4.69• National Highways Authority

of India CARe - AAA / CRISIL - AAA 4.11• Power Finance Corporation Ltd. CARe - AAA / CRISIL -

AAA / ICRA - AAA 3.91L&T Infrastructure Finance Ltd. CRISIL - AAA 3.13Reliance Jio Infocomm Ltd. CRISIL - AAA / ICRA - AAA 2.71Bank of Baroda CARe - AAA 2.46Indian Railways Finance Corporation Ltd. CRISIL - AAA 2.42Mangalore Refinery and Petrochemicals Ltd. CRISIL - AAA 2.36ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CARe - AAA(Ce) 2.26Power Grid Corporation of India Ltd. CRISIL - AAA 2.12Reliable Devices Trust (PTC banked by receivables from Reliance Retail Ltd.) ICRA - AAA(SO) 2.08National Bank for Agriculture & Rural Development CRISIL - AAA 1.80HDB Financial Services Ltd. CARe - AAA / CRISIL - AAA 1.77export - Import Bank of India CRISIL - AAA 1.44Food Corporation of India (Corporate guarantee from Govt of India) CRISIL - AAA(SO) 1.35

Issuer Rating % to NAV

L&T Finance Ltd. CARe - AAA / IND - AAA 1.26NTPC Ltd. CRISIL - AAA 1.21TATA Capital Housing Finance Ltd. CRISIL - AAA 0.78Larsen and Toubro Ltd. CRISIL - AAA 0.76Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CARe - AAA 0.74Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA(SO) 0.59Mahindra & Mahindra Financial Services Ltd. IND - AAA 0.58Bajaj Finance Ltd. CRISIL - AAA 0.52NHPC Ltd. CARe - AAA 0.42Andhra Pradesh expressway Ltd. (NHAI Annuity) ICRA - AAA(SO) 0.38Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.38Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 0.36L&T Housing Finance Ltd. CARe - AAA / CRISIL - AAA 0.36Tata Sons Ltd. CRISIL - AAA 0.27First Business Receivables Trust (PTC banked by receivables from Reliance Corporate IT Park Ltd.) CRISIL - AAA(SO) 0.25Toyota Financial Services India Ltd. CRISIL - AAA 0.23Housing and Urban Development Corporation Ltd. CARe - AAA 0.21Gujarat Road and Infra Co Ltd. ICRA - AAA(SO) 0.20Kotak Mahindra Prime Ltd. CRISIL - AAA 0.20Sub Total 78.94Total 95.65MONEY MARKET INSTRUMENTSCDSmall Industries Development Bank CARE - A1+ 0.37Sub Total 0.37Cash, Cash equivalents and Net Current Assets 3.98

Grand Total 100.00


Outstanding exposure in derivative instruments Interest Rate Swap (` in Crore) 1,000.00

^Past performance may or may not be sustained in the future. Load is not taken into consideration for computation of performance. Note: Effective close of business hours of May 8, 2018, HDFC Medium Term Opportunities Fund (HMTOF) underwent changes in Fundamental Attributes and was renamed as HDFC Corporate Bond Fund (HCBF) and HDFC Floating Rate Income Fund – Long Term Plan and HDFC Gilt Fund – Short Term Plan were merged therein. As the portfolio structuring of HCBF closely resembles the erstwhile HMTOF, the past performance of HMTOF is provided, in line with SEBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.


n G-Sec, SDL 16.71

n CD 0.37




n Sovereign 16.71n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 79.31n Cash, Cash equivalents and


(An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds)HDFC Corporate Bond Fund

PORTFOLIO

40 March 2020

CATEgORY OF SCHEME: CREDIT RISK FUND

KEY FACTS


To generate income/capital appreciation by investing predominantly in AA and below rated corporate debt.


FUND MANAgER ¥

Shobhit Mehrotra (since March 25, 2014)



March 25, 2014


Regular Plan - Growth Option 16.6461Regular Plan - Dividend Option 15.3274Regular Plan - quarterly Dividend Option 10.4170Direct Plan - Growth Option 17.4432Direct Plan - Dividend Option 15.2903Direct Plan - quarterly Dividend Option 10.5389



qUANTITATIVE DATA


#BENCHMARK INDEX: NIFTY Credit Risk Bond Index




EXIT lOAD

l In respect of each purchase / switch-in of Units, 15% of the units (“the limit”) may be redeemed without any exit Load from the date of allotment


n In respect of each purchase / switch-in of Units, an exit Load of 1.00% is payable if Units are redeemed / switched-out within 12 months from the date of allotment

n In respect of each purchase / switch-in of Units, an exit Load of 0.50% is payable if Units are redeemed / switched-out after 12 months but within 18 months from the date of allotment

l No exit Load is payable if Units are redeemed / switched-out after 18 months from the date of allotment


PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan: Growth, quarterly Dividend and Normal Dividend. Both Dividend options offers Payout and Reinvestment facilities.






(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year 9.04 9.23 14.55 10,904 10,923 11,455Mar 31, 17 Last 3 Years 7.07 8.07 6.85 12,278 12,623 12,200Mar 31, 15 Last 5 Years 8.14 8.71 8.06 14,799 15,193 14,737Mar 25, 14 Since Inception 8.83 9.20 9.09 16,646 16,991 16,888

The above returns are for Regular Plan - Growth Option. Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. Load is not taken into consideration for computation of performance. For performance of other schemes managed by Shobhit Mehrotra, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 64.


l income over short to medium terml to generate income/capital appreciation by investing

predominantly in AA and below rated corporate debt (excluding AA+ rated corporate bonds)

Riskometer



Note: Effective close of business hours of May 8, 2018, HDFC Corporate Debt Opportunities Fund (HCDOF) underwent changes in Fundamental Attributes and was renamed as HDFC Credit Risk Debt Fund (HCRDF) and HDFC Regular Savings Fund was merged therein. As the portfolio structuring of HCRDF closely resembles the erstwhile HCDOF, the past performance of HCDOF is provided, in line with SeBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.




Portfolio Classification By Issuer Rating Class (%) ≈

n AAA/AAA(SO)/A1+/A1+(SO) & equivalent 24.00

n AA+ 1.05n AA/AA- 49.63n A+ & Below 20.16n Cash, Cash equivalents and


[An open ended debt scheme predominantly investing in AA andbelow rated corporate bonds (excluding AA+ rated corporate bonds)]HDFC Credit Risk Debt Fund

PORTFOLIO

Company Industry+ / Security Rating


DEBT & DEBT RElATED

CREDIT EXPOSURE

• Vedanta Ltd. CRISIL - AA CRISIL - AA 5.92


• Tata Motors Ltd. CARe - AA- / CRISIL - AA- CRISIL - AA- 4.78

• Power Finance Corporation Ltd. CRISIL - AAA CRISIL - AAA 4.51

• Shriram City Union Finance Ltd. CRISIL - AA CRISIL - AA 4.12

• Tata Steel Ltd. CARe - AA / CARe - AA- CARe - AA 3.61

• The Tata Power Company Ltd. CARe - AA / CRISIL - AA- CRISIL - AA- 3.61

• Punjab National Bank IND - A IND - A 3.26

• REC Ltd. CRISIL - AAA CRISIL - AAA 3.00

• Reliance Jio Infocomm Ltd. CRISIL - AAA CRISIL - AAA 2.86

Hindalco Industries Ltd. CRISIL - AA CRISIL - AA 2.75



Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(SO) IND - A+ 2.56

IndInfravit Trust CRISIL - AAA CRISIL - AAA 2.53

Coastal Gujarat Power Ltd. (Corporate Guarantee of Tata Power) CARe - AA(SO) CARe - AA(SO) 2.46

Dilip Buildcon Ltd. CRISIL - A CRISIL - A 2.44

Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA CRISIL - AAA 2.29

Century Textiles & Industries Ltd. CRISIL - AA CARe - AA- 2.16

Manappuram Finance Ltd. CARe - AA CRISIL - AA 2.16

Muthoot Finance Ltd. CRISIL - AA / ICRA - AA ICRA - AA- 1.94

Prism Johnson Ltd. ICRA - A- / IND - A ICRA - A- 1.71

Bajaj electricals Ltd. ICRA - A- ICRA - A- 1.51

LIC Housing Finance Ltd. CRISIL - AAA CRISIL - AAA 1.49

GeRA Development Pvt. Ltd. CARe - AA- CARe - AA- 1.49

Face Value per Unit: ` 10 unless otherwise specified, Data is as of March 31, 2020 unless otherwise specified. ≈ Based on long term rating.

March 2020 41



Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) CARe - A-(Ce) CARe - A-(Ce) 1.41

Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA CRISIL - AAA 1.20

Shriram Transport Finance Company Ltd. CARE - AA+ / CRISIL - AA+ / IND - AA+ CRISIL - AA+ 1.05

JM Financial Asset Reconstruction Company Ltd. ICRA - AA- CRISIL - AA- 1.03

KeC International Ltd. ICRA - AA- CARe - AA- 1.01

Starlite Lighting Ltd. (Corporate Guarantee of Bajaj electrical Ltd.) ICRA - A-(Ce) ICRA - A-(Ce) 0.96

Indiabulls Housing Finance Ltd. CARe - AA / CRISIL - AA CRISIL - AA 0.91

Syndicate Bank CARE - A+ CRISIL - AA 0.91

L&T Infrastructure Finance Ltd. CRISIL - AAA CARe - AAA 0.90

Sansar Trust Nov 2018 (PTC Of Pools From Shriram Transport Finance Company Ltd.) ICRA - AAA(SO) ICRA - AAA(SO) 0.80

L&T Housing Finance Ltd. CRISIL - AAA CARe - AAA 0.74

Gateway Distriparks Ltd. IND - AA- IND - AA- 0.65

MFL Securitisation Trust LxxxI (PTC of pools from Magma Fincorp Ltd.) CRISIL - AAA(SO) CRISIL - AAA(SO) 0.64

NTPC Ltd. CRISIL - AAA CRISIL - AAA 0.63

Union Bank of India IND - AA CARe - AA- 0.60

Power Grid Corporation of India Ltd. CRISIL - AAA CRISIL - AAA 0.58

Tata Realty and Infrastructure Ltd. CRISIL - AA CRISIL - AA 0.58

SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(SO) CARe - AA-(SO) 0.56

Aarish Solar Power Pvt. Ltd. (Greenko) CARe - AA-(SO) CARe - AA-(SO) 0.55

Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(SO) CARe - AA-(SO) 0.55

Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(SO) CARe - AA-(SO) 0.55

elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(SO) CARe - AA-(SO) 0.55

Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(SO) CARe - AA-(SO) 0.55

SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(SO) BRICKWORKS - AA-(SO) 0.55

SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(SO) CARe - AA-(SO) 0.55

Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(SO) CARe - AA-(SO) 0.55

TATA Housing Development Company Ltd. ICRA - AA CARe - AA 0.55

Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(SO) CARe - AA-(SO) 0.55

Housing Development Finance Corporation Ltd.£ CRISIL - AAA CRISIL - AAA 0.54

Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CRISIL - AAA CRISIL - AAA 0.54



Nuvoco Vistas Corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) CRISIL - AA CRISIL - AA 0.49

Andhra Bank CARE - A+ CRISIL - AA 0.45

Indian Railways Finance Corporation Ltd. CRISIL - AAA CRISIL - AAA 0.39

Indostar Capital Finance Ltd. CARe - AA- CARe - AA- 0.35

Aarti Industries Ltd. CRISIL - AA- CRISIL - AA- 0.30

Travis March 2019 (Trust) (PTC of pools from Muthoot Capital Services Ltd.) CRISIL - AA(SO) CRISIL - AA(SO) 0.28

Simplex Infrastructures Ltd. CARe - D CARe - D 0.27

Inox Air Products Pvt. Ltd. CRISIL - AA+ CARe - AA 0.23

ECL Finance Ltd. CARe - AA- CARe - AA- 0.22

Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CRISIL - AAA(SO) CRISIL - AAA(SO) 0.19

Kalpataru Power Transmission Ltd. CRISIL - AA CRISIL - AA 0.18

Tata Projects Ltd. IND - AA IND - AA 0.18

Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) CARe - D CARe - D 0.16

Mobil Trust Series 01 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) CRISIL - AAA(SO) 0.14

Poseidon 09 2019 (PTC of pools from Muthoot Fincorp Ltd.) CRISIL - A1+(SO) INTeRNAL - AA-(SO) 0.09

TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) CRISIL - AA- CRISIL - AA- 0.04

edisons Infrapower & Multiventures Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd. & Dish TV Ltd.) BRICKWORKS - BB BRICKWORKS - BB 0.03

G R Infraprojects Ltd. CARe - AA- CARe - AA- 0.03

JM Financial Credit Solutions Ltd. ICRA - AA CRISIL - AA 0.03

Primat Infrapower & Multiventures Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd. & Dish TV Ltd.) BRICKWORKS - BB BRICKWORKS - BB 0.03

Tata Sons Ltd. CRISIL - AAA CRISIL - AAA 0.03

Arm Infra & Utilities Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd.) BRICKWORKS - BB BRICKWORKS - BB 0.01

Hinduja Leyland Finance Ltd. CARe - AA- CARe - AA- 0.01

Motilal Oswal Home Fin Ltd. (Erst Aspire Home Fin) (Subsidiary of Motilal Oswal Financial Services Ltd.) CRISIL - AA- ICRA - A+ 0.01

Sub Total 94.84


Grand Total 100.00



Face Value per Unit: ̀ 10 unless otherwise specified, + Industry Classification as recommended by AMFI, CD - Certificate of Deposit; CP - Commercial Papers, Data is as of March 31, 2020 unless otherwise specified.

[An open ended debt scheme predominantly investing in AA and below rated corporate bonds (excluding AA+ rated corporate bonds)] .....Contd from previous pageHDFC Credit Risk Debt Fund

PORTFOLIO

42 March 2020

CATEgORY OF SCHEME: BANKING AND PSU FUND

KEY FACTSINVESTMENT OBjECTIVETo generate income / capital appreciation through investments in debt and money market instruments consisting predominantly of securities issued by entities such as Scheduled Commercial Banks (SCBs), Public Sector undertakings (PSUs), Public Financial Institutions (PFIs), Municipal Corporations and such other bodies.


FUND MANAgER ¥

Anil Bamboli (since March 26, 2014)


INCEPTION DATE (Date of Allotment)March 26, 2014



qUANTITATIVE DATAAverage Maturity * 3.47 yearsMacaulay Duration * 2.89 yearsModified Duration * 2.71 yearsYield to Maturity * 7.46%* Computed on the invested amount.


#BENCHMARK INDEX: NIFTY Banking & PSU Index

##ADDl. BENCHMARK INDEX: CRISIL 1 year T-Bill Index

EXIT lOADNil

PLANS & OPTIONSRegular Plan, Direct Plan. Under each Plan: Growth & Dividend Option (Weekly frequency). The Dividend Option offers Dividend Payout and Reinvestment facility.

