May 31, 2020 · end-May 2020) from 3.3 million, a month ago. In India, though the number of positive cases continues to rise, absolute number cases were relatively low considering

May 31, 2020

2 May 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

May 2020 3

Market Review

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

Macroeconomic Update

The month of May 2020 was a mixed month for the capital markets. Indian Equities fell in the first half as the announced economic package fell short of market expectations but largely recovered in the second half on back of optimism around relaxation of lockdown globally including India. On the other hand, fixed income markets stabilised with RBI reducing repo rate by 40 bps and as redemption pressure in credit oriented schemes of mutual funds, which rose sharply in last month, subsided. However, spread of COVID-19 continued to remain a concern with number of infected cases globally rising to ~6.3 million (as on end-May 2020) from 3.3 million, a month ago. In India, though the number of positive cases continues to rise, absolute number cases were relatively low considering the large population. The total infected cases in India crossed 1,90,000 by end-May, up from ~35,000 cases a month ago.

Governmentannouncedfiscalmeasuresandreforms: With an ambition of “Self Reliant India”, Central Government announced economic package to counter the slowdown due to COVID-19 and simultaneously introduced reforms for various sectors. The measures were focused on providing support to MSMEs & vulnerable sections of society (like poor, migrant labourers, etc.), improving farm infrastructure, deregulating agriculture sector to a certain extent, supporting NBFCs, improving financial health of power distribution companies, encouraging domestic manufacturing, etc. Fiscal impact of these measures is likely to be limited (~1% of GDP in FY21).

GDPgrowth softens; toweaken further inFY21: India’s Q4FY20 GDP growth moderated to 3.1% YoY from 4.1%, in last quarter. The slowdown was driven by weak private consumption, contraction in investments partly offset by stable growth in government consumption. Contraction in manufacturing segment and soft growth in services resulted in GVA growth moderating to 3.0% (Q3FY20: 3.5%) in Q4FY20. A brief summary of YoY growth of major components of GDP and GVA is given in table below:

Quarter ended (%) 31-12-2019 31-03-2020 Quarter

ended (%) 31-12-2019 31-03-2020

GDP 4.1 3.1 GVA 3.5 3.0

Private Consumption 6.6 2.7

Agriculture, forestry & fishing

3.6 5.9

Government Consumption 13.4 13.6 Industry -0.3 -0.6Gross Capital Formation -4.3 -5.8

Manufacturing -0.8 -1.4

Exports -6.1 -8.5 Services 5.7 4.4

Imports -12.4 -7.0 PADO* 10.9 10.1

* Public administration, defence and other services

In FY21, GDP growth is likely to contract sharply on account of lockdown but is also likely to rebound sharply in FY22 on back of absence of lockdown, pent-up demand and low base. However, these 2 years should be viewed as aberration and growth trajectory is expected to normalise FY23 onwards.

Centre’fiscaldeficitwidenssignificantlyinFY20;likelytorisefurtherinFY21:Significant shortfall in tax revenues, especially direct taxes, resulted in Centre’s fiscal deficit in FY20 rising to 4.6% of GDP as against revised estimate of 3.8%. This was partly due to extension of the tax-dispute settlement scheme till 30th June 2020 and no curtailment in expenditures.

FY20RE FY20A Change(YoY)Grosstaxrevenue 21,634 20,099 -7.1%Total Direct Tax 11,575 10,372 -10.4%Total Indirect Tax 10,059 9,727 -3.3%Less: Share of States & others 6,588 6,540 -0.7%NetTaxcollection 15,046 13,559 -9.9%Non- Tax Revenue 3,455 3,262 -5.6%TotalRevenueReceipts 18,501 16,821 -9.1%TotalCapitalReceipts 816 686 -15.9% Total Revenue Expenditures 23,496 23,496 0.0%Total Capital Expenditures 3,489 3,367 -3.5%TotalExpenditures 26,986 26,864 -0.5% Gross Fiscal Deficit -7,668 -9,356 22.0%Fiscal Deficit as % of GDP -3.8% -4.6% Source: CMIERE – Revised estimates, A – Actual, YoY – Year on Year

Fiscal deficit in FY21 is likely to be significantly higher (~6.5 to 7% of GDP) on back of contraction in fiscal revenues because of weakness in economic activity and likely impact of announced fiscal stimulus.

Industrial production contracts inMarch 2020, outlook remainsmuted: IIP contracted sharply by 16.7% in March 2020, despite only 7 days of the month being impacted due to nationwide lockdown. This was driven by broad based fall in all sub-segments led by capital goods, infrastructure goods and consumer durables. Impact of lockdown and slow resumption of production is likely to keep IIP under pressure in near term.

YOY,% Feb-20 Mar-20IIP 4.6 -16.7Primary goods 8.3 -3.1Capital goods -9.5 -35.6Intermediate goods 19.4 -18.5Infrastructure/construction goods -0.1 -23.8Consumer goods -1.5 -23.2 Consumer durables -5.8 -33.1 Consumer non- durables 1.5 -16.2

Foodinflationinchesup,mightremainelevatedinnearterm: Due to difficulty in data collection and limited number of transactions, full data related to CPI was not released for April 2020. However, data of some sub-components (~62% of original index), mainly consisting of food, housing and health etc., was published. The limited data suggests that there was broad based pick up in food inflation. This could be partly due to supply disruption and hoarding up by consumers during the lockdown. Supply side disruption can keep CPI at elevated in near term but it should moderate in H2FY21 on account of base effect and easing of supply restrictions.

TradeDeficitimproves,outlookremainspositive: India’s trade deficit for April 2020 improved due to lower net oil imports on back of sharp correction in oil prices and lower net gold* imports. Excluding oil and gold, the trade deficit increased as lower imports of electronic goods was more than offset by weaker exports of engineering goods and chemicals. In May 2020, INR depreciated by ~0.7% against USD and closed at 75.6.

AmountinUSDMillion Mar-20 Apr-20 Change (%)Trade Deficit 9,758 6,765 -30.7%

Net Oil imports 7,524 3,419 -54.6%Net Gold imports* 708 73 -89.8%Trade deficit ex oil & gold 1,527 3,274 114.4%

* includes net imports of gold, silver & precious stones adjusted for gems & jewellery exports.

Trade deficit is likely 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 and lower remittances from abroad.

Commoditypricesincreasedduringthemonth: Commodity prices ended the month higher on back of optimism around recovery in economic activity as major countries started easing restrictions.

% Change Marketprice(USD)* FY2020 May-20 FYTD21Brent Crude (per barrel) 35 (66.7) 39.8 55.4Gold (per ounce) 1,730 22.0 2.6 9.7Steel (per tonne) 3,661 (12.6) 8.5 7.7Zinc (per tonne) 1,972 (37.8) 2.2 5.6Copper (per tonne) 5,333 (26.0) 1.9 11.2Aluminium (per tonne) 1,526 (21.2) 4.6 2.3Lead (per tonne) 1,616 (15.3) 0.3 (5.6)

*Market prices as on May 31, 2020.

SummaryandConclusionLockdown and its impact is likely to result in India’s GDP contracting in FY21,

a first in past 40 years. However, growth rate should recover in second half of FY21 as situation normalises. Fiscal and monetary measures announced should also provide impetus to growth to a certain extent. Also, growth rate in FY22 is likely to be significantly higher due to low base and absence of disruption caused by lockdown.

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

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

4 May 2020

Market Review Contd...

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

Equity Market Update

After rising ~15% in April 2020, Indian markets ended slightly negative month on month in May 2020. The key drivers of movement in markets were economic package announced by GoI, rise in trade tension between US and China, optimism around economic activity picking up on back of relaxation of restrictions across major countries etc. The mid and small caps indices performed slightly better than large caps. Auto sector outperformed while Banking was the worst performing sector. Performance of most other sectors was largely flat.

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

%ChangeinIndices FY2020 May-20 FYTD21S&P BSE India Auto (42.9) 5.6 31.2S&P BSE India Bankex (35.4) (10.5) 0.4S&P BSE India Capital Goods (40.6) 1.2 12.3S&P BSE India FMCG (12.7) 1.2 6.3S&P BSE India Healthcare (15.7) 2.0 28.8S&P BSE India Metal (49.7) 0.9 19.1S&P BSE India Power (32.3) (0.6) 7.5S&P BSE India Oil & Gas (34.4) (1.9) 18.1S&P BSE India IT (16.0) (1.2) 9.5S&PBSESENSEX (23.8) (3.8) 10.0NIFTY50 (26.0) (2.8) 11.4NIFTYMidcap100 (35.9) (1.7) 13.4NIFTYSmallcap (46.1) (1.8) 11.4

%ChangeinIndices FY2020 May-20 FYTD21S&P 500 (8.8) 4.5 17.8 FTSE (22.1) 3.0 7.1 DAX (13.8) 6.7 16.6 CAC (17.8) 2.7 6.8 Nikkei (10.8) 8.3 15.7 Hang Seng (18.8) (6.8) (2.7)KOSPI (18.0) 4.2 15.7 Shanghai (11.0) (0.3) 3.7 MSCI Emerging Market Index (19.8) 0.6 9.6

FPIs turned net buyers in May 2020, after remaining net sellers for last two months. FPIs bought equity worth US $1.9 billion in May 2020. Total FPIs equity outflows in first five months of CY20 was US $5.4 billion as against inflows of US $10.9 billion during the corresponding period last year. Net inflows in domestic equity oriented mutual funds stood at INR 5,030 crore in April 2020 compared to net inflows of INR 11,344 crore a month ago. In first 4 months of CY20, total inflows in domestic equity oriented mutual fund schemes stood at INR 34,028 crore.

Out of the Q4FY20 results declared so far, results of Cement and pharma were better than expectations whereas Banks, NBFCs and Power were largely in line with expectations. Results of Auto, Metals and IT were below expectations.

Outlook

As on 31st May 2020, NIFTY 50 was trading near 19.3x FY21E and 14.6x FY22E price to earnings ratio (Source: Kotak Institutional Equities). 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 difficult to predict, especially for FY21. In our opinion, Indian market cap to GDP and price to book value are better indicators of valuation of overall market in current scenario. As of end-May 2020, Indian market capitalisation stood at ~58% of GDP (based on 2021 GDP), a level last seen post correction during global financial crisis in 2008-09.

For 2020E and 2021E, Market cap/NIFTY as on 31st May 2020 is taken; GDP estimates are for 2020E and 2021E respectively. For 2020E, PE based on free-float EPS as of March 2021 end and for 2021E EPS of March 2022 end is used.

Price to book value has also corrected sharply and is now trading at significantly lower than its long term average.

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

-6.0

-2.0

2.0

6.0

10.0

14.0

May

-07

May

-08

May

-09

May

-10

May

-11

May

-12

May

-13

May

-14

May

-15

May

-16

May

-17

May

-18

May

-19

May

-20

10Y Gsec and NIFTY Earning Yield

GapEarnings yields (%)India 10-y G-Sec yields (%)

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

Markets thus hold promise over the medium to long term in our opinion. Further, recently Government under its “Self Reliant Movement” announced that it intends to divest the stake in CPSEs through strategic sale, rather than through Exchange Traded Fund (ETF) route. This should lead to better valuations of PSUs as regular supply of shares through ETFs was a big overhang on their share prices.

In view of the above, where risk appetite permits, investors should use this deep correction to their advantage by increasing exposure to equity funds. At times like these, perceived risk is higher than the real risk. 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). Equity investment should, however, be phased out over next few weeks or months. Historically, it has been observed that investments made in tough times and around period when FPIs are large sellers, have yielded good returns over medium term.

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

May 2020 5

Market Review

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

As per SeBI communication dated April 30, 2020, the temporary revision in cut-off timings for applicability of NAV for the Schemes of HDFC Mutual Fund (“the Fund”) as given below has been extended till further notice.

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) shall remain unchanged.

Debt Market Update

The yield on 10-year Gsec (6.45 GoI 2029) ended the month of May 2020 at 6.01%, down 10 bps over the previous month end. The table below gives a summary view of movement of key rates & liquidity. Apr-20 May-20 Change (%)10Yr G-Sec Yield (%, 6.45 GoI 2029)^ 6.11 6.01 -0.10AAA 10Year Corporate Bond Yields (%)# 7.33 7.07 -0.26AAA 10Y corporate bond spread against 6.45 GS 2029 Yield (bps)@ 122 106 -0.16

Average net liquidity absorbed / (infused) by RBI* (INR billion) (approx.) 4,700 5,074

MIBOR Overnight Rate (%) 4.41 4.04 -0.37* 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 increased for the month due to high government spending, soft credit growth vis-a-vis deposit growth, purchases of government securities and foreign exchange by RBI. 10 year AAA Corporate credit spreads over Gsec reduced by ~16 bps during the month.

In an unscheduled meeting during the month, Monetary Policy Committee announced reduction in repo and reverse repo rate by 40 bps each to 4% and 3.35% respectively, while maintaining the “accommodative” stance. RBI also announced following key measures

l Permitted lending institutions (like banks, NBFCs, HFCs, MFIs, etc.) to provide a moratorium of another three months (now 6 months in aggregate) on instalments of term loans and payment of interest on working capital loans. Interest accumulated over deferred period can be converted into funded interest term loan repayable by end-March 2021.

l Extended INR 15,000 crores credit line to EXIM Bank for a period of 90 days (with a rollover upto to maximum period of one year) so as to enable it to avail a US dollar swap facility.

The measures announced were mainly targeted towards improving liquidity and easing repayment pressure of borrowers. For more details on RBI measures and its impact, please refer our commentary dated 22nd May 2020 published on www.hdfcfund.com

In other developments, Central Government raised its targeted gross market borrowing by INR 4.2 lakh crore to INR 12 lakh crore for FY21 to cover the expected shortfall in revenues and to fund the proposed stimulus. However, yields remained soft on back of high system liquidity, weak credit growth and expectations of interventions by RBI

.

Outlook

RBI’s decision to reduce the policy repo rate by 40 bps during the month was largely in line with market expectations. Over the past few months, RBI has conducted operation TWIST, LTROs, TLTROs, Open markets purchases, etc. These actions along with RBI Governor’s statement about benign inflation and challenging growth outlook indicates that RBI is open to take further conventional and unconventional policy measures to counter the impact on slowdown due to the pandemic.

Further, weak oil prices, positive outlook on Balance of payment, benign inflation outlook, low 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 (Statutory Liquidity Ratio) 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.

GlOSSARYBoP Balance of Payments CPI Consumer Price IndexEMs Emerging MarketsGDP Gross Domestic ProductGVA Gross Value AddedIIP Index of Industrial Production

LTRO Long Term Repo OperationMSME Micro, Small and Medium Enterprises

SLR Statutory Liquidity RatioTLTRO Targeted Long Term Repo Operations

.

6 May 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

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

Performance details of schemes managed by respective fund managers ............................................. 58

Scheme performance summary - Regular Plans ................................. 59-64

Scheme performance summary - Direct Plans .................................... 65-73

Performance of Permitted Category FPI Portfolio ............................... 73

Dividend History ............................................................................... 74-75

Disclaimer ....................................................................................... 76

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.

May 2020 7

SIP PERFORMANCE ^ - Regular plan - growth OptionSince Inception

SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,050.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 54,497.99 3,736.27 1,562.86 548.15 291.37 98.14 Returns (%) 18.72 9.14 5.17 -3.56 -13.32 -32.28 Benchmark Returns (%) # 12.66 8.22 6.47 -0.20 -8.42 -22.51 Additional Benchmark Returns (%) ## 11.73 8.35 6.53 1.33 -6.03 -22.34

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 May 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 (`)##

May 31, 19 Last 1 Year -28.27 -19.17 -18.57 7,173 8,083 8,143May 31, 17 Last 3 Years -4.49 -0.93 1.23 8,714 9,725 10,372May 29, 15 Last 5 Years 1.31 3.62 3.93 10,671 11,951 12,126Jan 01, 95 Since Inception 16.63 10.19 9.81 499,566 117,935 107,972

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 58. 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. 65. For FPI Portfolio, refer page no. 73.

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 9.08

• Larsen and Toubro Ltd. Construction Project 8.04

• State Bank of India Banks 6.97

• ITC Ltd. Consumer Non Durables 6.60

• Infosys Ltd. Software 5.77

• Reliance Industries Ltd. Petroleum Products 5.64

• NTPC Ltd. Power 4.94

• Coal India Ltd. Minerals/Mining 4.42

• Power Grid Corporation of India Ltd. Power 4.38

• Aurobindo Pharma Ltd. Pharmaceuticals 3.50

HDFC Bank Ltd. Banks 3.33

Bharat Petroleum Corporation Ltd. Petroleum Products 3.20

Axis Bank Ltd. Banks 2.70

Power Finance Corporation Ltd. Finance 2.68

Ambuja Cements Ltd. Cement 2.57

ReC Ltd. Finance 2.35

Tata Steel Ltd. Ferrous Metals 2.31

Lupin Ltd. Pharmaceuticals 2.30

CeSC Ltd. Power 1.85

InterGlobe Aviation Ltd. Transportation 1.79

GAIL (India) Ltd. Gas 1.74

Cipla Ltd. Pharmaceuticals 1.67

Housing Development Finance Corporation Ltd.£ Finance 1.54

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.09

Vedanta Ltd. Non - Ferrous Metals 1.05

Bank of Baroda Banks 1.04

Hindustan Petroleum Corporation Ltd. Petroleum Products 0.93

SBI Cards and Payment Services Ltd. Finance 0.83

Kalpataru Power Transmission Ltd. Power 0.81

BeML Ltd. Industrial Capital Goods 0.61

Bharat Dynamics Ltd. Aerospace & Defence 0.56

Bharti Infratel Ltd. Telecom - equipment & Accessories 0.54

Punjab National Bank Banks 0.51

Praj Industries Ltd. Industrial Capital Goods 0.49

Adani Ports & Special economic Zone Transportation 0.46


Canara Bank Banks 0.45

Time Technoplast Ltd. Industrial Products 0.16

CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.12

Hindustan Construction Company Ltd. Construction Project 0.10

Simplex Infrastructures Ltd. Construction 0.07

Ramco Systems Ltd. Software 0.06

Siemens Ltd. Industrial Capital Goods 0.05Sub Total 99.30Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 99.31Cash, Cash equivalents and Net Current Assets 0.69

Grand Total 100.00

• Top Ten Holdings, £ Co-sponsor

PORTFOLIO

Industry Allocation of Equity Holding (% of Net Assets)

0.010.070.160.540.561.051.271.742.252.312.57

4.425.836.607.408.148.569.77

11.9824.08

0 5 10 15 20 25Media & Entertainment

ConstructionIndustrial Products

Telecom - Equipment & AccessoriesAerospace & DefenceNon - Ferrous Metals

Industrial Capital GoodsGas

TransportationFerrous Metals

CementMinerals/Mining

SoftwareConsumer Non Durables

FinanceConstruction Project

PharmaceuticalsPetroleum 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 MAY 29, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 499.566Regular Plan - Dividend Option 32.575Direct Plan - Growth Option 528.470Direct Plan - Dividend Option 35.623

ASSETS UNDER MANAgEMENT (`) IN CROREAs on May 31, 2020 17,494.82Average for Month of May 2020 17,017.78

qUANTITATIVE DATAPortfolio Turnover Ratio (Last 1 year) 26.88%Risk Ration Standard Deviation 6.584%n Beta 1.042n Sharpe Ratio* -0.075Computed for the 3-yr period ended May 29, 2020. Based on month-end NAV. * Risk free rate: 4.04%(Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on May 31, 2020)Including Additional expenses and Goods and Service Tax on Management FeesRegular: 1.93% Direct: 1.25%

#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 58.

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

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

SEgMENT-WISE BREAK-UP OF EqUITY HOlDINg (% OF NET ASSETS)Large Cap 93.20%Mid Cap 2.30%Small Cap 3.80%¥ 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 May 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) 3,160.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 33,065.71 3,765.17 1,637.39 540.46 287.48 101.23 Returns (%) 14.94 9.24 6.06 -4.11 -14.13 -27.97 Benchmark Returns (%) # N.A. 8.22 6.47 -0.20 -8.42 -22.51 Additional Benchmark Returns (%) ## 11.47 8.35 6.53 1.33 -6.03 -22.34

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 (`)#


(`)##May 31, 19 Last 1 Year -26.74 -19.17 -18.57 7,326 8,083 8,143May 31, 17 Last 3 Years -4.56 -0.93 1.23 8,695 9,725 10,372May 29, 15 Last 5 Years 1.93 3.62 3.93 11,004 11,951 12,126Feb 01, 94 Since Inception 12.47 N.A. 9.29 220,855 N.A. 103,789

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 B Ganatra, please refer page 58. 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. 72.



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• HDFC Bank Ltd. Banks 8.63• ICICI Bank Ltd. Banks 6.72• Reliance Industries Ltd. Petroleum Products 6.69• ITC Ltd. Consumer Non Durables 6.17• Infosys Ltd. Software 5.95• Axis Bank Ltd. Banks 4.59• Aurobindo Pharma Ltd. Pharmaceuticals 3.84• Larsen and Toubro Ltd. Construction Project 3.14• Kotak Mahindra Bank Ltd. Banks 2.29• Bharti Airtel Ltd. Telecom - Services 2.27Bharat Petroleum Corporation Ltd. Petroleum Products 2.02Housing Development Finance Corporation Ltd.£ Finance 2.01NTPC Ltd. Power 1.86Oracle Financial Services Software Ltd. Software 1.77Ambuja Cements Ltd. Cement 1.73Coal India Ltd. Minerals/Mining 1.54Apollo Hospitals enterprise Ltd. Healthcare Services 1.51GAIL (India) Ltd. Gas 1.51HCL Technologies Ltd. Software 1.47Indoco Remedies Ltd. Pharmaceuticals 1.35Spicejet Ltd. Transportation 1.29Vedanta Ltd. Non - Ferrous Metals 1.28Max Financial Services Ltd. Finance 1.14Oil & Natural Gas Corporation Ltd. Oil 1.14S H Kelkar and Company Ltd. Consumer Non Durables 1.07SBI Life Insurance Company Ltd. Finance 1.04Advanced enzyme Technologies Ltd.

Consumer Non Durables 1.03

Persistent Systems Ltd. Software 1.01L&T Technology Services Ltd. Software 0.99Cipla Ltd. Pharmaceuticals 0.97emami Ltd. Consumer Non Durables 0.92Hero MotoCorp Ltd. Auto 0.92Bharti Infratel Ltd. Telecom - equipment

& Accessories 0.89VRL Logistics Ltd. Transportation 0.88Newgen Software Technologies Ltd. Software 0.85Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.82Trent Ltd. Retailing 0.80Solar Industries India Ltd. Chemicals 0.73Ashoka Buildcon Ltd. Construction Project 0.66Gujarat Pipavav Port Ltd. Transportation 0.62Dilip Buildcon Ltd. Construction Project 0.60Mishra Dhatu Nigam Ltd. Ferrous Metals 0.60Inox Leisure Ltd. Media & entertainment 0.59

Company Industry+ % to NAVSBI Cards and Payment Services Ltd. Finance 0.59Bharat Dynamics Ltd. Aerospace & Defence 0.57Avenue Supermarts Ltd. Retailing 0.55Shriram Transport Finance Company Ltd. Finance 0.55Blue Star Ltd. Consumer Durables 0.54Indiamart Intermesh Ltd. Retailing 0.48Lupin Ltd. Pharmaceuticals 0.48Tejas Networks Ltd. Telecom - equipment

& Accessories 0.47Just Dial Ltd. Software 0.46Radico Khaitan Ltd. Consumer Non Durables 0.46Zee entertainment enterprises Ltd. Media & entertainment 0.44Siti Networks Ltd. Media & entertainment 0.19TCI express Ltd. Transportation 0.10Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) Construction Project 0.07Tube Investments of India Ltd. Auto Ancillaries 0.05Bajaj Consumer Care Ltd. Consumer Non Durables 0.01Sub Total 93.91Cash, Cash equivalents and Net Current Assets 6.09Grand Total 100.00• Top Ten Holdings, £ Co-sponsor

PORTFOLIO


0.050.540.570.600.730.820.921.141.221.281.361.511.511.541.731.831.862.272.89

4.475.33

6.648.719.66

12.5022.23

0 5 10 15 20 25Auto Ancillaries

Consumer DurablesAerospace & Defence

Ferrous MetalsChemicalsFertilisers

AutoOil

Media & EntertainmentNon - Ferrous Metals

Telecom - Equipment & AccessoriesGas

Healthcare ServicesMinerals/Mining

CementRetailing

PowerTelecom - Services

TransportationConstruction Project

FinancePharmaceuticals

Petroleum ProductsConsumer Non Durables

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 B Ganatra (since May 21, 2020*)

Total Experience: Over 17 years*The scheme was managed by Miten Lathia from May 10, 2012 to May 20, 2020

INCEPTION DATE (Date of Allotment)

February 1, 1994

NAV (AS ON MAY 29, 2020) NAV PER UNIT (`)

Regular Plan - Growth Option 220.855Regular Plan - Dividend Option 16.563Direct Plan - Growth Option 235.660Direct Plan - Dividend Option 18.345

ASSETS UNDER MANAgEMENT (`) IN CRORE

As on May 31, 2020 3,356.03Average for Month of May 2020 3,248.08

qUANTITATIVE DATA

Portfolio Turnover Ratio (Last 1 year) 64.13%

Risk Ration Standard Deviation 6.453%n Beta 1.043n Sharpe Ratio* -0.078

Computed for the 3-yr period ended May 29, 2020. Based on month-end NAV. * Risk free rate: 4.04%(Source: FIMMDA MIBOR)

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

Regular: 2.11% 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

May 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 95.24%Mid Cap 2.90% Small Cap 0.98%§ 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) 2,840.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) $$ 29,607.10 3,683.63 1,567.56 563.80 299.42 99.75 Returns (%) $$ 16.73 8.97 5.22 -2.45 -11.66 -30.05 Benchmark Returns (%) # N.A. 8.85 6.96 1.22 -6.32 -21.29 Additional Benchmark Returns (%) ## 12.43 8.71 7.04 2.36 -4.75 -22.57



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

May 31, 19 Last 1 Year -26.75 -17.78 -17.36 7,325 8,222 8,264May 31, 17 Last 3 Years -3.49 0.82 2.64 8,990 10,249 10,813May 29, 15 Last 5 Years 2.03 4.18 4.48 11,060 12,277 12,451Oct 11, 96 Since Inception 17.58 N.A. 12.14 460,626 N.A. 150,266

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. $$ 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 58. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 65. For FPI Portfolio, refer page no. 73.

