april 2019 mf...2 april 2019 fund manager an employee of the asset management company such as a...

April 2019

Stocks mentioned in the image are illustrative large cap companies from the Large Cap universe specified by SEBI and compiled by AMFI as on December 31st, 2018. The same are not recommended by HDFC Mutual Fund/HDFC Asset Management Company Ltd. HDFC Top 100 Fund (“the scheme”) may or may not have any present or future position in these stocks. For the complete scheme portfolio, please visit www.hdfcfund.com

2 April 2019

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.

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.

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.

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.

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

April 2019 3

Equity Market Update

In April 2019, Indian equity markets performance was mixed with S&P BSE SENSEX / NIFTY 50 rising by nearly 1% amidst robust FII flows, election results uncertainty, rising oil prices and dovish commentary by most major central banks. S&P BSE SENSEX / NIFTY 50 outperformed Midcaps / Smallcaps indices during the month as midcaps and smallcaps continued to correct. IT was best performing sector while Power, Capital goods, and banks underperformed.

Performance of global equity markets was good with major indices in US, Europe and major Asian markets delivering positive returns on m-o-m basis. However, this should be viewed in context of their underperformance in FY19.

The table below gives the details of performance of key domestic and global indices.

% Change in Indices FY 2019 1MS&P BSE India Auto (21.7) 0.1S&P BSE India Bankex 25.5 (2.4)S&P BSE India Capital Goods (0.0) (2.4)S&P BSE India FMCG 14.1 0.2S&P BSE India Healthcare 9.5 (0.3)S&P BSE India Metal (14.8) 1.4S&P BSE India Power (4.3) (3.2)S&P BSE India Oil & Gas 4.5 0.6S&P BSE India IT 26.3 6.4S&P BSE SENSEX 17.3 0.9NIFTY 50 14.9 1.1NIFTY Midcap 100 (2.7) (3.8)NIFTY Smallcap (14.4) (3.1)

% Change in Indices FY 2019 1M

S&P 500 7.3 3.9FTSE 3.2 1.9DAX (4.7) 7.1CAC 3.5 4.4Nikkei (1.2) 5.0Hang Seng (3.5) 2.2KOSPI (12.5) 2.9Shanghai (2.5) (0.4)MSCI Emerging Market Index (9.6) 2.0

With the sharp underperformance of midcaps and smallcaps over the past 12-15 months, valuations in this space have corrected significantly.

Absolute Returns %As on April 30, 2019 1 year 3 years 5 yearsNIFTY 50 (A) 9.4% 49.7% 75.4%NIFTY Midcap (B) -13.4% 33.1% 100.0%Outperformance vs NIFTY 50 (B – A) -22.8% -16.5% 24.5%NIFTY Smallcap (C) -22.9% 24.3% 64.4%Outperformance vs NIFTY 50 (C – A) -32.3% -25.3% -11.0%

During the month, Brent crude prices rose sharply by ~6.4% and closed at USD 72.8 per barrel. This was primarily driven by US announcing end of waiver of sanctions against Iran and production cuts by OPEC and Russia.

Most major commodities prices fell on m-o-m basis. This was partly due to moderately weak manufacturing PMI data from China and delay in striking the trade deal between US and China.

% Change FY 2018 FY 2019Brent Crude 33.0 (2.7)Gold 6.1 (2.5)Steel 11.5 1.2Zinc 19.7 (10.0)Copper 14.3 (3.0)Aluminium 1.8 (4.7)Lead 4.4 (16.1)

INR ended the month at 69.6 vs USD, down ~0.6%, despite robust FII equity flows, on back of rise in crude prices.

FPI continues to remain net buyers for three months in a row and bought equity worth USD 3.1 billion in April 2019. Total FPI’s Equity inflows in CY19YTD till April have been close to USD 9.8 billion. Equity oriented mutual funds flows improved m-o-m, after falling for last two months. Net inflows in domestic equity oriented mutual funds in March 2019 and CYTD19 were near Rs 86 billion and ~Rs 178 billion respectively.

Out of the Q4FY19 results declared so far, results of IT, Metals and Corporate banks were better or in line with expectations. Earnings for Consumer staples, Telecom and Auto sector were below expectations.

NIFTY 50 is trading near 15.7x CY19 (e) and 13.4x CY20 (e). These are reasonable multiples especially in view of improving profit growth outlook. Markets thus hold promise over the medium to long term in our opinion. Adverse global events, rise in crude oil prices, sharp moderation in equity oriented mutual funds flows, delays in NPA resolution under NCLT and election outcome that is not to markets liking are key risks in the near term.

Outlook

In view of the above and expected recovery in earnings, 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).

Market Review

Source for various data points: Bloomberg, Bloomberg Consensus, NSDL, CMIE, RBI

Debt Market Update

The yield on 10-year benchmark Gsec (7.26 GoI 2029) ended the month of April at 7.41%, up by 6 bps over the previous month end. The table below gives a summary view of movement of key rates & liquidity.