MINIMUM APPlICATION AMOUNTPurchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter.


Face Value per Unit: ` 10 unless otherwise specified, Data is as of March 31, 2020 unless otherwise specified.



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##


The above returns are for Regular Plan - Growth Option. Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anil Bamboli, please referpage 48. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 68.


l income over short to medium term.l to generate income / capital appreciation through investments

in debt and money market instruments consisting predominantly of securities issued by entities such as Scheduled Commercial Banks (SCBs), Public Sector undertakings (PSUs), Public Financial Institutions (PFIs), Municipal Corporations and such other bodies

Riskometer




DEBT & DEBT RElATED

CREDIT EXPOSURE

• National Bank for Agriculture & Rural Development CRISIL - AAA / ICRA - AAA 8.97

• REC Ltd. CRISIL - AAA / IND - AAA 8.81

• Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA / ICRA - AAA 6.87

• National Highways Authority of India CRISIL - AAA 6.40

• Union Bank of India CARe - AA- / IND - AA 5.11

• Bank of Baroda CARe - AA / CARe - AA- / CARE - AAA / CRISIL - AA+ 5.01


• Mahanagar Telephone Nigam Ltd. (Corporate

guarantee from Govt of India)CRISIL - AAA / CRISIL - AAA(SO) 4.18

• State Bank of India CRISIL - AA+ / CRISIL - AAA 4.13

• Food Corporation of India (Corporate guarantee from Govt of India) CRISIL - AAA(SO) 3.94



Housing and Urban Development Corporation Ltd. CARe - AAA 3.28




Reliance Industries Ltd. CRISIL - AAA 1.59

Hindustan Petroleum Corporation Ltd. CRISIL - AAA 1.57

Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA 1.54

ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CARe - AAA(Ce) 1.54

export - Import Bank of India CRISIL - AAA 1.43





L&T Housing Finance Ltd. CRISIL - AAA 1.04

NTPC Ltd. CRISIL - AAA 1.04


TATA Capital Housing Finance Ltd. CRISIL - AAA 1.03


TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) ICRA - AA- 0.54

NHPC Ltd. ICRA - AAA 0.53

Shriram Transport Finance Company Ltd. IND - AA+ 0.49

Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.22

Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.22

elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.22

Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.22

SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.22

SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.22

SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.22

Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.22

Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.22

Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) CARe - D 0.09

Housing Development Finance Corporation Ltd.£ CRISIL - AAA 0.03

Sub Total 97.06


Grand Total 100.00


Outstanding exposure in derivative instruments Interest Rate Swap (` in Crore) 25.00







n AA+ 1.22n AA/AA- 15.02n A+ & Below 8.71n Cash, Cash equivalents and


(An open ended debt scheme predominantly investing in debt instruments of banks, public sector undertakings, public financial institutions and municipal bonds)HDFC Banking and PSU Debt Fund

PORTFOLIO

March 2020 43

CATEgORY OF SCHEME: GILT FUND


To generate credit risk-free returns through investments in sovereign securities issued by the Central Government and/or State Government.


FUND MANAgER ¥

Anil Bamboli (since September 1, 2007)



July 25, 2001




As on March 31, 2020 1,003.75Average for Month of March 2020 998.70

qUANTITATIVE DATA




#BENCHMARK INDEX: CRISIL Dynamic Gilt Index


EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under both the Plans: Growth & Dividend Option (Dividend Option offers Dividend Payout and Reinvestment facility.







(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year 9.68 12.64 14.55 10,968 11,264 11,455Mar 31, 17 Last 3 Years 6.56 7.76 6.85 12,103 12,517 12,200Mar 31, 15 Last 5 Years 7.49 8.39 8.06 14,357 14,965 14,737Jul 25, 01 Since Inception 7.82 8.44 N.A. 40,835 45,495 N.A.

Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 67.


l credit risk free returns over medium to long term

l to generate credit risk-free returns through investments in sovereign securities issued by the Central Government and / or State Government

Riskometer




n G-Sec, SDL 94.50



n Sovereign 94.50n Cash, Cash equivalents and


(An open ended debt scheme investing in government securities across maturities)HDFC Gilt Fund


DEBT & DEBT RElATED


• 7.17 GOI 2028 Sovereign 24.82

• 6.79 GOI 2029 Sovereign 10.61



• 8.59% Andhra Pradesh SDL - Mat 230123 Sovereign 5.28

• 8.60% Madhya Pradesh SDL - Mat 230123 Sovereign 5.28

• 8.21% Haryana SDL (UDAY) - Mat 310323 Sovereign 5.22


• 8.61% Uttar Pradesh SDL (UDAY) - Mat 210322 Sovereign 3.99


8.60% Rajasthan SDL - Mat 061128 Sovereign 2.72



8.21% Haryana SDL - Mat 310322 Sovereign 2.59

8.39% Rajasthan SDL - Mat 150322 Sovereign 2.59

8.66% Maharashtra SDL - Mat 250122 Sovereign 1.56








Sub Total 94.50


Grand Total 100.00



PORTFOLIO

44 March 2020

CATEgORY OF SCHEME: DYNAMIC BOND FUND


To generate income / capital appreciation by investing in a range of debt and money market instruments.


FUND MANAgER ¥

Anil Bamboli (since February 16, 2004)



April 28, 1997


Regular Plan - Growth Option 63.6667Regular Plan - quarterly Dividend Option 11.5659Regular Plan - Half-Yearly Dividend Option 10.9733Regular Plan - Yearly Dividend Option 12.3796Regular Plan - Normal Dividend Option 13.6394Direct Plan - Growth Option 67.1899Direct Plan - quarterly Dividend Option 12.2957Direct Plan - Half-Yearly Dividend Option 12.1955Direct Plan - Yearly Dividend Option 13.1848Direct Plan - Normal Dividend Option 14.1472



qUANTITATIVE DATA




#BENCHMARK INDEX: CRISIL Dynamic Debt Index


EXIT lOAD

l In respect of each purchase / switch-in of Units, an exit Load of 0.50% is payable if Units are redeemed / switched-out within 6 months from the date of allotment.

l No exit Load is payable if Units are redeemed / switched-out after 6 months from the date of allotment.


PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan: Growth, Normal Dividend, quarterly Dividend, Half Yearly Dividend, & Yearly Dividend. All Dividend Options offer Payout and Reinvestment facility.







(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year 5.48 12.25 14.55 10,548 11,225 11,455Mar 31, 17 Last 3 Years 3.98 7.90 6.85 11,242 12,566 12,200Mar 31, 15 Last 5 Years 5.71 8.55 8.06 13,204 15,080 14,737Apr 28, 97 Since Inception 8.40 N.A. N.A. 63,667 N.A. N.A.

Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 67.


l income over medium to long term

l to generate income / capital appreciation by investing in a range of debt and money market instruments

Riskometer





n G-Sec, SDL 37.27





& equivalent 29.05n AA/AA- 15.01n A+ & Below 15.77n Cash, Cash equivalents and


(An open ended dynamic debt scheme investing across duration)HDFC Dynamic Debt Fund


DEBT & DEBT RElATED




• 8.21% Rajasthan (UDAY) SDL - Mat 310322 Sovereign 5.91

• 8.39% Rajasthan SDL - Mat 150322 Sovereign 4.59

8.21% Haryana SDL - Mat 310322 Sovereign 4.57


7.42% Maharashtra SDL - Mat 110522 Sovereign 1.81

8.68% Gujarat SDL - Mat 060223. Sovereign 0.94




8.26% Maharashtra SDL - ISD 120815 Mat 120825 Sovereign 0.11

8.19% Rajasthan SDL (UDAY Scheme- Strip Ix ) - ISD 230616 Mat 230626 Sovereign @

Sub Total 37.27


CREDIT EXPOSURE

• Union Bank of India CARe - AA- 9.70

• Reliance Industries Ltd. CRISIL - AAA 9.54

• Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) CARe - D 7.13

• Syndicate Bank CARE - A+ 6.06

• Mahanagar Te lephone Nigam Ltd. (Corporate guarantee from Govt of India) CARe - AAA(SO) 4.77

• State Bank of India CRISIL - AAA 4.72




Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 2.59



NTPC Ltd. CRISIL - AAA 0.12

Sub Total 59.83

Total 97.10


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%


PORTFOLIO

March 2020 45

CATEgORY OF SCHEME: MEDIUM TO LONG DURATION FUND

KEY FACTS


To generate income / capital appreciation through investments in debt and money market instruments.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Shobhit Mehrotra (since September 11, 2007)



September 11, 2000


Regular Plan - Growth Option 44.0233Regular Plan - quarterly Dividend Option 11.2072Regular Plan - Normal Dividend Option 13.8819Direct Plan - Growth Option 46.4036Direct Plan - quarterly Dividend Option 11.9321Direct Plan - Normal Dividend Option 14.6746



qUANTITATIVE DATA

Average Maturity * 6.67 yearsMacaulay Duration * 4.91 yearsModified Duration * 4.69 yearsYield to Maturity * 7.10%* Computed on the invested amount for debt portfolio.



#BENCHMARK INDEX: NIFTY Medium to Long Duration Debt Index


EXIT lOAD

l In respect of each purchase / switch-in of Units, an exit Load of 0.25% is payable if Units are redeemed / switched-out within 1 month from the date of allotment.

l No exit Load is payable if Units are redeemed / switched-out after 1 month from the date of allotment.


PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan : Growth, quarterly Dividend & Normal Dividend. Both Dividend Options offer Payout and Reinvestment facility.






(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year 9.47 12.25 14.55 10,947 11,225 11,455Mar 31, 17 Last 3 Years 5.69 7.55 6.85 11,809 12,444 12,200Mar 31, 15 Last 5 Years 6.55 8.18 8.06 13,741 14,825 14,737Sep 11, 00 Since Inception 7.87 N.A. N.A. 44,023 N.A. N.A.

Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Shobhit Mehrotra, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 64.



l income over medium to long term

l to generate income / capital appreciation through investments in debt and money market instruments

Riskometer





n G-Sec 46.76







[An open ended medium term debt scheme investing in instruments such that the Macaulay Duration of the Portfolio is between 4 years and 7 years (Refer page 2 for definition of Macaulay Duration)]HDFC Income Fund


DEBT & DEBT RElATED


• 7.57 GOI 2033 Sovereign 16.56

• 6.79 GOI 2027 Sovereign 10.43









9.15 GOI 2024 Sovereign @

Sub Total 46.76


CREDIT EXPOSURE

• The Tata Power Company Ltd. CRISIL - AA- 8.90

• Punjab National Bank IND - A 6.74

• State Bank of India CRISIL - AA+ 4.71


• NTPC Ltd. CRISIL - AAA 4.61

• Export - Import Bank of India CRISIL - AA+ 4.25


Power Finance Corporation Ltd. CRISIL - AAA 3.74

IndInfravit Trust CRISIL - AAA 3.42



Sub Total 47.90

Total 94.66


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%

PORTFOLIO

46 March 2020

CATEgORY OF SCHEME: MEDIUM DURATION FUND



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year 9.32 10.49 7.44 10,932 11,049 10,744Mar 31, 17 Last 3 Years 7.20 7.73 6.91 12,320 12,504 12,221Mar 31, 15 Last 5 Years 7.86 8.31 7.11 14,601 14,912 14,103Feb 06, 02 Since Inception 7.98 7.95 6.14 40,297 40,084 29,515

Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Shobhit Mehrotra, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 64.

KEY FACTS


To generate income / capital appreciation through investments in Debt and Money Market Instruments.


FUND MANAgER ¥

Shobhit Mehrotra (since September 1, 2007)



February 6, 2002


Regular Plan - Growth Option 40.2974Regular Plan - Dividend Option 15.2889Regular Plan - Fortnightly Dividend Option 10.5601Direct Plan - Growth Option 42.1036Direct Plan - Dividend Option 15.7606Direct Plan - Fortnightly Dividend Option 10.5961



qUANTITATIVE DATA




#BENCHMARK INDEX: NIFTY Medium Duration Debt Index


EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under both the Plans : Growth, Normal Dividend & Fortnightly Dividend. Both Dividend Options offer Payout and Reinvestment facility.






l income over medium terml to generate income / capital appreciation through

investments in Debt and Money Market Instruments

Riskometer



[An open ended medium term debt scheme investing in instruments such that the Macaulay Duration of the portfolio is between 3 years and 4 years (Refer page 2 for definition of Macaulay Duration)]HDFC Medium Term Debt Fund


DEBT & DEBT RElATED







Sub Total 12.56

CREDIT EXPOSURE



• TATA Housing Development Company Ltd. CARe - AA 6.19


• Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 5.70

• Shriram City Union Finance Ltd. CRISIL - AA 4.99

• L&T Infrastructure Finance Ltd. CRISIL - AAA 4.32

• Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CRISIL - AAA 3.96

• LIC Housing Finance Ltd. CRISIL - AAA 3.81

Tata Projects Ltd. IND - AA 3.67


Coastal Gujarat Power Ltd. (Corporate Guarantee of Tata Power) CARe - AA(SO) 2.54

Shriram Transport Finance Company Ltd. CRISIL - AA+ / IND - AA+ 2.48

Indian Railways Finance Corporation Ltd. CRISIL - AAA 2.34

Copeland Jan 2020 (PTC of pools from Muthoot Capital Services Ltd.) CRISIL - AA(SO) 2.24

NHPC Ltd. CARe - AAA 1.97

TATA International Ltd. CARe - A 1.83


JM Financial Asset Reconstruction Company Ltd. ICRA - AA- 1.64

GeRA Development Pvt. Ltd. CARe - AA- 1.13

IndInfravit Trust CRISIL - AAA 1.09



Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(SO) 0.83


Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CRISIL - AAA(SO) 0.76

Mobil Trust Series 01 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 0.75


The Tata Power Company Ltd. CARe - AA 0.73

Tata Motors Ltd. CARe - AA- 0.53


Aarish Solar Power Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.32

Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.32

Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.32

elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.32

Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.32

SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.32

SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.32

SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.32

Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.32

Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.32

Indiabulls Housing Finance Ltd. CRISIL - AA 0.06

Sub Total 85.22

Total 97.78


Grand Total 100.00


PORTFOLIO


n G-Sec 12.56




n Sovereign 12.56n AAA/AAA(SO)/A1+/A1+(SO) &


Current Assets 2.22

March 2020 47

CATEgORY OF SCHEME: SHORT DURATION FUND



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year 9.61 9.78 7.44 10,961 10,978 10,744Mar 31, 17 Last 3 Years 7.96 7.83 6.91 12,586 12,541 12,221Mar 31, 15 Last 5 Years 8.23 8.21 7.11 14,859 14,841 14,103Jun 25, 10 Since Inception 8.72 8.33 6.99 22,640 21,849 19,352

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 67.