^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



• Reliance Industries Ltd. Petroleum Products 8.50• ICICI Bank Ltd. Banks 7.47• ITC Ltd. Consumer Non Durables 6.76• Infosys Ltd. Software 6.55• HDFC Bank Ltd. Banks 6.15• Larsen and Toubro Ltd. Construction Project 5.65• Housing Development

Finance Corporation Ltd.£ Finance 4.60• State Bank of India Banks 4.58• NTPC Ltd. Power 4.15• Coal India Ltd. Minerals/Mining 3.57Axis Bank Ltd. Banks 3.48Power Grid Corporation of India Ltd. Power 3.42Bharti Airtel Ltd. Telecom - Services 2.65Hindustan Petroleum Corporation Ltd. Petroleum Products 2.04Bharat Petroleum Corporation Ltd. Petroleum Products 2.01Aurobindo Pharma Ltd. Pharmaceuticals 1.98Tata Steel Ltd. Ferrous Metals 1.73Oil & Natural Gas Corporation Ltd. Oil 1.63Power Finance Corporation Ltd. Finance 1.59Bharti Infratel Ltd. Telecom - equipment

& Accessories 1.53Ambuja Cements Ltd. Cement 1.49GAIL (India) Ltd. Gas 1.47ReC Ltd. Finance 1.45Lupin Ltd. Pharmaceuticals 1.42CeSC Ltd. Power 1.07Vedanta Ltd. Non - Ferrous Metals 1.03Cipla Ltd. Pharmaceuticals 1.00SBI Cards and Payment Services Ltd. Finance 0.98Sun Pharmaceutical Industries Ltd. Pharmaceuticals 0.94Adani Ports & Special economic Zone Transportation 0.84Bharat electronics Ltd. Industrial Capital Goods 0.76InterGlobe Aviation Ltd. Transportation 0.75UltraTech Cement Ltd. Cement 0.63Grasim Industries Ltd. Cement 0.62Bank of Baroda Banks 0.61Hindalco Industries Ltd. Non - Ferrous Metals 0.61HCL Technologies Ltd. Software 0.49Petronet LNG Ltd. Gas 0.44Siemens Ltd. Industrial Capital Goods 0.43Canara Bank Banks 0.38Wipro Ltd. Software 0.34


Indian Oil Corporation Ltd. Petroleum Products 0.33Bank of India Banks 0.28NHPC Ltd. Power 0.24Punjab National Bank Banks 0.20ABB India Ltd. Industrial Capital Goods 0.16Union Bank of India Banks 0.16LIC Housing Finance Ltd. Finance 0.02Sub Total 99.18Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 99.19Cash, Cash equivalents and Net Current Assets 0.81

Grand Total 100.00


PORTFOLIO


0.011.351.531.591.631.641.731.912.652.743.57

5.345.65

6.767.38

8.648.88

12.8823.31

0 5 10 15 20 25

Media & EntertainmentIndustrial Capital Goods

Telecom - Equipment & AccessoriesTransportation

OilNon - Ferrous Metals

Ferrous MetalsGas

Telecom - ServicesCement

Minerals/MiningPharmaceuticals

Construction ProjectConsumer Non Durables

SoftwareFinance

PowerPetroleum Products

Banks

10 May 2020

Company Industry+ / Rating % to NAVEqUITY & EqUITY RElATED• Aarti Industries Ltd. Chemicals 4.95• Balkrishna Industries Ltd. Auto Ancillaries 4.88• Ipca Laboratories Ltd. Pharmaceuticals 3.10• Trent Ltd. Retailing 3.06• Divis Laboratories Ltd. Pharmaceuticals 2.84• Voltas Ltd. Consumer Durables 2.84• Atul Ltd. Chemicals 2.58• Max Financial Services Ltd. Finance 2.57• Cholamandalam Investment

& Finance Finance 2.55• Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.54City Union Bank Ltd. Banks 2.49Sundram Fasteners Ltd. Auto Ancillaries 2.48Whirlpool of India Ltd. Consumer Durables 2.36Crompton Greaves Consumer electricals. Ltd. Consumer Durables 2.35AIA engineering Ltd. Industrial Products 2.23Aurobindo Pharma Ltd. Pharmaceuticals 2.21Bharat electronics Ltd. Industrial Capital Goods 2.20Hexaware Technologies Ltd. Software 1.97Tata Consumer Products Ltd. Consumer Non Durables 1.91VST Industries Ltd. Consumer Non Durables 1.82exide Industries Ltd. Auto Ancillaries 1.78Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 1.78Supreme Industries Ltd. Industrial Products 1.65SKF India Ltd. Industrial Products 1.54Tube Investments of India Ltd. Auto Ancillaries 1.47Larsen & Toubro Infotech Ltd. Software 1.44Nippon Life India Asset Management Ltd. Finance 1.40Tata Chemicals Ltd. Chemicals 1.28Apollo Tyres Ltd. Auto Ancillaries 1.26Carborundum Universal Ltd. Industrial Products 1.26Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.12MRF Ltd. Auto Ancillaries 1.03Cholamandalam Financial Holdings Ltd. Finance 1.01KNR Construction Ltd.. Construction 1.00The Federal Bank Ltd. Banks 1.00KeC International Ltd. Construction Project 0.99Solar Industries India Ltd. Chemicals 0.97ReC Ltd. Finance 0.92Power Finance Corporation Ltd. Finance 0.90Blue Star Ltd. Consumer Durables 0.89RBL Bank Ltd. Banks 0.88Dilip Buildcon Ltd. Construction Project 0.87Redington (India) Ltd. Transportation 0.85Bata India Ltd. Consumer Durables 0.74Oracle Financial Services Software Ltd. Software 0.63Schaeffler India Ltd. Industrial Products 0.63Navneet education Ltd. Media & entertainment 0.60Symphony Ltd. Consumer Durables 0.59RITeS Ltd. engineering Services 0.58Greenlam Industries Ltd. Consumer Durables 0.57Grindwell Norton Ltd. Industrial Products 0.55Persistent Systems Ltd. Software 0.54Edelweiss Financial Services Ltd. Finance 0.44Delta Corp Ltd. Hotels/Resorts & Other

Recreational Activities 0.43Gujarat Fluorochemicals Ltd. Chemicals 0.43Vesuvius India Ltd. Industrial Products 0.42Karur Vysya Bank Ltd. Banks 0.41Union Bank of India Banks 0.39NIIT Technologies Ltd. Software 0.37Jagran Prakashan Ltd. Media & entertainment 0.36

Company Industry+ / Rating % to NAVMahindra Holidays & Resorts Ind Ltd.

Hotels/Resorts & Other Recreational Activities 0.35

Dhanuka Agritech Ltd. Pesticides 0.34Greenply Industries Ltd. Consumer Durables 0.34Cummins India Ltd. Industrial Products 0.33Indian Bank Banks 0.32Vardhman Textiles Ltd. Textiles - Cotton 0.26Strides Pharma Science Ltd. Pharmaceuticals 0.25Punjab National Bank Banks 0.24Arvind Fashions Ltd. Retailing 0.20Arvind Ltd. Textile Products 0.17GFL Ltd. Chemicals 0.11Arti Surfactants Ltd. Chemicals 0.10Greenpanel Industries Ltd. Consumer Durables 0.10The Anup engineering Ltd. Industrial Capital Goods 0.08Sub Total 93.09Preference SharesZee entertainment enterprises Ltd. Media & entertainment @Sub Total @Total 93.09DEBT & DEBT RElATEDCredit Exposure Tata Capital Financial Services Ltd. ICRA - AAA 0.56Sub Total 0.56Total 0.56MONEY MARKET INSTRUMENTSCPNational Bank for Agriculture & Rural Development ICRA - A1+ 0.55Sub Total 0.55CDAxis Bank Ltd. CRISIL - A1+ 0.55Sub Total 0.55Total 1.10Cash, Cash equivalents and Net Current Assets 5.25Grand Total 100.00• Top Ten Holdings, @ Less than 0.01%

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 11.73%Mid Cap 64.72%Small Cap 16.66%¥ 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) 1,560.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 3,636.49 1,947.89 545.86 291.27 103.12 Returns (%) 12.23 9.37 -3.72 -13.34 -25.28 Benchmark Returns (%) # 7.26 5.13 -6.15 -16.34 -27.59 Additional Benchmark Returns (%) ## 7.55 6.53 1.33 -6.03 -22.34


PERFORMANCE ^ - Regular plan - growth Option

Date Period Scheme Returns

(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 19 Last 1 Year -22.21 -25.18 -18.57 7,779 7,482 8,143May 31, 17 Last 3 Years -5.59 -7.89 1.23 8,416 7,817 10,372May 29, 15 Last 5 Years 2.76 1.28 3.93 11,459 10,657 12,126Jun 25, 07 Since Inception 11.94 7.92 7.73 43,035 26,815 26,214

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 58. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 65.




l investment predominantly in Mid-Cap companies

Riskometer




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

PORTFOLIO


0.170.260.340.580.850.961.00

1.862.282.563.263.73

4.955.73

8.619.7910.4210.78

12.0612.90

0 2 4 6 8 10 12 14Textile ProductsTextiles Cotton

PesticidesEngineering Services

TransportationMedia & Entertainment

ConstructionConstruction Project

Industrial Capital GoodsHotels, Resorts And Other Recreational Activities

RetailingConsumer Non Durables

SoftwareBanks

Industrial ProductsFinance

ChemicalsConsumer Durables

PharmaceuticalsAuto Ancillaries

May 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 6.03%Mid Cap 17.29%Small Cap 69.02%§ 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) 1,460.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 2,350.62 1,543.17 490.20 250.54 92.14 Returns (%) 7.52 4.92 -7.92 -22.26 -40.39 Benchmark Returns (%) # 1.27 -1.46 -15.72 -28.21 -41.79 Additional Benchmark Returns (%) ## 7.72 6.53 1.33 -6.03 -22.34




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 19 Last 1 Year -36.61 -37.97 -18.57 6,339 6,203 8,143May 31, 17 Last 3 Years -8.10 -16.80 1.23 7,764 5,763 10,372May 29, 15 Last 5 Years 1.80 -5.34 3.93 10,934 7,596 12,126Apr 03, 08 Since Inception 8.82 1.94 7.18 27,950 12,632 23,250

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 58. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 65.




l 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 4.41• Bajaj Electricals Ltd. Consumer Durables 3.85• Balkrishna Industries Ltd. Auto Ancillaries 3.60• Atul Ltd. Chemicals 3.28• Procter & Gamble Health Ltd. Pharmaceuticals 3.05• Sonata Software Ltd. Software 2.74• Chambal Fertilizers &

Chemicals Ltd. Fertilisers 2.70• Firstsource Solutions Ltd. Software 2.56• Finolex Industries Ltd. Industrial Products 2.35• Persistent Systems Ltd. Software 2.28Aster DM Healthcare Ltd. Healthcare Services 2.05Inox Leisure Ltd. Media & entertainment 2.04SKF India Ltd. Industrial Products 2.00NIIT Technologies Ltd. Software 1.99Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 1.93PNC Infratech Ltd. Construction 1.87Tube Investments of India Ltd. Auto Ancillaries 1.87KeC International Ltd. Construction Project 1.81The Federal Bank Ltd. Banks 1.72KeI Industries Ltd. Industrial Products 1.63La Opala RG Ltd. Consumer Durables 1.50Vardhman Textiles Ltd. Textiles - Cotton 1.50Tata Metaliks Ltd. Ferrous Metals 1.44T. V. Today Network Ltd. Media & entertainment 1.42engineers India Ltd. Construction Project 1.40Nilkamal Ltd. Industrial Products 1.39Radico Khaitan Ltd. Consumer Non Durables 1.38Bajaj Consumer Care Ltd. Consumer Non Durables 1.35Sharda Cropchem Ltd. Pesticides 1.35Kalpataru Power Transmission Ltd. Power 1.31Great eastern Shipping Company Ltd. Transportation 1.30DCB Bank Ltd. Banks 1.29Advanced enzyme Technologies Ltd.

Consumer Non Durables 1.26

Suprajit engineering Ltd. Auto Ancillaries 1.12eClerx Services Ltd. Software 1.09Carborundum Universal Ltd. Industrial Products 1.06Delta Corp Ltd. Hotels/Resorts & Other

Recreational Activities 1.05Bank of Baroda Banks 1.04Insecticides (India) Ltd. Pesticides 1.03Goodyear India Ltd. Auto Ancillaries 1.00emami Ltd. Consumer Non Durables 0.97Unichem Laboratories Ltd. Pharmaceuticals 0.97eIH Ltd. Hotels/Resorts & Other

Recreational Activities 0.95Chalet Hotels Ltd. Hotels/Resorts & Other

Recreational Activities 0.94Gujarat Fluorochemicals Ltd. Chemicals 0.90NRB Bearing Ltd. Industrial Products 0.88Redington (India) Ltd. Transportation 0.86Astral Poly Technik Ltd. Industrial Products 0.85Gabriel India Ltd. Auto Ancillaries 0.85Kirloskar Ferrous Industries Ltd. Ferrous Metals 0.71LG Balakrishnan & Bros Ltd. Auto Ancillaries 0.67Orient Refractories Ltd. Industrial Products 0.66Punjab National Bank Banks 0.59Vesuvius India Ltd. Industrial Products 0.56Repco Home Finance Ltd. Finance 0.52

Company Industry+ % to NAVOriental Carbon & Chemicals Ltd. Chemicals 0.50Indian Bank Banks 0.49D B Corp Ltd. Media & entertainment 0.47Power Mech Projects Ltd. Construction Project 0.47Sadbhav engineering Ltd. Construction Project 0.43IFGL Refractories Ltd. (Erst IFGL Exports Ltd.) Industrial Products 0.39Apar Industries Ltd. Industrial Capital Goods 0.38Taj GVK Hotels & Resorts Ltd. Hotels/Resorts & Other

Recreational Activities 0.36Greenlam Industries Ltd. Consumer Durables 0.35Atul Auto Ltd. Auto 0.31GNA Axles Ltd. Auto Ancillaries 0.31Shaily engineering Plastics Ltd. Industrial Products 0.26Jagran Prakashan Ltd. Media & entertainment 0.24JB Chemicals & Pharmaceuticals Ltd. Pharmaceuticals 0.24Greenply Industries Ltd. Consumer Durables 0.19Time Technoplast Ltd. Industrial Products 0.05CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.03Sub Total 92.36DEBT & DEBT RElATEDMONEY MARKET INSTRUMENTSCPNational Bank for Agriculture & Rural Development ICRA - A1+ 1.52Sub Total 1.52CDAxis Bank Ltd. CRISIL - A1+ 1.51Sub Total 1.51Total 3.03Cash, Cash equivalents and Net Current Assets 4.61Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.310.410.52

1.311.501.872.052.152.162.382.70

4.114.174.684.965.135.235.89

8.679.42

10.6612.08

0 2 4 6 8 10 12 14Auto

Industrial Capital GoodsFinance

PowerTextiles - Cotton

ConstructionHealthcare Services

Ferrous MetalsTransportation

PesticidesFertilisers

Construction ProjectMedia & Entertainment

ChemicalsConsumer Non Durables

BanksHotels, Resorts And Other Recreational Activities

Consumer DurablesPharmaceuticalsAuto Ancillaries

SoftwareIndustrial Products

12 May 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 § ¥

Vinay Kulkarni (since June 28, 2014)


INCEPTION DATE (Date of Allotment)February 18, 1994





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







SEgMENT-WISE BREAK-UP OF EqUITY HOlDINg (% OF NET ASSETS)Large Cap 58.97%Mid Cap 35.25%Small Cap 1.45%§ 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 (`)#


(`)##

May 31, 19 Last 1 Year -23.33 -19.14 -17.36 7,667 8,086 8,264May 31, 17 Last 3 Years -5.36 -1.47 2.64 8,479 9,565 10,813May 29, 15 Last 5 Years -0.38 4.27 4.48 9,809 12,328 12,451Feb 18, 94 Since Inception 9.78 N.A. 9.96 116,173 N.A. 121,372

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. 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 Vinay Kulkarni, please refer page 58. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 65.



l 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• ICICI Bank Ltd. Banks 7.07• NTPC Ltd. Power 6.81• Reliance Industries Ltd. Petroleum Products 6.62• Infosys Ltd. Software 6.60• State Bank of India Banks 5.05• Tata Consumer Products Ltd. Consumer Non Durables 4.57• Bharat Petroleum

Corporation Ltd. Petroleum Products 4.26• ITC Ltd. Consumer Non Durables 4.24• HDFC Bank Ltd. Banks 4.00• Trent Ltd. Retailing 2.68Max Financial Services Ltd. Finance 2.40GAIL (India) Ltd. Gas 2.21Gujarat State Petronet Ltd. Gas 2.15emami Ltd. Consumer Non Durables 2.12Tata Steel Ltd. Ferrous Metals 2.11Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 1.86Larsen and Toubro Ltd. Construction Project 1.79Mahanagar Gas Ltd. Gas 1.73NHPC Ltd. Power 1.67Prestige estates Projects Ltd. Construction 1.41Mindtree Consulting Ltd. Software 1.40Lupin Ltd. Pharmaceuticals 1.32CeSC Ltd. Power 1.31Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.27Apollo Tyres Ltd. Auto Ancillaries 1.26Ambuja Cements Ltd. Cement 1.24Bharat electronics Ltd. Industrial Capital Goods 1.24Castrol India Ltd. Petroleum Products 1.23LIC Housing Finance Ltd. Finance 1.22Hindustan Petroleum Corporation Ltd. Petroleum Products 1.18exide Industries Ltd. Auto Ancillaries 1.17Solar Industries India Ltd. Chemicals 1.09Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.99Tata Chemicals Ltd. Chemicals 0.94Shriram Transport Finance Company Ltd. Finance 0.92Vedanta Ltd. Non - Ferrous Metals 0.86Bharat Heavy electricals Ltd. Industrial Capital Goods 0.77Tata Motors Ltd. DVR Auto 0.75


Power Grid Corporation of India Ltd. Power 0.71Power Finance Corporation Ltd. Finance 0.67Canara Bank Banks 0.43Dilip Buildcon Ltd. Construction Project 0.38Hexaware Technologies Ltd. Software 0.38Titagarh Wagons Ltd. Industrial Capital Goods 0.32NLC India Ltd. Power 0.28NBCC (India) Ltd. Construction 0.20Aurobindo Pharma Ltd. Pharmaceuticals 0.19Oil India Ltd. Oil 0.18Union Bank of India Banks 0.15SBI Cards and Payment Services Ltd. Finance 0.11Indian Bank Banks 0.09Reliance Power Ltd. Power 0.07Sub Total 95.67Cash, Cash equivalents and Net Current Assets 4.33Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.180.750.861.241.611.862.032.112.172.332.432.68

3.775.326.09

8.3810.8510.93

13.2916.79

0 2 4 6 8 10 12 14 16 18Oil

AutoNon - Ferrous Metals

CementConstruction

Hotels, Resorts And Other Recreational ActivitiesChemicals

Ferrous MetalsConstruction Project

Industrial Capital GoodsAuto Ancillaries

RetailingPharmaceuticals

FinanceGas

SoftwarePower

Consumer Non DurablesPetroleum Products

Banks


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,160.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) $$ 15,865.70 2,846.18 1,478.31 539.81 297.06 101.21 Returns (%) $$ 10.63 5.84 4.09 -4.16 -12.14 -28.00 Benchmark Returns (%) # N.A. 9.43 7.71 -0.46 -9.37 -22.31 Additional Benchmark Returns (%) ## 11.90 8.71 7.04 2.36 -4.75 -22.57


May 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.


FUND MANAgER ¥

Vinay Kulkarni (since November 21, 2006)


INCEPTION DATE (Date of Allotment)September 17, 2004


ASSETS UNDER MANAgEMENT (`) IN CROREAs on May 31, 2020 403.59Average for Month of May 2020 388.65

qUANTITATIVE DATAPortfolio Turnover Ratio (Last 1 year) 33.36%














Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,890.00 1,800.00 1,200.00 600.00 360.00 120.00

Mkt Value As on May 29, 2020 (` ‘000) 3,353.38 2,894.87 1,371.64 504.17 277.84 98.55

Returns (%) 6.90 6.05 2.63 -6.83 -16.18 -31.71

Benchmark Returns (%) # 8.84 8.22 6.47 -0.20 -8.42 -22.51

Additional Benchmark Returns (%) ## 9.43 8.71 7.04 2.36 -4.75 -22.57

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



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 19 Last 1 Year -27.51 -19.17 -17.36 7,249 8,083 8,264

May 31, 17 Last 3 Years -8.27 -0.93 2.64 7,721 9,725 10,813

May 29, 15 Last 5 Years -0.34 3.62 4.48 9,831 11,951 12,451

Sep 17, 04 Since Inception 11.84 12.69 13.43 58,013 65,262 72,390

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 Vinay Kulkarni, please refer page 58. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 65.




l 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 6.60





• Bharat Petroleum Corporation Ltd. Petroleum Products 4.53




Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 2.50

Bharat electronics Ltd. Industrial Capital Goods 2.29



Avenue Supermarts Ltd. Retailing 2.07





Coal India Ltd. Minerals/Mining 1.72

Colgate-Palmolive (I) Ltd. Consumer Non Durables 1.72

Gujarat Pipavav Port Ltd. Transportation 1.69




Titagarh Wagons Ltd. Industrial Capital Goods 1.30

elecon engineering Comapny Ltd. Industrial Capital Goods 1.12

Sub Total 95.94

Cash, Cash equivalents and Net Current Assets 4.06

Grand Total 100.00

• Top Ten Holdings

PORTFOLIO


1.37

1.69

1.72

1.82

1.83

2.02

2.07

2.16

2.22

2.50

4.71

5.01

7.74

8.78

12.72

16.85

20.73

0 5 10 15 20 25

Finance

Transportation

Minerals/Mining

Ferrous Metals

Gas

Cement

Retailing

Pharmaceuticals

Non - Ferrous Metals

Aerospace & Defence

Industrial Capital Goods

Software

Consumer Non Durables

Construction Project

Power

Petroleum Products

Banks

14 May 2020

CATEgORY OF SCHEME: THEMATIC FUND

KEY FACTS

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

FUND MANAgER ¥

Rakesh Vyas (since June 01, 2019*)

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

INCEPTION DATE (Date of Allotment)March 10, 2008





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









Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,470.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 1,205.49 880.76 355.21 210.38 83.45 Returns (%) -3.28 -6.28 -20.39 -32.06 -51.49 Benchmark Returns (%) # 7.77 6.47 -0.20 -8.42 -22.51 Additional Benchmark Returns (%) ## 7.71 6.53 1.33 -6.03 -22.34




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 19 Last 1 Year -45.70 -19.17 -18.57 5,430 8,083 8,143May 31, 17 Last 3 Years -20.59 -0.93 1.23 5,010 9,725 10,372May 29, 15 Last 5 Years -10.14 3.62 3.93 5,854 11,951 12,126Mar 10, 08 Since Inception -0.38 7.05 7.09 9,548 22,998 23,114

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 58. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 72.




