a portfolio of quality corporate bonds. mf... · 2020-07-14 · internal credit evaluation. it...

June 30, 2020

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

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

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

Riskometer

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

The Fund aims to maintain a higher credit quality portfolio by focusing on in-depth internal credit evaluation. It invests 80% to 100% of its portfolio in AAA rated and equivalent securities / assets and primarily focuses on returns through interest accruals (as of June 30, 2020, 100% is invested in these securities / assets).

A Portfolio of QualityCorporate Bonds.Presenting HDFC Corporate Bond Fund

2 June 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

June 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

In the month of June 2020, Indian Equities ended with strong gains driven by optimism around pickup in economic activity from the bottoms seen in April 2020. This was partly offset by risk of second wave of COVID-19 infection, clash between India and China over territorial dispute etc. In the fixed income markets, the 10Year Gsec yield rose, driven by overhang of large supply of government securities but credit environment improved with spreads of corporate bonds easing, to a certain extent.

In other major developments, Moody’s downgraded India’s sovereign rating from Baa2 to Baa3, while maintaining the Negative outlook. Fitch Ratings placed India’s rating on Negative outlook, while reaffirming the rating at BBB-. S&P reaffirmed the rating at BBB- while retaining the Stable outlook. Thus, India’s rating by all the three rating agencies is now at same level.

Spread of COVID-19 continued to remain a concern with number of infected cases globally rising to ~10.6 million (as on 30 June 2020) from 6.3 million on 31 May 2020. In India, though the number of positive cases continues to rise, proportion of such cases were relatively low considering the large population. The total infected cases in India reached ~5,86,000 as on 30 June 2020, up from ~1,90,000 cases as on 31 May 2020.

Economy showing early signs of stabilisation: As the economy is reopening and restrictions are relaxed, Indian economy is witnessing early signs of pickup in economic activity. While traditional data comes with a lag, few activity indicators like power demand, goods transported by railway, unemployment rate etc. are showing improvement month-on-month (m-o-m) and pace of contraction has significantly reduced since April 2020. However, some consumption indicators like sale of cars, 2 Wheelers, diesel, etc. continue to remain weak.

Change in Railway Freight Earnings and Tonnage (YoY, last 7 days)

Source: Raildrishti.com

Weekly change in power demand (YoY)

Source: Motilal Oswal Securities

Unemployment rate

Source: CMIE

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

Current account turned into surplus in Q4FY20; FY21 outlook remains positive: India’s Q4FY20 current account turned into slight surplus, a first after 13 years. Improvement was driven by improvement in remittances and services exports along with stable trade deficit. Balance of payment also remained healthy with FPI outflows more than offset by higher FDI inflows, increase in External commercial borrowings and rise in NRI deposits.

India's external situation (USD billion) Q4FY19 Q4FY20 Change (YoY, %)Trade (Deficit) /Surplus -35.2 -35.0 -0.5%

Net Oil imports -22.6 -24.7 9.5% Net Gold imports* -5.2 -3.0 -42.0% Trade deficit ex oil & gold -7.5 -7.3 -2.0%

Net Invisibles exports Surplus/(Deficit) 31 35.6 16.5%

Current account Surplus / (deficit) -4.6 0.6 NM% of GDP -0.7% 0.1%

Capital Account Surplus / (Deficit) 18.8 18.2 -3.1% FDI 6.4 12.0 86.3% FPI 9.4 -13.7 NM ECB -4.9 2.9 NM Others 7.9 17.0 115.2%

Trade deficit ex oil & gold 1,527 3,274 114.4%* includes net imports of gold, silver & precious stones adjusted for gems & jewellery exports; NM: Not meaningful

Outlook for Current account and Balance of Payment in FY21 remains comfortable with fall in oil prices and weak domestic demand likely to result in contraction of imports. While exports and remittances are likely to weaken too, on an overall basis, India’s current account might remain in surplus for FY21.

Centre’ fiscal deficit widens in 2MFY21; likely to remain stretched: Significant shortfall in tax revenues, both direct and indirect taxes, resulted in Centre’s fiscal deficit widening to 58.6% of Budgeted Estimates (BE) in first 2 months of FY21 (2MFY21). Transfers to states remained high despite shortfall in revenues as Centre continues to transfer the amount based on budget estimates rather than actual revenue collections. Capital expenditures grew at healthy pace while revenue expenditures contracted slightly.

2MFY20 2MFY21 Change (YoY)Gross tax revenue 2,146 1,261 -41.2%Total Direct Tax 617 527 -14.6%Total Indirect Tax 1,529 734 -52.0%Less: Share of States & others 991 921 -7.1%Net Tax collection 1,155 340 -70.5%Non- Tax Revenue 284 108 -61.9%Total Revenue Receipts 1,439 449 -68.8%Total Capital Receipts 30.67 8.31 -72.9%

Total Revenue Expenditures 4,653 4,566 -1.9%Total Capital Expenditures 477 552 15.7%Total Expenditures 5,130 5,118 -0.2%

Gross Fiscal Deficit -3,662 -4,663 27.4%Fiscal Deficit as % of GDP -1.9% -2.3% Fiscal Deficit as % of BE 52.0% 58.6%

YoY – Year on Year; BE – Budgeted Estimates

4 June 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.

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

Industrial production contracts sharply in April 2020, outlook remains muted: India’s IIP contracted sharply by 55% in April 2020 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 phased resumption of production is likely to keep IIP under pressure in near term.

YOY, % Mar-20 Apr-20IIP -18.3 -55.5Primary goods -4.1 -26.6Capital goods -38.3 -92.0Intermediate goods -18.5 -66.0Infrastructure/construction goods -25.2 -83.9Consumer goods -27.0 -61.8

Consumer durables -36.5 -95.7Consumer non- durables -20.2 -36.1

Food inflation softened; might remain elevated in near term: Like in April 2020, due to difficulty in data collection and limited number of transactions, full data related to CPI was not released for May 2020. However, data of some sub-components (constituting ~63% of original index), mainly consisting of food, housing, health etc., was released. The limited data suggests that food inflation has softened on back of easing vegetable prices driven by lower supply disruption. However, inflation of other constituents of food index like pulses, meat, edible oil etc. remained at elevated level. While inflation in near term can remain at elevated level due to supply side disruptions, it is likely to moderate in H2FY21 on account of base effect, weak aggregate demand and normalisation of supply.

Commodity prices rises during the month: Commodity prices ended the month higher on back of optimism around recovery in economic activity, especially in US and China. Brent crude prices continue to grow at healthy pace driven by production cuts and revival in demand.

% Change Market price (USD)*

FY2020 (yoy)

Jun-20 (m-o-m) FYTD21^

Brent Crude (per barrel) 41 (66.7) 16.5 81.0Gold (per ounce) 1,784 23.6 3.1 11.6Steel (per tonne) 3,773 (12.6) 3.1 11.0Zinc (per tonne) 2,057 (37.8) 4.3 10.1Copper (per tonne) 6,038 (26.0) 13.2 25.9Aluminium (per tonne) 1,602 (21.2) 4.9 7.3Lead (per tonne) 1,789 (15.3) 10.7 4.5

*Market prices as on June 30, 2020; ̂ change in prices since end-March 20, YoY- Year on Year

Summary and ConclusionImpact of lockdown 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. 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 “ A mid year update on the Indian economy and markets” published in June 2020 and available on our website www.hdfcfund.com

Equity Market Update

In June 2020, Indian markets gained by ~7.5% m-o-m driven by optimism around gradual resumption of economic activities in India as well as major countries and largely buoyant global markets. The key drivers of movement in markets during the month were signs of improvement in economic activity, favourable monsoon expectations, escalation of tension between India and China, fear of second wave of COVID-19 infection, etc. The mid and small cap indices outperformed the large caps. While most major sectors ended the month in positive, Banking, Auto, Oil & Gas and Power were best performing sectors.

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

% Change in Indices FY2020 Jun-20 FYTD21S&P BSE India Auto (42.9) 8.4 42.1 S&P BSE India Bankex (35.4) 9.7 10.2 S&P BSE India Capital Goods (40.6) 4.3 17.1 S&P BSE India FMCG (12.7) 3.3 9.8 S&P BSE India Healthcare (15.7) 3.9 33.9 S&P BSE India Metal (49.7) 5.9 26.2 S&P BSE India Power (32.3) 6.3 14.3 S&P BSE India Oil & Gas (34.4) 7.0 26.4 S&P BSE India IT (16.0) 5.8 15.9 S&P BSE SENSEX (23.8) 7.7 18.5 NIFTY 50 (26.0) 7.5 19.8 NIFTY Midcap 100 (35.9) 10.8 25.6 NIFTY Smallcap (46.1) 15.3 28.4

% Change in Indices FY2020 Jun-20 FYTD21S&P 500 (8.8) 1.8 20.0 FTSE (22.1) 1.5 8.8 DAX (13.8) 6.2 23.9 CAC (17.8) 5.1 12.3 Nikkei (10.8) 1.9 17.8 Hang Seng (18.8) 6.4 3.5 KOSPI (18.0) 3.9 20.2 Shanghai (11.0) 4.6 8.5 MSCI Emerging Market Index (19.8) 7.0 17.3

FPIs were net buyers in June 2020 and bought equity worth USD 2.9 billion. Total FPIs equity outflows in first six months of CY20 was USD 2.5 billion as against inflows of USD 11.3 billion during the corresponding period last year. Net inflows in domestic equity oriented mutual funds were INR 3,893 crore in May 2020 compared to net inflows of INR 5,030 crore a month ago. In first five months of CY20, total inflows in domestic equity oriented mutual fund schemes stood at ~INR 38,000 crore.

Out of the Q4FY20 results declared so far, results of Cement, Telecom and Agro chemical were better than expectations whereas Banks, NBFCs, Auto, Oil & Gas and Power were largely in line with expectations. Results of Consumer staples, Metals, and IT were below expectations.

Outlook

As on 30 June 2020, NIFTY 50 was trading near 23.2x FY21E and 16.8x FY22E price to earnings ratio. While multiples are reasonable, in uncertain times like the current one, limited reliance can be placed on the Price to earnings multiples for gauging valuations as earnings are difficult to predict, especially for FY21. In our opinion, Indian market cap to GDP is a better indicator of valuation of overall market in current scenario. As of 30 June 2020, Indian market capitalisation stood at ~64% of GDP (based on 2021 GDP), as against average of 77% over the past 10 years.

June 2020 5

Market Review Contd...

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.

For 2020E and 2021E, Market cap/NIFTY 50 as on 30 June 20 is taken; GDP estimates are for 2020E and 2021E respectively. For 2020E, PE based on free-float EPS as of Mar-21 end and for 2021E EPS of Mar-22 end is used.

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

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

Markets thus hold promise over the medium to long term in our opinion. 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, in our opinion, there is merit in increasing allocation to equities in a phased manner or in staying invested as the case may be (for those with a medium to long term view and in line with individual risk appetite). Significant rise in spread of COVID-19, adverse global events, sharp rise in crude oil prices, sharp moderation in equity oriented mutual funds flows, higher than expected NPAs post the moratorium, escalation of tension between India & China etc. are key risks in the near term.

Debt Market Update

The yield of 10-year Gsec (5.79 GoI 2030) ended the month of June 2020 at 5.89%, up 13 bps over the previous month end. The table below gives a summary view of movement of key rates & liquidity. May-20 Jun-20 Change (%)10Yr G-Sec Yield (%, 5.79 GoI 2030)^ 5.76 5.89 0.13AAA 10Year Corporate Bond Yields (%)# 7.07 6.85 -0.22AAA 10Y corporate bond spread against 6.45 GS 2029 Yield (bps)@ 131 96 -0.35Average net liquidity absorbed / (infused) by RBI* (INR billion) (approx.) 5,099 3,776 -26.0MIBOR Overnight Rate (%) 4.04 3.89 -0.15

* Average net daily liquidity infused / absorbed through Liquidity Adjustment Facility, exports refinance, marginal standing facility and term repos/reverse repos;

^ bi-annual yield;# annualised yields;@ Spreads have been calculated by subtracting non-annualised Gsec yields from annualised

corporate bond yields

Average net interbank liquidity surplus remained high supported by high government spending, soft credit growth vis-a-vis deposit growth and foreign exchange purchases by RBI. However, increase in pace of withdrawal over the past couple of months and repayment of Ways & Mean Advances (WMA) by Central Government to RBI reduced the interbank liquidity to a certain extent.

Notably, after being negative for past three months, net debt FPI flows turned slightly positive to USD 0.3 billion for the month.

Outlook

The minutes of Monetary Policy committee meeting (MPC) were in line with expectations with all members highlighting their concerns about growth.

Over the past few months, apart from reduction in policy rates, RBI has been conducting operation TWIST, LTROs, TLTROs, Open markets purchases, etc. to ease the financial condition and improve liquidity. 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. Further, the prevailing high credit spreads also create a favourable risk rewards opportunity in select pockets, in our opinion.

GlOSSARYCPI Consumer Price Index

CPSEs Central Public Sector EnterprisesECB External Commercial BorrowingsEMs Emerging MarketsGDP Gross Domestic ProductIIP Index of Industrial Production

LTRO Long Term Repo OperationSLR Statutory Liquidity Ratio

TLTRO Targeted Long Term Repo Operations

.

6 June 2020

CONTENTS

PAGE NO.

WEAlTH CREATION

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

TAx SAVINGS

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

CHIlDREN'S FUTURE

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

RETIREMENT PLANNING

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

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

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

PAGE NO.

REgUlAR INCOME

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Performance details of schemes managed by respective fund managers ............................................. 60

Scheme performance summary - Regular Plans ................................. 61-65

Scheme performance summary - Direct Plans .................................... 66-74

Performance of Permitted Category FPI Portfolio ............................... 74

Dividend History ............................................................................... 75-76

Disclaimer ....................................................................................... 77

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.

June 2020 7

SIP PERFORMANCE ^ - Regular plan - growth OptionSince Inception

SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,060.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 58,282.84 3,931.06 1,659.08 585.19 312.71 107.78 Returns (%) 19.02 9.74 6.31 -0.98 -8.95 -18.39 Benchmark Returns (%) # 13.09 9.04 7.88 2.84 -3.30 -6.47 Additional Benchmark Returns (%) ## 12.12 9.07 7.78 4.07 -1.47 -7.67

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 June 30, 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 (`)##

Jun 28, 19 Last 1 Year -23.51 -11.13 -11.51 7,649 8,887 8,849Jun 30, 17 Last 3 Years -2.18 1.76 3.95 9,360 10,536 11,233Jun 30, 15 Last 5 Years 2.84 5.45 5.55 11,504 13,041 13,104Jan 01, 95 Since Inception 16.87 10.50 10.09 534,169 127,835 116,157

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 60. 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. 66. For FPI Portfolio, refer page no. 74.

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 9.10

• Larsen and Toubro Ltd. Construction Project 7.70

• State Bank of India Banks 7.49

• Reliance Industries Ltd. Petroleum Products 6.25

• ITC Ltd. Consumer Non Durables 6.15

• Infosys Ltd. Software 5.73

• NTPC Ltd. Power 4.69

• Power Grid Corporation of India Ltd. Power 4.64

• Coal India Ltd. Minerals/Mining 4.27

• Bharat Petroleum Corporation Ltd. Petroleum Products 3.30

HDFC Bank Ltd. Banks 3.24

Aurobindo Pharma Ltd. Pharmaceuticals 2.96

Power Finance Corporation Ltd. Finance 2.88

ReC Ltd. Finance 2.76

Axis Bank Ltd. Banks 2.70

Ambuja Cements Ltd. Cement 2.41

Tata Steel Ltd. Ferrous Metals 2.41

Lupin Ltd. Pharmaceuticals 2.29

CeSC Ltd. Power 1.97

GAIL (India) Ltd. Gas 1.82

InterGlobe Aviation Ltd. Transportation 1.73

Cipla Ltd. Pharmaceuticals 1.56

Bank of Baroda Banks 1.23

Vedanta Ltd. Non - Ferrous Metals 1.14

SBI Cards and Payment Services Ltd. Finance 1.02

Hindustan Petroleum Corporation Ltd. Petroleum Products 0.98

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 0.90

Kalpataru Power Transmission Ltd. Power 0.81

Bharat Dynamics Ltd. Aerospace & Defence 0.75

Bharti Infratel Ltd. Telecom - equipment & Accessories 0.74

Adani Ports & Special economic Zone Transportation 0.64

BeML Ltd. Industrial Capital Goods 0.63

Punjab National Bank Banks 0.63

Canara Bank Banks 0.51

Praj Industries Ltd. Industrial Capital Goods 0.50


Bharat Heavy electricals Ltd. Industrial Capital Goods 0.41

Time Technoplast Ltd. Industrial Products 0.20

CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.16

Hindustan Construction Company Ltd. Construction Project 0.12

Ramco Systems Ltd. Software 0.08

Simplex Infrastructures Ltd. Construction 0.07Sub Total 99.57Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 99.58Cash, Cash equivalents and Net Current Assets 0.42

Grand Total 100.00

• Top Ten Holdings

PORTFOLIO

Industry Allocation of Equity Holding (% of Net Assets)

0.010.070.200.740.751.141.701.822.372.412.41

4.275.816.156.667.717.82

10.5312.11

24.90

0 5 10 15 20 25 30

Media & EntertainmentConstruction

Industrial ProductsTelecom - Equipment & Accessories

Aerospace & DefenceNon - Ferrous Metals

Industrial Capital GoodsGas

TransportationFerrous Metals

CementMinerals/Mining

SoftwareConsumer Non Durables

FinancePharmaceuticals

Construction ProjectPetroleum 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 JUNE 30, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 534.169Regular Plan - Dividend Option 34.831Direct Plan - Growth Option 565.376Direct Plan - Dividend Option 38.111

ASSETS UNDER MANAgEMENT (`) IN CROREAs on June 30, 2020 18,495.28Average for Month of June 2020 18,398.84

qUANTITATIVE DATAPortfolio Turnover Ratio (Last 1 year) 28.96%Risk Ration Standard Deviation 6.688%n Beta 1.033n Sharpe Ratio* -0.041Computed for the 3-yr period ended June 30, 2020. Based on month-end NAV. * Risk free rate: 3.89%(Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on June 30, 2020)Including Additional expenses and Goods and Service Tax on Management FeesRegular: 1.80% Direct: 1.20%

#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 60.

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

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

SEgMENT-WISE BREAK-UP OF EqUITY HOlDINg (% OF NET ASSETS)Large Cap 87.71%Mid Cap 8.53%Small Cap 3.33%¥ 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 June 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) 3,170.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 35,506.41 3,989.66 1,743.97 578.96 309.83 111.41 Returns (%) 15.28 9.92 7.26 -1.40 -9.52 -13.05 Benchmark Returns (%) # N.A. 9.04 7.88 2.84 -3.30 -6.47 Additional Benchmark Returns (%) ## 11.85 9.07 7.78 4.07 -1.47 -7.67

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 (`)#


(`)##Jun 28, 19 Last 1 Year -18.49 -11.13 -11.51 8,151 8,887 8,849Jun 30, 17 Last 3 Years -2.14 1.76 3.95 9,371 10,536 11,233Jun 30, 15 Last 5 Years 3.57 5.45 5.55 11,920 13,041 13,104Feb 01, 94 Since Inception 12.73 N.A. 9.56 237,092 N.A. 111,657

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. N.A. Not Available. For performance of other schemes managed by Amit Ganatra, please refer page 60. 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 9.27• Reliance Industries Ltd. Petroleum Products 8.55• ICICI Bank Ltd. Banks 7.12• Infosys Ltd. Software 6.18• ITC Ltd. Consumer Non Durables 5.32• Bharti Airtel Ltd. Telecom - Services 4.25• Kotak Mahindra Bank Ltd. Banks 3.11• Axis Bank Ltd. Banks 2.83• Aurobindo Pharma Ltd. Pharmaceuticals 2.82• NTPC Ltd. Power 2.32Bharat Petroleum Corporation Ltd. Petroleum Products 2.05SBI Life Insurance Company Ltd. Finance 2.02HCL Technologies Ltd. Software 1.93Maruti Suzuki India Ltd. Auto 1.90Ambuja Cements Ltd. Cement 1.63Apollo Hospitals enterprise Ltd. Healthcare Services 1.62Oracle Financial Services Software Ltd. Software 1.59Vedanta Ltd. Non - Ferrous Metals 1.37Blue Star Ltd. Consumer Durables 1.34GAIL (India) Ltd. Gas 1.30Hero MotoCorp Ltd. Auto 1.28Lupin Ltd. Pharmaceuticals 1.15UltraTech Cement Ltd. Cement 1.14Cipla Ltd. Pharmaceuticals 1.11Larsen & Toubro Infotech Ltd. Software 1.10Bharat electronics Ltd. Industrial Capital Goods 1.08Advanced enzyme Technologies Ltd.

Consumer Non Durables 1.04

L&T Technology Services Ltd. Software 1.01SBI Cards and Payment Services Ltd. Finance 0.99Petronet LNG Ltd. Gas 0.97Spicejet Ltd. Transportation 0.92UPL Ltd. Pesticides 0.92Persistent Systems Ltd. Software 0.88Trent Ltd. Retailing 0.85Ashoka Buildcon Ltd. Construction Project 0.77Housing Development Finance Corporation Ltd.£ Finance 0.77Bharat Dynamics Ltd. Aerospace & Defence 0.75Gujarat Pipavav Port Ltd. Transportation 0.75Radico Khaitan Ltd. Consumer Non Durables 0.75VRL Logistics Ltd. Transportation 0.72Multi Commodity exchange of India Ltd. Finance 0.66Indiamart Intermesh Ltd. Retailing 0.62Bharti Infratel Ltd. Telecom - equipment

& Accessories 0.61Mishra Dhatu Nigam Ltd. Ferrous Metals 0.61Dilip Buildcon Ltd. Construction Project 0.58Ipca Laboratories Ltd. Pharmaceuticals 0.57

Company Industry+ % to NAVemami Ltd. Consumer Non Durables 0.56Container Corporation of India Ltd. Transportation 0.54Inox Leisure Ltd. Media & entertainment 0.54Just Dial Ltd. Software 0.54Jindal Steel & Power Ltd. Ferrous Metals 0.51CanFin Homes Ltd. Finance 0.49Indoco Remedies Ltd. Pharmaceuticals 0.47TCI express Ltd. Transportation 0.46Tube Investments of India Ltd. Auto Ancillaries 0.46Tejas Networks Ltd. Telecom - equipment

& Accessories 0.40Zee entertainment enterprises Ltd. Media & entertainment 0.38Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.35Central Depository Services (India) Ltd. Finance 0.26United Breweries Ltd. Consumer Non Durables 0.22Muthoot Finance Ltd. Finance 0.21APL Apollo Tubes Ltd. Ferrous Metals 0.19Siti Networks Ltd. Media & entertainment 0.18Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) Construction Project 0.07Sub Total 97.95Cash, Cash equivalents and Net Current Assets 2.05Grand Total 100.00• Top Ten Holdings, £ Co-sponsor

PORTFOLIO


0.350.460.750.921.011.081.101.311.341.371.421.471.622.272.322.773.183.394.255.406.12

7.8910.60

13.2322.33

0 5 10 15 20 25Fertilisers

Auto AncillariesAerospace & Defence

PesticidesTelecom - Equipment & Accessories

Industrial Capital GoodsMedia & Entertainment

Ferrous MetalsConsumer Durables

Non - Ferrous MetalsConstruction Project

RetailingHealthcare Services

GasPower

CementAuto

TransportationTelecom - Services

FinancePharmaceuticals

Consumer Non DurablesPetroleum Products

SoftwareBanks

KEY FACTS

INVESTMENT OBjECTIVE

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

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

FUND MANAgER ¥

Amit Ganatra (since May 21, 2020*)

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 JUNE 30, 2020) NAV PER UNIT (`)

Regular Plan - Growth Option 237.092Regular Plan - Dividend Option 17.781Direct Plan - Growth Option 253.182Direct Plan - Dividend Option 19.709

ASSETS UNDER MANAgEMENT (`) IN CRORE

As on June 30, 2020 3,594.93Average for Month of June 2020 3,537.14

qUANTITATIVE DATA

Portfolio Turnover Ratio (Last 1 year) 81.15%

Risk Ration Standard Deviation 6.573%n Beta 1.036n Sharpe Ratio* -0.042

Computed for the 3-yr period ended June 30, 2020. Based on month-end NAV. * Risk free rate: 3.89%(Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on June 30, 2020)Including Additional expenses and Goods and Service Tax on Management Fees

Regular: 1.98% Direct: 1.18%

#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

June 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 92.70%Mid Cap 6.95% Small Cap 0.00%§ Date of migration from Zurich India Mutual Fund (Close of business hours - June 19, 03).¥ Dedicated Fund Manager for Overseas Investments: Mr. Chirag Dagli (since July 22, 2019) (Total Experience: Over 18 years).



l investment predominantly in Large-Cap companies

Riskometer


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


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,850.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) $$ 31,622.83 3,870.19 1,662.01 600.65 320.54 109.19 Returns (%) $$ 17.07 9.56 6.34 0.04 -7.41 -16.33 Benchmark Returns (%) # N.A. 9.55 8.19 3.92 -1.80 -6.74 Additional Benchmark Returns (%) ## 12.86 9.43 8.31 5.15 -0.15 -7.88



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Jun 28, 19 Last 1 Year -21.72 -10.64 -10.40 7,828 8,936 8,960Jun 30, 17 Last 3 Years -1.05 3.42 5.31 9,688 11,063 11,681Jun 30, 15 Last 5 Years 3.66 5.78 5.98 11,970 13,249 13,372Oct 11, 96 Since Inception 17.84 N.A. 12.45 491,828 N.A. 161,906

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 60. 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. For FPI Portfolio, refer page no. 74.