Face Value per Unit: ` 10 unless otherwise specified, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of March 31, 2020 unless otherwise specified.

KEY FACTS


To generate income / capital appreciation through investments in Debt and Money Market Instruments.


FUND MANAgER ¥

Anil Bamboli (since June 25, 2010)



June 25, 2010


Regular Plan - Growth Option 22.6397Regular Plan - Fortnightly Dividend Option 10.3237Regular Plan - Normal Dividend Option 15.2222Direct Plan - Growth Option 22.8883Direct Plan - Fortnightly Dividend Option 10.3950Direct Plan - Normal Dividend Option 15.2997



qUANTITATIVE DATA




#BENCHMARK INDEX: CRISIL Short Term Bond Fund Index


EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan: Growth, Fortnightly Dividend & Normal Dividend. Both Dividend options offer Payout and Reinvestment facilities.






l to generate income / capital appreciation through investments in Debt and Money Market Instruments

Riskometer




[An open ended short term debt scheme investing in instruments such that the Macaulay Duration of the portfolio is between 1 year and 3 years (Refer page 2 for definition of Macaulay Duration)]HDFC Short Term Debt Fund

Issuer Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURITIES (CENTRAl/STATE)7.59 GOI 2026 Sovereign 1.757.27 GOI 2026 Sovereign 0.948.60% Madhya Pradesh SDL - Mat 230123 Sovereign 0.476.79 GOI 2027 Sovereign 0.238.39% Rajasthan SDL - Mat 150323 Sovereign 0.237.26 GOI 2029 Sovereign 0.198.38% Gujarat SDL - Mat 270229 Sovereign 0.108.58% Gujarat SDL - Mat 230123 Sovereign 0.096.97 GOI 2026 Sovereign 0.057.57 GOI 2033 Sovereign 0.05Sub Total 4.10CREDIT EXPOSURE • REC Ltd. CRISIL - AAA / IND - AAA 6.94• State Bank of India CARE - AA+ / CRISIL -

AA+ / CRISIL - AAA 6.55• Housing Development

Finance Corporation Ltd.£ CRISIL - AAA 5.21• National Bank for Agriculture

& Rural Development CRISIL - AAA / ICRA - AAA 5.10• LIC Housing Finance Ltd. CRISIL - AAA 5.02• Reliance Industries Ltd. CRISIL - AAA / ICRA - AAA 3.82• Reliance Jio Infocomm Ltd. CRISIL - AAA / CRISIL -

AAA(SO) / ICRA - AAA 3.63• Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 3.43• Vedanta Ltd. CRISIL - AA 3.37• IndInfravit Trust CRISIL - AAA 3.04National Highways Authority of India CARe - AAA / CRISIL - AAA 3.01Housing and Urban Development Corporation Ltd. CARe - AAA / IND - AAA 2.68Indian Railways Finance Corporation Ltd. CRISIL - AAA 2.67Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CRISIL - AAA(SO) 2.58Mobil Trust Series 10 CRISIL - AAA(SO) 2.43Tata Sons Ltd. CRISIL - AAA 2.36Fullerton India Credit Company Ltd. CRISIL - AAA 2.22Coastal Gujarat Power Ltd. (Corporate Guarantee of Tata Power) CARe - AA(SO) 2.09Larsen and Toubro Ltd. CRISIL - AAA 2.05Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 1.64First Business Receivables Trust (PTC banked by receivables from Reliance Corporate IT Park Ltd.) CRISIL - AAA(SO) 1.51Reliable Devices Trust (PTC banked by receivables from Reliance Retail Ltd.) ICRA - AAA(SO) 1.49

Issuer Rating % to NAVThe Tata Power Company Ltd. IND - AA 1.37L&T Infrastructure Finance Ltd. CRISIL - AAA 1.35Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA(SO) 1.35Power Grid Corporation of India Ltd. CRISIL - AAA 1.30Hindalco Industries Ltd. CRISIL - AA 0.97Britannia Industries Ltd. CRISIL - AAA 0.92John Deere Financial India Pvt. Ltd. CRISIL - AAA 0.90Sundaram Finance Ltd. CRISIL - AAA 0.90Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.87Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.)

CARe - AAA / CRISIL - AAA 0.84

Small Industries Development Bank CARe - AAA 0.69Tata Capital Financial Services Ltd. ICRA - AAA 0.67L&T Housing Finance Ltd. CRISIL - AAA 0.64HDB Financial Services Ltd. CRISIL - AAA 0.63HDFC Bank Ltd. CARE - AA+ 0.62NHPC Ltd. CARe - AAA / ICRA - AAA 0.62Sansar Trust Nov 2018 (PTC Of Pools From Shriram Transport Finance Company Ltd.) ICRA - AAA(SO) 0.50TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) ICRA - AA- 0.47Fullerton India Home Finance Company Ltd. CARe - AAA 0.45NTPC Ltd. CRISIL - AAA 0.45Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(SO) 0.45TATA Capital Housing Finance Ltd. CRISIL - AAA 0.45Shriram City Union Finance Ltd. CRISIL - AA 0.44CanFin Homes Ltd. IND - AA 0.31Toyota Financial Services India Ltd. CRISIL - AAA 0.22Bank of Baroda CARe - AA- 0.18Mobil Trust Series 01 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 0.11Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) CARe - D 0.10Sub Total 91.61Total 95.71MONEY MARKET INSTRUMENTSCPTata Teleservices Ltd. CRISIL - A1+ 1.24Sub Total 1.24Cash, Cash equivalents and Net Current Assets 3.05Grand Total 100.00• Top Ten Holdings, £ Co-sponsor


PORTFOLIO


n G-Sec, SDL 4.10

n CP 1.24







48 March 2020

CATEgORY OF SCHEME: LOw DURATION FUND

KEY FACTSINVESTMENT OBjECTIVETo generate income / capital appreciation through investment in debt securities and money market instruments.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥



INCEPTION DATE (Date of Allotment)November 18, 1999

NAV (AS ON MARCH 31, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 42.0767Regular Plan - Daily Dividend Reinvestment Option 10.1428Regular Plan - Weekly Dividend Option 10.1979Regular Plan - Monthly Dividend Option 10.1909Direct Plan - Growth Option 44.2083Direct Plan - Daily Dividend Reinvestment Option 10.0655Direct Plan - Weekly Dividend Option 10.2313Direct Plan - Monthly Dividend Option 10.1995


qUANTITATIVE DATAAverage Maturity * 1.14 yearsMacaulay Duration * 1.00 yearModified Duration * 337 daysYield to Maturity * 6.78%* Computed on the invested amount.


#BENCHMARK INDEX: NIFTY Low Duration Debt Index


EXIT lOADNil

PLANS & OPTIONSRegular Plan, Direct Plan. each Plan offers Growth and Dividend Option. Dividend Option offers Daily Dividend Option with Reinvestment facility only and Weekly and Monthly Dividend Option with Payout and Reinvestment facility.

MINIMUM APPlICATION AMOUNTFor all Options (except Daily Dividend Option) Growth, Weekly and Monthly Dividend Option: Purchase: ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter. Daily Dividend Option : Purchase : ` 10,000 and any amount thereafter. Additional Purchase : ` 5,000 and any amount thereafter.





l to generate income / capital appreciation through investmentin debt securities and money market instruments

Riskometer



Portfolio Classification by Asset Class (%)

n G-Sec 5.39

n CP 4.90

n CD 24.35



Portfolio Classification by Rating Class (%)



Current Assets 4.33

[An open ended low duration debt scheme investing in instruments such that the Macaulay Duration of the portfolio is between 6 months and 12 months (Refer page 2 for definition of Macaulay Duration)]HDFC Low Duration Fund

Issuer Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURITIES (CENTRAl/STATE)7.59 GOI 2026 Sovereign 2.456.79 GOI 2027 Sovereign 2.047.59 GOI 2029 Sovereign 0.297.72 GOI 2025 Sovereign 0.216.97 GOI 2026 Sovereign 0.207.27 GOI 2026 Sovereign 0.20Sub Total 5.39CREDIT EXPOSURE • Power Finance Corporation Ltd. CARe - AAA / CRISIL -

AAA / ICRA - AAA 7.70• Housing Development

Finance Corporation Ltd.£ CRISIL - AAA 7.22• REC Ltd. CARe - AAA / CRISIL -

AAA / IND - AAA 5.78• Vedanta Ltd. CRISIL - AA 3.59• Reliance Industries Ltd. CRISIL - AAA / ICRA - AAA 3.17• L&T Infrastructure Finance Ltd. CRISIL - AAA 3.08National Bank for Agriculture & Rural Development CRISIL - AAA 2.09LIC Housing Finance Ltd. CRISIL - AAA 1.80State Bank of India CRISIL - AA+ / CRISIL - AAA 1.79Union Bank of India CARe - AA- 1.79Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA(SO) 1.76Syndicate Bank CARE - A+ 1.57Reliable Devices Trust (PTC banked by receivables from Reliance Retail Ltd.) ICRA - AAA(SO) 1.55TATA Capital Housing Finance Ltd. CRISIL - AAA 1.54Bank of Baroda CARE - AA / CRISIL - AA+ 1.49Canara Bank CRISIL - AA / ICRA - AA- 1.42Shriram Transport Finance Company Ltd. CRISIL - AA+ / IND - AA+ 1.16Britannia Industries Ltd. CRISIL - AAA 1.15Manappuram Finance Ltd. CARe - AA 1.15Punjab National Bank IND - A 1.13Power Grid Corporation of India Ltd. CRISIL - AAA 0.78National Housing Bank CARe - AAA 0.77Axis Bank Ltd. CRISIL - AA+ 0.76Shriram City Union Finance Ltd. CRISIL - AA 0.76Bajaj Finance Ltd. CRISIL - AAA 0.72Reliance Jio Infocomm Ltd. CRISIL - AAA / CRISIL -

AAA(SO) 0.66Larsen and Toubro Ltd. CRISIL - AAA 0.59Bharati Telecom Ltd. CRISIL - AA+ 0.58Indian Railways Finance Corporation Ltd. CRISIL - AAA 0.43TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) ICRA - AA- 0.41Housing and Urban Development Corporation Ltd. CARe - AAA 0.40KKR India Financial Services Pvt. Ltd. CRISIL - AA 0.35Aurous Trust Jan (PTC of pools from IIFL Finance Ltd.) CRISIL - A1+(SO) 0.31Muthoot Finance Ltd. ICRA - AA 0.31

Issuer Rating % to NAVMobil Trust Series 01 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 0.25Andhra Bank CARE - A+ 0.23First Business Receivables Trust (PTC banked by receivables from Reliance Corporate IT Park Ltd.) CRISIL - AAA(SO) 0.19HDB Financial Services Ltd. CRISIL - AAA 0.19Poseidon 09 2019 (PTC ofpools from Muthoot Fincorp Ltd.) CRISIL - A1+(SO) 0.11Aarish Solar Power Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.03Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.03Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.03elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.03Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.03SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.03SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.03SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.03Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.03Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(SO) 0.03Sub Total 61.03Total 66.42MONEY MARKET INSTRUMENTSCP• Tata Teleservices Ltd. CRISIL - A1+ 3.57Reliance Industries Ltd. CRISIL - A1+ 0.57Deutsche Investments India Pvt. Ltd. CRISIL - A1+ 0.38Fullerton India Credit Company Ltd. CARE - A1+ 0.38Sub Total 4.90CD • Axis Bank Ltd. CRISIL - A1+ / ICRA - A1+ 6.32• National Bank for Agriculture

& Rural Development CRISIL - A1+ / IND - A1+ 5.12• Indusind Bank Ltd. CRISIL - A1+ 3.61Bank of India CRISIL - A1+ 2.67Oriental Bank of Commerce CRISIL - A1+ 1.91Bank of Baroda CRISIL - A1+ 1.54Andhra Bank CARE - A1+ 1.15ICICI Bank Ltd. ICRA - A1+ 0.74Small Industries Development Bank CARE - A1+ 0.74The Federal Bank Ltd. CARE - A1+ 0.55Sub Total 24.35Total 29.25Cash, Cash equivalents and Net Current Assets 4.33Grand Total 100.00• Top Ten Holdings, £ Co-sponsor


PORTFOLIO



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year 7.48 7.66 7.44 10,748 10,766 10,744Mar 31, 17 Last 3 Years 6.98 7.37 6.91 12,246 12,382 12,221Mar 31, 15 Last 5 Years 7.34 7.71 7.11 14,258 14,505 14,103Nov 18, 99 Since Inception 7.30 N.A. 6.55 42,077 N.A. 36,438

Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anupam Joshi, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 66.

March 2020 49

CATEgORY OF SCHEME: MONEY MARKET FUND


To generate income / capital appreciation by investing in money market instruments.


FUND MANAgER ¥

Anil Bamboli (since July 25, 2012)



November 18, 1999


Regular Plan - Growth Option 4,174.0338Regular Plan - Daily Dividend Reinvestment Option 1,063.6400Regular Plan - Weekly Dividend Option 1,067.1729Direct Plan - Growth Option 4,219.8368Direct Plan - Daily Dividend Reinvestment Option 1,063.6400Direct Plan - Weekly Dividend Option 1,067.3192



qUANTITATIVE DATA

Average Maturity * 314 daysMacaulay Duration * 314 daysModified Duration * 292 daysYield to Maturity * 6.13%* Computed on the invested amount.



#BENCHMARK INDEX: NIFTY Money Market Index


EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Each Plan offers Growth and Daily Dividend Option (with Reinvestment facility only). Weekly Dividend Option (with Payout and Reinvestment facility).


Purchase : Under Growth Option and Weekly Dividend Option : ` 5,000 and any amount thereafter. Under Daily Dividend Option : ` 10,000 and any amount thereafter

Additional Purchase : Under Growth Option and Weekly Dividend Option : ̀ 1,000 and any amount thereafter. Under Daily Dividend Option : ` 5,000 and any amount thereafter




(%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 7.39 6.71 7.44 10,739 10,671 10,744Mar 31, 17 Last 3 Years 7.29 6.97 6.91 12,352 12,243 12,221Mar 31, 15 Last 5 Years 7.41 7.35 7.11 14,303 14,260 14,103Nov 18, 99 Since Inception 7.28 N.A. 6.55 41,884 N.A. 36,438

Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 68.