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 7.95




• REC Ltd. Finance 3.49

• JMC Projects (India) Ltd. Construction 3.47

• J.Kumar Infraprojects Ltd. Construction 3.37

• Centum Electronics Ltd. Industrial Capital Goods 3.33





Dilip Buildcon Ltd. Construction Project 2.60

Texmaco Rail & engineering Ltd. Industrial Capital Goods 2.59





Ashoka Buildcon Ltd. Construction Project 1.70

Dynamatic Technologies Ltd. Auto Ancillaries 1.57


Premier explosives Ltd. Chemicals 1.50

Siemens Ltd. Industrial Capital Goods 0.83


MeP Infrastructure Developers Ltd. Transportation 0.66

B L Kashyap & Sons Ltd. Construction 0.43

Simplex Infrastructures Ltd. Construction 0.41

Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) Construction Project 0.39



Sub Total 96.60


Grand Total 100.00


PORTFOLIO


1.50

1.57

1.84

2.22

2.75

3.57

7.57

7.68

8.63

9.13

15.35

16.33

18.46

0 2 4 6 8 10 12 14 16 18 20

Chemicals

Auto Ancillaries

Non - Ferrous Metals

Ferrous Metals

Petroleum Products

Transportation

Minerals/Mining

Construction


Finance

Power


Banks

May 2020 15

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












Reliance Industries Ltd. Petroleum Products 2.85











NHPC Ltd. Power 0.83


Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.76

Mishra Dhatu Nigam Ltd. Ferrous Metals 0.74

Jindal Steel & Power Ltd. Ferrous Metals 0.70



Just Dial Ltd. Software 0.60


Apollo Tyres Ltd. Auto Ancillaries 0.50





Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 0.35

Spicejet Ltd. Transportation 0.34

NLC India Ltd. Power 0.29

Lakshmi Machine Works Ltd. Industrial Capital Goods 0.25

Savita Oil Technologies Ltd. Petroleum Products 0.24


Apar Industries Ltd. Industrial Capital Goods 0.21

Ashoka Buildcon Ltd. Construction Project 0.20

InterGlobe Aviation Ltd. Transportation 0.16

Orient Cement Ltd. Cement 0.15

Siemens Ltd. Industrial Capital Goods 0.15


J.Kumar Infraprojects Ltd. Construction 0.12

Union Bank of India Banks 0.12

Gujarat Industries Power Company Ltd. Power 0.11

RITeS Ltd. engineering Services 0.11

JMC Projects (India) Ltd. Construction 0.09

Kirloskar Pneumatic Ltd. Industrial Products 0.09

Time Technoplast Ltd. Industrial Products 0.08

Bharat Dynamics Ltd. Aerospace & Defence 0.06

Dynamatic Technologies Ltd. Auto Ancillaries 0.05

Sagar Cements Ltd. Cement 0.05




Sterling and Wilson Solar Construction Project 0.03



Ramco Systems Ltd. Software 0.02

S Chand and Company Ltd. Media & entertainment 0.01

Sub Total 80.58

DEBT & DEBT RElATED

CREDIT EXPOSURE

• State Bank of India CARE - AA+ / CRISIL - AA+ 5.11

Canara Bank CARE - A+ / CRISIL - AA 2.42

Punjab National Bank IND - A 1.67

ICICI Bank Ltd. CARE - AA+ / ICRA - AA+ 1.33

Bank of Baroda CRISIL - AA+ 1.17

Union Bank of India CARE - A+ / CARE - AA- 0.96

HDFC Bank Ltd. CARE - AA+ 0.78

Prism Johnson Ltd. ICRA - A- / IND - A 0.72

Vedanta Ltd. CRISIL - AA 0.49

Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.45

Muthoot Finance Ltd. ICRA - AA 0.44

Bajaj electricals Ltd. ICRA - A- 0.38

Tata Steel Ltd. CARe - AA / CARe - AA- 0.33

Coastal Gujarat Power Ltd. (Corporate Guarantee of Tata Power) CARe - AA(Ce) 0.23

Fullerton India Credit Company Ltd. CRISIL - AAA 0.15

Axis Bank Ltd. CRISIL - AA+ 0.07

Sub Total 16.70

MUTUAl FUND UNITS

HDFC SeNSex Exchange Traded Fund 0.03

Sub Total 0.03


Grand Total 100.00


PORTFOLIO

KEY FACTS


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


FUND MANAgER ¥

Prashant Jain (since June 20, 2003)§


INCEPTION DATE ¤February 01, 1994





qUANTITATIVE DATAPortfolio Turnover Ratio 36.54%Average Maturity * 1.84 yearsMacaulay Duration * 1.66 yearsModified Duration * 1.53 yearsYield to Maturity * 8.87%

* 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 May 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) 3,160.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) $$ 48,151.91 4,039.69 1,670.38 575.03 309.69 103.06 Returns (%) $$ 17.10 10.07 6.44 -1.67 -9.57 -25.37 Benchmark Returns (%) # N.A. 8.96 7.87 4.84 0.69 -9.28 Additional Benchmark Returns (%) ## 11.47 8.35 6.53 1.33 -6.03 -22.34



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##May 31, 19 Last 1 Year -21.98 -7.22 -18.57 7,802 9,278 8,143May 31, 17 Last 3 Years -3.14 4.42 1.23 9,089 11,383 10,372May 29, 15 Last 5 Years 2.94 6.11 3.93 11,560 13,453 12,126Feb 01, 94 Since Inception 16.77 N.A. 9.29 594,016 N.A. 103,789

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 58. 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. 65. For FPI Portfolio, refer page no. 73.


Portfolio Classification By Asset Class (%)

n equity 80.58

n Credit exposure 16.70

n Mutual Fund Units 0.03

n Cash, Cash equivalents and Net Current Assets 2.69

Portfolio Classification By Rating Class (%)

n equity 80.58n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 0.60n AA+ 8.46n AA/AA- 4.32n A+ & Below 3.32n Mutual Fund Units 0.03n Cash, Cash equivalents and Net

Current Assets 2.69

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


0.010.110.170.210.410.550.610.650.760.940.941.311.47

3.064.635.095.185.195.49

6.927.33

11.7317.82

0 2 4 6 8 10 12 14 16 18 20

Media & EntertainmentEngineering Services

Industrial ProductsConstruction

Aerospace & DefenceAuto Ancillaries

Telecom - Equipment & AccessoriesNon - Ferrous Metals

FertilisersIndustrial Capital Goods

TransportationCement

GasFerrous Metals

Minerals/MiningFinance

PharmaceuticalsSoftware

Consumer Non DurablesConstruction ProjectPetroleum Products

PowerBanks

May 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 5.17





Aarti Industries Ltd. Chemicals 2.67

Bharti Airtel Ltd. Telecom - Services 2.26


Atul Ltd. Chemicals 1.69

UPL Ltd. Pesticides 1.61

State Bank of India Banks 1.60

Power Grid Corporation of India Ltd. Power 1.56


SKF India Ltd. Industrial Products 1.39



KeC International Ltd. Construction Project 0.99


Hexaware Technologies Ltd. Software 0.66

Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 0.66

Mahindra Holidays & Resorts Ind Ltd.


Ipca Laboratories Ltd. Pharmaceuticals 0.61


Indusind Bank Ltd. Banks 0.51

PNC Infratech Ltd. Construction 0.49


Redington (India) Ltd. Transportation 0.45

Tube Investments of India Ltd. Auto Ancillaries 0.35


Cholamandalam Financial Holdings Ltd. Finance 0.33

Vardhman Textiles Ltd. Textiles - Cotton 0.31

Tamilnadu Newsprint & Papers Ltd. Paper 0.28

Carborundum Universal Ltd. Industrial Products 0.26

Sharda Cropchem Ltd. Pesticides 0.23


Persistent Systems Ltd. Software 0.16

Tata Motors Ltd. DVR Auto 0.15

Zensar Technologies Ltd. Software 0.14

Navneet education Ltd. Media & entertainment 0.13

Sadbhav engineering Ltd. Construction Project 0.13

Jagran Prakashan Ltd. Media & entertainment 0.12

Greenply Industries Ltd. Consumer Durables 0.09

Arti Surfactants Ltd. Chemicals 0.06

IFB Industries Ltd. Consumer Durables 0.06

MM Forgings Ltd. Industrial Products 0.06

Atul Auto Ltd. Auto 0.04

Insecticides (India) Ltd. Pesticides 0.02

Sub Total 68.39

DEBT & DEBT RElATED

gOVERNMENT SECURITIES (CENTRAl/STATE)

7.16 GOI 2023 Sovereign 1.90










SUB TOTAL 6.94

(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) 6.20%Average Maturity * 2.75 yearsMacaulay Duration * 2.26 yearsModified Duration * 2.11 yearsYield to Maturity * 7.19%

* Computed on the invested amount for debt portfolio.





EXIT lOAD

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





PLANS & OPTIONS




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

Large Cap 53.69%Mid Cap 9.49%Small Cap 5.21%


18 May 2020


CREDIT EXPOSURE

• Tata Sons Ltd. CRISIL - AAA 4.75

• LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 3.07


National Bank for Agriculture & Rural Development CRISIL - AAA 2.17


Power Finance Corporation Ltd. CRISIL - AAA / ICRA - AAA 1.43

ReC Ltd. CARe - AAA / CRISIL - AAA / IND - AAA 0.87

Shriram Transport Finance Company Ltd.

CRISIL - AA+ / IND - AA+ 0.80

KeC International Ltd. ICRA - AA- 0.71


Shriram City Union Finance Ltd. CRISIL - AA 0.58

The Tata Power Company Ltd. CRISIL - AA- 0.55

Bajaj electricals Ltd. ICRA - A- 0.54


Muthoot Finance Ltd. CRISIL - AA / ICRA - AA 0.51

Tata Steel Ltd. CARe - AA- 0.48

HDFC Bank Ltd. CRISIL - AAA 0.34

State Bank of India CRISIL - AA+ 0.32

Canara Bank CARE - A+ 0.19

Oriental Bank of Commerce CARE - A+ 0.19

ICICI Bank Ltd. CARe - AAA 0.17

Kalpataru Power Transmission Ltd. CRISIL - AA 0.16

Union Bank of India CARE - A+ 0.13

Hindalco Industries Ltd. CRISIL - AA 0.07

Sub Total 22.31

Total 29.25

MUTUAl FUND UNITS

HDFC NIFTY 50 Exchange Traded Fund 0.81

Sub Total 0.81


gRAND TOTAl 100.00

l Top Ten Holdings, £ Co-sponsor


Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,370.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 10,734.89 4,387.63 1,831.07 597.67 321.05 106.32 Returns (%) 13.56 11.05 8.20 -0.15 -7.33 -20.68 Benchmark Returns (%) # N.A. 8.96 7.87 4.84 0.69 -9.28 Additional Benchmark Returns (%) ## 12.06 8.35 6.53 1.33 -6.03 -22.34




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 19 Last 1 Year -16.93 -7.22 -18.57 8,307 9,278 8,143May 31, 17 Last 3 Years -1.42 4.42 1.23 9,580 11,383 10,372May 29, 15 Last 5 Years 4.01 6.11 3.93 12,177 13,453 12,126Sep 11, 00 Since Inception 13.94 N.A. 11.56 131,143 N.A. 86,539

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 58. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 65.



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 68.39

G-Sec 6.94

Credit exposure 22.31

Mutual Fund Units 0.81Cash, Cash equivalents and Net Current Assets 1.55

PORTFOlIO ClASSIFICATION BY RATINg ClASS (%)

n equity 68.39n Sovereign 6.94n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 12.80n AA+ 3.31n AA/AA- 4.54n A+ & Below 1.66n Mutual Fund Units 0.81n Cash, Cash equivalents and Net

Current Assets 1.55

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


0.150.190.250.280.310.350.450.490.611.131.291.471.711.761.862.263.354.104.424.455.505.51

7.1719.33

0 5 10 15 20 25Consumer Durables

AutoMedia & Entertainment

PaperTextiles - CottonAuto AncillariesTransportation

ConstructionNon - Ferrous Metals

Ferrous MetalsHotels, Resorts And Other Recreational Activities

Industrial Capital GoodsIndustrial Products

PowerPesticides

Telecom - ServicesConsumer Non Durables

PharmaceuticalsChemicals

Construction ProjectFinance

Petroleum ProductsSoftware

Banks

May 2020 19


Since Inception SIP

10 year SIP

5 Year SIP

3 Year SIP

1 Year SIP

Total Amount Invested (` ‘000) 1,780.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 3,043.46 1,572.79 616.03 345.98 113.28 Returns (%) 6.88 5.29 1.04 -2.57 -10.34 Benchmark Returns (%) # N.A. N.A. 6.22 3.23 -4.63 Additional Benchmark Returns (%) ## 8.20 6.53 1.33 -6.03 -22.34




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 19 Last 1 Year -8.26 -2.52 -18.57 9,174 9,748 8,143May 31, 17 Last 3 Years 0.59 5.85 1.23 10,179 11,859 10,372May 29, 15 Last 5 Years 3.84 6.82 3.93 12,073 13,912 12,126Aug 17, 05 Since Inception 7.69 N.A. 11.16 29,905 N.A. 47,839

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. Accordingly, the Scheme’s benchmark has also changed. Hence, the performance of the Scheme from inception till May 22, 2018 may not strictly be comparable with those of the new benchmark and the additional benchmark. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments and gold. For performance of other schemes managed by Chirag Setalvad (equities), Anil Bamboli (Debt) and Krishan Kumar Daga (Gold), please refer page 58. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 72.



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

related instruments, debt & money market instruments and Gold

Riskometer




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


0.110.190.330.430.510.771.221.39

2.783.073.153.65

5.165.295.665.99

6.719.07

12.49

0 2 4 6 8 10 12 14Non Ferrous Metals

Media & EntertainmentAuto

Ferrous MetalsPesticides

PowerTransportation

Telecom Services Industrial Products

Consumer DurablesAuto Ancillaries

Industrial Capital GoodsConstruction Project

Consumer Non DurablesFinance

ChemicalsPetroleum Products

SoftwareBanks

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 ¥

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

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

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


INCEPTION DATE (Date of Allotment)August 17, 2005



qUANTITATIVE DATAPortfolio Turnover Ratio 16.12%


#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 67.97


n Gold ETF 16.73



n equity 67.97n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 2.45n AA/AA- 6.49n A+ & Below 2.25n Gold ETF 16.73n Cash, Cash equivalents and Net

Current Assets 4.11

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

CATEgORY OF SCHEME: MULTI ASSET ALLOCATION FUND

20 May 2020

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

% exposure of Derivative


• HDFC Bank Ltd. Banks 6.25 0.00

• Reliance Industries Ltd. Petroleum Products 5.57 0.00

• ICICI Bank Ltd. Banks 4.30 0.00

• Housing Development Finance Corporation Ltd.£ Finance 4.02 0.00

• ITC Ltd. Consumer Non Durables 3.68 0.00

• Infosys Ltd. Software 3.06 0.00

• Larsen and Toubro Ltd. Construction Project 2.81 0.00

• Alkyl Amines Chemicals Ltd. Chemicals 2.75 0.00

NIIT Technologies Ltd. Software 2.26 0.00

Bajaj electricals Ltd. Consumer Durables 1.98 0.00

Aarti Industries Ltd. Chemicals 1.79 0.00

Oracle Financial Services Software Ltd. Software 1.73 0.00

SBI Cards and Payment Services Ltd. Finance 1.64 0.00

Bharat electronics Ltd. Industrial Capital Goods 1.59 0.00

Balkrishna Industries Ltd. Auto Ancillaries 1.58 0.00

engineers India Ltd. Construction Project 1.54 0.00

State Bank of India Banks 1.51 0.00

Bharti Airtel Ltd. Telecom - Services 1.39 0.00

Timken India Ltd. Industrial Products 1.33 0.00

Firstsource Solutions Ltd. Software 1.22 0.00

Redington (India) Ltd. Transportation 1.22 0.00

La Opala RG Ltd. Consumer Durables 1.09 0.00

emami Ltd. Consumer Non Durables 1.06 0.00

Oriental Carbon & Chemicals Ltd. Chemicals 1.02 0.00

Voltamp Transformers Ltd. Industrial Capital Goods 0.97 0.00

Suprajit engineering Ltd. Auto Ancillaries 0.91 0.00

The Anup engineering Ltd. Industrial Capital Goods 0.89 0.00

Bharat Petroleum Corporation Ltd. Petroleum Products 0.85 0.00

KeC International Ltd. Construction Project 0.81 0.00

Sonata Software Ltd. Software 0.80 0.00

Power Grid Corporation of India Ltd. Power 0.77 0.00



Gabriel India Ltd. Auto Ancillaries 0.66 0.00

Vesuvius India Ltd. Industrial Products 0.57 0.00

VST Industries Ltd. Consumer Non Durables 0.55 0.00

Carborundum Universal Ltd. Industrial Products 0.52 0.00

Sharda Cropchem Ltd. Pesticides 0.51 0.00

Axis Bank Ltd. Banks 0.43 0.00

Tata Steel Ltd. Ferrous Metals 0.43 0.00

Gujarat Fluorochemicals Ltd. Chemicals 0.40 0.00

Shaily engineering Plastics Ltd. Industrial Products 0.36 0.00

Tata Motors Ltd. DVR Auto 0.33 0.00

Savita Oil Technologies Ltd. Petroleum Products 0.29 0.00

Apar Industries Ltd. Industrial Capital Goods 0.20 0.00

Jagran Prakashan Ltd. Media & entertainment 0.19 0.00

Vedanta Ltd. Non - Ferrous Metals 0.11 0.00

Arti Surfactants Ltd. Chemicals 0.03 0.00

Sub Total 67.97

DEBT & DEBT RElATED

CREDIT EXPOSURE

• Vedanta Ltd. CRISIL - AA 4.23

Power Finance Corporation Ltd. CRISIL - AAA 2.45

Union Bank of India CARe - AA- 2.26

TATA International Ltd. CARe - A 2.25

Sub Total 11.19

MUTUAl FUND UNITS

• HDFC Gold Exchange Traded Fund 16.73

Sub Total 16.73

OTHERS


Sub Total 4.11

Grand Total 100.00



(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

May 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 MAY 29, 2020) NAV PER UNIT (`)Growth Option 1,007.08

ASSETS UNDER MANAgEMENT j (`) IN CROREAs on May 31, 2020 387.11Average for Month of May 2020 372.44


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

TOTAL ExPENSE RATIO (As on May 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 58.

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 May 31, 2020 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 19 Last 1 Year -18.83 -18.57 -17.36 8,117 8,143 8,264

May 31, 17 Last 3 Years 1.09 1.23 2.64 10,331 10,372 10,813

Dec 09, 15 Since Inception 6.45 6.63 7.27 13,229 13,329 13,687

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 58.


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. 127.51 Crores

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








• Tata Consultancy Services Ltd. Software 5.19


• Kotak Mahindra Bank Ltd. Banks 4.11

• Hindustan Unilever Ltd. Consumer Non Durables 3.68

• Bharti Airtel Ltd. Telecom - Services 3.10

Larsen and Toubro Ltd. Construction Project 2.89


Asian Paints Ltd. Consumer Non Durables 1.90

Maruti Suzuki India Ltd. Auto 1.87

Nestle India Ltd. Consumer Non Durables 1.57


HCL Technologies Ltd. Software 1.50

Bajaj Finance Ltd. Finance 1.30


Dr Reddys Laboratories Ltd. Pharmaceuticals 1.24

NTPC Ltd. Power 1.19

UltraTech Cement Ltd. Cement 1.13

Mahindra & Mahindra Ltd. Auto 1.05


Britannia Industries Ltd. Consumer Non Durables 1.00

Titan Company Ltd. Consumer Durables 0.93

Bajaj Auto Ltd. Auto 0.88


Tech Mahindra Ltd. Software 0.82

Wipro Ltd. Software 0.79

Hero MotoCorp Ltd. Auto 0.77

Oil & Natural Gas Corporation Ltd. Oil 0.76


Shree Cement Ltd. Cement 0.70


Bajaj Finserv Ltd. Finance 0.67

Adani Ports & Special economic Zone Transportation 0.63



eicher Motors Ltd. Auto 0.58

Grasim Industries Ltd. Cement 0.58



Indian Oil Corporation Ltd. Petroleum Products 0.53

Hindalco Industries Ltd. Non - Ferrous Metals 0.51


JSW Steel Ltd. Ferrous Metals 0.47



Zee entertainment enterprises Ltd. Media & entertainment 0.42

Tata Motors Ltd. Auto 0.39

Yes Bank Ltd. Banks @

Sub Total 99.93


Grand Total 100.00

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

PORTFOLIO


0.420.430.490.560.630.740.760.930.931.032.202.412.893.103.35

5.549.16

12.4713.0914.64

24.16

0 5 10 15 20 25 30Media & Entertainment

GasTelecom - Equipment & Accessories

PesticidesTransportation

Minerals/MiningOil

Non - Ferrous MetalsConsumer Durables

Ferrous MetalsPower

CementConstruction Project

Telecom - ServicesPharmaceuticals

AutoFinance


SoftwareBanks

22 May 2020

CATEgORY OF SCHEME: INDEx FUND


EqUITY & EqUITY RElATED• Reliance Industries Ltd. Petroleum Products 11.84• HDFC Bank Ltd. Banks 10.31• Housing Development

Finance Corporation Ltd.£ Finance 7.17• Infosys Ltd. Software 6.33• ICICI Bank Ltd. Banks 5.37• Tata Consultancy Services Ltd. Software 5.18• ITC Ltd. Consumer Non Durables 4.31• Kotak Mahindra Bank Ltd. Banks 4.10• Hindustan Unilever Ltd. Consumer Non Durables 3.68• Bharti Airtel Ltd. Telecom - Services 3.09Larsen and Toubro Ltd. Construction Project 2.88Axis Bank Ltd. Banks 2.17Asian Paints Ltd. Consumer Non Durables 1.90Maruti Suzuki India Ltd. Auto 1.86Nestle India Ltd. Consumer Non Durables 1.56State Bank of India Banks 1.55HCL Technologies Ltd. Software 1.49Bajaj Finance Ltd. Finance 1.29Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.28Dr Reddys Laboratories Ltd. Pharmaceuticals 1.23NTPC Ltd. Power 1.19UltraTech Cement Ltd. Cement 1.13Mahindra & Mahindra Ltd. Auto 1.04Power Grid Corporation of India Ltd. Power 1.01Britannia Industries Ltd. Consumer Non Durables 1.00Titan Company Ltd. Consumer Durables 0.93Bajaj Auto Ltd. Auto 0.88Cipla Ltd. Pharmaceuticals 0.82Tech Mahindra Ltd. Software 0.82Wipro Ltd. Software 0.79Hero MotoCorp Ltd. Auto 0.77Oil & Natural Gas Corporation Ltd. Oil 0.76Coal India Ltd. Minerals/Mining 0.74Shree Cement Ltd. Cement 0.70Bharat Petroleum Corporation Ltd. Petroleum Products 0.69Bajaj Finserv Ltd. Finance 0.67Adani Ports & Special economic Zone Transportation 0.63Indusind Bank Ltd. Banks 0.59eicher Motors Ltd. Auto 0.58


Grasim Industries Ltd. Cement 0.58Tata Steel Ltd. Ferrous Metals 0.56UPL Ltd. Pesticides 0.56Indian Oil Corporation Ltd. Petroleum Products 0.53Hindalco Industries Ltd. Non - Ferrous Metals 0.51Bharti Infratel Ltd. Telecom - equipment

& Accessories 0.49JSW Steel Ltd. Ferrous Metals 0.47GAIL (India) Ltd. Gas 0.43Vedanta Ltd. Non - Ferrous Metals 0.42Zee entertainment enterprises Ltd. Media & entertainment

0.42

Tata Motors Ltd. Auto 0.39Yes Bank Ltd. Banks @Sub Total 99.69Cash, Cash equivalents and Net Current Assets 0.31Grand 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 87.3822Direct Plan - Growth Option 88.5008



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) 2,150.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 5,363.55 3,131.84 1,620.72 610.60 324.39 104.59 Returns (%) 9.40 7.02 5.87 0.69 -6.68 -23.18 Benchmark Returns (%) # 11.35 8.35 6.53 1.33 -6.03 -22.34 Additional Benchmark Returns (%) ## 11.92 8.71 7.04 2.36 -4.75 -22.57




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 19 Last 1 Year -19.25 -18.57 -17.36 8,075 8,143 8,264May 31, 17 Last 3 Years 0.69 1.23 2.64 10,208 10,372 10,813May 29, 15 Last 5 Years 3.41 3.93 4.48 11,830 12,126 12,451Jul 17, 02 Since Inception 12.69 14.87 15.54 84,623 119,247 132,278

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 58. 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 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


0.420.430.490.560.630.740.760.930.931.032.202.412.883.093.33

5.529.13

12.4513.06

14.6124.09

0 5 10 15 20 25 30Media & Entertainment

GasTelecom - Equipment & Accessories

PesticidesTransportation

Minerals/MiningOil

Non - Ferrous MetalsConsumer Durables

Ferrous MetalsPower

CementConstruction Project

Telecom - ServicesPharmaceuticals

AutoFinance


SoftwareBanks

May 2020 23

CATEgORY OF SCHEME: ExCHANGE TRADED FUND

KEY FACTS

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

FUND MANAgERKrishan Kumar Daga (since December 09, 2015)


INCEPTION DATE (Date of Allotment)December 09, 2015

NAV (AS ON MAY 29, 2020) NAV PER UNIT (`)Growth Option 3,425.38

ASSETS UNDER MANAgEMENT j (`) IN CROREAs on May 31, 2020 89.35Average for Month of May 2020 85.22


TRACKINg ERRORAnnualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.09%

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

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

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

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

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

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

the NSe and BSe during the trading hours on all trading days. Refer SID for further details.For further details, please refer to para ‘Exit Load’ on Pg 58.

