GOLD FUND · investments. Some typical benchmarks include the NIFTY, SeNSex, BSe200, BSe500, 10-Year Gsec. Entry Load A mutual fund may have a sales charge or load at the time of

July 31, 2020

(An Open-ended Fund Of Fund SchemeInvesting In HDFC Gold Exchange Traded Fund)

GOLD FUND

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

Capital appreciation over long term Investment in Units of HDFC Gold

Exchange Traded Fund (HGETF). HGETF invests in gold bullion of 0.995 �neness

HDFC Gold Fund is suitable forinvestors who are seeking*:

Riskometer

2 July 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

July 2020 3

Market Review

Market Review continued on next page

Macroeconomic Update

In the month of July 2020, Indian equities ended with strong gains driven by optimism around pickup in economic activity from the bottoms seen in April 2020, positive news on vaccine developments, better than expected Q1 results, etc. This was partly offset by risk of second wave of COVID-19 infection, escalation of tension between US and China, etc. In the fixed income markets, while 10Year Gsec yield was largely range bound, credit environment improved significantly with spreads of corporate bonds easing on back of improvement in sentiments and impact of measures taken by RBI.

Spread of COVID-19 continued to remain a concern with number of infected cases globally rising to ~17.75 million (as on 31 July 2020) from 10.6 million on 30 June 2020. The total infected cases in India reached ~1.7 million as on 31 July 2020, up from ~0.6 million cases as on 30 June 2020. Though the number of positive cases continue to rise, proportion of positive cases were relatively low considering the large population. India also has low fatality rate compared to many other countries. Further, recovery rate (new patients recovered / new cases per day) in India is relatively strong and active cases (i.e. those are currently infected) rose to only 0.56 million from 0.22 million, a month ago. (Source: www.worldometers.info)

Economy continues to recover post easing of restrictions: As the economy is reopening and restrictions are relaxed, Indian economy is witnessing signs of pickup in economic activity. Activity indicators like power demand, goods transported by railway, unemployment rate etc. are showing improvement month-on-month (m-o-m) and pace of contraction has significantly reduced since April 2020. However, some consumption indicators like sale of cars, 2 Wheelers, diesel, credit growth etc. continue to remain weak, although better than last month.

YOY change in Railway Freight Earnings and Tonnage turns positive

Source: Raildrishti.com

Power demand near last year level

Source: Motilal Oswal Securities

Unemployment rate near Pre-COVID level

Source: CMIE

While the impact of lockdown will be felt most in H1FY21, we believe that H2FY21 is likely to be significantly better provided the spread of COVID-19 is contained to a large extent.

TradeDeficitimprovessignificantly,outlookremainspositive: India’s trade deficit for June 2020 turned positive, a first after 18 years, due to month on month improvement in non-oil non-gold* (NONG) exports while NONG imports contracted. The details of each item of exports and imports are not published yet and hence it is difficult to assess which segment led to the improvement. From the available information, it is evident that growth in export of engineering and electronics goods was healthy while imports of ores were lower than last month. The weakness in non-oil non-gold imports also indicates that domestic demand remains muted. Net oil imports rose due to rise in oil prices while net gold imports was relatively stable supported by growth in exports of gems and jewellery.

AmountinUSDMillion May-20 Jun-20 Change (%)Trade Deficit 3,147 -793 NM

Net Oil imports 1,858 3,063 64.9%Net Gold imports* -270 -184 -31.9%Trade deficit ex oil & gold 1,560 -3,672 NM

* includes net imports of gold, silver and precious stones adjusted for gems and jewellery exports; NM – Not meaningful Trade deficit is expected to improve in FY21 due to low crude oil prices, weak gold volumes and likely fall in non-oil non-gold imports. This is likely to be partially offset by weaker exports. This bodes well for current account (despite lower remittances) and balance of payment for FY21.

Centre’fiscaldeficitwidenssignificantlyinQ1FY21;likelytoremainstretched:Significant shortfall in tax revenues, both direct and indirect taxes, resulted in Centre’s fiscal deficit widening to 83% of Budgeted Estimates (BE) in first quarter of FY21 (Q1FY21), compared to 61% last year. Transfers to states remained high despite shortfall in revenues as Centre continues to transfer the amount based on budgeted estimates rather than actual revenue collections. Capital expenditures grew at healthy pace driven by higher spending on roads, lower spending last year due to general elections and loans to Public institutions for food grains. Revenue expenditures growth was supported by higher spending on Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGS) and transfer of higher compensation cess to States.

(AmountinINRBillion)Change(YoY)

Q1FY20 Q1FY21Gross tax revenue 4,004 2,697 -32.6%Total Direct Tax 1,676 1,163 -30.6%Total Indirect Tax 2,329 1,534 -34.1%Less: Share of States & others 1,486 1,340 -9.8%NetTaxcollection 2,518 1,356 -46.1%Non- Tax Revenue 335 152 -54.6%TotalRevenueReceipts 2,853 1,508 -47.1%TotalCapitalReceipts 47.64 35.73 -25.0%

Total Revenue Expenditures 6,587 7,277 10.5%Total Capital Expenditures 630 883 40.1%TotalExpenditures 7,217 8,159 13.1%

Gross Fiscal Deficit -4,321 -6,624 53.3%FiscalDeficitas%ofGDP -2.2% -3.2%

YoY – Year on Year

Fiscal deficit in FY21 is likely to be significantly higher (~7% of GDP, Source: Kotak Institutional equities) than budgeted estimates on back of contraction in revenues because of lockdown, weakness in economic activity and impact of announced fiscal stimulus.

Foodinflationsoftened;mightremainelevatedinnearterm: Inflation softened a tad in June 2020 driven by fall in food prices especially fruits and vegetables. However, inflation of other constituents of food index like pulses, meat, edible oil, etc. remained at elevated level. Further, driven by rise in duties on petrol and diesel, the fuel inflation rose. Core CPI@ also rose mainly driven by higher gold prices.

While inflation in near term can remain at elevated level due to supply side disruptions, it is likely to moderate in H2FY21 on account of base effect, weak aggregate demand and normalisation of supply.

YoY,% May-20 Jun-20 Change in %CPI 6.3 6.1 -0.18Food & beverages 8.4 7.3 -1.09Fuel and Light 1.6 2.7 1.12Housing 3.7 3.5 -0.12Core CPI@ 4.9 5.4 0.49

@-CPI excluding food, fuel, transportation & housing

Commodity prices rises during the month: Commodity prices ended the month higher on back of optimism around normalisation in economic activity, especially in US and China. Gold prices continue to rise driven by high liquidity, rising cases of COVID-19 globally and escalation of tensions between US and China.

Source for various data points: Bloomberg, NSDL, CMIE, RBI, Kotak Institutional Research, Worldometers.info, World Bank, Daily valuation provided by ICRA/CRISIL.

4 July 2020

% Change Marketprice(USD)* FY2020 Jul-20 FYTD21^Brent Crude (per barrel) 43.3 (66.7) 5.2 90.4Gold (per ounce) 1,976 23.6 10.8 23.7Steel (per tonne) 3,912 (12.6) 3.7 15.1Zinc (per tonne) 2,299 (37.8) 11.8 23.1Copper (per tonne) 6,447 (26.0) 6.8 34.4Aluminium (per tonne) 1,675 (21.2) 4.6 12.2Lead (per tonne) 1,843 (15.3) 3.0 7.7

*Market prices as on July 31, 2020; ̂ change in prices since end-March 20, YoY- Year on Year

SummaryandConclusionIndian economy continued to recover in July 2020 post the shock of pandemic and

subsequent lockdown in April 2020 and May 2020. However, recovery is still in nascent stage and its sustainability over next few months needs to be closely monitored. While, on a full year basis India’s GDP in FY21 is likely to contract, we believe that the worst is largely behind us and economic activity should improve sequentially. Fiscal and monetary measures announced should also support this revival. Going forward, FY22 is likely to witness strong rebound in growth driven by low base, pent up demand and full year of normal activity. However, growth rate in FY21 and FY22 are aberration and it should normalise by FY23, in our opinion.

Further, low dependence on exports and sharp fall in oil prices, puts India in better position compared to other EMs, in near term. This is because India is a large net importer of oil and low prices helps in improving its current account. Further, weakness in global trade has relatively lower impact given India’s limited dependence on merchandise trade, especially discretionary items.

In addition to aforesaid, over medium to long term, this episode is likely to nudge global MNCs to consider diversifying their manufacturing operations from China to reduce overdependence on a single country. This bodes well for India as it can attract global manufacturing given its skilled population, relatively low wages, a large domestic market and concessionary tax rate offered. This will also be supported by sustained efforts by Governments to encourage manufacturing in India like production linked incentive scheme, improving ease of doing business, etc. For more on this, please refer “A mid year update on the Indian economy and markets” published in June 2020 and available on our website www.hdfcfund.com

Equity Market Update

After rising strongly in June 2020, Indian equity markets again gained by ~7.5% m-o-m in July 2020 amidst largely buoyant global markets driven by optimism around progress of vaccine development, signs of stabilisation in economic activities in India as well as major countries. The largecaps outperformed midcaps but underperformed smallcaps during the month. While most major sectors ended the month in positive, Information Technology, Healthcare and Auto were best performing sectors.

Globally, most major indices also delivered positive returns during the month. The tables below give the details of performance of key domestic and global indices.

% Change in Indices FY2020 Jul-20 FYTD21S&P BSE India Auto (42.9) 8.0 53.4 S&P BSE India Bankex (35.4) 1.3 11.6 S&P BSE India Capital Goods (40.6) (1.0) 16.0 S&P BSE India FMCG (12.7) 1.7 11.6 S&P BSE India Healthcare (15.7) 12.4 50.5 S&P BSE India Metal (49.7) 8.5 37.0 S&P BSE India Power (32.3) (2.3) 11.7 S&P BSE India Oil & Gas (34.4) 4.0 31.5 S&P BSE India IT (16.0) 22.6 42.1 S&PBSESENSEX (23.8) 7.7 27.6NIFTY50 (26.0) 7.5 28.8NIFTYMidcap100 (35.9) 5.2 32.2 NIFTYSmallcap (46.1) 8.6 39.4

% Change in Indices FY2020 Jul-20 FYTD21S&P 500 (8.8) 5.5 26.6 FTSE (22.1) (4.4) 4.0 DAX (13.8) 0.0 23.9 CAC (17.8) (3.1) 8.8 Nikkei (10.8) (2.6) 14.8 Hang Seng (18.8) 0.7 4.2 KOSPI (18.0) 6.7 28.2 Shanghai (11.0) 10.9 20.4 MSCI Emerging Market Index (19.8) 8.4 27.1

FPIs were net buyers in July 2020, third month in a row, and bought equity worth USD 1.0 billion. FPI inflows have been USD 4.9 billion since April 2020 after a record outflow of USD 8.3 billion in March 2020. Total FPIs equity outflows in first seven months of CY20 was USD 1.4 billion as against inflows of USD 9.5 billion during the corresponding period last year. Domestic equity oriented mutual funds witnessed net outflows of INR 2,673 crore in June 2020 compared to net inflows of INR 3,893 crore a month ago. In first six months of CY20, total inflows in domestic equity oriented mutual fund schemes stood at ~INR 35,000 crore.

Out of the limited Q1FY21 results declared so far, results of IT, Cement, Banks and Pharma were better than expectations whereas Consumer Staples, Auto and Insurance were largely in line with expectations. Results of Industrials and logistics were below expectations.

Outlook

As on 31 July 2020, NIFTY 50 was trading near 25.1x FY21E and 18.1x FY22E price to earnings ratio. While multiples are reasonable, in uncertain times like the current one, limited reliance can be placed on the Price to earnings multiples for gauging valuations as earnings are temporarily impacted, especially for FY21. In our opinion, Indian market cap to GDP is a better indicator of valuation of overall market in current scenario. As of 31 July 2020, Indian market capitalisation stood at ~67% of GDP (based on 2021 GDP), as against average of 77% over the past 10 years.

For 2020E and 2021E, Market cap/NIFTY 50 as on 31 July 20 is taken; GDP estimates are for 2020E and 2021E respectively. For 2020E, PE based on free-float EPS as of end Mar-21 and for 2021E EPS of end Mar-22 is used.

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

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

Markets hold promise over the medium to long term in our opinion. The optimism is supported by the fact that the economic activity is showing sign of revival and is likely to normalise by H2FY21 onwards. Further, the reforms in agriculture and defence sector, push towards privatisation of CPSEs, measures to incentives manufacturing in India (like production linked incentive schemes), etc. bodes well for medium to long term growth in India.

In view of the above, in our opinion, 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). Significant rise in spread of COVID-19, adverse global events, sharp rise in crude oil prices, sharp moderation in equity oriented mutual funds flows, higher than expected NPAs post the moratorium, escalation of tension between India and China and/or US and China, etc. are key risks in the near term.

Market Review Contd...

Market Review continued on next page


July 2020 5

Market Review Contd...


In view of COVID-19 pandemic, as directed by SeBI, the temporary cut-off timings for applicability of NAV from April 6, 2020 till further notice are as follows:

In respect of subscriptions / purchases (including switch-ins)

• For HDFC Liquid Fund and HDFC Overnight Fund - 12:30 p.m.

• For Schemes other than HDFC Liquid Fund and HDFC Overnight Fund - 01:00 p.m.

In respect of redemptions (including switch-outs)

• For all schemes including HDFC Liquid Fund and HDFC Overnight Fund - 01:00 p.m.

All other provisions relating to applicability of NAV for subscription / purchase, switches and redemption mentioned in the SIDs and KIMs of the Scheme(s) remain unchanged.

Debt Market Update

The yield of 10-year Gsec (5.79 GoI 2030) ended the month of July 2020 at 5.84%, down 5 bps over the previous month end. Notably, the AAA corporate bond spreads over 10Y Gsec yields eased significantly during the month. The table below gives a summary view of movement of key rates and liquidity. Jun-20 Jul-20 Change (%)10Yr G-Sec Yield (%, 5.79 GoI 2030)^ 5.89 5.84 -0.05AAA 10Year Corporate Bond Yields (%)# 6.85 6.37 -0.48AAA 10Y corporate bond spread against 6.45 GS 2029 Yield (bps)@ 96 53 -0.43Average net liquidity absorbed / (infused) by RBI* (INR billion) (approx.) 3,776 3,599 4.91MIBOR Overnight Rate (%) 3.89 3.86 -0.03

* Average net 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 net interbank liquidity surplus remained at elevated level supported by high government spending, soft credit growth vis-a-vis deposit growth and foreign exchange purchases by RBI.

Net debt FPI flows were negative at USD 0.6 billion in July 2020, as compared to net inflows of USD 0.3 billion during last month.

In its meeting held in August 2020, Monetary Policy Committee (MPC) unanimously voted in favour of keeping the policy repo rate unchanged at 4.0%. Further, it also voted in favour of maintaining an accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. The reverse repo rate and Cash Reserve Ratio (CRR) were also kept unchanged at 3.35% and 3.0% respectively.

Outlook

RBI’s decision of keeping the policy repo rate unchanged came in as a negative surprise with majority of market expecting a 25 bps rate cut. This resulted in Gsec yields rising by 3 to 6 bps across the curve. The measures announced by RBI, especially allowing the one-time restructuring should alleviate the stress on borrowers, to a large extent, and should provide relief to financial institutions.

Over the past few months, apart from reduction in policy rates, RBI has been conducting operation TWIST, LTROs, TLTROs, Open markets purchases, etc. to ease the financial condition and improve liquidity. Further, recently announced measures and statement by RBI Governor highlights that consideration towards aiding economic recovery weighs significantly on the monetary policy decisions. Governor also emphasised that there is room for policy rates to fall further which will be utilised prudently and at an appropriate time. This indicates that RBI is open to take further conventional and unconventional policy measures to counter the impact on slowdown due to the pandemic.

Apart from the factors mentioned above, weak oil prices, positive outlook on Balance of payment, benign inflation outlook, lower global rates and easing liquidity by major central banks bodes well for yields in India and there is some room for yields to decline in our opinion.

However, overhang of large supply of Government securities (Central as well as State) especially at the longer end, excess SLR investments within banking system, any sharp reversal in oil prices, high near term inflation, 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. Thus, we continue to recommend investment in short to medium duration debt funds.

Further, driven by high liquidity and improving sentiments, corporate credit spreads have eased significantly from recent highs. However, bond spreads of select issuers, especially in non-AAA rating category, are still trading at attractive levels (refer adjacent chart) and opportunities still exist in select pockets. Hence, allocation to credit oriented schemes can be maintained / increased, to a certain extent.

Long Term Average spread of AA over AAA over 10 years

GlOSSARYCPI Consumer Price Index

CPSEs Central Public Sector EnterprisesNPA Non Performing AssetsEMs Emerging MarketsGDP Gross Domestic ProductFPI Foreign Portfolio Investment

MNC Multinational CorporationLTRO Long Term Repo OperationSLR Statutory Liquidity Ratio

TLTRO Targeted Long Term Repo Operations

.

6 July 2020

CONTENTS

PAGE NO.

WEAlTH CREATION

HDFC Equity Fund ............................................................................. 07

HDFC Capital Builder Value Fund ........................................................ 08

HDFC Top 100 Fund ........................................................................... 09

HDFC Mid-Cap Opportunities Fund ..................................................... 10

HDFC Small Cap Fund ........................................................................ 11

HDFC Growth Opportunities Fund ...................................................... 12

HDFC Focused 30 Fund ...................................................................... 13

HDFC Infrastructure Fund .................................................................. 14

HDFC Balanced Advantage Fund ........................................................ 15-16

HDFC Hybrid Equity Fund ................................................................... 17-18

HDFC Multi-Asset Fund ...................................................................... 19-20

HDFC NIFTY 50 ETF ............................................................................ 21

HDFC Index Fund - NIFTY 50 Plan ....................................................... 22

HDFC SENSEx ETF .............................................................................. 23

HDFC Index Fund - SeNSex Plan ......................................................... 24

HDFC Gold ETF .................................................................................. 58

HDFC Gold Fund ................................................................................ 59

TAx SAVINGS

HDFC Taxsaver .................................................................................. 25

CHIlDREN'S FUTURE

HDFC Children’s Gift Fund ................................................................. 26-27

RETIREMENT PLANNING

HDFC Retirement Savings Fund - Equity Plan ....................................... 28

HDFC Retirement Savings Fund - Hybrid Equity Plan ............................ 29-30

HDFC Retirement Savings Fund - Hybrid Debt Plan .............................. 31

PAGE NO.

REgUlAR INCOME

HDFC Equity Savings Fund ................................................................. 32-33

HDFC Hybrid Debt Fund ..................................................................... 34-35

HDFC Arbitrage Fund ......................................................................... 36-37

HDFC Corporate Bond Fund ............................................................... 38-39

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

HDFC Banking and PSU Debt Fund ..................................................... 42-43

HDFC Gilt Fund.................................................................................. 44

HDFC Dynamic Debt Fund .................................................................. 45

HDFC Income Fund ........................................................................... 46

HDFC Medium Term Debt Fund .......................................................... 47

HDFC Short Term Debt Fund .............................................................. 48-49

HDFC Low Duration Fund ................................................................... 50-51

HDFC Money Market Fund ................................................................. 52

HDFC Floating Rate Debt Fund ........................................................... 53

HDFC Ultra Short Term Fund .............................................................. 54

HDFC Liquid Fund .............................................................................. 55-56

HDFC Overnight Fund ........................................................................ 57

Annexure A ...................................................................................... 60

Performance details of schemes managed by respective fund managers ............................................. 61

Scheme performance summary - Regular Plans ................................. 62-66

Scheme performance summary - Direct Plans .................................... 67-74

Performance of Permitted Category FPI Portfolio ............................... 75

Dividend History ............................................................................... 76-77

Disclaimer ....................................................................................... 78

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.

July 2020 7

SIP PERFORMANCE ^ - Regular Plan - growth OptionSince Inception

SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,070.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) 60,958.60 4,046.03 1,723.06 610.42 327.62 115.07 Returns (%) 19.20 10.08 7.03 0.68 -6.03 -7.55 Benchmark Returns (%) # 13.43 9.69 9.00 5.27 0.86 7.58 Additional Benchmark Returns (%) ## 12.52 9.80 9.05 6.83 3.14 7.88

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 July 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 (`)##

Jul 31, 19 Last 1 Year -13.56 0.98 0.68 8,644 10,098 10,068Jul 31, 17 Last 3 Years -2.78 2.08 4.46 9,187 10,637 11,400Jul 31, 15 Last 5 Years 3.09 6.17 6.66 11,643 13,492 13,811Jan 01, 95 Since Inception 17.02 10.75 10.37 558,598 136,548 125,098

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. N.A. Not Available. For performance of other schemes managed by Prashant Jain, please refer page 61. 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. 67. For FPI Portfolio, refer page no. 75.

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

• ICICI Bank Ltd. Banks 8.67

• Infosys Ltd. Software 8.01

• State Bank of India Banks 7.76

• Larsen and Toubro Ltd. Construction Project 7.20

• ITC Ltd. Consumer Non Durables 5.93

• Reliance Industries Ltd. Petroleum Products 4.79

• Power Grid Corporation of India Ltd. Power 4.57

• NTPC Ltd. Power 4.12

• Coal India Ltd. Minerals/Mining 4.01

• Bharat Petroleum Corporation Ltd. Petroleum Products 3.41

Aurobindo Pharma Ltd. Pharmaceuticals 3.11

Axis Bank Ltd. Banks 2.77

Power Finance Corporation Ltd. Finance 2.68

Ambuja Cements Ltd. Cement 2.64

Tata Steel Ltd. Ferrous Metals 2.61

ReC Ltd. Finance 2.47

Lupin Ltd. Pharmaceuticals 2.36

HDFC Bank Ltd. Banks 1.82

Cipla Ltd. Pharmaceuticals 1.70

CeSC Ltd. Power 1.68

GAIL (India) Ltd. Gas 1.67

InterGlobe Aviation Ltd. Transportation 1.66

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.45

SBI Cards and Payment Services Ltd. Finance 1.19

Vedanta Ltd. Non - Ferrous Metals 1.18

Bank of Baroda Banks 1.14

Hindustan Petroleum Corporation Ltd. Petroleum Products 0.94

Bharat Dynamics Ltd. Aerospace & Defence 0.90

Wipro Ltd. Software 0.86

Kalpataru Power Transmission Ltd. Power 0.83

Bharti Infratel Ltd. Telecom - equipment & Accessories 0.62

BeML Ltd. Industrial Capital Goods 0.61

Adani Ports & Special economic Zone Transportation 0.56

Punjab National Bank Banks 0.56

Canara Bank Banks 0.50


Praj Industries Ltd. Industrial Capital Goods 0.46

Bharat Heavy electricals Ltd. Industrial Capital Goods 0.40

Time Technoplast Ltd. Industrial Products 0.18

CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.17

Hindustan Construction Company Ltd. Construction Project 0.11

Ramco Systems Ltd. Software 0.10

Simplex Infrastructures Ltd. Construction 0.07Sub Total 98.47Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 98.48Cash, Cash equivalents and Net Current Assets 1.52

Grand Total 100.00

• Top Ten Holdings

PORTFOLIO

Industry Allocation of Equity Holding (% of Net Assets)

0.010.070.180.620.901.181.641.672.222.612.64

4.015.936.347.31

8.628.979.14

11.2023.22

0 5 10 15 20 25

Media & EntertainmentConstruction

Industrial ProductsTelecom - Equipment & Accessories

Aerospace & DefenceNon- Ferrous Metals

Industrial Capital GoodsGas

TransportationFerrous Metals

CementMinerals/Mining

Consumer Non DurablesFinance

Construction ProjectPharmaceuticals

SoftwarePetroleum 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 JULY 31, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 558.598Regular Plan - Dividend Option 36.424Direct Plan - Growth Option 591.541Direct Plan - Dividend Option 39.874

ASSETS UNDER MANAgEMENT (`) IN CROREAs on July 31, 2020 19,149.53Average for Month of July 2020 19,110.54

qUANTITATIVE DATAPortfolio Turnover Ratio (Last 1 year) 31.35%Risk Ration Standard Deviation 6.642%n Beta 1.020n Sharpe Ratio* -0.049Computed for the 3-yr period ended July 31, 2020. Based on month-end NAV. * Risk free rate: 3.86%(Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on July 31, 2020)Including Additional expenses and Goods and Service Tax on Management FeesRegular: 1.84% Direct: 1.19%

#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 61.

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 87.29%Mid Cap 7.73%Small Cap 3.43%¥ 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

8 July 2020

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) 3,180.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) 38,477.86 4,265.42 1,875.19 625.22 336.33 122.65 Returns (%) 15.67 10.71 8.64 1.62 -4.37 4.13 Benchmark Returns (%) # N.A. 9.69 9.00 5.27 0.86 7.58 Additional Benchmark Returns (%) ## 12.23 9.80 9.05 6.83 3.14 7.88

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 (`)#


(`)##Jul 31, 19 Last 1 Year -4.74 0.98 0.68 9,526 10,098 10,068Jul 31, 17 Last 3 Years -1.29 2.08 4.46 9,617 10,637 11,400Jul 31, 15 Last 5 Years 4.35 6.17 6.66 12,378 13,492 13,811Feb 01, 94 Since Inception 13.02 N.A. 9.83 256,862 N.A. 120,251

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. N.A. Not Available. For performance of other schemes managed by Amit Ganatra, please refer page 61. 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. 73.



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• Reliance Industries Ltd. Petroleum Products 8.21• Infosys Ltd. Software 8.08• HDFC Bank Ltd. Banks 7.87• ICICI Bank Ltd. Banks 5.59• ITC Ltd. Consumer Non Durables 4.27• Bharti Airtel Ltd. Telecom - Services 4.00• Kotak Mahindra Bank Ltd. Banks 2.92• Aurobindo Pharma Ltd. Pharmaceuticals 2.71• Axis Bank Ltd. Banks 2.53• Maruti Suzuki India Ltd. Auto 2.39HCL Technologies Ltd. Software 2.26SBI Life Insurance Company Ltd. Finance 2.12NTPC Ltd. Power 1.95Apollo Hospitals enterprise Ltd. Healthcare Services 1.86Bharat Petroleum Corporation Ltd. Petroleum Products 1.78Ambuja Cements Ltd. Cement 1.59Hero MotoCorp Ltd. Auto 1.39Vedanta Ltd. Non - Ferrous Metals 1.36Cipla Ltd. Pharmaceuticals 1.32Lupin Ltd. Pharmaceuticals 1.24Wipro Ltd. Software 1.24Blue Star Ltd. Consumer Durables 1.21Multi Commodity exchange of India Ltd. Finance 1.19UltraTech Cement Ltd. Cement 1.11Larsen & Toubro Infotech Ltd. Software 1.08GAIL (India) Ltd. Gas 1.05Oracle Financial Services Software Ltd. Software 1.05Advanced enzyme Technologies Ltd.