Face Value per Unit: ` 1,000, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of March 31, 2020 unless otherwise specified.

n CP 42.35

n CD 60.97

n Cash, Cash equivalents and Net Current Assets -3.32






l income over short term

l to generate income / capital appreciation by investing in money market instruments

Riskometer



(An open ended debt scheme investing in money market instruments)HDFC Money Market Fund


DEBT & DEBT RElATED

MONEY MARKET INSTRUMENTS

CP

• Reliance Industries Ltd. CRISIL - A1+ 8.55

• Bajaj Housing Finance Ltd. CRISIL - A1+ 7.08

• TATA Capital Housing Finance Ltd. CRISIL - A1+ 7.05

• LIC Housing Finance Ltd. CRISIL - A1+ 7.02

• Reliance Jio Infocomm Ltd. CRISIL - A1+ 5.68

Tata Teleservices Ltd. CRISIL - A1+ 4.16

Bharti Hexacom Ltd. CRISIL - A1+ 2.81

Sub Total 42.35

CD

• National Bank for Agriculture & Rural Development

CRISIL - A1+ / IND - A1+ 11.19


• Small Industries Development Bank CARE - A1+ / ICRA - A1+ 9.40

• Bank of Baroda CRISIL - A1+ 7.88

• Axis Bank Ltd. CRISIL - A1+ / ICRA - A1+ 7.47

• Export - Import Bank of India CRISIL - A1+ 6.74

ICICI Bank Ltd. ICRA - A1+ 4.29

The Federal Bank Ltd. CARE - A1+ / IND - A1+ 4.28

Au Small Finance Bank Ltd. CRISIL - A1+ 3.53

Andhra Bank CARE - A1+ 3.20

Indusind Bank Ltd. CRISIL - A1+ 2.99

Sub Total 60.97

Total 103.32


Grand Total 100.00


PORTFOLIO

50 March 2020

CATEgORY OF SCHEME: FLOATER FUND

KEY FACTS

INVESTMENT OBjECTIVETo generate income/capital appreciation through investment in a portfolio comprising substantially of floating rate debt, fixed rate debt instruments swapped for floating rate returns and money market instruments. There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Shobhit Mehrotra (since October 23, 2007)


INCEPTION DATE (Date of Allotment)October 23, 2007

NAV (AS ON MARCH 31, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 35.1126Regular Plan - Daily Dividend Reinvestment Option 10.0809Regular Plan - Weekly Dividend Option 10.1680Regular Plan - Monthly Dividend Option 10.1903Direct Plan - Growth Option 35.3825Direct Plan - Daily Dividend Reinvestment Option 10.0809Direct Plan - Weekly Dividend Option 10.1689Direct Plan - Monthly Dividend Option 10.1918


qUANTITATIVE DATAAverage Maturity * 1.84 yearsMacaulay Duration * 1.50 yearsModified Duration * 1.39 yearsYield to Maturity * 6.95%* Computed on the invested amount.


#BENCHMARK INDEX: CRISIL Liquid Fund Index


EXIT lOADNil

PLANS & OPTIONSRegular Plan, Direct Plan. Under both the Plans: Growth & Dividend Option. The Dividend Option offers Daily Dividend Option (with Reinvestment facility only) and Weekly and Monthly Dividend Option (with Payout and Reinvestment facility).

MINIMUM APPlICATION AMOUNTPurchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1 and any amount thereafter.





(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 29, 19 Last 1 Year 7.96 6.37 7.44 10,796 10,637 10,744Mar 31, 17 Last 3 Years 7.49 6.95 6.91 12,421 12,234 12,221Mar 31, 15 Last 5 Years 7.94 7.20 7.11 14,656 14,160 14,103Oct 23, 07 Since Inception 8.19 7.45 6.58 26,637 24,453 22,093

Returns greater than 1 year period are compounded annualized (CAGR). Since Inception returns are calculated on ` 13.1821 (allotment price). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Shobhit Mehrotra, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 64.


l income over short terml to generate income / capital appreciation through investment

in a portfolio comprising substantially of floating rate debt, fixed rate debt instruments swapped for floating rate returns and money market instruments

Riskometer





n G-Sec, SDL 17.66

n CP 5.53

n CD 21.58






Current Assets 2.03

[An open ended debt scheme predominantly investing in floating rate instruments (including fixed rate instruments converted to floating rate exposures using swaps / derivatives)]HDFC Floating Rate Debt Fund


DEBT & DEBT RElATED





7.93% Uttar Pradesh SDL - ISD 240320 Mat 240330 Sovereign 2.15


7.78 Maharashtra Mat 240329 Sovereign 0.58


7.69% Gujarat SDL - Mat 201227 Sovereign 0.01

Sub Total 17.66

CREDIT EXPOSURE



• Axis Bank Ltd. CRISIL - A1+ / CRISIL - AA+ 4.32

• Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 3.97

• Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CARe - AAA 3.97

• Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA(SO) 3.82






State Bank of India CARE - AA+ / CRISIL - AA+ / CRISIL - AAA 1.33

PNB Housing Finance Ltd. IND - AA 1.15

Manappuram Finance Ltd. CARe - AA 1.02


TATA Capital Housing Finance Ltd. CRISIL - AAA 0.97

TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) ICRA - AA- 0.80

Kotak Mahindra Prime Ltd. CRISIL - AAA 0.51

Aurous Trust Jan (PTC of pools from IIFL Finance Ltd.) CRISIL - A1+(SO) 0.36


Gujarat Road and Infra Co Ltd. CARe - AAA(SO) 0.26


First Business Receivables Trust (PTC banked by receivables from Reliance Corporate IT Park Ltd.) CRISIL - AAA(SO) 0.24





Sub Total 53.20

Total 70.86


CP


Reliance Jio Infocomm Ltd. CRISIL - A1+ 1.21

Fullerton India Credit Company Ltd. CARE - A1+ 1.01

Sub Total 5.53

CD

• National Bank for Agriculture & Rural Development CRISIL - A1+ / IND - A1+ 8.04


The Federal Bank Ltd. CARE - A1+ 2.93


Oriental Bank of Commerce CRISIL - A1+ 1.96

Small Industries Development Bank CARE - A1+ / ICRA - A1+ 1.95

Axis Bank Ltd. ICRA - A1+ 0.73

Sub Total 21.58

Total 27.11


Grand Total 100.00



PORTFOLIO

March 2020 51

CATEgORY OF SCHEME: ULTRA SHORT DURATION FUND


To generate income / capital appreciation through investment in debt securities and money market instruments.


FUND MANAgER ¥

Anil Bamboli (since September 25, 2018)



September 25, 2018


Regular Plan - Growth Option 11.2055Regular Plan - Daily Dividend Reinvestment Option 10.0700Regular Plan - Weekly Dividend Option 10.1289Regular Plan - Monthly Dividend Option 10.1518Direct Plan - Growth Option 11.2585Direct Plan - Daily Dividend Reinvestment Option 10.0600Direct Plan - Weekly Dividend Option 10.1251Direct Plan - Monthly Dividend Option 10.1149



qUANTITATIVE DATA




#BENCHMARK INDEX: CRISIL Ultra Short Term Debt Index


EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under both the Plans: Growth & Dividend Option. The Dividend Option offers Daily Dividend Option (with Reinvestment facility only) and Weekly and Monthly Dividend Option (with Payout and Reinvestment facility).






l income over short terml income/capital appreciation through investment in debt

securities and money market instruments

Riskometer



[An open ended ultra-short term debt scheme investing in instruments such that the Macaulay Duration of the portfolio is between 3 months and 6 months (Refer page 2 for definition of Macaulay Duration)]HDFC Ultra Short Term Fund


DEBT & DEBT RElATED

CREDIT EXPOSURE

• Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 9.39



• Mobil Trust Series 10 CRISIL - AAA(SO) 3.81

Aurous Trust Jan (PTC of pools from IIFL Finance Ltd.) CRISIL - A1+(SO) 2.77



First Business Receivables Trust (PTC banked by receivables from Reliance Corporate IT Park Ltd.) CRISIL - AAA(SO) 1.95


Copeland Jan 2020 (PTC of pools from Muthoot Capital Services Ltd.) CRISIL - AAA(SO) 1.45

NTPC Ltd. ICRA - AAA 1.07

Bajaj Finance Ltd. CRISIL - AAA 1.05

National Housing Bank CARe - AAA 0.70


Mobil Trust Series 01 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 0.57


Sub Total 43.57



CP

• Bharat Heavy Electricals Ltd. CARE - A1+ 5.71

• CanFin Homes Ltd. CARE - A1+ 4.12

• Tata Teleservices Ltd. CRISIL - A1+ 3.89

Bharti Hexacom Ltd. CRISIL - A1+ 2.63


Vedanta Ltd. CRISIL - A1+ 2.07

Fullerton India Credit Company Ltd. CARE - A1+ 1.38

Deutsche Investments India Pvt. Ltd. CRISIL - A1+ 1.37

Reliance Industries Ltd. CRISIL - A1+ 1.33

Bajaj Housing Finance Ltd. CRISIL - A1+ 1.32

Sub Total 26.14

CD


• Indusind Bank Ltd. CRISIL - A1+ 6.21

• National Bank for Agriculture & Rural Development CRISIL - A1+ / IND - A1+ 5.05

Small Industries Development Bank CARE - A1+ 2.73


Au Small Finance Bank Ltd. CRISIL - A1+ / IND - A1+ 2.01

The Federal Bank Ltd. CARE - A1+ 2.01

Sub Total 29.72

Total 55.86


Grand Total 100.00



PORTFOLIO


n CP 26.14

n CD 29.72







Returns (%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme

(`)Benchmark

(`)#Additional

Benchmark (`)##

Mar 29, 19 Last 1 Year 7.10 7.40 7.44 10,710 10,740 10,744Sep 25, 18 Since Inception 7.80 7.96 8.21 11,206 11,231 11,270

Returns greater than 1 year period are compounded annualized (CAGR). The Scheme is in existence for more than 1 year but less than 3 years. Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 67.

52 March 2020

CATEgORY OF SCHEME: LIqUID FUND PORTFOLIO

KEY FACTS


To generate income through a portfolio comprising money market and debt instruments.


FUND MANAgER ¥




October 17, 2000

NAV (AS ON MARCH 31, 2020)^^ NAV PER UNIT (`)

Regular Plan - Growth Option 3,883.6185Regular Plan - Daily Dividend Reinvestment Option 1,019.8200Regular Plan - Weekly Dividend Option 1,034.2933Regular Plan - Monthly Dividend Option 1,032.6926Direct Plan - Growth Option 3,906.6111Direct Plan - Daily Dividend Reinvestment Option 1,019.8200Direct Plan - Weekly Dividend Option 1,034.3355Direct Plan - Monthly Dividend Option 1,032.7942



qUANTITATIVE DATA




#BENCHMARK INDEX: CRISIL Liquid Fund Index


EXIT lOAD

l On investments made on or before October 19, 2019: NIL

l On investments (including through existing systematic plan registrations) made on or after October 20, 2019, as follows:

Units redeemed / switched-out within “X” days from the date

of allotment

Exit load as a % of redemption proceeds

Day 1 0.0070%Day 2 0.0065%Day 3 0.0060%Day 4 0.0055%Day 5 0.0050%Day 6 0.0045%Day 7 onwards Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under both the Plans: Growth & Dividend Option. The Dividend Option offers Daily Dividend Option (Reinvestment facility only) and Weekly and Monthly Dividend Option (with Payout and Reinvestment facility).


Purchase : Under Growth Option, Weekly Dividend Option and Monthly Dividend Option: ` 5,000 and any amount thereafter. Under Daily Dividend Option: ̀ 10,000 and any amount thereafter.Additional Purchase : Under Growth Option, Weekly Dividend Option and Monthly Dividend Option: ` 1,000 and any amount thereafter. Under Daily Dividend Option: ` 5,000 and any amount thereafter.


^^Calculated on all calendar days.

Face Value per Unit: ` 1,000, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of March 31, 2020 unless otherwise specified.

(An open ended liquid scheme)HDFC Liquid Fund


Company Rating % to NAV

DEBT & DEBT RElATED



Sub Total 1.90

T-BIllS

• DCMB ( Discounted Cash Management Bills) 77 days Mat 160620 Sovereign 10.43

• DCMB ( Discounted Cash Management Bills) 84 days Mat 230620 Sovereign 10.42

• 91Days Tbill ISD 020120 Mat 020420 Sovereign 5.60

91 Days Tbill - Mat 300620 Sovereign 1.98

91Days Tbill Mat 180620 Sovereign 0.91

91Days Tbill ISD 120320 Mat 110620 Sovereign 0.63

Sub Total 29.97

CREDIT EXPOSURE

• Housing Development Finance Corporation Ltd.£ CRISIL - AAA / ICRA - AAA 3.94

Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 2.67

LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 1.97

Indian Railways Finance Corporation Ltd. CARe - AAA / ICRA - AAA 1.29

Tata Capital Financial Services Ltd. ICRA - AAA 0.69

Mahindra & Mahindra Financial Services Ltd. IND - AAA 0.66


Bajaj Finance Ltd. CRISIL - AAA 0.53

Kotak Mahindra Prime Ltd. CRISIL - AAA 0.37

Aditya Birla Finance Ltd. ICRA - AAA / IND - AAA 0.33

L&T Finance Ltd. CARe - AAA 0.30

Sundaram Finance Ltd. CRISIL - AAA 0.26


Volkswagen Finance Pvt. Ltd. IND - AAA 0.15

HDB Financial Services Ltd. CRISIL - AAA 0.14


L&T Housing Finance Ltd. CARe - AAA 0.07

L&T Infrastructure Finance Ltd. CARe - AAA 0.04


Larsen and Toubro Ltd. CRISIL - AAA 0.02


Sub Total 14.33

Total 46.20


CP

• Reliance Industries Ltd. CRISIL - A1+ 6.98

• National Bank for Agriculture & Rural Development CRISIL - A1+ / ICRA - A1+ 6.94