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 May 31, 2020 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 19 Last 1 Year -17.41 -17.36 -18.57 8,259 8,264 8,143

May 31, 17 Last 3 Years 2.60 2.64 1.23 10,798 10,813 10,372


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 58.


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. 25.65 Crores

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


































Sub Total 99.74


Grand Total 100.00


PORTFOLIO


0.64

0.75

1.07

1.26

1.48

2.27

3.27

3.82

5.25

9.59

13.35

14.11

16.05

26.83

0 5 10 15 20 25 30

Ferrous Metals

Oil

Consumer Durables

Cement

Pharmaceuticals

Power


Telecom - Services

Auto

Finance

Petroleum Products


Software

Banks

24 May 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

Krishan Kumar Daga (since October 19, 2015)



July 17, 2002


Regular Plan - Growth Option 288.0004Direct Plan - Growth Option 292.2297



qUANTITATIVE DATA


TRACKINg ERROR

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



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


EXIT lOAD

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

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


PLANS & OPTIONS

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




Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,150.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 5,610.73 3,222.78 1,664.10 627.23 330.86 104.48 Returns (%) 9.84 7.36 6.37 1.75 -5.43 -23.34 Benchmark Returns (%) # 11.92 8.71 7.04 2.36 -4.75 -22.57 Additional Benchmark Returns (%) ## 11.35 8.35 6.53 1.33 -6.03 -22.34




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 19 Last 1 Year -18.00 -17.36 -18.57 8,200 8,264 8,143May 31, 17 Last 3 Years 2.05 2.64 1.23 10,627 10,813 10,372May 29, 15 Last 5 Years 4.02 4.48 3.93 12,182 12,451 12,126Jul 17, 02 Since Inception 13.04 15.54 14.87 89,550 132,278 119,247

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 58. 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 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 99.81


Grand Total 100.00


PORTFOLIO


0.64

0.75

1.07

1.26

1.48

2.27

3.27

3.82

5.25

9.60

13.36

14.13

16.07

26.84

0 5 10 15 20 25 30

Ferrous Metals

Oil

Consumer Durables

Cement

Pharmaceuticals

Power


Telecom - Services

Auto

Finance

Petroleum Products


Software

Banks

May 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








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) 2,900.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) $$ 50,705.62 3,306.89 1,492.40 530.99 288.11 101.28 Returns (%) $$ 19.64 7.68 4.27 -4.80 -14.00 -27.90 Benchmark Returns (%) # 12.87 8.22 6.47 -0.20 -8.42 -22.51 Additional Benchmark Returns (%) ## 11.92 8.35 6.53 1.33 -6.03 -22.34



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

May 31, 19 Last 1 Year -25.78 -19.17 -18.57 7,422 8,083 8,143May 31, 17 Last 3 Years -6.77 -0.93 1.23 8,104 9,725 10,372May 29, 15 Last 5 Years 0.08 3.62 3.93 10,042 11,951 12,126Mar 31, 96 Since Inception 21.00 12.29 11.17 1,002,694 165,090 129,557

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 58. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 65. 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• ICICI Bank Ltd. Banks 7.76• NTPC Ltd. Power 7.74• Reliance Industries Ltd. Petroleum Products 7.51• Infosys Ltd. Software 7.18• HDFC Bank Ltd. Banks 6.65• Larsen and Toubro Ltd. Construction Project 5.29• Bharat Petroleum

Corporation Ltd. Petroleum Products 5.24• ITC Ltd. Consumer Non Durables 4.91• State Bank of India Banks 4.85• Cipla Ltd. Pharmaceuticals 3.93GAIL (India) Ltd. Gas 3.43Bharti Airtel Ltd. Telecom - Services 2.64Tata Steel Ltd. Ferrous Metals 2.39Power Grid Corporation of India Ltd. Power 2.28Coal India Ltd. Minerals/Mining 2.11NHPC Ltd. Power 2.06Vedanta Ltd. Non - Ferrous Metals 1.93Oracle Financial Services Software Ltd. Software 1.88Axis Bank Ltd. Banks 1.81Aurobindo Pharma Ltd. Pharmaceuticals 1.47Lupin Ltd. Pharmaceuticals 1.38Bharat electronics Ltd. Industrial Capital Goods 1.17Solar Industries India Ltd. Chemicals 1.14Ambuja Cements Ltd. Cement 1.07L&T Technology Services Ltd. Software 1.01Mahanagar Gas Ltd. Gas 0.98Max Financial Services Ltd. Finance 0.82InterGlobe Aviation Ltd. Transportation 0.81Hindustan Petroleum Corporation Ltd. Petroleum Products 0.79Gujarat Pipavav Port Ltd. Transportation 0.78Kalpataru Power Transmission Ltd. Power 0.54Tata Motors Ltd. DVR Auto 0.52Tata Motors Ltd. Auto 0.45Shriram Transport Finance Company Ltd. Finance 0.40BeML Ltd. Industrial Capital Goods 0.35Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.32eClerx Services Ltd. Software 0.30Power Finance Corporation Ltd. Finance 0.24Sadbhav engineering Ltd. Construction Project 0.20Persistent Systems Ltd. Software 0.13ITD Cementation India Ltd. Construction 0.12

Company Industry+ % to NAVHindustan Construction Company Ltd. Construction Project 0.11Dynamatic Technologies Ltd. Auto Ancillaries 0.09CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.07Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) Construction Project 0.06Somany Home Innovation Ltd. Construction 0.05MPS Ltd. Software 0.03SBI Cards and Payment Services Ltd. Finance 0.03Siti Networks Ltd. Media & entertainment 0.02Sub Total 97.04DEBT & DEBT RElATEDCREDIT EXPOSURE Muthoot Finance Ltd. ICRA - AA 0.43Punjab National Bank IND - A 0.42Sub Total 0.85Cash, Cash equivalents and Net Current Assets 2.11Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.020.090.170.971.071.141.491.591.591.932.112.392.64

4.414.915.66

7.1010.53

12.6213.54

21.07

0 5 10 15 20 25Media & Entertainment

Auto AncillariesConstruction

AutoCement

ChemicalsFinance

Industrial Capital GoodsTransportation

Non Ferrous Metals-Minerals/Mining

Ferrous MetalsTelecom Services

GasConsumer Non Durables

Construction ProjectPharmaceuticals

SoftwarePower

Petroleum ProductsBanks

26 May 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 106.051Direct Plan 112.630



qUANTITATIVE DATA

Portfolio Turnover Ratio (Last 1 year) 11.87%Average Maturity * 2.91 yearsMacaulay Duration * 2.39 yearsModified Duration * 2.23 yearsYield to Maturity * 7.37%* 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 2.00

Bharti Airtel Ltd. Telecom - Services 1.96

Britannia Industries Ltd. Consumer Non Durables 1.95

Aurobindo Pharma Ltd. Pharmaceuticals 1.58



Oracle Financial Services Software Ltd. Software 1.34


Ipca Laboratories Ltd. Pharmaceuticals 1.09

Hexaware Technologies Ltd. Software 1.01

Aster DM Healthcare Ltd. Healthcare Services 1.00


Balkrishna Industries Ltd. Auto Ancillaries 0.93

AIA engineering Ltd. Industrial Products 0.92


Larsen & Toubro Infotech Ltd. Software 0.86

Apollo Tyres Ltd. Auto Ancillaries 0.83

Cholamandalam Investment & Finance Finance 0.81

Finolex Industries Ltd. Industrial Products 0.80

Motherson Sumi Systems Ltd. Auto Ancillaries 0.72

Century Plyboards (India) Ltd. Consumer Durables 0.70

Mahindra Holidays & Resorts Ind Ltd.


Schaeffler India Ltd. Industrial Products 0.64

Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 0.63




VST Industries Ltd. Consumer Non Durables 0.58

Voltamp Transformers Ltd. Industrial Capital Goods 0.56



Sonata Software Ltd. Software 0.45

PNC Infratech Ltd. Construction 0.44

Swaraj engines Ltd. Industrial Products 0.44


Voltas Ltd. Consumer Durables 0.41


Vesuvius India Ltd. Industrial Products 0.39


Blue Star Ltd. Consumer Durables 0.35

Supreme Industries Ltd. Industrial Products 0.31


Cholamandalam Financial Holdings Ltd. Finance 0.29

Navneet education Ltd. Media & entertainment 0.28

eClerx Services Ltd. Software 0.25

eIH Ltd. Hotels/Resorts & Other Recreational Activities 0.24

IFB Industries Ltd. Consumer Durables 0.24


Nilkamal Ltd. Industrial Products 0.23

Prince Pipes and Fittings Ltd. Industrial Products 0.19

V.S.T Tillers Tractors Ltd. Auto 0.19

Indian Bank Banks 0.11



Yes Bank Ltd. Banks 0.03

Jyoti Structures Ltd. Power @

Sub Total 65.88

DEBT & DEBT RElATED





PORTFOLIO

May 2020 27


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


Mkt Value As on May 29, 2020 (` ‘000) $ 9,814.57 4,505.56 1,894.07 621.04 331.11 108.65

Returns (%) $ 13.38 11.36 8.84 1.36 -5.38 -17.26

Benchmark Returns (%) # N.A. 8.96 7.87 4.84 0.69 -9.28

Additional Benchmark Returns (%) ## 12.04 8.35 6.53 1.33 -6.03 -22.34

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(`)##

May 31, 19 Last 1 Year -13.70 -7.22 -18.57 8,630 9,278 8,143

May 31, 17 Last 3 Years 0.56 4.42 1.23 10,169 11,383 10,372

May 29, 15 Last 5 Years 4.85 6.11 3.93 12,677 13,453 12,126

Mar 02, 01 Since Inception 14.60 N.A. 12.49 137,866 N.A. 96,455

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. 65.



l capital appreciation over long term.

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

Riskometer





equity 65.88

G-Sec 5.43

Credit exposure 22.69



equity 65.88

Sovereign 5.43

AAA/AAA(SO)/A1+/A1+(SO) & equivalent 10.33

AA+ 12.36


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






Sub Total 5.43

CREDIT EXPOSURE

• Housing Development Finance Corporation Ltd.£ CRISIL - AAA 4.62

• Axis Bank Ltd. CRISIL - AA+ 3.55

• Shriram Transport Finance Company Ltd. CRISIL - AA+ 3.51

• Bank of Baroda CRISIL - AA+ 3.45

LIC Housing Finance Ltd. CRISIL - AAA 1.89


ICICI Bank Ltd. CARE - AA+ 1.45

L&T Infrastructure Finance Ltd. CRISIL - AAA 1.44

State Bank of India CRISIL - AA+ / CRISIL - AAA 1.36

Tata Sons Ltd. CRISIL - AAA 1.32


Britannia Industries Ltd. CRISIL - AAA 0.02

Sub Total 22.69

Total 28.12


Grand Total 100.00


PORTFOLIOIndustry Allocation of Equity Holding (% of Net Assets)

0.19

0.31

0.37

0.38

0.44

0.91

1.00

1.32

1.51

1.56

1.70

1.96

2.18

2.67

2.95

4.84

5.30

6.81

6.82

10.15

12.51

0 2 4 6 8 10 12 14

Auto

Non Ferrous Metals

Media & Entertainment

Ferrous Metals

Construction

Power

Healthcare Services

Pesticides

Hotels, Resorts And Other Recreational Activities


Consumer Durables

Telecom Services


Pharmaceuticals

Auto Ancillaries

Industrial Products


Finance

Petroleum Products

Software

Banks

28 May 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




As on May 31, 2020 767.42Average for Month of May 2020 740.14

qUANTITATIVE DATA

Portfolio Turnover Ratio 19.71%





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 (`)#


(`)##

May 31, 19 Last 1 Year -19.32 -19.17 -18.57 8,068 8,083 8,143May 31, 17 Last 3 Years -2.14 -0.93 1.23 9,371 9,725 10,372Feb 25, 16 Since Inception 8.21 8.55 9.20 13,995 14,186 14,547

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 58. 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. 72.


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

l investment predominantly in equity and equity related instruments.

Riskometer




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

(A notified Tax Savings Cum Pension Scheme)

Company Industry+ / Rating % to NAVEqUITY & EqUITY RElATED• HDFC Bank Ltd. Banks 7.22• Reliance Industries Ltd. Petroleum Products 6.83• Housing Development

Finance Corporation Ltd.£ Finance 5.30• ITC Ltd. Consumer Non Durables 4.89• Infosys Ltd. Software 4.39• ICICI Bank Ltd. Banks 4.15• Larsen and Toubro Ltd. Construction Project 2.81• Aurobindo Pharma Ltd. Pharmaceuticals 2.47• Timken India Ltd. Industrial Products 2.21Aarti Industries Ltd. Chemicals 2.14JB Chemicals & Pharmaceuticals Ltd. Pharmaceuticals 2.00Balkrishna Industries Ltd. Auto Ancillaries 1.72Hindustan Petroleum Corporation Ltd. Petroleum Products 1.70Bajaj electricals Ltd. Consumer Durables 1.68Bharat electronics Ltd. Industrial Capital Goods 1.49Oracle Financial Services Software Ltd. Software 1.46State Bank of India Banks 1.43Mahindra Holidays & Resorts Ind Ltd.


Voltamp Transformers Ltd. Industrial Capital Goods 1.40PNC Infratech Ltd. Construction 1.39UPL Ltd. Pesticides 1.32Atul Ltd. Chemicals 1.29engineers India Ltd. Construction Project 1.25NIIT Technologies Ltd. Software 1.23Chambal Fertilizers & Chemicals Ltd. Fertilisers 1.20KeC International Ltd. Construction Project 1.19Power Grid Corporation of India Ltd. Power 1.18Redington (India) Ltd. Transportation 1.13Nilkamal Ltd. Industrial Products 1.01Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 1.00Radico Khaitan Ltd. Consumer Non Durables 0.95Carborundum Universal Ltd. Industrial Products 0.94Tata Steel Ltd. Ferrous Metals 0.90Hexaware Technologies Ltd. Software 0.89Alkyl Amines Chemicals Ltd. Chemicals 0.83Finolex Industries Ltd. Industrial Products 0.79Blue Star Ltd. Consumer Durables 0.77Axis Bank Ltd. Banks 0.74Tamilnadu Newsprint & Papers Ltd. Paper 0.71Sharda Cropchem Ltd. Pesticides 0.68KeI Industries Ltd. Industrial Products 0.63Kalpataru Power Transmission Ltd. Power 0.61Tata Metaliks Ltd. Ferrous Metals 0.61Cholamandalam Investment & Finance Finance 0.55eIH Ltd. Hotels/Resorts & Other

Recreational Activities 0.53Great eastern Shipping Company Ltd. Transportation 0.52

Company Industry+ / Rating % to NAVT. V. Today Network Ltd. Media & entertainment 0.50Tube Investments of India Ltd. Auto Ancillaries 0.47Oriental Carbon & Chemicals Ltd. Chemicals 0.44IFB Industries Ltd. Consumer Durables 0.43Jagran Prakashan Ltd. Media & entertainment 0.39GNA Axles Ltd. Auto Ancillaries 0.31Vedanta Ltd. Non - Ferrous Metals 0.31Apar Industries Ltd. Industrial Capital Goods 0.25Indusind Bank Ltd. Banks 0.21Tata Motors Ltd. DVR Auto 0.19Zensar Technologies Ltd. Software 0.18Greenply Industries Ltd. Consumer Durables 0.13Arti Surfactants Ltd. Chemicals 0.04CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.04Sub Total 85.44DEBT & DEBT RElATEDCREDIT EXPOSURE • Power Finance Corporation Ltd. CRISIL - AAA 3.52Vedanta Ltd. CRISIL - AA 2.16L&T Infrastructure Finance Ltd. CRISIL - AAA 1.46Shriram Transport Finance Company Ltd. CRISIL - AA+ 1.04Canara Bank CARE - A+ 0.46Union Bank of India CARe - AA- 0.37Sub Total 9.01Cash, Cash equivalents and Net Current Assets 5.55Grand Total 100.00• Top Ten Holdings, £ Co-sponsor

PORTFOLIO


0.190.310.710.891.201.391.511.651.792.002.502.953.013.18

4.474.745.255.585.845.85

8.158.53

13.75

0 2 4 6 8 10 12 14 16Auto

Non Ferrous Metals Paper

Media & EntertainmentFertilisers

ConstructionFerrous MetalsTransportation

PowerPesticides

Auto AncillariesHotels, Resorts And Other Recreational Activities

Consumer DurablesIndustrial Capital Goods

PharmaceuticalsChemicals

Construction ProjectIndustrial Products

Consumer Non DurablesFinance

SoftwarePetroleum Products

Banks


Since Inception SIP 3 Year SIP 1 Year SIP

Total Amount Invested (` ‘000) 520.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 489.49 309.17 104.90 Returns (%) -2.74 -9.68 -22.74 Benchmark Returns (%) # -1.71 -8.42 -22.51 Additional Benchmark Returns (%) ## 0.14 -6.03 -22.34


May 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 2.07


engineers India Ltd. Construction Project 1.70

Timken India Ltd. Industrial Products 1.63

Aarti Industries Ltd. Chemicals 1.57

NIIT Technologies Ltd. Software 1.51

JB Chemicals &

Pharmaceuticals Ltd. Pharmaceuticals 1.30

Hindustan Petroleum

Corporation Ltd. Petroleum Products 1.28

Bajaj electricals Ltd. Consumer Durables 1.18

Power Grid Corporation of

India Ltd. Power 1.07

Voltamp Transformers Ltd. Industrial Capital Goods 1.03

Suprajit engineering Ltd. Auto Ancillaries 0.99

Balkrishna Industries Ltd. Auto Ancillaries 0.98

Chambal Fertilizers &

Chemicals Ltd. Fertilisers 0.97



Balrampur Chini Mills Ltd. Consumer Non Durables 0.95

Mahindra Holidays & Resorts

Ind Ltd.

Hotels/Resorts & Other

Recreational Activities 0.92

Vesuvius India Ltd. Industrial Products 0.91

Nilkamal Ltd. Industrial Products 0.88

Redington (India) Ltd. Transportation 0.86


Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 0.83

KeC International Ltd. Construction Project 0.75

Sonata Software Ltd. Software 0.72


Blue Star Ltd. Consumer Durables 0.65

Crompton Greaves Consumer

electricals Ltd. Consumer Durables 0.61


Tamilnadu Newsprint &

Papers Ltd. Paper 0.48

Company Industry+ / Rating % to

NAV

Cholamandalam Investment

& Finance Finance 0.46


Oriental Carbon & Chemicals Ltd. Chemicals 0.37

Voltas Ltd. Consumer Durables 0.37

Kalpataru Power

Transmission Ltd. Power 0.36

NRB Bearing Ltd. Industrial Products 0.36




Cholamandalam Financial

Holdings Ltd. Finance 0.22

Shree Pushkar Chemicals &

Fertilisers Ltd. Chemicals 0.21




Shaily engineering Plastics Ltd. Industrial Products 0.16

Tata Motors Ltd. DVR Auto 0.12


The Anup engineering Ltd. Industrial Capital Goods 0.09

Arti Surfactants Ltd. Chemicals 0.03

Yes Bank Ltd. Banks 0.01

Sub Total 66.70

DEBT & DEBT RElATED


• 7.57 GOI 2033 Sovereign 3.79

Sub Total 3.79

CREDIT EXPOSURE

• Power Finance Corporation Ltd. CRISIL - AAA 7.07


• Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 2.82


State Bank of India CRISIL - AA+ 2.34

Power Grid Corporation of

India Ltd. CRISIL - AAA 1.48


Reliance Industries Ltd. CRISIL - AAA 0.74

Sub Total 21.95

Total 25.74


Grand Total 100.00


PORTFOLIO

KEY FACTS


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

FUND MANAgER ¥


Total Experience - Over 21 years &

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



February 25, 2016





qUANTITATIVE DATA

Portfolio Turnover Ratio 16.59%Average Maturity * 4.71 yearsMacaulay Duration * 3.49 yearsModified Duration * 3.27 yearsYield to Maturity * 7.27%* 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 May 2020


n equity 66.70

n G-Sec 3.79




n equity 66.70n Sovereign 3.79n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 14.88n AA+ 2.34n AA/AA- 3.77n A+ & Below 0.96n Cash, Cash equivalents and Net

Current Assets 7.56



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

Riskometer





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year -14.00 -7.22 -18.57 8,600 9,278 8,143

May 31, 17 Last 3 Years 0.73 4.42 1.23 10,219 11,383 10,372

Feb 25, 16 Since Inception 9.53 9.86 9.20 14,738 14,928 14,547

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 58. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 72.


[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)


0.120.180.180.400.480.860.960.971.431.752.142.182.302.81

4.994.995.235.235.30

6.206.40

11.60

0 2 4 6 8 10 12 14Auto

Media & EntertainmentNon Ferrous Metals

Ferrous MetalsPaper

TransportationPesticidesFertilisers

PowerHotels, Resorts And Other Recreational Activities

Industrial Capital GoodsChemicals

Auto AncillariesConsumer Durables

Consumer Non DurablesIndustrial Products

PharmaceuticalsConstruction Project

FinanceSoftware

Petroleum ProductsBanks

.....Contd from previous page



Total Amount Invested (` ‘000) 520.00 360.00 120.00

Mkt Value As on May 29, 2020 (` ‘000) 527.32 333.47 108.88

Returns (%) 0.64 -4.93 -16.92

Benchmark Returns (%) # 4.18 0.69 -9.28

Additional Benchmark Returns (%) ## 0.14 -6.03 -22.34


May 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 MAY 29, 2020) NAV PER UNIT (`)Regular Plan 13.6133Direct Plan 14.4660


qUANTITATIVE DATAAverage Maturity * 4.39 yearsMacaulay Duration * 3.25 yearsModified Duration * 3.06 yearsYield to Maturity * 7.75%* 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 (`)##

May 31, 19 Last 1 Year 2.33 8.40 13.02 10,233 10,840 11,302May 31, 17 Last 3 Years 4.37 7.76 7.38 11,369 12,512 12,378Feb 26, 16 Since Inception 7.51 9.66 8.78 13,613 14,806 14,310

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 58. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 72.



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

Riskometer




n equity 11.67

n G-Sec 17.13




n equity 11.67n Sovereign 17.13n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 22.54n AA+ 9.00n AA/AA- 12.32n A+ & Below 8.75n Cash, Cash equivalents and

Net Current Assets 18.59

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

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

Company Industry+ / Rating % to NAVEqUITY & EqUITY RElATEDICICI Bank Ltd. Banks 1.04HDFC Bank Ltd. Banks 0.82Aarti Industries Ltd. Chemicals 0.80Reliance Industries Ltd. Petroleum Products 0.75NIIT Technologies Ltd. Software 0.68Alkyl Amines Chemicals Ltd. Chemicals 0.51Infosys Ltd. Software 0.50Avanti Feeds Ltd. Consumer Non

Durables 0.39Larsen and Toubro Ltd. Construction Project 0.39Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.33Redington (India) Ltd. Transportation 0.33Timken India Ltd. Industrial Products 0.32Voltamp Transformers Ltd. Industrial Capital Goods 0.32Axis Bank Ltd. Banks 0.28Bajaj electricals Ltd. Consumer Durables 0.26Carborundum Universal Ltd. Industrial Products 0.25Blue Star Ltd. Consumer Durables 0.24Tata Steel Ltd. Ferrous Metals 0.24Vesuvius India Ltd. Industrial Products 0.24Mahindra Holidays & Resorts Ind Ltd.