FY18 FY19 Change (%)10Yr G-Sec Yield (%, 7.17 GoI 2028) 7.40 7.49 0.09AAA 10Year Corporate Bond Yields (%) 8.14 8.35 0.21AAA 10Y corporate bond spread against 7.17 GS 2028 Yield# (%) 0.61 0.73 0.12Average liquidity absorbed / (infused) by RBI* (INR bn) (approx.) 1,450 (325)Average MIBOR Overnight Rate (%) 6.09 6.37 0.28

*Average daily liquidity infused / absorbed through Liquidity Adjustment Facility, exports refinance marginal standing facility and term repos/reverse repos# annualised yields.

To support liquidity, RBI did another USD / INR Buy / Sell swap of USD 5 billion in April (after doing USD 5 billion in March 2019) and also announced plans to conduct purchases under open market operations of INR 250 billion in May 2019. The overnight rate ended the month at 6.2%, a fall of 260 bps from a month ago, but this is common phenomena in April as rates generally rise in March (due to high liquidity demand) and normalize in April.

Net FII debt flows were negative with outflows of USD 0.7 billion during the month as against inflows of USD 1.7 billion in March 2019. In first four months of CY19, aggregate net FII debt flows were close to Nil as against outflows of USD 1.6 billion in the corresponding period a year ago. INR ended the month at 69.6, a m-o-m depreciation of 0.6% against USD primarily due to rise in oil prices, which was partially offset by positive equity FII flows.

The annual rate of retail inflation, CPI increased to 2.86%, up ~30 bps m-o-m led by sequential rise in food (mainly vegetables, fruits and pulses) and fuel prices. Core CPI (CPI excluding food, fuel, transportation & housing), though moderated on m-o-m basis, remained at elevated level at 5.7% (down from 6.1% a month ago) mainly on account of high services inflation, especially rural health and education.

For the month (%) Feb-19 Mar-19 Change in %CPI 2.6 2.9 0.3Food & beverages -0.1 0.7 0.7Fuel and Light 1.2 2.4 1.2Housing 5.1 4.9 -0.2Core CPI 6.1 5.7 -0.4

India’s trade deficit for March 2019 increased to USD 10.8 billion from USD 9.6 billion a month ago, primarily led by increase in net oil imports on back of rise in crude oil prices and higher net imports of gold. Further, trade deficit ex of oil & gold decreased sharply in March 2019 primarily due to higher exports of agricultural products, chemicals and engineering goods.

Amount in USD million Feb-19 Mar-19 Change (%)Trade Deficit 9,577 10,845 13.2%Net Oil imports 6,318 8,216 30.1%Net Gold imports* 1,197 2,970 148.0%Trade deficit ex oil & gold 2,062 -340 NM^

* includes net imports of gold, silver & precious stones adjusted for gems & jewellery exports; ^NM-Not meaningful

GST collection for the month of April 2019 (for the month of March 2019) rose to INR 1,139 billion, ~16% higher than FY19 average monthly collection. However, seasonally March is characterised by uptick in economic activities and thus collection for next few months should be monitored to ascertain the sustainability of growth.

Outlook

The Monetary Policy Committee (MPC) minutes released for its meeting held in April 2019 were largely in line with expectations and noted slowdown in economic activities. Given the near term inflation outlook remains benign and growth is moderating, it could provide some space for further policy easing. However, any future action by RBI is likely to be data dependent and we maintain that this rate cut cycle is likely to be a shallow one, in our opinion.

Though the near term inflation outlook remains benign due to low food prices and range bound oil prices, we prefer to maintain a cautious stance considering expectation of uptick in growth in FY20, credit growth outpacing deposit growth, possibility of food inflation rebounding and likely fiscal pressure. Further, large increase in gross market borrowings in FY20 over FY19 along with low demand for government bonds due to excess Statutory Liquidity Ratio (SLR) in the banking system could put upward pressure on long term yields.

In view of the above, the short to medium end of the yield curve continues to offer better risk adjusted returns than the long end. Hence, we continue to recommend investment in short to medium duration debt funds.

4 April 2019

CONTENTS

PAGE NO.

WEAlTH CREATiON

HDFc Equity Fund ............................................................................. 05

HDFc capital Builder Value Fund ........................................................ 06

HDFc Top 100 Fund ........................................................................... 07

HDFc Mid-cap Opportunities Fund ..................................................... 08

HDFc Small cap Fund ........................................................................ 09

HDFc Growth Opportunities Fund ...................................................... 10

HDFc Focused 30 Fund ...................................................................... 11

HDFc Infrastructure Fund .................................................................. 12

HDFc Balanced Advantage Fund ........................................................ 1 3 - 1 4

HDFc Hybrid Equity Fund ................................................................... 15-16

HDFc Multi-Asset Fund ...................................................................... 17-18

HDFc NIFTY 50 ETF ............................................................................ 19

HDFc Index Fund - NIFTY 50 Plan ....................................................... 20

HDFc SENSEx ETF .............................................................................. 21

HDFc Index Fund - SeNSex Plan ......................................................... 22

TAx SAVINGS

HDFc Taxsaver .................................................................................. 23

CHilDREN'S FUTURE

HDFc children’s Gift Fund ................................................................. 24-25

RETIREMENT PLANNING

HDFc Retirement Savings Fund - Equity Plan ....................................... 26

HDFc Retirement Savings Fund - Hybrid Equity Plan ............................ 27-28

HDFc Retirement Savings Fund - Hybrid Debt Plan .............................. 29

PAGE NO.