Consumer Non Durables 1.01

SBI Cards and Payment Services Ltd. Finance 0.96UPL Ltd. Pesticides 0.96Persistent Systems Ltd. Software 0.94Muthoot Finance Ltd. Finance 0.93Bharat electronics Ltd. Industrial Capital Goods 0.90Central Depository Services (India) Ltd. Finance 0.90Indiamart Intermesh Ltd. Retailing 0.89Petronet LNG Ltd. Gas 0.86Jindal Steel & Power Ltd. Ferrous Metals 0.83CanFin Homes Ltd. Finance 0.82eSCORTS Ltd. Auto 0.80L&T Technology Services Ltd. Software 0.77Radico Khaitan Ltd. Consumer Non Durables 0.77Housing Development Finance Corporation Ltd.£ Finance 0.73United Breweries Ltd. Consumer Non Durables 0.71Bharat Dynamics Ltd. Aerospace & Defence 0.69Gujarat Pipavav Port Ltd. Transportation 0.68Tube Investments of India Ltd. Auto Ancillaries 0.68

Company Industry+ % to NAVSpicejet Ltd. Transportation 0.67MphasiS Ltd. Software 0.63Ipca Laboratories Ltd. Pharmaceuticals 0.59Ashoka Buildcon Ltd. Construction Project 0.58TCI express Ltd. Transportation 0.58Trent Ltd. Retailing 0.57Dilip Buildcon Ltd. Construction Project 0.55VRL Logistics Ltd. Transportation 0.55Container Corporation of India Ltd. Transportation 0.54Mishra Dhatu Nigam Ltd. Ferrous Metals 0.51Inox Leisure Ltd. Media & entertainment 0.50Rossari Biotech Ltd. Chemicals 0.50Indoco Remedies Ltd. Pharmaceuticals 0.48Just Dial Ltd. Software 0.46Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.37Zee entertainment enterprises Ltd. Media & entertainment 0.29Siti Networks Ltd. Media & entertainment 0.14Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) Construction Project 0.07Sub Total 97.78Cash, Cash equivalents and Net Current Assets 2.22Grand Total 100.00• Top Ten Holdings, £ Co-sponsor

PORTFOLIO


0.370.500.680.690.900.930.961.201.211.341.361.461.861.911.952.703.02

4.004.58

6.346.767.65

9.9916.51

18.91

0 2 4 6 8 101214161820FertilisersChemicals

Auto AncillariesAerospace & Defence

Industrial Capital GoodsMedia & Entertainment

PesticidesConstruction ProjectConsumer Durables

Ferrous MetalsNon - Ferrous Metals

RetailingHealthcare Services

GasPower

CementTransportation

Telecom - ServicesAuto

PharmaceuticalsConsumer Non Durables

FinancePetroleum Products

SoftwareBanks

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 ¥

Amit Ganatra (since May 21, 2020)


INCEPTION DATE (Date of Allotment)

February 1, 1994

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

Regular Plan - Growth Option 256.862Regular Plan - Dividend Option 19.263Direct Plan - Growth Option 274.498Direct Plan - Dividend Option 21.368

ASSETS UNDER MANAgEMENT (`) IN CRORE

As on July 31, 2020 3,882.76Average for Month of July 2020 3,783.02

qUANTITATIVE DATA

Portfolio Turnover Ratio (Last 1 year) 80.28%

Risk Ration Standard Deviation 6.656%n Beta 1.044n Sharpe Ratio* -0.030

Computed for the 3-yr period ended July 31, 2020. Based on month-end NAV. * Risk free rate: 3.86%(Source: FIMMDA MIBOR)

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

Regular: 2.17%% Direct: 1.17%

#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

July 2020 9

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 91.66%Mid Cap 6.61% Small Cap 0.00%§ 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) 2,860.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) $$ 33,352.63 4,017.05 1,740.73 631.27 338.24 117.31 Returns (%) $$ 17.32 10.00 7.23 2.00 -4.01 -4.15 Benchmark Returns (%) # N.A. 10.23 9.38 6.50 2.55 7.94 Additional Benchmark Returns (%) ## 13.31 10.20 9.66 8.07 4.68 8.25



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Jul 31, 19 Last 1 Year -11.27 1.10 1.47 8,873 10,110 10,147Jul 31, 17 Last 3 Years -1.41 3.76 6.20 9,584 11,172 11,980Jul 31, 15 Last 5 Years 4.01 6.70 7.33 12,175 13,835 14,245Oct 11, 96 Since Inception 18.03 N.A. 12.77 518,570 N.A. 175,089

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. 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 61. 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. For FPI Portfolio, refer page no. 75.

^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



• Infosys Ltd. Software 8.17• ICICI Bank Ltd. Banks 6.97• Reliance Industries Ltd. Petroleum Products 6.83• HDFC Bank Ltd. Banks 5.96• ITC Ltd. Consumer Non Durables 5.94• State Bank of India Banks 5.09• Power Grid Corporation of

India Ltd. Power 4.28• Larsen and Toubro Ltd. Construction Project 3.81• Housing Development

Finance Corporation Ltd.£ Finance 3.67• Axis Bank Ltd. Banks 3.30NTPC Ltd. Power 3.29Coal India Ltd. Minerals/Mining 3.02Bharti Airtel Ltd. Telecom - Services 3.01Hindustan Petroleum Corporation Ltd. Petroleum Products 2.22Bharat Petroleum Corporation Ltd. Petroleum Products 2.16Tata Steel Ltd. Ferrous Metals 2.03Ambuja Cements Ltd. Cement 1.53Power Finance Corporation Ltd. Finance 1.53ReC Ltd. Finance 1.50Lupin Ltd. Pharmaceuticals 1.47Aurobindo Pharma Ltd. Pharmaceuticals 1.39Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.39GAIL (India) Ltd. Gas 1.37Oil & Natural Gas Corporation Ltd. Oil 1.37HCL Technologies Ltd. Software 1.34Cipla Ltd. Pharmaceuticals 1.29SBI Cards and Payment Services Ltd. Finance 1.18SBI Life Insurance Company Ltd. Finance 1.13Vedanta Ltd. Non - Ferrous Metals 1.13Tech Mahindra Ltd. Software 1.11Wipro Ltd. Software 1.09Bharat electronics Ltd. Industrial Capital Goods 1.03Bharti Infratel Ltd. Telecom - equipment

& Accessories 1.00CeSC Ltd. Power 0.95InterGlobe Aviation Ltd. Transportation 0.74Bank of Baroda Banks 0.65Hindalco Industries Ltd. Non - Ferrous Metals 0.51UltraTech Cement Ltd. Cement 0.48Canara Bank Banks 0.41Siemens Ltd. Industrial Capital Goods 0.41Petronet LNG Ltd. Gas 0.38


Bank of India Banks 0.37Indian Oil Corporation Ltd. Petroleum Products 0.31Adani Ports & Special economic Zone Transportation 0.28ACC Ltd. Cement 0.23NHPC Ltd. Power 0.22Punjab National Bank Banks 0.21ABB India Ltd. Industrial Capital Goods 0.17Union Bank of India Banks 0.17Container Corporation of India Ltd. Transportation 0.11LIC Housing Finance Ltd. Finance 0.02Sub Total 98.22Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 98.23Cash, Cash equivalents and Net Current Assets 1.77

Grand Total 100.00

• Top Ten Holdings, £ Co-sponsor

PORTFOLIO


0.011.001.131.371.611.641.752.032.243.013.023.81

5.545.94

8.749.03

11.5211.71

23.13

0 5 10 15 20 25

Media & EntertainmentTelecom - Equipment & Accessories

TransportationOil

Industrial Capital GoodsNon - Ferrous Metals

GasFerrous Metals

CementTelecom - Services

Minerals/MiningConstruction Project

PharmaceuticalsConsumer Non Durables

PowerFinance

Petroleum ProductsSoftware

Banks

10 July 2020

Company Industry+ / Rating % to NAVEqUITY & EqUITY RElATED• Balkrishna Industries Ltd. Auto Ancillaries 5.24• Aarti Industries Ltd. Chemicals 4.31• Ipca Laboratories Ltd. Pharmaceuticals 3.40• Cholamandalam Investment

& Finance Finance 3.15• Trent Ltd. Retailing 3.15• Voltas Ltd. Consumer Durables 3.10• Sundram Fasteners Ltd. Auto Ancillaries 2.96• Bharat Electronics Ltd. Industrial Capital Goods 2.76• Divis Laboratories Ltd. Pharmaceuticals 2.72• Max Financial Services Ltd. Finance 2.62Hexaware Technologies Ltd. Software 2.60Atul Ltd. Chemicals 2.54Aurobindo Pharma Ltd. Pharmaceuticals 2.27Crompton Greaves Consumer electricals Ltd. Consumer Durables 2.25Whirlpool of India Ltd. Consumer Durables 2.21Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.16AIA engineering Ltd. Industrial Products 1.95City Union Bank Ltd. Banks 1.95Tata Consumer Products Ltd. Consumer Non Durables 1.92Supreme Industries Ltd. Industrial Products 1.83Tube Investments of India Ltd. Auto Ancillaries 1.78Larsen & Toubro Infotech Ltd. Software 1.70VST Industries Ltd. Consumer Non Durables 1.67Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 1.58exide Industries Ltd. Auto Ancillaries 1.50SKF India Ltd. Industrial Products 1.38Nippon Life India Asset Management Ltd. Finance 1.28Apollo Tyres Ltd. Auto Ancillaries 1.26Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.25Carborundum Universal Ltd. Industrial Products 1.23KeC International Ltd. Construction Project 1.21Cholamandalam Financial Holdings Ltd. Finance 1.19Tata Chemicals Ltd. Chemicals 1.12RBL Bank Ltd. Banks 1.08The Federal Bank Ltd. Banks 1.05Solar Industries India Ltd. Chemicals 0.97MRF Ltd. Auto Ancillaries 0.93KNR Construction Ltd. Construction 0.92ReC Ltd. Finance 0.92Persistent Systems Ltd. Software 0.91Oracle Financial Services Software Ltd. Software 0.86Power Finance Corporation Ltd. Finance 0.85Dilip Buildcon Ltd. Construction Project 0.82Redington (India) Ltd. Transportation 0.78Blue Star Ltd. Consumer Durables 0.77Edelweiss Financial Services Ltd. Finance 0.64RITeS Ltd. engineering Services 0.64Bata India Ltd. Consumer Durables 0.62Schaeffler India Ltd. Industrial Products 0.62Greenlam Industries Ltd. Consumer Durables 0.61Navneet education Ltd. Media & entertainment 0.57Karur Vysya Bank Ltd. Banks 0.54Gujarat Fluorochemicals Ltd. Chemicals 0.52Symphony Ltd. Consumer Durables 0.51Grindwell Norton Ltd. Industrial Products 0.44NIIT Technologies Ltd. Software 0.43Jindal Steel & Power Ltd. Ferrous Metals 0.42

Company Industry+ / Rating % to NAVDhanuka Agritech Ltd. Pesticides 0.41Union Bank of India Banks 0.41Delta Corp Ltd. Hotels/Resorts & Other

Recreational Activities 0.38Indian Bank Banks 0.38Vesuvius India Ltd. Industrial Products 0.36Cummins India Ltd. Industrial Products 0.31Greenply Industries Ltd. Consumer Durables 0.31Jagran Prakashan Ltd. Media & entertainment 0.31Mahindra Holidays & Resorts Ind Ltd.

Hotels/Resorts & Other Recreational Activities 0.29

Strides Pharma Science Ltd. Pharmaceuticals 0.24Vardhman Textiles Ltd. Textiles - Cotton 0.23Arvind Fashions Ltd. Retailing 0.17Arvind Ltd. Textile Products 0.17Greenpanel Industries Ltd. Consumer Durables 0.14Punjab National Bank Banks 0.11The Anup engineering Ltd. Industrial Capital Goods 0.11GFL Ltd. Chemicals 0.10Aarti Surfactants Ltd. Chemicals 0.06Sub Total 95.15Preference SharesZee entertainment enterprises Ltd. Media & entertainment @Sub Total @Total 95.15Cash margin 0.07Cash, Cash equivalents and Net Current Assets 4.78Grand Total 100.00• Top Ten Holdings, @ Less than 0.01%Outstanding exposure in derivative instruments (` in Crore) 11.83

Hedged position in Equity & Equity related instrumentsOutstanding derivative exposure (% age) 0.06

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 11.82%Mid Cap 67.41%Small Cap 15.93%¥ 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) 1,580.00 1,200.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) 4,210.64 2,193.43 623.92 337.96 122.28 Returns (%) 13.88 11.60 1.54 -4.06 3.56 Benchmark Returns (%) # 9.25 7.86 -0.25 -6.05 4.45 Additional Benchmark Returns (%) ## 9.42 9.05 6.83 3.14 7.88


PERFORMANCE ^ - Regular Plan - growth Option

Date Period Scheme Returns

(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jul 31, 19 Last 1 Year -0.53 -1.85 0.68 9,947 9,815 10,068Jul 31, 17 Last 3 Years -2.86 -4.85 4.46 9,164 8,613 11,400Jul 31, 15 Last 5 Years 4.88 3.55 6.66 12,695 11,905 13,811Jun 25, 07 Since Inception 12.99 9.10 8.84 49,575 31,322 30,372

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Chirag Setalvad, please refer page 61. 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 investment predominantly in Mid-Cap companies

Riskometer




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

PORTFOLIO


0.170.230.410.420.640.780.880.92

2.032.252.873.323.59

5.526.50

8.129.6210.5210.65

12.0413.67

0 2 4 6 8 10121416

Textile ProductsTextiles - Cotton

PesticidesFerrous Metals

Engineering ServicesTransportation

Media & EntertainmentConstruction

Construction ProjectHotels, Resorts & Other Recreational Activities

Industrial Capital GoodsRetailing

Consumer Non DurablesBanks

SoftwareIndustrial Products

ChemicalsConsumer Durables

FinancePharmaceuticalsAuto Ancillaries

July 2020 11

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 5.98%Mid Cap 14.58%Small Cap 71.91%§ 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) 1,480.00 1,200.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) 2,863.11 1,837.94 588.28 306.55 117.91 Returns (%) 10.17 8.26 -0.78 -10.17 -3.23 Benchmark Returns (%) # 4.75 2.87 -6.68 -13.27 1.72 Additional Benchmark Returns (%) ## 9.73 9.05 6.83 3.14 7.88




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jul 31, 19 Last 1 Year -11.27 -8.20 0.68 8,873 9,180 10,068Jul 31, 17 Last 3 Years -3.91 -12.77 4.46 8,873 6,634 11,400Jul 31, 15 Last 5 Years 4.57 -1.64 6.66 12,507 9,207 13,811Apr 03, 08 Since Inception 10.37 3.79 8.37 33,780 15,824 26,938

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Chirag Setalvad, please refer page 61. 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 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• Aurobindo Pharma Ltd. Pharmaceuticals 4.34• Bajaj Electricals Ltd. Consumer Durables 3.78• Balkrishna Industries Ltd. Auto Ancillaries 3.70• Persistent Systems Ltd. Software 3.34• Firstsource Solutions Ltd. Software 3.32• Sonata Software Ltd. Software 2.99• Chambal Fertilizers &

Chemicals Ltd. Fertilisers 2.76• Atul Ltd. Chemicals 2.69• Aster DM Healthcare Ltd. Healthcare Services 2.54• Procter & Gamble Health Ltd. Pharmaceuticals 2.25Tube Investments of India Ltd. Auto Ancillaries 2.17Finolex Industries Ltd. Industrial Products 2.15KeC International Ltd. Construction Project 2.13Sharda Cropchem Ltd. Pesticides 2.11PNC Infratech Ltd. Construction 2.00Inox Leisure Ltd. Media & entertainment 1.77KeI Industries Ltd. Industrial Products 1.71SKF India Ltd. Industrial Products 1.71La Opala RG Ltd. Consumer Durables 1.54Unichem Laboratories Ltd. Pharmaceuticals 1.53Tata Metaliks Ltd. Ferrous Metals 1.51Bajaj Consumer Care Ltd. Consumer Non Durables 1.50NIIT Technologies Ltd. Software 1.47Suprajit engineering Ltd. Auto Ancillaries 1.40Nilkamal Ltd. Industrial Products 1.39T. V. Today Network Ltd. Media & entertainment 1.37DCB Bank Ltd. Banks 1.35Advanced enzyme Technologies Ltd.

Consumer Non Durables 1.34

Radico Khaitan Ltd. Consumer Non Durables 1.32Vardhman Textiles Ltd. Textiles - Cotton 1.27Great eastern Shipping Company Ltd. Transportation 1.25engineers India Ltd. Construction Project 1.23Kalpataru Power Transmission Ltd. Power 1.23Goodyear India Ltd. Auto Ancillaries 1.13eClerx Services Ltd. Software 1.11Bank of Baroda Banks 1.05Gujarat Fluorochemicals Ltd. Chemicals 1.05Chalet Hotels Ltd. Hotels/Resorts & Other

Recreational Activities 1.01emami Ltd. Consumer Non Durables 1.01Carborundum Universal Ltd. Industrial Products 0.99JB Chemicals & Pharmaceuticals Ltd. Pharmaceuticals 0.99Insecticides (India) Ltd. Pesticides 0.92Delta Corp Ltd. Hotels/Resorts & Other

Recreational Activities 0.89NRB Bearing Ltd. Industrial Products 0.87Gabriel India Ltd. Auto Ancillaries 0.86Kirloskar Ferrous Industries Ltd. Ferrous Metals 0.86Astral Poly Technik Ltd. Industrial Products 0.78eIH Ltd. Hotels/Resorts & Other

Recreational Activities 0.78Redington (India) Ltd. Transportation 0.78

Company Industry+ % to NAVRepco Home Finance Ltd. Finance 0.70Orient Refractories Ltd. Industrial Products 0.65Punjab National Bank Banks 0.59LG Balakrishnan & Bros Ltd. Auto Ancillaries 0.58Indian Bank Banks 0.54Oriental Carbon & Chemicals Ltd. Chemicals 0.54Power Mech Projects Ltd. Construction Project 0.54The Federal Bank Ltd. Banks 0.53Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 0.51Vesuvius India Ltd. Industrial Products 0.47D B Corp Ltd. Media & entertainment 0.46Shaily engineering Plastics Ltd. Industrial Products 0.40Sadbhav engineering Ltd. Construction Project 0.39Greenlam Industries Ltd. Consumer Durables 0.36IFGL Refractories Ltd. (Erst IFGL exports Ltd.) Industrial Products 0.36Taj GVK Hotels & Resorts Ltd. Hotels/Resorts & Other

Recreational Activities 0.33Apar Industries Ltd. Industrial Capital Goods 0.31Atul Auto Ltd. Auto 0.24GNA Axles Ltd. Auto Ancillaries 0.23Jagran Prakashan Ltd. Media & entertainment 0.20Greenply Industries Ltd. Consumer Durables 0.17Time Technoplast Ltd. Industrial Products 0.05CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.03Sub Total 92.42Cash, Cash equivalents and Net Current Assets 7.58Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.240.340.701.231.272.002.032.372.542.763.033.523.804.064.284.29

5.175.85

9.1110.07

11.5312.23

0 2 4 6 8 10 12 14Auto

Industrial Capital GoodsFinance

PowerTextiles - Cotton

ConstructionTransportationFerrous Metals

Healthcare ServicesFertilisersPesticides

Hotels, Resorts & Other Recreational ActivitiesMedia & Entertainment

BanksChemicals

Construction ProjectConsumer Non Durables

Consumer DurablesPharmaceuticalsAuto Ancillaries

Industrial ProductsSoftware

12 July 2020

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 § ¥

gopal Agrawal (since July 16, 2020)

Total experience: Over 16 yearsVinay 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 61.65%Mid Cap 35.69%Small Cap 1.86%§ 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 (`)#


(`)##

Jul 31, 19 Last 1 Year -6.01 1.93 1.47 9,399 10,193 10,147Jul 31, 17 Last 3 Years -2.16 1.44 6.20 9,366 10,439 11,980Jul 31, 15 Last 5 Years 1.81 6.66 7.33 10,940 13,810 14,245Feb 18, 94 Since Inception 10.25 N.A. 10.53 132,286 N.A. 141,421

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. 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. As S&P BSe SeNSex TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of S&P BSe SENSEx PRI values from February 18, 1994 to August 18, 1996 and TRI values since August 19, 1996. $$ 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 Gopal Agrawal & Vinay Kulkarni, please refer page 61. 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. 74.



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


EqUITY & EqUITY RElATED• Reliance Industries Ltd. Petroleum Products 7.99• Infosys Ltd. Software 7.62• ICICI Bank Ltd. Banks 6.40• NTPC Ltd. Power 5.25• State Bank of India Banks 5.19• Bharat Petroleum

Corporation Ltd. Petroleum Products 4.30• Tata Consumer Products Ltd. Consumer Non Durables 4.28• HDFC Bank Ltd. Banks 3.77• ITC Ltd. Consumer Non Durables 3.61• Trent Ltd. Retailing 2.48Bharat electronics Ltd. Industrial Capital Goods 2.45Max Financial Services Ltd. Finance 2.41Tata Steel Ltd. Ferrous Metals 2.27emami Ltd. Consumer Non Durables 2.26GAIL (India) Ltd. Gas 2.01ACC Ltd. Cement 1.94Gujarat State Petronet Ltd. Gas 1.93Apollo Tyres Ltd. Auto Ancillaries 1.64Prestige estates Projects Ltd. Construction 1.64Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 1.62Larsen and Toubro Ltd. Construction Project 1.52Tata Chemicals Ltd. Chemicals 1.52Mahanagar Gas Ltd. Gas 1.50NHPC Ltd. Power 1.50Mindtree Consulting Ltd. Software 1.47exide Industries Ltd. Auto Ancillaries 1.36Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.24Ambuja Cements Ltd. Cement 1.23Lupin Ltd. Pharmaceuticals 1.22LIC Housing Finance Ltd. Finance 1.16CeSC Ltd. Power 1.13Hindustan Petroleum Corporation Ltd. Petroleum Products 1.13Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.09Solar Industries India Ltd. Chemicals 1.07Castrol India Ltd. Petroleum Products 1.04Shriram Transport Finance Company Ltd. Finance 0.99Vedanta Ltd. Non - Ferrous Metals 0.92Bharat Heavy electricals Ltd. Industrial Capital Goods 0.86Dilip Buildcon Ltd. Construction Project 0.78Jindal Steel & Power Ltd. Ferrous Metals 0.72


Power Grid Corporation of India Ltd. Power 0.69Tata Motors Ltd. DVR Auto 0.68Power Finance Corporation Ltd. Finance 0.63Hexaware Technologies Ltd. Software 0.49Canara Bank Banks 0.45Titagarh Wagons Ltd. Industrial Capital Goods 0.36NLC India Ltd. Power 0.28NBCC (INDIA) Ltd. Construction 0.23Aurobindo Pharma Ltd. Pharmaceuticals 0.20Oil India Ltd. Oil 0.18Union Bank of India Banks 0.16SBI Cards and Payment Services Ltd. Finance 0.13Indian Bank Banks 0.11Reliance Power Ltd. Power 0.10Sub Total 99.20Cash, Cash equivalents and Net Current Assets 0.80Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.180.680.921.621.872.302.482.592.993.003.173.673.75

5.325.44

8.959.5810.15

14.4616.08

0 2 4 6 8 10 12141618

OilAuto

Non - Ferrous MetalsHotels, Resorts & Other Recreational Activities

ConstructionConstruction Project

RetailingChemicals

Ferrous MetalsAuto Ancillaries

CementIndustrial Capital Goods

PharmaceuticalsFinance

GasPower

SoftwareConsumer Non Durables

Petroleum ProductsBanks


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,180.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) $$ 18,087.74 3,182.49 1,664.49 613.94 340.29 119.32 Returns (%) $$ 11.29 7.21 6.37 0.90 -3.62 -1.06 Benchmark Returns (%) # N.A. 10.87 10.20 4.95 -0.07 7.65 Additional Benchmark Returns (%) ## 12.68 10.20 9.66 8.07 4.68 8.25


July 2020 13

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

FUND MANAgER ¥

gopal Agrawal (since July 16, 2020)

Total experience: Over 16 yearsVinay Kulkarni (since November 21, 2006)


INCEPTION DATE (Date of Allotment)September 17, 2004


ASSETS UNDER MANAgEMENT (`) IN CROREAs on July 31, 2020 466.66Average for Month of July 2020 461.38













Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,910.00 1,800.00 1,200.00 600.00 360.00 120.00

Mkt Value As on July 31, 2020 (` ‘000) 3,828.26 3,208.97 1,542.10 571.42 319.37 116.94

Returns (%) 8.20 7.31 4.90 -1.92 -7.63 -4.71

Benchmark Returns (%) # 10.30 9.69 9.00 5.27 0.86 7.58

Additional Benchmark Returns (%) ## 10.95 10.20 9.66 8.07 4.68 8.25

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 (%) ##




(`)##

Jul 31, 19 Last 1 Year -10.89 0.98 1.47 8,911 10,098 10,147

Jul 31, 17 Last 3 Years -5.67 2.08 6.20 8,393 10,637 11,980

Jul 31, 15 Last 5 Years 1.10 6.17 7.33 10,565 13,492 14,245

Sep 17, 04 Since Inception 12.60 13.58 14.37 65,857 75,562 84,348

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Gopal Agrawal & Vinay Kulkarni, please refer page 61. 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. 74.