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

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



• Reliance Industries Ltd. Petroleum Products 8.53• ICICI Bank Ltd. Banks 7.39• Infosys Ltd. Software 6.52• HDFC Bank Ltd. Banks 6.44• ITC Ltd. Consumer Non Durables 6.23• State Bank of India Banks 4.96• Power Grid Corporation of

India Ltd. Power 4.40• Larsen and Toubro Ltd. Construction Project 4.36• Housing Development

Finance Corporation Ltd.£ Finance 3.79• NTPC Ltd. Power 3.79Axis Bank Ltd. Banks 3.43Coal India Ltd. Minerals/Mining 3.25Bharti Airtel Ltd. Telecom - Services 2.92Hindustan Petroleum Corporation Ltd. Petroleum Products 2.35Bharat Petroleum Corporation Ltd. Petroleum Products 2.27Tata Steel Ltd. Ferrous Metals 1.79ReC Ltd. Finance 1.69Power Finance Corporation Ltd. Finance 1.66GAIL (India) Ltd. Gas 1.52Lupin Ltd. Pharmaceuticals 1.51Oil & Natural Gas Corporation Ltd. Oil 1.49Ambuja Cements Ltd. Cement 1.41Aurobindo Pharma Ltd. Pharmaceuticals 1.29Bharti Infratel Ltd. Telecom - equipment

& Accessories 1.29Cipla Ltd. Pharmaceuticals 1.20Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.14CeSC Ltd. Power 1.13Vedanta Ltd. Non - Ferrous Metals 1.11SBI Cards and Payment Services Ltd. Finance 1.07SBI Life Insurance Company Ltd. Finance 1.04Bharat electronics Ltd. Industrial Capital Goods 1.00Adani Ports & Special economic Zone Transportation 0.75InterGlobe Aviation Ltd. Transportation 0.72Bank of Baroda Banks 0.71Grasim Industries Ltd. Cement 0.61Hindalco Industries Ltd. Non - Ferrous Metals 0.60UltraTech Cement Ltd. Cement 0.59HCL Technologies Ltd. Software 0.46Canara Bank Banks 0.42Petronet LNG Ltd. Gas 0.42


Bank of India Banks 0.40Siemens Ltd. Industrial Capital Goods 0.40Wipro Ltd. Software 0.32Indian Oil Corporation Ltd. Petroleum Products 0.31Punjab National Bank Banks 0.24NHPC Ltd. Power 0.23Union Bank of India Banks 0.20ABB India Ltd. Industrial Capital Goods 0.19Container Corporation of India Ltd. Transportation 0.11LIC Housing Finance Ltd. Finance 0.02Sub Total 99.67Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 99.68Cash, Cash equivalents and Net Current Assets 0.32

Grand Total 100.00

• Top Ten Holdings, £ Co-sponsor

PORTFOLIO


0.011.291.491.581.591.711.791.942.612.923.254.365.146.237.30

9.279.55

13.4624.19

0 5 10 15 20 25 30

Media & EntertainmentTelecom - Equipment & Accessories

OilTransportation

Industrial Capital GoodsNon - Ferrous Metals

Ferrous MetalsGas

CementTelecom - Services

Minerals/MiningConstruction Project

PharmaceuticalsConsumer Non Durables

SoftwareFinance

PowerPetroleum Products

Banks

10 June 2020

Company Industry+ / Rating % to NAVEqUITY & EqUITY RElATED• Balkrishna Industries Ltd. Auto Ancillaries 5.15• Aarti Industries Ltd. Chemicals 4.25• Trent Ltd. Retailing 3.63• Ipca Laboratories Ltd. Pharmaceuticals 3.13• Cholamandalam Investment

and Finance Company Ltd. Finance 3.09• Voltas Ltd. Consumer Durables 2.92• Sundram Fasteners Ltd. Auto Ancillaries 2.74• Max Financial Services Ltd. Finance 2.62• Bharat Electronics Ltd. Industrial Capital Goods 2.59• Divis Laboratories Ltd. Pharmaceuticals 2.44Atul Ltd. Chemicals 2.36Hexaware Technologies Ltd. Software 2.34Whirlpool of India Ltd. Consumer Durables 2.28Crompton Greaves Consumer electricals Ltd. Consumer Durables 2.26Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.12Aurobindo Pharma Ltd. Pharmaceuticals 2.07City Union Bank Ltd. Banks 2.01AIA engineering Ltd. Industrial Products 1.95Tata Consumer Products Ltd. Consumer Non Durables 1.82Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 1.70VST Industries Ltd. Consumer Non Durables 1.66Supreme Industries Ltd. Industrial Products 1.65SKF India Ltd. Industrial Products 1.61Tube Investments of India Ltd. Auto Ancillaries 1.60Nippon Life India Asset Management Ltd. Finance 1.56exide Industries Ltd. Auto Ancillaries 1.47Carborundum Universal Ltd. Industrial Products 1.42Larsen & Toubro Infotech Ltd. Software 1.42Apollo Tyres Ltd. Auto Ancillaries 1.29Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.28KeC International Ltd. Construction Project 1.23Tata Chemicals Ltd. Chemicals 1.17RBL Bank Ltd. Banks 1.14Cholamandalam Financial Holdings Ltd. Finance 1.10MRF Ltd. Auto Ancillaries 1.06The Federal Bank Ltd. Banks 1.03ReC Ltd. Finance 1.02Solar Industries India Ltd. Chemicals 1.00KNR Construction Ltd. Construction 0.94Power Finance Corporation Ltd. Finance 0.91Dilip Buildcon Ltd. Construction Project 0.83Blue Star Ltd. Consumer Durables 0.82Oracle Financial Services Software Ltd. Software 0.80Redington (India) Ltd. Transportation 0.78Greenlam Industries Ltd. Consumer Durables 0.70Bata India Ltd. Consumer Durables 0.66Schaeffler India Ltd. Industrial Products 0.64RITeS Ltd. engineering Services 0.62Navneet education Ltd. Media & entertainment 0.61Persistent Systems Ltd. Software 0.60Edelweiss Financial Services Ltd. Finance 0.55Karur Vysya Bank Ltd. Banks 0.55Symphony Ltd. Consumer Durables 0.54Union Bank of India Banks 0.48Gujarat Fluorochemicals Ltd. Chemicals 0.47Grindwell Norton Ltd. Industrial Products 0.46Indian Bank Banks 0.41

Company Industry+ / Rating % to NAVDelta Corp Ltd. Hotels/Resorts & Other

Recreational Activities 0.40Vesuvius India Ltd. Industrial Products 0.40Dhanuka Agritech Ltd. Pesticides 0.38Jagran Prakashan Ltd. Media & entertainment 0.33Greenply Industries Ltd. Consumer Durables 0.32NIIT Technologies Ltd. Software 0.32Cummins India Ltd. Industrial Products 0.31Mahindra Holidays & Resorts Ind Ltd.

Hotels/Resorts & Other Recreational Activities 0.31

Arvind Fashions Ltd. Retailing 0.30Punjab National Bank Banks 0.28Strides Pharma Science Ltd. Pharmaceuticals 0.23Vardhman Textiles Ltd. Textiles - Cotton 0.23Arvind Ltd. Textile Products 0.20Greenpanel Industries Ltd. Consumer Durables 0.15GFL Ltd. Chemicals 0.14The Anup engineering Ltd. Industrial Capital Goods 0.10Arti Surfactants Ltd. Chemicals 0.09Sub Total 94.04Preference SharesZee entertainment enterprises Ltd. Media & entertainment @Sub Total @Total 94.04DEBT & DEBT RElATEDMONEY MARKET INSTRUMENTSCDAxis Bank Ltd. CRISIL - A1+ 0.50Sub Total 0.50Total 0.50Cash, Cash equivalents and Net Current Assets 5.46Grand 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 11.21%Mid Cap 66.60%Small Cap 16.21%¥ 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) 1,570.00 1,200.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 4,040.03 2,133.23 602.84 324.19 116.37 Returns (%) 13.50 11.08 0.19 -6.70 -5.58 Benchmark Returns (%) # 8.62 6.98 -2.18 -9.62 -7.59 Additional Benchmark Returns (%) ## 8.49 7.78 4.07 -1.47 -7.67


PERFORMANCE ^ - Regular plan - growth Option

Date Period Scheme Returns

(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jun 28, 19 Last 1 Year -12.11 -15.59 -11.51 8,789 8,441 8,849Jun 30, 17 Last 3 Years -2.68 -5.07 3.95 9,216 8,552 11,233Jun 30, 15 Last 5 Years 5.18 3.64 5.55 12,874 11,957 13,104Jun 25, 07 Since Inception 12.74 8.72 8.29 47,684 29,725 28,201

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 60. 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 investment predominantly in Mid-Cap companies

Riskometer




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

PORTFOLIO


0.200.230.380.620.780.940.94

2.062.412.69

3.483.93

5.485.90

8.449.48

10.6510.8511.27

13.31

0 2 4 6 8 10 12 14

Textile ProductsTextiles - Cotton

PesticidesEngineering Services

TransportationConstruction

Media & EntertainmentConstruction Project

Hotels, Resorts & Other Recreational ActivitiesIndustrial Capital GoodsConsumer Non Durables

RetailingSoftware

BanksIndustrial Products

ChemicalsConsumer Durables

FinancePharmaceuticalsAuto Ancillaries

June 2020 11

CATEgORY OF SCHEME: SMALL CAP FUND

KEY FACTS

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

FUND MANAgER § ¥

Chirag Setalvad (since June 28, 2014)


INCEPTION DATE (Date of Allotment)April 3, 2008





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







SEgMENT-WISE BREAK-UP OF EqUITY HOlDINg (% OF NET ASSETS)Large Cap 5.81%Mid Cap 14.31%Small Cap 70.98%§ 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) 1,470.00 1,200.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 2,698.25 1,751.20 558.93 288.64 109.11 Returns (%) 9.45 7.34 -2.79 -13.85 -16.46 Benchmark Returns (%) # 3.51 1.31 -9.98 -19.00 -16.52 Additional Benchmark Returns (%) ## 8.73 7.78 4.07 -1.47 -7.67




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jun 28, 19 Last 1 Year -24.37 -24.34 -11.51 7,563 7,566 8,849Jun 30, 17 Last 3 Years -4.47 -13.26 3.95 8,718 6,523 11,233Jun 30, 15 Last 5 Years 4.68 -1.80 5.55 12,573 9,133 13,104Apr 03, 08 Since Inception 9.95 3.12 7.77 31,952 14,566 25,012

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 60. 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 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 4.00• Balkrishna Industries Ltd. Auto Ancillaries 3.69• Bajaj Electricals Ltd. Consumer Durables 3.65• Sonata Software Ltd. Software 2.82• Chambal Fertilizers &

Chemicals Ltd. Fertilisers 2.59• Firstsource Solutions Ltd. Software 2.54• Atul Ltd. Chemicals 2.53• Aster DM Healthcare Ltd. Healthcare Services 2.48• Finolex Industries Ltd. Industrial Products 2.43• Persistent Systems Ltd. Software 2.41Procter & Gamble Health Ltd. Pharmaceuticals 2.30PNC Infratech Ltd. Construction 2.25KeC International Ltd. Construction Project 2.19SKF India Ltd. Industrial Products 2.03Tube Investments of India Ltd. Auto Ancillaries 1.98Sharda Cropchem Ltd. Pesticides 1.97Inox Leisure Ltd. Media & entertainment 1.89KeI Industries Ltd. Industrial Products 1.79La Opala RG Ltd. Consumer Durables 1.67Tata Metaliks Ltd. Ferrous Metals 1.55engineers India Ltd. Construction Project 1.51Radico Khaitan Ltd. Consumer Non Durables 1.40DCB Bank Ltd. Banks 1.39Suprajit engineering Ltd. Auto Ancillaries 1.38Nilkamal Ltd. Industrial Products 1.35Bajaj Consumer Care Ltd. Consumer Non Durables 1.30T. V. Today Network Ltd. Media & entertainment 1.30Vardhman Textiles Ltd. Textiles - Cotton 1.30Advanced enzyme Technologies Ltd.

Consumer Non Durables 1.25

Great eastern Shipping Company Ltd. Transportation 1.23Kalpataru Power Transmission Ltd. Power 1.22Unichem Laboratories Ltd. Pharmaceuticals 1.19Carborundum Universal Ltd. Industrial Products 1.16Bank of Baroda Banks 1.14NIIT Technologies Ltd. Software 1.12Chalet Hotels Ltd. Hotels/Resorts & Other

Recreational Activities 1.08eClerx Services Ltd. Software 1.08Insecticides (India) Ltd. Pesticides 1.03Goodyear India Ltd. Auto Ancillaries 1.02JB Chemicals & Pharmaceuticals Ltd. Pharmaceuticals 1.00emami Ltd. Consumer Non Durables 0.97Gujarat Fluorochemicals Ltd. Chemicals 0.96Delta Corp Ltd. Hotels/Resorts & Other

Recreational Activities 0.94Gabriel India Ltd. Auto Ancillaries 0.90NRB Bearing Ltd. Industrial Products 0.90Astral Poly Technik Ltd. Industrial Products 0.81Kirloskar Ferrous Industries Ltd. Ferrous Metals 0.81eIH Ltd. Hotels/Resorts & Other

Recreational Activities 0.80Redington (India) Ltd. Transportation 0.80Orient Refractories Ltd. Industrial Products 0.70Punjab National Bank Banks 0.67LG Balakrishnan & Bros Ltd. Auto Ancillaries 0.66Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 0.64

Company Industry+ % to NAVPower Mech Projects Ltd. Construction Project 0.61Repco Home Finance Ltd. Finance 0.61Indian Bank Banks 0.60Oriental Carbon & Chemicals Ltd. Chemicals 0.54Vesuvius India Ltd. Industrial Products 0.53The Federal Bank Ltd. Banks 0.52D B Corp Ltd. Media & entertainment 0.49IFGL Refractories Ltd. (Erst IFGL exports Ltd.) Industrial Products 0.46Sadbhav engineering Ltd. Construction Project 0.43Greenlam Industries Ltd. Consumer Durables 0.42Taj GVK Hotels & Resorts Ltd. Hotels/Resorts & Other

Recreational Activities 0.37Apar Industries Ltd. Industrial Capital Goods 0.35Shaily engineering Plastics Ltd. Industrial Products 0.34Atul Auto Ltd. Auto 0.27GNA Axles Ltd. Auto Ancillaries 0.27Jagran Prakashan Ltd. Media & entertainment 0.21Greenply Industries Ltd. Consumer Durables 0.18Time Technoplast Ltd. Industrial Products 0.05CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.03Sub Total 91.05DEBT & DEBT RElATEDMONEY MARKET INSTRUMENTSCDAxis Bank Ltd. CRISIL - A1+ 1.33Sub Total 1.33Total 1.33Cash, Cash equivalents and Net Current Assets 7.62Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.270.380.611.221.302.032.252.362.482.593.00

3.833.894.034.324.744.92

5.928.49

9.909.97

12.55

0 2 4 6 8 10 12 14

AutoIndustrial Capital Goods

FinancePower

Textiles - CottonTransportation

ConstructionFerrous Metals

Healthcare ServicesFertilisersPesticides

Hotels, Resorts & Other Recreational ActivitiesMedia & Entertainment

ChemicalsBanks

Construction ProjectConsumer Non Durables

Consumer DurablesPharmaceuticalsAuto Ancillaries

SoftwareIndustrial Products

12 June 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 61.78%Mid Cap 32.44%Small Cap 1.49%§ 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 (`)#


(`)##

Jun 28, 19 Last 1 Year -15.88 -10.38 -10.40 8,412 8,962 8,960Jun 30, 17 Last 3 Years -1.77 1.26 5.31 9,479 10,383 11,681Jun 30, 15 Last 5 Years 1.46 6.33 5.98 10,754 13,597 13,372Feb 18, 94 Since Inception 10.10 N.A. 10.24 126,727 N.A. 130,773

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 60. 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 to generate long-term capital appreciation/income

l investment predominantly in Large Cap and Mid Cap companies

Riskometer




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


EqUITY & EqUITY RElATED• Reliance Industries Ltd. Petroleum Products 7.19• ICICI Bank Ltd. Banks 6.85• Infosys Ltd. Software 6.43• NTPC Ltd. Power 6.10• State Bank of India Banks 5.11• Tata Consumer Products Ltd. Consumer Non Durables 4.41• Bharat Petroleum

Corporation Ltd. Petroleum Products 4.25• HDFC Bank Ltd. Banks 4.10• ITC Ltd. Consumer Non Durables 3.83• Trent Ltd. Retailing 2.88Max Financial Services Ltd. Finance 2.47GAIL (India) Ltd. Gas 2.24Gujarat State Petronet Ltd. Gas 2.20emami Ltd. Consumer Non Durables 2.19Tata Steel Ltd. Ferrous Metals 2.14Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 1.80Prestige estates Projects Ltd. Construction 1.73Mahanagar Gas Ltd. Gas 1.71Larsen and Toubro Ltd. Construction Project 1.66NHPC Ltd. Power 1.56Bharat electronics Ltd. Industrial Capital Goods 1.45CeSC Ltd. Power 1.35Mindtree Consulting Ltd. Software 1.33Apollo Tyres Ltd. Auto Ancillaries 1.28Lupin Ltd. Pharmaceuticals 1.26LIC Housing Finance Ltd. Finance 1.24Castrol India Ltd. Petroleum Products 1.22Hindustan Petroleum Corporation Ltd. Petroleum Products 1.20Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.16Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.15Ambuja Cements Ltd. Cement 1.14Solar Industries India Ltd. Chemicals 1.14Shriram Transport Finance Company Ltd. Finance 1.02exide Industries Ltd. Auto Ancillaries 0.97Vedanta Ltd. Non - Ferrous Metals 0.91Bharat Heavy electricals Ltd. Industrial Capital Goods 0.90Tata Chemicals Ltd. Chemicals 0.87Tata Motors Ltd. DVR Auto 0.76


Power Grid Corporation of India Ltd. Power 0.72Power Finance Corporation Ltd. Finance 0.69Canara Bank Banks 0.47Hexaware Technologies Ltd. Software 0.45Dilip Buildcon Ltd. Construction Project 0.36Titagarh Wagons Ltd. Industrial Capital Goods 0.33NLC India Ltd. Power 0.28NBCC (India) Ltd. Construction 0.25Union Bank of India Banks 0.19Aurobindo Pharma Ltd. Pharmaceuticals 0.18Oil India Ltd. Oil 0.18Reliance Power Ltd. Power 0.14Indian Bank Banks 0.12SBI Cards and Payment Services Ltd. Finance 0.12Sub Total 95.68Cash, Cash equivalents and Net Current Assets 4.32Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.180.760.911.141.801.982.012.022.142.252.682.883.75

5.546.15

8.2110.1510.43

13.8616.84

0 2 4 6 8 1012141618

OilAuto

Non - Ferrous MetalsCement

Hotels, Resorts & Other Recreational ActivitiesConstruction

ChemicalsConstruction Project

Ferrous MetalsAuto Ancillaries

Industrial Capital GoodsRetailing

PharmaceuticalsFinance

GasSoftware

PowerConsumer Non Durables

Petroleum ProductsBanks


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,170.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) $$ 17,317.75 3,076.51 1,603.49 588.84 325.45 112.78 Returns (%) $$ 11.09 6.79 5.66 -0.74 -6.45 -11.01 Benchmark Returns (%) # N.A. 10.35 9.27 2.91 -3.65 -4.65 Additional Benchmark Returns (%) ## 12.28 9.43 8.31 5.15 -0.15 -7.88


June 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 June 30, 2020 440.76Average for Month of June 2020 431.15

qUANTITATIVE DATAPortfolio Turnover Ratio (Last 1 year) 26.59%














Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,900.00 1,800.00 1,200.00 600.00 360.00 120.00

Mkt Value As on June 30, 2020 (` ‘000) 3,658.39 3,111.66 1,484.76 548.42 304.51 110.03

Returns (%) 7.79 6.93 4.17 -3.53 -10.59 -15.11

Benchmark Returns (%) # 9.66 9.04 7.88 2.84 -3.30 -6.47

Additional Benchmark Returns (%) ## 10.18 9.43 8.31 5.15 -0.15 -7.88

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



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jun 28, 19 Last 1 Year -21.09 -11.13 -10.40 7,891 8,887 8,960

Jun 30, 17 Last 3 Years -5.38 1.76 5.31 8,471 10,536 11,681

Jun 30, 15 Last 5 Years 1.75 5.45 5.98 10,905 13,041 13,372

Sep 17, 04 Since Inception 12.37 13.19 13.89 63,105 70,740 77,997

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 60. 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 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 6.77






• Bharat Petroleum Corporation Ltd. Petroleum Products 4.53

• Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 3.46

Power Grid Corporation of India Ltd. Power 3.17



Bharat electronics Ltd. Industrial Capital Goods 2.69




Avenue Supermarts Ltd. Retailing 1.93

Gujarat Pipavav Port Ltd. Transportation 1.93




Colgate-Palmolive (I) Ltd. Consumer Non Durables 1.60


Coal India Ltd. Minerals/Mining 1.48



elecon engineering Comapny Ltd. Industrial Capital Goods 1.39

Titagarh Wagons Ltd. Industrial Capital Goods 1.36

Sub Total 95.14

Cash, Cash equivalents and Net Current Assets 4.86

Grand Total 100.00


PORTFOLIO


1.47

1.48

1.85

1.85

1.87

1.93

1.93

2.07

2.34

3.46

4.89

5.44

7.04

8.14

12.14

16.57

20.67

0 5 10 15 20 25

Finance

Minerals/Mining

Ferrous Metals

Gas

Cement

Retailing

Transportation

Pharmaceuticals

Non - Ferrous Metals

Aerospace & Defence

Software

Industrial Capital Goods

Consumer Non Durables

Construction Project

Power

Petroleum Products

Banks

14 June 2020

CATEgORY OF SCHEME: THEMATIC FUND

KEY FACTS


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

FUND MANAgER ¥

Rakesh Vyas (since June 01, 2019)



March 10, 2008




As on June 30, 2020 423.50Average for Month of June 2020 418.54

qUANTITATIVE DATA


Risk Ration Standard Deviation 9.057%n Beta 1.352n Sharpe Ratio* -0.170Computed for the 3-yr period ended June 30, 2020. Based on month-end NAV. * Risk free rate: 3.89%(Source: FIMMDA MIBOR)



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

EXIT lOAD

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



PLANS & OPTIONS






Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,480.00 1,200.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 1,341.14 973.28 396.23 237.34 96.83 Returns (%) -1.60 -4.22 -16.15 -25.29 -33.83 Benchmark Returns (%) # 8.88 7.88 2.84 -3.30 -6.47 Additional Benchmark Returns (%) ## 8.71 7.78 4.07 -1.47 -7.67