REgUlAR iNCOME

HDFc Equity Savings Fund ................................................................. 30-31

HDFc Hybrid Debt Fund ..................................................................... 32-33

HDFc Arbitrage Fund ......................................................................... 34-35

HDFc corporate Bond Fund ............................................................... 36

HDFc credit Risk Debt Fund ............................................................... 37-38

HDFc Banking and PSU Debt Fund ..................................................... 39

HDFc Gilt Fund.................................................................................. 40

HDFc Dynamic Debt Fund .................................................................. 41

HDFc Income Fund ........................................................................... 42

HDFc Medium Term Debt Fund .......................................................... 43

HDFc Short Term Debt Fund .............................................................. 44

HDFc Low Duration Fund ................................................................... 45

HDFc Money Market Fund ................................................................. 46

HDFc Floating Rate Debt Fund ........................................................... 47

HDFc Ultra Short Term Fund .............................................................. 48

HDFc Liquid Fund .............................................................................. 49-50

HDFc Overnight Fund ........................................................................ 51

Performance details of schemes managed by respective fund managers ............................................. 52

Scheme performance summary - Regular Plans ................................. 53-57

Scheme performance summary - Direct Plans .................................... 58-65

Performance of category I - FPI Portfolio ........................................... 65

Dividend History ............................................................................... 66-67

Disclaimer ....................................................................................... 68

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.

April 2019 5

SiP PERFORMANCE ^ - Regular plan - growth OptionSince Inception

SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,920.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on April 30, 2019 (` ‘000) 73,405.71 6,447.78 2,405.44 795.31 428.26 129.17 Returns (%) 21.76 15.52 13.34 11.23 11.64 14.58 Benchmark Returns (%) # 14.77 12.72 12.18 11.11 10.71 8.86 Additional Benchmark Returns (%) ## N.A. 12.82 12.10 12.16 13.97 14.87

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 April 30, 2019 unless otherwise specified.

PERFORMANCE ^ - Regular plan - growth OptionDate Period Scheme

Returns (%)

Benchmark Returns

(%)#

Additional Benchmark

Returns (%) ##

Value of ` 10,000 investedScheme (`) Benchmark

(`)#Additional

Benchmark (`)##

Apr 30, 18 Last 1 Year 8.13 2.98 10.84 10,813 10,298 11,084Apr 29, 16 Last 3 Years 16.26 15.03 15.91 15,720 15,225 15,580Apr 30, 14 Last 5 Years 14.61 14.27 13.32 19,783 19,489 18,693Jan 01, 95 Since Inception 18.89 11.57 N.A. 674,199 143,663 N.A.

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. For performance of other schemes managed by Prashant Jain, please refer page 52. 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. 58. For FPI Portfolio, refer page no. 65.

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 10.15

• State Bank of India Banks 9.70

• Infosys Ltd. Software 8.95

• Larsen and Toubro Ltd. construction Project 7.77

• Reliance Industries Ltd. Petroleum Products 5.25

• HDFc Bank Ltd. Banks 4.71

• NTPc Ltd. Power 4.61

• ITc Ltd. consumer Non Durables 3.79

• Tata consultancy Services Ltd. Software 3.05

• Axis Bank Ltd. Banks 2.83

coal India Ltd. Minerals/Mining 2.77

Power Finance corporation Ltd. Finance 2.47

Rural electrification corporation Ltd. Finance 2.41

Bank of Baroda Banks 2.39

GAIL (India) Ltd. Gas 2.39

Aurobindo Pharma Ltd. Pharmaceuticals 2.00

Tata Steel Ltd. Ferrous Metals 1.93

cESc Ltd. Power 1.83

Power Grid corporation of India Ltd. Power 1.66

Bharat Petroleum corporation Ltd. Petroleum Products 1.60

Housing Development Finance corporation Ltd. £ Finance 1.45

Kalpataru Power Transmission Ltd. Power 1.44

Vedanta Ltd. Non - Ferrous Metals 1.33

cipla Ltd. Pharmaceuticals 1.27

Tata chemicals Ltd. chemicals 1.14

canara Bank Banks 1.10

Oracle Financial Services Software Ltd. Software 1.06

UPL Ltd. Pesticides 1.03

L&T Technology Services Ltd. Software 0.94

Siemens Ltd. Industrial capital Goods 0.92

Praj Industries Ltd. Industrial capital Goods 0.90

Punjab National Bank Banks 0.90BeML Ltd. Industrial capital Goods 0.72cG Power and Industrial Solutions Ltd. Industrial capital Goods 0.58Bharat Dynamics Ltd. Aerospace & Defence 0.52