SKF India Ltd. Industrial Products 0.22Oriental Carbon & Chemicals Ltd. Chemicals 0.20Aurobindo Pharma Ltd. Pharmaceuticals 0.19Hindustan Petroleum Corporation Ltd. Petroleum Products 0.19State Bank of India Banks 0.19GNA Axles Ltd. Auto Ancillaries 0.18Power Grid Corporation of India Ltd. Power 0.18Nilkamal Ltd. Industrial Products 0.17Insecticides (India) Ltd. Pesticides 0.16The Anup engineering Ltd. Industrial Capital Goods 0.15Tube Investments of India Ltd. Auto Ancillaries 0.14Kalpataru Power Transmission Ltd. Power 0.13NRB Bearing Ltd. Industrial Products 0.13

Company Industry+ / Rating % to NAVApar Industries Ltd. Industrial Capital Goods 0.12Poddar Pigments Ltd. Chemicals 0.12Time Technoplast Ltd. Industrial Products 0.09Bank of Baroda Banks 0.06Tamilnadu Newsprint & Papers Ltd. Paper 0.06Sadbhav engineering Ltd. Construction Project 0.03Arti Surfactants Ltd. Chemicals 0.02Tata Motors Ltd. DVR Auto 0.02Sub Total 11.67DEBT & DEBT RElATEDgOVERNMENT SECURITIES (CENTRAl/STATE)• 7.57 GOI 2033 Sovereign 10.53• 6.79 GOI 2029 Sovereign 6.60Sub Total 17.13CREDIT EXPOSURE • L&T Infrastructure Finance Ltd. CRISIL - AAA 8.34• Vedanta Ltd. CRISIL - AA 8.15• Indian Railways Finance

Corporation Ltd. CRISIL - AAA 6.97• Starlite Lighting Ltd.

(Corporate Guarantee of Bajaj electrical Ltd.) ICRA - A-(Ce) 6.20

• State Bank of India CRISIL - AA+ 5.73• Jamnagar Utilities & Power

Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 3.27

• Shriram Transport Finance Company Ltd. CRISIL - AA+ 3.27

• Reliance Industries Ltd. CRISIL - AAA 2.60Canara Bank CARE - A+ 2.55Union Bank of India CARe - AA- 2.40Tata Motors Ltd. CARe - AA- 1.77Power Finance Corporation Ltd. CRISIL - AAA 1.36Sub Total 52.61Total 69.74Cash, Cash equivalents and Net Current Assets 18.59Grand Total 100.00• Top Ten Holdings

PORTFOLIO



Total Amount Invested (` ‘000) 520.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 579.55 380.99 120.90 Returns (%) 4.97 3.73 1.42 Benchmark Returns (%) # 8.53 8.70 8.42 Additional Benchmark Returns (%) ## 9.08 10.74 12.60


32 May 2020

CATEgORY OF SCHEME: EqUITY SAVINGS FUND

KEY FACTS

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

FUND MANAgER ¥

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

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

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


INCEPTION DATE (Date of Allotment)September 17, 2004



qUANTITATIVE DATAPortfolio Turnover Ratio 21.43%Average Maturity * 338 daysMacaulay Duration * 310 daysModified Duration * 281 daysYield to Maturity * 8.01%* Computed on the invested amount for debt portfolio.


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


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

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








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

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

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

Riskometer



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

Total Amount Invested (` ‘000) 1,890.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 3,569.09 3,267.99 1,659.77 647.62 351.97 114.47 Returns (%) 7.61 7.53 6.32 3.02 -1.47 -8.55 Benchmark Returns (%) # N.A. N.A. 7.41 5.56 3.71 -1.40 Additional Benchmark Returns (%) ## 9.02 8.35 6.53 1.33 -6.03 -22.34

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 (`)##

May 31, 19 Last 1 Year -7.46 0.05 -18.57 9,254 10,005 8,143May 31, 17 Last 3 Years 1.41 5.43 1.23 10,429 11,719 10,372May 29, 15 Last 5 Years 5.71 6.31 3.93 13,203 13,584 12,126Sep 17, 04 Since Inception 8.22 N.A. 12.91 34,597 N.A. 67,308

^^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 Vinay Kulkarni (Equities), Krishan Kumar Daga (equities) and Anil Bamboli (Debt), please refer page 58. 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.^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 May 31, 2020 unless otherwise specified. ...Contd on next page

PORTFOLIO


n equity 66.80n AA+ 0.16n AA/AA- 6.81n A+ & Below 4.55n Cash, Cash equivalents and


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




• Housing Development Finance Corporation Ltd.£ Finance 6.94 6.90

• Reliance Industries Ltd. Petroleum Products 5.35 1.97

• NTPC Ltd. Power 4.86 0.00

• Infosys Ltd. Software 4.39 1.02

• Larsen and Toubro Ltd. Construction Project 3.39 0.38

• HDFC Bank Ltd. Banks 3.08 0.00

• ICICI Bank Ltd. Banks 2.98 0.00

• State Bank of India Banks 2.79 0.22



Sun Pharmaceutical Industries Ltd. Pharmaceuticals 2.22 2.20

Aurobindo Pharma Ltd. Pharmaceuticals 2.17 1.14

ITC Ltd. Consumer Non Durables 2.09 0.00

Dr Reddys Laboratories Ltd. Pharmaceuticals 1.84 1.82

GAIL (India) Ltd. Gas 1.40 0.00

Axis Bank Ltd. Banks 1.22 0.84

Vedanta Ltd. Non - Ferrous Metals 1.04 0.18

Ambuja Cements Ltd. Cement 1.02 0.22

Tata Steel Ltd. Ferrous Metals 0.94 0.43

SBI Cards and Payment Services Ltd. Finance 0.94 0.00

PORTFOLIO


0.010.120.160.370.420.520.720.850.871.191.201.371.47

2.152.913.12

3.554.35

6.089.01

0 1 2 3 4 5 6 7 8 9 10Media & Entertainment

Auto AncillariesPesticides

AutoConstruction

Ferrous MetalsMinerals/Mining

CementNon Ferrous Metals

TransportationFinance

Industrial Capital GoodsGas

PharmaceuticalsConsumer Non Durables

Construction ProjectSoftware

Petroleum ProductsPowerBanks

May 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 May 31, 2020 unless otherwise specified.

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



Bharti Airtel Ltd. Telecom - Services 0.84 0.84

Hindalco Industries Ltd. Non - Ferrous Metals 0.80 0.79

Lupin Ltd. Pharmaceuticals 0.77 0.24

Power Grid Corporation of India Ltd. Power 0.77 0.00

Bharat Petroleum Corporation Ltd. Petroleum Products 0.76 0.02

Coal India Ltd. Minerals/Mining 0.72 0.00

Tata Motors Ltd. Auto 0.65 0.42

Titan Company Ltd. Consumer Durables 0.63 0.63

Dabur India Ltd. Consumer Non Durables 0.61 0.60

Bajaj Finance Ltd. Finance 0.56 0.56

Cipla Ltd. Pharmaceuticals 0.56 0.01

United Spirits Ltd. Consumer Non Durables 0.55 0.54

JSW Steel Ltd. Ferrous Metals 0.52 0.51

Mahindra & Mahindra Ltd. Auto 0.52 0.51

BeML Ltd. Industrial Capital Goods 0.51 0.00

Gujarat Pipavav Port Ltd. Transportation 0.49 0.00

Grasim Industries Ltd. Cement 0.46 0.46

Adani Ports & Special economic Zone Transportation 0.44 0.03

NHPC Ltd. Power 0.40 0.00

Tata Consultancy Services Ltd. Software 0.34 0.34

emami Ltd. Consumer Non Durables 0.31 0.00

Container Corporation of India Ltd. Transportation 0.29 0.00

HCL Technologies Ltd. Software 0.29 0.29

JMC Projects (India) Ltd. Construction 0.29 0.00

Centum electronics Ltd. Industrial Capital Goods 0.28 0.00

Tata Consumer Products Ltd. Consumer Non Durables 0.28 0.00

Bharat electronics Ltd. Industrial Capital Goods 0.27 0.00

Hindustan Unilever Ltd. Consumer Non Durables 0.27 0.26

Maruti Suzuki India Ltd. Auto 0.27 0.26

DLF Ltd. Construction 0.26 0.26

Hindustan Petroleum Corporation Ltd. Petroleum Products 0.23 0.00

Power Finance Corporation Ltd. Finance 0.21 0.00

Colgate-Palmolive (I) Ltd. Consumer Non Durables 0.20 0.00

Texmaco Rail & engineering Ltd. Industrial Capital Goods 0.20 0.00

Newgen Software Technologies Ltd. Software 0.18 0.00

The Federal Bank Ltd. Banks 0.17 0.17

Adani Power (Mundra) Ltd. (Secured by Shares of Adani Port & SeZ Ltd.) Power 0.16 0.16

Mahindra & Mahindra Financial Services Ltd. Finance 0.16 0.16

Max Financial Services Ltd. Finance 0.16 0.15

UPL Ltd. Pesticides 0.16 0.00

Cadila Healthcare Ltd. Pharmaceuticals 0.14 0.14

Hero MotoCorp Ltd. Auto 0.13 0.12

Apollo Tyres Ltd. Auto Ancillaries 0.12 0.00

Ashoka Buildcon Ltd. Construction Project 0.11 0.00

ITD Cementation India Ltd. Construction 0.11 0.00



Tata Motors Ltd. DVR Auto 0.11 0.00

Titagarh Wagons Ltd. Industrial Capital Goods 0.11 0.00

UltraTech Cement Ltd. Cement 0.11 0.11

Zee entertainment enterprises Ltd. Media & entertainment 0.11 0.11

Mahanagar Gas Ltd. Gas 0.09 0.02

Pidilite Industries Ltd. Chemicals 0.07 0.07

Petronet LNG Ltd. Gas 0.06 0.06

Kalpataru Power Transmission Ltd. Power 0.05 0.00

Orient Cement Ltd. Cement 0.05 0.00

Tech Mahindra Ltd. Software 0.05 0.05

Century Textiles & Industries Ltd. Paper 0.04 0.04

ACC Ltd. Cement 0.03 0.03

Bosch Ltd. Auto Ancillaries 0.03 0.03

Bajaj Auto Ltd. Auto 0.02 0.02

Bajaj Finserv Ltd. Finance 0.02 0.02

NBCC (India) Ltd. Construction 0.02 0.00

S Chand and Company Ltd. Media & entertainment 0.01 0.00

Torrent Power Ltd. Power 0.01 0.01

Biocon Ltd. Pharmaceuticals @

eClerx Services Ltd. Software @

Tata Chemicals Ltd. Chemicals @

United Breweries Ltd. Consumer Non Durables @Sub Total 66.80

Preference Shares

Zee entertainment enterprises Ltd. Media & entertainment @

Sub Total @

Total 66.80

CREDIT EXPOSURE

• Punjab National Bank IND - A 2.67

• Canara Bank CARE - A+ / CRISIL - AA 2.65

Union Bank of India CARe - AA- / IND - AA 1.70




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

Bank of Baroda CARe - AA 0.32


Sub Total 11.52

Short Term Deposits as margin for Futures & Options 12.26


Grand Total 100.00

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

Outstanding exposure in derivative instruments (` in Crore) 839.54

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 26.39

PORTFOLIO

34 May 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 44.6939Regular Plan - Monthly Dividend Option 11.4214Regular Plan - quarterly Dividend Option 12.1597Direct Plan - Growth Option 46.3828Direct Plan - Monthly Dividend Option 12.0437Direct Plan - quarterly Dividend Option 12.8129



qUANTITATIVE DATA

Average Maturity * 4.14 yearsMacaulay Duration * 3.33 yearsModified Duration * 3.09 yearsYield to Maturity * 9.51%* 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 May 31, 2020 unless otherwise specified.



ICICI Bank Ltd. Banks 2.30

Housing Development Finance Corporation Ltd.£ Finance 1.79


ITC Ltd. Consumer Non Durables 1.62







IRB Infrastructure Developers Ltd. Construction 1.10


Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.84




Infosys Ltd. Software 0.66

Mishra Dhatu Nigam Ltd. Ferrous Metals 0.55

NHPC Ltd. Power 0.51











Union Bank of India Banks 0.16



elecon engineering Comapny Ltd. Industrial Capital Goods 0.01


Tata Motors Ltd. DVR Auto @

Sub Total 25.66


DEBT & DEBT RElATED





GOI 2023 Sovereign 0.35




8.10% Tamil Nadu SDL - Mat 110325 Sovereign 0.12



Sub Total 3.25

CREDIT EXPOSURE

• Power Finance Corporation Ltd. CRISIL - AAA 5.84


• TATA Housing Development Company Ltd. CARe - AA 4.97

• Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 4.36

• Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CRISIL - AAA 4.23

• DLF Ltd. ICRA - A+ 4.19

• Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(Ce) 4.02

• The Tata Power Company Ltd. CRISIL - AA- 3.95

• Indian Railways Finance Corporation Ltd. CRISIL - AAA 3.12


Tata Motors Ltd. CRISIL - AA- 2.99

Shriram City Union Finance Ltd. CARE - AA+ / CRISIL - AA 2.91

Shriram Transport Finance Company Ltd. CRISIL - AA+ 2.84

Housing and Urban Development Corporation Ltd. CARe - AAA 2.40

National Highways Authority of India CRISIL - AAA 2.35

Manappuram Finance Ltd. CARe - AA 2.12

ReC Ltd. CRISIL - AAA 1.54


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

May 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 (%) 8.47 8.09 6.62 3.06 0.18 -6.59

Benchmark Returns (%) # 8.77 8.82 8.90 8.51 8.70 8.42

Additional Benchmark Returns (%) ## 7.26 7.49 8.19 8.89 10.74 12.60




(%)

Benchmark Returns

(%)#


Returns (%) ##



Additional Benchmark (`)##

May 31, 19 Last 1 Year -3.86 8.40 13.02 9,614 10,840 11,302

May 31, 17 Last 3 Years 1.68 7.76 7.38 10,511 12,512 12,378

May 29, 15 Last 5 Years 5.17 8.30 8.29 12,868 14,906 14,901


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 58. 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.


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 25.66

n G-Sec, SDL 3.25




n equity 25.66n Sovereign 3.25n AAA/AAA(SO)/A1+/A1+(SO)



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


First Business Receivables Trust (PTC banked by receivables from Reliance Corporate IT Park Ltd.) CRISIL - AAA(SO) 1.23

Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) CARe - D 0.89


Power Grid Corporation of India Ltd. CRISIL - AAA 0.25

Bharati Telecom Ltd. CRISIL - AA+ 0.08

Nuvoco Vistas Corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) CRISIL - AA 0.07

Sub Total 68.00

Total 71.25


Grand Total 100.00


PORTFOLIO

36 May 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 22.968Regular Plan - Dividend Option 17.059Regular Plan - quarterly Dividend Option 16.318Direct Plan - Growth Option 23.863Direct Plan - quarterly Dividend Option 18.084

Wholesale PlanRegular Plan - Growth Option 23.500Regular Plan - Dividend Option 10.366Regular Plan - Monthly Dividend Option 10.836Direct Plan - Growth Option 15.055Direct Plan - Dividend Option 10.759Direct Plan - Monthly Dividend Option 10.510



qUANTITATIVE DATA

Portfolio Turnover Ratio 148.50%Average Maturity * 87 daysMacaulay Duration * 87 daysModified Duration * 73 daysYield to Maturity * 5.06%* 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• Housing Development

Finance Corporation Ltd.£ Finance 5.72• Hindustan Unilever Ltd. Consumer Non Durables 5.59• Sun Pharmaceutical

Industries Ltd. Pharmaceuticals 4.05• Bharti Airtel Ltd. Telecom - Services 4.01• ICICI Bank Ltd. Banks 3.30• Infosys Ltd. Software 3.00• Maruti Suzuki India Ltd. Auto 2.97• Dr Reddys Laboratories Ltd. Pharmaceuticals 2.22• Adani Ports & Special

economic Zone Transportation 1.89Tech Mahindra Ltd. Software 1.66Grasim Industries Ltd. Cement 1.43Aurobindo Pharma Ltd. Pharmaceuticals 1.14Bharat Petroleum Corporation Ltd. Petroleum Products 1.04Zee entertainment enterprises Ltd. Media & entertainment 1.02UltraTech Cement Ltd. Cement 0.94Indusind Bank Ltd. Banks 0.93JSW Steel Ltd. Ferrous Metals 0.92Tata Consultancy Services Ltd. Software 0.90Vedanta Ltd. Non - Ferrous Metals 0.80HCL Technologies Ltd. Software 0.70Ambuja Cements Ltd. Cement 0.66Axis Bank Ltd. Banks 0.66Divis Laboratories Ltd. Pharmaceuticals 0.61Godrej Consumer Products Ltd. Consumer Non Durables 0.61Cipla Ltd. Pharmaceuticals 0.59Larsen and Toubro Ltd. Construction Project 0.59UPL Ltd. Pesticides 0.58Hindalco Industries Ltd. Non - Ferrous Metals 0.55Tata Motors Ltd. Auto 0.54Hero MotoCorp Ltd. Auto 0.49HDFC Life Insurance Company Ltd. Finance 0.48Coal India Ltd. Minerals/Mining 0.40Lupin Ltd. Pharmaceuticals 0.40Bajaj Auto Ltd. Auto 0.35Marico Ltd. Consumer Non Durables 0.29Tata Steel Ltd. Ferrous Metals 0.28United Spirits Ltd. Consumer Non Durables 0.28Jindal Steel & Power Ltd. Ferrous Metals 0.27DLF Ltd. Construction 0.26SRF Ltd. Industrial Products 0.26Bharat electronics Ltd. Industrial Capital Goods 0.25Dabur India Ltd. Consumer Non Durables 0.23GAIL (India) Ltd. Gas 0.22Mahanagar Gas Ltd. Gas 0.22Biocon Ltd. Pharmaceuticals 0.21The Tata Power Company Ltd. Power 0.21NMDC Ltd. Minerals/Mining 0.20NTPC Ltd. Power 0.20Petronet LNG Ltd. Gas 0.20Shree Cement Ltd. Cement 0.20Titan Company Ltd. Consumer Durables 0.20Wipro Ltd. Software 0.20ICICI Prudential Life Insurance Company Ltd. Finance 0.19Pidilite Industries Ltd. Chemicals 0.19Adani enterprises Ltd. Trading 0.18Muthoot Finance Ltd. Finance 0.17Siemens Ltd. Industrial Capital Goods 0.17The Federal Bank Ltd. Banks 0.16Nestle India Ltd. Consumer Non Durables 0.14


Havells India Ltd. Consumer Durables 0.11Max Financial Services Ltd. Finance 0.11Bajaj Finance Ltd. Finance 0.10Cholamandalam Investment & Finance Finance 0.09Container Corporation of India Ltd. Transportation 0.09Century Textiles & Industries Ltd. Paper 0.08Motherson Sumi Systems Ltd. Auto Ancillaries 0.08Bajaj Finserv Ltd. Finance 0.07Colgate-Palmolive (I) Ltd. Consumer Non Durables 0.07Kotak Mahindra Bank Ltd. Banks 0.07Oil & Natural Gas Corporation Ltd. Oil 0.07State Bank of India Banks 0.07Sun TV Network Ltd. Media & entertainment 0.07exide Industries Ltd. Auto Ancillaries 0.06Adani Power (Mundra) Ltd. (Secured by Shares of Adani Port & SeZ Ltd.) Power 0.05Cadila Healthcare Ltd. Pharmaceuticals 0.05Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.05Manappuram Finance Ltd. Finance 0.05Bharat Heavy electricals Ltd. Industrial Capital Goods 0.04Bosch Ltd. Auto Ancillaries 0.04NCC Ltd. Construction Project 0.04ReC Ltd. Finance 0.04United Breweries Ltd. Consumer Non Durables 0.04Berger Paints (I) Ltd. Consumer Non Durables 0.03Bharat Forge Ltd. Industrial Products 0.03Canara Bank Banks 0.03Indian Oil Corporation Ltd. Petroleum Products 0.03Hindustan Petroleum Corporation Ltd. Petroleum Products 0.02Mahindra & Mahindra Ltd. Auto 0.02Apollo Tyres Ltd. Auto Ancillaries @Cummins India Ltd. Industrial Products @SBI Life Insurance Company Ltd. Finance @Sub Total 58.82DEBT & DEBT RElATEDCREDIT EXPOSURE Housing Development Finance Corporation Ltd.£ CRISIL - AAA 0.89Aditya Birla Finance Ltd. ICRA - AAA 0.40LIC Housing Finance Ltd. CRISIL - AAA 0.27Sub Total 1.56MONEY MARKET INSTRUMENTSCD • Punjab & Sind Bank IND - A1+ 3.50Sub Total 3.50Total 5.06Short Term Deposits as margin for Futures & Options 20.71 Cash, Cash equivalents and Net Current Assets 15.41Grand Total 100.00• Top Ten Holdings, £ Co-sponsor, @ Less than 0.01%

Outstanding exposure in derivative instruments (` in Crore) 3,305.75

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 58.34

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

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

May 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 May 31, 2020 unless otherwise specified.

PERFORMANCE ^ - Wholesale Plan - Regular plan - growth Option


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 19 Last 1 Year 5.54 5.04 -18.57 10,554 10,504 8,143May 31, 17 Last 3 Years 5.80 5.26 1.23 11,841 11,660 10,372May 29, 15 Last 5 Years 6.04 5.53 3.93 13,414 13,092 12,126Oct 23, 07 Since Inception 7.01 N.A. 5.79 23,500 N.A. 20,323

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 58. 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.



n equity 58.82

n AAA/AAA(SO)/A1+/A1+(SO) & equivalent 5.06



n equity 58.82

n CD 3.50



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


0.070.080.180.180.190.260.290.310.460.460.580.600.630.641.091.091.351.47

1.983.23

4.014.37

5.226.46

7.027.28

9.32

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

PaperTrading

Auto AncillariesChemicals

ConstructionIndustrial Products

Consumer DurablesIndustrial Capital Goods

PowerPesticides

Minerals/MiningConstruction Project

GasMedia & Entertainment

Petroleum ProductsNon Ferrous Metal

Ferrous MetalsTransportation

CementTelecom Services

AutoBanks

SoftwareFinance

Consumer Non DurablesPharmaceuticals


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,520.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 2,374.54 1,686.58 695.74 393.30 123.67 Returns (%) 6.77 6.63 5.87 5.85 5.79 Benchmark Returns (%) # N.A. 6.27 5.32 5.39 4.46 Additional Benchmark Returns (%) ## 7.53 6.53 1.33 -6.03 -22.34


38 May 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 23.4858Regular Plan - Dividend Option 15.9738Regular Plan - quarterly Dividend Option 10.7041Direct Plan - Growth Option 23.6674Direct Plan - Dividend Option 16.2438Direct Plan - quarterly Dividend Option 10.7743



qUANTITATIVE DATA

Average Maturity * 3.78 yearsMacaulay Duration * 3.07 yearsModified Duration * 2.88 yearsYield to Maturity * 6.23%* 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 May 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 0.20

Sub Total 12.21

CREDIT EXPOSURE


• Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA / ICRA - AAA 7.72

• Reliance Industries Ltd. CRISIL - AAA / ICRA - AAA 7.57

• LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 7.27

• REC Ltd. CRISIL - AAA / IND - AAA 6.52

• State Bank of India CRISIL - AAA 6.04

• National Highways Authority of India CARe - AAA / CRISIL - AAA 3.37

• National Bank for Agriculture & Rural Development CRISIL - AAA 2.91

ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.)