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jun 28, 19 Last 1 Year -39.24 -11.13 -11.51 6,076 8,887 8,849Jun 30, 17 Last 3 Years -18.02 1.76 3.95 5,507 10,536 11,233Jun 30, 15 Last 5 Years -7.84 5.45 5.55 6,646 13,041 13,104Mar 10, 08 Since Inception 0.43 7.70 7.68 10,538 24,929 24,867

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 60. 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 8.14





• REC Ltd. Finance 3.88

• Centum Electronics Ltd. Industrial Capital Goods 3.83

• J.Kumar Infraprojects Ltd. Construction 3.65

• JMC Projects (India) Ltd. Construction 3.50




Bharat Petroleum Corporation Ltd. Petroleum Products 2.72


Texmaco Rail & engineering Ltd. Industrial Capital Goods 2.51

Dilip Buildcon Ltd. Construction Project 2.48


Premier explosives Ltd. Chemicals 2.07

Ashoka Buildcon Ltd. Construction Project 1.94



Dynamatic Technologies Ltd. Auto Ancillaries 1.72



MeP Infrastructure Developers Ltd. Transportation 0.69

B L Kashyap & Sons Ltd. Construction 0.53


Siemens Ltd. Industrial Capital Goods 0.41

Simplex Infrastructures Ltd. Construction 0.37


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

Sub Total 96.60


Grand Total 100.00


PORTFOLIO


1.72

1.75

1.93

2.07

2.72

3.99

6.48

8.05

8.73

9.75

14.73

16.13

18.55

0 2 4 6 8 101214161820

Auto Ancillaries

Ferrous Metals


Chemicals

Petroleum Products

Transportation

Minerals/Mining

Construction


Finance

Power


Banks

June 2020 15

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of June 30, 2020 unless otherwise specified. ....Contd on next page

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

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






• Power Grid Corporation of India Ltd. Power 5.20





• Power Finance Corporation Ltd. Finance 2.87


Reliance Industries Ltd. Petroleum Products 2.72












Jindal Steel & Power Ltd. Ferrous Metals 0.80

Mishra Dhatu Nigam Ltd. Ferrous Metals 0.80

NHPC Ltd. Power 0.80

Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.79


Just Dial Ltd. Software 0.59



SBI Life Insurance Company Ltd. Finance 0.54

Apollo Tyres Ltd. Auto Ancillaries 0.53

Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 0.51




Spicejet Ltd. Transportation 0.37

NLC India Ltd. Power 0.31

Orient Cement Ltd. Cement 0.27

Lakshmji Machine Works Ltd. Industrial Capital Goods 0.26

Ashoka Buildcon Ltd. Construction Project 0.24

Savita Oil Technologies Ltd. Petroleum Products 0.24


Apar Industries Ltd. Industrial Capital Goods 0.21

Union Bank of India Banks 0.16

Gujarat Industries Power Company Ltd. Power 0.14

J.Kumar Infraprojects Ltd. Construction 0.14


Wheels India Ltd. Auto Ancillaries 0.13

RITeS Ltd. engineering Services 0.12

JMC Projects (India) Ltd. Construction 0.10

Kirloskar Pneumatic Ltd. Industrial Products 0.10

Time Technoplast Ltd. Industrial Products 0.10

Bharat Dynamics Ltd. Aerospace & Defence 0.06

Dynamatic Technologies Ltd. Auto Ancillaries 0.06



Sagar Cements Ltd. Cement 0.05


Sterling and Wilson Solar Construction Project 0.04

Dilip Buildcon Ltd. Construction Project 0.03


Ramco Systems Ltd. Software 0.03



S Chand and Company Ltd. Media & entertainment 0.01

InterGlobe Aviation Ltd. Transportation @

Sub Total 82.57

DEBT & DEBT RElATED

CREDIT EXPOSURE

• State Bank of India CARE - AA+ / CRISIL - AA+ 4.90

Canara Bank CARE - A+ / CRISIL - AA 2.33

Punjab National Bank IND - A 1.62

ICICI Bank Ltd. CARE - AA+ / ICRA - AA+ 1.27

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

HDFC Bank Ltd. CARE - AA+ 0.75

Bank of Baroda CRISIL - AA+ 0.68

Prism Johnson Ltd. ICRA - A- / IND - A 0.68

Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.45

Vedanta Ltd. CRISIL - AA 0.45

Muthoot Finance Ltd. ICRA - AA 0.43

Bajaj electricals Ltd. ICRA - A- 0.37

ReC Ltd. CRISIL - AAA 0.32

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

Coastal Gujarat Power Ltd. (Corporate Guarantee of Tata Power) CARe - AA(Ce) 0.22

Fullerton India Credit Company Ltd. CRISIL - AAA 0.15

Axis Bank Ltd. CRISIL - AA+ 0.07

Sub Total 15.94

MUTUAl FUND UNITS

HDFC SeNSex Exchange Traded Fund 0.04

Sub Total 0.04


Grand Total 100.00

• Top Ten Holdings, @ Less than 0.01%

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 38.54%Average Maturity * 1.88 yearsMacaulay Duration * 1.68 yearsModified Duration * 1.55 yearsYield to Maturity * 8.45%

* 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 June 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) 3,170.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) $$ 51,124.28 4,227.29 1,759.03 608.55 329.53 111.58 Returns (%) $$ 17.36 10.60 7.43 0.56 -5.67 -12.80 Benchmark Returns (%) # N.A. 9.46 8.73 6.71 3.87 1.28 Additional Benchmark Returns (%) ## 11.85 9.07 7.78 4.07 -1.47 -7.67



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##Jun 28, 19 Last 1 Year -17.55 -2.04 -11.51 8,245 9,796 8,849Jun 30, 17 Last 3 Years -1.10 6.23 3.95 9,673 11,991 11,233Jun 30, 15 Last 5 Years 4.48 7.30 5.55 12,452 14,227 13,104Feb 01, 94 Since Inception 16.98 N.A. 9.56 630,555 N.A. 111,657

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 60. 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. 66. For FPI Portfolio, refer page no. 74.


Portfolio Classification By Asset Class (%)

n equity 82.57

n Credit exposure 15.94

n Mutual Fund Units 0.04

n Cash, Cash equivalents and Net Current Assets 1.45

Portfolio Classification By Rating Class (%)

n equity 82.57n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 0.92n AA+ 7.67n AA/AA- 4.15n A+ & Below 3.20n Mutual Fund Units 0.04n Cash, Cash equivalents and Net

Current Assets 1.45

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


0.010.120.200.240.560.570.720.790.860.920.971.391.55

3.224.264.575.055.16

6.756.787.42

11.7918.67

0 2 4 6 8 10 1214161820Media & Entertainment

Engineering ServicesIndustrial Products

ConstructionTelecom - Equipment & Accessories

Aerospace & DefenceAuto Ancillaries

FertilisersIndustrial Capital Goods

Non - Ferrous MetalsTransportation

CementGas

Ferrous MetalsMinerals/MiningPharmaceuticals

SoftwareConsumer Non Durables

FinanceConstruction ProjectPetroleum Products

PowerBanks

June 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 5.22


• Aurobindo Pharma Ltd. Pharmaceuticals 3.44



Bharti Airtel Ltd. Telecom - Services 2.18



State Bank of India Banks 1.69


Atul Ltd. Chemicals 1.62

UPL Ltd. Pesticides 1.61

SKF India Ltd. Industrial Products 1.43

Aarti Industries Ltd. Chemicals 1.35

KeC International Ltd. Construction Project 1.31




Hexaware Technologies Ltd. Software 0.83


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

PNC Infratech Ltd. Construction 0.63

Mahindra Holidays & Resorts Ind Ltd.


Indusind Bank Ltd. Banks 0.58


Redington (India) Ltd. Transportation 0.43

Tube Investments of India Ltd. Auto Ancillaries 0.41


Cholamandalam Financial Holdings Ltd. Finance 0.38

Sharda Cropchem Ltd. Pesticides 0.37

Tamilnadu Newsprint & Papers Ltd. Paper 0.35

Carborundum Universal Ltd. Industrial Products 0.31

Ipca Laboratories Ltd. Pharmaceuticals 0.30

Vardhman Textiles Ltd. Textiles - Cotton 0.29


Zensar Technologies Ltd. Software 0.19

Persistent Systems Ltd. Software 0.18

Tata Motors Ltd. DVR Auto 0.16

Sadbhav engineering Ltd. Construction Project 0.15

Navneet education Ltd. Media & entertainment 0.14

Jagran Prakashan Ltd. Media & entertainment 0.12

Greenply Industries Ltd. Consumer Durables 0.09

IFB Industries Ltd. Consumer Durables 0.07

MM Forgings Ltd. Industrial Products 0.07

Arti Surfactants Ltd. Chemicals 0.05

Atul Auto Ltd. Auto 0.03

Insecticides (India) Ltd. Pesticides 0.01

Sub Total 69.55

DEBT & DEBT RElATED

gOVERNMENT SECURITIES (CENTRAl/STATE)

7.16 GOI 2023 Sovereign 1.82










SUB TOTAL 6.66

(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) 6.73%Average Maturity * 2.71 yearsMacaulay Duration * 2.23 yearsModified Duration * 2.09 yearsYield to Maturity * 6.78%

* 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 55.16%Mid Cap 8.80%Small Cap 5.58%


18 June 2020


CREDIT EXPOSURE

• Tata Sons Ltd. CRISIL - AAA 3.97

• LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 2.98


National Bank for Agriculture & Rural Development CRISIL - AAA 2.09


Power Finance Corporation Ltd. CRISIL - AAA / ICRA - AAA 1.27

Shriram Transport Finance Company Ltd. CRISIL - AA+ / IND - AA+ 1.21

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


Shriram City Union Finance Ltd. CRISIL - AA 0.56

Bajaj electricals Ltd. ICRA - A- 0.53

The Tata Power Company Ltd. CRISIL - AA- 0.53

Muthoot Finance Ltd. CRISIL - AA / ICRA - AA 0.49

Tata Steel Ltd. CARe - AA- 0.46


HDFC Bank Ltd. CRISIL - AAA 0.33

State Bank of India CRISIL - AA+ 0.31

Canara Bank CARE - A+ 0.18

Oriental Bank of Commerce CARE - A+ 0.18

ICICI Bank Ltd. CARe - AAA 0.16

Kalpataru Power Transmission Ltd. CRISIL - AA 0.15

Union Bank of India CARE - A+ 0.12

Hindalco Industries Ltd. CRISIL - AA 0.06

Sub Total 20.59

Total 27.25

MUTUAl FUND UNITS

HDFC NIFTY 50 Exchange Traded Fund 0.84

Sub Total 0.84


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) 2,380.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 11,439.91 4,613.96 1,931.02 633.85 342.11 114.86 Returns (%) 13.98 11.63 9.20 2.17 -3.29 -7.88 Benchmark Returns (%) # N.A. 9.46 8.73 6.71 3.87 1.28 Additional Benchmark Returns (%) ## 12.59 9.07 7.78 4.07 -1.47 -7.67




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jun 28, 19 Last 1 Year -11.08 -2.04 -11.51 8,892 9,796 8,849Jun 30, 17 Last 3 Years 0.45 6.23 3.95 10,137 11,991 11,233Jun 30, 15 Last 5 Years 5.48 7.30 5.55 13,061 14,227 13,104Sep 11, 00 Since Inception 14.23 N.A. 11.92 139,628 N.A. 93,100

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 60. 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.



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 69.55

G-Sec 6.66

Credit exposure 20.59

Mutual Fund Units 0.84Cash, Cash equivalents and Net Current Assets 2.36

PORTFOlIO ClASSIFICATION BY RATINg ClASS (%)

n equity 69.55n Sovereign 6.66n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 11.64n AA+ 3.64n AA/AA- 3.71n A+ & Below 1.60n Mutual Fund Units 0.84n Cash, Cash equivalents and Net

Current Assets 2.36

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


0.160.190.260.290.350.410.430.630.671.191.261.801.811.851.992.183.023.163.744.685.606.10

7.5120.27

0 5 10 15 20 25Consumer Durables

AutoMedia & Entertainment

Textiles - CottonPaper

Auto AncillariesTransportation

ConstructionNon - Ferrous Metals

Ferrous MetalsHotels, Resorts & Other Recreational Activities

Industrial Capital GoodsIndustrial Products

PowerPesticides

Telecom - ServicesChemicals

Consumer Non DurablesPharmaceuticals

Construction ProjectFinance

Petroleum ProductsSoftware

Banks

June 2020 19


Since Inception SIP

10 year SIP

5 Year SIP

3 Year SIP

1 Year SIP

Total Amount Invested (` ‘000) 1,790.00 1,200.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 3,285.24 1,681.92 660.41 371.88 122.61 Returns (%) 7.70 6.57 3.79 2.12 4.08 Benchmark Returns (%) # N.A. N.A. 7.97 6.20 5.05 Additional Benchmark Returns (%) ## 9.00 7.78 4.07 -1.47 -7.67




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jun 28, 19 Last 1 Year -0.63 1.85 -11.51 9,937 10,185 8,849Jun 30, 17 Last 3 Years 2.87 7.64 3.95 10,888 12,475 11,233Jun 30, 15 Last 5 Years 5.32 7.99 5.55 12,964 14,691 13,104Aug 17, 05 Since Inception 8.17 N.A. 11.64 32,177 N.A. 51,466

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. N.A. Not Available. The Scheme formerly, a debt oriented hybrid fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a multi asset fund investing in equities, debt and gold related instruments. Accordingly, the Scheme’s benchmark has also changed. Hence, the performance of the Scheme from inception till May 22, 2018 may not strictly be comparable with those of the new benchmark and the additional benchmark. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments and gold related instruments. For performance of other schemes managed by Amit Ganatra (Equities), Anil Bamboli (Debt) and Krishan Kumar Daga (Gold), please refer page 60. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 73.



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

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

Riskometer




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


0.12

0.77

1.02

1.85

2.51

2.77

3.26

3.53

4.02

4.19

6.59

6.64

8.92

9.43

14.60

0 2 4 6 8 10 12 14 16


Pesticides


Industrial Products

Power

Auto Ancillaries


Chemicals

Consumer Durables

Telecom - Services


Finance

Petroleum Products

Software

Banks

KEY FACTS

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

FUND MANAgER ¥

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

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

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

Total Experience: Over 22 years*The equity assets of the Scheme was managed by Chirag Setalvad from April 2, 2007 to June 11, 2020.

INCEPTION DATE (Date of Allotment)August 17, 2005



qUANTITATIVE DATAPortfolio Turnover Ratio 34.05%


#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 70.22


n Gold ETF 15.94



n equity 70.22n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 2.31n AA/AA- 5.81n A+ & Below 2.08n Gold ETF 15.94n Cash, Cash equivalents and Net

Current Assets 3.64

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

CATEgORY OF SCHEME: MULTI ASSET ALLOCATION FUND

20 June 2020

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

% exposure of Derivative


• HDFC Bank Ltd. Banks 8.47 0.00

• Reliance Industries Ltd. Petroleum Products 7.84 0.00

• ICICI Bank Ltd. Banks 6.13 0.00

• Infosys Ltd. Software 4.87 0.00

• Bharti Airtel Ltd. Telecom - Services 4.19 0.00

• Housing Development Finance Corporation Ltd.£ Finance 3.89 0.00

• ITC Ltd. Consumer Non Durables 3.32 0.00

• Hindustan Unilever Ltd. Consumer Non Durables 2.77 0.00

Bajaj electricals Ltd. Consumer Durables 1.82 0.00

SBI Cards and Payment Services Ltd. Finance 1.75 0.00

Alkyl Amines Chemicals Ltd. Chemicals 1.58 0.00

Bharat electronics Ltd. Industrial Capital Goods 1.55 0.00

Power Grid Corporation of India Ltd. Power 1.52 0.00

Balkrishna Industries Ltd. Auto Ancillaries 1.49 0.00

Aarti Industries Ltd. Chemicals 1.47 0.00

NIIT Technologies Ltd. Software 1.46 0.00

Timken India Ltd. Industrial Products 1.35 0.00

Oracle Financial Ser Software Ltd. Software 1.29 0.00

La Opala RG Ltd. Consumer Durables 1.26 0.00

Voltamp Transformers Ltd. Industrial Capital Goods 1.13 0.00

KeC International Ltd. Construction Project 1.02 0.00

SBI Life Insurance Company Ltd. Finance 1.00 0.00

NTPC Ltd. Power 0.99 0.00

Firstsource Solutions Ltd. Software 0.95 0.00

Blue Star Ltd. Consumer Durables 0.94 0.00

Sonata Software Ltd. Software 0.86 0.00



Bharat Petroleum Corporation Ltd. Petroleum Products 0.85 0.00

Sharda Cropchem Ltd. Pesticides 0.77 0.00

Gabriel India Ltd. Auto Ancillaries 0.70 0.00

Suprajit engineering Ltd. Auto Ancillaries 0.58 0.00

The Anup engineering Ltd. Industrial Capital Goods 0.58 0.00

Shaily engineering Plastics Ltd. Industrial Products 0.50 0.00

VST Industries Ltd. Consumer Non Durables 0.50 0.00

Gujarat Fluorochemicals Ltd. Chemicals 0.45 0.00

Savita Oil Technologies Ltd. Petroleum Products 0.23 0.00

Vedanta Ltd. Non - Ferrous Metals 0.12 0.00

Arti Surfactants Ltd. Chemicals 0.03 0.00

Sub Total 70.22

DEBT & DEBT RElATED

CREDIT EXPOSURE

• Vedanta Ltd. CRISIL - AA 3.72

Power Finance Corporation Ltd. CRISIL - AAA 2.31

Union Bank of India CARe - AA- 2.09

TATA International Ltd. CARe - A 2.08

Sub Total 10.20

MUTUAl FUND UNITS

• HDFC Gold Exchange Traded Fund 15.94

Sub Total 15.94

OTHERS


Sub Total 3.64

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

June 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 JUNE 30, 2020) NAV PER UNIT (`)Growth Option 1,083.27

ASSETS UNDER MANAgEMENT j (`) IN CROREAs on June 30, 2020 421.16Average for Month of June 2020 412.10


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

TOTAL ExPENSE RATIO (As on June 30, 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 60.

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 June 30, 2020 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jun 28, 19 Last 1 Year -11.80 -11.51 -10.40 8,820 8,849 8,960

Jun 30, 17 Last 3 Years 3.80 3.95 5.31 11,186 11,233 11,681

Dec 09, 15 Since Inception 8.04 8.22 8.89 14,230 14,339 14,748

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 60.


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. 139.19 Crores

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








• Tata Consultancy Services Ltd. Software 5.04

• Kotak Mahindra Bank Ltd. Banks 4.58

• Hindustan Unilever Ltd. Consumer Non Durables 4.46


• Bharti Airtel Ltd. Telecom - Services 3.09

Larsen and Toubro Ltd. Construction Project 2.65


Maruti Suzuki India Ltd. Auto 1.79

Asian Paints Ltd. Consumer Non Durables 1.75

Bajaj Finance Ltd. Finance 1.73


Nestle India Ltd. Consumer Non Durables 1.41

HCL Technologies Ltd. Software 1.39


Mahindra & Mahindra Ltd. Auto 1.13

Dr Reddys Laboratories Ltd. Pharmaceuticals 1.10

NTPC Ltd. Power 1.07


UltraTech Cement Ltd. Cement 1.03

Britannia Industries Ltd. Consumer Non Durables 0.98

Titan Company Ltd. Consumer Durables 0.91

Bajaj Auto Ltd. Auto 0.85

Bajaj Finserv Ltd. Finance 0.81

Tech Mahindra Ltd. Software 0.77

Hero MotoCorp Ltd. Auto 0.76


Wipro Ltd. Software 0.75

Shree Cement Ltd. Cement 0.71


Oil & Natural Gas Corporation Ltd. Oil 0.68





eicher Motors Ltd. Auto 0.59

Grasim Industries Ltd. Cement 0.56



Indian Oil Corporation Ltd. Petroleum Products 0.50

Hindalco Industries Ltd. Non - Ferrous Metals 0.49


JSW Steel Ltd. Ferrous Metals 0.44



Tata Motors Ltd. Auto 0.41

Zee entertainment enterprises Ltd. Media & entertainment 0.36

Yes Bank Ltd. Banks @

Sub Total 99.87


Grand Total 100.00

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

PORTFOLIO


0.360.430.430.540.600.640.680.910.941.002.102.302.653.033.09

5.539.53

12.5113.6314.16

24.81

0 5 10 15 20 25 30

Media & EntertainmentGas

Telecom - Equipment & AccessoriesPesticides

TransportationMinerals/Mining

OilConsumer Durables

Non - Ferrous MetalsFerrous Metals

PowerCement

Construction ProjectPharmaceuticals

Telecom - ServicesAuto

FinanceConsumer Non Durables


Banks

22 June 2020

CATEgORY OF SCHEME: INDEx FUND


EqUITY & EqUITY RElATED• Reliance Industries Ltd. Petroleum Products 12.46• HDFC Bank Ltd. Banks 10.66• Housing Development

Finance Corporation Ltd.£ Finance 7.00• Infosys Ltd. Software 6.22• ICICI Bank Ltd. Banks 5.25• Tata Consultancy Services Ltd. Software 5.05• Kotak Mahindra Bank Ltd. Banks 4.60• Hindustan Unilever Ltd. Consumer Non Durables 4.49• ITC Ltd. Consumer Non Durables 3.92• Bharti Airtel Ltd. Telecom - Services 3.10Larsen and Toubro Ltd. Construction Project 2.66Axis Bank Ltd. Banks 2.12Maruti Suzuki India Ltd. Auto 1.79Asian Paints Ltd. Consumer Non Durables 1.76Bajaj Finance Ltd. Finance 1.73State Bank of India Banks 1.58Nestle India Ltd. Consumer Non Durables 1.41HCL Technologies Ltd. Software 1.39Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.18Mahindra & Mahindra Ltd. Auto 1.13Dr Reddys Laboratories Ltd. Pharmaceuticals 1.10NTPC Ltd. Power 1.07UltraTech Cement Ltd. Cement 1.04Power Grid Corporation of India Ltd. Power 1.03Britannia Industries Ltd. Consumer Non Durables 0.98Titan Company Ltd. Consumer Durables 0.91Bajaj Auto Ltd. Auto 0.85Bajaj Finserv Ltd. Finance 0.82Tech Mahindra Ltd. Software 0.78Hero MotoCorp Ltd. Auto 0.76Cipla Ltd. Pharmaceuticals 0.75Wipro Ltd. Software 0.75Shree Cement Ltd. Cement 0.71Bharat Petroleum Corporation Ltd. Petroleum Products 0.69Oil & Natural Gas Corporation Ltd. Oil 0.68Indusind Bank Ltd. Banks 0.66Coal India Ltd. Minerals/Mining 0.64Adani Ports & Special economic Zone Transportation 0.60eicher Motors Ltd. Auto 0.59


Grasim Industries Ltd. Cement 0.56Tata Steel Ltd. Ferrous Metals 0.56UPL Ltd. Pesticides 0.54Indian Oil Corporation Ltd. Petroleum Products 0.50Hindalco Industries Ltd. Non - Ferrous Metals 0.49Vedanta Ltd. Non - Ferrous Metals 0.45GAIL (India) Ltd. Gas 0.44JSW Steel Ltd. Ferrous Metals 0.44Bharti Infratel Ltd. Telecom - equipment

& Accessories 0.43Tata Motors Ltd. Auto 0.41Zee entertainment enterprises Ltd. Media & entertainment 0.36Yes Bank Ltd. Banks @Sub Total 100.09Cash, Cash equivalents and Net Current Assets -0.09Grand 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 93.9519Direct Plan - Growth Option 95.1720



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) 2,160.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 5,777.43 3,332.29 1,731.38 654.29 348.30 114.38 Returns (%) 10.02 7.76 7.13 3.42 -2.14 -8.61 Benchmark Returns (%) # 11.95 9.07 7.78 4.07 -1.47 -7.67 Additional Benchmark Returns (%) ## 12.53 9.43 8.31 5.15 -0.15 -7.88




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jun 28, 19 Last 1 Year -12.27 -11.51 -10.40 8,773 8,849 8,960Jun 30, 17 Last 3 Years 3.39 3.95 5.31 11,053 11,233 11,681Jun 30, 15 Last 5 Years 4.97 5.55 5.98 12,750 13,104 13,372Jul 17, 02 Since Inception 13.08 15.26 15.94 90,986 128,288 142,525

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 60. 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


0.360.430.440.540.600.640.680.910.941.002.102.312.663.033.10

5.539.55

12.5613.6514.19

24.87

0 5 10 15 20 25 30

Media & EntertainmentTelecom - Equipment & Accessories

GasPesticides

TransportationMinerals/Mining

OilConsumer Durables


PowerCement

Construction ProjectPharmaceuticals

Telecom - ServicesAuto

FinanceConsumer Non Durables


Banks

June 2020 23


KEY FACTS

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

FUND MANAgERKrishan Kumar Daga (since December 09, 2015)


INCEPTION DATE (Date of Allotment)December 09, 2015

NAV (AS ON JUNE 30, 2020) NAV PER UNIT (`)Growth Option 3,689.41

ASSETS UNDER MANAgEMENT j (`) IN CROREAs on June 30, 2020 98.08Average for Month of June 2020 95.46


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

TOTAL ExPENSE RATIO (As on June 30, 2020)Including Additional expenses and Goods and Service Tax on Management FeesHDFC SeNSex ETF 0.05%

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

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


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


the NSe and BSe during the trading hours on all trading days. Refer SID for further details.For further details, please refer to para ‘Exit Load’ on Pg 60.