Time Technoplast Ltd. Industrial Products 0.39Oriental Bank of commerce Banks 0.36Simplex Infrastructures Ltd. construction 0.33Bharat Heavy electricals Ltd. Industrial capital Goods 0.31Hindustan construction company Ltd. construction Project 0.22Ramco Systems Ltd. Software 0.14container corporation of India Ltd. Transportation 0.10Sub Total 99.41Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 99.42cash margin 0.08cash, cash Equivalents and Net current Assets 0.50

Grand Total 100.00

• Top Ten Holdings, £ co-sponsor

PORTFOLIO

Industry Allocation of Equity Holding (% of Net Assets)

0.010.100.330.390.521.031.141.331.932.392.773.273.433.79

6.336.857.999.54

14.1432.14

0 5 10 15 20 25 30 35

Media & EntertainmentTransportation

ConstructionIndustrial Products

Aerospace & DefencePesticidesChemicals

Non - Ferrous MetalsFerrous Metals

GasMinerals/MiningPharmaceuticals

Industrial Capital GoodsConsumer Non Durables

FinancePetroleum Products

Construction ProjectPower

SoftwareBanks

KEY FACTS

iNVESTMENT OBjECTiVE

To 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, 03)

Total Experience: Over 27 years

iNCEPTiON DATE (Date of Allotment)

January 1, 1995

NAV (AS ON APRIL 30, 2019) NAV PER UNIT (`)

Regular Plan - Growth Option 674.199Regular Plan - Dividend Option 50.939Direct Plan - Growth Option 709.020Direct Plan - Dividend Option 54.745

ASSETS UNDER MANAgEMENT (`) iN CRORE

As on April 30, 2019 22,376.35Average for Month of April, 2019 22,387.86

qUANTiTATiVE DATA

Portfolio Turnover Ratio (Last 1 year) 17.46%

Risk Ration Standard Deviation 4.302%n Beta 1.028n Sharpe Ratio* 0.195

computed for the 3-yr period ended April 30, 2019. Based on month-end NAV. * Risk free rate: 6.20%(Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on April 30, 2019)Including Additional expenses and Goods and Service Tax on Management Fees

Regular: 1.79% Direct: 1.23%

#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.

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 52.

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.

§ Date of migration from Zurich India Mutual Fund (close of business hours - June 19, 03).¥ Dedicated Fund Manager for Overseas Investments: Mr. Amar Kalkundrikar (Total Experience: Over 16 years).

CATEgORY OF SCHEME: MULTI-cAP FUND

6 April 2019

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) 3,030.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on April 30, 2019 (` ‘000) 44,222.90 6,247.33 2,526.95 790.26 413.49 123.04 Returns (%) 17.63 15.16 14.26 10.98 9.24 4.76 Benchmark Returns (%) # N.A. 12.72 12.18 11.11 10.71 8.86 Additional Benchmark Returns (%) ## N.A. 12.82 12.10 12.16 13.97 14.87

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 (`)#


(`)##Apr 30, 18 Last 1 Year -1.25 2.98 10.84 9,875 10,298 11,084Apr 29, 16 Last 3 Years 14.40 15.03 15.91 14,978 15,225 15,580Apr 30, 14 Last 5 Years 15.62 14.27 13.32 20,671 19,489 18,693Feb 01, 94 Since Inception 14.36 N.A. N.A. 296,358 N.A. N.A.

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. For performance of other schemes managed by Miten Lathia, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 64.



l 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



• HDFc Bank Ltd. Banks 9.22• Axis Bank Ltd. Banks 5.01• Reliance Industries Ltd. Petroleum Products 4.81• ITc Ltd. consumer Non Durables 4.01• Kotak Mahindra Bank Ltd. Banks 3.86• IcIcI Bank Ltd. Banks 3.71• Bharat Petroleum

corporation Ltd. Petroleum Products 3.33• Vedanta Ltd. Non - Ferrous Metals 3.18• Infosys Ltd. Software 3.15• GAIL (India) Ltd. Gas 3.14Larsen and Toubro Ltd. construction Project 2.97Indusind Bank Ltd. Banks 2.75Ambuja cements Ltd. cement 2.08Persistent Systems Ltd. Software 2.08Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.99NTPc Ltd. Power 1.84Apollo Tyres Ltd. Auto Ancillaries 1.68Indostar capital Finance Ltd. Finance 1.59Mahindra & Mahindra Ltd. Auto 1.56Yes Bank Ltd. Banks 1.55S H Kelkar and company Ltd. consumer Non Durables 1.52Aurobindo Pharma Ltd. Pharmaceuticals 1.43Spicejet Ltd. Transportation 1.27Bajaj consumer care Ltd. consumer Non Durables 1.24Inox Leisure Ltd. Media & entertainment 1.24State Bank of India Banks 1.23Bharti Airtel Ltd.* Telecom - Services 1.21Oracle Financial Services Software Ltd. Software 1.12coal India Ltd. Minerals/Mining 1.11JK cement Ltd. cement 1.11Advanced enzyme Technologies Ltd.