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




• HDFC Bank Ltd. Banks 6.20








Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 2.97



Bharat electronics Ltd. Industrial Capital Goods 2.75


ACC Ltd. Cement 2.29

UPL Ltd. Pesticides 2.05




Gujarat Pipavav Port Ltd. Transportation 1.80



Avenue Supermarts Ltd. Retailing 1.62




Coal India Ltd. Minerals/Mining 1.36

Titagarh Wagons Ltd. Industrial Capital Goods 1.09

elecon engineering Company Ltd. Industrial Capital Goods 0.97

Sub Total 95.64

Cash, Cash equivalents and Net Current Assets 4.36

Grand Total 100.00


PORTFOLIO


1.36

1.60

1.62

1.65

1.80

1.95

1.99

2.05

2.37

2.97

4.29

4.81

5.13

6.06

7.44

10.93

17.90

19.72

0 5 10 15 20 25

Minerals/Mining

Finance

Retailing

Gas

Transportation

Ferrous Metals

Pharmaceuticals

Pesticides

Non - Ferrous Metals

Aerospace & Defence

Cement

Industrial Capital Goods

Consumer Non Durables

Software

Construction Project

Power

Petroleum Products

Banks

14 July 2020

CATEgORY OF SCHEME: THEMATIC FUND

KEY FACTS


To 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)



March 10, 2008




As on July 31, 2020 411.75Average for Month of July 2020 428.19

qUANTITATIVE DATA


Risk Ration Standard Deviation 8.968%n Beta 1.309n Sharpe Ratio* -0.195Computed for the 3-yr period ended July 31, 2020. Based on month-end NAV. * Risk free rate: 3.86%(Source: FIMMDA MIBOR)


Regular: 2.59% Direct: 1.94%

#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






Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,490.00 1,200.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) 1,330.25 959.17 393.44 238.05 99.11 Returns (%) -1.83 -4.51 -16.41 -25.09 -30.63 Benchmark Returns (%) # 9.75 9.00 5.27 0.86 7.58 Additional Benchmark Returns (%) ## 9.70 9.05 6.83 3.14 7.88




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jul 31, 19 Last 1 Year -32.30 0.98 0.68 6,770 10,098 10,068Jul 31, 17 Last 3 Years -20.05 2.08 4.46 5,107 10,637 11,400Jul 31, 15 Last 5 Years -9.23 6.17 6.66 6,159 13,492 13,811Mar 10, 08 Since Inception 0.30 8.22 8.27 10,376 26,628 26,781

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Rakesh Vyas, please refer page 61. 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. 73.




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 7.40



• Centum Electronics Ltd. Industrial Capital Goods 4.19

• J.Kumar Infraprojects Ltd. Construction 3.76

• REC Ltd. Finance 3.70

• SBI Cards and Payment Services Ltd. Finance 3.51


JMC Projects (India) Ltd. Construction 3.33

Bharat Petroleum Corporation Ltd. Petroleum Products 3.10


Texmaco Rail & engineering Ltd. Industrial Capital Goods 2.77

Dilip Buildcon Ltd. Construction Project 2.61



Premier explosives Ltd. Chemicals 2.23



Ashoka Buildcon Ltd. Construction Project 1.64


Dynamatic Technologies Ltd. Auto Ancillaries 1.55


MeP Infrastructure Developers Ltd. Transportation 0.63


B L Kashyap & Sons Ltd. Construction 0.47

Siemens Ltd. Industrial Capital Goods 0.45

Simplex Infrastructures Ltd. Construction 0.42


Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) Construction Project 0.38

Sub Total 97.75


Grand Total 100.00


PORTFOLIO


0.80

1.55

2.01

2.13

2.23

3.10

3.98

6.48

7.98

9.49

10.09

13.56

15.83

18.52

0 2 4 6 8 101214 161820

Cement

Auto Ancillaries

Ferrous Metals


Chemicals

Petroleum Products

Transportation

Minerals/Mining

Construction


Finance

Power


Banks

July 2020 15

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











• Power Finance Corporation Ltd. Finance 2.71




Reliance Industries Ltd. Petroleum Products 2.06










Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.87

Jindal Steel & Power Ltd. Ferrous Metals 0.85

NHPC Ltd. Power 0.81

Mishra Dhatu Nigam Ltd. Ferrous Metals 0.73



Apollo Tyres Ltd. Auto Ancillaries 0.52

Just Dial Ltd. Software 0.52

Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 0.46

Canara Bank Banks 0.43

Punjab National Bank Banks 0.43


SBI Life Insurance Company Ltd. Finance 0.37

Spicejet Ltd. Transportation 0.34

NLC India Ltd. Power 0.31

Lakshmi Machine Works Ltd. Industrial Capital Goods 0.27

Yes Bank Ltd. Banks 0.26

Orient Cement Ltd. Cement 0.24


Savita Oil Technologies Ltd. Petroleum Products 0.23


Apar Industries Ltd. Industrial Capital Goods 0.19

Ashoka Buildcon Ltd. Construction Project 0.19

Muthoot Finance Ltd. Finance 0.16

J.Kumar Infraprojects Ltd. Construction 0.14

Union Bank of India Banks 0.14

Gujarat Industries Power Company Ltd. Power 0.13

RITeS Ltd. engineering Services 0.11

Wheels India Ltd. Auto Ancillaries 0.11

Time Technoplast Ltd. Industrial Products 0.10


JMC Projects (India) Ltd. Construction 0.09

Kirloskar Pneumatic Ltd. Industrial Products 0.09

Sagar Cements Ltd. Cement 0.08



Dynamatic Technologies Ltd. Auto Ancillaries 0.05


Ramco Systems Ltd. Software 0.04

Sterling and Wilson Solar Construction Project 0.04

Dilip Buildcon Ltd. Construction Project 0.03



S Chand and Company Ltd. Media & entertainment 0.01

Sub Total 82.43

DEBT & DEBT RElATED

CREDIT EXPOSURE

Canara Bank € CARE - A+ / CRISIL - AA 2.29

State Bank of India € CARE - AA+ / CRISIL - AA+ 2.16

Punjab National Bank € IND - A 1.62

ICICI Bank Ltd. € CARE - AA+ / ICRA - AA+ 1.28

Union Bank of India € CARE - A+ / CARE - AA- 0.93

HDFC Bank Ltd. € CARE - AA+ 0.75

Bank of Baroda € CRISIL - AA+ 0.62

Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.45

Vedanta Ltd. CRISIL - AA 0.45

Muthoot Finance Ltd. ICRA - AA 0.42

Bajaj electricals Ltd. ICRA - A- 0.36

ReC Ltd. CRISIL - AAA 0.32

Tata Steel Ltd. € CARe - AA / CARe - AA- 0.32

Bharat Petroleum Corporation Ltd. CRISIL - AAA 0.28

Indian Railways Finance Corporation Ltd. CRISIL - AAA 0.22

Coastal Gujarat Power Ltd. (Corporate Guarantee of Tata Power) CARe - AA(Ce) 0.21

export - Import Bank of India CRISIL - AAA 0.15

Power Grid Corporation of India Ltd. CRISIL - AAA 0.15

Fullerton India Credit Company Ltd. CRISIL - AAA 0.14

Axis Bank Ltd.€ CRISIL - AA+ 0.07

National Bank for Agriculture & Rural Development ICRA - AAA 0.07

Sub Total 13.26

MONEY MARKET INSTRUMENTS

CP

Steel Authority Of India Ltd. CARE - A1+ 1.38

Vedanta Ltd. CRISIL - A1+ 0.41

Sub Total 1.79

Total 1.79

MUTUAl FUND UNITS

HDFC SeNSex Exchange Traded Fund 0.04

Sub Total 0.04


Grand Total 100.00

• Top Ten Holdings, € Please refer to Annexure A on page 60 for Investment in Perpetual

Bonds/AT1 Bonds/Basel II/Basel III Bonds

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 44.03%Average Maturity * 1.86 yearsMacaulay Duration * 1.64 yearsModified Duration * 1.51 yearsYield to Maturity * 7.12%

* 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

16 July 2020



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) 3,180.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) $$ 52,904.34 4,311.27 1,805.88 627.15 341.23 117.18 Returns (%) $$ 17.48 10.84 7.93 1.75 -3.45 -4.34 Benchmark Returns (%) # N.A. 9.96 9.60 8.59 7.06 11.96 Additional Benchmark Returns (%) ## 12.23 9.80 9.05 6.83 3.14 7.88



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##Jul 31, 19 Last 1 Year -9.38 6.21 0.68 9,062 10,621 10,068Jul 31, 17 Last 3 Years -1.54 6.63 4.46 9,544 12,125 11,400Jul 31, 15 Last 5 Years 4.29 8.07 6.66 12,343 14,745 13,811Feb 01, 94 Since Inception 17.07 N.A. 9.83 652,383 N.A. 120,251

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. 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 61. 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. 67. For FPI Portfolio, refer page no. 75.


Portfolio Classification By Asset Class (%)

n equity 82.43

n CP 1.79

n Credit exposure 13.26

n Mutual Fund Units 0.04

n Cash, Cash equivalents and Net Current Assets 2.48

Portfolio Classification By Rating Class (%)

n equity 82.43n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 3.57n AA+ 4.88n AA/AA- 4.10n A+ & Below 2.50n Mutual Fund Units 0.04n Cash, Cash equivalents and Net

Current Assets 2.48

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


0.010.110.190.210.230.460.680.850.870.920.961.441.60

3.374.074.735.05

6.416.496.646.83

11.2619.05

0 5 10 15 20 25

Media & EntertainmentEngineering Services

Industrial ProductsTelecom - Equipment & Accessories

ConstructionAerospace & Defence

Auto AncillariesIndustrial Capital Goods

FertilisersTransportation

Non - Ferrous MetalsGas

CementFerrous Metals

Minerals/MiningPharmaceuticals

Consumer Non DurablesConstruction Project

FinancePetroleum Products

SoftwarePowerBanks

July 2020 17

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 5.19


• Aurobindo Pharma Ltd. Pharmaceuticals 3.82



Bharti Airtel Ltd. Telecom - Services 2.12



State Bank of India Banks 1.77


Atul Ltd. Chemicals 1.76

Power Grid Corporation of India Ltd. Power 1.64

KeC International Ltd. Construction Project 1.30


SKF India Ltd. Industrial Products 1.23


Aarti Industries Ltd. Chemicals 0.94

Hexaware Technologies Ltd. Software 0.93



Indusind Bank Ltd. Banks 0.63

Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 0.62

PNC Infratech Ltd. Construction 0.58

Mahindra Holidays & Resorts Ind Ltd.



Tube Investments of India Ltd. Auto Ancillaries 0.46

Redington (India) Ltd. Transportation 0.44


Cholamandalam Financial Holdings Ltd. Finance 0.42

Sharda Cropchem Ltd. Pesticides 0.40

Ipca Laboratories Ltd. Pharmaceuticals 0.33

Tamilnadu Newsprint & Papers Ltd. Paper 0.33

Vardhman Textiles Ltd. Textiles - Cotton 0.29

Carborundum Universal Ltd. Industrial Products 0.27

Persistent Systems Ltd. Software 0.26

Zensar Technologies Ltd. Software 0.24


Navneet education Ltd. Media & entertainment 0.13

Sadbhav engineering Ltd. Construction Project 0.13

Jagran Prakashan Ltd. Media & entertainment 0.11

Tata Motors Ltd. DVR Auto 0.10

Greenply Industries Ltd. Consumer Durables 0.09

MM Forgings Ltd. Industrial Products 0.07

IFB Industries Ltd. Consumer Durables 0.06

Aarti Surfactants Ltd. Chemicals 0.03

Atul Auto Ltd. Auto 0.02

Insecticides (India) Ltd. Pesticides @

Sub Total 71.69

DEBT & DEBT RElATED

gOVERNMENT SECURITIES (CENTRAl/STATE)

7.16 GOI 2023 Sovereign 1.78










SUB TOTAL 6.53

(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) 6.86%Average Maturity * 2.80 yearsMacaulay Duration * 2.24 yearsModified Duration * 2.12 yearsYield to Maturity * 6.63%






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 57.61%Mid Cap 8.61%Small Cap 5.51%


18 July 2020


CREDIT EXPOSURE

• Tata Sons Ltd. CRISIL - AAA 3.31

• LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 2.24

Axis Bank Ltd. € CRISIL - AA+ 2.13

National Bank for Agriculture & Rural Development CRISIL - AAA 2.04


Power Finance Corporation Ltd. CRISIL - AAA / ICRA - AAA 1.25

Shriram Transport Finance Company Ltd. CRISIL - AA+ / IND - AA+ 1.19

ReC Ltd. CARe - AAA / CRISIL - AAA / IND - AAA 0.84


Shriram City Union Finance Ltd. CRISIL - AA 0.55

Bajaj electricals Ltd. ICRA - A- 0.53

The Tata Power Company Ltd. € CRISIL - AA- 0.52

Muthoot Finance Ltd. CRISIL - AA / ICRA - AA 0.48

Tata Steel Ltd. € CARe - AA- 0.45


HDFC Bank Ltd. CRISIL - AAA 0.33

State Bank of India € CRISIL - AA+ 0.30

Canara Bank € CARE - A+ 0.18

Oriental Bank of Commerce CARE - A+ 0.18

ICICI Bank Ltd. CARe - AAA 0.16

Kalpataru Power Transmission Ltd. CRISIL - AA 0.15

Union Bank of India € CARE - A+ 0.12

Hindalco Industries Ltd. CRISIL - AA 0.06

Sub Total 19.00

Total 25.53

MUTUAl FUND UNITS

HDFC NIFTY 50 Exchange Traded Fund 0.88

Sub Total 0.88


gRAND TOTAl 100.00

l Top Ten Holdings, £ Co-sponsor, @ Less than 0.01%,€ Please refer to Annexure A on page 60 for Investment in

Perpetual Bonds/AT1 Bonds/Basel II/Basel III Bonds


Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,390.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) 12,006.35 4,778.28 2,006.23 661.45 358.56 121.54 Returns (%) 14.28 12.04 9.92 3.85 -0.26 2.39 Benchmark Returns (%) # N.A. 9.96 9.60 8.59 7.06 11.96 Additional Benchmark Returns (%) ## 13.12 9.80 9.05 6.83 3.14 7.88




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jul 31, 19 Last 1 Year -2.89 6.21 0.68 9,711 10,621 10,068Jul 31, 17 Last 3 Years 0.62 6.63 4.46 10,189 12,125 11,400Jul 31, 15 Last 5 Years 5.89 8.07 6.66 13,320 14,745 13,811Sep 11, 00 Since Inception 14.44 N.A. 12.28 146,415 N.A. 100,266

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. 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 61. 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.



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 71.69

G-Sec 6.53

Credit exposure 19.00

Mutual Fund Units 0.88Cash, Cash equivalents and Net Current Assets 1.90

PORTFOlIO ClASSIFICATION BY RATINg ClASS (%)

n equity 71.69n Sovereign 6.53n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 10.17n AA+ 3.62n AA/AA- 3.61n A+ & Below 1.60n Mutual Fund Units 0.88n Cash, Cash equivalents and Net

Current Assets 1.90

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


0.120.150.240.290.330.440.460.580.711.171.301.571.851.912.122.172.733.084.154.485.616.95

9.5419.74

0 5 10 15 20 25Auto

Consumer DurablesMedia & Entertainment

Textiles - CottonPaper

TransportationAuto Ancillaries

ConstructionNon - Ferrous Metals

Hotels, Resorts & Other Recreational ActivitiesFerrous Metals

Industrial ProductsPower

Industrial Capital GoodsTelecom - Services

PesticidesChemicals

Consumer Non DurablesPharmaceuticals

Construction ProjectFinance


Banks

July 2020 19


Since Inception SIP

10 year SIP

5 Year SIP

3 Year SIP

1 Year SIP

Total Amount Invested (` ‘000) 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) 3,563.86 1,807.51 710.98 401.18 132.60 Returns (%) 8.57 7.94 6.72 7.16 20.08 Benchmark Returns (%) # N.A. N.A. 10.01 9.64 16.25 Additional Benchmark Returns (%) ## 9.79 9.05 6.83 3.14 7.88




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jul 31, 19 Last 1 Year 11.85 10.22 0.68 11,185 11,022 10,068Jul 31, 17 Last 3 Years 5.10 8.32 4.46 11,611 12,711 11,400Jul 31, 15 Last 5 Years 6.63 9.07 6.66 13,787 15,440 13,811Aug 17, 05 Since Inception 8.69 N.A. 12.12 34,801 N.A. 55,427

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. 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 related instruments. 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 related instruments. For performance of other schemes managed by Amit Ganatra (Equities), Anil Bamboli (Debt) and Krishan Kumar Daga (Gold), please refer page 61. 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. 73.



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

related instruments, debt & money market instruments and Gold related instruments

Riskometer




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


0.11

0.47

1.00

1.03

1.13

1.30

1.32

1.40

2.18

2.24

3.70

3.88

6.33

7.31

9.34

11.06

11.74

0 2 4 6 8 10 12 14


Pesticides

Industrial Products

Ferrous Metals

Pharmaceuticals

Consumer Durables


Auto

Power

Auto Ancillaries

Telecom - Services

Chemicals

Finance


Petroleum Products

Software

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

FUND MANAgER ¥

Amit Ganatra (equities) (since June 12, 2020)

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

Total experience: Over 23 years &Krishan Kumar Daga (Gold) (since May 23, 2018)


INCEPTION DATE (Date of Allotment)August 17, 2005



qUANTITATIVE DATAPortfolio Turnover Ratio 45.51%


#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 65.54


n Gold ETF 18.07



n equity 65.54n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 2.07n AA/AA- 5.29n A+ & Below 1.87n Gold ETF 18.07n Cash, Cash equivalents and Net

Current Assets 7.16

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

CATEgORY OF SCHEME: MULTI ASSET ALLOCATION FUND

20 July 2020

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

% exposure of Derivative


• Reliance Industries Ltd. Petroleum Products 8.51 0.00

• HDFC Bank Ltd. Banks 6.83 0.00

• Infosys Ltd. Software 6.77 0.00

• ICICI Bank Ltd. Banks 4.91 0.00

• Bharti Airtel Ltd. Telecom - Services 3.70 0.00

• Housing Development Finance Corporation Ltd.£ Finance 3.52 0.00

• ITC Ltd. Consumer Non Durables 2.95 0.00

• Hindustan Unilever Ltd. Consumer Non Durables 2.89 0.00

SBI Cards and Payment Services Ltd. Finance 1.80 0.00

NIIT Technologies Ltd. Software 1.56 0.00

Rossari Biotech Ltd. Chemicals 1.50 0.00

Maruti Suzuki India Ltd. Auto 1.40 0.00

Balkrishna Industries Ltd. Auto Ancillaries 1.39 0.00

Power Grid Corporation of India Ltd. Power 1.38 0.00

Alkyl Amines Chemicals Ltd. Chemicals 1.32 0.00

Cipla Ltd. Pharmaceuticals 1.13 0.00

Aarti Industries Ltd. Chemicals 1.04 0.00

Tata Steel Ltd. Ferrous Metals 1.03 0.00

Britannia Industries Ltd. Consumer Non Durables 1.01 0.00

SBI Life Insurance Company Ltd. Finance 1.01 0.00

Oracle Financial Services Software Ltd. Software 0.95 0.00

HCL Technologies Ltd. Software 0.94 0.00

Bharat electronics Ltd. Industrial Capital Goods 0.87 0.00

Sonata Software Ltd. Software 0.84 0.00

Bharat Petroleum Corporation Ltd. Petroleum Products 0.83 0.00

Blue Star Ltd. Consumer Durables 0.82 0.00

NTPC Ltd. Power 0.80 0.00



Shaily engineering Plastics Ltd. Industrial Products 0.55 0.00

La Opala RG Ltd. Consumer Durables 0.48 0.00

Sharda Cropchem Ltd. Pesticides 0.47 0.00

Suprajit engineering Ltd. Auto Ancillaries 0.46 0.00

VST Industries Ltd. Consumer Non Durables 0.46 0.00

The Anup engineering Ltd. Industrial Capital Goods 0.45 0.00

Timken India Ltd. Industrial Products 0.45 0.00

Gabriel India Ltd. Auto Ancillaries 0.39 0.00

Vedanta Ltd. Non - Ferrous Metals 0.11 0.00

Aarti Surfactants Ltd. Chemicals 0.02 0.00

Savita Oil Technologies Ltd. Petroleum Products @

Sub Total 65.54

DEBT & DEBT RElATED

CREDIT EXPOSURE

• Vedanta Ltd. CRISIL - AA 3.41

Power Finance Corporation Ltd. CRISIL - AAA 2.07

Union Bank of India € CARe - AA- 1.88

TATA International Ltd. € CARe - A 1.87

Sub Total 9.23

MUTUAl FUND UNITS

• HDFC Gold Exchange Traded Fund 18.07

Sub Total 18.07

OTHERS


Sub Total 7.16

Grand Total 100.00

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

€ Please refer to Annexure A on page 60 for Investment in Perpetual Bonds/AT1 Bonds/Basel II/Basel III Bonds


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

PORTFOLIO

July 2020 21

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 JULY 31, 2020) NAV PER UNIT (`)Growth Option 1,166.37

ASSETS UNDER MANAgEMENT j (`) IN CROREAs on July 31, 2020 450.20Average for Month of July 2020 444.34

qUANTITATIVE DATAPortfolio Turnover Ratio (Last 1 year) 8.27%

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

TOTAL ExPENSE RATIO (As on July 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 61.

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 July 31, 2020 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jul 31, 19 Last 1 Year 0.33 0.68 1.47 10,033 10,068 10,147

Jul 31, 17 Last 3 Years 4.32 4.46 6.20 11,353 11,400 11,980

Dec 09, 15 Since Inception 9.62 9.80 10.57 15,322 15,443 15,948

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 61.


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. 148.39 Crores

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







• Tata Consultancy Services Ltd. Software 5.10


• Kotak Mahindra Bank Ltd. Banks 4.26

• Hindustan Unilever Ltd. Consumer Non Durables 4.20


• Bharti Airtel Ltd. Telecom - Services 2.83

Larsen and Toubro Ltd. Construction Project 2.37


Bajaj Finance Ltd. Finance 1.83

Maruti Suzuki India Ltd. Auto 1.77

Asian Paints Ltd. Consumer Non Durables 1.65

HCL Technologies Ltd. Software 1.63


Nestle India Ltd. Consumer Non Durables 1.25

Mahindra & Mahindra Ltd. Auto 1.24


Dr Reddys Laboratories Ltd. Pharmaceuticals 1.17

UltraTech Cement Ltd. Cement 1.01

HDFC Life Insurance Company Ltd. Finance 0.97


Britannia Industries Ltd. Consumer Non Durables 0.96

Titan Company Ltd. Consumer Durables 0.93

NTPC Ltd. Power 0.90

Tech Mahindra Ltd. Software 0.90


Bajaj Auto Ltd. Auto 0.83

Bajaj Finserv Ltd. Finance 0.80


Hero MotoCorp Ltd. Auto 0.74



Shree Cement Ltd. Cement 0.62

eicher Motors Ltd. Auto 0.61

Oil & Natural Gas Corporation Ltd. Oil 0.61





Grasim Industries Ltd. Cement 0.53

Hindalco Industries Ltd. Non - Ferrous Metals 0.51


Indian Oil Corporation Ltd. Petroleum Products 0.48

JSW Steel Ltd. Ferrous Metals 0.48

Tata Motors Ltd. Auto 0.40



Zee entertainment enterprises Ltd. Media & entertainment 0.27

Yes Bank Ltd. Banks @

Sub Total 99.63


Grand Total 100.00

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

PORTFOLIO


0.270.350.380.500.510.560.580.610.931.061.872.162.372.833.17

5.5910.16

11.6715.1416.05

22.87

0 5 10 15 20 25


GasTransportation

Non - Ferrous MetalsPesticides

Minerals/MiningOil

Consumer DurablesFerrous Metals

PowerCement

Construction ProjectTelecom - Services

PharmaceuticalsAuto

FinanceConsumer Non Durables


Banks

22 July 2020

CATEgORY OF SCHEME: INDEx FUND


EqUITY & EqUITY RElATED• Reliance Industries Ltd. Petroleum Products 13.96• HDFC Bank Ltd. Banks 9.54• Infosys Ltd. Software 7.54• Housing Development

Finance Corporation Ltd.£ Finance 6.57• Tata Consultancy Services Ltd. Software 5.11• ICICI Bank Ltd. Banks 4.78• Kotak Mahindra Bank Ltd. Banks 4.26• Hindustan Unilever Ltd. Consumer Non Durables 4.20• ITC Ltd. Consumer Non Durables 3.61• Bharti Airtel Ltd. Telecom - Services 2.84Larsen and Toubro Ltd. Construction Project 2.38Axis Bank Ltd. Banks 2.08Bajaj Finance Ltd. Finance 1.83Maruti Suzuki India Ltd. Auto 1.77Asian Paints Ltd. Consumer Non Durables 1.65HCL Technologies Ltd. Software 1.63State Bank of India Banks 1.57Nestle India Ltd. Consumer Non Durables 1.26Mahindra & Mahindra Ltd. Auto 1.24Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.22Dr Reddys Laboratories Ltd. Pharmaceuticals 1.17UltraTech Cement Ltd. Cement 1.01HDFC Life Insurance Company Ltd. Finance 0.97Power Grid Corporation of India Ltd. Power 0.97Britannia Industries Ltd. Consumer Non Durables 0.96Titan Company Ltd. Consumer Durables 0.93NTPC Ltd. Power 0.90Tech Mahindra Ltd. Software 0.90Wipro Ltd. Software 0.89Bajaj Auto Ltd. Auto 0.83Bajaj Finserv Ltd. Finance 0.80Cipla Ltd. Pharmaceuticals 0.78Hero MotoCorp Ltd. Auto 0.74Bharat Petroleum Corporation Ltd. Petroleum Products 0.71Indusind Bank Ltd. Banks 0.67Shree Cement Ltd. Cement 0.62eicher Motors Ltd. Auto 0.61Oil & Natural Gas Corporation Ltd. Oil 0.61Coal India Ltd. Minerals/Mining 0.58Tata Steel Ltd. Ferrous Metals 0.58UPL Ltd. Pesticides 0.56


Grasim Industries Ltd. Cement 0.53Hindalco Industries Ltd. Non - Ferrous Metals 0.51Adani Ports & Special economic Zone Transportation 0.50Indian Oil Corporation Ltd. Petroleum Products 0.48JSW Steel Ltd. Ferrous Metals 0.48Tata Motors Ltd. Auto 0.40GAIL (India) Ltd. Gas 0.38Bharti Infratel Ltd. Telecom - equipment

& Accessories0.35

Zee entertainment enterprises Ltd. Media & entertainment 0.27Yes Bank Ltd. Banks @Sub Total 99.73Cash, Cash equivalents and Net Current Assets 0.27Grand 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 101.1095Direct Plan - Growth Option 102.4435



qUANTITATIVE DATA


TRACKINg ERROR

Annualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.31%





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) 2,170.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) 6,228.20 3,550.47 1,851.83 701.18 373.68 124.35 Returns (%) 10.64 8.53 8.40 6.17 2.44 6.80 Benchmark Returns (%) # 12.55 9.80 9.05 6.83 3.14 7.88 Additional Benchmark Returns (%) ## 13.16 10.20 9.66 8.07 4.68 8.25




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jul 31, 19 Last 1 Year -0.24 0.68 1.47 9,976 10,068 10,147Jul 31, 17 Last 3 Years 3.89 4.46 6.20 11,214 11,400 11,980Jul 31, 15 Last 5 Years 6.08 6.66 7.33 13,439 13,811 14,245Jul 17, 02 Since Inception 13.47 15.66 16.36 97,917 138,162 154,130

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 61. 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. 69.