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 June 30, 2020 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jun 28, 19 Last 1 Year -10.48 -10.40 -11.51 8,952 8,960 8,849

Jun 30, 17 Last 3 Years 5.25 5.31 3.95 11,660 11,681 11,233


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 60.


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. 28.09 Crores

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


































Sub Total 99.74


Grand Total 100.00


PORTFOLIO


0.66

0.68

1.06

1.17

1.36

2.19

3.06

3.58

4.35

10.83

13.27

14.37

15.66

27.50

0 5 10 15 20 25 30

Ferrous Metals

Oil

Consumer Durables

Cement

Pharmaceuticals

Power


Telecom - Services

Auto

Finance


Petroleum Products

Software

Banks

24 June 2020

CATEgORY OF SCHEME: INDEx FUND

KEY FACTS


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


FUND MANAgER




July 17, 2002





qUANTITATIVE DATA


TRACKINg ERROR




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


EXIT lOAD

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

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


PLANS & OPTIONS





Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,160.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 6,052.43 3,432.19 1,779.97 672.81 355.34 114.29 Returns (%) 10.46 8.12 7.65 4.53 -0.85 -8.74 Benchmark Returns (%) # 12.53 9.43 8.31 5.15 -0.15 -7.88 Additional Benchmark Returns (%) ## 11.95 9.07 7.78 4.07 -1.47 -7.67




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jun 28, 19 Last 1 Year -11.11 -10.40 -11.51 8,889 8,960 8,849Jun 30, 17 Last 3 Years 4.69 5.31 3.95 11,475 11,681 11,233Jun 30, 15 Last 5 Years 5.51 5.98 5.55 13,077 13,372 13,104Jul 17, 02 Since Inception 13.44 15.94 15.26 96,432 142,525 128,288

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 60. 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 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 99.66


Grand Total 100.00


PORTFOLIO


0.66

0.68

1.06

1.17

1.36

2.19

3.06

3.58

4.35

10.82

13.26

14.36

15.64

27.47

0 5 10 15 20 25 30

Ferrous Metals

Oil

Consumer Durables

Cement

Pharmaceuticals

Power


Telecom - Services

Auto

Finance


Petroleum Products

Software

Banks

June 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) 2,910.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) $$ 54,206.94 3,489.11 1,584.89 567.35 309.79 110.86 Returns (%) $$ 19.96 8.32 5.43 -2.20 -9.53 -13.87 Benchmark Returns (%) # 13.32 9.04 7.88 2.84 -3.30 -6.47 Additional Benchmark Returns (%) ## 12.33 9.07 7.78 4.07 -1.47 -7.67



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Jun 28, 19 Last 1 Year -20.10 -11.13 -11.51 7,990 8,887 8,849Jun 30, 17 Last 3 Years -4.40 1.76 3.95 8,736 10,536 11,233Jun 30, 15 Last 5 Years 1.77 5.45 5.55 10,915 13,041 13,104Mar 31, 96 Since Inception 21.24 12.62 11.47 1,071,732 178,947 139,379

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 60. 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. As TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of NIFTY 50 PRI values from Mar 29, 96 (Data for March 31, 96 is not available) to Jun 29, 99 and TRI values since Jun 30, 99. As NIFTY 500 TRI data is not available for March 31, 96, benchmark performance is calculated from March 29, 96.




l investment predominantly of equity & equity related instruments

Riskometer



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

Company Industry+ % to NAVEqUITY & EqUITY RElATED• Reliance Industries Ltd. Petroleum Products 8.13• ICICI Bank Ltd. Banks 7.64• Infosys Ltd. Software 7.11• NTPC Ltd. Power 7.06• HDFC Bank Ltd. Banks 6.93• Bharat Petroleum

Corporation Ltd. Petroleum Products 5.32• State Bank of India Banks 5.00• Larsen and Toubro Ltd. Construction Project 4.98• ITC Ltd. Consumer Non Durables 4.51• Cipla Ltd. Pharmaceuticals 3.61GAIL (India) Ltd. Gas 3.53Bharti Airtel Ltd. Telecom - Services 2.49Tata Steel Ltd. Ferrous Metals 2.47Power Grid Corporation of India Ltd. Power 2.35Vedanta Ltd. Non - Ferrous Metals 2.07Oracle Financial Services Software Ltd. Software 2.01NHPC Ltd. Power 1.96Coal India Ltd. Minerals/Mining 1.84Axis Bank Ltd. Banks 1.78Aurobindo Pharma Ltd. Pharmaceuticals 1.42Bharat electronics Ltd. Industrial Capital Goods 1.40Lupin Ltd. Pharmaceuticals 1.34Solar Industries India Ltd. Chemicals 1.21L&T Technology Services Ltd. Software 1.03Ambuja Cements Ltd. Cement 1.01Mahanagar Gas Ltd. Gas 0.99Gujarat Pipavav Port Ltd. Transportation 0.90Hindustan Petroleum Corporation Ltd. Petroleum Products 0.82InterGlobe Aviation Ltd. Transportation 0.78Max Financial Services Ltd. Finance 0.71Tata Motors Ltd. DVR Auto 0.54Kalpataru Power Transmission Ltd. Power 0.53Tata Motors Ltd. Auto 0.47Shriram Transport Finance Company Ltd. Finance 0.45Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.38BeML Ltd. Industrial Capital Goods 0.36eClerx Services Ltd. Software 0.31Power Finance Corporation Ltd. Finance 0.25Sadbhav engineering Ltd. Construction Project 0.21ITD Cementation India Ltd. Construction 0.16Persistent Systems Ltd. Software 0.15

Company Industry+ % to NAVHindustan Construction Company Ltd. Construction Project 0.14Dynamatic Technologies Ltd. Auto Ancillaries 0.10CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.09Somany Home Innovation Ltd. Construction 0.06Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) Construction Project 0.05MPS Ltd. Software 0.04SBI Cards and Payment Services Ltd. Finance 0.03Siti Networks Ltd. Media & entertainment 0.01Sub Total 96.73DEBT & DEBT RElATEDCREDIT EXPOSURE Muthoot Finance Ltd. ICRA - AA 0.41Punjab National Bank IND - A 0.40Sub Total 0.81Cash, Cash equivalents and Net Current Assets 2.46Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.010.100.221.011.011.211.441.681.841.852.072.472.49

4.514.525.38

6.7510.65

11.9014.27

21.35

0 5 10 15 20 25

Media & EntertainmentAuto Ancillaries

ConstructionAuto

CementChemicals

FinanceTransportation

Minerals/MiningIndustrial Capital Goods


Telecom - ServicesConsumer Non Durables

GasConstruction Project

PharmaceuticalsSoftware

PowerPetroleum Products

Banks

26 June 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 114.429Direct Plan 121.620



qUANTITATIVE DATA

Portfolio Turnover Ratio (Last 1 year) 12.32%Average Maturity * 2.78 yearsMacaulay Duration * 2.30 yearsModified Duration * 2.15 yearsYield to Maturity * 7.01%* 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










Britannia Industries Ltd. Consumer Non Durables 1.91


Bharti Airtel Ltd. Telecom - Services 1.82

NIIT Technologies Ltd. Software 1.74


Oracle Financial Services Software Ltd. Software 1.41


Aster DM Healthcare Ltd. Healthcare Services 1.27


Hexaware Technologies Ltd. Software 1.22


Ipca Laboratories Ltd. Pharmaceuticals 1.12

Balkrishna Industries Ltd. Auto Ancillaries 1.00

Cholamandalam Investment and Finance Company Ltd. Finance 0.99

Finolex Industries Ltd. Industrial Products 0.93


Larsen & Toubro Infotech Ltd. Software 0.86


AIA engineering Ltd. Industrial Products 0.82

Century Plyboards (India) Ltd. Consumer Durables 0.75

Newgen Software Technologies Ltd. Software 0.74

Voltamp Transformers Ltd. Industrial Capital Goods 0.69

Motherson Sumi Systems Ltd. Auto Ancillaries 0.66

Schaeffler India Ltd. Industrial Products 0.65

Mahindra Holidays & Resorts Ind Ltd.



Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 0.61



PNC Infratech Ltd. Construction 0.54



VST Industries Ltd. Consumer Non Durables 0.53

Swaraj engines Ltd. Industrial Products 0.52

Sonata Software Ltd. Software 0.49




Vesuvius India Ltd. Industrial Products 0.38


Blue Star Ltd. Consumer Durables 0.32

Cholamandalam Financial Holdings Ltd. Finance 0.32


Supreme Industries Ltd. Industrial Products 0.31

Navneet education Ltd. Media & entertainment 0.29

eClerx Services Ltd. Software 0.26

Prince Pipes and Fittings Ltd. Industrial Products 0.25

V.S.T Tillers Tractors Ltd. Auto 0.25

IFB Industries Ltd. Consumer Durables 0.24

Nilkamal Ltd. Industrial Products 0.23

eIH Ltd. Hotels/Resorts & Other Recreational Activities 0.21

engineers India Ltd. Construction Project 0.17

Indian Bank Banks 0.14



Yes Bank Ltd. Banks 0.03

Jyoti Structures Ltd. Power @

Sub Total 68.12

DEBT & DEBT RElATED









Sub Total 5.00

PORTFOLIO

June 2020 27


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


Mkt Value As on June 30, 2020 (` ‘000) $ 10,600.48 4,806.86 2,021.81 666.95 356.87 118.52

Returns (%) $ 13.93 12.11 10.07 4.18 -0.57 -2.29

Benchmark Returns (%) # N.A. 9.46 8.73 6.71 3.87 1.28

Additional Benchmark Returns (%) ## 12.58 9.07 7.78 4.07 -1.47 -7.67

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(`)##

Jun 28, 19 Last 1 Year -6.69 -2.04 -11.51 9,331 9,796 8,849

Jun 30, 17 Last 3 Years 2.65 6.23 3.95 10,817 11,991 11,233

Jun 30, 15 Last 5 Years 6.51 7.30 5.55 13,714 14,227 13,104

Mar 02, 01 Since Inception 14.98 N.A. 12.86 148,758 N.A. 103,767

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. 66.



l capital appreciation over long term.

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

Riskometer





equity 68.12

G-Sec 5.00

Credit exposure 21.08



equity 68.12

Sovereign 5.00

AAA/AAA(SO)/A1+/A1+(SO) & equivalent 9.63

AA+ 11.45


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


CREDIT EXPOSURE

• Housing Development Finance Corporation Ltd.£ CRISIL - AAA 4.33

• Axis Bank Ltd. CRISIL - AA+ 3.32

• Bank of Baroda CRISIL - AA+ 3.22

• Shriram Transport Finance Company Ltd. CRISIL - AA+ 3.20

LIC Housing Finance Ltd. CRISIL - AAA 1.77

ICICI Bank Ltd. CARE - AA+ 1.34

L&T Infrastructure Finance Ltd. CRISIL - AAA 1.34


State Bank of India CRISIL - AA+ / CRISIL - AAA 1.26

Tata Sons Ltd. CRISIL - AAA 1.21


Britannia Industries Ltd. CRISIL - AAA 0.02

Sub Total 21.08

Total 26.08


Grand Total 100.00


PORTFOLIOIndustry Allocation of Equity Holding (% of Net Assets)

0.25

0.33

0.38

0.39

0.54

0.93

1.27

1.27

1.31

1.46

1.82

1.86

2.20

2.63

3.04

4.95

5.10

7.36

7.40

10.95

12.68

0 2 4 6 8 10 12 14

Auto


Media & Entertainment

Ferrous Metals

Construction

Power

Healthcare Services

Pesticides

Consumer Durables

Hotels, Resorts & Other Recreational Activities

Telecom - Services



Pharmaceuticals

Auto Ancillaries


Industrial Products

Finance

Petroleum Products

Software

Banks

28 June 2020

CATEgORY OF SCHEME: RETIREMENT FUND

KEY FACTS


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

FUND MANAgER ¥

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

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



February 25, 2016





qUANTITATIVE DATA

Portfolio Turnover Ratio 19.54%





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 (`)#


(`)##

Jun 28, 19 Last 1 Year -10.94 -11.13 -11.51 8,906 8,887 8,849Jun 30, 17 Last 3 Years 0.72 1.76 3.95 10,217 10,536 11,233Feb 25, 16 Since Inception 10.23 10.40 10.85 15,271 15,377 15,650

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 60. The Scheme is in existence for more than 1 year but less than 5 years. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 73.


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

l investment predominantly in equity and equity related instruments.

Riskometer




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

(A notified Tax Savings Cum Pension Scheme)

Company Industry+ / Rating % to NAVEqUITY & EqUITY RElATED• Reliance Industries Ltd. Petroleum Products 7.29• HDFC Bank Ltd. Banks 7.27• Housing Development

Finance Corporation Ltd.£ Finance 5.04• ITC Ltd. Consumer Non Durables 4.33• Infosys Ltd. Software 4.20• ICICI Bank Ltd. Banks 3.95• Larsen and Toubro Ltd. Construction Project 2.56• Aurobindo Pharma Ltd. Pharmaceuticals 2.30• Timken India Ltd. Industrial Products 2.22JB Chemicals & Pharmaceuticals Ltd. Pharmaceuticals 1.87Bharat electronics Ltd. Industrial Capital Goods 1.85Aarti Industries Ltd. Chemicals 1.83Balkrishna Industries Ltd. Auto Ancillaries 1.80Hindustan Petroleum Corporation Ltd. Petroleum Products 1.71PNC Infratech Ltd. Construction 1.69Voltamp Transformers Ltd. Industrial Capital Goods 1.67Bajaj electricals Ltd. Consumer Durables 1.63engineers India Ltd. Construction Project 1.59Oracle Financial Services Software Ltd. Software 1.51UPL Ltd. Pesticides 1.50KeC International Ltd. Construction Project 1.47State Bank of India Banks 1.42Mahindra Holidays & Resorts Ind Ltd.


Power Grid Corporation of India Ltd. Power 1.23Chambal Fertilizers & Chemicals Ltd. Fertilisers 1.18Atul Ltd. Chemicals 1.17Alkyl Amines Chemicals Ltd. Chemicals 1.06Hexaware Technologies Ltd. Software 1.06Carborundum Universal Ltd. Industrial Products 1.05NIIT Technologies Ltd. Software 1.04Redington (India) Ltd. Transportation 1.03Sharda Cropchem Ltd. Pesticides 1.02Nilkamal Ltd. Industrial Products 1.00Radico Khaitan Ltd. Consumer Non Durables 0.96Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 0.95Tata Steel Ltd. Ferrous Metals 0.89Finolex Industries Ltd. Industrial Products 0.87Tamilnadu Newsprint & Papers Ltd. Paper 0.82Tata Metaliks Ltd. Ferrous Metals 0.73Axis Bank Ltd. Banks 0.71KeI Industries Ltd. Industrial Products 0.71Blue Star Ltd. Consumer Durables 0.70Cholamandalam Investment and Finance Company Ltd. Finance 0.67Kalpataru Power Transmission Ltd. Power 0.58Tube Investments of India Ltd. Auto Ancillaries 0.51Great eastern Shipping Company Ltd. Transportation 0.50Oriental Carbon & Chemicals Ltd. Chemicals 0.49

Company Industry+ / Rating % to NAVT. V. Today Network Ltd. Media & entertainment 0.47eIH Ltd. Hotels/Resorts & Other

Recreational Activities 0.46IFB Industries Ltd. Consumer Durables 0.43Jagran Prakashan Ltd. Media & entertainment 0.36Vedanta Ltd. Non - Ferrous Metals 0.32GNA Axles Ltd. Auto Ancillaries 0.27Apar Industries Ltd. Industrial Capital Goods 0.23Zensar Technologies Ltd. Software 0.23Indusind Bank Ltd. Banks 0.22Tata Motors Ltd. DVR Auto 0.19Greenply Industries Ltd. Consumer Durables 0.12CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.05Arti Surfactants Ltd. Chemicals 0.04Sub Total 86.30DEBT & DEBT RElATEDCREDIT EXPOSURE • Power Finance Corporation Ltd. CRISIL - AAA 3.25Vedanta Ltd. CRISIL - AA 1.87L&T Infrastructure Finance Ltd. CRISIL - AAA 1.32Shriram Transport Finance Company Ltd. CRISIL - AA+ 0.94Canara Bank CARE - A+ 0.41Union Bank of India CARe - AA- 0.34Sub Total 8.13Cash, Cash equivalents and Net Current Assets 5.57Grand Total 100.00• Top Ten Holdings, £ Co-sponsor

PORTFOLIO


0.190.320.820.831.181.531.621.691.812.522.582.692.883.804.174.595.295.625.715.85

8.049.00

13.57

0 2 4 6 8 10121416Auto

Non - Ferrous MetalsPaper

Media & EntertainmentFertilisers

TransportationFerrous Metals

ConstructionPower

PesticidesAuto Ancillaries

Hotels, Resorts & Other Recreational ActivitiesConsumer Durables

Industrial Capital GoodsPharmaceuticals

ChemicalsConsumer Non Durables

Construction ProjectFinance

Industrial ProductsSoftware

Petroleum ProductsBanks


Since Inception SIP 3 Year SIP 1 Year SIP

Total Amount Invested (` ‘000) 530.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 544.76 337.76 116.33 Returns (%) 1.23 -4.10 -5.65 Benchmark Returns (%) # 1.93 -3.30 -6.47 Additional Benchmark Returns (%) ## 3.39 -1.47 -7.67


June 2020 29


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

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

Company Industry+ / Rating % to

NAV









Procter & Gamble Health Ltd. Pharmaceuticals 1.90

engineers India Ltd. Construction Project 1.87


Timken India Ltd. Industrial Products 1.68

Hindustan Petroleum

Corporation Ltd. Petroleum Products 1.32

NIIT Technologies Ltd. Software 1.32

JB Chemicals &

Pharmaceuticals Ltd. Pharmaceuticals 1.25

Suprajit engineering Ltd. Auto Ancillaries 1.22

Voltamp Transformers Ltd. Industrial Capital Goods 1.22

Balrampur Chini Mills Ltd. Consumer Non Durables 1.19

Bajaj electricals Ltd. Consumer Durables 1.18

Oriental Carbon &

Chemicals Ltd. Chemicals 1.11

Power Grid Corporation of

India Ltd. Power 1.11

Balkrishna Industries Ltd. Auto Ancillaries 1.06


Chambal Fertilizers &

Chemicals Ltd. Fertilisers 0.99


KeC International Ltd. Construction Project 0.96


Nilkamal Ltd. Industrial Products 0.90

Vesuvius India Ltd. Industrial Products 0.89

Mahindra Holidays & Resorts

Ind Ltd.

Hotels/Resorts & Other


Indian Hotels Company Ltd. Hotels/Resorts & Other



Redington (India) Ltd. Transportation 0.80

Sonata Software Ltd. Software 0.78

Blue Star Ltd. Consumer Durables 0.61

Crompton Greaves Consumer

electricals Ltd. Consumer Durables 0.60


Company Industry+ / Rating % to

NAV

Tamilnadu Newsprint &

Papers Ltd. Paper 0.58

Cholamandalam Investment

and Finance Company Ltd. Finance 0.57


The Anup engineering Ltd. Industrial Capital Goods 0.40

NRB Bearing Ltd. Industrial Products 0.39



Kalpataru Power

Transmission Ltd. Power 0.35


Cholamandalam Financial

Holdings Ltd. Finance 0.25

Shaily engineering Plastics Ltd. Industrial Products 0.23

Shree Pushkar Chemicals &

Fertilisers Ltd. Chemicals 0.22




Tata Motors Ltd. DVR Auto 0.12


Arti Surfactants Ltd. Chemicals 0.03

Yes Bank Ltd. Banks 0.01

Sub Total 67.21

DEBT & DEBT RElATED


• 7.57 GOI 2033 Sovereign 3.49

Sub Total 3.49

CREDIT EXPOSURE

• Power Finance Corporation Ltd. CRISIL - AAA 6.72


• Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 2.69


State Bank of India CRISIL - AA+ 2.18

Power Grid Corporation of

India Ltd. CRISIL - AAA 1.37


Reliance Industries Ltd. CRISIL - AAA 0.70

Sub Total 20.50

Total 23.99


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 18.30%Average Maturity * 4.37 yearsMacaulay Duration * 3.27 yearsModified Duration * 3.06 yearsYield to Maturity * 6.96%* 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 June 2020


n equity 67.21

n G-Sec 3.49




n equity 67.21n Sovereign 3.49n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 14.07n AA+ 2.18n AA/AA- 3.36n A+ & Below 0.89n Cash, Cash equivalents and Net

Current Assets 8.80



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

Riskometer





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year -7.34 -2.04 -11.51 9,266 9,796 8,849

Jun 30, 17 Last 3 Years 2.81 6.23 3.95 10,867 11,991 11,233

Feb 25, 16 Since Inception 11.01 10.98 10.85 15,747 15,732 15,650

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


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

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


0.120.170.190.410.580.800.930.991.361.461.672.392.652.79

4.884.935.275.355.456.10

6.9611.76

0 2 4 6 8 10 12 14Auto

Media & EntertainmentNon - Ferrous Metals

Ferrous MetalsPaper

TransportationPesticidesFertilisersChemicals

PowerHotels, Resorts & Other Recreational Activities

Consumer DurablesAuto Ancillaries

Industrial Capital GoodsConsumer Non Durables

PharmaceuticalsIndustrial Products

FinanceConstruction Project

SoftwarePetroleum Products

Banks

.....Contd from previous page



Total Amount Invested (` ‘000) 530.00 360.00 120.00

Mkt Value As on June 30, 2020 (` ‘000) 573.91 355.86 117.67

Returns (%) 3.56 -0.75 -3.60

Benchmark Returns (%) # 6.38 3.87 1.28

Additional Benchmark Returns (%) ## 3.39 -1.47 -7.67


June 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 JUNE 30, 2020) NAV PER UNIT (`)Regular Plan 13.8310Direct Plan 14.7101


qUANTITATIVE DATAAverage Maturity * 4.02 yearsMacaulay Duration * 3.00 yearsModified Duration * 2.84 yearsYield to Maturity * 6.97%* 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 (`)##

Jun 28, 19 Last 1 Year 3.71 9.80 11.12 10,371 10,980 11,112Jun 30, 17 Last 3 Years 4.62 8.17 6.87 11,451 12,661 12,208Feb 26, 16 Since Inception 7.75 10.02 8.58 13,831 15,141 14,301

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



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

Riskometer




n equity 12.04

n G-Sec 16.58




n equity 12.04n Sovereign 16.58n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 22.16n AA+ 8.80n AA/AA- 11.72n A+ & Below 2.48n Cash, Cash equivalents and

Net Current Assets 26.22

[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 1.06HDFC Bank Ltd. Banks 0.89Reliance Industries Ltd. Petroleum Products 0.87NIIT Technologies Ltd. Software 0.62Alkyl Amines Chemicals Ltd. Chemicals 0.52Infosys Ltd. Software 0.52Avanti Feeds Ltd. Consumer Non Durables 0.46Voltamp Transformers Ltd. Industrial Capital Goods 0.40Larsen and Toubro Ltd. Construction Project 0.38Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.35Timken India Ltd. Industrial Products 0.35Redington (India) Ltd. Transportation 0.32Carborundum Universal Ltd. Industrial Products 0.31Axis Bank Ltd. Banks 0.29Bajaj electricals Ltd. Consumer Durables 0.27JB Chemicals & Pharmaceuticals Ltd. Pharmaceuticals 0.26Tata Steel Ltd. Ferrous Metals 0.26SKF India Ltd. Industrial Products 0.25Vesuvius India Ltd. Industrial Products 0.25Blue Star Ltd. Consumer Durables 0.23Mahindra Holidays & Resorts Ind Ltd.