consumer Non Durables 1.09

VRL Logistics Ltd. Transportation 1.08Repco Home Finance Ltd. Finance 1.07Wipro Ltd. Software 1.05Ashoka Buildcon Ltd. construction Project 1.01cipla Ltd. Pharmaceuticals 0.95Max Financial Services Ltd. Finance 0.94Trent Ltd. Retailing 0.94Housing Development Finance corporation Ltd. £ Finance 0.93Newgen Software Technologies Ltd. Software 0.92Thyrocare Technologies Ltd. Healthcare Services 0.90Indoco Remedies Ltd. Pharmaceuticals 0.88Bharat Financial Inclusion Ltd. Finance 0.87chambal Fertilizers & chemicals Ltd. Fertilisers 0.87


Dilip Buildcon Ltd. construction Project 0.81Solar Industries India Ltd. chemicals 0.76Zee entertainment enterprises Ltd. Media & entertainment 0.76Wonderla Holidays Ltd. Hotels/Resorts & Other

Recreational Activities 0.73Gujarat Pipavav Port Ltd. Transportation 0.70Schaeffler India Ltd. Industrial Products 0.67Blue Star Ltd. consumer Durables 0.51Bharat Dynamics Ltd. Aerospace & Defence 0.45entertainment Network (India) Ltd. (India) Ltd. Media & entertainment 0.32Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) construction Project 0.31Siti Networks Ltd. Media & entertainment 0.27Vodafone Idea Ltd. Telecom - Services @Sub Total 95.78cash, cash Equivalents and Net current Assets 4.22

Grand Total 100.00

• Top Ten Holdings, £ co-sponsor, @ Less than 0.01%, * Includes Rights entitlement

PORTFOLIO


0.450.510.670.730.760.870.900.941.111.211.561.681.842.593.053.143.183.195.105.255.40

7.868.148.32

27.33

0 5 10 15 20 25 30Aerospace & Defence

Consumer DurablesIndustrial Products

Hotels, Resorts & Other Recreational ActivitiesChemicalsFertilisers

Healthcare ServicesRetailing

Minerals/MiningTelecom - Services

AutoAuto Ancillaries

PowerMedia & Entertainment

TransportationGas

Non - Ferrous MetalsCement

Construction ProjectPharmaceuticals

FinanceConsumer Non Durables

Petroleum ProductsSoftware

Banks

KEY FACTS


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.

CATEgORY OF SCHEME: Value Fund

FUND MANAgER ¥

Miten Lathia (since May 10, 12*)

Total Experience: Over 18 years*The scheme was co-managed by Miten Lathia with chirag Setalvad from May 10, 12 to March 19, 17


February 1, 1994





qUANTiTATiVE DATA








EXiT lOAD




PLANS & OPTIONS




¥ Dedicated Fund Manager for Overseas Investments: Mr. Amar Kalkundrikar (Total Experience: Over 16 years).

CATEgORY OF SCHEME: VALUE FUND

April 2019 7

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.

CATEgORY OF SCHEME: Large-cap Fund

FUND MANAgER § ¥

Prashant Jain (since June 20, 03)


iNCEPTiON DATE (Date of Allotment)October 11, 1996

NAV (AS ON APRIL 30, 2019) NAV PER UNIT (`)Regular Plan - Growth Option 503.145Regular Plan - Dividend Option 48.992Direct Plan - Growth Option 524.767Direct Plan - Dividend Option 52.060

ASSETS UNDER MANAgEMENT (`) iN CROREAs on April 30, 2019 16,704.61Average for Month of April, 2019 16,571.35

qUANTiTATiVE DATAPortfolio Turnover Ratio (Last 1 year) 17.75%Risk Ration Standard Deviation 3.976%n Beta 0.985n Sharpe Ratio* 0.213computed for the 3-yr period ended April 30, 2019. Based on month-end NAV. * Risk free rate: 6.20%(Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on April 30, 2019)Including Additional expenses and Goods and Service Tax on Management FeesRegular: 1.85% Direct: 1.33%


##ADDl. BENCHMARK iNDEX: S&P BSe SeNSex (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.



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 89.60%Mid cap 9.92%

§ Date of migration from Zurich India Mutual Fund (close of business hours - June 19, 03).¥ Dedicated Fund Manager for Overseas Investments: Mr. Amar Kalkundrikar (Total Experience: Over 16 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) 2,710.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on April 30, 2019 (` ‘000) $$ 39,289.21 6,245.10 2,351.20 808.45 435.69 130.83 Returns (%) $$ 19.86 15.15 12.91 11.90 12.83 17.30 Benchmark Returns (%) # N.A. 13.24 12.49 11.95 12.81 12.43 Additional Benchmark Returns (%) ## 14.55 13.09 12.32 12.61 15.17 15.23



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Apr 30, 18 Last 1 Year 11.62 7.91 12.40 11,162 10,791 11,240Apr 29, 16 Last 3 Years 16.56 15.79 16.55 15,844 15,531 15,838Apr 30, 14 Last 5 Years 14.39 13.95 13.28 19,590 19,220 18,664Oct 11, 96 Since Inception 20.01 N.A. 12.61 613,488 N.A. 145,892

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). For performance of other schemes managed by Prashant Jain, please refer page 52. 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. 58. For FPI Portfolio, refer page no. 65.