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


0.270.350.380.500.510.560.580.610.931.061.872.162.382.843.17

5.5910.17

11.6815.1516.07

22.90

0 5 10 15 20 25


GasTransportation

Non - Ferrous MetalsPesticides

Minerals/MiningOil

Consumer DurablesFerrous Metals

PowerCement

Construction ProjectTelecom - Services

PharmaceuticalsAuto

FinanceConsumer Non Durables


Banks

July 2020 23


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 JULY 31, 2020) NAV PER UNIT (`)Growth Option 3,988.49

ASSETS UNDER MANAgEMENT j (`) IN CROREAs on July 31, 2020 71.73Average for Month of July 2020 90.21

qUANTITATIVE DATAPortfolio Turnover Ratio (Last 1 year) 119.84%

TRACKINg ERRORAnnualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.10%

TOTAL ExPENSE RATIO (As on July 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


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


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 61.

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 July 31, 2020 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jul 31, 19 Last 1 Year 1.34 1.47 0.68 10,134 10,147 10,068

Jul 31, 17 Last 3 Years 6.14 6.20 4.46 11,958 11,980 11,400


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 61.


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. 30.248 Crores

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


































Sub Total 99.00


Grand Total 100.00


PORTFOLIO


0.61

0.68

1.07

1.15

1.41

1.94

2.73

3.27

4.47

10.43

12.17

16.09

17.67

25.31

0 5 10 15 20 25 30

Oil

Ferrous Metals

Consumer Durables

Cement

Pharmaceuticals

Power


Telecom - Services

Auto

Finance


Petroleum Products

Software

Banks

24 July 2020

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




July 17, 2002





qUANTITATIVE DATA


TRACKINg ERROR




#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





Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,170.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) 6,552.80 3,671.36 1,911.67 723.89 382.46 124.66 Returns (%) 11.12 8.93 9.01 7.44 3.97 7.30 Benchmark Returns (%) # 13.16 10.20 9.66 8.07 4.68 8.25 Additional Benchmark Returns (%) ## 12.55 9.80 9.05 6.83 3.14 7.88




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jul 31, 19 Last 1 Year 0.63 1.47 0.68 10,063 10,147 10,068Jul 31, 17 Last 3 Years 5.58 6.20 4.46 11,773 11,980 11,400Jul 31, 15 Last 5 Years 6.85 7.33 6.66 13,935 14,245 13,811Jul 17, 02 Since Inception 13.87 16.36 15.66 104,234 154,130 138,162

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 61. 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. 69.



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 99.71


Grand Total 100.00


PORTFOLIO


0.61

0.68

1.08

1.15

1.42

1.96

2.75

3.29

4.47

10.49

12.35

16.19

17.79

25.48

0 5 10 15 20 25 30

Oil

Ferrous Metals

Consumer Durables

Cement

Pharmaceuticals

Power


Telecom - Services

Auto

Finance


Petroleum Products

Software

Banks

July 2020 25

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


Risk Ration Standard Deviation 6.291%n Beta 0.976n Sharpe Ratio* -0.078

Computed for the 3-yr period ended July 31, 2020. Based on month-end NAV. * Risk free rate: 3.86%(Source: FIMMDA MIBOR)





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) 2,920.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) $$ 57,179.51 3,633.49 1,661.22 597.41 328.00 118.96 Returns (%) $$ 20.19 8.80 6.33 -0.17 -5.96 -1.60 Benchmark Returns (%) # 13.68 9.69 9.00 5.27 0.86 7.58 Additional Benchmark Returns (%) ## 12.74 9.80 9.05 6.83 3.14 7.88



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Jul 31, 19 Last 1 Year -9.04 0.98 0.68 9,096 10,098 10,068Jul 31, 17 Last 3 Years -4.38 2.08 4.46 8,741 10,637 11,400Jul 31, 15 Last 5 Years 2.17 6.17 6.66 11,137 13,492 13,811Mar 31, 96 Since Inception 21.43 12.88 11.76 1,130,296 191,145 150,107

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. $$ 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 61. 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. 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

Company Industry+ % to NAVEqUITY & EqUITY RElATED• Reliance Industries Ltd. Petroleum Products 9.34• Infosys Ltd. Software 8.40• ICICI Bank Ltd. Banks 7.14• HDFC Bank Ltd. Banks 6.36• NTPC Ltd. Power 6.07• Bharat Petroleum

Corporation Ltd. Petroleum Products 5.57• State Bank of India Banks 5.08• Larsen and Toubro Ltd. Construction Project 4.57• ITC Ltd. Consumer Non Durables 4.26• Cipla Ltd. Pharmaceuticals 3.85GAIL (India) Ltd. Gas 3.17Tata Steel Ltd. Ferrous Metals 2.62Bharti Airtel Ltd. Telecom - Services 2.33Power Grid Corporation of India Ltd. Power 2.27Vedanta Ltd. Non - Ferrous Metals 2.10Oracle Financial Services Software Ltd. Software 1.95NHPC Ltd. Power 1.88Axis Bank Ltd. Banks 1.79Coal India Ltd. Minerals/Mining 1.70Aurobindo Pharma Ltd. Pharmaceuticals 1.52Bharat electronics Ltd. Industrial Capital Goods 1.43Lupin Ltd. Pharmaceuticals 1.29L&T Technology Services Ltd. Software 1.15Solar Industries India Ltd. Chemicals 1.14Ambuja Cements Ltd. Cement 1.08Mahanagar Gas Ltd. Gas 0.86Gujarat Pipavav Port Ltd. Transportation 0.84Hindustan Petroleum Corporation Ltd. Petroleum Products 0.77InterGlobe Aviation Ltd. Transportation 0.73Max Financial Services Ltd. Finance 0.69Kalpataru Power Transmission Ltd. Power 0.56Tata Motors Ltd. DVR Auto 0.48Tata Motors Ltd. Auto 0.48Shriram Transport Finance Company Ltd. Finance 0.43Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.36BeML Ltd. Industrial Capital Goods 0.34eClerx Services Ltd. Software 0.32Power Finance Corporation Ltd. Finance 0.23Persistent Systems Ltd. Software 0.20Sadbhav engineering Ltd. Construction Project 0.19ITD Cementation India Ltd. Construction 0.14

Company Industry+ % to NAVHindustan Construction Company Ltd. Construction Project 0.12CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.09Dynamatic Technologies Ltd. Auto Ancillaries 0.08Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) Construction Project 0.05Somany Home Innovation Ltd. Construction 0.05MPS Ltd. Software 0.04SBI Cards and Payment Services Ltd. Finance 0.03Siti Networks Ltd. Media & entertainment 0.01Sub Total 96.15DEBT & DEBT RElATEDCREDIT EXPOSURE Muthoot Finance Ltd. ICRA - AA 0.39Punjab National Bank € IND - A 0.38Sub Total 0.77Cash, Cash equivalents and Net Current Assets 3.08Grand Total 100.00• Top Ten Holdings, € Please refer to Annexure A on page 60 for Investment in Perpetual


PORTFOLIO


0.010.080.190.961.081.141.381.571.701.862.102.332.62

4.034.264.93

7.0210.78

12.0615.68

20.37

0 5 10 15 20 25

Media & EntertainmentAuto Ancillaries

ConstructionAuto

CementChemicals

FinanceTransportation

Minerals/MiningIndustrial Capital Goods

Non - Ferrous MetalsTelecom - Services

Ferrous MetalsGas


PharmaceuticalsPower


Banks

26 July 2020

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 120.788Direct Plan 128.472



qUANTITATIVE DATA

Portfolio Turnover Ratio (Last 1 year) 12.23%Average Maturity * 2.65 yearsMacaulay Duration * 2.19 yearsModified Duration * 2.05 yearsYield to Maturity * 6.61%* 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









NIIT Technologies Ltd. Software 2.23




Bharti Airtel Ltd. Telecom - Services 1.70



Oracle Financial Services Software Ltd. Software 1.37


Hexaware Technologies Ltd. Software 1.31

Aster DM Healthcare Ltd. Healthcare Services 1.27


Ipca Laboratories Ltd. Pharmaceuticals 1.18

Cholamandalam Investment & Finance Finance 1.00

Larsen & Toubro Infotech Ltd. Software 1.00

Balkrishna Industries Ltd. Auto Ancillaries 0.98


Newgen Software Technologies Ltd. Software 0.84

Century Plyboards (India) Ltd. Consumer Durables 0.82

Finolex Industries Ltd. Industrial Products 0.81


AIA engineering Ltd. Industrial Products 0.79

Voltamp Transformers Ltd. Industrial Capital Goods 0.72


Motherson Sumi Systems Ltd. Auto Ancillaries 0.62

Schaeffler India Ltd. Industrial Products 0.62

Mahindra Holidays & Resorts Ind Ltd.





Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 0.55

VST Industries Ltd. Consumer Non Durables 0.52

Sonata Software Ltd. Software 0.51


PNC Infratech Ltd. Construction 0.48

Swaraj engines Ltd. Industrial Products 0.46





Cholamandalam Financial Holdings Ltd. Finance 0.34

Supreme Industries Ltd. Industrial Products 0.34

Vesuvius India Ltd. Industrial Products 0.34


Blue Star Ltd. Consumer Durables 0.30

eClerx Services Ltd. Software 0.26

Navneet education Ltd. Media & entertainment 0.26

Prince Pipes and Fittings Ltd. Industrial Products 0.24

V.S.T Tillers Tractors Ltd. Auto 0.24

Nilkamal Ltd. Industrial Products 0.23

eIH Ltd. Hotels/Resorts & Other Recreational Activities 0.20

IFB Industries Ltd. Consumer Durables 0.20

engineers India Ltd. Construction Project 0.14

Indian Bank Banks 0.10



Yes Bank Ltd. Banks 0.01

Jyoti Structures Ltd. Power @

Sub Total 69.15

DEBT & DEBT RElATED









Sub Total 4.71

PORTFOLIO

July 2020 27


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


Mkt Value As on July 31, 2020 (` ‘000) $ 11,200.03 5,016.16 2,112.09 700.12 375.82 125.77

Returns (%) $ 14.30 12.61 10.89 6.11 2.81 9.05

Benchmark Returns (%) # N.A. 9.96 9.60 8.59 7.06 11.96


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(`)##

Jul 31, 19 Last 1 Year 3.52 6.21 0.68 10,352 10,621 10,068

Jul 31, 17 Last 3 Years 3.13 6.63 4.46 10,969 12,125 11,400

Jul 31, 15 Last 5 Years 7.06 8.07 6.66 14,069 14,745 13,811

Mar 02, 01 Since Inception 15.23 N.A. 13.23 157,024 N.A. 111,754

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. 67.



l capital appreciation over long term.

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

Riskometer





equity 69.15

G-Sec 4.71

Credit exposure 19.99



equity 69.15

Sovereign 4.71

AAA/AAA(SO)/A1+/A1+(SO) & equivalent 9.14

AA+ 10.85


[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


CREDIT EXPOSURE

• Housing Development Finance Corporation Ltd.£ CRISIL - AAA 4.10

• Axis Bank Ltd. € CRISIL - AA+ 3.19

• Shriram Transport Finance Company Ltd. CRISIL - AA+ 3.02

• Bank of Baroda € CRISIL - AA+ 3.01

LIC Housing Finance Ltd. CRISIL - AAA 1.69

ICICI Bank Ltd. € CARE - AA+ 1.28

L&T Infrastructure Finance Ltd. CRISIL - AAA 1.25


State Bank of India € CRISIL - AA+ / CRISIL - AAA 1.20

Tata Sons Ltd. CRISIL - AAA 1.16


Britannia Industries Ltd. CRISIL - AAA 0.02

Sub Total 19.99

Total 24.70


Grand Total 100.00

• Top Ten Holdings, £ Co-sponsor, @ Less than 0.01%,€ Please refer to Annexure A on page 60 for Investment in Perpetual


PORTFOLIOIndustry Allocation of Equity Holding (% of Net Assets)

0.24

0.33

0.34

0.41

0.48

0.89

1.27

1.32

1.32

1.34

1.70

1.91

1.98

2.79

2.97

4.68

4.79

7.36

8.42

11.87

12.74

0 2 4 6 8 10 12 14

Auto


Media & Entertainment

Ferrous Metals

Construction

Power

Healthcare Services

Consumer Durables

Hotels, Resorts & Other Recreational Activities

Pesticides

Telecom - Services



Pharmaceuticals

Auto Ancillaries

Industrial Products


Finance

Petroleum Products

Banks

Software

28 July 2020

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 18.92%





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 (`)#


(`)##

Jul 31, 19 Last 1 Year -0.44 0.98 0.68 9,956 10,098 10,068Jul 31, 17 Last 3 Years -0.01 2.08 4.46 9,996 10,637 11,400Feb 25, 16 Since Inception 11.28 11.84 12.50 16,062 16,425 16,855

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 61. 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. 73.


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• Reliance Industries Ltd. Petroleum Products 8.33• HDFC Bank Ltd. Banks 6.60• Infosys Ltd. Software 5.16• Housing Development

Finance Corporation Ltd.£ Finance 4.79• ITC Ltd. Consumer Non Durables 4.05• ICICI Bank Ltd. Banks 3.65• Aurobindo Pharma Ltd. Pharmaceuticals 2.44• Larsen and Toubro Ltd. Construction Project 2.32• Timken India Ltd. Industrial Products 2.12Bharat electronics Ltd. Industrial Capital Goods 1.88Aarti Industries Ltd. Chemicals 1.83JB Chemicals & Pharmaceuticals Ltd. Pharmaceuticals 1.81Balkrishna Industries Ltd. Auto Ancillaries 1.77Bajaj electricals Ltd. Consumer Durables 1.65Hindustan Petroleum Corporation Ltd. Petroleum Products 1.59UPL Ltd. Pesticides 1.57Hexaware Technologies Ltd. Software 1.55PNC Infratech Ltd. Construction 1.48Voltamp Transformers Ltd. Industrial Capital Goods 1.48Oracle Financial Services Software Ltd. Software 1.45State Bank of India Banks 1.43KeC International Ltd. Construction Project 1.40NIIT Technologies Ltd. Software 1.34engineers India Ltd. Construction Project 1.27Chambal Fertilizers & Chemicals Ltd. Fertilisers 1.23Atul Ltd. Chemicals 1.22Power Grid Corporation of India Ltd. Power 1.17Mahindra Holidays & Resorts Ind Ltd.


Sharda Cropchem Ltd. Pesticides 1.07Alkyl Amines Chemicals Ltd. Chemicals 1.06Nilkamal Ltd. Industrial Products 1.01Redington (India) Ltd. Transportation 0.99Tata Steel Ltd. Ferrous Metals 0.94Radico Khaitan Ltd. Consumer Non Durables 0.89Carborundum Universal Ltd. Industrial Products 0.88Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 0.85Finolex Industries Ltd. Industrial Products 0.75Tamilnadu Newsprint & Papers Ltd. Paper 0.74Axis Bank Ltd. Banks 0.70Tata Metaliks Ltd. Ferrous Metals 0.70The Anup engineering Ltd. Industrial Capital Goods 0.70Cholamandalam Investment & Finance Finance 0.67KeI Industries Ltd. Industrial Products 0.67Blue Star Ltd. Consumer Durables 0.64Kalpataru Power Transmission Ltd. Power 0.58Tube Investments of India Ltd. Auto Ancillaries 0.55Great eastern Shipping Company Ltd. Transportation 0.50T. V. Today Network Ltd. Media & entertainment 0.49

Company Industry+ / Rating % to NAVOriental Carbon & Chemicals Ltd. Chemicals 0.48eIH Ltd. Hotels/Resorts & Other

Recreational Activities 0.37IFB Industries Ltd. Consumer Durables 0.36Jagran Prakashan Ltd. Media & entertainment 0.32Vedanta Ltd. Non - Ferrous Metals 0.32Zensar Technologies Ltd. Software 0.27GNA Axles Ltd. Auto Ancillaries 0.23Indusind Bank Ltd. Banks 0.23Apar Industries Ltd. Industrial Capital Goods 0.20Tata Motors Ltd. DVR Auto 0.17Greenply Industries Ltd. Consumer Durables 0.12CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.05Aarti Surfactants Ltd. Chemicals 0.02Sub Total 86.22DEBT & DEBT RElATEDCREDIT EXPOSURE • Power Finance Corporation Ltd. CRISIL - AAA 3.08Vedanta Ltd. CRISIL - AA 1.81L&T Infrastructure Finance Ltd. CRISIL - AAA 1.23Shriram Transport Finance Company Ltd. CRISIL - AA+ 0.88Canara Bank € CARE - A+ 0.39Union Bank of India € CARe - AA- 0.33Sub Total 7.72Cash, Cash equivalents and Net Current Assets 6.06Grand Total 100.00• Top Ten Holdings, £ Co-sponsor,€ Please refer to Annexure A on page 60 for Investment in Perpetual


PORTFOLIO


0.170.320.740.811.231.481.491.641.752.342.552.642.77

4.254.314.614.944.995.435.46

9.779.92

12.61

0 2 4 6 8 10 12 14

AutoNon - Ferrous Metals

PaperMedia & Entertainment

FertilisersConstruction

TransportationFerrous Metals

PowerHotels, Resorts & Other Recreational Activities

Auto AncillariesPesticides

Consumer DurablesPharmaceuticals

Industrial Capital GoodsChemicals


Industrial ProductsFinance


Banks


Since Inception SIP 3 Year SIP 1 Year SIP

Total Amount Invested (` ‘000) 540.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) 583.37 355.00 123.44 Returns (%) 3.39 -0.91 5.38 Benchmark Returns (%) # 4.76 0.86 7.58 Additional Benchmark Returns (%) ## 6.54 3.14 7.88


July 2020 29


[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 1.84

NIIT Technologies Ltd. Software 1.71

Timken India Ltd. Industrial Products 1.63

engineers India Ltd. Construction Project 1.52

Hindustan Petroleum

Corporation Ltd. Petroleum Products 1.25

JB Chemicals &

Pharmaceuticals Ltd. Pharmaceuticals 1.24

Suprajit engineering Ltd. Auto Ancillaries 1.22

Bajaj electricals Ltd. Consumer Durables 1.21

Oriental Carbon &

Chemicals Ltd. Chemicals 1.11

Voltamp Transformers Ltd. Industrial Capital Goods 1.09

Power Grid Corporation of

India Ltd. Power 1.07


Balrampur Chini Mills Ltd. Consumer Non Durables 1.06

Chambal Fertilizers &

Chemicals Ltd. Fertilisers 1.05




KeC International Ltd. Construction Project 0.93

Nilkamal Ltd. Industrial Products 0.92

Sonata Software Ltd. Software 0.83

Redington (India) Ltd. Transportation 0.79

Vesuvius India Ltd. Industrial Products 0.79

Mahindra Holidays & Resorts

Ind Ltd.

Hotels/Resorts & Other

Recreational Activities 0.77


Crompton Greaves Consumer

electricals Ltd. Consumer Durables 0.59


Cholamandalam Investment

& Finance Finance 0.58

Company Industry+ / Rating % to

NAV

Blue Star Ltd. Consumer Durables 0.57

The Anup engineering Ltd. Industrial Capital Goods 0.54

Tamilnadu Newsprint &

Papers Ltd. Paper 0.53




NRB Bearing Ltd. Industrial Products 0.37

Kalpataru Power

Transmission Ltd. Power 0.35


Shaily engineering Plastics Ltd. Industrial Products 0.27

Cholamandalam Financial

Holdings Ltd. Finance 0.26

Shree Pushkar Chemicals &

Fertilisers Ltd. Chemicals 0.26





Aarti Surfactants Ltd. Chemicals 0.02

Yes Bank Ltd. Banks @

Sub Total 66.64

DEBT & DEBT RElATED


• 7.57 GOI 2033 Sovereign 3.35

Sub Total 3.35

CREDIT EXPOSURE

• Power Finance Corporation Ltd. CRISIL - AAA 6.48


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


State Bank of India € CRISIL - AA+ 2.09

Power Grid Corporation of

India Ltd. CRISIL - AAA 1.32


Reliance Industries Ltd. CRISIL - AAA 0.68

Sub Total 19.76

Total 23.11


Grand Total 100.00

• Top Ten Holdings, £ Co-sponsor, @ Less than 0.01%,€ Please refer to Annexure A on page 60 for Investment in Perpetual


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 18.85%Average Maturity * 4.13 yearsMacaulay Duration * 3.09 yearsModified Duration * 2.90 yearsYield to Maturity * 6.50%* 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).


30 July 2020


n equity 66.64

n G-Sec 3.35




n equity 66.64n Sovereign 3.35n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 13.52n AA+ 2.09n AA/AA- 3.30n A+ & Below 0.85n Cash, Cash equivalents and Net

Current Assets 10.25



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

Riskometer





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year 1.38 6.21 0.68 10,138 10,621 10,068

Jul 31, 17 Last 3 Years 2.45 6.63 4.46 10,753 12,125 11,400

Feb 25, 16 Since Inception 11.85 12.10 12.50 16,431 16,591 16,855

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 61. 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. 73.


[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)


0.160.190.440.530.770.791.001.051.391.42

2.372.682.82

4.574.864.985.005.22

7.537.81

11.06

0 2 4 6 8 10 12

Media & EntertainmentNon - Ferrous Metals

Ferrous MetalsPaper

Hotels, Resorts & Other Recreational ActivitiesTransportation

PesticidesFertilisersChemicals

PowerConsumer Durables

Auto AncillariesIndustrial Capital GoodsConsumer Non Durables

Construction ProjectIndustrial Products

PharmaceuticalsFinance


Banks

.....Contd from previous page



Total Amount Invested (` ‘000) 540.00 360.00 120.00

Mkt Value As on July 31, 2020 (` ‘000) 609.16 370.38 123.49

Returns (%) 5.30 1.86 5.45

Benchmark Returns (%) # 8.51 7.06 11.96

Additional Benchmark Returns (%) ## 6.54 3.14 7.88


July 2020 31


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 JULY 31, 2020) NAV PER UNIT (`)Regular Plan 14.0522Direct Plan 14.9591


qUANTITATIVE DATAAverage Maturity * 3.84 yearsMacaulay Duration * 2.85 yearsModified Duration * 2.69 yearsYield to Maturity * 6.60%* 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 (`)##

Jul 31, 19 Last 1 Year 5.93 11.15 7.72 10,593 11,115 10,772Jul 31, 17 Last 3 Years 4.50 8.38 6.85 11,414 12,733 12,203Feb 26, 16 Since Inception 7.98 10.37 8.61 14,052 15,483 14,417

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 61. 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. 73.



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

Riskometer




n equity 12.11

n G-Sec 15.99




n equity 12.11n Sovereign 15.99n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 21.36n AA+ 8.48n AA/AA- 11.54n A+ & Below 2.38n Cash, Cash equivalents and

Net Current Assets 28.14

[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 1.01Reliance Industries Ltd. Petroleum Products 1.01HDFC Bank Ltd. Banks 0.82NIIT Technologies Ltd. Software 0.81Infosys Ltd. Software 0.65Alkyl Amines Chemicals Ltd. Chemicals 0.53Avanti Feeds Ltd. Consumer Non Durables 0.39Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.37Voltamp Transformers Ltd. Industrial Capital Goods 0.36Larsen and Toubro Ltd. Construction Project 0.35Timken India Ltd. Industrial Products 0.34Redington (India) Ltd. Transportation 0.32Axis Bank Ltd. Banks 0.29Bajaj electricals Ltd. Consumer Durables 0.28Tata Steel Ltd. Ferrous Metals 0.27Carborundum Universal Ltd. Industrial Products 0.26JB Chemicals & Pharmaceuticals Ltd. Pharmaceuticals 0.26Oriental Carbon & Chemicals Ltd. Chemicals 0.24Blue Star Ltd. Consumer Durables 0.22The Anup engineering Ltd. Industrial Capital Goods 0.22Vesuvius India Ltd. Industrial Products 0.22Aurobindo Pharma Ltd. Pharmaceuticals 0.21SKF India Ltd. Industrial Products 0.21State Bank of India Banks 0.21Mahindra Holidays & Resorts Ind Ltd.


Navneet education Ltd. Media & entertainment 0.20Hindustan Petroleum Corporation Ltd. Petroleum Products 0.19Nilkamal Ltd. Industrial Products 0.19Power Grid Corporation of India Ltd. Power 0.19Tube Investments of India Ltd. Auto Ancillaries 0.18Insecticides (India) Ltd. Pesticides 0.16GNA Axles Ltd. Auto Ancillaries 0.15NRB Bearing Ltd. Industrial Products 0.14

Company Industry+ / Rating % to NAVKalpataru Power vTransmission Ltd. Power 0.13Poddar Pigments Ltd. Chemicals 0.13Apar Industries Ltd. Industrial Capital Goods 0.11Time Technoplast Ltd. Industrial Products 0.11Bank of Baroda Banks 0.07Tamilnadu Newsprint & Papers Ltd. Paper 0.07Sadbhav engineering Ltd. Construction Project 0.03Aarti Surfactants Ltd. Chemicals 0.01Sub Total 12.11DEBT & DEBT RElATEDgOVERNMENT SECURITIES (CENTRAl/STATE)• 7.57 GOI 2033 Sovereign 9.79• 6.79 GOI 2029 Sovereign 6.20Sub Total 15.99CREDIT EXPOSURE • L&T Infrastructure Finance Ltd. CRISIL - AAA 7.77• Vedanta Ltd. CRISIL - AA 7.51• Indian Railways Finance

Corporation Ltd. CRISIL - AAA 6.60• State Bank of India € CRISIL - AA+ 5.40• Jamnagar Utilities & Power

Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 3.16

• Shriram Transport Finance Company Ltd. CRISIL - AA+ 3.08

• Reliance Industries Ltd. CRISIL - AAA 2.51• Canara Bank € CARE - A+ 2.38Union Bank of India € CARe - AA- 2.37Tata Motors Ltd. CARe - AA- 1.66Power Finance Corporation Ltd. CRISIL - AAA 1.32Sub Total 43.76Total 59.75Cash, Cash equivalents and Net Current Assets 28.14Grand Total 100.00• Top Ten Holdings,€ Please refer to Annexure A on page 60 for Investment in Perpetual


PORTFOLIO



Total Amount Invested (` ‘000) 540.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) 618.66 390.36 124.14 Returns (%) 5.99 5.33 6.48 Benchmark Returns (%) # 9.89 10.85 14.48 Additional Benchmark Returns (%) ## 8.74 10.46 10.12


32 July 2020

CATEgORY OF SCHEME: EqUITY SAVINGS FUND

KEY FACTS


To 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 ¥

gopal Agrawal (equities) (since July 16, 2020)

Total experience: Over 16 yearsVinay Kulkarni (equities) (since November 21, 2006)

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

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



September 17, 2004





qUANTITATIVE DATA

Portfolio Turnover Ratio 22.10%Average Maturity * 363 daysMacaulay Duration * 331 daysModified Duration * 303 daysYield to Maturity * 7.36%




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





PLANS & OPTIONS





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) 1,910.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) 3,755.12 3,372.86 1,714.27 670.60 367.11 121.00 Returns (%) 7.98 7.91 6.93 4.40 1.27 1.56 Benchmark Returns (%) # N.A. N.A. 8.09 7.09 6.34 7.66 Additional Benchmark Returns (%) ## 10.49 9.80 9.05 6.83 3.14 7.88

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 (`)##

Jul 31, 19 Last 1 Year -0.72 5.82 0.68 9,928 10,582 10,068Jul 31, 17 Last 3 Years 2.12 6.20 4.46 10,650 11,981 11,400Jul 31, 15 Last 5 Years 6.55 7.00 6.66 13,741 14,029 13,811Sep 17, 04 Since Inception 8.44 N.A. 13.81 36,201 N.A. 77,985

^^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 distribution tax, if any. For performance of other schemes managed by Gopal Agrawal (Equities), Vinay Kulkarni (equities), Krishan Kumar Daga (Arbitrage) and Anil Bamboli (Debt), please refer page 61. 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. 74.^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 July 31, 2020 unless otherwise specified. ...Contd on next page


n equity 66.55n Sovereign 0.89n AA+ 0.17n AA/AA- 7.13n A+ & Below 6.37n Cash, Cash equivalents and


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


0.010.010.140.200.450.660.690.991.011.10

1.521.541.842.012.23

3.173.34

3.925.03

9.52

0 1 2 3 4 5 6 7 8 9 10

AutoTelecom - Services

Auto AncillariesPesticides

ConstructionFerrous Metals

Minerals/MiningTransportation

CementNon - Ferrous Metals

GasFinance

Industrial Capital GoodsPharmaceuticals



PowerBanks

July 2020 33

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 July 31, 2020 unless otherwise specified.