CARe - AAA / CARe - AAA(Ce) 2.46

Sundaram Finance Ltd. CRISIL - AAA / ICRA - AAA 2.04

Bank of Baroda CARe - AAA 2.00

Indian Railways Finance Corporation Ltd. CRISIL - AAA 1.99


Mangalore Refinery and Petrochemicals Ltd. CRISIL - AAA 1.91

Reliable Devices Trust (PTC banked by receivables from Reliance Retail Ltd.) ICRA - AAA(SO) 1.70

Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 1.66


export - Import Bank of India CRISIL - AAA 1.17


Food Corporation of India (Corporate guarantee from Govt of India) CARe - AAA(Ce) 1.10


L&T Finance Ltd. CARe - AAA / IND - AAA 1.01

HDB Financial Services Ltd. CARe - AAA / CRISIL - AAA 1.00

NTPC Ltd. CRISIL - AAA 0.99

Larsen and Toubro Ltd. CRISIL - AAA 0.62

Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CARe - AAA 0.60

Mahindra & Mahindra Financial Services Ltd. IND - AAA 0.48

Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA(Ce) 0.48

NHPC Ltd. CARe - AAA 0.34

TATA Capital Housing Finance Ltd. CRISIL - AAA 0.32

Andhra Pradesh expressway Ltd. (NHAI Annuity) ICRA - AAA 0.25



Gujarat Road and Infra Co Ltd. CARe - AAA 0.16

L&T Housing Finance Ltd. CARe - AAA 0.16


Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CRISIL - AAA(Ce) 0.07

Bajaj Finance Ltd. CRISIL - AAA 0.02

Sub Total 77.07

Total 89.28

MONEY MARKET INSTRUMENTS

CD


Bank of Baroda CRISIL - A1+ 1.96

Small Industries Development Bank CARE - A1+ 1.37

National Bank for Agriculture & Rural Development CRISIL - A1+ / IND - A1+ 0.91

Sub Total 6.93


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 12.21

n CD 6.93




n Sovereign 12.21n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 84.00n Cash, Cash equivalents and


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

PORTFOLIO

May 2020 39



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 19 Last 1 Year 10.94 10.57 13.02 11,094 11,057 11,302May 31, 17 Last 3 Years 8.62 8.11 7.38 12,813 12,633 12,378May 29, 15 Last 5 Years 8.82 8.43 8.29 15,265 14,998 14,901Jun 29, 10 Since Inception 8.99 8.67 7.25 23,486 22,819 20,030

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 58. 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.


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


Since Inception SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 1,916.20 753.89 417.43 127.34 Returns (%) 9.06 9.09 9.89 11.69 Benchmark Returns (%) # 8.84 8.61 9.28 11.11 Additional Benchmark Returns (%) ## N.A. N.A. N.A. N.A.


40 May 2020

CATEgORY OF SCHEME: CREDIT RISK FUND

KEY FACTS


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


FUND MANAgER ¥

Shobhit Mehrotra (since March 25, 2014)



March 25, 2014


Regular Plan - Growth Option 16.5432Regular Plan - Dividend Option 15.2326Regular Plan - quarterly Dividend Option 10.3526Direct Plan - Growth Option 17.3484Direct Plan - Dividend Option 15.2071Direct Plan - quarterly Dividend Option 10.4815



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 (%) ##




(`)##

May 31, 19 Last 1 Year 7.03 9.42 13.02 10,703 10,942 11,302May 31, 17 Last 3 Years 6.42 8.11 7.38 12,050 12,633 12,378May 29, 15 Last 5 Years 7.75 8.74 8.29 14,529 15,208 14,901Mar 25, 14 Since Inception 8.48 9.25 9.17 16,543 17,280 17,206

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 58. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 66.


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

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

Riskometer



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




Portfolio Classification By Issuer Rating Class (%) ≈


n AA+ 0.41n AA/AA- 40.22n A+ & Below 22.78n Cash, Cash equivalents and


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

Face Value per Unit: ` 10 unless otherwise specified, Data is as of May 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) 750.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 950.23 717.19 398.66 123.67 Returns (%) 7.49 7.09 6.77 5.80 Benchmark Returns (%) # 8.74 8.57 8.75 9.65 Additional Benchmark Returns (%) ## N.A. N.A. N.A. N.A.


May 2020 41

Company Industry+ / Security Rating


DEBT & DEBT RElATED

CREDIT EXPOSURE

• Vedanta Ltd. CRISIL - AA CRISIL - AA 7.67

• Punjab National Bank IND - A IND - A 6.76

• Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA CRISIL - AAA 6.50

• Power Finance Corporation Ltd. CRISIL - AAA CRISIL - AAA 6.46

• Shriram City Union Finance Ltd. CRISIL - AA CRISIL - AA 6.15

• DLF Ltd. ICRA - A+ CRISIL - A+ 6.04

• Tata Motors Ltd. CRISIL - AA- CRISIL - AA- 5.88

• IndInfravit Trust CRISIL - AAA CRISIL - AAA 5.40

• REC Ltd. CRISIL - AAA CRISIL - AAA 5.05

• Dilip Buildcon Ltd. CRISIL - A CRISIL - A 4.33

Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) CARe - A-(Ce) CARe - A-(Ce) 2.52

JM Financial Asset Reconstruction Company Ltd. ICRA - AA- CRISIL - AA- 2.23

Starlite Lighting Ltd. (Corporate Guarantee of Bajaj electrical Ltd.) ICRA - A-(Ce) ICRA - A-(Ce) 2.08

The Tata Power Company Ltd. CRISIL - AA- CRISIL - AA- 2.04

Indiabulls Housing Finance Ltd. CARe - AA / CRISIL - AA CRISIL - AA 2.00

L&T Infrastructure Finance Ltd. CRISIL - AAA CARe - AAA 1.94

Sansar Trust Nov 2018 (PTC of pools from Shriram Transport Finance Company Ltd.) ICRA - AAA(SO) ICRA - AAA(SO) 1.59

GeRA Development Pvt. Ltd. CARe - AA- CARe - AA- 1.41

NTPC Ltd. CRISIL - AAA CRISIL - AAA 1.37

Reliance Industries Ltd. CRISIL - AAA CRISIL - AAA 1.33

MFL Securitisation Trust LxxxI (PTC of pools from Magma Fincorp Ltd.) CRISIL - AAA(SO) CRISIL - AAA(SO) 1.25

Aarish Solar Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 1.11

Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 1.11

Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 1.11

elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 1.11

Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 1.11

Company Industry+ / Security Rating


SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) BRICKWORKS - AA-(SO) 1.11

SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 1.11

SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 1.11

Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 1.11

Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 1.11

Indian Railways Finance Corp. Ltd. CRISIL - AAA CRISIL - AAA 0.83

Gateway Distriparks Ltd. IND - AA- IND - AA- 0.60

Simplex Infrastructures Ltd. CARe - D CARe - D 0.57

Indostar Capital Finance Ltd. CARe - AA- CARe - AA- 0.44

Power Grid Corporation of India Ltd. CRISIL - AAA CRISIL - AAA 0.42

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

Travis March 2019 (Trust) (PTC of pools from Muthoot Capital Services Ltd.) CRISIL - AA(SO) CRISIL - AA(SO) 0.40

Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) CARe - D CARe - D 0.33

Mobil Trust Series 01 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) CRISIL - AAA(SO) 0.24

Tata Steel Ltd. CARe - AA- CARe - AA 0.23

Tata Sons Ltd. CRISIL - AAA CRISIL - AAA 0.07

edisons Infrapower & Multiventures Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd. & Dish TV Ltd.) BRICKWORKS - B BRICKWORKS - B 0.06

Primat Infrapower & Multiventures Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd. & Dish TV Ltd.) BRICKWORKS - B BRICKWORKS - B 0.06

JM Financial Credit Solutions Ltd. ICRA - AA CRISIL - AA 0.05

Motilal Oswal Home Fin Ltd. (Erst Aspire Home Fin) (Subsidiary of Motilal Oswal Financial Services Ltd.) CRISIL - AA- ICRA - A+ 0.03

Hinduja Leyland Finance Ltd. CARe - AA- CARe - AA- 0.02

Sub Total 95.86


Grand Total 100.00



Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, CD - Certificate of Deposit; CP - Commercial Papers, Data is as of May 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 May 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 * 3.43 yearsMacaulay Duration * 2.84 yearsModified Duration * 2.67 yearsYield to Maturity * 6.94%* 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 May 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 2.65

CREDIT EXPOSURE

• National Bank for Agriculture & Rural Development CRISIL - AAA / ICRA - AAA 8.07

• Housing and Urban Development Corporation Ltd. CARe - AAA 7.39



• Union Bank of India CARE - A+ / CARE - AA- / IND - AA 5.53

• National Highways Authority of India CRISIL - AAA 5.27

• Bank of Baroda CARe - AA / CARe - AA- / CARE - AAA / CRISIL - AA+ 4.93


• State Bank of India CRISIL - AA+ / CRISIL - AAA 4.33

• Mahanagar Telephone Nigam Ltd. (Corporate

guarantee from Govt of India)CRISIL - AAA / CRISIL - AAA(Ce) 3.46


Food Corporation of India (Corporate guarantee from Govt of India) CARe - AAA(Ce) 3.22



Reliance Industries Ltd. CRISIL - AAA 2.41


Housing Development Finance Corporation Ltd.£ CRISIL - AAA 1.70



Hindustan Petroleum Corporation Ltd. CRISIL - AAA 1.31

ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CARe - AAA(Ce) 1.26



Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA 1.25

Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CRISIL - AAA 1.25



Small Industries Development Bank CARe - AAA 0.86

L&T Housing Finance Ltd. CRISIL - AAA 0.84



NHPC Ltd. ICRA - AAA 0.44

TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) ICRA - AA- 0.44

Shriram Transport Finance Company Ltd. IND - AA+ 0.36

Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.17

Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.17

elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.17

Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.17

SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.17

SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.17

SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.17

Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.17

Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.17


Sub Total 93.00

Total 95.65


Grand Total 100.00


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


n G-Sec 2.65







(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

May 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 referpage 48. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 70.


(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) 750.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 985.10 744.34 413.22 126.63 Returns (%) 8.63 8.58 9.20 10.54 Benchmark Returns (%) # 8.43 8.45 9.36 11.94 Additional Benchmark Returns (%) ## 7.35 7.33 7.80 8.59


44 May 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 (%) ##




(`)##

May 31, 19 Last 1 Year 11.30 13.57 13.02 11,130 11,357 11,302May 31, 17 Last 3 Years 7.23 8.55 7.38 12,327 12,788 12,378May 29, 15 Last 5 Years 8.23 9.00 8.29 14,857 15,395 14,901Jul 25, 01 Since Inception 7.93 8.56 N.A. 42,161 47,070 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 58. 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 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 89.11



n Sovereign 89.11n 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 15.18

• 7.59 GOI 2026 Sovereign 13.93

• 7.17 GOI 2028 Sovereign 13.39





• 8.60% Madhya Pradesh SDL - Mat 230123 Sovereign 2.84

• 8.59% Andhra Pradesh SDL - Mat 230123 Sovereign 2.83

• 8.21% Haryana SDL (UDAY) - Mat 310323 Sovereign 2.81

8.61% Uttar Pradesh SDL (UDAY) - Mat 210322 Sovereign 2.13


8.60% Rajasthan SDL - Mat 061128 Sovereign 1.48




7.83% Maharashtra SDL - ISD 080420 Mat 080430 Sovereign 1.43

7.73% Gujarat SDL - ISD 070420 Mat 080429 Sovereign 1.41


8.39% Rajasthan SDL (UDAY) - Mat 150322 Sovereign 1.38


8.66% Maharashtra SDL - Mat 250122 Sovereign 0.83







Sub Total 89.11


Grand Total 100.00



PORTFOLIO


Since Inception SIP




Returns (%) 7.57 8.04 8.69 8.31 9.31 12.27


Additional Benchmark Returns (%) ## N.A. 7.49 8.19 8.89 10.74 12.60


May 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 64.8465Regular Plan - quarterly Dividend Option 11.7802Regular Plan - Half-Yearly Dividend Option 11.1766Regular Plan - Yearly Dividend Option 12.6091Regular Plan - Normal Dividend Option 13.8921Direct Plan - Growth Option 68.5232Direct Plan - quarterly Dividend Option 12.5397Direct Plan - Half-Yearly Dividend Option 12.4375Direct Plan - Yearly Dividend Option 13.4464Direct Plan - Normal Dividend Option 14.4279



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 (%) ##




(`)##

May 31, 19 Last 1 Year 8.28 12.90 13.02 10,828 11,290 11,302May 31, 17 Last 3 Years 4.19 8.40 7.38 11,308 12,736 12,378May 29, 15 Last 5 Years 6.13 8.97 8.29 13,467 15,370 14,901Apr 28, 97 Since Inception 8.43 N.A. N.A. 64,847 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 58. 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 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 41.81





& equivalent 22.37n AA/AA- 14.13n A+ & Below 18.40n Cash, Cash equivalents and


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


DEBT & DEBT RElATED




• 8.39% Rajasthan SDL (UDAY) - Mat 150322 Sovereign 5.43




7.42% Maharashtra SDL - Mat 110522 Sovereign 2.15

8.68% Gujarat SDL - Mat 060223. Sovereign 1.12




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 41.81


CREDIT EXPOSURE

• Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) CARe - D 8.32

• Union Bank of India CARe - AA- 8.17

• Reliance Industries Ltd. CRISIL - AAA 7.91

• Canara Bank CARE - A+ 7.14

• State Bank of India CRISIL - AAA 5.59


Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CARe - AAA(Ce) 3.41






Sub Total 54.90

Total 96.71


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%


PORTFOLIO


Since Inception SIP




Returns (%) 7.54 7.31 7.05 5.41 5.29 8.50

Benchmark Returns (%) # N.A. 8.97 9.25 9.35 10.58 13.55



46 May 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 44.8630Regular Plan - quarterly Dividend Option 11.4210Regular Plan - Normal Dividend Option 14.1468Direct Plan - Growth Option 47.3245Direct Plan - quarterly Dividend Option 12.1689Direct Plan - Normal Dividend Option 14.9658



qUANTITATIVE DATA

Average Maturity * 6.35 yearsMacaulay Duration * 4.73 yearsModified Duration * 4.53 yearsYield to Maturity * 7.39%* 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 (%) ##




(`)##

May 31, 19 Last 1 Year 9.71 13.60 13.02 10,971 11,360 11,302May 31, 17 Last 3 Years 5.88 8.45 7.38 11,868 12,752 12,378May 29, 15 Last 5 Years 6.99 8.71 8.29 14,024 15,190 14,901Sep 11, 00 Since Inception 7.91 N.A. N.A. 44,863 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 58. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 66.



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 45.24







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


DEBT & DEBT RElATED


• 7.57 GOI 2033 Sovereign 11.84

• 6.79 GOI 2027 Sovereign 11.17










9.15 GOI 2024 Sovereign @

Sub Total 45.24


CREDIT EXPOSURE

• The Tata Power Company Ltd. CRISIL - AA- 9.00


• State Bank of India CRISIL - AA+ 5.03


• NTPC Ltd. CRISIL - AAA 4.90

• Export - Import Bank of India CRISIL - AA+ 4.46



IndInfravit Trust CRISIL - AAA 3.58


Union Bank of India CARe - AA- 0.88

Sub Total 49.37

Total 94.61


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%

PORTFOLIO


Since Inception SIP




Returns (%) 7.35 7.55 7.54 7.01 7.90 9.79




May 2020 47

CATEgORY OF SCHEME: MEDIUM DURATION FUND



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 19 Last 1 Year 7.32 12.03 8.01 10,732 11,203 10,801May 31, 17 Last 3 Years 6.73 8.39 7.24 12,155 12,732 12,331May 29, 15 Last 5 Years 7.61 8.64 7.21 14,438 15,143 14,172Feb 06, 02 Since Inception 7.89 8.04 6.18 40,203 41,211 30,006

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 58. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 66.

KEY FACTS


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


FUND MANAgER ¥

Shobhit Mehrotra (since September 1, 2007)



February 6, 2002


Regular Plan - Growth Option 40.2026Regular Plan - Dividend Option 15.2529Regular Plan - Fortnightly Dividend Option 10.5352Direct Plan - Growth Option 42.0588Direct Plan - Dividend Option 15.7439Direct Plan - Fortnightly Dividend Option 10.5849



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 7.67• 6.97 GOI 2026 Sovereign 5.257.57 GOI 2033 Sovereign 3.056.79 GOI 2027 Sovereign 1.737.17 GOI 2028 Sovereign 1.176.45 GOI 2029 Sovereign 1.137.27 GOI 2026 Sovereign 0.59Sub Total 20.59CREDIT EXPOSURE • Vedanta Ltd. CRISIL - AA 8.46• Shriram City Union

Finance Ltd. CRISIL - AA 7.04• Sikka Port and Terminal Ltd.

(erstwhile Reliance Ports and Terminals Ltd.) CRISIL - AAA 5.93

• Power Finance Corporation Ltd. CRISIL - AAA 5.56• Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 4.99• The Tata Power Company Ltd. CRISIL - AA- 4.46• TATA Housing Development

Company Ltd. CARe - AA 3.85• Copeland Jan 2020 (PTC of

pools from Muthoot Capital Services Ltd.) CRISIL - AA(SO) 3.39

NHPC Ltd. CARe - AAA 3.03Indian Railways Finance Corp. Ltd. CRISIL - AAA 3.01TATA International Ltd. CARe - A 2.69Punjab National Bank IND - A 2.62JM Financial Asset Reconstruction Company Ltd. ICRA - AA- 2.53L&T Infrastructure Finance Ltd. CRISIL - AAA 2.34GeRA Development Pvt. Ltd. CARe - AA- 1.69IndInfravit Trust CRISIL - AAA 1.66Union Bank of India CARE - A+ / CARE - AA- 1.65

Issuer Rating % to NAVCoastal Gujarat Power Ltd. (Corporate Guarantee of Tata Power) CARe - AA(Ce) 1.35ReC Ltd. CRISIL - AAA 1.13Tata Motors Ltd. CRISIL - AA- 1.02Mobil Trust Series 01 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 0.90Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(Ce) 0.69Aarish Solar Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.46Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.46Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.46elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.46Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.46SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.46SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.46SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.46Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.46Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.46Indiabulls Housing Finance Ltd. CRISIL - AA 0.09Sub Total 74.68Total 95.27Cash, Cash equivalents and Net Current Assets 4.73Grand Total 100.00• Top Ten Holdings

PORTFOLIO


n G-Sec 20.59




n Sovereign 20.59n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 28.55n AA/AA- 39.71n A+ & Below 6.42n Cash, Cash equivalents and Net

Current Assets 4.73


Since Inception SIP




Returns (%) 8.09 8.22 7.97 7.30 7.24 6.20




48 May 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 May 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 23.1047Regular Plan - Fortnightly Dividend Option 10.3009Regular Plan - Normal Dividend Option 15.5348Direct Plan - Growth Option 23.3655Direct Plan - Fortnightly Dividend Option 10.5212Direct Plan - Normal Dividend Option 15.6189



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






8.39% Rajasthan SDL - Mat 150323 Sovereign 0.26




Sub Total 5.32

CREDIT EXPOSURE

• REC Ltd. CRISIL - AAA 8.75


• State Bank of India CARE - AA+ / CRISIL - AA+ / CRISIL - AAA 7.26

• Reliance Industries Ltd. CRISIL - AAA / CRISIL - AAA(Ce) 3.48


• IndInfravit Trust CRISIL - AAA 3.32

• Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 3.23

• National Bank for Agriculture & Rural Development

CRISIL - AAA / ICRA - AAA 3.08


• Mahanagar Telephone Nigam Ltd. (Corporate

guarantee from Govt of India)CARe - AAA(Ce) / CRISIL - AAA(Ce) 2.98

LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 2.88



Mobil Trust Series 10 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 2.33

National Highways Authority of India CRISIL - AAA 2.33


Fullerton India Credit Company Ltd. CRISIL - AAA 1.97








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

CARe - AAA / CRISIL - AAA 1.40



Sundaram Finance Ltd. CRISIL - AAA 0.99

John Deere Financial India Pvt. Ltd. CRISIL - AAA 0.98


Tata Steel Ltd. CARe - AA 0.75

HDB Financial Services Ltd. CRISIL - AAA 0.69


Hindalco Industries Ltd. CRISIL - AA 0.66

Inox Air Products Pvt. Ltd. CRISIL - AA+ 0.61



Sansar Trust Nov 2018 (PTC of pools from Shriram Transport Finance Company Ltd.) ICRA - AAA(SO) 0.51

Fullerton India Home Finance Company Ltd. CARe - AAA 0.49

Tata Capital Financial Services Ltd. ICRA - AAA 0.49


Union Bank of India CARE - A+ 0.49

NHPC Ltd. CARe - AAA 0.48


Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(Ce) 0.46

L&T Housing Finance Ltd. CRISIL - AAA 0.44

Bank of Baroda CARe - AA- 0.20





Sub Total 88.58

Total 93.90


CP

Tata Teleservices Ltd. CRISIL - A1+ 1.37

Tata Motors Ltd. CRISIL - A1+ 1.04

Sub Total 2.41


Grand Total 100.00



PORTFOLIO


n G-Sec, SDL 5.32

n CP 2.41







May 2020 49



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 19 Last 1 Year 10.38 10.44 8.01 11,038 11,044 10,801May 31, 17 Last 3 Years 8.30 8.17 7.24 12,699 12,656 12,331May 29, 15 Last 5 Years 8.38 8.38 7.21 14,963 14,961 14,172Jun 25, 10 Since Inception 8.80 8.41 7.05 23,105 22,305 19,674

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 58. 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 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

.....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) 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 1,884.90 745.19 413.82 126.76 Returns (%) 8.75 8.62 9.30 10.76 Benchmark Returns (%) # 8.65 8.62 9.35 10.88 Additional Benchmark Returns (%) ## 7.32 7.33 7.80 8.59


50 May 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 MAY 29, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 42.6451Regular Plan - Daily Dividend Reinvestment Option 10.1367Regular Plan - Weekly Dividend Option 10.1553Regular Plan - Monthly Dividend Option 10.1374Direct Plan - Growth Option 44.8488Direct Plan - Daily Dividend Reinvestment Option 10.0598Direct Plan - Weekly Dividend Option 10.1853Direct Plan - Monthly Dividend Option 10.1404


qUANTITATIVE DATAAverage Maturity * 359 daysMacaulay Duration * 321 daysModified Duration * 288 daysYield to Maturity * 6.45%* Computed on the invested amount.


#BENCHMARK INDEX: NIFTY Low Duration Debt Index


EXIT lOADNil

PLANS & OPTIONSRegular Plan, Direct Plan. each Plan offers Growth and Dividend Option. Dividend Option offers Daily Dividend Option with Reinvestment facility only and Weekly and Monthly Dividend Option with Payout and Reinvestment facility.

MINIMUM APPlICATION AMOUNTFor all Options (except Daily Dividend Option) Growth, Weekly and Monthly Dividend Option: Purchase: ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter. Daily Dividend Option : Purchase : ` 10,000 and any amount thereafter. Additional Purchase : ` 5,000 and any amount thereafter.





l to generate income / capital appreciation through investmentin debt securities and money market instruments

Riskometer



Portfolio Classification by Asset Class (%)

n G-Sec 3.37

n CP 10.15

n CD 15.86



Portfolio Classification by Rating Class (%)



Current Assets 8.39

[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 3.37

CREDIT EXPOSURE

• REC Ltd. CARe - AAA / CRISIL - AAA / IND - AAA 7.89


• Reliance Industries Ltd. CRISIL - AAA / CRISIL - AAA(Ce) / ICRA - AAA 5.71




Canara Bank CARE - A+ / CRISIL - AA / ICRA - AA- 3.06


Union Bank of India CARE - A+ / CARE - AA- 2.08

LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 2.03

State Bank of India CRISIL - AA+ / CRISIL - AAA 1.86




Bank of Baroda CARE - AA / CRISIL - AA+ 1.54


Manappuram Finance Ltd. CARe - AA 1.17






Shriram Transport Finance Company Ltd. CRISIL - AA+ 0.76




Bharati Telecom Ltd. CRISIL - AA+ 0.60

Indian Railways Finance Corporation Ltd. CRISIL - AAA 0.45


Aditya Birla Finance Ltd. ICRA - AAA 0.40

KKR India Financial Services Pvt. Ltd. CRISIL - AA 0.37

Aurous Trust Jan 20 (PTC of pools from IIFL Finance Ltd.) CRISIL - A1+(SO) 0.31







Aarish Solar Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.03

Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.03

Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.03

elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.03

Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.03

SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.03

SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.03

SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.03

Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.03

Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.03

Sub Total 62.23

Total 65.60


CP

• Tata Motors Ltd. CRISIL - A1+ 4.29

• Tata Teleservices Ltd. CRISIL - A1+ 3.74

LIC Housing Finance Ltd. CRISIL - A1+ 1.14

Reliance Industries Ltd. CRISIL - A1+ 0.59

Deutsche Investments India Pvt. Ltd. CRISIL - A1+ 0.39

Sub Total 10.15

CD

• Axis Bank Ltd. CRISIL - A1+ / ICRA - A1+ 5.81

• Indusind Bank Ltd. CRISIL - A1+ 3.77

• National Bank for Agriculture & Rural Development CRISIL - A1+ / IND - A1+ 3.40

ICICI Bank Ltd. ICRA - A1+ 0.96


The Federal Bank Ltd. CARE - A1+ 0.58

Oriental Bank of Commerce CRISIL - A1+ 0.39


Sub Total 15.86

Total 26.01


Grand Total 100.00



PORTFOLIO

May 2020 51


[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 (%) ##




(`)##

May 31, 19 Last 1 Year 7.58 7.83 8.01 10,758 10,783 10,801May 31, 17 Last 3 Years 7.06 7.55 7.24 12,268 12,440 12,331May 29, 15 Last 5 Years 7.38 7.75 7.21 14,283 14,530 14,172Nov 18, 99 Since Inception 7.32 N.A. 6.58 42,645 N.A. 37,043

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 58. 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.