^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


EqUiTY & EqUiTY RElATED• Reliance Industries Ltd. Petroleum Products 8.58• IcIcI Bank Ltd. Banks 8.34• State Bank of India Banks 7.97• Infosys Ltd. Software 7.31• HDFc Bank Ltd. Banks 7.29• Larsen and Toubro Ltd. construction Project 5.86• ITc Ltd. consumer Non Durables 4.56• NTPc Ltd. Power 4.43• Tata consultancy Services Ltd. Software 4.39• Axis Bank Ltd. Banks 3.84coal India Ltd. Minerals/Mining 2.98Housing Development Finance corporation Ltd. £ Finance 2.44Hindustan Petroleum corporation Ltd. Petroleum Products 2.21Power Finance corporation Ltd. Finance 1.89Power Grid corporation of India Ltd. Power 1.84Tata Steel Ltd. Ferrous Metals 1.83Aurobindo Pharma Ltd. Pharmaceuticals 1.78GAIL (India) Ltd. Gas 1.50Rural electrification corporation Ltd. Finance 1.38Bharat Petroleum corporation Ltd. Petroleum Products 1.36Bank of Baroda Banks 1.33cESc Ltd. Power 1.18Tata chemicals Ltd. chemicals 1.12UPL Ltd. Pesticides 1.07Vedanta Ltd. Non - Ferrous Metals 1.03canara Bank Banks 1.02Oil & Natural Gas corporation Ltd. Oil 0.94cipla Ltd. Pharmaceuticals 0.82HcL Technologies Ltd. Software 0.73ABB India Ltd. Industrial capital Goods 0.71Bank of India Banks 0.68Wipro Ltd. Software 0.65Bharat electronics Ltd. Industrial capital Goods 0.64Tech Mahindra Ltd. Software 0.64Oracle Financial Services Software Ltd. Software 0.61Siemens Ltd. Industrial capital Goods 0.57Indian Oil corporation Ltd. Petroleum Products 0.54Punjab National Bank Banks 0.54Ambuja cements Ltd. cement 0.48Union Bank of India Banks 0.48


container corporation of India Ltd. Transportation 0.44Hindalco Industries Ltd. Non - Ferrous Metals 0.43Steel Authority of India Ltd. Ferrous Metals 0.39NHPc Ltd. Power 0.25Grasim Industries Ltd. cement 0.23InterGlobe Aviation Ltd. Transportation 0.17LIc Housing Finance Ltd. Finance 0.04Lupin Ltd. Pharmaceuticals 0.03Sub Total 99.54Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 99.55cash margin 0.18cash, cash Equivalents and Net current Assets 0.27Grand Total 100.00


PORTFOLIO


0.010.610.710.941.071.121.461.501.922.222.632.98

4.565.755.86

7.7012.69

14.3331.49

0 5 10 15 20 25 30 35

Media & EntertainmentTransportation

CementOil

PesticidesChemicals

Non - Ferrous MetalsGas

Industrial Capital GoodsFerrous Metals

PharmaceuticalsMinerals/Mining

Consumer Non DurablesFinance

Construction ProjectPower


Banks

8 April 2019

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.

CATEgORY OF SCHEME: Mid cap Fund

FUND MANAgER ¥

Chirag Setalvad (since June 25, 07)


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 3.54%Mid cap 67.98%Small cap 19.90%¥ Dedicated Fund Manager for Overseas Investments: Mr. Amar Kalkundrikar (Total Experience: Over 16 years).


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,430.00 1,200.00 600.00 360.00 120.00 Mkt Value As on April 30, 2019 (` ‘000) 4,465.08 2,995.38 771.62 388.70 120.00 Returns (%) 17.83 17.43 10.02 5.06 -0.00 Benchmark Returns (%) # 12.75 12.50 7.98 2.39 -4.93 Additional Benchmark Returns (%) ## 11.85 12.10 12.16 13.97 14.87


PERFORMANCE ^ - Regular plan - growth Option

Date Period Scheme Returns

(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Apr 30, 18 Last 1 Year -9.60 -12.72 10.84 9,040 8,728 11,084Apr 29, 16 Last 3 Years 13.45 11.13 15.91 14,607 13,730 15,580Apr 30, 14 Last 5 Years 18.30 16.12 13.32 23,183 21,123 18,693Jun 25, 07 Since Inception 15.38 11.16 10.22 54,506 35,038 31,679

Returns greater than 1 year period are compounded annualized (cAGR). For performance of other schemes managed by chirag Setalvad, please refer page 52. 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. 58.