Oriental Carbon & Chemicals Ltd. Chemicals 0.23Navneet education Ltd. Media & entertainment 0.22State Bank of India Banks 0.21Hindustan Petroleum Corporation Ltd. Petroleum Products 0.20Aurobindo Pharma Ltd. Pharmaceuticals 0.19Power Grid Corporation of India Ltd. Power 0.19The Anup engineering Ltd. Industrial Capital Goods 0.19Nilkamal Ltd. Industrial Products 0.18GNA Axles Ltd. Auto Ancillaries 0.17Insecticides (India) Ltd. Pesticides 0.17Tube Investments of India Ltd. Auto Ancillaries 0.16

Company Industry+ / Rating % to NAVNRB Bearing Ltd. Industrial Products 0.14Kalpataru Power Transmission Ltd. Power 0.13Apar Industries Ltd. Industrial Capital Goods 0.12Poddar Pigments Ltd. Chemicals 0.12Time Technoplast Ltd. Industrial Products 0.11Bank of Baroda Banks 0.08Tamilnadu Newsprint & Papers Ltd. Paper 0.07Sadbhav engineering Ltd. Construction Project 0.03Arti Surfactants Ltd. Chemicals 0.02Tata Motors Ltd. DVR Auto 0.02Sub Total 12.04DEBT & DEBT RElATEDgOVERNMENT SECURITIES (CENTRAl/STATE)• 7.57 GOI 2033 Sovereign 10.16• 6.79 GOI 2029 Sovereign 6.42Sub Total 16.58CREDIT EXPOSURE • L&T Infrastructure Finance Ltd. CRISIL - AAA 8.16• Vedanta Ltd. CRISIL - AA 7.60• Indian Railways Finance

Corporation Ltd. CRISIL - AAA 6.82• State Bank of India CRISIL - AA+ 5.59• Jamnagar Utilities & Power

Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 3.25

• Shriram Transport Finance Company Ltd. CRISIL - AA+ 3.21

• Reliance Industries Ltd. CRISIL - AAA 2.57• Canara Bank CARE - A+ 2.48Union Bank of India CARe - AA- 2.39Tata Motors Ltd. CARe - AA- 1.73Power Finance Corporation Ltd. CRISIL - AAA 1.36Sub Total 45.16Total 61.74Cash, Cash equivalents and Net Current Assets 26.22Grand Total 100.00• Top Ten Holdings

PORTFOLIO



Total Amount Invested (` ‘000) 530.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 598.95 385.68 122.58 Returns (%) 5.49 4.53 4.04 Benchmark Returns (%) # 9.23 9.78 11.55 Additional Benchmark Returns (%) ## 8.70 10.29 10.37


32 June 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 21.12%Average Maturity * 302 daysMacaulay Duration * 272 daysModified Duration * 248 daysYield to Maturity * 6.83%* 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) 1,900.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 3,679.90 3,337.24 1,695.53 662.53 361.40 118.42 Returns (%) 7.86 7.78 6.73 3.92 0.25 -2.44 Benchmark Returns (%) # N.A. N.A. 7.76 6.34 5.06 3.33 Additional Benchmark Returns (%) ## 9.75 9.07 7.78 4.07 -1.47 -7.67

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 (`)##

Jun 28, 19 Last 1 Year -4.86 2.10 -11.51 9,514 10,210 8,849Jun 30, 17 Last 3 Years 2.17 6.04 3.95 10,666 11,926 11,233Jun 30, 15 Last 5 Years 6.33 6.67 5.55 13,595 13,816 13,104Sep 17, 04 Since Inception 8.37 N.A. 13.35 35,572 N.A. 72,411

^^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 60. 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 June 30, 2020 unless otherwise specified. ...Contd on next page

PORTFOLIO


n equity 65.31n Sovereign 0.86n AA+ 0.16n AA/AA- 6.90n A+ & Below 4.67n Cash, Cash equivalents and


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




• Housing Development Finance Corporation Ltd.£ Finance 7.43 7.34

• NTPC Ltd. Power 4.82 0.00

• Reliance Industries Ltd. Petroleum Products 4.55 2.32

• Infosys Ltd. Software 3.54 1.11

• Larsen and Toubro Ltd. Construction Project 3.21 0.12

• ICICI Bank Ltd. Banks 3.20 0.00

• State Bank of India Banks 3.13 0.25

• HDFC Bank Ltd. Banks 2.73 0.00



Sun Pharmaceutical Industries Ltd. Pharmaceuticals 2.21 2.20

Aurobindo Pharma Ltd. Pharmaceuticals 1.88 1.18

Dr Reddys Laboratories Ltd. Pharmaceuticals 1.80 1.79

GAIL (India) Ltd. Gas 1.57 0.00

ITC Ltd. Consumer Non Durables 1.47 0.00

Axis Bank Ltd. Banks 1.31 0.90

Vedanta Ltd. Non - Ferrous Metals 1.15 0.15

SBI Cards and Payment Services Ltd. Finance 1.11 0.00

Ambuja Cements Ltd. Cement 1.04 0.22

Tata Steel Ltd. Ferrous Metals 1.04 0.47

PORTFOLIO


0.010.140.170.400.500.570.690.900.941.00

1.451.611.651.83

2.332.63

3.223.30

6.149.22

0 1 2 3 4 5 6 7 8 9 10

Media & EntertainmentAuto Ancillaries

PesticidesAuto

ConstructionFerrous Metals

Minerals/MiningCement

TransportationNon - Ferrous Metals

FinanceIndustrial Capital Goods

GasPharmaceuticals

Consumer Non DurablesSoftware

Construction ProjectPetroleum Products

PowerBanks

June 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 June 30, 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 0.86 0.86

Power Grid Corporation of India Ltd. Power 0.86 0.00

Hindalco Industries Ltd. Non - Ferrous Metals 0.84 0.84

Bharat Petroleum Corporation Ltd. Petroleum Products 0.83 0.02

Lupin Ltd. Pharmaceuticals 0.80 0.24

Coal India Ltd. Minerals/Mining 0.69 0.00

Titan Company Ltd. Consumer Durables 0.68 0.68

Tata Motors Ltd. Auto 0.64 0.38

Gujarat Pipavav Port Ltd. Transportation 0.62 0.00

Dabur India Ltd. Consumer Non Durables 0.61 0.61

Mahindra & Mahindra Ltd. Auto 0.60 0.60

BeML Ltd. Industrial Capital Goods 0.56 0.00

Cipla Ltd. Pharmaceuticals 0.55 0.00

United Spirits Ltd. Consumer Non Durables 0.55 0.55

JSW Steel Ltd. Ferrous Metals 0.52 0.52

Grasim Industries Ltd. Cement 0.48 0.48

NHPC Ltd. Power 0.41 0.00

Vodafone Idea Ltd. Telecom - Services 0.38 0.38

Bharat electronics Ltd. Industrial Capital Goods 0.35 0.00

Centum electronics Ltd. Industrial Capital Goods 0.35 0.00

emami Ltd. Consumer Non Durables 0.35 0.00

Container Corporation of India Ltd. Transportation 0.32 0.00

JMC Projects (India) Ltd. Construction 0.32 0.00

HCL Technologies Ltd. Software 0.30 0.30

Tata Consumer Products Ltd. Consumer Non Durables 0.30 0.00

Hindustan Unilever Ltd. Consumer Non Durables 0.29 0.28

Maruti Suzuki India Ltd. Auto 0.28 0.28

DLF Ltd. Construction 0.26 0.26

Hindustan Petroleum Corporation Ltd. Petroleum Products 0.26 0.00

Power Finance Corporation Ltd. Finance 0.24 0.00

Texmaco Rail & engineering Ltd. Industrial Capital Goods 0.22 0.00

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

Newgen Software Technologies Ltd. Software 0.20 0.00

The Federal Bank Ltd. Banks 0.19 0.19

Max Financial Services Ltd. Finance 0.18 0.17

UPL Ltd. Pesticides 0.17 0.00

ITD Cementation India Ltd. Construction 0.16 0.00

Cadila Healthcare Ltd. Pharmaceuticals 0.15 0.15

Apollo Tyres Ltd. Auto Ancillaries 0.14 0.00

Hero MotoCorp Ltd. Auto 0.14 0.13

Ashoka Buildcon Ltd. Construction Project 0.13 0.00

Tata Motors Ltd. DVR Auto 0.13 0.00

Titagarh Wagons Ltd. Industrial Capital Goods 0.13 0.00

Mahindra & Mahindra Financial Services Ltd. Finance 0.11 0.11

UltraTech Cement Ltd. Cement 0.11 0.11

Mahanagar Gas Ltd. Gas 0.10 0.02

Orient Cement Ltd. Cement 0.08 0.00



Zee entertainment enterprises Ltd. Media & entertainment 0.08 0.08

Petronet LNG Ltd. Gas 0.06 0.06

Pidilite Industries Ltd. Chemicals 0.06 0.06

Kalpataru Power Transmission Ltd. Power 0.05 0.00

Tech Mahindra Ltd. Software 0.05 0.05

ACC Ltd. Cement 0.03 0.03

Adani Ports & Special economic Zone Transportation 0.03 0.03

Bajaj Finserv Ltd. Finance 0.03 0.03

Bosch Ltd. Auto Ancillaries 0.03 0.03

Bajaj Auto Ltd. Auto 0.02 0.02

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 65.31

Preference Shares

Zee entertainment enterprises Ltd. Media & entertainment @

Sub Total @

Total 65.31

DEBT & DEBT RElATED




Sub Total 0.86

CREDIT EXPOSURE

• Punjab National Bank IND - A 2.75

• Canara Bank CARE - A+ / CRISIL - AA 2.71

Union Bank of India CARe - AA- / IND - AA 1.74




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

Bank of Baroda CARe - AA 0.32


Sub Total 11.73

Total 12.59

Short Term Deposits as margin for Futures & Options 12.42


Grand Total 100.00

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

Outstanding exposure in derivative instruments (` in Crore) 837.32

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 26.65

PORTFOLIO

34 June 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 46.2926Regular Plan - Monthly Dividend Option 11.7501Regular Plan - quarterly Dividend Option 12.3550Direct Plan - Growth Option 48.0605Direct Plan - Monthly Dividend Option 12.3996Direct Plan - quarterly Dividend Option 13.0372



qUANTITATIVE DATA

Average Maturity * 4.05 yearsMacaulay Duration * 3.25 yearsModified Duration * 3.02 yearsYield to Maturity * 9.23%* 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 June 30, 2020 unless otherwise specified.



ICICI Bank Ltd. Banks 2.11



IRB Infrastructure Developers Ltd. Construction 1.60

ITC Ltd. Consumer Non Durables 1.58






Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.90




Infosys Ltd. Software 0.70


Mishra Dhatu Nigam Ltd. Ferrous Metals 0.59


NHPC Ltd. Power 0.52










Union Bank of India Banks 0.21



elecon engineering Comapny Ltd. Industrial Capital Goods 0.02


Tata Motors Ltd. DVR Auto @

Sub Total 25.05


DEBT & DEBT RElATED






GOI 2023 Sovereign 0.35



8.10% Tamil Nadu SDL - Mat 110325 Sovereign 0.12



Sub Total 3.64

CREDIT EXPOSURE


• TATA Housing Development Company Ltd. CARe - AA 5.06

• Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 4.53

• Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CRISIL - AAA 4.44

• DLF Ltd. ICRA - A+ 4.19

• Tata Motors Ltd. CRISIL - AA- 4.13

• The Tata Power Company Ltd. CRISIL - AA- 3.92

• Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(Ce) 3.91

• Indian Railways Finance Corporation Ltd. CRISIL - AAA 3.10

• 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 2.38

National Highways Authority of India CRISIL - AAA 2.33

Manappuram Finance Ltd. CARe - AA 2.15



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


National Bank for Agriculture & Rural Development CRISIL - AAA 1.39

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

PORTFOLIO

June 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 (%) 8.76 8.41 7.16 4.27 2.38 0.35

Benchmark Returns (%) # 8.93 9.00 9.19 9.13 9.78 11.55

Additional Benchmark Returns (%) ## 7.18 7.41 8.06 8.59 10.29 10.37




(%)

Benchmark Returns

(%)#


Returns (%) ##



Additional Benchmark (`)##

Jun 28, 19 Last 1 Year -0.62 9.80 11.12 9,938 10,980 11,112

Jun 30, 17 Last 3 Years 2.51 8.17 6.87 10,774 12,661 12,208

Jun 30, 15 Last 5 Years 6.03 8.83 8.44 13,405 15,272 15,004


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 60. 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 25.05

n G-Sec, SDL 3.64




n equity 25.05n Sovereign 3.64n AAA/AAA(SO)/A1+/A1+(SO)



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


Tata Realty and Infrastructure Ltd. CRISIL - AA 1.30

First Business Receivables Trust (PTC banked by receivables from Reliance Corporate IT Park Ltd.) CRISIL - AAA(SO) 1.24

NIIF Infrastructure Finance Ltd. CARe - AAA 1.07

Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) CARe - D 0.87


Power Grid Corporation of India Ltd. CRISIL - AAA 0.25

Bharati Telecom Ltd. CRISIL - AA+ 0.08

Sub Total 67.17

Total 70.81


Grand Total 100.00

• Top Ten Holdings, @ Less than 0.01%

PORTFOLIO

36 June 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 22.933Regular Plan - Dividend Option 17.033Regular Plan - quarterly Dividend Option 16.293Direct Plan - Growth Option 23.840Direct Plan - quarterly Dividend Option 18.066

Wholesale PlanRegular Plan - Growth Option 23.467Regular Plan - Dividend Option 10.315Regular Plan - Monthly Dividend Option 10.784Direct Plan - Growth Option 15.040Direct Plan - Dividend Option 10.709Direct Plan - Monthly Dividend Option 10.460



qUANTITATIVE DATA

Portfolio Turnover Ratio 148.51%Average Maturity * 121 daysMacaulay Duration * 120 daysModified Duration * 102 daysYield to Maturity * 5.41%* Computed on the invested amount for debt portfolio.



#BENCHMARK INDEX: NIFTY 50 Arbitrage Index


EXIT lOAD

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

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


PLANS & OPTIONS

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


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



EqUITY & EqUITY RElATED (quantity fully hedged using Futures/Options)

EqUITY





• Sun Pharmaceutical Industries Ltd. Pharmaceuticals 3.70

• Maruti Suzuki India Ltd. Auto 3.11


• Dr Reddys Laboratories Ltd. Pharmaceuticals 2.29







Grasim Industries Ltd. Cement 1.42


Divis Laboratories Ltd. Pharmaceuticals 1.29



JSW Steel Ltd. Ferrous Metals 0.84



Godrej Consumer Products Ltd. Consumer Non Durables 0.65



Hindalco Industries Ltd. Non - Ferrous Metals 0.60

Zee entertainment enterprises Ltd. Media & entertainment 0.59

Container Corporation of India Ltd. Transportation 0.54


United Spirits Ltd. Consumer Non Durables 0.48



DLF Ltd. Construction 0.40

SRF Ltd. Industrial Products 0.38




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

Dabur India Ltd. Consumer Non Durables 0.33

Biocon Ltd. Pharmaceuticals 0.30

Tata Consultancy Services Ltd. Software 0.30



Tata Motors Ltd. Auto 0.29

Jindal Steel & Power Ltd. Ferrous Metals 0.28

Mahanagar Gas Ltd. Gas 0.27

Manappuram Finance Ltd. Finance 0.26

The Tata Power Company Ltd. Power 0.24

Hero MotoCorp Ltd. Auto 0.23

Marico Ltd. Consumer Non Durables 0.22

Shree Cement Ltd. Cement 0.22

Adani enterprises Ltd. Trading 0.21

Tata Consumer Products Ltd. Consumer Non Durables 0.21

The Federal Bank Ltd. Banks 0.21



NMDC Ltd. Minerals/Mining 0.18



Petronet LNG Ltd. Gas 0.17

Pidilite Industries Ltd. Chemicals 0.17


HDFC Life Insurance Company Ltd. Finance 0.14

L&T Finance Holdings Ltd. Finance 0.13

Wipro Ltd. Software 0.13



Century Textiles & Industries Ltd. Paper 0.09


SBI Life Insurance Company Ltd. Finance 0.08

Sun TV Network Ltd. Media & entertainment 0.08

Indian Oil Corporation Ltd. Petroleum Products 0.07

Bata India Ltd. Consumer Durables 0.06

escorts Ltd. Auto 0.06

ITC Ltd. Consumer Non Durables 0.06

ACC Ltd. Cement 0.05

Bosch Ltd. Auto Ancillaries 0.05

Cadila Healthcare Ltd. Pharmaceuticals 0.05

exide Industries Ltd. Auto Ancillaries 0.05

Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.05

NCC Ltd. Construction Project 0.05

Berger Paints (I) Ltd. Consumer Non Durables 0.03

Motherson Sumi Systems Ltd. Auto Ancillaries 0.03


eicher Motors Ltd. Auto 0.02

MRF Ltd. Auto Ancillaries 0.02



equitas Holdings Ltd. Finance 0.01


Cummins India Ltd. Industrial Products @

ICICI Prudential Life Insurance Company Ltd. Finance @

Sub Total 67.90

DEBT & DEBT RElATED

CREDIT EXPOSURE

Housing Development Finance Corporation Ltd.£ CRISIL - AAA 0.85


Sub Total 1.11

MONEY MARKET INSTRUMENTS

CD

• Punjab & Sind Bank IND - A1+ 3.37

Sub Total 3.37

Total 4.48

Short Term Deposits as margin for Futures & Options 24.30


Grand Total 100.00• Top Ten Holdings, £ Co-sponsor, @ Less than 0.01%

Outstanding exposure in derivative instruments (` in Crore) 3,993.26

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 67.61

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of June 30, 2020 unless otherwise specified. ....Contd on next page

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

June 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 June 30, 2020 unless otherwise specified.

PERFORMANCE ^ - Wholesale Plan - Regular plan - growth Option


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jun 28, 19 Last 1 Year 5.16 4.30 -11.51 10,516 10,430 8,849Jun 30, 17 Last 3 Years 5.54 4.93 3.95 11,757 11,556 11,233Jun 30, 15 Last 5 Years 5.86 5.30 5.55 13,300 12,947 13,104Oct 23, 07 Since Inception 6.95 N.A. 6.36 23,467 N.A. 21,864

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 60. 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.



n equity 67.90

n AAA/AAA(SO)/A1+/A1+(SO) & equivalent 4.48



n equity 67.90

n CD 3.37



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


0.080.090.090.090.160.170.210.220.380.380.400.400.440.470.640.67

1.461.49

2.443.46

4.264.564.91

6.687.407.46

8.6010.29

0 2 4 6 8 10 12

Consumer DurablesOil

PaperTelecom - Equipment & Accessories

Auto AncillariesChemicals

TradingConstruction Project

Industrial ProductsMinerals/Mining

ConstructionPower

GasIndustrial Capital Goods

PesticidesMedia & Entertainment

Non - Ferrous MetalsFerrous MetalsTransportation

CementPetroleum Products

AutoSoftware

Telecom - ServicesFinance

BanksConsumer Non Durables

Pharmaceuticals


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,530.00 1,200.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 2,381.24 1,674.33 691.42 390.96 122.97 Returns (%) 6.67 6.48 5.62 5.44 4.65 Benchmark Returns (%) # N.A. 6.10 5.01 4.87 3.04 Additional Benchmark Returns (%) ## 8.50 7.78 4.07 -1.47 -7.67


38 June 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 23.9123Regular Plan - Dividend Option 16.2639Regular Plan - quarterly Dividend Option 10.5164Direct Plan - Growth Option 24.1023Direct Plan - Dividend Option 16.5424Direct Plan - quarterly Dividend Option 10.6064



qUANTITATIVE DATA

Average Maturity * 4.19 yearsMacaulay Duration * 3.38 yearsModified Duration * 3.18 yearsYield to Maturity * 5.80%* 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 June 30, 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 0.18

Sub Total 16.57

CREDIT EXPOSURE

• Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA / ICRA - AAA 8.26



• National Bank for Agriculture & Rural Development CRISIL - AAA / ICRA - AAA 6.79

• Reliance Industries Ltd. CRISIL - AAA / ICRA - AAA 6.72

• REC Ltd. CRISIL - AAA / IND - AAA 6.26

• State Bank of India CRISIL - AAA 5.30

• National Highways Authority of India CARe - AAA / CRISIL - AAA 3.79

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

CARe - AAA / CARe - AAA(Ce) 2.38

Indian Railways Finance Corporation Ltd. CRISIL - AAA 2.32

Sundaram Finance Ltd. CRISIL - AAA / ICRA - AAA 1.81

Bank of Baroda CARe - AAA 1.75


Mangalore Refinery and Petrochemicals Ltd. CRISIL - AAA 1.68

Food Corporation of India (Corporate guarantee from Govt of India) CARe - AAA(Ce) 1.55


Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 1.20

export - Import Bank of India CRISIL - AAA 1.02



L&T Finance Ltd. CARe - AAA / IND - AAA 0.88

HDB Financial Services Ltd. CARe - AAA / CRISIL - AAA 0.88

NTPC Ltd. CRISIL - AAA 0.86

Indian Oil Corporation Ltd. CRISIL - AAA 0.83

Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CARe - AAA 0.82

National Housing Bank CRISIL - AAA 0.56

Larsen and Toubro Ltd. CRISIL - AAA 0.54

Reliable Devices Trust (PTC banked by receivables from Reliance Retail Ltd.) ICRA - AAA(SO) 0.46

NHPC Ltd. CARe - AAA 0.30

TATA Capital Housing Finance Ltd. CRISIL - AAA 0.28

Andhra Pradesh expressway Ltd. (NHAI Annuity) ICRA - AAA 0.22



Gujarat Road and Infra Company Ltd. CARe - AAA 0.14

L&T Housing Finance Ltd. CARe - AAA 0.14


Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CRISIL - AAA(Ce) 0.06

Bajaj Finance Ltd. CRISIL - AAA 0.02

Sub Total 77.57

Total 94.14


CD


National Bank for Agriculture & Rural Development IND - A1+ 0.13

Sub Total 2.50


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 16.57

n CD 2.50




n Sovereign 16.57n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 80.07n Cash, Cash equivalents and


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

PORTFOLIO

June 2020 39



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jun 28, 19 Last 1 Year 12.22 12.13 11.12 11,222 11,213 11,112Jun 30, 17 Last 3 Years 8.90 8.37 6.87 12,917 12,729 12,208Jun 30, 15 Last 5 Years 9.09 8.75 8.44 15,460 15,221 15,004Jun 29, 10 Since Inception 9.10 8.78 7.18 23,912 23,227 20,018

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 60. 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

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,210.00 1,200.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 1,961.19 1,937.27 762.23 422.17 128.54 Returns (%) 9.26 9.26 9.51 10.64 13.52 Benchmark Returns (%) # 9.03 9.04 9.04 10.03 12.95 Additional Benchmark Returns (%) ## 8.05 8.06 8.59 10.29 10.37


40 June 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 16.9160Regular Plan - Dividend Option 15.5759Regular Plan - quarterly Dividend Option 10.3878Direct Plan - Growth Option 17.7461Direct Plan - Dividend Option 15.5558Direct Plan - quarterly Dividend Option 10.5098