Since Inception SIP




Returns (%) 7.36 7.59 7.65 7.31 7.44 7.56




52 May 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)



November 18, 1999


Regular Plan - Growth Option 4,253.6959Regular Plan - Daily Dividend Reinvestment Option 1,062.5528Regular Plan - Weekly Dividend Option 1,063.0113Direct Plan - Growth Option 4,301.7625Direct Plan - Daily Dividend Reinvestment Option 1,062.5645Direct Plan - Weekly Dividend Option 1,063.0469



qUANTITATIVE DATA

Average Maturity * 235 daysMacaulay Duration * 236 daysModified Duration * 219 daysYield to Maturity * 4.76%* 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 (`)#


(`)##

May 31, 19 Last 1 Year 8.07 6.64 8.01 10,807 10,664 10,801May 31, 17 Last 3 Years 7.60 7.05 7.24 12,456 12,265 12,331May 31, 15 Last 5 Years 7.52 7.31 7.21 14,371 14,231 14,166Nov 18, 99 Since Inception 7.32 N.A. 6.58 42,683 N.A. 37,043

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, please refer page 58. 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.

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

n CP 40.62

n CD 51.32







l income over short term

l to generate income / capital appreciation by investing in money market instruments

Riskometer



(An open ended debt scheme investing in money market instruments)HDFC Money Market Fund


DEBT & DEBT RElATED


CP

• Reliance Industries Ltd. CRISIL - A1+ 7.66

• Bajaj Housing Finance Ltd. CRISIL - A1+ 6.36

• TATA Capital Housing Finance Ltd. CRISIL - A1+ 6.35

• Reliance Jio Infocomm Ltd. CRISIL - A1+ 5.10




Bharti Hexacom Ltd. CRISIL - A1+ 2.53

Sub Total 40.62


CD


• Small Industries Development Bank CARE - A1+ / ICRA - A1+ 7.68


• Export - Import Bank of India CRISIL - A1+ 6.07

• ICICI Bank Ltd. ICRA - A1+ 4.82

The Federal Bank Ltd. CARE - A1+ / IND - A1+ 3.83


Au Small Finance Bank Ltd. CRISIL - A1+ 3.16

Union Bank of India CARE - A1+ 2.88

Indusind Bank Ltd. CRISIL - A1+ 2.70


Sub Total 51.32

Total 91.94


Grand Total 100.00


PORTFOLIO


Since Inception SIP



Mkt Value As on May 29, 2020 (` ‘000) $$ 5,791.11 3,371.93 1,811.76 727.30 406.05 125.28

Returns (%) $$ 7.62 7.91 8.00 7.65 8.01 8.37




May 2020 53


n G-Sec 11.36

n CP 9.09

n CD 17.77






Current Assets 4.00

CATEgORY OF SCHEME: FLOATER FUND

KEY FACTS

INVESTMENT OBjECTIVETo generate income/capital appreciation through investment in a portfolio comprising substantially of floating rate debt, fixed rate debt instruments swapped for floating rate returns and money market instruments. There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Shobhit Mehrotra (since October 23, 2007)


INCEPTION DATE (Date of Allotment)October 23, 2007

NAV (AS ON MAY 29, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 35.7345Regular Plan - Daily Dividend Reinvestment Option 10.0779Regular Plan - Weekly Dividend Option 10.1354Regular Plan - Monthly Dividend Option 10.1442Direct Plan - Growth Option 36.0179Direct Plan - Daily Dividend Reinvestment Option 10.0779Direct Plan - Weekly Dividend Option 10.1355Direct Plan - Monthly Dividend Option 10.1442


qUANTITATIVE DATAAverage Maturity * 1.14 yearsMacaulay Duration * 358 daysModified Duration * 325 daysYield to Maturity * 6.14%* 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 (%) ##




(`)##

May 31, 19 Last 1 Year 8.42 6.01 8.01 10,842 10,601 10,801May 31, 17 Last 3 Years 7.71 6.88 7.24 12,494 12,206 12,331May 29, 15 Last 5 Years 8.02 7.10 7.21 14,713 14,096 14,172Oct 23, 07 Since Inception 8.23 7.42 6.63 27,108 24,662 22,461

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, please refer page 58. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 66.


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 6.07• 6.79 GOI 2027 Sovereign 4.106.97 GOI 2026 Sovereign 1.19Sub Total 11.36CREDIT EXPOSURE • Housing Development

Finance Corporation Ltd.£ CRISIL - AAA 7.48• REC Ltd. CRISIL - AAA / IND - AAA 5.90• Axis Bank Ltd. CRISIL - A1+ / CRISIL - AA+ 5.29• Canara Bank CARE - A+ / CRISIL - AA 5.28• Sikka Port and Terminal Ltd.

(erstwhile Reliance Ports and Terminals Ltd.) CARe - AAA 4.39

• Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA(Ce) 4.21

LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 3.99Vedanta Ltd. CRISIL - AA 3.53Union Bank of India CARe - AA- 3.14L&T Infrastructure Finance Ltd. CRISIL - AAA 2.54Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 2.33State Bank of India CARE - AA+ / CRISIL -

AA+ / CRISIL - AAA 1.45PNB Housing Finance Ltd. IND - AA 1.28Manappuram Finance Ltd. CARe - AA 1.10TATA Capital Housing Finance Ltd. CRISIL - AAA 1.08TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) ICRA - AA- 0.90Aditya Birla Finance Ltd. ICRA - AAA 0.84National Bank for Agriculture & Rural Development CRISIL - AAA 0.69National Highways Authority of India CARe - AAA 0.58Reliance Industries Ltd. CRISIL - AAA 0.51Aurous Trust Jan 20 (PTC of pools from IIFL Finance Ltd.) CRISIL - A1+(SO) 0.40

Issuer Rating % to NAVGujarat Road and Infra Co Ltd. CARe - AAA 0.28First Business Receivables Trust (PTC banked by receivables from Reliance Corporate IT Park Ltd.) CRISIL - AAA(SO) 0.27Housing and Urban Development Corporation Ltd. IND - AAA 0.21Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 0.06Tata Sons Ltd. CRISIL - AAA 0.05Sub Total 57.78Total 69.14MONEY MARKET INSTRUMENTSCP • Tata Motors Ltd. CRISIL - A1+ 4.05Tata Teleservices Ltd. CRISIL - A1+ 3.69Reliance Jio Infocomm Ltd. CRISIL - A1+ 1.35Sub Total 9.09CD • National Bank for Agriculture

& Rural Development CRISIL - A1+ / IND - A1+ 6.80Indusind Bank Ltd. CRISIL - A1+ 3.47The Federal Bank Ltd. CARE - A1+ 3.26ICICI Bank Ltd. ICRA - A1+ 1.80Small Industries Development Bank ICRA - A1+ 1.08Axis Bank Ltd. ICRA - A1+ 0.82Bank of Baroda CRISIL - A1+ 0.27Oriental Bank of Commerce CRISIL - A1+ 0.27Sub Total 17.77Total 26.86Cash, Cash equivalents and Net Current Assets 4.00Grand Total 100.00• Top Ten Holdings, £ Co-sponsor


PORTFOLIO


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,520.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 2,635.11 1,847.75 732.84 406.98 125.43 Returns (%) 8.30 8.37 7.95 8.16 8.62 Benchmark Returns (%) # 7.50 7.54 6.87 6.69 5.76 Additional Benchmark Returns (%) ## 7.04 7.32 7.33 7.80 8.59


54 May 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 11.3825Regular Plan - Daily Dividend Reinvestment Option 10.0978Regular Plan - Weekly Dividend Option 10.0910Regular Plan - Monthly Dividend Option 10.1495Direct Plan - Growth Option 11.4422Direct Plan - Daily Dividend Reinvestment Option 10.0610Direct Plan - Weekly Dividend Option 10.0847Direct Plan - Monthly Dividend Option 10.0498



qUANTITATIVE DATA




#BENCHMARK INDEX: CRISIL Ultra Short Term Debt Index


EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under both the Plans: Growth & Dividend Option. The Dividend Option offers Daily Dividend Option (with Reinvestment facility only) and Weekly and Monthly Dividend Option (with Payout and Reinvestment facility).






l income over short terml income/capital appreciation through investment in debt

securities and money market instruments

Riskometer



[An open ended ultra-short term debt scheme investing in instruments such that the Macaulay Duration of the portfolio is between 3 months and 6 months (Refer page 2 for definition of Macaulay Duration)]HDFC Ultra Short Term Fund


DEBT & DEBT RElATED

CREDIT EXPOSURE



• Reliance Industries Ltd. CRISIL - AAA / CRISIL - AAA(Ce) / ICRA - AAA 3.68


Aurous Trust Jan 20 (PTC of pools from IIFL Finance Ltd.) CRISIL - A1+(SO) 2.98



Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 2.06





Copeland Jan 2020 (PTC of pools from Muthoot Capital Services Ltd.) CRISIL - AAA(SO) 1.32

NTPC Ltd. ICRA - AAA 1.16


Kotak Mahindra Prime Ltd. CRISIL - AAA 0.76


Sub Total 47.40



CP

• Bharat Heavy Electricals Ltd. CARE - A1+ 6.26


• CanFin Homes Ltd. CARE - A1+ 4.50

• Tata Teleservices Ltd. CRISIL - A1+ 4.26

Bharti Hexacom Ltd. CRISIL - A1+ 2.89

Reliance Jio Infocomm Ltd. CRISIL - A1+ 2.55

Deutsche Investments India Pvt. Ltd. CRISIL - A1+ 1.50

Bajaj Housing Finance Ltd. CRISIL - A1+ 1.46

Reliance Industries Ltd. CRISIL - A1+ 1.46

Sub Total 30.66

CD


• Indusind Bank Ltd. CRISIL - A1+ 6.80


The Federal Bank Ltd. CARE - A1+ 2.21

Au Small Finance Bank Ltd. CRISIL - A1+ / IND - A1+ 2.20


Sub Total 27.16

Total 57.82

Cash, Cash equivalents and Net Current Assets -5.22

Grand Total 100.00



PORTFOLIO


n CP 30.66

n CD 27.16


n Cash, Cash equivalents and Net Current Assets -5.22



n Cash, Cash equivalents and Net Current Assets -5.22


Returns (%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme

(`)Benchmark

(`)#Additional

Benchmark (`)##

May 31, 19 Last 1 Year 7.41 7.40 8.01 10,741 10,740 10,801Sep 25, 18 Since Inception 8.03 7.99 8.45 11,383 11,376 11,458

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 58. 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 1 Year SIP

Total Amount Invested (` ‘000) 210.00 120.00 Mkt Value As on May 29, 2020 (` ‘000) 224.82 124.78 Returns (%) 7.75 7.56 Benchmark Returns (%) # 7.64 7.34 Additional Benchmark Returns (%) ## 8.32 8.59


May 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 MAY 31, 2020)^^ NAV PER UNIT (`)

Regular Plan - Growth Option 3,915.5646Regular Plan - Daily Dividend Reinvestment Option 1,019.8200Regular Plan - Weekly Dividend Option 1,031.2980Regular Plan - Monthly Dividend Option 1,026.5669Direct Plan - Growth Option 3,939.4174Direct Plan - Daily Dividend Reinvestment Option 1,019.8200Direct Plan - Weekly Dividend Option 1,031.3121Direct Plan - Monthly Dividend Option 1,026.5811



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 May 31, 2020 unless otherwise specified.

(An open ended liquid scheme)HDFC Liquid Fund


Company Rating % to NAV

DEBT & DEBT RElATED



Sub Total 1.67

T-BIllS

• 91 Days T-Bill ISD 210520 Mat 200820 Sovereign 13.46

• DCMB ( Discounted Cash Management Bills) 77 days Mat 160620 Sovereign 6.79


• 91Days Tbill Mat 230720 Sovereign 2.83


91 Days Tbill - Mat 300620 Sovereign 1.28

91Days Tbill Mat 180620 Sovereign 0.95

91Days Tbill ISD 120320 Mat 110620 Sovereign 0.41

182 Days Tbill Mat 180620 Sovereign 0.27

91 days T-Bill Mat 130820 Sovereign 0.27


91 Days Tbill - Mat 070820 Sovereign 0.10


Sub Total 36.13

CREDIT EXPOSURE

Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 2.43

Housing Development Finance Corporation Ltd.£ CRISIL - AAA 2.17


Tata Capital Financial Services Ltd. ICRA - AAA 0.46


Mahindra & Mahindra Financial Services Ltd. IND - AAA 0.43



Indian Railways Finance Corporation Ltd. CARe - AAA 0.34


Kotak Mahindra Prime Ltd. CRISIL - AAA 0.26

Sundaram Finance Ltd. CRISIL - AAA 0.17

L&T Finance Ltd. CARe - AAA 0.17




L&T Housing Finance Ltd. CARe - AAA 0.05

Toyota Financial Services India Ltd. CRISIL - AAA 0.05

Housing and UrbanDevelopment Corporation Ltd. CARe - AAA 0.03

Sub Total 9.26

Total 47.06


CP

• NTPC Ltd. CRISIL - A1+ 7.43

• Reliance Industries Ltd. CRISIL - A1+ 5.24

• National Bank for Agriculture & Rural Development CRISIL - A1+ / ICRA - A1+ 5.05

Company Rating % to NAV

• Reliance Jio Infocomm Ltd. CRISIL - A1+ 4.50

• Indian Oil Corporation Ltd. CRISIL - A1+ / ICRA - A1+ 3.43

Bharat Petroleum Corporation Ltd. CRISIL - A1+ 2.16

Power Finance Corporation Ltd. CRISIL - A1+ 1.80

Tata Teleservices (Maharashtra) Ltd. CRISIL - A1+ 1.65

National Housing Bank ICRA - A1+ 1.35

Oil & Natural Gas Corporation Ltd. CARE - A1+ 1.35

export - Import Bank of India CRISIL - A1+ 1.26

Hindustan Zinc Ltd. CRISIL - A1+ 1.12

ReC Ltd. CRISIL - A1+ 0.99

National Fertilizers Ltd. ICRA - A1+ 0.81

Bharati Telecom Ltd. CRISIL - A1+ 0.72

Vedanta Ltd. CRISIL - A1+ 0.72

Reliance Retail Ltd. CRISIL - A1+ 0.68


Hindustan Petroleum Corporation Ltd. CRISIL - A1+ 0.45


Sun Pharmaceutical Industries Ltd. CRISIL - A1+ 0.45

Titan Company Ltd. ICRA - A1+ 0.45

Larsen and Toubro Ltd. CRISIL - A1+ 0.36

Rashtriya Chemicals and Fertilizers Ltd. CARE - A1+ 0.33

BASF India Ltd. CRISIL - A1+ 0.32

Chambal Fertilizers & Chemicals Ltd. CRISIL - A1+ 0.32

Godrej Industries Ltd. CRISIL - A1+ 0.31

CanFin Homes Ltd. CARE - A1+ 0.27

UPL Ltd. CRISIL - A1+ 0.26


Bajaj Finance Ltd. CRISIL - A1+ 0.22

Bharat Heavy electricals Ltd. CARE - A1+ 0.22

Fullerton India Credit Company Ltd. CARE - A1+ 0.20

Chennai Petroleum Corp Ltd. CRISIL - A1+ 0.18

Barclays Invest & Loans (India) Ltd. ICRA - A1+ 0.14

Julius Baer Capital (India) Pvt. Ltd. CRISIL - A1+ 0.07

Sub Total 45.95

CD

Bank of India CRISIL - A1+ 2.71

Axis Bank Ltd. CRISIL - A1+ 1.01



Punjab & Sind Bank IND - A1+ 0.27

Canara Bank CRISIL - A1+ 0.23


Kotak Mahindra Bank Ltd. CRISIL - A1+ 0.21


Union Bank of India CARE - A1+ 0.05

Sub Total 5.94

Total 51.89


Grand Total 100.00


56 May 2020

n T-Bills, G-Sec 37.80n CP 45.95n CD 5.94n Credit exposure 9.26n Cash, Cash equivalents and




equivalent 61.15


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 (`)##

May 24, 20 Last 7 days 2.33 3.31 3.56 10,004 10,006 10,007May 16, 20 Last 15 days 3.94 4.47 10.10 10,016 10,018 10,042Apr 30, 20 Last 1 Month 4.80 5.39 4.78 10,041 10,046 10,041May 31, 19 Last 1 Year 5.69 6.01 7.99 10,569 10,601 10,799May 31, 17 Last 3 Years 6.58 6.87 7.23 12,108 12,209 12,331May 31, 15 Last 5 Years 6.95 7.09 7.21 13,999 14,093 14,166Oct 17, 00 Since Inception 7.20 N.A. 6.50 39,156 N.A. 34,421

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 58. 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.

May 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 MAY 31, 2020)^^ NAV PER UNIT (`)

Regular Plan - Growth Option 2,968.3116Regular Plan - Daily Dividend Reinvestment Option 1,042.6600Direct Plan - Growth Option 2,983.1512Direct Plan - Daily Dividend Reinvestment Option 1,042.6600



qUANTITATIVE DATA

Average Maturity * 1 dayMacaulay Duration * 1 dayModified Duration * 1 dayYield to Maturity * 3.18%* Computed on the invested amount.



#BENCHMARK INDEX: CRISIL Overnight Index


EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Each Plan offers Growth and Daily Dividend Option (with Reinvestment facility only).


Purchase : Under Growth Option : ` 5,000 and any amount thereafter. Under Daily Dividend Option : ` 10,000 and any amount thereafter

Additional Purchase : Under Growth Option : ̀ 1,000 and any amount thereafter. Under Daily Dividend Option : ` 5,000 and any amount thereafter


^^Calculated on all calendar days.



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 24, 20 Last 7 days N.A. 2.97 3.56 N.A. 10,006 10,007May 16, 20 Last 15 days N.A. 2.91 10.10 N.A. 10,012 10,042Apr 30, 20 Last 1 Month 2.87 3.01 4.78 10,024 10,026 10,041May 31, 19 Last 1 Year 4.55 4.72 7.99 10,455 10,472 10,799May 31, 17 Last 3 Years 5.55 5.67 7.23 11,761 11,800 12,331May 31, 15 Last 5 Years 5.91 6.04 7.21 13,330 13,409 14,166Feb 06, 02 Since Inception 6.12 N.A. 6.18 29,683 N.A. 30,006

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 58. 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.

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






l regular income over short term that may be in line with the overnight call rates

l to generate returns by investing in debt and money market instruments with overnight maturity

Riskometer

Investors understand that their principal will be at low risk


(An open ended debt scheme investing in overnight securities)HDFC Overnight Fund



Grand Total 100.00

PORTFOLIO

58 May 2020

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 09

HDFC Balanced Advantage Fund 15-16

HDFC Hybrid Debt Fund (Co-managed scheme) 34-35

2 Mr. Vinay Kulkarni HDFC Focused 30 Fund 13

HDFC Growth Opportunities Fund 12

HDFC TaxSaver 25

HDFC Equity Savings Fund (Co-managed scheme) 32-33

3 Mr. Chirag Setalvad HDFC Mid-Cap Opportunities Fund 10

HDFC Small Cap Fund 11

HDFC Long Term Advantage Fund 59

HDFC Hybrid Equity Fund 17-18

HDFC Children’s Gift Fund 26-27

HDFC Multi-Asset Fund (Co-managed scheme) 19-20

HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 28

HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 29-30

HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed scheme) 31

4 Mr. Amit B Ganatra HDFC Capital Builder Value Fund 08

HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 64

Closed ended schemes 63

5 Mr. Krishan Kumar Daga HDFC Arbitrage Fund 36-37


HDFC Index Fund - SEnSEx Plan 24

HDFC Index Fund - nIFTY 50 Plan 22

HDFC SEnSEx ETF 23

HDFC nIFTY 50 ETF 21

HDFC Gold Exchange Traded Fund 63

HDFC Gold Fund 63


6 Mr. Shobhit Mehrotra HDFC Income Fund 46

HDFC Medium Term Debt Fund 47

HDFC Floating Rate Debt Fund 53

HDFC Credit Risk Debt Fund 40-41

HDFC Hybrid Debt Fund (Co-managed scheme) 34-35

HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 28

HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 29-30

HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed scheme) 31

Close ended schemes 59-60

7 Mr. Anil Bamboli HDFC Dynamic Debt Fund 45

HDFC Short Term Debt Fund 48-49

HDFC Gilt Fund 44

HDFC Money Market Fund 52

HDFC Ultra Short Term Fund 54

HDFC Overnight Fund 57

HDFC Banking and PSU Debt Fund 42-43



HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 64


8 Mr. Anupam Joshi HDFC Liquid Fund 55-56

HDFC Corporate Bond Fund 38-39

HDFC Low Duration Fund 50-51


9 Mr. Rakesh Vyas HDFC Infrastructure Fund 14

Close ended scheme 63

For performance details of Direct Plan, refer page 65-73

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.

May 2020 59

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 May 29, 2020 ` 285.114


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year -23.30 -17.36 -18.57 7,670 8,264 8,143May 31, 17 Last 3 Years -2.64 2.64 1.23 9,230 10,813 10,372May 29, 15 Last 5 Years 3.84 4.48 3.93 12,073 12,451 12,126Jan 02, 01 Since Inception 18.83 13.13 12.54 285,114 109,656 99,080

# 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 May 29, 2020 ` 16.1045


(%)

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.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 8.88 13.03 8.01 10,888 11,303 10,801May 31, 17 Last 3 Years 7.55 8.63 7.24 12,438 12,816 12,331Mar 23, 17 Since Inception 7.65 8.78 7.08 12,649 13,075 12,436

# CRISIL Composite Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Shobhit Mehrotra since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1172D APRIL 2017 (1) NAV as on May 29, 2020 ` 12.3571


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 6.87 13.03 8.01 10,687 11,303 10,801May 31, 17 Last 3 Years 6.95 8.63 7.24 12,232 12,816 12,331Apr 11, 17 Since Inception 6.99 8.77 7.12 12,357 13,016 12,407




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1166D MAy 2017 (1) NAV as on May 29, 2020 ` 12.6627


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 8.96 13.03 8.01 10,896 11,303 10,801May 31, 17 Last 3 Years 7.96 8.63 7.24 12,580 12,816 12,331May 09, 17 Since Inception 8.03 8.85 7.24 12,663 12,961 12,382


HDFC FMP 1136D JUNE 2017 (1) NAV as on May 29, 2020 ` 12.5602


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 9.65 13.03 8.01 10,965 11,303 10,801Jun 08, 17 Since Inception 7.96 8.28 7.25 12,560 12,669 12,315


HDFC FMP 1430D JULy 2017 (1) NAV as on May 29, 2020 ` 12.3412


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 9.59 13.03 8.01 10,959 11,303 10,801Aug 01, 17 Since Inception 7.72 8.23 7.29 12,341 12,505 12,202




(%)

Benchmark Returns

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(`)##





(%)

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(`)##





(%)

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Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 9.88 13.03 8.01 10,988 11,303 10,801Jul 04, 18 Since Inception 9.71 12.14 8.10 11,929 12,438 11,599


60 May 2020


SHOBHIT MEHROTRA....CONTINUED





(%)

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(%)#


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Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1133D FEBRUARy 2019 (1) NAV as on May 29, 2020 ` 11.3383


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 10.14 13.03 8.01 11,014 11,303 10,801Mar 06, 19 Since Inception 10.72 13.95 7.92 11,338 11,747 10,985




(%)

Benchmark Returns

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(`)##





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(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 10.03 13.03 8.01 11,003 11,303 10,801May 08, 19 Since Inception 11.10 14.50 8.20 11,181 11,544 10,872


ANIL BAMBOLI

HDFC FMP 1846D AUGUST 2013 (1) NAV as on May 29, 2020 ` 17.3718


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 7.58 13.03 8.01 10,758 11,303 10,801May 31, 17 Last 3 Years 7.02 8.63 7.24 12,254 12,816 12,331May 29, 15 Last 5 Years 7.37 9.14 7.21 14,274 15,491 14,172Aug 14, 13 Since Inception 8.47 9.93 7.62 17,372 19,026 16,466

# 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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Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 19 Last 1 Year 9.63 13.03 8.01 10,963 11,303 10,801Apr 27, 18 Since Inception 9.23 11.37 7.74 12,028 12,525 11,687

# 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.



(%)

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(`)##



HDFC FMP 1280D OCTOBER 2018 (1) NAV as on May 29, 2020 ` 11.8860


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 10.32 13.03 8.01 11,032 11,303 10,801Oct 11, 18 Since Inception 11.16 13.64 8.35 11,886 12,323 11,398


May 2020 61


ANIL BAMBOLI....CONTINUED





(%)

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(`)##





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Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 10.22 13.03 8.01 11,022 11,303 10,801nov 01, 18 Since Inception 11.16 13.48 8.30 11,813 12,204 11,338


HDFC FMP 1246D NOVEMBER 2018 (1) NAV as on May 29, 2020 ` 11.7518


(%)

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(`)##





(%)

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Scheme (`)

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(`)##



HDFC FMP 1224D DECEMBER 2018 (1) NAV as on May 29, 2020 ` 11.6310


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 10.35 13.03 8.01 11,035 11,303 10,801Dec 06, 18 Since Inception 10.75 12.49 8.10 11,631 11,902 11,222




(%)

Benchmark Returns

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(`)##





(%)

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(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 10.02 13.03 8.01 11,002 11,303 10,801Jan 03, 19 Since Inception 10.57 12.73 8.08 11,514 11,831 11,151


HDFC FMP 1190D JANUARy 2019 (1) NAV as on May 29, 2020 ` 11.4856


(%)

Benchmark Returns

(%)#


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Scheme (`)

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(`)##





(%)

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(`)##



62 May 2020







(%)

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(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 9.98 13.03 8.01 10,998 11,303 10,801Feb 13, 19 Since Inception 10.34 13.29 7.85 11,353 11,747 11,025




(%)

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(%)#


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Benchmark (`)#


(`)##



ANUPAM JOSHI



(%)

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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.