l investment predominantly in Mid-cap companies

Riskometer




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

Company Industry+ / Rating % to NAV

EqUiTY & EqUiTY RElATED• cholamandalam Investment

& Finance Finance 4.08• Sundram Fasteners Ltd. Auto Ancillaries 3.68• Aarti Industries Ltd. chemicals 3.42• Balkrishna Industries Ltd. Auto Ancillaries 3.41• RBL Bank Ltd. Banks 3.03• city Union Bank Ltd. Banks 2.98• Voltas Ltd. consumer Durables 2.88• Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.74Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 2.66Hexaware Technologies Ltd. Software 2.17crompton Greaves consumer elec. Ltd. consumer Durables 2.02Trent Ltd. Retailing 1.99AIA engineering Ltd. Industrial Products 1.97Tata chemicals Ltd. chemicals 1.95exide Industries Ltd. Auto Ancillaries 1.90Apollo Tyres Ltd. Auto Ancillaries 1.72cholamandalam Financial Holdings Ltd. Finance 1.72SKF India Ltd. Industrial Products 1.71Divis Laboratories Ltd. Pharmaceuticals 1.68Max Financial Services Ltd. Finance 1.67The Federal Bank Ltd. Banks 1.67carborundum Universal Ltd. Industrial Products 1.65Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.63VST Industries Ltd. consumer Non Durables 1.61Ipca Laboratories Ltd. Pharmaceuticals 1.60Indian Bank Banks 1.51Supreme Industries Ltd. Industrial Products 1.35Atul Ltd. chemicals 1.32Tube Investments of India Ltd. Auto Ancillaries 1.23Whirlpool of India Ltd. consumer Durables 1.17Edelweiss Financial Services Ltd. Finance 1.16KEc International Ltd. construction Project 1.16NIIT Technologies Ltd. Software 1.15Larsen & Toubro Infotech Ltd. Software 1.12Union Bank of India Banks 1.12Reliance Nippon Life Asset Management Ltd. Finance 1.10Arvind Fashions Ltd. Retailing 1.08Karur Vysya Bank Ltd. Banks 1.04Power Finance corporation Ltd. Finance 1.02Rural electrification corporation Ltd. Finance 1.01Blue Star Ltd. consumer Durables 0.99KNR construction Ltd.. construction 0.97Solar Industries India Ltd. chemicals 0.94Dilip Buildcon Ltd. construction Project 0.93Gujarat Fluorochemicals Ltd. chemicals 0.88Schaeffler India Ltd. Industrial Products 0.86Jagran Prakashan Ltd. Media & entertainment 0.85Redington (India) Ltd. Transportation 0.81Navneet education Ltd. Media & entertainment 0.79MRF Ltd. Auto Ancillaries 0.75Greenlam Industries Ltd. consumer Durables 0.74

Company Industry+ / Rating % to NAVPunjab National Bank Banks 0.74Delta corp Ltd. Hotels/Resorts & Other

Recreational Activities 0.66Bata India Ltd. consumer Durables 0.65Symphony Ltd. consumer Durables 0.62Greenply Industries Ltd. consumer Durables 0.57cummins India Ltd. Industrial Products 0.52Grindwell Norton Ltd. Industrial Products 0.51Arvind Ltd. Textile Products 0.45Vesuvius India Ltd. Industrial Products 0.44Mahindra Holidays & Resorts Ind Ltd.

Hotels/Resorts & Other Recreational Activities 0.39

Persistent Systems Ltd. Software 0.37Vardhman Textiles Ltd. Textiles - cotton 0.36Strides Pharma Science Ltd. Pharmaceuticals 0.24Dhanuka Agritech Ltd. Pesticides 0.17The Anup engineering Ltd. Industrial capital Goods 0.10Sub Total 91.38Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 91.39MONEY MARKET INSTRUMENTSCD/CP• Tata Sons Ltd. cRISIL - A1+ 3.14• NTPc Ltd. cRISIL - A1+ 2.70Indian Oil corporation Ltd. cRISIL - A1+ 1.50Sub Total 7.34cash, cash Equivalents and Net current Assets 1.27Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.100.170.360.450.810.971.611.652.09

3.073.71

4.817.898.519.019.64

11.7612.0912.69

0 2 4 6 8 10 12 14

Industrial Capital GoodsPesticides

Textiles - CottonTextile ProductsTransportation

ConstructionConsumer Non DurablesMedia & Entertainment

Construction ProjectRetailing

Hotels, Resorts & Other Recreational ActivitiesSoftware

PharmaceuticalsChemicals

Industrial ProductsConsumer Durables

FinanceBanks

Auto Ancillaries

April 2019 9

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.

CATEgORY OF SCHEME: Small cap Fund

FUND MANAgER § ¥

Chirag Setalvad (since June 28, 14)


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 5.07%Mid cap 17.11%Small cap 65.22%§ Date of migration from Morgan Stanley Mutual Fund

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

Mr. Amar Kalkundrikar (Total Experience: Over 16 years).