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 (%) ##




(`)##

Jun 28, 19 Last 1 Year 8.95 10.64 11.12 10,895 11,064 11,112Jun 30, 17 Last 3 Years 6.91 8.31 6.87 12,222 12,708 12,208Jun 30, 15 Last 5 Years 8.14 8.97 8.44 14,795 15,370 15,004Mar 25, 14 Since Inception 8.74 9.38 9.03 16,916 17,544 17,195

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 60. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 67.


l income over 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- 37.73n A+ & Below 20.67n 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 June 30, 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) 760.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 981.85 728.69 405.55 125.73 Returns (%) 7.99 7.71 7.90 9.01 Benchmark Returns (%) # 8.99 8.89 9.33 11.13 Additional Benchmark Returns (%) ## 8.61 8.59 10.29 10.37


June 2020 41

Company Industry+ / Security Rating


DEBT & DEBT RElATED

CREDIT EXPOSURE

• Vedanta Ltd. CRISIL - AA CRISIL - AA 7.76

• Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA CRISIL - AAA 7.07

• Power Finance Corporation Ltd. CRISIL - AAA CRISIL - AAA 6.87

• Shriram City Union Finance Ltd. CRISIL - AA CRISIL - AA 6.37

• DLF Ltd. ICRA - A+ CRISIL - A+ 6.29

• Tata Motors Ltd. CRISIL - AA- CRISIL - AA- 5.98

• Punjab National Bank IND - A IND - A 5.90

• REC Ltd. CRISIL - AAA CRISIL - AAA 5.70

• IndInfravit Trust CRISIL - AAA CRISIL - AAA 5.65

• Dilip Buildcon Ltd. CRISIL - A CRISIL - A 4.52

Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) CARe - A-(Ce) CARe - A-(Ce) 2.65

JM Financial Asset Reconstruction Company Ltd. ICRA - AA- CRISIL - AA- 2.35

Indiabulls Housing Finance Ltd. CARe - AA / CRISIL - AA CRISIL - AA 2.12

L&T Infrastructure Finance Ltd. CRISIL - AAA CARe - AAA 2.02

The Tata Power Company Ltd. CRISIL - AA- CRISIL - AA- 1.83

Sansar Trust Nov 2018 (PTC of pools from Shriram Transport Finance Company Ltd.) ICRA - AAA(SO) ICRA - AAA(SO) 1.62

Reliance Industries Ltd. CRISIL - AAA CRISIL - AAA 1.40

GeRA Development Pvt. Ltd. CARe - AA- CARe - AA- 1.36

MFL Securitisation Trust LxxxI (PTC of pools from Magma Fincorp Ltd.) CRISIL - AAA(SO) CRISIL - AAA(SO) 1.29

NTPC Ltd. CRISIL - AAA CRISIL - AAA 1.06

Starlite Lighting Ltd. (Corporate Guarantee of Bajaj electrical Ltd.) ICRA - A-(Ce) ICRA - A-(Ce) 0.97

Company Industry+ / Security Rating


Aarish Solar Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 0.89

Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 0.89

Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 0.89

elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 0.89

Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 0.89

SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) BRICKWORKS - AA-(SO) 0.89

SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 0.89

SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 0.89

Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 0.89

Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARE - AA-(SO) 0.89

Indian Railways Finance Corporation Ltd. CRISIL - AAA CRISIL - AAA 0.87

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

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

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

Travis March 2019 (Trust) (PTC of pools from Muthoot Capital Services Ltd.) CRISIL - AA(SO) CRISIL - AA(SO) 0.34

Mobil Trust Series 01 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) CRISIL - AAA(SO) 0.23

Tata Sons Ltd. CRISIL - AAA CRISIL - AAA 0.07

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

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

Sub Total 92.66


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 June 30, 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 June 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 * 3.33 yearsMacaulay Duration * 2.74 yearsModified Duration * 2.58 yearsYield to Maturity * 6.41%* 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 June 30, 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 3.34

CREDIT EXPOSURE

• National Bank for Agriculture & Rural Development

CRISIL - AAA / ICRA - AAA 7.63


• Housing and Urban Development Corporation Ltd. CARe - AAA 7.01


• National Highways Authority of India CRISIL - AAA 5.77

• Union Bank of India CARE - A+ / CARE - AA- / IND - AA 5.25

• Bank of Baroda CARe - AA / CARe - AAA / CRISIL - AA+ 4.66


• State Bank of India CRISIL - AA+ / CRISIL - AAA 4.08

• ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CARe - AAA(Ce) 3.79

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

CRISIL - AAA / CRISIL - AAA(Ce) 3.22


Food Corporation of India (Corporate guarantee from Govt of India) CARe - AAA(Ce) 3.04







Hindustan Petroleum Corporation Ltd. CRISIL - AAA 1.24


Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CRISIL - AAA 1.20


Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA 1.18


L&T Housing Finance Ltd. CRISIL - AAA 0.80




Reliance Industries Ltd. CRISIL - AAA 0.71

Small Industries Development Bank of India CARe - AAA 0.67

TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) ICRA - AA- 0.43

NHPC Ltd. ICRA - AAA 0.42

Shriram Transport Finance Company Ltd. IND - AA+ 0.34

Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.16

Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.16

elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.16

Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.16

SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.16

SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.16

SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.16

Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.16

Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.16


Sub Total 91.16

Total 94.50


Grand Total 100.00


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


n G-Sec 3.34







(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

June 2020 43



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##


The above returns are for Regular Plan - Growth Option. Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Anil Bamboli, please refer page 60. 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) 760.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 1,009.25 749.79 416.46 127.39 Returns (%) 8.85 8.85 9.71 11.67 Benchmark Returns (%) # 8.53 8.58 9.60 12.12 Additional Benchmark Returns (%) ## 7.23 7.18 7.54 7.73


44 June 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 (%) ##




(`)##

Jun 28, 19 Last 1 Year 11.00 12.76 11.12 11,100 11,276 11,112Jun 30, 17 Last 3 Years 6.71 8.30 6.87 12,152 12,705 12,208Jun 30, 15 Last 5 Years 8.65 9.33 8.44 15,148 15,626 15,004Jul 25, 01 Since Inception 7.94 8.56 N.A. 42,506 47,430 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 60. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 70.


l credit risk free returns over medium to long term

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

Riskometer




n G-Sec, SDL 94.43



n Sovereign 94.43n 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 15.11

• 7.17 GOI 2028 Sovereign 14.50

• 7.59 GOI 2026 Sovereign 13.23

• 6.45 GOI 2029 Sovereign 11.17

• 6.79 GOI 2027 Sovereign 10.64



• 8.59% Andhra Pradesh SDL - Mat 230123 Sovereign 2.68

• 8.60% Madhya Pradesh SDL - Mat 230123 Sovereign 2.68

• 8.21% Haryana SDL (UDAY) - Mat 310323 Sovereign 2.65



8.60% Rajasthan SDL- Mat 061128 Sovereign 1.39



7.83% Maharashtra SDL - ISD 080420 Mat 080430 Sovereign 1.34

7.73% Gujarat SDL - ISD 070420 Mat 080429 Sovereign 1.33


8.66% Maharashtra SDL - Mat 250122 Sovereign 0.78








Sub Total 94.43


Grand Total 100.00



PORTFOLIO


Since Inception SIP




Returns (%) 7.59 8.07 8.71 8.36 9.46 12.07


Additional Benchmark Returns (%) ## N.A. 7.41 8.06 8.59 10.29 10.37


June 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 65.5578Regular Plan - quarterly Dividend Option 11.7090Regular Plan - Half-Yearly Dividend Option 11.2992Regular Plan - Yearly Dividend Option 12.7474Regular Plan - Normal Dividend Option 14.0444Direct Plan - Growth Option 69.3081Direct Plan - quarterly Dividend Option 12.4829Direct Plan - Half-Yearly Dividend Option 12.5800Direct Plan - Yearly Dividend Option 13.6004Direct Plan - Normal Dividend Option 14.5932



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 (%) ##




(`)##

Jun 28, 19 Last 1 Year 9.00 13.31 11.12 10,900 11,331 11,112Jun 30, 17 Last 3 Years 3.97 8.39 6.87 11,241 12,739 12,208Jun 30, 15 Last 5 Years 6.59 9.32 8.44 13,761 15,623 15,004Apr 28, 97 Since Inception 8.45 N.A. N.A. 65,558 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 60. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 70.


l income over medium to long term

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

Riskometer





n G-Sec, SDL 41.97





& equivalent 20.64n AA/AA- 14.29n A+ & Below 18.63n Cash, Cash equivalents and


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


DEBT & DEBT RElATED


• 7.26 GOI 2029 Sovereign 11.12

• 7.17 GOI 2028 Sovereign 11.06




7.42% Maharashtra SDL - Mat 110522 Sovereign 2.17

8.68% Gujarat SDL - Mat 060223. Sovereign 1.13




8.26% Maharashtra SDL - ISD 120815 Mat 120825 Sovereign 0.14

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

Sub Total 41.97


CREDIT EXPOSURE

• Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) CARe - D 8.36

• Union Bank of India CARe - AA- 8.35

• Reliance Industries Ltd. CRISIL - AAA 8.20

• Canara Bank CARE - A+ 7.26

• State Bank of India CRISIL - AAA 5.68


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





Sub Total 53.56

Total 95.53


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%


PORTFOLIO


Since Inception SIP




Returns (%) 7.57 7.37 7.14 5.63 5.79 9.31




46 June 2020

CATEgORY OF SCHEME: MEDIUM TO LONG DURATION FUND

KEY FACTS


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

FUND MANAgER ¥

Shobhit Mehrotra (since September 11, 2007)



September 11, 2000


Regular Plan - Growth Option 45.2182Regular Plan - quarterly Dividend Option 11.3109Regular Plan - Normal Dividend Option 14.2588Direct Plan - Growth Option 47.7193Direct Plan - quarterly Dividend Option 12.0699Direct Plan - Normal Dividend Option 15.0907



qUANTITATIVE DATA

Average Maturity * 6.73 yearsMacaulay Duration * 4.96 yearsModified Duration * 4.75 yearsYield to Maturity * 7.22%* 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 (%) ##




(`)##

Jun 28, 19 Last 1 Year 9.71 13.51 11.12 10,971 11,351 11,112Jun 30, 17 Last 3 Years 5.51 8.31 6.87 11,748 12,710 12,208Jun 30, 15 Last 5 Years 7.38 9.04 8.44 14,285 15,421 15,004Sep 11, 00 Since Inception 7.91 N.A. N.A. 45,218 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 60. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 67.



l income over medium to long term

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

Riskometer





n G-Sec 46.44







[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 11.67











9.15 GOI 2024 Sovereign @

Sub Total 46.44


CREDIT EXPOSURE

• The Tata Power Company Ltd. CRISIL - AA- 8.95

• Punjab National Bank IND - A 6.89

• State Bank of India CRISIL - AA+ 5.07


• NTPC Ltd. CRISIL - AAA 4.90

export - Import Bank of India CRISIL - AA+ 4.45



IndInfravit Trust CRISIL - AAA 3.59


Union Bank of India CARe - AA- 0.87

Sub Total 49.31

Total 95.75


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%

PORTFOLIO


Since Inception SIP




Returns (%) 7.37 7.58 7.57 7.09 8.11 9.78




June 2020 47


n G-Sec 20.18




n Sovereign 20.18n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 29.24n AA/AA- 38.90n A+ & Below 6.34n Cash, Cash equivalents and Net

Current Assets 5.34

CATEgORY OF SCHEME: MEDIUM DURATION FUND



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jun 28, 19 Last 1 Year 8.67 13.32 7.69 10,867 11,332 10,769Jun 30, 17 Last 3 Years 7.05 8.55 7.14 12,270 12,793 12,302Jun 30, 15 Last 5 Years 7.97 9.00 7.12 14,676 15,392 14,111Feb 06, 02 Since Inception 7.95 8.09 6.16 40,897 41,902 30,075

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 60. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 67.

KEY FACTS


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


FUND MANAgER ¥

Shobhit Mehrotra (since September 1, 2007)



February 6, 2002


Regular Plan - Growth Option 40.8967Regular Plan - Dividend Option 15.5162Regular Plan - Fortnightly Dividend Option 10.6496Direct Plan - Growth Option 42.8150Direct Plan - Dividend Option 16.0269Direct Plan - Fortnightly Dividend Option 10.6832



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 7.51• 6.97 GOI 2026 Sovereign 5.747.57 GOI 2033 Sovereign 2.967.17 GOI 2028 Sovereign 1.156.79 GOI 2027 Sovereign 1.136.45 GOI 2029 Sovereign 1.117.27 GOI 2026 Sovereign 0.58Sub Total 20.18CREDIT EXPOSURE • Vedanta Ltd. CRISIL - AA 8.03• Shriram City Union Finance Ltd. CRISIL - AA 6.92• Sikka Port and Terminal Ltd.

(erstwhile Reliance Ports and Terminals Ltd.) CRISIL - AAA 6.09

• Power Finance Corporation Ltd. CRISIL - AAA 5.58• Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 5.12• The Tata Power Company Ltd. CRISIL - AA- 4.38• REC Ltd. CRISIL - AAA 3.88• TATA Housing Development

Company Ltd. CARe - AA 3.87Copeland Jan 2020 (PTC of pools from Muthoot Capital Services Ltd.) CRISIL - AA(SO) 3.33NHPC Ltd. CARe - AAA 3.01Indian Railways Finance Corporation Ltd. CRISIL - AAA 2.97TATA International Ltd. CARe - A 2.66Punjab National Bank IND - A 2.60JM Financial Asset Reconstruction Company Ltd. ICRA - AA- 2.51GeRA Development Pvt. Ltd. CARe - AA- 1.67IndInfravit Trust CRISIL - AAA 1.64Union Bank of India CARE - A+ / CARE - AA- 1.61

Issuer Rating % to NAVCoastal Gujarat Power Ltd. (Corporate Guarantee of Tata Power) CARe - AA(Ce) 1.37Tata Motors Ltd. CRISIL - AA- 1.04Mobil Trust Series 01 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 0.84Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(Ce) 0.66Aarish Solar Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.45Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.45Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.45elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.45Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.45SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.45SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.45SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.45Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.45Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.45L&T Infrastructure Finance Ltd. CRISIL - AAA 0.11Indiabulls Housing Finance Ltd. CRISIL - AA 0.09Sub Total 74.48Total 94.66Cash, Cash equivalents and Net Current Assets 5.34Grand Total 100.00• Top Ten Holdings

PORTFOLIO


Since Inception SIP




Returns (%) 8.19 8.34 8.17 7.72 8.01 8.36




48 June 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 June 30, 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 23.4677Regular Plan - Fortnightly Dividend Option 10.4507Regular Plan - Normal Dividend Option 15.7789Direct Plan - Growth Option 23.7387Direct Plan - Fortnightly Dividend Option 10.4050Direct Plan - Normal Dividend Option 15.8684



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 0.24


Sub Total 7.55

CREDIT EXPOSURE

• REC Ltd. CRISIL - AAA 8.56


• State Bank of India CARE - AA+ / CRISIL - AA+ / CRISIL - AAA 6.80

• Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 3.63

• Reliance Industries Ltd. CRISIL - AAA / CRISIL - AAA(Ce) 3.25

• IndInfravit Trust CRISIL - AAA 3.11


• National Bank for Agriculture & Rural Development CRISIL - AAA / ICRA - AAA 2.88



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

CARe - AAA(Ce) / CRISIL - AAA(Ce) 2.74




National Highways Authority of India CRISIL - AAA 2.16

Mobil Trust Series 10 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 2.06

Fullerton India Credit Company Ltd. CRISIL - AAA 1.84




Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA(Ce) 1.37



Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CARe - AAA / CRISIL - AAA 1.35




ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CARe - AAA(Ce) 0.93

Sundaram Finance Ltd. CRISIL - AAA 0.92

John Deere Financial India Pvt. Ltd. CRISIL - AAA 0.91


Tata Steel Ltd. CARe - AA 0.71

HDB Financial Services Ltd. CRISIL - AAA 0.65


Hindalco Industries Ltd. CRISIL - AA 0.61

Inox Air Products Pvt. Ltd. CRISIL - AA / CRISIL - AA+ 0.56



Sansar Trust Nov 2018 (PTC of pools from Shriram Transport Finance Company Ltd.) ICRA - AAA(SO) 0.47

Fullerton India Home Finance Company Ltd. CARe - AAA 0.46

Tata Capital Financial Services Ltd. ICRA - AAA 0.46


NHPC Ltd. CARe - AAA 0.45

Union Bank of India CARE - A+ 0.45


Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(Ce) 0.42

L&T Housing Finance Ltd. CRISIL - AAA 0.41

Bank of Baroda CARe - AA 0.19





Sub Total 84.89

Total 92.44


CP

Tata Teleservices Ltd. CRISIL - A1+ 1.28

Tata Motors Ltd. CRISIL - A1+ 0.97

Sub Total 2.25


Grand Total 100.00



PORTFOLIO


n G-Sec, SDL 7.55

n CP 2.25







June 2020 49



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jun 28, 19 Last 1 Year 11.47 11.44 7.69 11,147 11,144 10,769Jun 30, 17 Last 3 Years 8.59 8.36 7.14 12,806 12,726 12,302Jun 30, 15 Last 5 Years 8.59 8.57 7.12 15,107 15,094 14,111Jun 25, 10 Since Inception 8.88 8.48 7.01 23,468 22,614 19,719

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


[An open ended short term debt scheme investing in instruments such that the Macaulay Duration of the portfolio is between 1 year and 3 years (Refer page 2 for definition of Macaulay Duration)]HDFC Short Term Debt Fund

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

Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP



50 June 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 JUNE 30, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 43.1041Regular Plan - Daily Dividend Reinvestment Option 10.1428Regular Plan - Weekly Dividend Option 10.1617Regular Plan - Monthly Dividend Option 10.1438Direct Plan - Growth Option 45.3554Direct Plan - Daily Dividend Reinvestment Option 10.0655Direct Plan - Weekly Dividend Option 10.1914Direct Plan - Monthly Dividend Option 10.1464


qUANTITATIVE DATAAverage Maturity * 355 daysMacaulay Duration * 325 daysModified Duration * 296 daysYield to Maturity * 5.84%* 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 3.30

n CP 13.50

n CD 15.05



Portfolio Classification by Rating Class (%)



Current Assets 3.85

[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 RElATEDgOVERNMENT SECURITIES (CENTRAl/STATE)6.79 GOI 2027 Sovereign 1.75



Sub Total 3.30CREDIT EXPOSURE • REC Ltd. CARe - AAA / CRISIL -

AAA / IND - AAA 7.19



• Reliance Industries Ltd. CRISIL - AAA / CRISIL - AAA(Ce) / ICRA - AAA 4.86

• National Bank for Agriculture & Rural Development CRISIL - AAA 4.31

LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 3.01



Canara Bank CARE - A+ / CRISIL - AA / ICRA - AA- 2.59


Union Bank of India CARE - A+ / CARE - AA- / IND - AA 2.24

Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA(Ce) 2.02

State Bank of India CRISIL - AA+ / CRISIL - AAA 1.55


Small Industries Development Bank CARe - AAA 1.39

Shriram Transport Finance Company Ltd. CRISIL - AA+ 1.36

Bank of Baroda CARE - AA / CRISIL - AA+ 1.30


Manappuram Finance Ltd. CARe - AA 1.00







Bharati Telecom Ltd. CRISIL - AA+ 0.52


Indian Railways Finance Corporation Ltd. CRISIL - AAA 0.38



National Highways Authority of India CARe - AAA / CRISIL - AAA 0.34

KKR India Financial Services Pvt. Ltd. CRISIL - AA 0.31


Aurous Trust Jan 20 (PTC of pools from IIFL Finance Ltd.) CRISIL - A1+(SO) 0.26





Kotak Mahindra Prime Ltd. CRISIL - AAA 0.06

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

L&T Finance Ltd. CARe - AAA 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 64.30Total 67.60MONEY MARKET INSTRUMENTSCP• Power Grid Corporation of

India Ltd. CRISIL - A1+ 4.27

• Tata Motors Ltd. CRISIL - A1+ 3.62

• Tata Teleservices Ltd. CRISIL - A1+ 3.15

LIC Housing Finance Ltd. CRISIL - A1+ 0.96

Hindustan Zinc Ltd. CRISIL - A1+ 0.80

TATA Housing Development Company Ltd. CARE - A1+ 0.54

Reliance Industries Ltd. CRISIL - A1+ 0.16

Sub Total 13.50CD • Axis Bank Ltd. CRISIL - A1+ / ICRA - A1+ 4.88

• National Bank for Agriculture & Rural Development CRISIL - A1+ / IND - A1+ 4.14

Bank of Baroda CRISIL - A1+ 2.41

Indusind Bank Ltd. CRISIL - A1+ 1.51

ICICI Bank Ltd. ICRA - A1+ 0.81

Oriental Bank of Commerce CRISIL - A1+ 0.65

The Federal Bank Ltd. CARE - A1+ 0.49

Small Industries Development Bank of India CARE - A1+ 0.16

Sub Total 15.05Total 28.55Cash, Cash equivalents and Net Current Assets 3.85

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


PORTFOLIO

June 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 (%) ##




(`)##

Jun 28, 19 Last 1 Year 8.19 8.03 7.69 10,819 10,803 10,769Jun 30, 17 Last 3 Years 7.21 7.58 7.14 12,324 12,453 12,302Jun 30, 15 Last 5 Years 7.47 7.74 7.12 14,342 14,522 14,111Nov 18, 99 Since Inception 7.34 N.A. 6.57 43,104 N.A. 37,129

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 60. 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 (%) 7.39 7.64 7.73 7.49 7.76 8.43




52 June 2020

CATEgORY OF SCHEME: MONEY MARKET FUND


To generate income / capital appreciation by investing in money market instruments.


FUND MANAgER ¥

Anil Bamboli (since July 25, 2012)


Vikash Agarwal (since July 1, 2020)



November 18, 1999


Regular Plan - Growth Option 4,281.1552Regular Plan - Daily Dividend Reinvestment Option 1,063.6400Regular Plan - Weekly Dividend Option 1,062.5188Direct Plan - Growth Option 4,330.1984Direct Plan - Daily Dividend Reinvestment Option 1,063.6400Direct Plan - Weekly Dividend Option 1,062.5348



qUANTITATIVE DATA

Average Maturity * 232 daysMacaulay Duration * 232 daysModified Duration * 215 daysYield to Maturity * 4.53%* 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 (`)#


(`)##

Jun 28, 19 Last 1 Year 8.15 6.51 7.69 10,815 10,651 10,769Jun 30, 17 Last 3 Years 7.63 6.99 7.14 12,472 12,251 12,302Jun 30, 15 Last 5 Years 7.51 7.24 7.12 14,368 14,192 14,111Nov 18, 99 Since Inception 7.32 N.A. 6.57 42,959 N.A. 37,129

Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Anil Bamboli & Vikas Agarwal, please refer page 60. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 74.