• NTPC Ltd. CRISIL - A1+ 2.78

Tata Teleservices (Maharashtra) Ltd. CRISIL - A1+ 2.51

Tata Motors Finance Ltd. CARE - A1+ 2.44

Indian Oil Corporation Ltd. ICRA - A1+ 2.09


ReC Ltd. CRISIL - A1+ 1.53

Chennai Petroleum Corporation Ltd. CRISIL - A1+ 1.40

Steel Authority Of India Ltd. CARE - A1+ 1.39

Company Rating % to NAV

Vedanta Ltd. CRISIL - A1+ 1.01

LIC Housing Finance Ltd. CRISIL - A1+ 0.90

ICICI Securities Primary Dealership CRISIL - A1+ 0.70

Oil & Natural Gas Corporation Ltd. CARE - A1+ 0.70

Tata Capital Financial Services Ltd. CRISIL - A1+ 0.70


Bharat Petroleum Corporation Ltd. CRISIL - A1+ 0.69

Sun Pharmaceutical Industries Ltd. CRISIL - A1+ 0.69

Motilal Oswal Financial Services Ltd. CRISIL - A1+ 0.66

export - Import Bank of India CRISIL - A1+ 0.56

Kotak Securities Ltd. CRISIL - A1+ 0.56

Chambal Fertilizers & Chemicals Ltd. CRISIL - A1+ 0.52

GIC Housing Finance Ltd. CRISIL - A1+ 0.49

TATA Capital Housing Finance Ltd. CRISIL - A1+ 0.42

SBI Global Factors Ltd. CRISIL - A1+ 0.35

Power Grid Corporation of India Ltd. CARE - A1+ 0.35

Rashtriya Chemicals and Fertilizers Ltd. CARE - A1+ 0.34

Bajaj Finance Ltd. CRISIL - A1+ 0.34

Julius Baer Capital (India) Pvt. Ltd. CRISIL - A1+ 0.33

BASF India Ltd. CRISIL - A1+ 0.28

H T Media Ltd. CRISIL - A1+ 0.25

Axis Finance Ltd. CRISIL - A1+ 0.21

Barclays Invest & Loans (India) Ltd. ICRA - A1+ 0.21

Godrej Industries Ltd. CRISIL - A1+ 0.16

Bahadur Chand Investments Pvt. Ltd. CARE - A1+ 0.14

Kotak Mahindra Prime Ltd. CRISIL - A1+ 0.14

Nirma Ltd. CRISIL - A1+ 0.14

Bharat Heavy electricals Ltd. CARE - A1+ 0.03

Sub Total 42.30

CD

• Bank of India CRISIL - A1+ 3.68

• Oriental Bank of Commerce CRISIL - A1+ 3.14


Andhra Bank CARE - A1+ 1.54

Punjab & Sind Bank IND - A1+ 1.40


Small Industries Development Bank CARE - A1+ 0.96


National Bank for Agriculture & Rural Development CRISIL - A1+ 0.35

Syndicate Bank CRISIL - A1+ 0.35

Bank of Baroda CRISIL - A1+ 0.32

Kotak Mahindra Bank Ltd. CRISIL - A1+ 0.31

Sub Total 16.63

Total 58.93


Grand Total 100.00


March 2020 53

n T-Bills, G-Sec 31.87n CP 42.30n CD 16.63n Credit exposure 14.33n Cash, Cash equivalents and

Net Current Assets -5.13



equivalent 73.26


Portfolio Classification by Rating Class (%)This product is suitable for investors who are seeking ~

l regular income over short term

l to generate income through a portfolio comprising money market and debt instruments

Riskometer

Investors understand that their principal will be at low risk


(An open ended liquid scheme) .....Contd from previous pageHDFC Liquid Fund


Returns (%)

Benchmark Returns

(%)#


Returns (%) ##


(`)#Additional

Benchmark (`)##

Mar 24, 20 Last 7 days 25.58 18.70 47.78 10,049 10,036 10,092Mar 16, 20 Last 15 days 7.70 6.08 15.76 10,032 10,025 10,065Feb 29, 20 Last 1 Month 6.60 5.83 13.40 10,056 10,050 10,114Mar 31, 19 Last 1 Year 6.08 6.37 7.45 10,608 10,637 10,745Mar 31, 17 Last 3 Years 6.66 6.95 6.91 12,138 12,234 12,221Mar 31, 15 Last 5 Years 7.08 7.20 7.11 14,083 14,160 14,103Oct 17, 00 Since Inception 7.22 N.A. 6.47 38,836 N.A. 33,859

Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anupam Joshi, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 66.

54 March 2020

CATEgORY OF SCHEME: OVERNIGHT FUND

KEY FACTS


To generate returns by investing in debt and money market instruments with overnight maturity.


FUND MANAgER ¥

Anil Bamboli (since July 25, 2012)



February 06, 2002

NAV (AS ON MARCH 31, 2020)^^ NAV PER UNIT (`)

Regular Plan - Growth Option 2,954.8465Regular Plan - Daily Dividend Reinvestment Option 1,042.6600Direct Plan - Growth Option 2,969.1181Direct Plan - Daily Dividend Reinvestment Option 1,042.6600



qUANTITATIVE DATA




#BENCHMARK INDEX: CRISIL Overnight Index


EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Each Plan offers Growth and Daily Dividend Option (with Reinvestment facility only).


Purchase : Under Growth Option : ` 5,000 and any amount thereafter. Under Daily Dividend Option : ` 10,000 and any amount thereafter

Additional Purchase : Under Growth Option : ̀ 1,000 and any amount thereafter. Under Daily Dividend Option : ` 5,000 and any amount thereafter


^^Calculated on all calendar days.



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 24, 20 Last 7 days 0.70 0.80 47.78 10,001 10,002 10,092Mar 16, 20 Last 15 days 2.36 2.45 15.76 10,010 10,010 10,065Feb 29, 20 Last 1 Month 3.53 3.66 13.40 10,030 10,031 10,114Mar 31, 19 Last 1 Year 5.08 5.27 7.45 10,508 10,527 10,745Mar 31, 17 Last 3 Years 5.73 5.84 6.91 11,821 11,859 12,221Mar 31, 15 Last 5 Years 6.08 6.21 7.11 13,437 13,519 14,103Feb 06, 02 Since Inception 6.15 N.A. 6.14 29,548 N.A. 29,515

Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 55. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 68.

Face Value per Unit: ` 1,000, Data is as of March 31, 2020 unless otherwise specified. N.A. Not Available






l regular income over short term that may be in line with the overnight call rates

l to generate returns by investing in debt and money market instruments with overnight maturity

Riskometer

Investors understand that their principal will be at low risk


(An open ended debt scheme investing in overnight securities)HDFC Overnight Fund



Grand Total 100.00

PORTFOLIO

March 2020 55

Performance details of Schemes managed by respective Fund Managers

Sr. No. Name of the Fund Manager Funds Managed Page no.1 Mr. Prashant Jain HDFC Equity Fund 08

HDFC Top 100 Fund 10

HDFC Balanced Advantage Fund 16-17

HDFC Hybrid Debt Fund (Co-managed scheme) 35-36

2 Mr. Vinay Kulkarni HDFC Focused 30 Fund 14

HDFC Growth Opportunities Fund 13

HDFC TaxSaver 26

HDFC Equity Savings Fund (Co-managed scheme) 33-34

3 Mr. Chirag Setalvad HDFC Mid-Cap Opportunities Fund 11

HDFC Small Cap Fund 12

HDFC Long Term Advantage Fund 56

HDFC Hybrid Equity Fund 18-19

HDFC Children’s Gift Fund 27-28

HDFC Multi-Asset Fund (Co-managed scheme) 20-21

HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 29

HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 30-31

HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed scheme) 32

4 Mr. Miten Lathia HDFC Capital Builder Value Fund 09

Closed ended schemes 61

5 Mr. Krishan Kumar Daga HDFC Arbitrage Fund 37-38


HDFC Index Fund - SEnSEx Plan 25

HDFC Index Fund - nIFTY 50 Plan 23

HDFC SEnSEx ETF 24

HDFC nIFTY 50 ETF 22

HDFC Gold Exchange Traded Fund 61

HDFC Gold Fund 61


Closed ended scheme 61

Closed ended schemes (Co-managed schemes) 62

6 Mr. Shobhit Mehrotra HDFC Income Fund 45

HDFC Medium Term Debt Fund 46

HDFC Floating Rate Debt Fund 50

HDFC Credit Risk Debt Fund 40-41

HDFC Hybrid Debt Fund (Co-managed scheme) 35-36

HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 29

HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 30-31

HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed scheme) 32

Close ended schemes 56-57

7 Mr. Anil Bamboli HDFC Dynamic Debt Fund 44

HDFC Short Term Debt Fund 47

HDFC Gilt Fund 43

HDFC Money Market Fund 49

HDFC Ultra Short Term Fund 51

HDFC Overnight Fund 54

HDFC Banking and PSU Debt Fund 42



HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 61


Closed ended schemes (Co-managed schemes) 62

8 Mr. Anupam Joshi HDFC Liquid Fund 52-53

HDFC Corporate Bond Fund 39

HDFC Low Duration Fund 48


9 Mr. Rakesh Vyas HDFC Infrastructure Fund 15

Close ended scheme 61

For performance details of Direct Plan, refer page 63-72

Exit Load : (i) no exit load shall be levied for switching between Options under the same Plan within a Scheme. (ii) Switch of investments to Direct Plan within the same Scheme shall be subject to applicable exit load, unless the investments were made without any distributor code. However, any subsequent switch-out or redemption of such investments from the Direct Plan will not be subject to any exit load. (iii) no exit load shall be levied for switch-out from Direct Plan to other Plan within the same Scheme. However, any subsequent switch-out or redemption of such investment from the other Plan shall be subject to exit load based on the original date of investment in the Direct Plan. (iv) Switch of investments between Plans under a Scheme having separate portfolios, will be subject to applicable exit load. (v) no exit load will be levied on Bonus Units and Units allotted on Dividend Re-investment. (vi) In case of Systematic Transactions such as SIP, GSIP, Flex SIP, STP, Flex STP, Swing STP, Flexindex; Exit Load, if any, prevailing on the date of registration / enrolment shall be levied.

Tax Benefits / Consequences : The Dividend Distribution Tax on distribution of income by equity oriented fund to all the investors shall be payable at the rate of 11.648%* and on distribution of income by other than equity oriented fund to an individual / HUF shall be payable at the rate of 29.12%* and at the rate of 34.944%* on distribution of income to any other investor. Such income distributed by the Scheme(s) is free from Income–tax in the hands of Investors. Units of the Scheme(s) are not subject to Wealth-tax and Gift-tax. Unit holders are required to pay Securities Transaction Tax (STT) at the rate of 0.001% at the time of redemption / switch-out of units of an equity-oriented fund. * including applicable surcharge, health and education cess.

Investors should be aware that the fiscal rules / tax laws may change and there can be no guarantee that the current tax position may continue indefinitely. In view of individual nature of tax consequences, each investor is advised to consult his / her own professional tax advisor.

56 March 2020

SCHEME PERFORMANCE - REGULAR PLAN - GROWTH OPTION (FUND MANAGER-WISE)

Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. Load is not taken into consideration for computation of performance. n.A.: not Available

Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended schemes is primarily buy-and-hold whereas open-ended schemes are actively managed.

CHIRAG SETALVAD

HDFC LONG TERM ADVANTAGE FUND NAV as on Mar 31, 2020 ` 257.768


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year -29.18 -22.69 -24.85 7,082 7,731 7,515Mar 31, 17 Last 3 Years -4.44 1.07 -0.81 8,724 10,326 9,757Mar 31, 15 Last 5 Years 1.53 2.41 1.56 10,792 11,265 10,807Jan 02, 01 Since Inception 18.38 12.68 12.01 257,768 99,557 88,823

# S&P BSE SEnSEx (Total Returns Index) ## nIFTY 50 (Total Returns Index). The scheme is managed by Mr. Chirag Setalvad since April 02, 2007.

SHOBHIT MEHROTRA

HDFC FMP 3360D MARCH 2014 (1) NAV as on Mar 31, 2020 ` 15.5576


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by Mr. Shobhit Mehrotra since inception.

HDFC FMP 1168D FEBRUARy 2016 (1) NAV as on Mar 31, 2020 ` 14.5079


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Shobhit Mehrotra since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 8.78 12.57 7.44 10,878 11,257 10,744Mar 31, 17 Last 3 Years 7.71 8.10 6.91 12,499 12,636 12,221Mar 23, 17 Since Inception 7.76 8.27 6.89 12,537 12,717 12,233




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1172D APRIL 2017 (1) NAV as on Mar 31, 2020 ` 12.2728


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 7.54 12.57 7.44 10,754 11,257 10,744Apr 11, 17 Since Inception 7.13 8.25 6.93 12,273 12,659 12,204




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1166D MAy 2017 (1) NAV as on Mar 31, 2020 ` 12.5534


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 9.16 12.57 7.44 10,916 11,257 10,744May 09, 17 Since Inception 8.17 8.33 7.05 12,553 12,606 12,180


HDFC FMP 1136D JUNE 2017 (1) NAV as on Mar 31, 2020 ` 12.4588


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 9.85 12.57 7.44 10,985 11,257 10,744Jun 08, 17 Since Inception 8.13 7.70 7.05 12,459 12,322 12,114


HDFC FMP 1430D JULy 2017 (1) NAV as on Mar 31, 2020 ` 12.0905


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 8.89 12.57 7.44 10,889 11,257 10,744Aug 01, 17 Since Inception 7.38 7.62 7.09 12,091 12,162 12,003




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



March 2020 57


SHOBHIT MEHROTRA....CONTINUED





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 9.11 12.57 7.44 10,911 11,257 10,744Jul 04, 18 Since Inception 9.34 11.54 7.86 11,683 12,097 11,410




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 9.13 12.57 7.44 10,913 11,257 10,744Mar 06, 19 Since Inception 9.91 13.24 7.50 11,065 11,425 10,805




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



ANIL BAMBOLIHDFC CHARITy FUND FOR CANCER CURE - DEBT PLAN^

NAV as on Mar 31, 2020 ` 10.0234


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Short Term Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Anil Bamboli since inception. ^Scheme offers Dividend option only. Returns of HDFC Charity Fund for Cancer Cure - Debt Plan - Regular Plan are computed based on nAV of Dividend Option and all dividends (after statutory levy) are assumed to be reinvested in the units of the scheme at the then prevailing nAV (ex-dividend nAV).