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




• Housing Development Finance Corporation Ltd.£ Finance 7.72 7.72

• Reliance Industries Ltd. Petroleum Products 5.64 2.91

• Infosys Ltd. Software 4.60 1.50

• NTPC Ltd. Power 3.77 0.00

• State Bank of India Banks 3.43 0.28

• ICICI Bank Ltd. Banks 3.23 0.00

• Larsen and Toubro Ltd. Construction Project 3.18 0.12

HDFC Bank Ltd. Banks 2.70 0.00

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 2.55 2.55

Aurobindo Pharma Ltd. Pharmaceuticals 2.18 1.38

Dr Reddys Laboratories Ltd. Pharmaceuticals 2.11 2.11

GAIL (India) Ltd. Gas 1.52 0.00

ITC Ltd. Consumer Non Durables 1.50 0.00

Axis Bank Ltd. Banks 1.42 0.98

SBI Cards and Payment Services Ltd. Finance 1.31 0.00

Vedanta Ltd. Non - Ferrous Metals 1.26 0.16

Ambuja Cements Ltd. Cement 1.20 0.26

Tata Steel Ltd. Ferrous Metals 1.19 0.53

Bharat Petroleum Corporation Ltd. Petroleum Products 0.94 0.02

Power Grid Corporation of India Ltd. Power 0.90 0.00

Bharti Airtel Ltd. Telecom - Services 0.88 0.87

Lupin Ltd. Pharmaceuticals 0.83 0.25

Titan Company Ltd. Consumer Durables 0.77 0.77

Mahindra & Mahindra Ltd. Auto 0.73 0.73

Coal India Ltd. Minerals/Mining 0.69 0.00

Cipla Ltd. Pharmaceuticals 0.63 0.00

Gujarat Pipavav Port Ltd. Transportation 0.63 0.00

JSW Steel Ltd. Ferrous Metals 0.62 0.62

BeML Ltd. Industrial Capital Goods 0.58 0.00

United Spirits Ltd. Consumer Non Durables 0.56 0.56

Grasim Industries Ltd. Cement 0.50 0.50

Tata Motors Ltd. Auto 0.42 0.42

Bharat electronics Ltd. Industrial Capital Goods 0.39 0.00

emami Ltd. Consumer Non Durables 0.39 0.00

Centum electronics Ltd. Industrial Capital Goods 0.38 0.00

Container Corporation of India Ltd. Transportation 0.36 0.00

NHPC Ltd. Power 0.36 0.00

Tata Consumer Products Ltd. Consumer Non Durables 0.34 0.00

Maruti Suzuki India Ltd. Auto 0.31 0.31

Hindustan Unilever Ltd. Consumer Non Durables 0.30 0.30

JMC Projects (India) Ltd. Construction 0.30 0.00

Hindustan Petroleum Corporation Ltd. Petroleum Products 0.27 0.00

Newgen Software Technologies Ltd. Software 0.24 0.00

Texmaco Rail & engineering Ltd. Industrial Capital Goods 0.24 0.00

Power Finance Corporation Ltd. Finance 0.23 0.00

The Federal Bank Ltd. Banks 0.21 0.21

Titagarh Wagons Ltd. Industrial Capital Goods 0.21 0.00

UPL Ltd. Pesticides 0.20 0.00

Max Financial Services Ltd. Finance 0.19 0.19

Cadila Healthcare Ltd. Pharmaceuticals 0.16 0.16

Hero MotoCorp Ltd. Auto 0.15 0.15

ITD Cementation India Ltd. Construction 0.15 0.00



Apollo Tyres Ltd. Auto Ancillaries 0.14 0.00

UltraTech Cement Ltd. Cement 0.12 0.12

Ashoka Buildcon Ltd. Construction Project 0.11 0.00

Hindalco Industries Ltd. Non - Ferrous Metals 0.09 0.09

Orient Cement Ltd. Cement 0.07 0.00

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

Tech Mahindra Ltd. Software 0.06 0.06

elecon engineering Company Ltd. Industrial Capital Goods 0.04 0.00

ACC Ltd. Cement 0.03 0.03

Adani Ports & Special economic Zone Transportation 0.03 0.03

Bajaj Finserv Ltd. Finance 0.03 0.03

Bosch Ltd. Auto Ancillaries 0.03 0.03

Bajaj Auto Ltd. Auto 0.02 0.02

Tata Motors Ltd. DVR Auto 0.01 0.00

Torrent Power Ltd. Power 0.01 0.01

Biocon Ltd. Pharmaceuticals @

eClerx Services Ltd. Software @

S Chand and Company Ltd. Media & entertainment @

Tata Chemicals Ltd. Chemicals @

United Breweries Ltd. Consumer Non Durables @Sub Total 66.55

Preference Shares

Zee entertainment enterprises Ltd. Media & entertainment @

Sub Total @

Total 66.55

DEBT & DEBT RElATED




Sub Total 0.89

CREDIT EXPOSURE

• Union Bank of India € CARE - A+ / CARE - AA- / IND - AA 3.33

• Punjab National Bank € IND - A 2.86

• Canara Bank € CARE - A+ / CRISIL - AA 2.79




Aarish Solar Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.34

Bank of Baroda € CARe - AA 0.33


Sub Total 13.67

Total 14.56

Short Term Deposits as margin for Futures & Options 10.26


Grand Total 100.00

• Top Ten Holdings, £ Co-sponsor, @ Less than 0.01%,€ Please refer to Annexure A on page 60 for Investment in Perpetual Bonds/AT1 Bonds/

Basel II/Basel III Bonds

Outstanding exposure in derivative instruments (` in Crore) 837.07

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 27.26

PORTFOLIO

34 July 2020

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 47.6421Regular Plan - Monthly Dividend Option 12.0127Regular Plan - quarterly Dividend Option 12.7151Direct Plan - Growth Option 49.4792Direct Plan - Monthly Dividend Option 12.6857Direct Plan - quarterly Dividend Option 13.4220



qUANTITATIVE DATA

Average Maturity * 4.08 yearsMacaulay Duration * 3.24 yearsModified Duration * 3.02 yearsYield to Maturity * 8.60%* 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 July 31, 2020 unless otherwise specified.





IRB Infrastructure Developers Ltd. Construction 1.83

ITC Ltd. Consumer Non Durables 1.55

ICICI Bank Ltd. Banks 1.47






Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.99


Infosys Ltd. Software 0.90






Mishra Dhatu Nigam Ltd. Ferrous Metals 0.53

NHPC Ltd. Power 0.51








Union Bank of India Banks 0.13


elecon engineering Company Ltd. Industrial Capital Goods 0.02


Tata Motors Ltd. DVR Auto @

Sub Total 24.57


DEBT & DEBT RElATED








GOI 2023 Sovereign 0.34


8.10% Tamil Nadu SDL - Mat 110325 Sovereign 0.12



Sub Total 5.51

CREDIT EXPOSURE


• TATA Housing Development Company Ltd. CARe - AA 5.03

• Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 4.52

• Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CRISIL - AAA 4.48

• Tata Motors Ltd. CRISIL - AA- 4.21

• DLF Ltd. ICRA - A+ 4.15

• Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(Ce) 3.90

• The Tata Power Company Ltd. € CRISIL - AA- 3.87

• Indian Railways Finance Corporation Ltd. CRISIL - AAA 3.09

• Shriram City Union Finance Ltd. CARE - AA+ / CRISIL - AA 2.86

Shriram Transport Finance Company Ltd. CRISIL - AA+ 2.80


Housing and Urban Development Corporation Ltd. CARe - AAA 2.38

National Highways Authority of India CRISIL - AAA 2.33

Manappuram Finance Ltd. CARe - AA 2.12


Andhra Pradesh expressway Ltd. (NHAI Annuity) ICRA - AAA 1.48



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

PORTFOLIO

July 2020 35



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



Returns (%) 8.99 8.65 7.58 5.21 4.12 5.85






(%)

Benchmark Returns

(%)#


Returns (%) ##



Additional Benchmark (`)##

Jul 31, 19 Last 1 Year 3.23 11.15 7.72 10,323 11,115 10,772

Jul 31, 17 Last 3 Years 2.89 8.38 6.85 10,894 12,733 12,203

Jul 31, 15 Last 5 Years 6.15 9.07 8.40 13,483 15,442 14,974


Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. 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 61. 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. 74.


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 24.57

n G-Sec, SDL 5.51




n equity 24.57n Sovereign 5.51n AAA/AAA(SO)/A1+/A1+(SO)



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



Tata Realty and Infrastructure Ltd. CRISIL - AA 1.29

First Business Receivables Trust (PTC backed by receivables from Reliance Corporate IT Park Ltd.) CRISIL - AAA(SO) 1.27

Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) CARe - D 0.86



Bharati Telecom Ltd. CRISIL - AA+ 0.08

Sub Total 65.94

Total 71.45


Grand Total 100.00

• Top Ten Holdings, @ Less than 0.01%,€ Please refer to Annexure A on page 60 for Investment in Perpetual


PORTFOLIO

36 July 2020

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 22.900Regular Plan - Dividend Option 17.009Regular Plan - quarterly Dividend Option 16.270Direct Plan - Growth Option 23.819Direct Plan - quarterly Dividend Option 18.050

Wholesale PlanRegular Plan - Growth Option 23.435Regular Plan - Dividend Option 10.301Regular Plan - Monthly Dividend Option 10.770Direct Plan - Growth Option 15.027Direct Plan - Dividend Option 10.679Direct Plan - Monthly Dividend Option 10.430



qUANTITATIVE DATA

Portfolio Turnover Ratio 154.45%Average Maturity * 130 daysMacaulay Duration * 130 daysModified Duration * 110 daysYield to Maturity * 5.69%* 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





• Sun Pharmaceutical Industries Ltd. Pharmaceuticals 4.16


• Dr Reddys Laboratories Ltd. Pharmaceuticals 2.71

• Maruti Suzuki India Ltd. Auto 2.70

• Tech Mahindra Ltd. Software 2.13





Divis Laboratories Ltd. Pharmaceuticals 1.61


Grasim Industries Ltd. Cement 1.50



JSW Steel Ltd. Ferrous Metals 1.06




Godrej Consumer Products Ltd. Consumer Non Durables 0.68

Tata Consultancy Services Ltd. Software 0.61

United Spirits Ltd. Consumer Non Durables 0.59




Hindalco Industries Ltd. Non - Ferrous Metals 0.43

SRF Ltd. Industrial Products 0.43


Infosys Ltd. Software 0.38

Colgate-Palmolive (I) Ltd. Consumer Non Durables 0.37

Tata Consumer Products Ltd. Consumer Non Durables 0.34

Tata Motors Ltd. Auto 0.34


Biocon Ltd. Pharmaceuticals 0.32


Manappuram Finance Ltd. Finance 0.28

Pidilite Industries Ltd. Chemicals 0.26


Adani enterprises Ltd. Trading 0.24

The Tata Power Company Ltd. Power 0.24

Petronet LNG Ltd. Gas 0.22

The Federal Bank Ltd. Banks 0.22

Shree Cement Ltd. Cement 0.21



NMDC Ltd. Minerals/Mining 0.19



Marico Ltd. Consumer Non Durables 0.17


L&T Finance Holdings Ltd. Finance 0.12


Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.10

Century Textiles & Industries Ltd. Paper 0.09


Container Corporation of India Ltd. Transportation 0.08

Sun TV Network Ltd. Media & entertainment 0.08



Bata India Ltd. Consumer Durables 0.07


eicher Motors Ltd. Auto 0.07

Indian Oil Corporation Ltd. Petroleum Products 0.07

Cadila Healthcare Ltd. Pharmaceuticals 0.06

exide Industries Ltd. Auto Ancillaries 0.06


ACC Ltd. Cement 0.04

Siemens Ltd. Industrial Capital Goods 0.04

Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.04

Berger Paints (I) Ltd. Consumer Non Durables 0.03


MRF Ltd. Auto Ancillaries 0.02




equitas Holdings Ltd. Finance 0.01

SBI Life Insurance Company Ltd. Finance 0.01

United Breweries Ltd. Consumer Non Durables 0.01

Sub Total 68.85

DEBT & DEBT RElATED

CREDIT EXPOSURE


Sub Total 0.26


CD

• Punjab & Sind Bank IND - A1+ 3.49

Sub Total 3.49

Short Term Deposits as margin for Futures & Options 24.87


Grand Total 100.00• Top Ten Holdings, £ Co-sponsor

Outstanding exposure in derivative instruments (` in Crore) 3,949.92

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 69.02

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

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

July 2020 37


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 July 31, 2020 unless otherwise specified.

PERFORMANCE ^ - Wholesale Plan - Regular Plan - growth Option


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jul 31, 19 Last 1 Year 4.31 3.12 0.68 10,431 10,312 10,068Jul 31, 17 Last 3 Years 5.34 4.67 4.46 11,691 11,468 11,400Jul 31, 15 Last 5 Years 5.73 5.12 6.66 13,218 12,840 13,811Oct 23, 07 Since Inception 6.89 N.A. 6.93 23,435 N.A. 23,546

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. 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 61. 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. 69.



n equity 68.85

n AAA/AAA(SO)/A1+/A1+(SO) & equivalent 3.75



n equity 68.85

n CD 3.49



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


0.010.060.070.080.090.150.160.170.220.240.240.260.370.430.741.381.831.88

3.353.663.81

5.996.70

7.518.10

8.9812.37

0 2 4 6 8 10 12 14

Telecom - Equipment & AccessoriesOil

Industrial Capital GoodsMedia & Entertainment

PaperConsumer Durables

Auto AncillariesConstruction Project

GasPower

TradingChemicals

Minerals/MiningIndustrial Products

PesticidesNon - Ferrous Metals

Ferrous MetalsTransportation

SoftwareCement

AutoPetroleum ProductsTelecom - Services

FinanceBanks

Consumer Non DurablesPharmaceuticals


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 July 31, 2020 (` ‘000) 2,388.00 1,662.23 687.21 388.69 122.31 Returns (%) 6.57 6.34 5.37 5.04 3.60 Benchmark Returns (%) # N.A. 5.93 4.70 4.38 1.76 Additional Benchmark Returns (%) ## 9.46 9.05 6.83 3.14 7.88


38 July 2020

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 24.2243Regular Plan - Dividend Option 16.4761Regular Plan - quarterly Dividend Option 10.6536Direct Plan - Growth Option 24.4232Direct Plan - Dividend Option 16.7626Direct Plan - quarterly Dividend Option 10.7476



qUANTITATIVE DATA

Average Maturity * 4.72 yearsMacaulay Duration * 3.68 yearsModified Duration * 3.46 yearsYield to Maturity * 5.57%* 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.


Face Value per Unit: ` 10 unless otherwise specified, CD - Certificate of Deposit; CP - Commercial Papers, Data is as of July 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 NAV

DEBT & DEBT RElATED









8.21% Haryana SDL (UDAY) - Mat 310323 Sovereign 0.16

Sub Total 22.28

CREDIT EXPOSURE



• Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA / ICRA - AAA 7.87

• REC Ltd. CRISIL - AAA / IND - AAA 6.38

• Reliance Industries Ltd. CRISIL - AAA / ICRA - AAA 6.20

• State Bank of India CRISIL - AAA 4.90

• National Highways Authority of India CARe - AAA / CRISIL - AAA 3.64

National Bank for Agriculture & Rural Development CRISIL - AAA / ICRA - AAA 3.07


ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CARe - AAA(Ce) 2.17

Chennai Petroleum Corporation Ltd. CRISIL - AAA 2.00

Sundaram Finance Ltd. CRISIL - AAA / ICRA - AAA 1.67

Bank of Baroda CARe - AAA 1.62


Mangalore Refinery and Petrochemicals Ltd. CRISIL - AAA 1.43

Food Corporation of India (Corporate guarantee from Govt of India) CARe - AAA(Ce) 1.42


NTPC Ltd. CRISIL - AAA 1.24

Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 1.12



Indian Oil Corporation Ltd. CRISIL - AAA 0.77

Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CARe - AAA 0.76

HDB Financial Services Ltd. CARe - AAA / CRISIL - AAA 0.68

Larsen and Toubro Ltd. CRISIL - AAA 0.50

L&T Finance Ltd. CARe - AAA 0.28

NHPC Ltd. CARe - AAA 0.27

Andhra Pradesh expressway Ltd. (NHAI Annuity) ICRA - AAA 0.20


Gujarat Road and Infrastructure Company Ltd. CARe - AAA 0.13


ICICI Bank Ltd. CARe - AAA 0.06

Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CRISIL - AAA(Ce) 0.05


Bajaj Finance Ltd. CRISIL - AAA 0.02

Sub Total 71.77

Total 94.05


CD


Sub Total 2.19


Grand Total 100.00


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

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 22.28

n CD 2.19




n Sovereign 22.28n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 73.96n Cash, Cash equivalents and


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

PORTFOLIO

July 2020 39



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jul 31, 19 Last 1 Year 11.81 11.99 7.72 11,181 11,199 10,772Jul 31, 17 Last 3 Years 9.00 8.50 6.85 12,953 12,775 12,203Jul 31, 15 Last 5 Years 9.17 8.83 8.40 15,514 15,273 14,974Jun 29, 10 Since Inception 9.16 8.85 7.20 24,224 23,539 20,180

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Anupam Joshi, please refer page 61. 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. 69.


(An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds).....Contd from previous pageHDFC Corporate Bond Fund


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,220.00 1,200.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) 1,996.89 1,948.45 766.65 424.70 128.96 Returns (%) 9.36 9.37 9.74 11.04 14.16 Benchmark Returns (%) # 9.14 9.16 9.29 10.48 13.68 Additional Benchmark Returns (%) ## 8.07 8.11 8.63 10.46 10.12


40 July 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 17.1719Regular Plan - Dividend Option 15.8115Regular Plan - quarterly Dividend Option 10.5450Direct Plan - Growth Option 18.0217Direct Plan - Dividend Option 15.7974Direct Plan - quarterly Dividend Option 10.6730



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 (%) ##




(`)##

Jul 31, 19 Last 1 Year 9.54 9.88 7.72 10,954 10,988 10,772Jul 31, 17 Last 3 Years 7.13 8.18 6.85 12,297 12,662 12,203Jul 31, 15 Last 5 Years 8.23 8.90 8.40 14,854 15,323 14,974Mar 25, 14 Since Inception 8.88 9.35 9.04 17,172 17,648 17,335

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 distribution tax, if any. Load is not taken into consideration for computation of performance. For performance of other schemes managed by Shobhit Mehrotra, please refer page 61. 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 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.


n G-Sec 0.60



Portfolio Classification By Issuer Rating Class (%) ≈




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

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


Since Inception SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 770.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) 1,006.85 734.85 409.40 126.70 Returns (%) 8.25 8.04 8.53 10.54 Benchmark Returns (%) # 8.94 8.83 9.27 10.55 Additional Benchmark Returns (%) ## 8.64 8.63 10.46 10.12


July 2020 41

Company Industry+ / Security Rating


DEBT & DEBT RElATED


6.97 GOI 2026 Sovereign Sovereign 0.60

Sub Total 0.60

CREDIT EXPOSURE

• Vedanta Ltd. CRISIL - AA CRISIL - AA 7.99

• Power Finance Corporation Ltd. CRISIL - AAA CRISIL - AAA 7.52

• Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA CRISIL - AAA 7.23

• Shriram City Union Finance Ltd. CRISIL - AA CRISIL - AA 6.43

• DLF Ltd. ICRA - A+ CRISIL - A+ 6.38

• Tata Motors Ltd. CRISIL - AA- CRISIL - AA- 6.25

• Punjab National Bank € IND - A IND - A 6.04

• IndInfravit Trust CRISIL - AAA CRISIL - AAA 5.65

• REC Ltd. CRISIL - AAA CRISIL - AAA 5.07

• Dilip Buildcon Ltd. CRISIL - A CRISIL - A 4.56

Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) CARe - A-(Ce) CARe - A-(Ce) 2.71

JM Financial Asset Reconstruction Company Ltd. ICRA - AA- CRISIL - AA- 2.38

Indiabulls Housing Finance Ltd. CARe - AA / CRISIL - AA CRISIL - AA 2.16

L&T Infrastructure Finance Ltd. CRISIL - AAA CARe - AAA 2.03

Sansar Trust Nov 2018 (PTC of pools from Shriram Transport Finance Company Ltd.) ICRA - AAA(SO) ICRA - AAA(SO) 1.60

The Tata Power Company Ltd. € CRISIL - AA- CRISIL - AA- 1.46

Reliance Industries Ltd. CRISIL - AAA CRISIL - AAA 1.45

GeRA Development Pvt. Ltd. CARe - AA- CARe - AA- 1.38

MFL Securitisation Trust LxxxI (PTC of pools from Magma Fincorp Ltd.) CRISIL - AAA(SO) CRISIL - AAA(SO) 1.24

NTPC Ltd. CRISIL - AAA CRISIL - AAA 1.07

Starlite Lighting Ltd. (Corporate Guarantee of Bajaj electrical Ltd.) ICRA - A-(Ce) ICRA - A-(Ce) 0.98

Company Industry+ / Security Rating


Aarish Solar Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.90

Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.90

Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.90

elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.90

Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.90

SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) BRICKWORKS - AA-(SO) 0.90

SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.90

SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.90

Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.90

Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.90

Indian Railways Finance Corporation Ltd. CRISIL - AAA CRISIL - AAA 0.88

Gateway Distriparks Ltd. IND - AA- IND - AA- 0.64

Shriram Transport Finance Company Ltd. IND - AA+ CRISIL - AA+ 0.41

Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) CARe - D CARe - D 0.34

Nuvoco Vistas Corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) CRISIL - AA CRISIL - AA 0.29

Travis March 2019 (Trust) (PTC of pools from Muthoot Capital Services Ltd.) CRISIL - AA(SO) CRISIL - AA(SO) 0.24

Mobil Trust Series 01 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) CRISIL - AAA(SO) 0.21

Tata Steel Ltd. € CARe - AA- CARe - AA 0.16

Tata Sons Ltd. CRISIL - AAA CRISIL - AAA 0.07

JM Financial Credit Solutions Ltd. ICRA - AA CRISIL - AA 0.06

Sub Total 93.88

Total 94.48


Grand Total 100.00

• Top Ten Holdings,€ Please refer to Annexure A on page 60 for Investment in Perpetual Bonds/AT1 Bonds/

Basel II/Basel III Bonds


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 July 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 July 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 * 3.44 yearsMacaulay Duration * 2.82 yearsModified Duration * 2.65 yearsYield to Maturity * 6.05%* 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 July 31, 2020 unless otherwise specified.


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










Sub Total 6.17

CREDIT EXPOSURE

• Power Finance Corporation Ltd.