Face Value per Unit: ` 1,000, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of June 30, 2020 unless otherwise specified.

n CP 49.00

n CD 51.12

n Cash, Cash equivalents and Net Current Assets -0.12



n Cash, Cash equivalents and Net Current Assets -0.12



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+ 6.95

• Bajaj Housing Finance Ltd. CRISIL - A1+ 5.78

• TATA Capital Housing Finance Ltd. CRISIL - A1+ 5.77

• Reliance Jio Infocomm Ltd. CRISIL - A1+ 4.63

• Cholamandalam Investment and Finance Company Ltd. CRISIL - A1+ 4.60


LIC Housing Finance Ltd. CRISIL - A1+ 4.03

Daimler Fin Ser (I) Pvt Ltd. CRISIL - A1+ 4.03



Bharti Hexacom Ltd. CRISIL - A1+ 2.30

Sub Total 49.00


CD


• Small Industries Development Bank CARE - A1+ / ICRA - A1+ 8.11

• Bank of Baroda CRISIL - A1+ 7.24

• Export - Import Bank of India CRISIL - A1+ 5.50

• Axis Bank Ltd. CRISIL - A1+ / ICRA - A1+ 4.92


The Federal Bank Ltd. CARE - A1+ / IND - A1+ 3.47

Au Small Finance Bank Ltd. CRISIL - A1+ 2.87

Union Bank of India CARE - A1+ 2.61


Oriental Bank of Commerce CRISIL - A1+ 0.88

Sub Total 51.12

Total 100.12

Cash, Cash equivalents and Net Current Assets -0.12

Grand Total 100.00


PORTFOLIO


Since Inception SIP



Mkt Value As on June 30, 2020 (` ‘000) $$ 5,838.55 3,372.99 1,811.45 727.59 406.20 125.28

Returns (%) $$ 7.62 7.91 7.99 7.65 8.01 8.30




June 2020 53


n G-Sec 9.94

n CP 8.78

n CD 15.80






Current Assets 6.10

CATEgORY OF SCHEME: FLOATER FUND

KEY FACTS

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

FUND MANAgER ¥

Shobhit Mehrotra (since October 23, 2007)


Vikash Agarwal (since July 1, 2020)


INCEPTION DATE (Date of Allotment)October 23, 2007

NAV (AS ON JUNE 30, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 36.1421Regular Plan - Daily Dividend Reinvestment Option 10.0809Regular Plan - Weekly Dividend Option 10.1403Regular Plan - Monthly Dividend Option 10.1490Direct Plan - Growth Option 36.4349Direct Plan - Daily Dividend Reinvestment Option 10.0809Direct Plan - Weekly Dividend Option 10.1403Direct Plan - Monthly Dividend Option 10.1491


qUANTITATIVE DATAAverage Maturity * 1.39 yearsMacaulay Duration * 1.16 yearsModified Duration * 1.08 yearsYield to Maturity * 6.21%* 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 (%) ##




(`)##

Jun 28, 19 Last 1 Year 9.11 5.81 7.69 10,911 10,581 10,769Jun 30, 17 Last 3 Years 7.88 6.81 7.14 12,559 12,186 12,302Jun 30, 15 Last 5 Years 8.10 7.03 7.12 14,770 14,051 14,111Oct 23, 07 Since Inception 8.27 7.40 6.60 27,418 24,756 22,513

Returns greater than 1 year period are compounded annualized (CAGR). Since Inception returns are calculated on ` 13.1821 (allotment price). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Shobhit Mehrotra & Vikas Agarwal, please refer page 60. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 73.


l 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 5.59• 6.79 GOI 2027 Sovereign 4.35Sub Total 9.94CREDIT EXPOSURE • REC Ltd. CRISIL - AAA / IND - AAA 7.13• Housing Development

Finance Corporation Ltd.£ CRISIL - AAA 6.12• Axis Bank Ltd. CRISIL - A1+ / CRISIL - AA+ 5.11• Canara Bank CARE - A+ / CRISIL - AA 5.11• Sikka Port and Terminal Ltd.

(erstwhile Reliance Ports and Terminals Ltd.) CARe - AAA / CRISIL - AAA 4.55

• Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 4.43• Nabha Power Ltd. (Corporate

Guarantee of L&T Ltd.) ICRA - AAA(Ce) 4.03LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 3.88Vedanta Ltd. CRISIL - AA 3.27Union Bank of India CARe - AA- 3.04L&T Infrastructure Finance Ltd. CRISIL - AAA 2.45State Bank of India CARE - AA+ / CRISIL -

AA+ / CRISIL - AAA 1.41PNB Housing Finance Ltd. IND - AA 1.23Manappuram Finance Ltd. CARe - AA 1.08NIIF Infrastructure Finance Ltd. CARe - AAA 1.08TATA Capital Housing Finance Ltd. CRISIL - AAA 1.04TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) ICRA - AA- 0.88First Business Receivables Trust (PTC banked by receivables from Reliance Corporate IT Park Ltd.) CRISIL - AAA(SO) 0.86National Bank for Agriculture & Rural Development CRISIL - AAA 0.67National Highways Authority of India CARe - AAA 0.56Reliance Industries Ltd. CRISIL - AAA 0.50

Issuer Rating % to NAVAurous Trust Jan 20 (PTC of pools from IIFL Finance Ltd.) CRISIL - A1+(SO) 0.38Gujarat Road and Infra Co Ltd. CARe - AAA 0.27Housing and Urban Development Corporation Ltd. IND - AAA 0.20Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 0.06Tata Sons Ltd. CRISIL - AAA 0.04Sub Total 59.38Total 69.32MONEY MARKET INSTRUMENTSCP Tata Motors Ltd. CRISIL - A1+ 3.91Tata Teleservices Ltd. CRISIL - A1+ 3.57Reliance Jio Infocomm Ltd. CRISIL - A1+ 1.30Sub Total 8.78CD • National Bank for Agriculture

& Rural Development CRISIL - A1+ / IND - A1+ 6.57The Federal Bank Ltd. CARE - A1+ 3.16Axis Bank Ltd. CRISIL - A1+ / ICRA - A1+ 2.11ICICI Bank Ltd. ICRA - A1+ 1.73Small Industries Development Bank of India ICRA - A1+ 1.04Indusind Bank Ltd. CRISIL - A1+ 0.67Bank of Baroda CRISIL - A1+ 0.26Oriental Bank of Commerce CRISIL - A1+ 0.26Sub Total 15.80Total 24.58Cash, Cash equivalents and Net Current Assets 6.10Grand Total 100.00• Top Ten Holdings, £ Co-sponsor


PORTFOLIO


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP



54 June 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 11.4651Regular Plan - Daily Dividend Reinvestment Option 10.1030Regular Plan - Weekly Dividend Option 10.0941Regular Plan - Monthly Dividend Option 10.1526Direct Plan - Growth Option 11.5283Direct Plan - Daily Dividend Reinvestment Option 10.0697Direct Plan - Weekly Dividend Option 10.0876Direct Plan - Monthly Dividend Option 10.0527



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



Sub Total 3.31

CREDIT EXPOSURE



• National Bank for Agriculture & Rural Development CRISIL - AAA 3.95

Reliance Industries Ltd. CRISIL - AAA / CRISIL - AAA(Ce) / ICRA - AAA 3.58


Aurous Trust Jan 20 (PTC of pools from IIFL Finance Ltd.) CRISIL - A1+(SO) 2.54


Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 1.77


Small Industries Development Bank of India CARe - AAA 1.64



Copeland Jan 2020 (PTC of pools from Muthoot Capital Services Ltd.) CRISIL - AAA(SO) 1.04

NTPC Ltd. ICRA - AAA 1.00


Mahindra & Mahindra Financial Services Ltd. IND - AAA 0.66




Sub Total 41.18

Total 44.49


CP

• Bharat Heavy Electricals Ltd. CARE - A1+ 5.43

• Tata Motors Ltd. CRISIL - A1+ 5.02

• Hindustan Zinc Ltd. CRISIL - A1+ 4.09

• CanFin Homes Ltd. CARE - A1+ 3.90

• Tata Teleservices Ltd. CRISIL - A1+ 3.71

Bharti Hexacom Ltd. CRISIL - A1+ 2.51

Reliance Jio Infocomm Ltd. CRISIL - A1+ 2.22

Bajaj Housing Finance Ltd. CRISIL - A1+ 1.27

Daimler Fin Ser (I) Pvt Ltd. CRISIL - A1+ 1.27

Reliance Industries Ltd. CRISIL - A1+ 1.27

Larsen and Toubro Ltd. CRISIL - A1+ 0.96

Sub Total 31.65

CD

• Axis Bank Ltd. CRISIL - A1+ / ICRA - A1+ 8.61



Au Small Finance Bank Ltd. CRISIL - A1+ / IND - A1+ 1.91

The Federal Bank Ltd. CARE - A1+ 1.91

Small Industries Development Bank CARE - A1+ 1.59


Sub Total 22.51

Total 54.16


Grand Total 100.00



PORTFOLIO


n G-Sec 3.31

n CP 31.65n CD 22.51n Credit exposure 41.18n Cash, Cash equivalents and Net

Current Assets 1.35



equivalent 95.34n Cash, Cash equivalents and Net

Current Assets 1.35


Returns (%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme

(`)Benchmark

(`)#Additional

Benchmark (`)##

Jun 28, 19 Last 1 Year 7.61 7.43 7.69 10,761 10,743 10,769Sep 25, 18 Since Inception 8.06 7.95 8.16 11,465 11,445 11,484

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 60. 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.


Since Inception SIP 1 Year SIP

Total Amount Invested (` ‘000) 220.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 236.52 124.94 Returns (%) 7.82 7.76 Benchmark Returns (%) # 7.60 7.30 Additional Benchmark Returns (%) ## 7.80 7.73


June 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 JUNE 30, 2020)^^ NAV PER UNIT (`)

Regular Plan - Growth Option 3,927.0732Regular Plan - Daily Dividend Reinvestment Option 1,019.8200Regular Plan - Weekly Dividend Option 1,031.1667Regular Plan - Monthly Dividend Option 1,026.4365Direct Plan - Growth Option 3,951.3213Direct Plan - Daily Dividend Reinvestment Option 1,019.8200Direct Plan - Weekly Dividend Option 1,031.1696Direct Plan - Monthly Dividend Option 1,026.4394



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 June 30, 2020 unless otherwise specified.

(An open ended liquid scheme)HDFC Liquid Fund


Company Rating % to NAV

DEBT & DEBT RElATED

T-BIllS

• 91 Days T-Bill ISD 210520 Mat 200820 Sovereign 14.82

• DCMB ( Discounted Cash Management Bills) 84 days Mat 200820 Sovereign 9.74

• 91 Days T-Bill Mat 100920 Sovereign 2.48

• 91Days Tbill Mat 160720 Sovereign 2.47

91 Days Tbill ISD 180620 Mat 170920 Sovereign 2.00

91 days T-Bill Mat 270820 Sovereign 1.06

91Days Tbill Mat 230720 Sovereign 1.00

182 Days Tbill Mat 020720 Sovereign 0.74






91 Days Tbill - Mat 070820 Sovereign 0.11



182 days T-Bill Mat 130820 Sovereign @

Sub Total 35.94

CREDIT EXPOSURE


Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 0.82





Volkswagen Finance Pvt. Ltd. IND - AAA 0.30

Reliance Industries Ltd. CRISIL - AAA(Ce) / ICRA - AAA 0.26


Housing and UrbanDevelopment Corporation Ltd. CARe - AAA 0.07


Tata Capital Financial Services Ltd. ICRA - AAA 0.03

Sub Total 4.70

Total 40.64


CP

• NTPC Ltd. CARE - A1+ / CRISIL - A1+ 7.41

• Reliance Industries Ltd. CRISIL - A1+ 5.88

• Reliance Jio Infocomm Ltd. CRISIL - A1+ 5.00

• National Bank for Agriculture & Rural Development ICRA - A1+ 3.00

Company Rating % to NAV

• Indian Oil Corporation Ltd. ICRA - A1+ 2.40

• export - Import Bank of India CRISIL - A1+ 2.24

Power Finance Corporation Ltd. CRISIL - A1+ 2.00

Bharat Petroleum Corporation Ltd. CRISIL - A1+ 1.90

Tata Motors Finance Ltd. CARE - A1+ 1.90

Tata Teleservices (Maharashtra) Ltd. CRISIL - A1+ 1.71


Oil & Natural Gas Corporation Ltd. CARE - A1+ 1.00

Chennai Petroleum Corp Ltd. CRISIL - A1+ 0.99

National Housing Bank CRISIL - A1+ 0.99

Bharati Telecom Ltd. CRISIL - A1+ 0.80

Vedanta Ltd. CRISIL - A1+ 0.80

Bharat Heavy electricals Ltd. CARE - A1+ 0.75

Bahadur Chand Investments Pvt. Ltd. CARE - A1+ 0.50


Titan Company Ltd. ICRA - A1+ 0.50

Power Grid Corporation of India Ltd. CRISIL - A1+ 0.42

Larsen and Toubro Ltd. CRISIL - A1+ 0.40

Rashtriya Chemicals and Fertilizers Ltd. CARE - A1+ 0.40


Godrej Industries Ltd. CRISIL - A1+ 0.33

CanFin Homes Ltd. CARE - A1+ 0.30

Sun Pharmaceutical Industries Ltd. ICRA - A1+ 0.30

UPL Ltd. CRISIL - A1+ 0.30

Small Industries Development Bank of India CARE - A1+ 0.25

Chambal Fertilizers & Chemicals Ltd. CRISIL - A1+ 0.20

Grasim Industries Ltd. CRISIL - A1+ 0.20

Tata Motors Finance Solutions Ltd. CARE - A1+ 0.20

TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) CARE - A1+ 0.20

Godrej Properties Ltd. CRISIL - A1+ 0.07

Sub Total 45.49

CD

Punjab & Sind Bank IND - A1+ 0.30

Small Industries Development Bank CARE - A1+ 0.30

Sub Total 0.60

Total 46.09


Grand Total 100.00


56 June 2020

n T-Bills 35.94n CP 45.49n CD 0.60n Credit exposure 4.70n Cash, Cash equivalents and




equivalent 50.79


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 (`)##

Jun 23, 20 Last 7 days 3.70 3.88 5.45 10,007 10,007 10,010Jun 15, 20 Last 15 days 3.78 4.28 4.14 10,016 10,018 10,017May 31, 20 Last 1 Month 3.58 4.36 2.60 10,029 10,036 10,021Jun 30, 19 Last 1 Year 5.43 5.81 7.70 10,543 10,581 10,770Jun 30, 17 Last 3 Years 6.50 6.81 7.14 12,081 12,186 12,302Jun 30, 15 Last 5 Years 6.87 7.03 7.12 13,947 14,051 14,111Oct 17, 00 Since Inception 7.18 N.A. 6.48 39,271 N.A. 34,501

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 60. 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.

June 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 JUNE 30, 2020)^^ NAV PER UNIT (`)

Regular Plan - Growth Option 2,975.0415Regular Plan - Daily Dividend Reinvestment Option 1,042.6600Direct Plan - Growth Option 2,990.1609Direct Plan - Daily Dividend Reinvestment Option 1,042.6600



qUANTITATIVE DATA

Average Maturity * 1 dayMacaulay Duration * 1 dayModified Duration * 1 dayYield to Maturity * 3.14%* 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.

Face Value per Unit: ` 1,000, Data is as of June 30, 2020 unless otherwise specified. N.A. Not Available



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jun 23, 20 Last 7 days 2.47 2.57 5.45 10,005 10,005 10,010Jun 15, 20 Last 15 days 2.63 2.78 4.14 10,011 10,011 10,017May 31, 20 Last 1 Month 2.76 2.93 2.60 10,023 10,024 10,021Jun 30, 19 Last 1 Year 4.31 4.48 7.70 10,431 10,448 10,770Jun 30, 17 Last 3 Years 5.46 5.58 7.14 11,731 11,770 12,302Jun 30, 15 Last 5 Years 5.84 5.96 7.12 13,285 13,364 14,111Feb 06, 02 Since Inception 6.10 N.A. 6.16 29,750 N.A. 30,075

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






l 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 June 2020

KEY FACTS


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


Exchange Listed

BSe/NSe

Exchange Symbol/Scrip Code

BSE/NSE: HDFCMFGETF | 533230

ISIN

INF179K01CN1

Creation Unit Size

1,000 units of HDFC Gold ETF

FUND MANAgER




August 13, 2010


HDFC Gold ETF 4,357.7623



TRACKINg ERROR



HDFC GOLD ETF 0.64%

#BENCHMARK INDEX: Domestic Price of Physical Gold

EXIT lOAD

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


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


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


PLANS & OPTIONS

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


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

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

Other investors (including Authorised Participants and large Investors): Units of HGETF can be subscribed (in lots of 1 Unit) during the trading hours on all trading days on the NSe and BSe on which the Units are listed.


Face Value per Unit: ` 1,800.3288, Data is as of June 30, 2020 unless otherwise specified. N.A. Not Available


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

l investment predominantly in Gold bullion of 0.995 fineness

Riskometer




gOlD

Physical Gold (99.5% Purity) 98.60


Grand Total 100.00

PORTFOLIO

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


PERFORMANCE * ^

Date Period Scheme Returns (%)

Benchmark Returns (%)#



Jun 28, 19 Last 1 Year 38.46 40.28 13,846 14,028Jun 30, 17 Last 3 Years 17.94 19.32 16,412 16,998Jun 30, 15 Last 5 Years 11.48 12.75 17,232 18,237Aug 13, 10 Since Inception 9.35 10.26 24,205 26,268

Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). * The Scheme does not offer any Plans/Options. For performance of other schemes managed by Krishan Kumar Daga, please refer page 60.

HDFC Gold ETF

n Gold 98.60


Portfolio Classification by Asset Class (%) HDFC Gold ETF

n Gold 98.60



June 2020 59


Since Inception SIP

5 Year SIP

3 Year SIP

1 Year SIP

Total Amount Invested (` ‘000) 1,040.00 600.00 360.00 120.00 Mkt Value As on June 30, 2020 (` ‘000) 1,589.61 910.91 519.05 146.12 Returns (%) 9.54 16.73 25.31 42.90 Benchmark Returns (%) # 10.98 17.94 26.41 42.16 Additional Benchmark Returns (%) ## N.A. N.A. N.A. N.A.


CATEgORY OF SCHEME: FUND OF FUND (DOMESTIC)

KEY FACTS


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


FUND MANAgER




November 01, 2011





TOTAL ExPENSE RATIO (As on June 30, 2020)No Investment Management and Advisory Fees will be charged to the Scheme


#BENCHMARK INDEX: Domestic Price of Physical Gold

EXIT lOAD

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

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

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

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


PLANS & OPTIONS



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

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

Face Value per Unit: ` 10, Data is as of June 30, 2020 unless otherwise specified. N.A. Not Available


l capital appreciation over long term

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

Riskometer



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



OTHERS

MUTUAl FUND UNITS

HDFC Gold Exchange Traded Fund 99.93


Grand Total 100.00

PORTFOLIO



Benchmark Returns (%)#



Jun 28, 19 Last 1 Year 41.83 40.28 14,183 14,028Jun 30, 17 Last 3 Years 18.05 19.32 16,457 16,998Jun 30, 15 Last 5 Years 11.40 12.75 17,163 18,237Nov 01, 11 Since Inception 5.25 6.95 15,586 17,900

Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. The investors will bear dual expenses i.e. the expenses charged, under the Scheme and underlying scheme (HDFC Gold Exchange Traded Fund) within the permissible limits. For performance of other schemes managed by Krishan Kumar Daga, please refer page 60. 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.

HDFC Gold Fund

n Mutual Fund Units 99.93


Portfolio Classification by Asset Class (%) HDFC Gold Fund



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

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

3 Mr. Chirag Setalvad HDFC Mid-Cap Opportunities Fund 10HDFC Small Cap Fund 11HDFC Long Term Advantage Fund 61HDFC Hybrid Equity Fund 17-18HDFC Children’s Gift Fund 26-27HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 28HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 29-30HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed scheme) 31

4 Mr. Amit Ganatra HDFC Capital Builder Value Fund 08HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 65HDFC Multi-Asset Fund (Co-managed scheme) 19-20Closed ended schemes 65

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

6 Mr. Shobhit Mehrotra HDFC Income Fund 46HDFC Medium Term Debt Fund 47HDFC Floating Rate Debt Fund (Co-managed scheme) 53HDFC Credit Risk Debt Fund 40-41HDFC Hybrid Debt Fund (Co-managed scheme) 34-35HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 28HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 29-30HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed scheme) 31Close ended schemes 61-62

7 Mr. Anil Bamboli HDFC Dynamic Debt Fund 45HDFC Short Term Debt Fund 48-49HDFC Gilt Fund 44HDFC Money Market Fund (Co-managed scheme) 52HDFC Ultra Short Term Fund 54HDFC Overnight Fund 57HDFC Banking and PSU Debt Fund 42-43HDFC Equity Savings Fund (Co-managed scheme) 32-33HDFC Multi-Asset Fund (Co-managed scheme) 19-20HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 65Close ended schemes 62-64

8 Mr. Anupam Joshi HDFC Liquid Fund 55-56HDFC Corporate Bond Fund 38-39HDFC Low Duration Fund 50-51Close ended schemes 64-65

9 Mr. Rakesh Vyas HDFC Infrastructure Fund 14Close ended scheme 65

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

For performance details of Direct Plan, refer page 66-74

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

Exit Load : (i) no exit load shall be levied for switching between Options under the same Plan within a Scheme. (ii) Switch of investments to Direct Plan within the same Scheme shall be subject to applicable exit load, unless the investments were made without any distributor code. However, any subsequent switch-out or redemption of such investments from the Direct Plan will not be subject to any exit load. (iii) no exit load shall be levied for switch-out from Direct Plan to other Plan within the same Scheme. However, any subsequent switch-out or redemption of such investment from the other Plan shall be subject to exit load based on the original date of investment in the Direct Plan. (iv) Switch of investments between Plans under a Scheme having separate portfolios, will be subject to applicable exit load. (v) no exit load will be levied on Bonus Units and Units allotted on Dividend Re-investment. (vi) In case of Systematic Transactions such as SIP, GSIP, Flex SIP, STP, Flex STP, Swing STP, Flexindex; Exit Load, if any, prevailing on the date of registration / enrolment shall be levied.

Tax Benefits / Consequences : The Dividend Distribution Tax on distribution of income by equity oriented fund to all the investors shall be payable at the rate of 11.648%* and on distribution of income by other than equity oriented fund to an individual / HUF shall be payable at the rate of 29.12%* and at the rate of 34.944%* on distribution of income to any other investor. Such income distributed by the Scheme(s) is free from Income–tax in the hands of Investors. Units of the Scheme(s) are not subject to Wealth-tax and Gift-tax. Unit holders are required to pay Securities Transaction Tax (STT) at the rate of 0.001% at the time of redemption / switch-out of units of an equity-oriented fund. * including applicable surcharge, health and education cess.

Investors should be aware that the fiscal rules / tax laws may change and there can be no guarantee that the current tax position may continue indefinitely. In view of individual nature of tax consequences, each investor is advised to consult his / her own professional tax advisor.