HDFC FMP 1846D AUGUST 2013 (1) NAV as on Mar 31, 2020 ` 17.3430


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 8.70 12.57 7.44 10,870 11,257 10,744Mar 31, 17 Last 3 Years 7.32 8.10 6.91 12,362 12,636 12,221Mar 31, 15 Last 5 Years 7.59 8.72 7.11 14,421 15,194 14,103Aug 14, 13 Since Inception 8.66 9.72 7.54 17,343 18,505 16,196

# CRISIL Composite Bond Fund Index ## CRISIL 1 year T-Bill Index. The scheme is managed by Mr. Anil Bamboli since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Short Term Bond Fund Index ## CRISIL 1 year T-Bill Index. The scheme is managed by Mr. Anil Bamboli since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1309D SEPTEMBER 2016 (1) NAV as on Mar 31, 2020 ` 13.2639


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 8.98 12.57 7.44 10,898 11,257 10,744Mar 31, 17 Last 3 Years 8.00 8.10 6.91 12,600 12,636 12,221Sep 20, 16 Since Inception 8.33 8.08 6.89 13,264 13,154 12,651

# CRISIL Composite Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Anil Bamboli since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



58 March 2020


ANIL BAMBOLI....CONTINUED



HDFC FMP 1218D DECEMBER 2016 (1) NAV as on Mar 31, 2020 ` 12.8236


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 9.06 12.57 7.44 10,906 11,257 10,744Mar 31, 17 Last 3 Years 8.20 8.10 6.91 12,670 12,636 12,221Jan 12, 17 Since Inception 8.04 7.45 6.85 12,824 12,600 12,373


HDFC FMP 1199D JANUARy 2017 (1) NAV as on Mar 31, 2020 ` 12.6728


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 29, 19 Last 1 Year 8.66 12.57 7.44 10,866 11,257 10,744Mar 31, 17 Last 3 Years 7.93 8.10 6.91 12,574 12,636 12,221Mar 01, 17 Since Inception 7.98 8.42 6.91 12,671 12,831 12,290




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 29, 19 Last 1 Year 8.88 12.57 7.44 10,888 11,257 10,744Apr 27, 18 Since Inception 8.85 10.78 7.50 11,778 12,182 11,496




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 29, 19 Last 1 Year 7.07 12.57 7.44 10,707 11,257 10,744Mar 31, 17 Last 3 Years 7.05 8.10 6.91 12,269 12,636 12,221Feb 16, 17 Since Inception 7.01 8.22 6.91 12,355 12,795 12,319




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#






(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1280D OCTOBER 2018 (1) NAV as on Mar 31, 2020 ` 11.6110


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 9.28 12.57 7.44 10,928 11,257 10,744Oct 11, 18 Since Inception 10.69 13.10 8.09 11,611 11,985 11,212




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



March 2020 59







(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 9.13 12.57 7.44 10,913 11,257 10,744nov 01, 18 Since Inception 10.61 12.89 8.02 11,532 11,869 11,153


HDFC FMP 1246D NOVEMBER 2018 (1) NAV as on Mar 31, 2020 ` 11.4705


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 9.33 12.57 7.44 10,933 11,257 10,744Dec 06, 18 Since Inception 10.15 11.74 7.78 11,358 11,576 11,038




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 9.09 12.57 7.44 10,909 11,257 10,744Jan 03, 19 Since Inception 9.94 11.97 7.73 11,248 11,506 10,969




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



60 March 2020




Performance of close-ended Scheme is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended schemes is primarily buy and hold whereas open ended schemes are actively managed.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 9.06 12.57 7.44 10,906 11,257 10,744Feb 13, 19 Since Inception 9.66 12.53 7.45 11,097 11,425 10,845




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



ANUPAM JOSHI



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

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(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

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(`)##





(%)

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(%)#


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Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


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Scheme (`)

Benchmark (`)#


(`)##





(%)

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(`)##





(%)

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Benchmark (`)#


(`)##



March 2020 61

ANUPAM JOSHI....CONTINUED






(%)

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(%)#


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(`)##





(%)

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(%)#


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(`)##





(%)

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Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



MITEN LATHIA

HDFC EOF - II - 1126D MAy 2017 (1) NAV as on Mar 31, 2020 ` 8.2620


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year -23.26 -24.85 -22.69 7,674 7,515 7,731Jun 15, 17 Since Inception -6.60 -2.50 -0.69 8,262 9,318 9,810

# nIFTY 50 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index). The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Miten Lathia w.e.f. June 01, 2019.

HDFC EOF - II - 1100D JUNE 2017 (1) NAV as on Mar 31, 2020 ` 8.3250


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year -20.09 -24.85 -22.69 7,991 7,515 7,731Jul 17, 17 Since Inception -6.55 -3.93 -2.00 8,325 8,971 9,467

# nIFTY 50 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index). The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Miten Lathia w.e.f. June01, 2019.

KRISHAN KUMAR DAGA

HDFC GOLD EXCHANGE TRADED FUND* NAV as on Mar 31, 2020 ` 3945.529

Date Period Scheme Returns (%)

Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Mar 29, 19 Last 1 Year 36.41 38.25 13,641 13,825Mar 31, 17 Last 3 Years 13.91 15.29 14,786 15,330Mar 31, 15 Last 5 Years 9.58 10.85 15,805 16,746Aug 13, 10 Since Inception 8.48 9.39 21,916 23,744

# Domestic Price of Physical Gold. Since inception returns are calculated on ̀ 1800.3288 (allotment price) * The Scheme does not offer any Plans/Options. The scheme is managed by Mr. Krishan Kumar Daga since October 19, 2015.

HDFC GOLD FUND NAV as on Mar 31, 2020 ` 14.109


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Mar 29, 19 Last 1 Year 36.85 38.25 13,685 13,825Mar 31, 17 Last 3 Years 13.80 15.29 14,742 15,330Mar 31, 15 Last 5 Years 9.36 10.85 15,647 16,746nov 01, 11 Since Inception 4.17 5.88 14,109 16,179

# Domestic Price of Physical Gold. The scheme is managed by Mr. Krishan Kumar Daga since October 19, 2015.

HDFC CHARITy FUND FOR CANCER CURE - ARBITRAGE PLAN^

NAV as on Mar 31, 2020 ` 10.047


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 29, 19 Last 1 Year 3.41 6.04 -24.85 10,341 10,604 7,515Mar 31, 17 Last 3 Years 5.22 5.26 -0.81 11,650 11,666 9,757Mar 27, 17 Since Inception 5.27 5.29 -0.34 11,676 11,682 9,898

# nIFTY 50 Arbitrage Index ## nIFTY 50 Index. The Scheme is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Krishan Kumar Daga since inception. ^ Scheme offers Dividend option only. Returns of HDFC Charity Fund for Cancer Cure - Arbitrage Plan - Regular Plan are computed based on nAV of Dividend Option and all dividends (after statutory levy) are assumed to be reinvested in the units of the scheme at the then prevailing nAV (ex-dividend nAV).

RAKESH VyAS

HDFC HOF - I - 1140D NOVEMBER 2017 (1) NAV as on Mar 31, 2020 ` 6.3170


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year -33.59 -27.03 -24.85 6,641 7,297 7,515Dec 06, 17 Since Inception -17.98 -9.67 -5.25 6,317 7,899 8,825

# India Housing & Allied Businesses Index ## nIFTY 50 (Total Returns Index) The Scheme is in existence for more than 1 year but less than 3 years. The Scheme was co-managed by Rakesh Vyas & Prashant Jain from June 01, 2019 till January 23, 2020.

62 March 2020

CO-MANAGED By MITEN LATHIA & ANIL BAMBOLI

HDFC DyNAMIC PE RATIO FUND OF FUNDS NAV as on Mar 31, 2020 ` 15.6897


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year -16.54 -12.78 -24.85 8,346 8,722 7,515Mar 31, 17 Last 3 Years -1.47 2.60 -0.81 9,564 10,802 9,757Mar 31, 15 Last 5 Years 2.58 4.24 1.56 11,358 12,309 10,807Feb 06, 12 Since Inception 5.68 8.11 7.32 15,690 18,888 17,783

# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. The scheme is co-managed by Mr. Miten Lathia & Mr. Anil Bamboli since June 28, 2014.

CO-MANAGED ByKRISHAN KUMAR DAGA & ANIL BAMBOLI

HDFC DAF - III - 1304D AUGUST 2016 NAV as on Mar 31, 2020 ` 11.8027


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 2.00 -5.25 7.44 10,200 9,475 10,744Mar 31, 17 Last 3 Years 4.48 4.65 6.91 11,405 11,461 12,221Sep 12, 16 Since Inception 4.78 5.29 6.88 11,803 12,010 12,666

# nIFTY 50 Hybrid Short Duration Debt 40:60 Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 5 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Anil Bamboli since inception.

HDFC DAF - III - 1267D OCTOBER 2016 NAV as on Mar 31, 2020 ` 11.6351


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 2.10 -5.25 7.44 10,210 9,475 10,744Mar 31, 17 Last 3 Years 4.36 4.65 6.91 11,367 11,461 12,221Oct 25, 16 Since Inception 4.51 5.32 6.84 11,635 11,947 12,552


HDFC DAF - III - 1224D NOVEMBER 2016 NAV as on Mar 31, 2020 ` 11.5567


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 2.13 -0.07 7.44 10,213 9,993 10,744Mar 31, 17 Last 3 Years 4.36 5.82 6.91 11,367 11,852 12,221Dec 07, 16 Since Inception 4.46 6.62 6.84 11,557 12,368 12,453

# nIFTY 50 Hybrid Short Duration Debt 25:75 Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 5 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Mr. Anil Bamboli since inception.




March 2020 63

SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE)

PRASHANT JAIN

HDFC EQUITy FUND NAV as on Mar 31, 2020 ` 483.779


(%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 invested Scheme

(`)Benchmark

(`)#Additional

Benchmark (`)##

Mar 29, 19 Last 1 Year -32.22 -26.44 -24.85 6,778 7,356 7,515Mar 31, 17 Last 3 Years -4.85 -3.14 -0.81 8,614 9,088 9,757Mar 31, 15 Last 5 Years 0.28 1.29 1.56 10,139 10,660 10,807Jan 01, 13 Since Inception 6.97 6.62 6.53 16,296 15,920 15,823

# nIFTY 500 (Total Returns Index) ## nIFTY 50 (Total Returns Index).

HDFC TOP 100 FUND NAV as on Mar 31, 2020 ` 361.421


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##

Mar 29, 19 Last 1 Year -30.83 -24.76 -22.69 6,917 7,524 7,731Mar 31, 17 Last 3 Years -4.33 -1.35 1.07 8,756 9,600 10,326Mar 31, 15 Last 5 Years 0.81 1.84 2.41 10,412 10,958 11,265Jan 01, 13 Since Inception 6.50 6.96 7.26 15,787 16,285 16,618

# nIFTY 100 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index).

HDFC BALANCED ADVANTAGE FUND NAV as on Mar 31, 2020 ` 157.176


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##


# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments. Refer to note on performance disclosure on Page no. 16.

VINAy KULKARNI

HDFC FOCUSED 30 FUND NAV as on Mar 31, 2020 ` 56.432


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##

Mar 29, 19 Last 1 Year -31.88 -26.44 -22.69 6,812 7,356 7,731Mar 31, 17 Last 3 Years -8.28 -3.14 1.07 7,715 9,088 10,326Mar 31, 15 Last 5 Years -0.61 1.29 2.41 9,698 10,660 11,265Jan 01, 13 Since Inception 4.75 6.62 7.26 14,002 15,920 16,618


HDFC GROWTH OPPORTUNITIES FUND NAV as on Mar 31, 2020 ` 81.830


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##

Mar 29, 19 Last 1 Year -29.75 -27.29 -22.69 7,025 7,271 7,731Mar 31, 17 Last 3 Years -5.94 -3.99 1.07 8,319 8,848 10,326Mar 31, 15 Last 5 Years -2.07 1.92 2.41 9,005 10,999 11,265Jan 01, 13 Since Inception 2.81 7.90 7.26 12,227 17,357 16,618

# nIFTY Large Midcap 250 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index). The Scheme, formerly a large cap fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a Large and Mid-cap Fund. Accordingly, the Scheme’s benchmark has also changed. Hence, the past performance of the Scheme may not strictly be comparable with that of the new benchmark.

HDFC TAXSAVER NAV as on Mar 31, 2020 ` 372.082


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year -32.11 -26.44 -24.85 6,789 7,356 7,515Mar 31, 17 Last 3 Years -8.18 -3.14 -0.81 7,739 9,088 9,757Mar 31, 15 Last 5 Years -1.60 1.29 1.56 9,227 10,660 10,807Jan 01, 13 Since Inception 5.85 6.62 6.53 15,100 15,920 15,823


CHIRAG SETALVAD

HDFC MID-CAP OPPORTUNITIES FUND NAV as on Mar 31, 2020 ` 41.453


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year -30.01 -34.83 -24.85 6,999 6,517 7,515Mar 31, 17 Last 3 Years -6.95 -11.09 -0.81 8,055 7,026 9,757Mar 31, 15 Last 5 Years 2.15 -0.95 1.56 11,121 9,533 10,807Jan 01, 13 Since Inception 11.53 5.59 6.53 22,051 14,829 15,823

# nIFTY Midcap 100 (Total Returns Index) ## nIFTY 50 (Total Returns Index).

HDFC SMALL CAP FUNDNAV as on Mar 31, 2020 ` 28.110


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year -40.90 -45.03 -24.85 5,910 5,497 7,515Mar 31, 17 Last 3 Years -7.05 -18.94 -0.81 8,028 5,322 9,757Mar 31, 15 Last 5 Years 1.66 -7.55 1.56 10,860 6,752 10,807Jan 01, 13 Since Inception 8.17 0.51 6.53 17,669 10,374 15,823

# nIFTY Smallcap 100 (Total Returns Index) ## nIFTY 50 (Total Returns Index).

HDFC HyBRID EQUITy FUND NAV as on Mar 31, 2020 ` 44.489


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##


# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). Refer to note on performance disclosure on Page no. 18.

HDFC CHILDREN’S GIFT FUND NAV as on Mar 31, 2020 ` 104.119


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year -18.82 -12.78 -24.85 8,118 8,722 7,515Mar 31, 17 Last 3 Years 0.21 2.60 -0.81 10,063 10,802 9,757Mar 31, 15 Last 5 Years 4.19 4.24 1.56 12,282 12,309 10,807Jan 01, 13 Since Inception 10.39 7.56 6.53 20,475 16,960 15,823

# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments.

HDFC LONG TERM ADVANTAGE FUND NAV as on Mar 31, 2020 ` 268.717


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# S&P BSE SEnSEx (Total Returns Index) ## nIFTY 50 (Total Returns Index).


64 March 2020


SHOBHIT MEHROTRA

HDFC INCOME FUND NAV as on Mar 31, 2020 ` 46.4036


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 10.00 12.25 14.55 11,000 11,225 11,455Mar 31, 17 Last 3 Years 6.24 7.55 6.85 11,993 12,444 12,200Mar 31, 15 Last 5 Years 7.30 8.18 8.06 14,227 14,825 14,737Jan 01, 13 Since Inception 8.05 8.39 7.67 17,529 17,935 17,088

# nIFTY Medium To Long Duration Debt Index ## CRISIL 10 year Gilt Index.

HDFC MEDIUM TERM DEBT FUND NAV as on Mar 31, 2020 ` 42.1036


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY Medium Duration Debt Index ## CRISIL 1 year T-Bill Index.

HDFC FLOATING RATE DEBT FUND NAV as on Mar 31, 2020 ` 35.3825


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Liquid Fund Index ## CRISIL 1 year T-Bill Index.

HDFC CREDIT RISK DEBT FUND NAV as on Mar 31, 2020 ` 17.4432


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY Credit Risk Bond Index ## CRISIL 10 year Gilt Index. Refer to note on performance disclosure on Page no. 40.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by Mr. Shobhit Mehrotra since inception.



(%)

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(%)#


Returns (%) ##


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(`)##





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(%)#


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(`)##





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(`)##





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(`)##





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(%)#


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(`)##





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(`)##





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(%)#


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(`)##





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(%)#


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(`)##





March 2020 65




(%)

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(%)#


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(`)##





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(%)#


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Scheme (`)

Benchmark (`)#


(`)##



KRISHAN KUMAR DAGA

HDFC ARBITRAGE FUND - WHOLESALE PLAN NAV as on Mar 31, 2020 ` 14.885


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 6.52 6.04 -24.85 10,652 10,604 7,515Mar 31, 17 Last 3 Years 6.25 5.26 -0.81 11,996 11,666 9,757Mar 31, 15 Last 5 Years 6.61 5.67 1.56 13,775 13,177 10,807Apr 07, 14 Since Inception 6.87 6.25 5.62 14,885 14,376 13,870

# nIFTY 50 Arbitrage Index ## nIFTY 50 (Total Returns Index). Scheme performance is not strictly comparable with that of its Additional Benchmark since the scheme does not take directional call in equity markets but is limited to availing arbitrage opportunities, etc.