CARe - AAA / CRISIL - AAA / ICRA - AAA 8.38

• National Bank for Agriculture & Rural Development CRISIL - AAA / ICRA - AAA 7.91

• State Bank of India € CRISIL - AA+ / CRISIL - AAA 6.22

• Housing and Urban Development Corporation Ltd. CARe - AAA 5.99

• REC Ltd. CRISIL - AAA / IND - AAA 5.57

• National Highways Authority of India CRISIL - AAA 4.94

• Union Bank of India € CARE - A+ / CARE - AA- / IND - AA 4.52

• Bank of Baroda € CARe - AA / CARe - AAA / CRISIL - AA+ 4.27


• ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CARe - AAA(Ce) 3.21

Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CRISIL - AAA(Ce) 2.82

Canara Bank € CARE - A+ / CARE - AA- 2.75



Food Corporation of India (Corporate guarantee from Govt of India) CARe - AAA(Ce) 2.59

Housing Development Finance Corporation Ltd.£ CRISIL - AAA 2.10




Hindustan Petroleum Corporation Ltd. CRISIL - AAA 1.06


Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CRISIL - AAA 1.04

Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA(Ce) 1.03

The Tata Power Company Ltd. CRISIL - AA- 1.03


TATA Capital Housing Finance Ltd. CRISIL - AAA 0.69

L&T Housing Finance Ltd. CRISIL - AAA 0.68




Reliance Industries Ltd. CRISIL - AAA 0.61

Small Industries Development Bank of India CARe - AAA 0.57

TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) ICRA - AA- 0.37

NHPC Ltd. ICRA - AAA 0.36

Shriram Transport Finance Company Ltd. IND - AA+ 0.29

Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.14

Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.14

elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.14

Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.14

SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.14

SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.14

SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.14

Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.14

Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.14


Sub Total 86.69

Total 92.86


Grand Total 100.00

• Top Ten Holdings, £ Co-sponsor,€ Please refer to Annexure A on page 60 for Investment in Perpetual


Outstanding exposure in derivative instruments Interest Rate Swap (` in Crore) 75.00


n G-Sec 6.17







(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

July 2020 43



(%)

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 distribution tax, if any. For performance of other schemes managed by Anil Bamboli, please refer page 61. 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 debt scheme predominantly investing in debt instruments of banks, public sector undertakings, public financial institutions and municipal bonds)HDFC Banking and PSU Debt Fund

.....Contd from previous pageSIP PERFORMANCE ^ - Regular Plan - growth Option

Since Inception SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 770.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) 1,033.06 754.70 419.36 127.95 Returns (%) 9.04 9.11 10.17 12.54 Benchmark Returns (%) # 8.65 8.75 9.91 12.44 Additional Benchmark Returns (%) ## 7.14 7.07 7.35 7.07


44 July 2020

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





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 (%) ##




(`)##

Jul 31, 19 Last 1 Year 10.01 11.04 7.72 11,001 11,104 10,772Jul 31, 17 Last 3 Years 6.80 8.34 6.85 12,185 12,720 12,203Jul 31, 15 Last 5 Years 8.52 9.25 8.40 15,055 15,569 14,974Jul 25, 01 Since Inception 7.95 8.57 N.A. 42,883 47,828 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 distribution tax, if any. For performance of other schemes managed by Anil Bamboli, please refer page 61. 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 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 97.05



n Sovereign 97.05n Cash, Cash equivalents and


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


DEBT & DEBT RElATED


• 7.26 GOI 2029 Sovereign 13.82

• 7.17 GOI 2028 Sovereign 13.33

• 6.45 GOI 2029 Sovereign 13.19

• 5.79 GOI 2030 Sovereign 11.38

• 7.59 GOI 2026 Sovereign 10.27





• 8.59% Andhra Pradesh SDL - Mat 230123 Sovereign 2.07

8.60% Madhya Pradesh SDL - Mat 230123 Sovereign 2.07

8.21% Haryana SDL (UDAY) - Mat 310323 Sovereign 2.06


8.60% Rajasthan SDL- Mat 061128 Sovereign 1.09




7.83% Maharashtra SDL - ISD 080420 Mat 080430 Sovereign 1.05

7.73% Gujarat SDL - ISD 070420 Mat 080429 Sovereign 1.04



8.66% Maharashtra SDL - Mat 250122 Sovereign 0.61






Sub Total 97.05


Grand Total 100.00



PORTFOLIO


Since Inception SIP




Returns (%) 7.61 8.11 8.75 8.43 9.69 12.03


Additional Benchmark Returns (%) ## N.A. 7.44 8.11 8.63 10.46 10.12


July 2020 45

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 66.3615Regular Plan - quarterly Dividend Option 11.8526Regular Plan - Half-Yearly Dividend Option 11.4378Regular Plan - Yearly Dividend Option 12.9036Regular Plan - Normal Dividend Option 14.2166Direct Plan - Growth Option 70.1928Direct Plan - quarterly Dividend Option 12.6423Direct Plan - Half-Yearly Dividend Option 12.7406Direct Plan - Yearly Dividend Option 13.7740Direct Plan - Normal Dividend Option 14.7795



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 (%) ##




(`)##

Jul 31, 19 Last 1 Year 9.03 12.63 7.72 10,903 11,263 10,772Jul 31, 17 Last 3 Years 4.17 8.55 6.85 11,306 12,795 12,203Jul 31, 15 Last 5 Years 6.56 9.37 8.40 13,742 15,653 14,974Apr 28, 97 Since Inception 8.47 N.A. N.A. 66,362 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 distribution tax, if any. For performance of other schemes managed by Anil Bamboli, please refer page 61. 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. 70.


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 42.09





& equivalent 20.84n AA/AA- 14.55n A+ & Below 18.71n Cash, Cash equivalents and


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


DEBT & DEBT RElATED


• 7.26 GOI 2029 Sovereign 11.17

• 7.17 GOI 2028 Sovereign 11.11





8.68% Gujarat SDL - Mat 060223. Sovereign 1.13




8.26% Maharashtra SDL - ISD 120815 Mat 120825 Sovereign 0.14

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

Sub Total 42.09


CREDIT EXPOSURE

• Union Bank of India € CARe - AA- 8.52

• Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) CARe - D 8.35

• Reliance Industries Ltd. CRISIL - AAA 8.29

• Canara Bank € CARE - A+ 7.31

• State Bank of India CRISIL - AAA 5.68


Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CARe - AAA(Ce) 3.48





Sub Total 54.10

Total 96.19


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%,€ Please refer to Annexure A on page 60 for Investment in Perpetual



PORTFOLIO


Since Inception SIP




Returns (%) 7.61 7.45 7.25 5.90 6.38 10.27




46 July 2020

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 45.7774Regular Plan - quarterly Dividend Option 11.4507Regular Plan - Normal Dividend Option 14.4351Direct Plan - Growth Option 48.3299Direct Plan - quarterly Dividend Option 12.2243Direct Plan - Normal Dividend Option 15.2837



qUANTITATIVE DATA

Average Maturity * 6.87 yearsMacaulay Duration * 5.04 yearsModified Duration * 4.84 yearsYield to Maturity * 6.83%* 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 (%) ##




(`)##

Jul 31, 19 Last 1 Year 9.07 12.40 7.72 10,907 11,240 10,772Jul 31, 17 Last 3 Years 5.75 8.49 6.85 11,828 12,773 12,203Jul 31, 15 Last 5 Years 7.36 9.13 8.40 14,271 15,489 14,974Sep 11, 00 Since Inception 7.94 N.A. N.A. 45,777 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 distribution tax, if any. For performance of other schemes managed by Shobhit Mehrotra, please refer page 61. 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 through investments in debt and money market instruments

Riskometer





n G-Sec 49.68







[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















9.15 GOI 2024 Sovereign @

Sub Total 49.68


CREDIT EXPOSURE

• The Tata Power Company Ltd. € CRISIL - AA- 8.44

• Punjab National Bank € IND - A 6.56

• State Bank of India € CRISIL - AA+ 4.86


• NTPC Ltd. CRISIL - AAA 4.65

export - Import Bank of India € CRISIL - AA+ 4.22



IndInfravit Trust CRISIL - AAA 3.34


Union Bank of India € CARe - AA- 0.83

Sub Total 46.82

Total 96.50


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%,€ Please refer to Annexure A on page 60 for Investment in Perpetual


PORTFOLIO


Since Inception SIP




Returns (%) 7.42 7.66 7.69 7.34 8.63 10.63




July 2020 47


n G-Sec 21.04




n Sovereign 21.04n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 32.06n AA/AA- 36.61n A+ & Below 5.70n Cash, Cash equivalents and Net

Current Assets 4.59

CATEgORY OF SCHEME: MEDIUM DURATION FUND



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jul 31, 19 Last 1 Year 8.68 12.94 7.24 10,868 11,294 10,724Jul 31, 17 Last 3 Years 7.28 8.69 7.05 12,348 12,844 12,270Jul 31, 15 Last 5 Years 8.05 9.06 7.04 14,735 15,437 14,055Feb 06, 02 Since Inception 8.00 8.13 6.15 41,475 42,459 30,166

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 distribution tax, if any. For performance of other schemes managed by Shobhit Mehrotra, please refer page 61. 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.

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 41.4746Regular Plan - Dividend Option 15.7355Regular Plan - Fortnightly Dividend Option 10.5899Direct Plan - Growth Option 43.4505Direct Plan - Dividend Option 16.2648Direct Plan - Fortnightly Dividend Option 10.6231


As on July 31, 2020 1,050.70Average for Month of July 2020 989.97

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

Issuer Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURITIES (CENTRAl/STATE)• 7.26 GOI 2029 Sovereign 6.19• 6.97 GOI 2026 Sovereign 5.127.27 GOI 2026 Sovereign 3.117.57 GOI 2033 Sovereign 2.657.17 GOI 2028 Sovereign 1.036.79 GOI 2027 Sovereign 1.016.45 GOI 2029 Sovereign 0.985.77 GOI 2030 Sovereign 0.95Sub Total 21.04CREDIT EXPOSURE • Power Finance Corporation Ltd. CRISIL - AAA 7.48• Vedanta Ltd. CRISIL - AA 7.31• Shriram City Union Finance Ltd. CRISIL - AA 6.13• Sikka Port and Terminal Ltd.

(erstwhile Reliance Ports and Terminals Ltd.) CRISIL - AAA 5.54

• Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 4.62• The Tata Power Company Ltd. € CRISIL - AA- 3.93• REC Ltd. CRISIL - AAA 3.51• TATA Housing Development

Company Ltd. CARe - AA 3.47Copeland Jan 2020 (PTC of pools from Muthoot Capital Services Ltd.) CRISIL - AA(SO) 2.97NHPC Ltd. CARe - AAA 2.68Indian Railways Finance Corporation Ltd. CRISIL - AAA 2.66National Housing Bank CRISIL - AAA 2.41IndInfravit Trust CRISIL - AAA 2.40TATA International Ltd. € CARe - A 2.38Punjab National Bank € IND - A 2.35JM Financial Asset Reconstruction Company Ltd. ICRA - AA- 2.24Tata Steel Ltd. € CARe - AA- 1.74GeRA Development Pvt. Ltd. CARe - AA- 1.50

Issuer Rating % to NAVUnion Bank of India € CARE - A+ / CARE - AA- 1.45Coastal Gujarat Power Ltd. (Corporate Guarantee of Tata Power) CARe - AA(Ce) 1.20Tata Motors Ltd. CRISIL - AA- 0.96Mobil Trust Series 01 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 0.66Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(Ce) 0.60Aarish Solar Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.40Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.40Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.40elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.40Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.40SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.40SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.40SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.40Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.40Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.40L&T Infrastructure Finance Ltd. CRISIL - AAA 0.10Indiabulls Housing Finance Ltd. CRISIL - AA 0.08Sub Total 74.37Total 95.41Cash, Cash equivalents and Net Current Assets 4.59Grand Total 100.00• Top Ten Holdings,€ Please refer to Annexure A on page 60 for Investment in Perpetual


PORTFOLIO


Since Inception SIP




Returns (%) 8.26 8.43 8.31 8.02 8.57 9.72




48 July 2020

CATEgORY OF SCHEME: SHORT DURATION FUND

Face Value per Unit: ` 10 unless otherwise specified, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of July 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 23.8140Regular Plan - Fortnightly Dividend Option 10.4655Regular Plan - Normal Dividend Option 16.0117Direct Plan - Growth Option 24.0996Direct Plan - Fortnightly Dividend Option 10.4962Direct Plan - Normal Dividend Option 16.1097



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


DEBT & DEBT RElATED









7.89% Gujarat SDL - Mat 150525 Sovereign 0.65





8.39% Rajasthan SDL - Mat 150323 Sovereign 0.21



Sub Total 12.87

CREDIT EXPOSURE

• REC Ltd. CRISIL - AAA 7.58

• State Bank of India € CARE - AA+ / CRISIL - AA+ / CRISIL - AAA 7.24



• National Bank for Agriculture & Rural Development CRISIL - AAA / ICRA - AAA 2.95

• Reliance Industries Ltd. CRISIL - AAA 2.86


• IndInfravit Trust CRISIL - AAA 2.70


Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India)

CARe - AAA(Ce) / CRISIL - AAA(Ce) 2.48





National Highways Authority of India CRISIL - AAA 1.92

Mobil Trust Series 10 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 1.69

Fullerton India Credit Company Ltd. CRISIL - AAA 1.63



Union Bank of India € CARE - A+ / IND - AA 1.27




Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.)

CARe - AAA / CRISIL - AAA 1.20



Reliable Devices Trust (PTC backed by receivables from Reliance Retail Ltd.) ICRA - AAA(SO) 0.98


ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CARe - AAA(Ce) 0.82

Sundaram Finance Ltd. CRISIL - AAA 0.81

John Deere Financial India Pvt. Ltd. CRISIL - AAA 0.79


Tata Steel Ltd. CARe - AA 0.64

HDB Financial Services Ltd. CRISIL - AAA 0.57


Hindalco Industries Ltd. CRISIL - AA 0.54

Inox Air Products Pvt. Ltd. CRISIL - AA / CRISIL - AA+ 0.50




Fullerton India Home Finance Company Ltd. CARe - AAA 0.40


NHPC Ltd. CARe - AAA 0.40

Sansar Trust Nov 2018 (PTC of pools from Shriram Transport Finance Company Ltd.) ICRA - AAA(SO) 0.40

Tata Capital Financial Services Ltd. ICRA - AAA 0.40


Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(Ce) 0.37

L&T Housing Finance Ltd. CRISIL - AAA 0.36

Manappuram Finance Ltd. CRISIL - AA 0.24

Bank of Baroda € CARe - AA 0.16





Sub Total 78.67

Total 91.54


CP

Tata Teleservices Ltd. CRISIL - A1+ 1.13

Tata Motors Ltd. CRISIL - A1+ 0.85

Sub Total 1.98


Grand Total 100.00




PORTFOLIO

July 2020 49



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jul 31, 19 Last 1 Year 11.70 11.16 7.24 11,170 11,116 10,724Jul 31, 17 Last 3 Years 8.81 8.44 7.05 12,887 12,756 12,270Jul 31, 15 Last 5 Years 8.72 8.61 7.04 15,195 15,121 14,055Jun 25, 10 Since Inception 8.96 8.52 6.98 23,814 22,851 19,778

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Anil Bamboli, please refer page 61. 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. 70.


[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


n G-Sec, SDL 12.87

n CP 1.98







.....Contd from previous page


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP



50 July 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 JULY 31, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 43.5111Regular Plan - Daily Dividend Reinvestment Option 10.1428Regular Plan - Weekly Dividend Option 10.1649Regular Plan - Monthly Dividend Option 10.1469Direct Plan - Growth Option 45.8070Direct Plan - Daily Dividend Reinvestment Option 10.0655Direct Plan - Weekly Dividend Option 10.1949Direct Plan - Monthly Dividend Option 10.1501


qUANTITATIVE DATAAverage Maturity * 1.31 yearsMacaulay Duration * 356 daysModified Duration * 325 daysYield to Maturity * 5.51%* 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



[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


DEBT & DEBT RElATED






Sub Total 2.81

T-BIllS

• DCMB (Discounted Cash Management Bills) 84 days Mat 200820 Sovereign 5.69

Sub Total 5.69

CREDIT EXPOSURE


• REC Ltd. CARe - AAA / CRISIL - AAA / IND - AAA 5.94


• Reliance Industries Ltd. CRISIL - AAA / ICRA - AAA 3.85

• State Bank of India € CRISIL - AA+ / CRISIL - AAA 3.68

• L&T Infrastructure Finance Ltd. CRISIL - AAA 3.34


LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 2.65

Union Bank of India € CARE - A+ / CARE - AA- / IND - AA 2.46

Canara Bank € CARE - A+ / CRISIL - AA / ICRA - AA- 2.28


Reliable Devices Trust (PTC backed by receivables from Reliance Retail Ltd.) ICRA - AAA(SO) 1.82

Aditya Birla Finance Ltd. ICRA - AAA 1.63


Bank of Baroda € CARE - AA / CRISIL - AA+ 1.41


Small Industries Development Bank of India CARe - AAA 1.09

Shriram Transport Finance Company Ltd. CRISIL - AA+ 1.07


Bharat Petroleum Corporation Ltd. CRISIL - AAA 0.95


Manappuram Finance Ltd. CARe - AA 0.79




Axis Bank Ltd. € CRISIL - AA+ 0.54




Bharati Telecom Ltd. CRISIL - AA+ 0.41

National Highways Authority of India





KKR India Financial Services Pvt. Ltd. CRISIL - AA 0.25



Aurous Trust Jan 20 (PTC of pools from IIFL Finance Ltd.) CRISIL - A1+(SO) 0.20

L&T Housing Finance Ltd. CARe - AAA 0.13




Kotak Mahindra Prime Ltd. CRISIL - AAA 0.05

L&T Finance Ltd. CARe - AAA 0.03

Aarish Solar Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02

Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02

Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02

elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02

Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02

SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02

SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02

SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02

Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02

Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02

Sub Total 62.67

Total 71.17


CP

• Power Grid Corporation of India Ltd. CRISIL - A1+ 3.36



LIC Housing Finance Ltd. CRISIL - A1+ 0.76

National Bank for Agriculture & Rural Development ICRA - A1+ 0.64

Hindustan Zinc Ltd. CRISIL - A1+ 0.63

TATA Housing Development Company Ltd. CARE - A1+ 0.43

Reliance Industries Ltd. CRISIL - A1+ 0.26

Sub Total 11.44

CD

• Axis Bank Ltd. CRISIL - A1+ / ICRA - A1+ 5.27

• National Bank for Agriculture & Rural Development CRISIL - A1+ / IND - A1+ 3.27

Bank of Baroda CRISIL - A1+ 2.16

Indusind Bank Ltd. CRISIL - A1+ 1.21

ICICI Bank Ltd. ICRA - A1+ 0.64

Oriental Bank of Commerce CRISIL - A1+ 0.51

The Federal Bank Ltd. CARE - A1+ 0.38

Small Industries Development Bank of India CARE - A1+ 0.13

Sub Total 13.57

Total 25.01


Grand Total 100.00




PORTFOLIO

July 2020 51


Portfolio Classification by Asset Class (%)

n G-Sec, SDL, T-bills 8.50

n CP 11.44

n CD 13.57



Portfolio Classification by Rating Class (%)



Current Assets 3.82

[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



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jul 31, 19 Last 1 Year 8.22 7.69 7.24 10,822 10,769 10,724Jul 31, 17 Last 3 Years 7.28 7.55 7.05 12,348 12,443 12,270Jul 31, 15 Last 5 Years 7.52 7.70 7.04 14,372 14,498 14,055Nov 18, 99 Since Inception 7.36 N.A. 6.55 43,511 N.A. 37,241

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 distribution tax, if any. For performance of other schemes managed by Anupam Joshi, please refer page 61. 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. 69.


Since Inception SIP




Returns (%) 7.42 7.68 7.78 7.62 7.99 8.96




52 July 2020

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)


Vikash Agarwal (since July 1, 2020)

Total Experience: Over 14 years


November 18, 1999


Regular Plan - Growth Option 4,305.3285Regular Plan - Daily Dividend Reinvestment Option 1,063.6400Regular Plan - Weekly Dividend Option 1,063.2604Direct Plan - Growth Option 4,355.1666Direct Plan - Daily Dividend Reinvestment Option 1,063.6400Direct Plan - Weekly Dividend Option 1,063.2886



qUANTITATIVE DATA

Average Maturity * 194 daysMacaulay Duration * 193 daysModified Duration * 179 daysYield to Maturity * 4.04%* 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 (`)#


(`)##

Jul 31, 19 Last 1 Year 7.76 6.17 7.24 10,776 10,617 10,724Jul 31, 17 Last 3 Years 7.64 6.91 7.05 12,475 12,223 12,270Jul 31, 15 Last 5 Years 7.49 7.17 7.04 14,353 14,144 14,055Nov 18, 99 Since Inception 7.32 N.A. 6.55 43,201 N.A. 37,241

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 distribution tax, if any. For performance of other schemes managed by Anil Bamboli & Vikas Agarwal, please refer page 61. 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. 74.

Face Value per Unit: ` 1,000, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of July 31, 2020 unless otherwise specified.

n G-Sec 1.57

n CP 49.94

n CD 46.06



n Sovereign 1.57

n AAA/AAA(SO)/A1+/A1+(SO) & equivalent 96.00




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



Sub Total 1.57


CP

• Reliance Industries Ltd. CRISIL - A1+ 8.08

• Bajaj Housing Finance Ltd. CRISIL - A1+ 6.05

• TATA Capital Housing Finance Ltd. CRISIL - A1+ 5.04

• Daimler Fin Ser (I) Pvt Ltd. CRISIL - A1+ 4.63

• Reliance Jio Infocomm Ltd. CRISIL - A1+ 4.04

Cholamandalam Investment & Finance CRISIL - A1+ 4.02

LIC Housing Finance Ltd. CRISIL - A1+ 4.02




Bharti Hexacom Ltd. CRISIL - A1+ 2.01

CanFin Homes Ltd. CARE - A1+ 1.00

National Bank for Agriculture & Rural Development ICRA - A1+ 0.76

Housing Development Finance Corporation Ltd.£ CRISIL - A1+ 0.50

export - Import Bank of India CRISIL - A1+ 0.25

Sub Total 49.94


CD

• Small Industries Development Bank of India CARE - A1+ / ICRA - A1+ 8.33

• National Bank for Agriculture & Rural Development CRISIL - A1+ / IND - A1+ 7.58

• Bank of Baroda CRISIL - A1+ 5.55

• Axis Bank Ltd. CRISIL - A1+ / ICRA - A1+ 5.30

• Export - Import Bank of India CRISIL - A1+ 4.79

ICICI Bank Ltd. ICRA - A1+ 3.80

The Federal Bank Ltd. CARE - A1+ / IND - A1+ 3.03

Au Small Finance Bank Ltd. CRISIL - A1+ 2.50

Union Bank of India CARE - A1+ 2.27

Indusind Bank Ltd. CRISIL - A1+ 2.15

Oriental Bank of Commerce CRISIL - A1+ 0.76

Sub Total 46.06

Total 96.00


Grand Total 100.00


PORTFOLIO


Since Inception SIP



Mkt Value As on July 31, 2020 (` ‘000) $$ 5,861.45 3,359.75 1,803.46 724.85 404.65 124.77

Returns (%) $$ 7.59 7.86 7.90 7.50 7.75 7.47




July 2020 53


n G-Sec 9.60

n CP 8.48

n CD 13.36






Current Assets 4.46

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)


Vikash Agarwal (since July 1, 2020)

Total Experience: Over 14 years

INCEPTION DATE (Date of Allotment)October 23, 2007

NAV (AS ON JULY 31, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 36.5042Regular Plan - Daily Dividend Reinvestment Option 10.0809Regular Plan - Weekly Dividend Option 10.1440Regular Plan - Monthly Dividend Option 10.1528Direct Plan - Growth Option 36.8077Direct Plan - Daily Dividend Reinvestment Option 10.0809Direct Plan - Weekly Dividend Option 10.1443Direct Plan - Monthly Dividend Option 10.1530


qUANTITATIVE DATAAverage Maturity * 2.15 yearsMacaulay Duration * 1.37 yearsModified Duration * 1.25 yearsYield to Maturity * 5.81%* 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 (%) ##




(`)##

Jul 31, 19 Last 1 Year 9.18 5.53 7.24 10,918 10,553 10,724Jul 31, 17 Last 3 Years 7.97 6.72 7.05 12,590 12,157 12,270Jul 31, 15 Last 5 Years 8.15 6.96 7.04 14,799 14,002 14,055Oct 23, 07 Since Inception 8.30 7.38 6.58 27,692 24,837 22,580

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 distribution tax, if any. For performance of other schemes managed by Shobhit Mehrotra & Vikas Agarwal, please refer page 61. 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. 74.


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




[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

Issuer Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURITIES (CENTRAl/STATE)• 7.59 GOI 2026 Sovereign 4.04• 6.79 GOI 2027 Sovereign 3.796.97 GOI 2026 Sovereign 0.997.27 GOI 2026 Sovereign 0.555.79 GOI 2030 Sovereign 0.23Sub Total 9.60CREDIT EXPOSURE • REC Ltd. CRISIL - AAA / IND - AAA 7.58• Housing Development

Finance Corporation Ltd.£ CRISIL - AAA 6.23• Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 5.05• Canara Bank € CARE - A+ / CRISIL - AA 4.42• Axis Bank Ltd. € CRISIL - A1+ / CRISIL - AA+ 4.38• Sikka Port and Terminal Ltd.

(erstwhile Reliance Ports and Terminals Ltd.)


• Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA(Ce) 3.47

LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 3.35Vedanta Ltd. CRISIL - AA 2.88National Bank for Agriculture & Rural Development CRISIL - AAA / ICRA - AAA 2.63Union Bank of India € CARe - AA- 2.63Manappuram Finance Ltd. CARe - AA / CRISIL - AA 2.22L&T Infrastructure Finance Ltd. CRISIL - AAA 2.09National Housing Bank CRISIL - AAA 1.87Aditya Birla Finance Ltd. ICRA - AAA 1.68Reliance Industries Ltd. CRISIL - AAA 1.39State Bank of India € CARE - AA+ / CRISIL -

AA+ / CRISIL - AAA 1.20TATA Capital Housing Finance Ltd. CRISIL - AAA 0.91First Business Receivables Trust (PTC backed by receivables from Reliance Corporate IT Park Ltd.) CRISIL - AAA(SO) 0.77TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) ICRA - AA- 0.77IndInfravit Trust CRISIL - AAA 0.60PNB Housing Finance Ltd. CARe - AA 0.60NIIF Infrastructure Finance Ltd. CARe - AAA 0.51Larsen and Toubro Ltd. CRISIL - AAA 0.48National Highways Authority of India CARe - AAA 0.48

Issuer Rating % to NAVBharat Petroleum Corporation Ltd. CRISIL - AAA 0.47NTPC Ltd. CRISIL - AAA 0.43Aurous Trust Jan 20 (PTC of pools from IIFL Finance Ltd.) CRISIL - A1+(SO) 0.32Bank of Baroda € CRISIL - AA+ 0.23Gujarat Road and Infrastructure Company Ltd. CARe - AAA 0.23Housing and Urban Development Corporation Ltd. IND - AAA 0.17Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 0.05Tata Sons Ltd. CRISIL - AAA 0.04Sub Total 64.10Total 73.70MONEY MARKET INSTRUMENTSCP Tata Motors Ltd. CRISIL - A1+ 3.38Tata Teleservices Ltd. CRISIL - A1+ 3.08Reliance Jio Infocomm Ltd. CRISIL - A1+ 1.12SCB Inv & Loan (I) Ltd. CRISIL - A1+ 0.90Sub Total 8.48CD • National Bank for Agriculture

& Rural Development CRISIL - A1+ / IND - A1+ 5.65The Federal Bank Ltd. CARE - A1+ 2.71Axis Bank Ltd. CRISIL - A1+ / ICRA - A1+ 1.81ICICI Bank Ltd. ICRA - A1+ 1.49Small Industries Development Bank of India ICRA - A1+ 0.67Indusind Bank Ltd. CRISIL - A1+ 0.58Oriental Bank of Commerce CRISIL - A1+ 0.23Bank of Baroda CRISIL - A1+ 0.22Sub Total 13.36Total 21.84Cash, Cash equivalents and Net Current Assets 4.46Grand Total 100.00• Top Ten Holdings, £ Co-sponsor,€ Please refer to Annexure A on page 60 for Investment in Perpetual



PORTFOLIO


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP



54 July 2020

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 11.5286Regular Plan - Daily Dividend Reinvestment Option 10.1030Regular Plan - Weekly Dividend Option 10.0950Regular Plan - Monthly Dividend Option 10.1535Direct Plan - Growth Option 11.5951Direct Plan - Daily Dividend Reinvestment Option 10.0920Direct Plan - Weekly Dividend Option 10.0888Direct Plan - Monthly Dividend Option 10.0538



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

Issuer Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURITIES (CENTRAl/STATE)• 8.12 GOI 2020 Sovereign 3.787 GOI 2021 Sovereign 2.36Sub Total 6.14T-BIllS91 Days Tbill Mat 240920 Sovereign 0.05Sub Total 0.05CREDIT EXPOSURE • Housing Development

Finance Corporation Ltd.£ CRISIL - AAA 7.37• Reliance Industries Ltd. CRISIL - AAA / ICRA - AAA 6.15• REC Ltd. CRISIL - AAA / IND - AAA 4.74• Aditya Birla Finance Ltd. ICRA - AAA 3.93LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 2.26Mobil Trust Series 10 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 2.00Aurous Trust Jan 20 (PTC of pools from IIFL Finance Ltd.) CRISIL - A1+(SO) 1.78L&T Infrastructure Finance Ltd. CRISIL - AAA 1.65Small Industries Development Bank of India CARe - AAA 1.65Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 1.26Sundaram Finance Ltd. CRISIL - AAA 1.14TATA Capital Housing Finance Ltd. CRISIL - AAA 0.97L&T Finance Ltd. CARe - AAA / IND - AAA 0.96National Bank for Agriculture & Rural Development CRISIL - AAA 0.95Tata Sons Ltd. CRISIL - AAA 0.95First Business Receivables Trust (PTC backed by receivables from Reliance Corporate IT Park Ltd.) CRISIL - AAA(SO) 0.91Reliable Devices Trust (PTC backed by receivables from Reliance Retail Ltd.) ICRA - AAA(SO) 0.79NTPC Ltd. ICRA - AAA 0.71Copeland Jan 2020 (PTC of pools from Muthoot Capital Services Ltd.) CRISIL - AAA(SO) 0.65Bajaj Finance Ltd. CRISIL - AAA 0.47Kotak Mahindra Prime Ltd. CRISIL - AAA 0.47Mahindra & Mahindra Financial Services Ltd. IND - AAA 0.47Power Grid Corporation of India Ltd. CRISIL - AAA 0.37HDB Financial Services Ltd. CRISIL - AAA 0.34

Issuer Rating % to NAVMobil Trust Series 01 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 0.26Sub Total 43.20Total 49.39MONEY MARKET INSTRUMENTSCP • Bharat Heavy Electricals Ltd. CARE - A1+ 3.90• Tata Motors Ltd. CRISIL - A1+ 3.60• Hindustan Zinc Ltd. CRISIL - A1+ 2.95National Bank for Agriculture & Rural Development ICRA - A1+ 2.73Tata Teleservices Ltd. CRISIL - A1+ 2.68Bharti Hexacom Ltd. CRISIL - A1+ 1.81Bahadur Chand Investments Pvt. Ltd. CARE - A1+ 1.74Daimler Fin Ser (I) Pvt Ltd. CRISIL - A1+ 1.74Reliance Jio Infocomm Ltd. CRISIL - A1+ 1.59Reliance Industries Ltd. CRISIL - A1+ 1.58Larsen and Toubro Ltd. CRISIL - A1+ 0.69Godrej Properties Ltd. CRISIL - A1+ 0.68Rashtriya Chemicals and Fertilizers Ltd. CARE - A1+ 0.63Deutsche Investments India Pvt. Ltd. CRISIL - A1+ 0.46Sub Total 26.78CD • Axis Bank Ltd. CRISIL - A1+ / ICRA - A1+ 6.64• National Bank for Agriculture

& Rural Development CRISIL - A1+ / IND - A1+ 3.51Indusind Bank Ltd. CRISIL - A1+ 1.92Au Small Finance Bank Ltd. CRISIL - A1+ / IND - A1+ 1.37The Federal Bank Ltd. CARE - A1+ 1.37Small Industries Development Bank of India CARE - A1+ 1.14ICICI Bank Ltd. ICRA - A1+ 0.91Sub Total 16.86Total 43.64Cash, Cash equivalents and Net Current Assets 6.97Grand Total 100.00• Top Ten Holdings, £ Co-sponsor


PORTFOLIO


n G-Sec, T-Bills 6.19

n CP 26.78n CD 16.86n Credit exposure 43.20n Cash, Cash equivalents and Net

Current Assets 6.97



equivalent 86.84n Cash, Cash equivalents and Net

Current Assets 6.97


Returns (%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme

(`)Benchmark

(`)#Additional

Benchmark (`)##

Jul 31, 19 Last 1 Year 7.31 7.13 7.24 10,731 10,713 10,724Sep 25, 18 Since Inception 8.00 7.87 7.95 11,529 11,503 11,519

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 distribution tax, if any. For performance of other schemes managed by Anil Bamboli, please refer page 61. 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.


Since Inception SIP 1 Year SIP

Total Amount Invested (` ‘000) 230.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) 247.89 124.86 Returns (%) 7.73 7.62 Benchmark Returns (%) # 7.47 7.09 Additional Benchmark Returns (%) ## 7.44 7.07


July 2020 55

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 JULY 31, 2020)^^ NAV PER UNIT (`)

Regular Plan - Growth Option 3,937.3752Regular Plan - Daily Dividend Reinvestment Option 1,019.8200Regular Plan - Weekly Dividend Option 1,031.3616Regular Plan - Monthly Dividend Option 1,026.6302Direct Plan - Growth Option 3,962.0231Direct Plan - Daily Dividend Reinvestment Option 1,019.8200Direct Plan - Weekly Dividend Option 1,031.3730Direct Plan - Monthly Dividend Option 1,026.6415



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 July 31, 2020 unless otherwise specified.

(An open ended liquid scheme)HDFC Liquid Fund


Company Rating % to NAV

DEBT & DEBT RElATED

T-BIllS

• 91 Days T-Bill ISD 210520 Mat 200820 Sovereign 18.36

• DCMB (Discounted Cash Management Bills) 84 days Mat 200820 Sovereign 8.49

• 91 Days Tbill - ISD 020720 Mat 011020 Sovereign 6.77

• 91 Days T-Bill Mat 100920 Sovereign 3.07

• 91 Days Tbill ISD 180620 Mat 170920 Sovereign 2.47

91 Days Tbill - Mat 291020 Sovereign 2.21

91 Days Tbill Mat 221020 Sovereign 1.35

91 days T-Bill Mat 270820 Sovereign 1.31



91 Days Tbill - ISD 160720 Mat 151020 Sovereign 0.51











Sub Total 47.63

CREDIT EXPOSURE


Housing Development Finance Corporation Ltd.£ CRISIL - AAA 1.15

ReC Ltd. CRISIL - AAA / IND - AAA 1.11


Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 0.49



Reliance Industries Ltd. CRISIL - AAA / ICRA - AAA 0.32

Kotak Mahindra Prime Ltd. CRISIL - AAA 0.12


Housing and UrbanDevelopment Corporation Ltd. CARe - AAA 0.09

Tata Capital Financial Services Ltd. ICRA - AAA 0.03

Sub Total 6.20

Total 53.83


CP

• Reliance Industries Ltd. CRISIL - A1+ 7.28

• NTPC Ltd. CARE - A1+ / CRISIL - A1+ 6.64

Company Rating % to NAV

• Reliance Jio Infocomm Ltd. CRISIL - A1+ 5.55

• Export - Import Bank of India CRISIL - A1+ 2.78

• Tata Motors Finance Ltd. CARE - A1+ 2.35

Tata Teleservices (Maharashtra) Ltd. CRISIL - A1+ 2.13


Indian Oil Corporation Ltd. ICRA - A1+ 1.45

Indian Railways Finance Corporation Ltd. CRISIL - A1+ 1.23

National Housing Bank CRISIL - A1+ 1.23

National Fertilizers Ltd. ICRA - A1+ 1.11

Bharati Telecom Ltd. CRISIL - A1+ 0.98

CanFin Homes Ltd. CARE - A1+ 0.80

Vedanta Ltd. CRISIL - A1+ 0.79

Bharat Petroleum Corporation Ltd. CRISIL - A1+ 0.74

Chennai Petroleum Corporation Ltd. CRISIL - A1+ 0.73


Bahadur Chand Investments Pvt. Ltd. CARE - A1+ 0.62

Bharat Heavy electricals Ltd. CARE - A1+ 0.62

Oil & Natural Gas Corporation Ltd. CARE - A1+ 0.62

Titan Company Ltd. ICRA - A1+ 0.62

Power Grid Corporation of India Ltd. CRISIL - A1+ 0.53

Larsen and Toubro Ltd. CRISIL - A1+ 0.49

Rashtriya Chemicals and Fertilizers Ltd. CARE - A1+ 0.49


Chambal Fertilizers & Chemicals Ltd. CRISIL - A1+ 0.47

Sun Pharmaceutical Industries Ltd. ICRA - A1+ 0.37

UPL Ltd. CRISIL - A1+ 0.37

Housing Development Finance Corporation Ltd.£ CRISIL - A1+ 0.31

BASF India Ltd. CRISIL - A1+ 0.25

Grasim Industries Ltd. CRISIL - A1+ 0.25

Tata Motors Finance Solutions Ltd. CARE - A1+ 0.25

TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) CARE - A1+ 0.25

Godrej Industries Ltd. CRISIL - A1+ 0.17

Godrej Properties Ltd. CRISIL - A1+ 0.09

Sub Total 45.23

CD

Punjab & Sind Bank IND - A1+ 0.37

Sub Total 0.37

Total 45.60


Grand Total 100.00


56 July 2020

n T-Bills 47.63n CP 45.23n CD 0.37n Credit exposure 6.20n Cash, Cash equivalents and




equivalent 51.80


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 (`)##

Jul 24, 20 Last 7 days 2.97 3.64 2.86 10,006 10,007 10,005Jul 16, 20 Last 15 days 3.04 3.75 1.01 10,012 10,015 10,004Jun 30, 20 Last 1 Month 3.09 3.88 3.54 10,026 10,033 10,030Jul 31, 19 Last 1 Year 5.12 5.53 7.24 10,512 10,553 10,724Jul 31, 17 Last 3 Years 6.40 6.72 7.05 12,047 12,157 12,270Jul 31, 15 Last 5 Years 6.78 6.96 7.04 13,889 14,002 14,055Oct 17, 00 Since Inception 7.17 N.A. 6.47 39,374 N.A. 34,605

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 distribution tax, if any. For performance of other schemes managed by Anupam Joshi, please refer page 61. 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. 69.

July 2020 57

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 JULY 31, 2020)^^ NAV PER UNIT (`)

Regular Plan - Growth Option 2,982.4813Regular Plan - Daily Dividend Reinvestment Option 1,042.6600Direct Plan - Growth Option 2,997.8942Direct 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.

Face Value per Unit: ` 1,000, Data is as of July 31, 2020 unless otherwise specified. N.A. Not Available



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jul 24, 20 Last 7 days 2.97 3.16 2.86 10,006 10,006 10,005Jul 16, 20 Last 15 days 2.96 3.17 1.01 10,012 10,013 10,004Jun 30, 20 Last 1 Month 2.94 3.13 3.54 10,025 10,027 10,030Jul 31, 19 Last 1 Year 4.09 4.26 7.24 10,409 10,426 10,724Jul 31, 17 Last 3 Years 5.37 5.49 7.05 11,701 11,741 12,270Jul 31, 15 Last 5 Years 5.77 5.89 7.04 13,241 13,319 14,055Feb 06, 02 Since Inception 6.09 N.A. 6.15 29,825 N.A. 30,166

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 distribution tax, if any. For performance of other schemes managed by Anil Bamboli, please refer page 61. 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 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

58 July 2020

KEY FACTS


The investment objective of the Scheme is to generate returns that are in line with the performance of gold, subject to tracking errors.


Exchange Listed

BSe/NSe

Exchange Symbol/Scrip Code

BSE/NSE: HDFCMFGETF | 533230

ISIN

INF179K01CN1

Creation Unit Size

1,000 units of HDFC Gold ETF

FUND MANAgER




August 13, 2010


HDFC Gold ETF 4,795.4379



TRACKINg ERROR



HDFC GOLD ETF 0.64%

#BENCHMARK INDEX: Domestic Price of Physical Gold

EXIT lOAD

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


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


the NSe and BSe during the trading hours on all trading days. Refer SID for further details.


PLANS & OPTIONS

Currently, there are no investment Plans/Options being offered under the Scheme.


Authorised Participants: Application for subscription of HGETF Units directly with the Fund in Creation Unit Size at NAV based prices in exchange of Portfolio Deposit and Cash Component.

large Investors: Application for subscription of HGETF Units directly with the Fund in Creation Unit Size at NAV based prices by payment of requisite Cash as determined by the AMC only by means of payment instruction of Real Time Gross Settlement (RTGS) / National Electronic Funds Transfer (NEFT) or Funds Transfer Letter / Transfer Cheque of a bank where the Scheme has a collection account.

Other investors (including Authorised Participants and large Investors): Units of HGETF 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 are listed.


Face Value per Unit: ` 1,800.3288, Data is as of July 31, 2020 unless otherwise specified. N.A. Not Available


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

l investment predominantly in Gold bullion of 0.995 fineness

Riskometer




gOlD

Physical Gold (99.5% Purity) 98.60


Grand Total 100.00

PORTFOLIO

[An open ended scheme replicating / tracking performance of Gold]HDFC Gold Exchange Traded Fund


PERFORMANCE * ^

Date Period Scheme Returns (%)

Benchmark Returns (%)#



Jul 31, 19 Last 1 Year 47.59 49.21 14,759 14,921Jul 31, 17 Last 3 Years 21.47 22.80 17,933 18,529Jul 31, 15 Last 5 Years 15.51 16.78 20,577 21,737Aug 13, 10 Since Inception 10.32 11.22 26,636 28,866

Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). * The Scheme does not offer any Plans/Options. For performance of other schemes managed by Krishan Kumar Daga, please refer page 61.

HDFC Gold ETF

n Gold 98.60


Portfolio Classification by Asset Class (%) HDFC Gold ETF

n Gold 98.60



July 2020 59


Since Inception SIP

5 Year SIP

3 Year SIP

1 Year SIP

Total Amount Invested (` ‘000) 1,050.00 600.00 360.00 120.00 Mkt Value As on July 31, 2020 (` ‘000) 1,771.67 1,000.83 567.58 156.86 Returns (%) 11.61 20.58 31.94 61.62 Benchmark Returns (%) # 12.84 21.44 32.40 58.85 Additional Benchmark Returns (%) ## N.A. N.A. N.A. N.A.


CATEgORY OF SCHEME: FUND OF FUND (DOMESTIC)

KEY FACTS


To seek capital appreciation by investing in units of HDFC Gold Exchange Traded Fund (HGETF).


FUND MANAgER




November 01, 2011





TOTAL ExPENSE RATIO (As on July 31, 2020)No Investment Management and Advisory Fees will be charged to the Scheme


#BENCHMARK INDEX: Domestic Price of Physical Gold

EXIT lOAD

In respect of each purchase/switch-in of units-l An exit Load of 2% is payable if Units are redeemed/

switched-out within 6 months from the date of allotment.l An exit Load of 1% is payable if Units are redeemed/

switched-out after 6 months but within 1 year from the date of allotment.

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


PLANS & OPTIONS



Purchase: Under Growth Option : ` 5,000 and any amount thereafter.

Additional Purchase : Under Growth Option : ` 1,000 and any amount thereafter.

Face Value per Unit: ` 10, Data is as of July 31, 2020 unless otherwise specified. N.A. Not Available


l capital appreciation over long term

l investment in Units of HDFC Gold Exchange Traded Fund (HGETF). HGETF invests in gold bullion of 0.995 fineness

Riskometer



[An open ended Fund of Fund scheme investing in HDFC Gold Exchange Traded Fund]HDFC Gold Fund



OTHERS

MUTUAl FUND UNITS

HDFC Gold Exchange Traded Fund 100.01

Cash, Cash equivalents and Net Current Assets -0.01

Grand Total 100.00

PORTFOLIO



Benchmark Returns (%)#



Jul 31, 19 Last 1 Year 53.36 49.21 15,336 14,921Jul 31, 17 Last 3 Years 22.25 22.80 18,281 18,529Jul 31, 15 Last 5 Years 14.97 16.78 20,100 21,737Nov 01, 11 Since Inception 6.44 8.03 17,263 19,670

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 distribution tax, if any. The investors will bear dual expenses i.e. the expenses charged, under the Scheme and underlying scheme (HDFC Gold Exchange Traded Fund) within the permissible limits. For performance of other schemes managed by Krishan Kumar Daga, please refer page 61. 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. 69DS.

HDFC Gold Fund

n Mutual Fund Units 100.01

n Cash, Cash equivalents and Net Current Assets -0.01

Portfolio Classification by Asset Class (%) HDFC Gold Fund



60 July 2020

ANNExURE A (Investment in Perpetual Bonds/AT1 Bonds/Basel II/Basel III Bonds)

Scheme Name Issuer Name Rating % to NAV

HDFC Balanced Advantage Fund Axis Bank Ltd. CRISIL AA+ 0.07Bank of Baroda CRISIL AA+ 0.62Canara Bank CRISIL AA/ CARE A+ 2.30HDFC Bank Ltd. CRISIL AA+ 0.75ICICI Bank Ltd. CARE AA+ 1.28Punjab National Bank IND A 1.62State Bank of India CRISIL AA+ 2.16Tata Steel Ltd. CARe AA- 0.08Union Bank of India CARE AA-/CARE A+ 0.92

Sub Total 9.81

HDFC Banking and PSU Debt Fund Bank of Baroda CARE AA/CRISIL AA+ 3.98Canara Bank CARE A+ 2.08Punjab National Bank IND A 1.11State Bank of India CRISIL AA+ 2.73

Union Bank of IndiaCARe AA-/IND AA/CARE A+ 4.53

Sub Total 14.43

HDFC Children's Gift Fund Axis Bank Ltd. CRISIL AA+ 3.19Bank of Baroda CRISIL AA+ 3.01ICICI Bank Ltd. CARE AA+ 1.28State Bank of India CRISIL AA+ 0.35

Sub Total 7.83

HDFC Credit Risk Debt Fund Punjab National Bank IND A 6.04Tata Steel Ltd. CARe AA- 0.16The Tata Power Company Ltd. CRISIL AA- 0.66

Sub Total 6.86

HDFC Dynamic Debt Fund Canara Bank CARE A+ 7.31Punjab National Bank IND A 3.05The Tata Power Company Ltd. CRISIL AA- 1.06Union Bank of India CARe AA- 8.51

HDFC Equity Savings Fund Bank of Baroda CARe AA 0.33Canara Bank CRISIL AA/CARE A+ 2.79HDFC Bank Ltd. CRISIL AA+ 0.17Punjab National Bank IND A 2.86Union Bank of India CARe AA-/IND AA/

CARE A+ 3.34Sub Total 9.49

HDFC Floating Rate Debt Fund Axis Bank Ltd. CRISIL AA+ 0.70Bank of Baroda CRISIL AA+ 0.23Canara Bank CRISIL AA/CARE A+ 4.41State Bank of India CRISIL AA+ 1.07Union Bank of India CARe AA- 2.63

Sub Total 9.04

HDFC Hybrid Debt Fund Punjab National Bank IND A 2.07The Tata Power Company Ltd. CRISIL AA- 3.87

Sub Total 5.95

HDFC Hybrid Equity Fund Axis Bank Ltd. CRISIL AA+ 2.13Canara Bank CARE A+ 0.18Punjab National Bank IND A 0.59State Bank of India CRISIL AA+ 0.30Tata Steel Ltd. CARe AA- 0.45The Tata Power Company Ltd. CRISIL AA- 0.52Union Bank of India CARE A+ 0.12

Sub Total 4.29

Scheme Name Issuer Name Rating % to NAV

HDFC Income Fund export - Import Bank of India CRISIL AA+ 4.22Punjab National Bank IND A 6.56State Bank of India CRISIL AA+ 4.85The Tata Power Company Ltd. CRISIL AA- 8.44Union Bank of India CARe AA- 0.83

Sub Total 24.89

HDFC Low Duration Fund Axis Bank Ltd. CRISIL AA+ 0.53Bank of Baroda CRISIL AA+/CARE AA 1.42Canara Bank CRISIL AA/ICRA AA-/

CARE A+ 2.28Punjab National Bank IND A 0.77State Bank of India CRISIL AA+ 3.65Union Bank of India CARe AA-/IND AA/

CARE A+ 2.46Sub Total 11.11

HDFC Medium Term Debt Fund Punjab National Bank IND A 2.35TATA International Ltd. CARe A 2.38Tata Steel Ltd. CARe AA- 1.73The Tata Power Company Ltd. CRISIL AA- 2.44Union Bank of India CARE AA-/CARE A+ 1.45

Sub Total 10.36

HDFC Multi-Asset Fund TATA International Ltd. CARe A 1.87Union Bank of India CARe AA- 1.88

Sub Total 3.75

HDFC Retirement Savings Fund - equity Plan Canara Bank CARE A+ 0.39

Union Bank of India CARe AA- 0.33Sub Total 0.72

HDFC Retirement Savings Fund - Hybrid-Debt Plan Canara Bank CARE A+ 2.38

State Bank of India CRISIL AA+ 5.40Union Bank of India CARe AA- 2.37

Sub Total 10.15

HDFC Retirement Savings Fund - Hybrid-equity Plan Canara Bank CARE A+ 0.85

State Bank of India CRISIL AA+ 2.09Sub Total 2.95

HDFC Short Term Debt Fund Bank of Baroda CARe AA 0.16Canara Bank CARE A+ 0.08HDFC Bank Ltd. CRISIL AA+ 0.57State Bank of India CRISIL AA+ 4.23The Tata Power Company Ltd. CRISIL AA- 0.40Union Bank of India IND AA/CARE A+ 1.28

Sub Total 6.73

HDFC Taxsaver Punjab National Bank IND A 0.38Sub Total 0.38

For instrument level details, please refer to the monthly portfolio uploaded on the website www.hdfcfund.com.

July 2020 61

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 07

HDFC Top 100 Fund 09HDFC Balanced Advantage Fund 15-16HDFC Hybrid Debt Fund (Co-managed scheme) 34-35

2 Mr. Vinay Kulkarni HDFC Focused 30 Fund 13HDFC Growth Opportunities Fund 12HDFC TaxSaver 25HDFC Equity Savings Fund (Co-managed scheme) 32-33

3 Mr. Chirag Setalvad HDFC Mid-Cap Opportunities Fund 10HDFC Small Cap Fund 11HDFC Long Term Advantage Fund 62HDFC Hybrid Equity Fund 17-18HDFC Children’s Gift Fund 26-27HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 28HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 29-30HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed scheme) 31

4 Mr. Amit Ganatra HDFC Capital Builder Value Fund 08HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 66HDFC Multi-Asset Fund (Co-managed scheme) 19-20Closed ended schemes 66

5 Mr. Krishan Kumar Daga HDFC Arbitrage Fund 36-37HDFC Multi-Asset Fund (Co-managed scheme) 19-20HDFC Index Fund - SEnSEx Plan 24HDFC Index Fund - nIFTY 50 Plan 22HDFC SEnSEx ETF 23HDFC nIFTY 50 ETF 21HDFC Gold Exchange Traded Fund 58HDFC Gold Fund 59HDFC Equity Savings Fund (Co-managed scheme) 32-33

6 Mr. Shobhit Mehrotra HDFC Income Fund 46HDFC Medium Term Debt Fund 47HDFC Floating Rate Debt Fund (Co-managed scheme) 53HDFC Credit Risk Debt Fund 40-41HDFC Hybrid Debt Fund (Co-managed scheme) 34-35HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 28HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 29-30HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed scheme) 31Close ended schemes 62-63

7 Mr. Anil Bamboli HDFC Dynamic Debt Fund 45HDFC Short Term Debt Fund 48-49HDFC Gilt Fund 44HDFC Money Market Fund (Co-managed scheme) 52HDFC Ultra Short Term Fund 54HDFC Overnight Fund 57HDFC Banking and PSU Debt Fund 42-43HDFC Equity Savings Fund (Co-managed scheme) 32-33HDFC Multi-Asset Fund (Co-managed scheme) 19-20HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 66Close ended schemes 63-64

8 Mr. Anupam Joshi HDFC Liquid Fund 55-56HDFC Corporate Bond Fund 38-39HDFC Low Duration Fund 50-51Close ended schemes 64-66

9 Mr. Rakesh Vyas HDFC Infrastructure Fund 14Close ended scheme 66

10 Mr. Vikash Agarwal HDFC Floating Rate Debt Fund (Co-managed scheme) 53HDFC Money Market Fund (Co-managed scheme) 52

11 Mr. Gopal Agrawal HDFC Equity Savings Fund (Co-managed scheme) 32-33HDFC Focused 30 Fund (Co-managed scheme) 13HDFC Growth Opportunities Fund (Co-managed scheme) 12

For performance details of Direct Plan, refer page 67-74

https://files.hdfcfund.com/s3fs-public/2020-07/FAQs%20on%20Stamp%20Duty.pdf

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.

Applicability of Stamp Duty : Effective July 1, 2020, in accordance with the amendment to the Indian Stamp Act, 1899, a stamp duty @ 0.005% of the transaction value would be levied on applicable mutual fund purchase transactions (including transactions carried through stock exchanges and depositories for units in demat mode). Thus, the number of units allotted on all the applicable mutual fund transactions would be reduced to the extent of levy of stamp duty.

Kindly refer to FAQs on Stamp Duty, for details on the nature of transactions and the rate of levy of stamp duty available on our website.