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

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

June 2020 61

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 June 30, 2020 ` 308.697


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year -16.01 -10.40 -11.51 8,399 8,960 8,849Jun 30, 17 Last 3 Years 0.24 5.31 3.95 10,073 11,681 11,233Jun 30, 15 Last 5 Years 5.47 5.98 5.55 13,057 13,372 13,104Jan 02, 01 Since Inception 19.23 13.50 12.90 308,697 118,150 106,591

# 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 June 30, 2020 ` 16.2544


(%)

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 (`)#


(`)##

Jun 28, 19 Last 1 Year 8.50 13.08 7.69 10,850 11,308 10,769Jun 30, 17 Last 3 Years 7.27 8.56 7.14 12,347 12,796 12,302Mar 23, 17 Since Inception 7.53 8.94 6.96 12,683 13,236 12,465

# 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.

HDFC FMP 1166D MAy 2017 (1) NAV as on June 30, 2020 ` 12.6984


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 8.54 13.08 7.69 10,854 11,308 10,769Jun 30, 17 Last 3 Years 7.69 8.56 7.14 12,490 12,796 12,302May 09, 17 Since Inception 7.89 9.02 7.11 12,698 13,121 12,411


HDFC FMP 1136D JUNE 2017 (1) NAV as on June 30, 2020 ` 12.5938


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 9.13 13.08 7.69 10,913 11,308 10,769Jun 30, 17 Last 3 Years 7.81 8.56 7.14 12,533 12,796 12,302Jun 08, 17 Since Inception 7.82 8.46 7.12 12,594 12,825 12,344


HDFC FMP 1430D JULy 2017 (1) NAV as on June 30, 2020 ` 12.4290


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 9.78 13.08 7.69 10,978 11,308 10,769Aug 01, 17 Since Inception 7.74 8.43 7.15 12,429 12,660 12,230




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 10.28 13.08 7.69 11,028 11,308 10,769Jun 14, 18 Since Inception 9.66 12.40 7.82 12,078 12,702 11,666




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 10.44 13.08 7.69 11,044 11,308 10,769Jul 04, 18 Since Inception 9.82 12.26 7.86 12,051 12,591 11,626




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1133D FEBRUARy 2019 (1) NAV as on June 30, 2020 ` 11.5181


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 11.56 13.08 7.69 11,156 11,308 10,769Mar 06, 19 Since Inception 11.30 14.02 7.56 11,518 11,892 11,010




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



62 June 2020


SHOBHIT MEHROTRA....CONTINUED





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1100D APRIL 2019 (1) NAV as on June 30, 2020 ` 11.3624


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 11.43 13.08 7.69 11,143 11,308 10,769May 08, 19 Since Inception 11.77 14.54 7.77 11,362 11,686 10,897


ANIL BAMBOLI

HDFC FMP 1846D AUGUST 2013 (1) NAV as on June 30, 2020 ` 17.6488


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 9.93 13.08 7.69 10,993 11,308 10,769Jun 30, 17 Last 3 Years 7.37 8.56 7.14 12,379 12,796 12,302Jun 30, 15 Last 5 Years 7.66 9.45 7.12 14,468 15,717 14,111Aug 14, 13 Since Inception 8.60 9.99 7.55 17,649 19,261 16,504

# CRISIL Composite Bond Fund Index ## CRISIL 1 year T-Bill Index. The scheme is managed by Mr. Anil Bamboli since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jun 28, 19 Last 1 Year 10.07 13.08 7.69 11,007 11,308 10,769Apr 27, 18 Since Inception 9.28 11.52 7.54 12,133 12,680 11,715

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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1280D OCTOBER 2018 (1) NAV as on June 30, 2020 ` 12.0478


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 11.40 13.08 7.69 11,140 11,308 10,769Oct 11, 18 Since Inception 11.44 13.71 8.05 12,048 12,475 11,425




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



June 2020 63


ANIL BAMBOLI....CONTINUED





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 11.40 13.08 7.69 11,140 11,308 10,769nov 01, 18 Since Inception 11.50 13.56 7.99 11,985 12,355 11,364


HDFC FMP 1246D NOVEMBER 2018 (1) NAV as on June 30, 2020 ` 11.9245


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1224D DECEMBER 2018 (1) NAV as on June 30, 2020 ` 11.8064


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 11.65 13.08 7.69 11,165 11,308 10,769Dec 06, 18 Since Inception 11.18 12.63 7.79 11,806 12,049 11,248




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 11.44 13.08 7.69 11,144 11,308 10,769Jan 03, 19 Since Inception 11.04 12.86 7.75 11,690 11,976 11,177


HDFC FMP 1190D JANUARy 2019 (1) NAV as on June 30, 2020 ` 11.6538


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



64 June 2020







(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 11.42 13.08 7.69 11,142 11,308 10,769Feb 13, 19 Since Inception 10.89 13.40 7.52 11,531 11,892 11,051




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



ANUPAM JOSHI



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 9.94 13.08 7.69 10,994 11,308 10,769Apr 17, 18 Since Inception 8.61 10.73 7.48 11,997 12,521 11,726




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



June 2020 65

ANUPAM JOSHI....CONTINUED



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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1115D SEPTEMBER 2018 (1) NAV as on June 30, 2020 ` 11.9762


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



AMIT GANATRA

HDFC EOF - II - 1126D MAy 2017 (1) NAV as on June 30, 2020 ` 8.3880


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year -22.16 -11.51 -10.40 7,784 8,849 8,960Jun 30, 17 Last 3 Years -4.37 3.95 5.31 8,746 11,233 11,681Jun 15, 17 Since Inception -5.61 3.74 5.12 8,388 11,181 11,642

# nIFTY 50 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index). The Scheme is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Amit B. Ganatra from May 21, 2020. The scheme was managed by Miten Lathia from May 10, 2012 to May 20, 2020.

HDFC EOF - II - 1100D JUNE 2017 (1) NAV as on June 30, 2020 ` 8.2830


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year -20.34 -11.51 -10.40 7,966 8,849 8,960Jul 17, 17 Since Inception -6.17 2.53 4.02 8,283 10,765 11,235


RAKESH VyAS

HDFC HOF - I - 1140D NOVEMBER 2017 (1) NAV as on June 30, 2020 ` 7.2510


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year -26.10 -18.26 -11.51 7,390 8,174 8,849Dec 06, 17 Since Inception -11.77 -3.31 2.26 7,251 9,172 10,590

# India Housing & Allied Businesses Index ## nIFTY 50 (Total Returns Index) The Scheme is in existence for more than 1 year but less than 3 years.

CO-MANAGED By ANIL BAMBOLI & AMIT GANATRA

HDFC DyNAMIC PE RATIO FUND OF FUNDS NAV as on June 30, 2020 ` 18.1021


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year -4.84 -2.04 -11.51 9,516 9,796 8,849Jun 30, 17 Last 3 Years 2.00 6.23 3.95 10,614 11,991 11,233Jun 30, 15 Last 5 Years 5.79 7.30 5.55 13,254 14,227 13,104Feb 06, 12 Since Inception 7.32 9.68 9.44 18,102 21,740 21,340

# 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.

66 June 2020

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

PRASHANT JAIN

HDFC EQUITy FUND NAV as on June 30, 2020 ` 565.376


(%)

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 June 30, 2020 ` 423.463


(%)

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 June 30, 2020 ` 178.498


(%)

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 June 30, 2020 ` 67.314


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##



HDFC GROWTH OPPORTUNITIES FUND NAV as on June 30, 2020 ` 98.227


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##


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

HDFC TAXSAVER NAV as on June 30, 2020 ` 444.961


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



CHIRAG SETALVAD

HDFC MID-CAP OPPORTUNITIES FUND NAV as on June 30, 2020 ` 50.749


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year -11.54 -15.59 -11.51 8,846 8,441 8,849Jun 30, 17 Last 3 Years -1.81 -5.07 3.95 9,467 8,552 11,233Jun 30, 15 Last 5 Years 6.14 3.64 5.55 13,478 11,957 13,104Jan 01, 13 Since Inception 14.16 8.66 8.93 26,996 18,642 18,988

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

HDFC SMALL CAP FUND NAV as on June 30, 2020 ` 34.643


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year -23.60 -24.34 -11.51 7,640 7,566 8,849Jun 30, 17 Last 3 Years -3.27 -13.26 3.95 9,050 6,523 11,233Jun 30, 15 Last 5 Years 5.99 -1.80 5.55 13,378 9,133 13,104Jan 01, 13 Since Inception 10.94 3.90 8.93 21,776 13,323 18,988

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

HDFC HyBRID EQUITy FUND NAV as on June 30, 2020 ` 51.176


(%)

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 June 30, 2020 ` 121.620


(%)

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 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 June 30, 2020 ` 322.210


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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


June 2020 67


SHOBHIT MEHROTRA

HDFC INCOME FUND NAV as on June 30, 2020 ` 47.7193


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 10.26 13.51 11.12 11,026 11,351 11,112Jun 30, 17 Last 3 Years 6.04 8.31 6.87 11,925 12,710 12,208Jun 30, 15 Last 5 Years 8.10 9.04 8.44 14,771 15,421 15,004Jan 01, 13 Since Inception 8.18 8.76 7.66 18,026 18,773 17,399

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

HDFC MEDIUM TERM DEBT FUND NAV as on June 30, 2020 ` 42.8150


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC CREDIT RISK DEBT FUND NAV as on June 30, 2020 ` 17.7461


(%)

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

(%)#


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 (`)#


(`)##

Jun 28, 19 Last 1 Year 9.32 13.08 7.69 10,932 11,308 10,769Jun 30, 17 Last 3 Years 8.08 8.56 7.14 12,628 12,796 12,302Mar 23, 17 Since Inception 8.33 8.94 6.96 12,994 13,236 12,465




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 8.65 13.08 7.69 10,865 11,308 10,769Jun 30, 17 Last 3 Years 7.79 8.56 7.14 12,527 12,796 12,302May 09, 17 Since Inception 8.00 9.02 7.11 12,738 13,121 12,411




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 9.23 13.08 7.69 10,923 11,308 10,769Jun 30, 17 Last 3 Years 7.92 8.56 7.14 12,571 12,796 12,302Jun 08, 17 Since Inception 7.93 8.46 7.12 12,632 12,825 12,344




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

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Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





68 June 2020




(%)

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(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

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(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

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Scheme (`)

Benchmark (`)#


(`)##





(%)

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Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



KRISHAN KUMAR DAGA

HDFC ARBITRAGE FUND - WHOLESALE PLAN NAV as on June 30, 2020 ` 15.040


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 5.70 4.30 -11.51 10,570 10,430 8,849Jun 30, 17 Last 3 Years 6.09 4.93 3.95 11,941 11,556 11,233Jun 30, 15 Last 5 Years 6.40 5.30 5.55 13,643 12,947 13,104Apr 07, 14 Since Inception 6.76 6.01 8.51 15,040 14,393 16,644

# 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 June 30, 2020 ` 314.7557


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC INDEX FUND - NIFTy 50 PLAN NAV as on June 30, 2020 ` 95.1720


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC GOLD FUND NAV as on June 30, 2020 ` 16.0356


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Jun 28, 19 Last 1 Year 42.36 40.28 14,236 14,028Jun 30, 17 Last 3 Years 18.54 19.32 16,663 16,998Jun 30, 15 Last 5 Years 11.88 12.75 17,541 18,237Jan 01, 13 Since Inception 5.08 6.39 14,501 15,907

# 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 June 30, 2020 ` 24.1023


(%)

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 June 30, 2020 ` 45.3554


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jun 28, 19 Last 1 Year 8.84 8.03 7.69 10,884 10,803 10,769Jun 30, 17 Last 3 Years 7.87 7.58 7.14 12,556 12,453 12,302Jun 30, 15 Last 5 Years 8.19 7.74 7.12 14,828 14,522 14,111Jan 01, 13 Since Inception 8.47 8.19 7.23 18,397 18,039 16,874

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

HDFC LIQUID FUND NAV as on June 30, 2020 ` 3951.3213


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jun 23, 20 Last 7 days 3.80 3.88 5.45 10,007 10,007 10,010Jun 15, 20 Last 15 days 3.88 4.28 4.14 10,016 10,018 10,017May 31, 20 Last 1 Month 3.68 4.36 2.60 10,030 10,036 10,021Jun 30, 19 Last 1 Year 5.53 5.81 7.70 10,553 10,581 10,770Jun 30, 17 Last 3 Years 6.60 6.81 7.14 12,117 12,186 12,302Jun 30, 15 Last 5 Years 6.97 7.03 7.12 14,013 14,051 14,111Dec 31, 12 Since Inception 7.70 7.69 7.23 17,444 17,437 16,882

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



SHOBHIT MEHROTRA....CONTINUED

June 2020 69




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jun 28, 19 Last 1 Year 9.87 13.08 7.69 10,987 11,308 10,769Feb 27, 18 Since Inception 8.92 11.00 7.53 12,213 12,765 11,853




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jun 28, 19 Last 1 Year 9.81 13.08 7.69 10,981 11,308 10,769Mar 07, 18 Since Inception 8.84 11.04 7.55 12,168 12,747 11,837




(%)

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(`)##






KRISHAN KUMAR DAGA

70 June 2020




(%)

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(%)#


Returns (%) ##


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(`)##





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(`)##



ANIL BAMBOLI

HDFC DyNAMIC DEBT FUND NAV as on June 30, 2020 ` 69.3081


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC SHORT TERM DEBT FUND NAV as on June 30, 2020 ` 23.7387


(%)

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 June 30, 2020 ` 11.5283


(%)

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 June 30, 2020 ` 43.7776


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC BANKING AND PSU DEBT FUND NAV as on June 30, 2020 ` 17.4081


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC OVERNIGHT FUND NAV as on June 30, 2020 ` 2990.1609


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 23, 20 Last 7 days 2.57 2.57 5.45 10,005 10,005 10,010Jun 15, 20 Last 15 days 2.73 2.78 4.14 10,011 10,011 10,017May 31, 20 Last 1 Month 2.86 2.93 2.60 10,023 10,024 10,021Jun 30, 19 Last 1 Year 4.42 4.48 7.70 10,442 10,448 10,770Jun 30, 17 Last 3 Years 5.54 5.58 7.14 11,759 11,770 12,302Jun 30, 15 Last 5 Years 5.92 5.96 7.12 13,336 13,364 14,111Dec 31, 12 Since Inception 6.65 6.73 7.23 16,212 16,301 16,882

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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 10.26 13.08 7.69 11,026 11,308 10,769Jun 30, 17 Last 3 Years 7.70 8.56 7.14 12,494 12,796 12,302Jun 30, 15 Last 5 Years 7.99 9.45 7.12 14,690 15,717 14,111Aug 14, 13 Since Inception 8.93 9.99 7.55 18,020 19,261 16,504

# 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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(%)#


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(%)#


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(`)##






June 2020 71




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72 June 2020




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(%)#


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Scheme (`)

Benchmark (`)#


(`)##



AMIT GANATRA

HDFC CAPITAL BUILDER VALUE FUND NAV as on June 30, 2020 ` 253.182


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC EOF - II - 1126D MAy 2017 (1) NAV as on June 30, 2020 ` 8.6660


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jun 28, 19 Last 1 Year -21.74 -11.51 -10.40 7,826 8,849 8,960Jun 30, 17 Last 3 Years -3.36 3.95 5.31 9,023 11,233 11,681Jun 15, 17 Since Inception -4.59 3.74 5.12 8,666 11,181 11,642

# nIFTY 50 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index). The Scheme is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Amit B. Ganatra from May 21, 2020. The scheme was managed by Miten Lathia from May 10, 2012 to May 20, 2020

HDFC EOF - II - 1100D JUNE 2017 (1) NAV as on June 30, 2020 ` 8.5670


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jun 28, 19 Last 1 Year -20.10 -11.51 -10.40 7,990 8,849 8,960Jul 17, 17 Since Inception -5.10 2.53 4.02 8,567 10,765 11,235


RAKESH VyAS

HDFC INFRASTRUCTURE FUND NAV as on June 30, 2020 ` 11.194


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jun 28, 19 Last 1 Year -38.77 -11.13 -11.51 6,123 8,887 8,849Jun 30, 17 Last 3 Years -17.37 1.76 3.95 5,640 10,536 11,233Jun 30, 15 Last 5 Years -7.09 5.45 5.55 6,921 13,041 13,104Jan 01, 13 Since Inception 0.05 9.17 8.93 10,038 19,307 18,988


HDFC HOF - I - 1140D NOVEMBER 2017 (1) NAV as on June 30, 2020 ` 7.4720


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jun 28, 19 Last 1 Year -25.70 -18.26 -11.51 7,430 8,174 8,849Dec 06, 17 Since Inception -10.73 -3.31 2.26 7,472 9,172 10,590

# 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.




June 2020 73


CO-MANAGED By CHIRAG SETALVAD & SHOBHIT MEHROTRA

HDFC RETIREMENT SAVINGS FUND - EQUITy PLAN

NAV as on June 30, 2020 ` 16.298


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jun 28, 19 Last 1 Year -9.82 -11.13 -11.51 9,018 8,887 8,849Jun 30, 17 Last 3 Years 2.16 1.76 3.95 10,662 10,536 11,233Feb 25, 16 Since Inception 11.89 10.40 10.85 16,298 15,377 15,650

# 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 June 30, 2020 ` 16.809


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jun 28, 19 Last 1 Year -6.21 -2.04 -11.51 9,379 9,796 8,849Jun 30, 17 Last 3 Years 4.25 6.23 3.95 11,331 11,991 11,233Feb 25, 16 Since Inception 12.69 10.98 10.85 16,809 15,732 15,650

# 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 June 30, 2020 ` 14.7101


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jun 28, 19 Last 1 Year 4.82 9.80 11.12 10,482 10,980 11,112Jun 30, 17 Last 3 Years 5.97 8.17 6.87 11,903 12,661 12,208Feb 26, 16 Since Inception 9.29 10.02 8.58 14,710 15,141 14,301

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

CO-MANAGED By AMIT GANATRA, ANIL BAMBOLI & KRISHAN KUMAR DAGA

HDFC MULTI - ASSET FUND NAV as on June 30, 2020 ` 33.6980


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jun 28, 19 Last 1 Year 0.21 1.85 -11.51 10,021 10,185 8,849Jun 30, 17 Last 3 Years 3.56 7.64 3.95 11,107 12,475 11,233Jun 30, 15 Last 5 Years 5.99 7.99 5.55 13,378 14,691 13,104Jan 01, 13 Since Inception 7.83 9.21 8.93 17,598 19,358 18,988

# 90% NIFTY 50 Hybrid Composite Debt 65:35 Index + 10% Domestic Price of Gold ## nIFTY 50 (Total Returns Index). The Scheme formerly, a debt oriented hybrid fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a multi asset fund investing in equities, debt and gold related instruments. Accordingly, the Scheme’s benchmark and additional benchmarks have also changed. Hence, the past performance of the Scheme since inception till May 22, 2018 may not strictly be comparable with those of the new benchmark and the additional benchmark. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments and gold related instruments. The Equity assets of the Scheme was managed by Chirag Setalvad from April 2, 2007 to June 11, 2020.

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

HDFC EQUITy SAVINGS FUND NAV as on June 30, 2020 ` 38.0740


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jun 28, 19 Last 1 Year -4.19 2.10 -11.51 9,581 10,210 8,849Jun 30, 17 Last 3 Years 3.39 6.04 3.95 11,054 11,926 11,233Jun 30, 15 Last 5 Years 7.56 6.67 5.55 14,399 13,816 13,104Jan 01, 13 Since Inception 8.22 8.17 8.93 18,086 18,022 18,988

# 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 June 30, 2020 ` 48.0605


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year -0.21 9.80 11.12 9,979 10,980 11,112Jun 30, 17 Last 3 Years 3.05 8.17 6.87 10,943 12,661 12,208Jun 30, 15 Last 5 Years 6.60 8.83 8.44 13,768 15,272 15,004Jan 01, 13 Since Inception 8.28 9.12 7.66 18,153 19,244 17,399

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

CO-MANAGED By ANIL BAMBOLI & AMIT GANATRA

HDFC DyNAMIC PE RATIO FUND OF FUNDS NAV as on June 30, 2020 ` 19.240


(%)

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.

CO-MANAGED By SHOBHIT MEHROTRA & VIKASH AGARWAL

HDFC FLOATING RATE DEBT FUND NAV as on June 30, 2020 ` 36.4349


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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



74 June 2020

CO-MANAGED By CHIRAG SETALVAD & SHOBHIT MEHROTRA

Managing Portfolio Since

Returns (%) (As on June 30, 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 -20.68 0.97 n.A.

Benchmark- MSCI India (Total Returns) -9.02 3.70 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)


CO-MANAGED By ANIL BAMBOLI & VIKASH AGARWAL

HDFC MONEy MARKET FUND NAV as on June 30, 2020 ` 4330.1984


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jun 28, 19 Last 1 Year 8.37 6.51 7.69 10,837 10,651 10,769Jun 30, 17 Last 3 Years 7.85 6.99 7.14 12,547 12,251 12,302Jun 30, 15 Last 5 Years 7.72 7.24 7.12 14,512 14,192 14,111Dec 31, 12 Since Inception 8.19 7.88 7.23 18,049 17,661 16,882

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



June 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 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 (`)




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 0.045Jun 18, 20 10.328 0.036 0.036 10.723 0.040 0.040

Monthly Dividend Option (Past 3 months)

Record Date Wholesale Plan Wholesale Plan - Direct Plan

Cum Div NAV (`)




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 0.045Jun 18, 20 10.796 0.036 0.036 10.475 0.040 0.040

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 (`)




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 0.230Jun 25, 20 21.281 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

76 June 2020

DIVIDEND HISTORy ^

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

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


Cum Div NAV (`)




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

HDFC Income Fund (Past 3 quarters) Quarterly Dividend Option


Cum Div NAV (`)




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

HDFC Dynamic Debt FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Dec 26, 19 11.7795 0.1500 0.1389 12.4639 0.1500 0.1389Mar 18, 20 11.6268 0.1500 0.1389 12.3423 0.1500 0.1389 Jun 25, 20 11.8846 0.2000 0.2000 12.6560 0.2000 0.2000

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


Cum Div NAV (`)




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

yearly (Dividend Option) (Past 3 years)


Cum Div NAV (`)




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

HDFC Corporate Bond FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Dec 26, 19 10.5041 0.1324 0.1226 10.4495 0.1304 0.1207Mar 18, 20 10.3846 0.1145 0.1060 10.3360 0.0348 0.0322 Jun 25, 20 10.8564 0.3810 0.3810 10.9295 0.3650 0.3650

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


Cum Div NAV (`)




Dec 26, 19 11.5364 0.0500 0.0463 11.9447 0.0500 0.0463Mar 18, 20 11.7454 0.1500 0.1389 12.1762 0.1500 0.1389 Jun 25, 20 12.0405 0.2500 0.2500 12.5041 0.2500 0.2500

HDFC Liquid FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




Apr 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 4.1188Jun 29, 20 1029.4480 3.1480 3.1480 1029.5440 3.2440 3.2440

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


Cum Div NAV (`)




Apr 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 0.1493Jun 29, 20 10.2550 0.1109 0.1109 10.2566 0.1125 0.1125

HDFC Low Duration FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




Apr 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 0.1553Jun 29, 20 10.2428 0.1028 0.1028 10.2510 0.1085 0.1085

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


Cum Div NAV (`)




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

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


Cum Div NAV (`)




Apr 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 0.1132Jun 29, 20 10.2206 0.0706 0.0706 10.1227 0.0727 0.0727

Disclaimer: The views expressed herein are based on internal data, publicly available information and other sources believed to be reliable, but involve uncertainties that could cause actual events to differ materially from those expressed or implied in such statements. The document is given for general and information purpose and is neither an investment advice nor an offer to sell nor a solicitation. While due care has been exercised while preparing this document, HDFC Asset Management Company Limited (“HDFC AMC”) does not warrant the completeness or accuracy of the information. neither HDFC AMC, nor any person connected with it, accepts any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice.

HDFC SEnSEx ETF, HDFC Index Fund - SEnSEx Plan (“Schemes”) is based on the S&P BSE SEnSEx Index. S&P® is a registered trademark of S&P Financial Services Limited (S&P). BSE® and SEnSEx® are registered trademarks of BSE Limited. The Schemes is not sponsored, endorsed marketed or promoted by S&P, BSE or their respective affiliates. Please refer to the Scheme Information Document for disclaimers w.r.t. S&P BSE SENSEX Index.

For HDFC nIFTY 50 ETF & HDFC Index Fund - nIFTY 50 Plan: The Scheme of HDFC Mutual Fund (the “Product(s)”) are not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (“IISL”). IISL does not make any representation or warranty, express or implied, to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly or the ability of the nIFTY Indices to track general stock market performance in India. The relationship of IISL with HDFC Asset Management Company Limited (“the Issuer/Licensee”) is only in respect of the licensing of the Indices and certain trademarks and trade names associated with such Indices which is determined, composed and calculated by IISL without regard to the Issuer /Licensee or the Product(s). IISL does not have any obligation to take the needs of the Issuer/Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the nIFTY Indices. IISL is not responsible for or has participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. IISL has no obligation or liability in connection with the administration, marketing or trading of the Product(s).

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

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

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MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLy.

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

It Is Mandatory To Complete The KyC Requirements For All Unit Holders, Including For All Joint Holders And The Guardian In Case Of Folio Of A Minor Investor. Accordingly, Financial Transactions (Including Redemptions, Switches And All Types Of Systematic Plans) Will Not Be Processed If The Unit Holders Have Not Completed Kyc Requirements

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

Income over short term Income/capital appreciation through

investment in debt securities and money market instruments

HDFC Ultra Short Term Fund (An open ended ultra-short term debt scheme investing in instruments such that the Macaulay Duration ofthe portfolio is between 3 months and 6 months) is suitable for investors who are seeking*:

The above should not be construed as an investment advice or a recommendation by HDFC Mutual Fund.HDFC Mutual Fund/AMC is not guaranteeing any returns on investments made in the Scheme.

The Fund aims to maintain a high degree of liquidity while keeping interestrate risk low by investing in instruments with optimum mix of maturity andcredit quality. Thus, the Fund is suitable for parking short term surplus.

Give an edge to yourshort term surplus!Presenting HDFC Ultra Short Term Fund

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