HDFC INDEX FUND - SENSEX PLAN NAV as on Mar 31, 2020 ` 265.5775


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year -23.07 -22.69 -24.85 7,693 7,731 7,515Mar 31, 17 Last 3 Years 0.68 1.07 -0.81 10,206 10,326 9,757Mar 31, 15 Last 5 Years 2.16 2.41 1.56 11,128 11,265 10,807Jan 01, 13 Since Inception 6.91 7.26 6.53 16,230 16,618 15,823

# S&P BSE SEnSEx (Total Returns Index) ## nIFTY 50 (Total Returns Index). Refer to note on performance disclosure on Page no. 25.

HDFC INDEX FUND - NIFTy 50 PLAN NAV as on Mar 31, 2020 ` 79.4445


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year -25.27 -24.85 -22.69 7,473 7,515 7,731Mar 31, 17 Last 3 Years -1.15 -0.81 1.07 9,658 9,757 10,326Mar 31, 15 Last 5 Years 1.25 1.56 2.41 10,644 10,807 11,265Jan 01, 13 Since Inception 6.20 6.53 7.26 15,462 15,823 16,618




SHOBHIT MEHROTRA....CONTINUED

66 March 2020


HDFC GOLD FUND NAV as on Mar 31, 2020 ` 14.5029


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Mar 29, 19 Last 1 Year 37.36 38.25 13,736 13,825Mar 31, 17 Last 3 Years 14.28 15.29 14,930 15,330Mar 31, 15 Last 5 Years 9.84 10.85 15,995 16,746Jan 01, 13 Since Inception 3.81 5.14 13,115 14,379

# Domestic Price of Physical Gold. The scheme is managed by Mr. Krishan Kumar Daga since October 19, 2015.

HDFC CHARITy FUND FOR CANCER CURE - ARBITRAGE PLAN^

NAV as on Mar 31, 2020 ` 10.047


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 3.41 6.04 -24.85 10,341 10,604 7,515Mar 31, 17 Last 3 Years 5.22 5.26 -0.81 11,650 11,666 9,757Mar 27, 17 Since Inception 5.27 5.29 -0.34 11,676 11,682 9,898

# nIFTY 50 Arbitrage Index ## nIFTY 50 Index. The Scheme is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Krishan Kumar Daga since inception. ^Scheme offers Dividend option only. Returns of HDFC Charity Fund for Cancer Cure - Arbitrage Plan - Direct Plan are computed based on nAV of Dividend Option and all dividends (after statutory levy) are assumed to be reinvested in the units of the scheme at the then prevailing nAV (ex-dividend nAV).

ANUPAM JOSHI

HDFC CORPORATE BOND FUND NAV as on Mar 31, 2020 ` 23.0836


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY Corporate Bond Index ## CRISIL 10 year Gilt Index. Refer to note on performance disclosure on Page no. 39.

HDFC LOW DURATION FUND NAV as on Mar 31, 2020 ` 44.2083


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY Low Duration Debt Index ## CRISIL 1 year T-Bill Index.

HDFC LIQUID FUND NAV as on Mar 31, 2020 ` 3906.6111


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 24, 20 Last 7 days 25.68 18.70 47.78 10,049 10,036 10,092Mar 16, 20 Last 15 days 7.80 6.08 15.76 10,032 10,025 10,065Feb 29, 20 Last 1 Month 6.70 5.83 13.40 10,057 10,050 10,114Mar 31, 19 Last 1 Year 6.19 6.37 7.45 10,619 10,637 10,745Mar 31, 17 Last 3 Years 6.77 6.95 6.91 12,174 12,234 12,221Mar 31, 15 Last 5 Years 7.18 7.20 7.11 14,148 14,160 14,103Dec 31, 12 Since Inception 7.81 7.79 7.21 17,247 17,224 16,567

Returns less than 1 year period are simple annualized. # CRISIL Liquid Fund Index ## CRISIL 1 year T-Bill Index.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 29, 19 Last 1 Year 9.05 12.57 7.44 10,905 11,257 10,744Feb 27, 18 Since Inception 8.62 10.26 7.50 11,886 12,264 11,632




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 29, 19 Last 1 Year 9.00 12.57 7.44 10,900 11,257 10,744Mar 07, 18 Since Inception 8.54 10.29 7.51 11,847 12,247 11,617




(%)

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(%)#


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(`)##





KRISHAN KUMAR DAGA....CONTINUED

KRISHAN KUMAR DAGA

March 2020 67




(%)

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(`)##



ANIL BAMBOLI

HDFC DyNAMIC DEBT FUND NAV as on Mar 31, 2020 ` 67.1899


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Dynamic Debt Index ## CRISIL 10 year Gilt Index.

HDFC SHORT TERM DEBT FUND NAV as on Mar 31, 2020 ` 22.8883


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Short Term Bond Fund Index ## CRISIL 1 year T-Bill Index.

HDFC ULTRA SHORT TERM FUND NAV as on Mar 31, 2020 ` 11.2585


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Ultra Short Term Debt Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception.

HDFC GILT FUND NAV as on Mar 31, 2020 ` 42.0139


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Dynamic Gilt Index ## CRISIL 10 year Gilt Index.



ANUPAM JOSHI....CONTINUED

68 March 2020


HDFC BANKING AND PSU DEBT FUND NAV as on Mar 31, 2020 ` 16.8255


(%)

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# nIFTY Banking & PSU Index ## CRISIL 1 year T-Bill Index.

HDFC MONEy MARKET FUND NAV as on Mar 31, 2020 ` 4219.8368


(%)

Benchmark Returns

(%)#


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Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 7.60 6.71 7.44 10,760 10,671 10,744Mar 31, 17 Last 3 Years 7.50 6.97 6.91 12,426 12,243 12,221Mar 31, 15 Last 5 Years 7.62 7.35 7.11 14,442 14,260 14,103Dec 31, 12 Since Inception 8.10 7.92 7.21 17,589 17,376 16,567

# nIFTY Money Market Index ## CRISIL 1 year T-Bill Index.

HDFC OVERNIGHT FUND NAV as on Mar 31, 2020 ` 2969.1181


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 24, 20 Last 7 days 0.80 0.80 47.78 10,002 10,002 10,092Mar 16, 20 Last 15 days 2.46 2.45 15.76 10,010 10,010 10,065Feb 29, 20 Last 1 Month 3.63 3.66 13.40 10,031 10,031 10,114Mar 31, 19 Last 1 Year 5.18 5.27 7.45 10,518 10,527 10,745Mar 31, 17 Last 3 Years 5.81 5.84 6.91 11,848 11,859 12,221Mar 31, 15 Last 5 Years 6.16 6.21 7.11 13,486 13,519 14,103Dec 31, 12 Since Inception 6.79 6.86 7.21 16,097 16,185 16,567

Returns less than 1 year period are simple annualized. # CRISIL Overnight Index ## CRISIL 1 year T-Bill Index.

HDFC CHARITy FUND FOR CANCER CURE - DEBT PLAN^

NAV as on Mar 31, 2020 ` 10.0234


(%)

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# CRISIL Short Term Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. ^ Scheme offers Dividend option only. Returns of HDFC Charity Fund for Cancer Cure - Debt Plan - Direct Plan are computed based on nAV of Dividend Option and all dividends (after statutory levy) are assumed to be reinvested in the units of the scheme at the then prevailing nAV (ex-dividend nAV).



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Returns (%) ##


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(`)##

Mar 29, 19 Last 1 Year 9.03 12.57 7.44 10,903 11,257 10,744Mar 31, 17 Last 3 Years 7.65 8.10 6.91 12,476 12,636 12,221Mar 31, 15 Last 5 Years 7.92 8.72 7.11 14,642 15,194 14,103Aug 14, 13 Since Inception 8.98 9.72 7.54 17,695 18,505 16,196

# CRISIL Composite Bond Fund Index ## CRISIL 1 year T-Bill Index. The scheme is managed by Mr. Anil Bamboli since inception.



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70 March 2020




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March 2020 71




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MITEN LATHIA

HDFC CAPITAL BUILDER VALUE FUND NAV as on Mar 31, 2020 ` 209.049


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year -34.33 -26.44 -24.85 6,567 7,356 7,515Mar 31, 17 Last 3 Years -6.51 -3.14 -0.81 8,169 9,088 9,757Mar 31, 15 Last 5 Years 0.75 1.29 1.56 10,379 10,660 10,807Jan 01, 13 Since Inception 8.24 6.62 6.53 17,758 15,920 15,823


HDFC EOF - II - 1126D MAy 2017 (1) NAV as on Mar 31, 2020 ` 8.5250


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 29, 19 Last 1 Year -22.83 -24.85 -22.69 7,717 7,515 7,731Jun 15, 17 Since Inception -5.55 -2.50 -0.69 8,525 9,318 9,810


HDFC EOF - II - 1100D JUNE 2017 (1) NAV as on Mar 31, 2020 ` 8.6040


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 29, 19 Last 1 Year -19.83 -24.85 -22.69 8,017 7,515 7,731Jul 17, 17 Since Inception -5.40 -3.93 -2.00 8,604 8,971 9,467


RAKESH VyAS

HDFC INFRASTRUCTURE FUND NAV as on Mar 31, 2020 ` 9.650


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 29, 19 Last 1 Year -46.98 -26.44 -24.85 5,302 7,356 7,515Mar 31, 17 Last 3 Years -19.10 -3.14 -0.81 5,291 9,088 9,757Mar 31, 15 Last 5 Years -10.69 1.29 1.56 5,678 10,660 10,807Jan 01, 13 Since Inception -1.98 6.62 6.53 8,653 15,920 15,823

# nIFTY 500 (Total Returns Index) ## nIFTY 50 (Total Returns Index). The Scheme was co-managed by Rakesh Vyas & Prashant Jain from June 01, 2019 till January 23, 2020.

HDFC HOF - I - 1140D NOVEMBER 2017 (1) NAV as on Mar 31, 2020 ` 6.5010


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 29, 19 Last 1 Year -33.22 -27.03 -24.85 6,678 7,297 7,515Dec 06, 17 Since Inception -16.96 -9.67 -5.25 6,501 7,899 8,825

# India Housing & Allied Businesses Index ## nIFTY 50 (Total Returns Index) The Scheme is in existence for more than 1 year but less than 3 years. The scheme was co-managed by Rakesh Vyas & Prashant Jain from June 01, 2019 till January 23, 2020.




CO-MANAGED By CHIRAG SETALVAD & SHOBHIT MEHROTRA

HDFC RETIREMENT SAVINGS FUND - EQUITy PLAN

NAV as on Mar 31, 2020 ` 13.448


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

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(`)##Mar 29, 19 Last 1 Year -25.79 -26.44 -24.85 7,421 7,356 7,515Mar 31, 17 Last 3 Years -2.56 -3.14 -0.81 9,250 9,088 9,757Feb 25, 16 Since Inception 7.50 5.96 6.69 13,448 12,679 13,042

# nIFTY 500 (Total Returns Index) ## nIFTY 50 (Total Returns Index). The Scheme is in existence for more than 1 year but less than 5 years

HDFC RETIREMENTSAVINGS FUND - HyBRID EQUITy PLAN

NAV as on Mar 31, 2020 ` 14.623


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 29, 19 Last 1 Year -17.47 -12.78 -24.85 8,253 8,722 7,515Mar 31, 17 Last 3 Years 1.10 2.60 -0.81 10,334 10,802 9,757Feb 25, 16 Since Inception 9.72 7.92 6.69 14,623 13,669 13,042

# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). The Scheme is in existence for more than 1 year but less than 5 years

HDFC RETIREMENT SAVINGS FUND - HyBRID DEBT PLAN

NAV as on Mar 31, 2020 ` 14.0991


(%)

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# nIFTY 50 Hybrid Composite Debt 15:85 Index ## CRISIL 10 Year Gilt Index. The Scheme is in existence for more than 1 years but less than 5 years

CO-MANAGED By CHIRAG SETALVAD, ANIL BAMBOLI & KRISHAN KUMAR DAGA

HDFC MULTI - ASSET FUND NAV as on Mar 31, 2020 ` 28.6240


(%)

Benchmark Returns

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(`)##Mar 29, 19 Last 1 Year -14.39 -8.43 -24.85 8,561 9,157 7,515Mar 31, 17 Last 3 Years -1.29 3.95 -0.81 9,617 11,233 9,757Mar 31, 15 Last 5 Years 2.74 5.02 1.56 11,447 12,779 10,807Jan 01, 13 Since Inception 5.70 7.48 6.53 14,948 16,874 15,823

# 90% nIFTY 50 Hybrid Composite Debt 65:35 Index + 10% Domestic Price of Gold ## nIFTY 50 (Total Returns Index). The Scheme formerly, a debt oriented hybrid fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a multi asset fund investing in equities, debt and gold. Accordingly, the Scheme’s benchmark and additional benchmarks have also changed. Hence, the past performance of the Scheme since inception till May 22, 2018 may not strictly be comparable with those of the new benchmark and the additional benchmark. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments and gold.

CO-MANAGED By CHIRAG SETALVAD & SHOBHIT MEHROTRA

72 March 2020

Managing Portfolio Since

Returns (%) (As on March 31, 2020)

Last 1 year (%) Last 3 years (%) Last 5 years (%)

Permitted Category I - FPI Portfolio (managed under a bilateral agreement under Regulation 24(b) and subject to applicable laws)

March 22, 2016 -29.75 -3.24 n.A.

Benchmark- MSCI India (Total Returns) -24.82 -1.85 n.A.

Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualised (CAGR). The above returns are computed using the Time Weighted Rate of Return (TWRR) methodology, to make them more comparable with the mutual fund scheme's returns. Inception date is March 22, 2016. The performance is not comparable with the performance of the aforementioned scheme(s) of HDFC Mutual Fund due to differing investment objective/s and fundamental differences in asset allocation, investment strategy and the regulatory environment. The said disclosure is pursuant to SEBI Circular no. Cir/IMD/DF/7/2012 dated February 28, 2012 pertaining to Regulation 24(b) of SEBI (Mutual Funds) Regulations, 1996. FPI - Foreign Portfolio Investor.