(%)

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Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 9.58 13.03 8.01 10,958 11,303 10,801Apr 17, 18 Since Inception 8.56 10.56 7.69 11,901 12,368 11,698




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(`)##





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(`)##



May 2020 63

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.



(%)

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(`)##



HDFC FMP 1115D SEPTEMBER 2018 (1) NAV as on May 29, 2020 ` 11.8490


(%)

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(%)#


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(`)##





(%)

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(`)##





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(`)##



AMIT B GANATRA

HDFC EOF - II - 1126D MAy 2017 (1) NAV as on May 29, 2020 ` 8.0950


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year -26.06 -18.57 -17.36 7,394 8,143 8,264Jun 15, 17 Since Inception -6.90 1.31 2.65 8,095 10,393 10,805

# nIFTY 50 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index). The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. 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 May 29, 2020 ` 8.1800


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year -22.54 -18.57 -17.36 7,746 8,143 8,264Jul 17, 17 Since Inception -6.76 0.02 1.47 8,180 10,007 10,428


KRISHAN KUMAR DAGA

HDFC GOLD EXCHANGE TRADED FUND* NAV as on May 29, 2020 ` 4251.278

Date Period Scheme Returns (%)

Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

May 31, 19 Last 1 Year 45.55 47.47 14,555 14,747May 31, 17 Last 3 Years 16.53 17.90 15,816 16,379May 29, 15 Last 5 Years 10.59 11.85 16,551 17,515Aug 13, 10 Since Inception 9.16 10.07 23,614 25,602

# Domestic Price of Physical Gold. Since inception returns are calculated on ̀ 1800.3288 (allotment price) * The Scheme does not offer any Plans/Options. The scheme is managed by Mr. Krishan Kumar Daga since October 19, 2015.

HDFC GOLD FUND NAV as on May 29, 2020 ` 14.979


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

May 31, 19 Last 1 Year 43.79 47.47 14,379 14,747May 31, 17 Last 3 Years 15.91 17.90 15,566 16,379May 29, 15 Last 5 Years 10.16 11.85 16,231 17,515nov 01, 11 Since Inception 4.82 6.70 14,979 17,446

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

RAKESH VyAS

HDFC HOF - I - 1140D NOVEMBER 2017 (1) NAV as on May 29, 2020 ` 6.7250


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year -31.94 -23.11 -18.57 6,806 7,689 8,143Dec 06, 17 Since Inception -14.79 -5.73 -0.63 6,725 8,639 9,844

# India Housing & Allied Businesses Index ## nIFTY 50 (Total Returns Index) The Scheme is in existence for more than 1 year but less than 3 years. The Scheme was co-managed by Rakesh Vyas & Prashant Jain from June 01, 2019 till January 23, 2020.

64 May 2020



Performance of close-ended Scheme is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended schemes is primarily buy and hold whereas open ended schemes are actively managed.

CO-MANAGED By ANIL BAMBOLI & AMIT B GANATRA

HDFC DyNAMIC PE RATIO FUND OF FUNDS NAV as on May 29, 2020 ` 16.7675


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year -12.03 -7.22 -18.57 8,797 9,278 8,143May 31, 17 Last 3 Years -0.47 4.42 1.23 9,859 11,383 10,372May 29, 15 Last 5 Years 3.93 6.11 3.93 12,127 13,453 12,126Feb 06, 12 Since Inception 6.41 9.10 8.59 16,768 20,628 19,837

# 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.

May 2020 65

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

PRASHANT JAIN

HDFC EQUITy FUND NAV as on May 29, 2020 ` 528.470


(%)

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 May 29, 2020 ` 396.412


(%)

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 May 29, 2020 ` 168.075


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##


# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments. Refer to note on performance disclosure on Page no. 16.

VINAy KULKARNI

HDFC FOCUSED 30 FUND NAV as on May 29, 2020 ` 61.831


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##



HDFC GROWTH OPPORTUNITIES FUND NAV as on May 29, 2020 ` 90.023


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##

May 31, 19 Last 1 Year -23.15 -19.14 -17.36 7,685 8,086 8,264May 31, 17 Last 3 Years -5.21 -1.47 2.64 8,518 9,565 10,813May 29, 15 Last 5 Years -0.24 4.27 4.48 9,880 12,328 12,451Jan 01, 13 Since Inception 4.08 9.41 8.50 13,451 19,473 18,304

# nIFTY Large Midcap 250 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index). The Scheme, formerly a large cap fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a Large and Mid-cap Fund. Accordingly, the Scheme’s benchmark has also changed. Hence, the past performance of the Scheme may not strictly be comparable with that of the new benchmark.

HDFC TAXSAVER NAV as on May 29, 2020 ` 416.060


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



CHIRAG SETALVAD

HDFC MID-CAP OPPORTUNITIES FUND NAV as on May 29, 2020 ` 45.774


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC SMALL CAP FUND NAV as on May 29, 2020 ` 30.277


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year -35.96 -37.97 -18.57 6,404 6,203 8,143May 31, 17 Last 3 Years -6.94 -16.80 1.23 8,060 5,763 10,372May 29, 15 Last 5 Years 3.07 -5.34 3.93 11,636 7,596 12,126Jan 01, 13 Since Inception 9.07 1.97 7.97 19,031 11,554 17,650

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

HDFC HyBRID EQUITy FUND NAV as on May 29, 2020 ` 48.040


(%)

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 May 29, 2020 ` 112.630


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year -12.97 -7.22 -18.57 8,703 9,278 8,143May 31, 17 Last 3 Years 1.50 4.42 1.23 10,457 11,383 10,372May 29, 15 Last 5 Years 5.80 6.11 3.93 13,259 13,453 12,126Jan 01, 13 Since Inception 11.33 8.67 7.97 22,149 18,522 17,650

# 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 May 29, 2020 ` 297.465


(%)

Benchmark Returns

(%)#


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Scheme (`)

Benchmark (`)#


(`)##


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


66 May 2020


SHOBHIT MEHROTRA

HDFC INCOME FUND NAV as on May 29, 2020 ` 47.3245


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 10.25 13.60 13.02 11,025 11,360 11,302May 31, 17 Last 3 Years 6.41 8.45 7.38 12,048 12,752 12,378May 29, 15 Last 5 Years 7.72 8.71 8.29 14,509 15,190 14,901Jan 01, 13 Since Inception 8.15 8.68 7.77 17,877 18,532 17,409

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

HDFC MEDIUM TERM DEBT FUND NAV as on May 29, 2020 ` 42.0588


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC FLOATING RATE DEBT FUND NAV as on May 29, 2020 ` 36.0179


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Liquid Fund Index ## CRISIL 1 year T-Bill Index.

HDFC CREDIT RISK DEBT FUND NAV as on May 29, 2020 ` 17.3484


(%)

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.



(%)

Benchmark Returns

(%)#


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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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(`)##





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(%)

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(%)#


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Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 9.07 13.03 8.01 10,907 11,303 10,801May 31, 17 Last 3 Years 8.07 8.63 7.24 12,618 12,816 12,331May 09, 17 Since Inception 8.14 8.85 7.24 12,702 12,961 12,382




(%)

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May 2020 67




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Benchmark (`)#


(`)##



KRISHAN KUMAR DAGA

HDFC ARBITRAGE FUND - WHOLESALE PLAN NAV as on May 29, 2020 ` 15.055


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 6.09 5.04 -18.57 10,609 10,504 8,143May 31, 17 Last 3 Years 6.35 5.26 1.23 12,027 11,660 10,372May 29, 15 Last 5 Years 6.58 5.53 3.93 13,756 13,092 12,126Apr 07, 14 Since Inception 6.88 6.16 7.36 15,055 14,441 15,471

# 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 May 29, 2020 ` 292.2297


(%)

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.



SHOBHIT MEHROTRA....CONTINUED

68 May 2020


HDFC INDEX FUND - NIFTy 50 PLAN NAV as on May 29, 2020 ` 88.5008


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC GOLD FUND NAV as on May 29, 2020 ` 15.4066


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

May 31, 19 Last 1 Year 44.33 47.47 14,433 14,747May 31, 17 Last 3 Years 16.39 17.90 15,762 16,379May 29, 15 Last 5 Years 10.64 11.85 16,592 17,515Jan 01, 13 Since Inception 4.58 6.10 13,932 15,504

# 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 May 29, 2020 ` 23.6674


(%)

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 May 29, 2020 ` 44.8488


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC LIQUID FUND NAV as on May 31, 2020 ` 3939.4174


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 24, 20 Last 7 days 2.44 3.31 4.50 10,005 10,006 10,009May 16, 20 Last 15 days 4.04 4.47 10.54 10,017 10,018 10,043Apr 30, 20 Last 1 Month 4.90 5.39 5.00 10,042 10,046 10,042May 31, 19 Last 1 Year 5.80 6.01 8.01 10,580 10,601 10,801May 31, 17 Last 3 Years 6.68 6.87 7.24 12,145 12,209 12,334May 31, 15 Last 5 Years 7.05 7.09 7.21 14,064 14,093 14,169Dec 31, 12 Since Inception 7.74 7.73 7.28 17,392 17,375 16,846

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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 19 Last 1 Year 9.67 13.03 8.01 10,967 11,303 10,801Feb 27, 18 Since Inception 8.94 10.85 7.73 12,127 12,610 11,825




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 19 Last 1 Year 9.57 13.03 8.01 10,957 11,303 10,801Mar 07, 18 Since Inception 8.85 10.89 7.74 12,081 12,592 11,810




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KRISHAN KUMAR DAGA....CONTINUED

KRISHAN KUMAR DAGA

May 2020 69




(%)

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ANIL BAMBOLI

HDFC DyNAMIC DEBT FUND NAV as on May 29, 2020 ` 68.5232


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC SHORT TERM DEBT FUND NAV as on May 29, 2020 ` 23.3655


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC ULTRA SHORT TERM FUND NAV as on May 29, 2020 ` 11.4422


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Ultra Short Term Debt Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception.

HDFC GILT FUND NAV as on May 29, 2020 ` 43.4063


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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



ANUPAM JOSHI....CONTINUED

70 May 2020


HDFC BANKING AND PSU DEBT FUND NAV as on May 29, 2020 ` 17.1574


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC MONEy MARKET FUND NAV as on May 29, 2020 ` 4301.7625


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 8.28 6.64 8.01 10,828 10,664 10,801May 31, 17 Last 3 Years 7.82 7.05 7.24 12,531 12,265 12,331May 31, 15 Last 5 Years 7.73 7.31 7.21 14,513 14,231 14,166Dec 31, 12 Since Inception 8.19 7.91 7.29 17,930 17,585 16,843

# nIFTY Money Market Index ## CRISIL 1 year T-Bill Index.

HDFC OVERNIGHT FUND NAV as on May 31, 2020 ` 2983.1512


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 24, 20 Last 7 days n.A. 2.97 4.50 n.A. 10,006 10,009May 16, 20 Last 15 days n.A. 2.91 10.54 n.A. 10,012 10,043Apr 30, 20 Last 1 Month 2.97 3.01 5.00 10,025 10,026 10,042May 31, 19 Last 1 Year 4.65 4.72 8.01 10,465 10,472 10,801May 31, 17 Last 3 Years 5.63 5.67 7.24 11,789 11,800 12,334May 31, 15 Last 5 Years 5.99 6.04 7.21 13,380 13,409 14,169Dec 31, 12 Since Inception 6.70 6.77 7.28 16,174 16,261 16,846

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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year 7.91 13.03 8.01 10,791 11,303 10,801May 31, 17 Last 3 Years 7.34 8.63 7.24 12,367 12,816 12,331May 29, 15 Last 5 Years 7.70 9.14 7.21 14,493 15,491 14,172Aug 14, 13 Since Inception 8.80 9.93 7.62 17,733 19,026 16,466

# 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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May 2020 71




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(`)##






72 May 2020




(%)

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(%)#


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Benchmark (`)#


(`)##



AMIT B GANATRA

HDFC CAPITAL BUILDER VALUE FUND NAV as on May 29, 2020 ` 235.660


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC EOF - II - 1126D MAy 2017 (1) NAV as on May 29, 2020 ` 8.3600


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 19 Last 1 Year -25.66 -18.57 -17.36 7,434 8,143 8,264Jun 15, 17 Since Inception -5.88 1.31 2.65 8,360 10,393 10,805

# nIFTY 50 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index). The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. 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 May 29, 2020 ` 8.4580


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 19 Last 1 Year -22.30 -18.57 -17.36 7,770 8,143 8,264Jul 17, 17 Since Inception -5.67 0.02 1.47 8,458 10,007 10,428


RAKESH VyAS

HDFC INFRASTRUCTURE FUND NAV as on May 29, 2020 ` 10.137


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 19 Last 1 Year -45.27 -19.17 -18.57 5,473 8,083 8,143May 31, 17 Last 3 Years -19.96 -0.93 1.23 5,131 9,725 10,372May 29, 15 Last 5 Years -9.40 3.62 3.93 6,100 11,951 12,126Jan 01, 13 Since Inception -1.28 8.10 7.97 9,090 17,812 17,650

# nIFTY 500 (Total Returns Index) ## nIFTY 50 (Total Returns Index). The Scheme was co-managed by Rakesh Vyas & Prashant Jain from June 01, 2019 till January 23, 2020.

HDFC HOF - I - 1140D NOVEMBER 2017 (1) NAV as on May 29, 2020 ` 6.9270


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 19 Last 1 Year -31.56 -23.11 -18.57 6,844 7,689 8,143Dec 06, 17 Since Inception -13.76 -5.73 -0.63 6,927 8,639 9,844

# India Housing & Allied Businesses Index ## nIFTY 50 (Total Returns Index) The Scheme is in existence for more than 1 year but less than 3 years. The scheme was co-managed by Rakesh Vyas & Prashant Jain from June 01, 2019 till January 23, 2020.

CO-MANAGED By CHIRAG SETALVAD & SHOBHIT MEHROTRA

HDFC RETIREMENT SAVINGS FUND - EQUITy PLAN

NAV as on May 29, 2020 ` 14.922


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 19 Last 1 Year -18.29 -19.17 -18.57 8,171 8,083 8,143May 31, 17 Last 3 Years -0.73 -0.93 1.23 9,783 9,725 10,372Feb 25, 16 Since Inception 9.85 8.55 9.20 14,922 14,186 14,547

# 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 May 29, 2020 ` 15.717


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 19 Last 1 Year -12.94 -7.22 -18.57 8,706 9,278 8,143May 31, 17 Last 3 Years 2.15 4.42 1.23 10,659 11,383 10,372Feb 25, 16 Since Inception 11.20 9.86 9.20 15,717 14,928 14,547

# 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 May 29, 2020 ` 14.4660


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 19 Last 1 Year 3.42 8.40 13.02 10,342 10,840 11,302May 31, 17 Last 3 Years 5.74 7.76 7.38 11,822 12,512 12,378Feb 26, 16 Since Inception 9.06 9.66 8.78 14,466 14,806 14,310

# nIFTY 50 Hybrid Composite Debt 15:85 Index ## CRISIL 10 Year Gilt Index. The Scheme is in existence for more than 1 years but less than 5 years

CO-MANAGED By CHIRAG SETALVAD, ANIL BAMBOLI & KRISHAN KUMAR DAGA

HDFC MULTI - ASSET FUND NAV as on May 29, 2020 ` 31.2950


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 19 Last 1 Year -7.50 -2.52 -18.57 9,250 9,748 8,143May 31, 17 Last 3 Years 1.26 5.85 1.23 10,382 11,859 10,372May 29, 15 Last 5 Years 4.48 6.82 3.93 12,456 13,912 12,126Jan 01, 13 Since Inception 6.85 8.59 7.97 16,343 18,415 17,650

# 90% nIFTY 50 Hybrid Composite Debt 65:35 Index + 10% Domestic Price of Gold ## nIFTY 50 (Total Returns Index). The Scheme formerly, a debt oriented hybrid fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a multi asset fund investing in equities, debt and gold. Accordingly, the Scheme’s benchmark and additional benchmarks have also changed. Hence, the past performance of the Scheme since inception till May 22, 2018 may not strictly be comparable with those of the new benchmark and the additional benchmark. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments and gold.




May 2020 73

CO-MANAGED By VINAy KULKARNI, KRISHAN KUMAR DAGA & ANIL BAMBOLI

HDFC EQUITy SAVINGS FUND NAV as on May 29, 2020 ` 37.0060


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 19 Last 1 Year -6.81 0.05 -18.57 9,319 10,005 8,143May 31, 17 Last 3 Years 2.64 5.43 1.23 10,814 11,719 10,372May 29, 15 Last 5 Years 6.93 6.31 3.93 13,982 13,584 12,126Jan 01, 13 Since Inception 7.91 7.98 7.97 17,579 17,659 17,650

# 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 May 29, 2020 ` 46.3828


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 19 Last 1 Year -3.47 8.40 13.02 9,653 10,840 11,302May 31, 17 Last 3 Years 2.21 7.76 7.38 10,677 12,512 12,378May 29, 15 Last 5 Years 5.73 8.30 8.29 13,216 14,906 14,901Jan 01, 13 Since Inception 7.86 8.91 7.77 17,520 18,818 17,409

# 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 CHIRAG SETALVAD & SHOBHIT MEHROTRA

CO-MANAGED By ANIL BAMBOLI & AMIT B GANATRA

HDFC DyNAMIC PE RATIO FUND OF FUNDS NAV as on May 29, 2020 ` 17.809


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

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 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.

Managing Portfolio Since

Returns (%) (As on May 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 -25.57 -1.55 n.A.

Benchmark- MSCI India (Total Returns) -15.84 1.25 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)

74 May 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 (`)




Mar 19, 20 10.474 0.133 0.133 10.759 0.044 0.044 Apr 23, 20 10.367 0.045 0.045 10.761 0.048 0.048May 21, 20 10.367 0.040 0.040 10.763 0.045 0.045

Monthly Dividend Option (Past 3 months)

Record Date Wholesale Plan Wholesale Plan - Direct Plan

Cum Div NAV (`)




Mar 19, 20 10.939 0.133 0.133 10.513 0.044 0.044 Apr 23, 20 10.833 0.045 0.045 10.513 0.048 0.048May 21, 20 10.835 0.040 0.040 10.514 0.045 0.045

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 (`)




Mar 16, 20 20.135 0.310 0.310 21.565 0.310 0.310 Apr 27, 20 20.033 0.230 0.230 21.496 0.230 0.230May 26, 20 19.118 0.230 0.230 20.541 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

May 2020 75

DIVIDEND HISTORy ^

^ Past performance may or may not be sustained in the future. There is no assurance or guarantee to Unit holders as to rate/quantum of dividend distribution nor that the dividends will be paid regularly. After payment of the dividend, the per Unit nAV falls to the extent of the payout and statutory levy, if any. Please log on to www.hdfcfund.com for Record Date-wise listing of dividends declared.

HDFC Multi-Asset Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 03, 16 11.9008 0.7223 0.6692 12.5570 0.7223 0.6692Mar 09, 17 12.3216 0.7945 0.7361 13.1369 0.7945 0.7361Mar 01, 18 12.2077 0.7945 0.7361 13.1690 0.7945 0.7361

HDFC Income Fund (Past 3 quarters) Quarterly Dividend Option


Cum Div NAV (`)




Sep 25, 19 11.2236 0.1500 0.1389 11.8839 0.1500 0.1389Dec 26, 19 11.2480 0.1000 0.0926 11.9377 0.1000 0.0926Mar 18, 20 - - - 11.9807 0.1500 0.1389

HDFC Dynamic Debt FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Sep 25, 19 11.7208 0.1500 0.1389 12.3669 0.1500 0.1389Dec 26, 19 11.7795 0.1500 0.1389 12.4639 0.1500 0.1389Mar 18, 20 11.6268 0.1500 0.1389 12.3423 0.1500 0.1389

Half-yearly (Dividend Option) (Past 2 years)


Cum Div NAV (`)




Mar 25, 19 11.4552 0.2500 0.2315 - - -Sep 25, 19 11.2879 0.1500 0.1389 - - -Mar 18, 20 11.3908 0.4000 0.3704 - - -

yearly (Dividend Option) (Past 3 years)


Cum Div NAV (`)




Mar 26, 18 13.0626 0.4000 0.3706 13.6262 0.4000 0.3706Mar 25, 19 12.9184 0.3500 0.3241 13.5824 0.3500 0.3241Mar 18, 20 12.9884 0.5500 0.5093 13.7778 0.5500 0.5093

HDFC Corporate Bond FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Sep 25, 19 10.5142 0.1642 0.1520 10.4079 0.1289 0.1193Dec 26, 19 10.5041 0.1324 0.1226 10.4495 0.1304 0.1207Mar 18, 20 10.3846 0.1145 0.1060 10.3360 0.0348 0.0322

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


Cum Div NAV (`)




Sep 25, 19 11.5628 0.1500 0.1389 11.9525 0.1500 0.1389Dec 26, 19 11.5364 0.0500 0.0463 11.9447 0.0500 0.0463Mar 18, 20 11.7454 0.1500 0.1389 12.1762 0.1500 0.1389

HDFC Liquid FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




Feb 24, 20 1,030.3441 2.9131 2.6975 1,030.4229 2.9698 2.7501Apr 27, 20 1036.8420 10.5420 10.5420 1037.0206 10.7206 10.7206May 26, 20 1030.3369 4.0369 4.0369 1030.4188 4.1188 4.1188

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


Cum Div NAV (`)




Feb 24, 20 10.2116 0.0486 0.0450 10.2127 0.0494 0.0458Apr 27, 20 10.2215 0.0774 0.0774 10.2242 0.0801 0.0801May 26, 20 10.2920 0.1479 0.1479 10.2934 0.1493 0.1493

HDFC Low Duration FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




Feb 24, 20 10.2078 0.0488 0.0452 10.2149 0.0522 0.0483Apr 27, 20 10.1802 0.0402 0.0402 10.1933 0.0508 0.0508May 26, 20 10.2904 0.1504 0.1504 10.2978 0.1553 0.1553

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


Cum Div NAV (`)




Sep 25, 19 10.4722 0.1577 0.1460 10.6038 0.1689 0.1564Dec 26, 19 - - - 10.6246 0.1845 0.1708Mar 18, 20 10.3566 0.0785 0.0727 10.4831 0.0846 0.0783

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


Cum Div NAV (`)




Feb 24, 20 10.1392 0.0354 0.0328 10.1014 0.0370 0.0343Apr 27, 20 10.2001 0.1101 0.1101 10.1657 0.1157 0.1157May 26, 20 10.2013 0.0513 0.0513 10.1632 0.1132 0.1132

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May 31, 2020 · end-May 2020) from 3.3 million, a month ago. In India, though the number of positive cases continues to rise, absolute number cases were relatively low considering