62 July 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 Jul 31, 2020 ` 328.792


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year -5.58 1.47 0.68 9,442 10,147 10,068Jul 31, 17 Last 3 Years 0.09 6.20 4.46 10,027 11,980 11,400Jul 31, 15 Last 5 Years 6.15 7.33 6.66 13,480 14,245 13,811Jan 02, 01 Since Inception 19.52 13.89 13.27 328,792 127,770 114,795

# 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 Jul 31, 2020 ` 16.3625


(%)

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 1430D JULY 2017 (1) NAV as on Jul 31, 2020 ` 12.5014


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year 9.10 12.25 7.24 10,910 11,225 10,724Aug 01, 17 Since Inception 7.73 8.68 7.05 12,501 12,837 12,267

# 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. Shobhit Mehrotra since inception.

HDFC FMP 1113D JUNE 2018 (1) NAV as on Jul 31, 2020 ` 12.1545


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year 9.66 12.25 7.24 10,966 11,225 10,724Jun 14, 18 Since Inception 9.59 12.61 7.65 12,155 12,880 11,701




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year 9.81 12.25 7.24 10,981 11,225 10,724Jul 04, 18 Since Inception 9.76 12.48 7.68 12,133 12,767 11,661




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1133D FEBRUARY 2019 (1) NAV as on Jul 31, 2020 ` 11.6253


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year 10.94 12.25 7.24 11,094 11,225 10,724Mar 06, 19 Since Inception 11.31 14.24 7.32 11,625 12,058 11,044




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



July 2020 63


SHOBHIT MEHROTRA....CONTINUED



HDFC FMP 1100D APRIL 2019 (1) NAV as on Jul 31, 2020 ` 11.4646


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year 10.77 12.25 7.24 11,077 11,225 10,724May 08, 19 Since Inception 11.72 14.76 7.48 11,465 11,850 10,930


ANIL BAMBOLI

HDFC FMP 1846D AUGUST 2013 (1) NAV as on Jul 31, 2020 ` 17.8784


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year 10.18 12.25 7.24 11,018 11,225 10,724Jul 31, 17 Last 3 Years 7.59 8.71 7.05 12,456 12,849 12,270Jul 31, 15 Last 5 Years 7.70 9.49 7.04 14,494 15,740 14,055Aug 14, 13 Since Inception 8.70 10.08 7.50 17,878 19,530 16,553

# 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 (`)#


(`)##Jul 31, 19 Last 1 Year 9.42 12.25 7.24 10,942 11,225 10,724Apr 27, 18 Since Inception 9.21 11.75 7.39 12,208 12,857 11,750

# 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. Anil Bamboli since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1434D MAY 2018 (1) NAV as on Jul 31, 2020 ` 12.4340


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1280D OCTOBER 2018 (1) NAV as on Jul 31, 2020 ` 12.1500


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year 10.81 12.25 7.24 11,081 11,225 10,724Oct 11, 18 Since Inception 11.39 13.90 7.84 12,150 12,649 11,459




(%)

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 (`)#


(`)##

Jul 31, 19 Last 1 Year 10.84 12.25 7.24 11,084 11,225 10,724nov 01, 18 Since Inception 11.52 13.76 7.78 12,099 12,527 11,398


HDFC FMP 1246D NOVEMBER 2018 (1) NAV as on Jul 31, 2020 ` 12.0274


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



64 July 2020


ANIL BAMBOLI....CONTINUED





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1224D DECEMBER 2018 (1) NAV as on Jul 31, 2020 ` 11.9056


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year 10.95 12.25 7.24 11,095 11,225 10,724Dec 06, 18 Since Inception 11.14 12.89 7.57 11,906 12,217 11,282




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year 10.83 12.25 7.24 11,083 11,225 10,724Jan 03, 19 Since Inception 11.10 13.12 7.52 11,803 12,144 11,210


HDFC FMP 1190D JANUARY 2019 (1) NAV as on Jul 31, 2020 ` 11.7561


(%)

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 (`)#


(`)##

Jul 31, 19 Last 1 Year 10.78 12.25 7.24 11,078 11,225 10,724Feb 13, 19 Since Inception 10.90 13.65 7.29 11,634 12,058 11,084




(%)

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 (`)#


(`)##



July 2020 65







(%)

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 (`)#


(`)##

Jul 31, 19 Last 1 Year 9.24 12.25 7.24 10,924 11,225 10,724Apr 17, 18 Since Inception 8.55 10.98 7.34 12,068 12,696 11,761




(%)

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 1115D SEPTEMBER 2018 (1) NAV as on Jul 31, 2020 ` 12.0517


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



66 July 2020

ANUPAM JOSHI....CONTINUED



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 (`)#


(`)##



AMIT GANATRA

HDFC EOF - II - 1126D MAY 2017 (1) NAV as on Jul 31, 2020 ` 8.7750


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year -12.35 0.68 1.47 8,765 10,068 10,147Jul 31, 17 Last 3 Years -5.45 4.46 6.20 8,452 11,400 11,980Jun 15, 17 Since Inception -4.09 6.12 7.64 8,775 12,042 12,589

# 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 5 years. The scheme is managed by Mr. Amit B. Ganatra from May 21, 2020. The scheme was managed by Miten Lathia from May 10, 2012 to May 20, 2020.

HDFC EOF - II - 1100D JUNE 2017 (1) NAV as on Jul 31, 2020 ` 8.2700


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year -14.76 0.68 1.47 8,524 10,068 10,147Jul 31, 17 Last 3 Years -4.72 4.46 6.20 8,649 11,400 11,980Jul 17, 17 Since Inception -6.06 4.98 6.61 8,270 11,594 12,150


RAKESH VYAS

HDFC HOF - I - 1140D NOVEMBER 2017 (1) NAV as on Jul 31, 2020 ` 7.3510


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year -19.45 -12.18 0.68 8,055 8,782 10,068Dec 06, 17 Since Inception -10.96 -2.79 5.08 7,351 9,276 11,406

# 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.

CO-MANAGED BY ANIL BAMBOLI & AMIT GANATRA

HDFC DYNAMIC PE RATIO FUND OF FUNDS NAV as on Jul 31, 2020 ` 18.7738


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year 2.31 6.21 0.68 10,231 10,621 10,068Jul 31, 17 Last 3 Years 2.06 6.63 4.46 10,630 12,125 11,400Jul 31, 15 Last 5 Years 5.75 8.07 6.66 13,229 14,745 13,811Feb 06, 12 Since Inception 7.70 10.27 10.30 18,774 22,927 22,983

# 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. Amit B. Ganatra from May 21, 2020 & Mr. Anil Bamboli from June 28, 2014.

July 2020 67

SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE)

PRASHANT JAIN

HDFC EQUITY FUND NAV as on Jul 31, 2020 ` 591.541


(%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 invested Scheme

(`)Benchmark

(`)#Additional

Benchmark (`)##


# nIFTY 500 (Total Returns Index) ## nIFTY 50 (Total Returns Index).

HDFC TOP 100 FUND NAV as on Jul 31, 2020 ` 446.722


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##


# nIFTY 100 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index).

HDFC BALANCED ADVANTAGE FUND NAV as on Jul 31, 2020 ` 184.762


(%)

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 TAXSAVER NAV as on Jul 31, 2020 ` 469.533


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



CHIRAG SETALVAD

HDFC MID-CAP OPPORTUNITIES FUND NAV as on Jul 31, 2020 ` 52.797


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year 0.13 -1.85 0.68 10,013 9,815 10,068Jul 31, 17 Last 3 Years -2.00 -4.85 4.46 9,413 8,613 11,400Jul 31, 15 Last 5 Years 5.84 3.55 6.66 13,288 11,905 13,811Jan 01, 13 Since Inception 14.59 9.31 9.89 28,085 19,644 20,449

# nIFTY Midcap 100 (Total Returns Index) ## nIFTY 50 (Total Returns Index).

HDFC SMALL CAP FUND NAV as on Jul 31, 2020 ` 36.657


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year -10.35 -8.20 0.68 8,965 9,180 10,068Jul 31, 17 Last 3 Years -2.71 -12.77 4.46 9,209 6,634 11,400Jul 31, 15 Last 5 Years 5.87 -1.64 6.66 13,305 9,207 13,811Jan 01, 13 Since Inception 11.64 5.00 9.89 23,042 14,474 20,449

# nIFTY Smallcap 100 (Total Returns Index) ## nIFTY 50 (Total Returns Index).

HDFC HYBRID EQUITY FUND NAV as on Jul 31, 2020 ` 53.694


(%)

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 Jul 31, 2020 ` 128.472


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year 4.40 6.21 0.68 10,440 10,621 10,068Jul 31, 17 Last 3 Years 4.09 6.63 4.46 11,278 12,125 11,400Jul 31, 15 Last 5 Years 8.03 8.07 6.66 14,720 14,745 13,811Jan 01, 13 Since Inception 13.00 9.99 9.89 25,264 20,586 20,449

# 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 Jul 31, 2020 ` 343.331


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# S&P BSE SEnSEx (Total Returns Index) ## nIFTY 50 (Total Returns Index).

SHOBHIT MEHROTRA

HDFC INCOME FUND NAV as on Jul 31, 2020 ` 48.3299


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

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(`)##


# nIFTY Medium To Long Duration Debt Index ## CRISIL 10 year Gilt Index.

HDFC MEDIUM TERM DEBT FUND NAV as on Jul 31, 2020 ` 43.4505


(%)

Benchmark Returns

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(`)##


# nIFTY Medium Duration Debt Index ## CRISIL 1 year T-Bill Index.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

68 July 2020


HDFC CREDIT RISK DEBT FUND NAV as on Jul 31, 2020 ` 18.0217


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY Credit Risk Bond Index ## CRISIL 10 year Gilt Index. Refer to note on performance disclosure on Page no. 41.



(%)

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(%)#


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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July 2020 69




(%)

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Returns (%) ##


Scheme (`)

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(`)##



KRISHAN KUMAR DAGA

HDFC ARBITRAGE FUND - WHOLESALE PLAN NAV as on Jul 31, 2020 ` 15.027


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year 4.86 3.12 0.68 10,486 10,312 10,068Jul 31, 17 Last 3 Years 5.89 4.67 4.46 11,874 11,468 11,400Jul 31, 15 Last 5 Years 6.27 5.12 6.66 13,561 12,840 13,811Apr 07, 14 Since Inception 6.66 5.87 9.67 15,027 14,344 17,925

# 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 Jul 31, 2020 ` 340.2996


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# S&P BSE SEnSEx (Total Returns Index) ## nIFTY 50 (Total Returns Index). Refer to note on performance disclosure on Page no. 24.

HDFC INDEX FUND - NIFTY 50 PLAN NAV as on Jul 31, 2020 ` 102.4435


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC GOLD FUND NAV as on Jul 31, 2020 ` 17.7675


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Jul 31, 19 Last 1 Year 53.94 49.21 15,394 14,921Jul 31, 17 Last 3 Years 22.76 22.80 18,509 18,529Jul 31, 15 Last 5 Years 15.47 16.78 20,542 21,737Jan 01, 13 Since Inception 6.45 7.64 16,067 17,481

# Domestic Price of Physical Gold. The scheme is managed by Mr. Krishan Kumar Daga since October 19, 2015.

ANUPAM JOSHI

HDFC CORPORATE BOND FUND NAV as on Jul 31, 2020 ` 24.4232


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY Corporate Bond Index ## CRISIL 10 year Gilt Index. Refer to note on performance disclosure on Page no. 38.

HDFC LOW DURATION FUND NAV as on Jul 31, 2020 ` 45.8070


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jul 31, 19 Last 1 Year 8.87 7.69 7.24 10,887 10,769 10,724Jul 31, 17 Last 3 Years 7.94 7.55 7.05 12,579 12,443 12,270Jul 31, 15 Last 5 Years 8.23 7.70 7.04 14,857 14,498 14,055Jan 01, 13 Since Inception 8.51 8.17 7.19 18,580 18,143 16,925

# nIFTY Low Duration Debt Index ## CRISIL 1 year T-Bill Index.

HDFC LIQUID FUND NAV as on Jul 31, 2020 ` 3962.0231


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jul 24, 20 Last 7 days 3.07 3.64 2.86 10,006 10,007 10,005Jul 16, 20 Last 15 days 3.14 3.75 1.01 10,013 10,015 10,004Jun 30, 20 Last 1 Month 3.19 3.88 3.54 10,027 10,033 10,030Jul 31, 19 Last 1 Year 5.22 5.53 7.24 10,522 10,553 10,724Jul 31, 17 Last 3 Years 6.51 6.72 7.05 12,083 12,157 12,270Jul 31, 15 Last 5 Years 6.89 6.96 7.04 13,956 14,002 14,055Dec 31, 12 Since Inception 7.65 7.65 7.19 17,492 17,495 16,932

Returns less than 1 year period are simple annualized. # CRISIL Liquid Fund Index ## CRISIL 1 year T-Bill Index.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jul 31, 19 Last 1 Year 9.20 12.25 7.24 10,920 11,225 10,724Feb 27, 18 Since Inception 8.85 11.23 7.39 12,283 12,944 11,888




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jul 31, 19 Last 1 Year 9.12 12.25 7.24 10,912 11,225 10,724Mar 07, 18 Since Inception 8.76 11.27 7.41 12,236 12,926 11,873




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70 July 2020




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ANIL BAMBOLI

HDFC DYNAMIC DEBT FUND NAV as on Jul 31, 2020 ` 70.1928


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Dynamic Debt Index ## CRISIL 10 year Gilt Index.

HDFC SHORT TERM DEBT FUND NAV as on Jul 31, 2020 ` 24.0996


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Short Term Bond Fund Index ## CRISIL 1 year T-Bill Index.



ANUPAM JOSHI....CONTINUED

July 2020 71


HDFC ULTRA SHORT TERM FUND NAV as on Jul 31, 2020 ` 11.5951


(%)

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(%)#


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 Jul 31, 2020 ` 44.1810


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Dynamic Gilt Index ## CRISIL 10 year Gilt Index.

HDFC BANKING AND PSU DEBT FUND NAV as on Jul 31, 2020 ` 17.6512


(%)

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Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY Banking & PSU Index ## CRISIL 1 year T-Bill Index.

HDFC OVERNIGHT FUND NAV as on Jul 31, 2020 ` 2997.8942


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 24, 20 Last 7 days 3.07 3.16 2.86 10,006 10,006 10,005Jul 16, 20 Last 15 days 3.06 3.17 1.01 10,013 10,013 10,004Jun 30, 20 Last 1 Month 3.05 3.13 3.54 10,026 10,027 10,030Jul 31, 19 Last 1 Year 4.20 4.26 7.24 10,420 10,426 10,724Jul 31, 17 Last 3 Years 5.46 5.49 7.05 11,730 11,741 12,270Jul 31, 15 Last 5 Years 5.85 5.89 7.04 13,292 13,319 14,055Dec 31, 12 Since Inception 6.61 6.69 7.19 16,254 16,344 16,932

Returns less than 1 year period are simple annualized. # CRISIL Overnight Index ## CRISIL 1 year T-Bill Index.



(%)

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(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year 10.51 12.25 7.24 11,051 11,225 10,724Jul 31, 17 Last 3 Years 7.92 8.71 7.05 12,571 12,849 12,270Jul 31, 15 Last 5 Years 8.02 9.49 7.04 14,716 15,740 14,055Aug 14, 13 Since Inception 9.03 10.08 7.50 18,259 19,530 16,553

# 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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72 July 2020




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July 2020 73




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AMIT GANATRA

HDFC CAPITAL BUILDER VALUE FUND NAV as on Jul 31, 2020 ` 274.498


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC EOF - II - 1126D MAY 2017 (1) NAV as on Jul 31, 2020 ` 9.0460


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jul 31, 19 Last 1 Year -12.11 0.68 1.47 8,789 10,068 10,147Jul 31, 17 Last 3 Years -4.57 4.46 6.20 8,690 11,400 11,980Jun 15, 17 Since Inception -3.15 6.12 7.64 9,046 12,042 12,589

# 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 5 years. The scheme is managed by Mr. Amit B. Ganatra from May 21, 2020. The scheme was managed by Miten Lathia from May 10, 2012 to May 20, 2020

HDFC EOF - II - 1100D JUNE 2017 (1) NAV as on Jul 31, 2020 ` 8.5580


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jul 31, 19 Last 1 Year -14.47 0.68 1.47 8,553 10,068 10,147Jul 31, 17 Last 3 Years -3.64 4.46 6.20 8,945 11,400 11,980Jul 17, 17 Since Inception -4.99 4.98 6.61 8,558 11,594 12,150


RAKESH VYAS

HDFC INFRASTRUCTURE FUND NAV as on Jul 31, 2020 ` 11.030


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jul 31, 19 Last 1 Year -31.76 0.98 0.68 6,824 10,098 10,068Jul 31, 17 Last 3 Years -19.42 2.08 4.46 5,230 10,637 11,400Jul 31, 15 Last 5 Years -8.49 6.17 6.66 6,413 13,492 13,811Jan 01, 13 Since Inception -0.14 10.02 9.89 9,891 20,623 20,449


HDFC HOF - I - 1140D NOVEMBER 2017 (1) NAV as on Jul 31, 2020 ` 7.5790


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jul 31, 19 Last 1 Year -19.01 -12.18 0.68 8,099 8,782 10,068Dec 06, 17 Since Inception -9.92 -2.79 5.08 7,579 9,276 11,406

# 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.

CO-MANAGED BY CHIRAG SETALVAD & SHOBHIT MEHROTRA

HDFC RETIREMENT SAVINGS FUND - EQUITY PLAN

NAV as on Jul 31, 2020 ` 17.163


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jul 31, 19 Last 1 Year 0.84 0.98 0.68 10,084 10,098 10,068Jul 31, 17 Last 3 Years 1.41 2.08 4.46 10,431 10,637 11,400Feb 25, 16 Since Inception 12.96 11.84 12.50 17,163 16,425 16,855

# 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 Jul 31, 2020 ` 17.557


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#



# 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 Jul 31, 2020 ` 14.9591


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#



# 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 AMIT GANATRA, ANIL BAMBOLI & KRISHAN KUMAR DAGA

HDFC MULTI - ASSET FUND NAV as on Jul 31, 2020 ` 36.4740


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jul 31, 19 Last 1 Year 12.84 10.22 0.68 11,284 11,022 10,068Jul 31, 17 Last 3 Years 5.81 8.32 4.46 11,849 12,711 11,400Jul 31, 15 Last 5 Years 7.30 9.07 6.66 14,231 15,440 13,811Jan 01, 13 Since Inception 8.87 9.93 9.89 19,047 20,502 20,449

# 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 related instruments. 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 related instruments. The Equity assets of the Scheme was managed by Chirag Setalvad from April 2, 2007 to June 11, 2020.




74 July 2020


CO-MANAGED BY GOPAL AGRAWAL, VINAY KULKARNI, KRISHAN KUMAR DAGA & ANIL BAMBOLI

HDFC EQUITY SAVINGS FUND NAV as on Jul 31, 2020 ` 38.7730


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jul 31, 19 Last 1 Year -0.02 5.82 0.68 9,998 10,582 10,068Jul 31, 17 Last 3 Years 3.32 6.20 4.46 11,029 11,981 11,400Jul 31, 15 Last 5 Years 7.79 7.00 6.66 14,555 14,029 13,811Jan 01, 13 Since Inception 8.39 8.46 9.89 18,418 18,506 20,449

# 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 PRASHANT JAIN & SHOBHIT MEHROTRA

HDFC HYBRID DEBT FUND NAV as on Jul 31, 2020 ` 49.4792


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Hybrid Composite Debt 15:85 Index ## CRISIL 10 year Gilt Index. Refer to note on performance disclosure on Page no. 35.

CO-MANAGED BY ANIL BAMBOLI & AMIT GANATRA

HDFC DYNAMIC PE RATIO FUND OF FUNDS NAV as on Jul 31, 2020 ` 19.967


(%)

Benchmark Returns

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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 co-managed by Mr. Amit B. Ganatra from May 21, 2020 & Mr. Anil Bamboli from June 28, 2014.

CO-MANAGED BY SHOBHIT MEHROTRA & VIKASH AGARWAL

HDFC FLOATING RATE DEBT FUND NAV as on Jul 31, 2020 ` 36.8077


(%)

Benchmark Returns

(%)#


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(`)##


# CRISIL Liquid Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is co-managed by Shobhit Mehrotra & Vikash Agarwal from July 01, 2020.

CO-MANAGED BY ANIL BAMBOLI & VIKASH AGARWAL

HDFC MONEY MARKET FUND NAV as on Jul 31, 2020 ` 4355.1666


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jul 31, 19 Last 1 Year 7.96 6.17 7.24 10,796 10,617 10,724Jul 31, 17 Last 3 Years 7.86 6.91 7.05 12,549 12,223 12,270Jul 31, 15 Last 5 Years 7.70 7.17 7.04 14,497 14,144 14,055Dec 31, 12 Since Inception 8.18 7.84 7.19 18,153 17,727 16,932

# nIFTY Money Market Index ## CRISIL 1 year T-Bill Index. The Scheme is co-managed by Anil Bamboli & Vikash Agarwal from July 01, 2020.

CO-MANAGED BY GOPAL AGRAWAL & VINAY KULKARNI

HDFC FOCUSED 30 FUND NAV as on Jul 31, 2020 ` 70.299


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##



HDFC GROWTH OPPORTUNITIES FUND NAV as on Jul 31, 2020 ` 102.568


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##


# 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.



July 2020 75

Managing Portfolio Since

Returns (%) (As on July 31, 2020)

Last 1 year (%) Last 3 years (%) Last 5 years (%)

Permitted Category FPI Portfolio (managed under a bilateral agreement under Regulation 24(b) and subject to applicable laws)

March 22, 2016 -8.82 1.33 n.A.

Benchmark- MSCI India (Total Returns) 5.25 4.54 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 FPI PORTFOLIO (MANAGED BY PRASHANT JAIN)

76 July 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 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 (`)




May 21, 20 10.367 0.040 0.040 10.763 0.045 0.045Jun 18, 20 10.328 0.036 0.036 10.723 0.040 0.040 Jul 23, 20 - - - 10.692 0.020 0.020

Monthly Dividend Option (Past 3 months)

Record Date Wholesale Plan Wholesale Plan - Direct Plan

Cum Div NAV (`)




May 21, 20 10.835 0.040 0.040 10.514 0.045 0.045Jun 18, 20 10.796 0.036 0.036 10.475 0.040 0.040 Jul 23, 20 - - - 10.444 0.020 0.020

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 (`)




May 26, 20 19.118 0.230 0.230 20.541 0.230 0.230Jun 25, 20 21.281 0.230 0.230 - - -Jul 27, 20 21.547 0.230 0.230 - - -

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 (`)




Mar 18, 20 11.4816 0.0800 0.0741 12.0831 0.0800 0.0741 Apr 27, 20 11.5677 0.0800 0.0800 12.1844 0.0800 0.0800May 26, 20 11.3387 0.0800 0.0800 11.9517 0.0800 0.0800

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

July 2020 77

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 (`)




Dec 26, 19 11.2480 0.1000 0.0926 11.9377 0.1000 0.0926Mar 18, 20 - - - 11.9807 0.1500 0.1389 Jun 25, 20 11.4735 0.2000 0.2000 12.2291 0.2000 0.2000

HDFC Dynamic Debt FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Dec 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 Jun 25, 20 11.8846 0.2000 0.2000 12.6560 0.2000 0.2000

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 (`)




Dec 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 Jun 25, 20 10.8564 0.3810 0.3810 10.9295 0.3650 0.3650

HDFC Gilt Fund(Dividend Option) (Past 3 quarters)


Cum Div NAV (`)




Dec 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 Jun 25, 20 12.0405 0.2500 0.2500 12.5041 0.2500 0.2500

HDFC Liquid FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




May 26, 20 1030.3369 4.0369 4.0369 1030.4188 4.1188 4.1188Jun 29, 20 1029.4480 3.1480 3.1480 1029.5440 3.2440 3.2440 Jul 27, 20 1028.7982 2.4982 2.4982 1028.8770 2.5770 2.5770

HDFC Floating Rate Debt FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




May 26, 20 10.2920 0.1479 0.1479 10.2934 0.1493 0.1493Jun 29, 20 10.2550 0.1109 0.1109 10.2566 0.1125 0.1125 Jul 27, 20 10.2419 0.0978 0.0978 10.2440 0.0999 0.0999

HDFC Low Duration FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




May 26, 20 10.2904 0.1504 0.1504 10.2978 0.1553 0.1553Jun 29, 20 10.2428 0.1028 0.1028 10.2510 0.1085 0.1085 Jul 27, 20 10.2326 0.0926 0.0926 10.2398 0.0973 0.0973

HDFC Credit Risk Debt FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Dec 26, 19 - - - 10.6246 0.1845 0.1708Mar 18, 20 10.3566 0.0785 0.0727 10.4831 0.0846 0.0783 Jun 25, 20 10.5083 0.1970 0.1970 10.6425 0.2110 0.2110

HDFC Ultra Short Term FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




May 26, 20 10.2013 0.0513 0.0513 10.1632 0.1132 0.1132Jun 29, 20 10.2206 0.0706 0.0706 10.1227 0.0727 0.0727 Jul 27, 20 10.2053 0.0553 0.0553 10.1071 0.0571 0.0571

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 nifty Indices Limited [formerly India Index Services & Products Limited] (“nIL”). nIL 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 nIL 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 nIL without regard to the Issuer /Licensee or the Product(s). nIL 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. nIL 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. nIL has no obligation or liability in connection with the administration, marketing or trading of the Product(s).

nIL is engaged in the business of developing, constructing, compiling, computing and maintaining various equity indices. The relationship of nIL to HDFC AMC is only in respect of the rights granted to use certain trademarks and trade names of the Index in connection with the utilisation of the Index data relating to such Index. The Index is determined, composed and calculated by nIL without regard to HDFC AMC. nIL has no obligation to take the needs of HDFC AMC into consideration in determining, composing or calculating the nIFTY Indices.

nIL do not guarantee the accuracy and/or the completeness of nIFTY Indices or any data included therein and they shall have no liability for any errors, omissions, or interruptions therein. nIL make no warranty, express or implied, as to results to be obtained by HDFC AMC or any other person or entity from the use of nIFTY Indices or any data included therein. nIL make no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein. Without limiting any of the foregoing, NIL expressly disclaim any and all liability for any damages or losses arising out of the use of NIFTY Indices or any data included therein by any third party, including any and all direct, special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages. An investor, by subscribing or purchasing an interest in the Product(s), will be regarded as having acknowledged, understood and accepted the disclaimer referred to in Clauses above and will be bound by it.

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UPDATION OF PAN OF ALL UNITHOLDERS IN THE FOLIOS IS MANDATORY FOR PROCESSING OF REDEMPTION AND RELATED TRANSACTIONS

It is Mandatory to complete the KYC requirements for all unit holders, including for all joint holders and the guardian in case of folio of a minor investor. Accordingly, financial transactions (including redemptions, switches and all types of systematic plans) will not be processed if the unit holders have not completed KYC requirements

M U T U A L F U N D I N V E S T M E N T S A R E S U B J E C T T O M A R K E T R I S K S , R E A D A L L S C H E M E R E L A T E D D O C U M E N T S C A R E F U L LY.

A Portfolio of Quality Corporate Bonds.

The Fund aims to maintain a higher credit quality portfolio by focusing on in-depthinternal credit evaluation. It invests 80% to 100% of its portfolio in AAA rated andequivalent securities / assets and primarily focuses on returns through interestaccruals (as of July 31, 2020, 100% is invested in these securities / assets).

Riskometer

Presenting HDFC Corporate Bond Fund


The current investment strategy is subject to change depending on the market conditions.HDFC Mutual Fund/AMC is not guaranteeing/o�ering/communicating any indicative yields or guaranteed returns oninvestments made in the scheme. For complete portfolio details refer www.hdfcfund.com

HDFC Corporate Bond Fund (An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds) is suitable forinvestors who are seeking*:

Income over short to medium term To generate income/capital appreciationthrough investments predominantly in AA+ and above rated corporate bonds

*Investors should consult their �nancial advisers, if in doubt about whether the product is suitable for them.

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