PERFORMANCE OF PERMITTED CATEGORy I - FPI PORTFOLIO (MANAGED By PRASHANT JAIN)


CO-MANAGED By VINAy KULKARNI, KRISHAN KUMAR DAGA & ANIL BAMBOLI

HDFC EQUITy SAVINGS FUND NAV as on Mar 31, 2020 ` 35.2230


(%)

Benchmark Returns

(%)#


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(`)##Mar 29, 19 Last 1 Year -9.68 -2.60 -24.85 9,032 9,740 7,515Mar 31, 17 Last 3 Years 1.71 4.52 -0.81 10,522 11,420 9,757Mar 31, 15 Last 5 Years 6.13 5.49 1.56 13,471 13,065 10,807Jan 01, 13 Since Inception 7.36 7.48 6.53 16,732 16,868 15,823

# 40% nIFTY 50 Arbitrage Index, 30% CRISIL Short Term Bond Fund Index and 30% nIFTY 50 (Total Returns Index) ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark, since a portion of scheme’s investments are made in equity instruments.

CO-MANAGED By KRISHAN KUMAR DAGA & ANIL BAMBOLI

HDFC DAF - III - 1267D OCTOBER 2016 NAV as on Mar 31, 2020 ` 12.1733


(%)

Benchmark Returns

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Returns (%) ##


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Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 2.32 -5.25 7.44 10,232 9,475 10,744Mar 31, 17 Last 3 Years 5.62 4.65 6.91 11,784 11,461 12,221Oct 25, 16 Since Inception 5.90 5.32 6.84 12,173 11,947 12,552


HDFC DAF - III - 1224D NOVEMBER 2016 NAV as on Mar 31, 2020 ` 12.0786


(%)

Benchmark Returns

(%)#


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Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year 2.50 -0.07 7.44 10,250 9,993 10,744Mar 31, 17 Last 3 Years 5.71 5.82 6.91 11,815 11,852 12,221Dec 07, 16 Since Inception 5.86 6.62 6.84 12,079 12,368 12,453




HDFC DAF - III - 1304D AUGUST 2016 NAV as on Mar 31, 2020 ` 12.3450


(%)

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(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 29, 19 Last 1 Year 2.37 -5.25 7.44 10,237 9,475 10,744Mar 31, 17 Last 3 Years 5.65 4.65 6.91 11,796 11,461 12,221Sep 12, 16 Since Inception 6.11 5.29 6.88 12,345 12,010 12,666


CO-MANAGED By PRASHANT JAIN & SHOBHIT MEHROTRA

HDFC HyBRID DEBT FUND NAV as on Mar 31, 2020 ` 45.9861


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 29, 19 Last 1 Year -2.86 5.85 14.55 9,714 10,585 11,455Mar 31, 17 Last 3 Years 2.84 6.74 6.85 10,877 12,162 12,200Mar 31, 15 Last 5 Years 5.65 7.45 8.06 13,169 14,328 14,737Jan 01, 13 Since Inception 7.91 8.42 7.67 17,370 17,971 17,088

# nIFTY 50 Hybrid Composite Debt 15:85 Index ## CRISIL 10 year Gilt Index. Refer to note on performance disclosure on Page no. 36.

CO-MANAGED By ANIL BAMBOLI & MITEN LATHIA

HDFC DyNAMIC PE RATIO FUND OF FUNDS NAV as on Mar 31, 2020 ` 16.642


(%)

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# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. The scheme is managed by Mr. Anil Bamboli & Miten Lathia since June 28, 2014.

March 2020 73

DIVIDEND HISTORy ^

^ Past performance may or may not be sustained in the future. There is no assurance or guarantee to Unit holders as to rate/quantum of dividend distribution nor that the dividends will be paid regularly. After payment of the dividend, the per Unit nAV falls to the extent of the payout and statutory levy, if any. Please log on to www.hdfcfund.com for Record Date-wise listing of dividends declared.

HDFC Equity Fund (Past 3 years) Dividend Option

Record Date Regular Plan Direct Plan

Cum Div NAV (`)

Dividend per Unit (`) For Cum Div NAV (`)

Dividend per Unit (`) For

Individuals & HUF Others Individuals & HUF Others

Mar 22, 18 55.480 5.50 5.50 58.320 5.50 5.50Mar 20, 19 56.417 5.25 5.25 60.153 5.25 5.25Mar 19, 20 33.678 4.250 4.250 36.364 4.250 4.250

HDFC Top 100 Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 06, 18 54.454 6.00 6.00 56.705 6.00 6.00Mar 07, 19 52.212 5.50 5.50 55.052 5.50 5.50Mar 12, 20 43.674 5.00 5.00 46.622 5.00 5.00

HDFC Capital Builder Value Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Feb 22, 18 31.809 3.50 3.50 33.423 3.50 3.50Feb 21, 19 26.710 2.75 2.75 28.618 2.75 2.75Feb 20, 20 24.565 2.75 2.75 26.809 2.75 2.75

HDFC Focused 30 Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Feb 22, 18 21.508 2.25 2.25 22.914 2.25 2.25Feb 21, 19 16.853 1.75 1.75 18.257 1.75 1.75Feb 20, 20 16.110 1.75 1.75 17.776 1.75 1.75

HDFC Arbitrage Fundnormal Dividend Option (Past 3 months)

Record Date Wholesale Plan Direct Plan

Cum Div NAV (`)




Jan 23, 20 10.430 0.035 0.035 10.810 0.040 0.040Feb 20, 20 10.821 0.090 0.090 - - -Mar 19, 20 10.474 0.133 0.133 10.759 0.044 0.044

Monthly Dividend Option (Past 3 months)

Record Date Wholesale Plan Wholesale Plan - Direct Plan

Cum Div NAV (`)




Jan 23, 20 10.869 0.016 0.016 10.516 0.040 0.040Feb 20, 20 10.525 0.045 0.045 - - -Mar 19, 20 10.939 0.133 0.133 10.513 0.044 0.044

HDFC Growth Opportunities Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 01, 18 22.901 2.25 2.25 25.854 2.25 2.25Feb 28, 19 19.807 2.00 2.00 22.663 2.00 2.00Feb 27, 20 18.745 2.00 2.00 21.836 2.00 2.00

HDFC Mid-Cap Opportunities Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 01, 18 34.912 3.00 3.00 41.189 3.00 3.00Feb 28, 19 28.574 2.50 2.50 34.574 2.50 2.50Feb 27, 20 28.084 2.50 2.50 34.848 2.50 2.50

HDFC Small Cap Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 01, 17 22.892 2.00 2.00 24.040 2.00 2.00Mar 22, 18 28.810 2.75 2.75 30.776 1.00 1.00Mar 27, 19 25.955 2.50 2.50 30.135 0.99 0.99

HDFC Hybrid Equity Fund (Past 3 quarters) Dividend Option


Cum Div NAV (`)




Jun 25, 19 12.104 0.320 0.320 12.845 0.320 0.320Sep 25, 19 11.4670 0.3200 0.3200 12.2080 0.3200 0.3200Dec 26, 19 11.4030 0.3200 0.3200 12.1830 0.3200 0.3200

HDFC Balanced Advantage Fund (Past 3 months) Dividend Option


Cum Div NAV (`)




Jan 27, 20 26.683 0.310 0.310 28.504 0.310 0.310Feb 25, 20 25.496 0.310 0.310 27.274 0.310 0.310Mar 16, 20 20.135 0.310 0.310 21.565 0.310 0.310

HDFC TaxSaver (Past 3 years) Dividend Option(An open-ended equity linked savings scheme with a lock-in period of 3 years)


Cum Div NAV (`)




Mar 15, 18 66.562 7.00 7.00 69.256 7.00 7.00Mar 14, 19 59.483 6.00 6.00 62.638 6.00 6.00Mar 12, 20 39.950 5.00 5.00 42.588 2.37 2.37

HDFC Infrastructure Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 23, 17 14.388 1.500 1.500 17.736 1.500 1.500Mar 15, 18 14.630 1.750 1.750 18.570 1.750 1.750Mar 27, 19 11.308 1.000 1.000 14.899 1.000 1.000

HDFC Hybrid Debt Fund Monthly Dividend Option (Past 3 months)


Cum Div NAV (`)




Jan 27, 20 12.7967 0.0800 0.0741 13.4490 0.0800 0.0741Feb 25, 20 12.698 0.0800 0.0741 13.354 0.0800 0.0741Mar 18, 20 11.4816 0.0800 0.0741 12.0831 0.0800 0.0741

Quarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Sep 25, 19 13.5635 0.2400 0.2222 14.1999 0.2400 0.2222Dec 26, 19 13.5463 0.2400 0.2222 14.2144 0.2400 0.2222Mar 18, 20 12.2732 0.2400 0.2222 12.9046 0.2400 0.2222

HDFC Equity Savings Fund (Past 3 quarters) Dividend Option


Cum Div NAV (`)




Jun 25, 19 11.273 0.2210 0.2210 12.153 0.2210 0.2210 Sep 25, 19 10.845 0.2210 0.2210 11.733 0.2210 0.2210Dec 26, 19 10.790 0.2210 0.2210 11.715 0.2210 0.2210

74 March 2020

DIVIDEND HISTORy ^

^ Past performance may or may not be sustained in the future. There is no assurance or guarantee to Unit holders as to rate/quantum of dividend distribution nor that the dividends will be paid regularly. After payment of the dividend, the per Unit nAV falls to the extent of the payout and statutory levy, if any. Please log on to www.hdfcfund.com for Record Date-wise listing of dividends declared.

HDFC Multi-Asset Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 03, 16 11.9008 0.7223 0.6692 12.5570 0.7223 0.6692Mar 09, 17 12.3216 0.7945 0.7361 13.1369 0.7945 0.7361Mar 01, 18 12.2077 0.7945 0.7361 13.1690 0.7945 0.7361

HDFC Income Fund (Past 3 quarters) Quarterly Dividend Option


Cum Div NAV (`)




Sep 25, 19 11.2236 0.1500 0.1389 11.8839 0.1500 0.1389Dec 26, 19 11.2480 0.1000 0.0926 11.9377 0.1000 0.0926Mar 18, 20 - - - 11.9807 0.1500 0.1389

HDFC Dynamic Debt FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Sep 25, 19 11.7208 0.1500 0.1389 12.3669 0.1500 0.1389Dec 26, 19 11.7795 0.1500 0.1389 12.4639 0.1500 0.1389Mar 18, 20 11.6268 0.1500 0.1389 12.3423 0.1500 0.1389

Half-yearly (Dividend Option) (Past 2 years)


Cum Div NAV (`)




Mar 25, 19 11.4552 0.2500 0.2315 - - -Sep 25, 19 11.2879 0.1500 0.1389 - - -Mar 18, 20 11.3908 0.4000 0.3704 - - -

yearly (Dividend Option) (Past 3 years)


Cum Div NAV (`)




Mar 26, 18 13.0626 0.4000 0.3706 13.6262 0.4000 0.3706Mar 25, 19 12.9184 0.3500 0.3241 13.5824 0.3500 0.3241Mar 18, 20 12.9884 0.5500 0.5093 13.7778 0.5500 0.5093

HDFC Corporate Bond FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Sep 25, 19 10.5142 0.1642 0.1520 10.4079 0.1289 0.1193Dec 26, 19 10.5041 0.1324 0.1226 10.4495 0.1304 0.1207Mar 18, 20 10.3846 0.1145 0.1060 10.3360 0.0348 0.0322

HDFC Gilt Fund(Dividend Option) (Past 3 quarters)


Cum Div NAV (`)




Sep 25, 19 11.5628 0.1500 0.1389 11.9525 0.1500 0.1389Dec 26, 19 11.5364 0.0500 0.0463 11.9447 0.0500 0.0463Mar 18, 20 11.7454 0.1500 0.1389 12.1762 0.1500 0.1389

HDFC Liquid FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




Dec 30, 19 1,031.1936 3.5250 3.2641 1,031.2923 3.5961 3.3300Jan 27, 20 1,030.1064 2.7418 2.5390 1,030.1852 2.7986 2.5915Feb 24, 20 1,030.3441 2.9131 2.6975 1,030.4229 2.9698 2.7501

HDFC Floating Rate Debt FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




Dec 30, 19 10.1956 0.0371 0.0344 10.1970 0.0381 0.0353Jan 27, 20 10.2008 0.0408 0.0378 10.2019 0.0416 0.0386Feb 24, 20 10.2116 0.0486 0.0450 10.2127 0.0494 0.0458

HDFC Low Duration FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




Dec 30, 19 10.1844 0.0320 0.0296 10.1928 0.0362 0.0336Jan 27, 20 10.1934 0.0385 0.0356 10.2007 0.0419 0.0388Feb 24, 20 10.2078 0.0488 0.0452 10.2149 0.0522 0.0483

HDFC Credit Risk Debt FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Sep 25, 19 10.4722 0.1577 0.1460 10.6038 0.1689 0.1564Dec 26, 19 - - - 10.6246 0.1845 0.1708Mar 18, 20 10.3566 0.0785 0.0727 10.4831 0.0846 0.0783

HDFC Ultra Short Term FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




Dec 30, 19 10.1381 0.0346 0.0321 10.1009 0.0367 0.0340Jan 27, 20 10.1325 0.0306 0.0283 10.0946 0.0321 0.0297Feb 24, 20 10.1392 0.0354 0.0328 10.1014 0.0370 0.0343

Disclaimer: The views expressed herein are based on internal data, publicly available information and other sources believed to be reliable, but involve uncertainties that could cause actual events to differ materially from those expressed or implied in such statements. The document is given for general and information purpose and is neither an investment advice nor an offer to sell nor a solicitation. While due care has been exercised while preparing this document, HDFC Asset Management Company Limited (“HDFC AMC”) does not warrant the completeness or accuracy of the information. neither HDFC AMC, nor any person connected with it, accepts any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice.

HDFC SEnSEx ETF, HDFC Index Fund - SEnSEx Plan (“Schemes”) is based on the S&P BSE SEnSEx Index. S&P® is a registered trademark of S&P Financial Services Limited (S&P). BSE® and SEnSEx® are registered trademarks of BSE Limited. The Schemes is not sponsored, endorsed marketed or promoted by S&P, BSE or their respective affiliates. Please refer to the Scheme Information Document for disclaimers w.r.t. S&P BSE SENSEX Index.

For HDFC nIFTY 50 ETF & HDFC Index Fund - nIFTY 50 Plan: The Scheme of HDFC Mutual Fund (the “Product(s)”) are not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (“IISL”). IISL does not make any representation or warranty, express or implied, to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly or the ability of the nIFTY Indices to track general stock market performance in India. The relationship of IISL with HDFC Asset Management Company Limited (“the Issuer/Licensee”) is only in respect of the licensing of the Indices and certain trademarks and trade names associated with such Indices which is determined, composed and calculated by IISL without regard to the Issuer /Licensee or the Product(s). IISL does not have any obligation to take the needs of the Issuer/Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the nIFTY Indices. IISL is not responsible for or has participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. IISL has no obligation or liability in connection with the administration, marketing or trading of the Product(s).

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