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,330.00 1,200.00 600.00 360.00 120.00 Mkt Value As on April 30, 2019 (` ‘000) 3,470.57 2,722.53 845.35 419.57 118.78 Returns (%) 16.34 15.65 13.70 10.23 -1.90 Benchmark Returns (%) # 9.91 9.20 3.37 -2.97 -7.98 Additional Benchmark Returns (%) ## 12.42 12.10 12.16 13.97 14.87




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Apr 30, 18 Last 1 Year -10.28 -22.14 10.84 8,972 7,786 11,084Apr 29, 16 Last 3 Years 18.36 8.47 15.91 16,588 12,764 15,580Apr 30, 14 Last 5 Years 18.89 11.55 13.32 23,762 17,276 18,693Apr 03, 08 Since Inception 14.09 6.50 9.77 43,074 20,100 28,097

Returns greater than 1 year period are compounded annualized (cAGR). For performance of other schemes managed by chirag Setalvad, please refer page 52. 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. 58.




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 3.46• Balkrishna Industries Ltd. Auto Ancillaries 3.20• NIIT Technologies Ltd. Software 3.18• Sonata Software Ltd. Software 3.10• chambal Fertilizers &

chemicals Ltd. Fertilisers 2.78• Gujarat Fluorochemicals Ltd. chemicals 2.68• Sharda cropchem Ltd. Pesticides 2.56• Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 2.42Indian Bank Banks 2.41SKF India Ltd. Industrial Products 2.35KEc International Ltd. construction Project 2.10NRB Bearing Ltd. Industrial Products 2.08Kalpataru Power Transmission Ltd. Power 2.07Sadbhav engineering Ltd. construction Project 2.06chalet Hotels Ltd. Hotels/Resorts & Other

Recreational Activities 2.04Firstsource Solutions Ltd. Software 2.03Repco Home Finance Ltd. Finance 1.91Inox Leisure Ltd. Media & entertainment 1.89KeI Industries Ltd. Industrial Products 1.78Tata Metaliks Ltd. Ferrous Metals 1.72Oriental Bank of commerce Banks 1.71Tube Investments of India Ltd. Auto Ancillaries 1.65Great eastern Shipping company Ltd. Transportation 1.64Bank of Baroda Banks 1.62Vardhman Textiles Ltd. Textiles - cotton 1.62T. V. Today Network Ltd. Media & entertainment 1.56Bajaj electricals Ltd. consumer Durables 1.55eIH Ltd. Hotels/Resorts & Other

Recreational Activities 1.52Atul Ltd. chemicals 1.41Finolex Industries Ltd. Industrial Products 1.38carborundum Universal Ltd. Industrial Products 1.28Insecticides (India) Ltd. Pesticides 1.22PNc Infratech Ltd. construction 1.21Nilkamal Ltd. Industrial Products 1.18The Federal Bank Ltd. Banks 1.11Advanced enzyme Technologies Ltd.

consumer Non Durables 1.08

Power Mech Projects Ltd. construction Project 1.04Orient Refractories Ltd. Industrial Products 0.94Redington (India) Ltd. Transportation 0.86Oriental carbon & chemicals Ltd. chemicals 0.82IFGL Refractories Ltd. (formerly known as IFGL Exports Ltd.) Industrial Products 0.80eclerx Services Ltd. Software 0.75Gabriel India Ltd. Auto Ancillaries 0.72Unichem Laboratories Ltd. Pharmaceuticals 0.72Shaily engineering Plastics Ltd. Industrial Products 0.67LG Balakrishnan & Bros Ltd. Auto Ancillaries 0.66Allahabad Bank Banks 0.64Kirloskar Ferrous Industries Ltd. Ferrous Metals 0.63Apar Industries Ltd. Industrial capital Goods 0.62Vesuvius India Ltd. Industrial Products 0.62Jagran Prakashan Ltd. Media & entertainment 0.60Lemon Tree Hotels Ltd. Hotels/Resorts & Other

Recreational Activities 0.60

Company Industry+ % to NAVTaj GVK Hotels & Resorts Ltd. Hotels/Resorts & Other

Recreational Activities 0.53Atul Auto Ltd. Auto 0.52Goodyear India Ltd. Auto Ancillaries 0.52Greenlam Industries Ltd. consumer Durables 0.49GNA Axles Ltd. Auto Ancillaries 0.42Mcleod Russel India Ltd. consumer Non Durables 0.41D B corp Ltd. Media & entertainment 0.28Swaraj engines Ltd. Industrial Products 0.27Merck Ltd. Pharmaceuticals 0.26DcB Bank Ltd. Banks 0.23everest Industries Ltd. cement 0.23Greenply Industries Ltd. consumer Durables 0.18V.S.T Tillers Tractors Ltd. Auto 0.18Banco Products (I) Ltd. Auto Ancillaries 0.15cG Power and Industrial Solutions Ltd. Industrial capital Goods 0.14Time Technoplast Ltd. Industrial Products 0.12Titagarh Wagons Ltd. Industrial capital Goods 0.12Sarla Performance Fibers Ltd. Textiles - Synthetic 0.11Sub Total 87.41MONEY MARKET INSTRUMENTSCD/CP• Tata Sons Ltd. cRISIL - A1+ 5.87• NTPc Ltd. cRISIL - A1+ 3.46Sub Total 9.33cash margin 0.08cash, cash Equivalents and Net current Assets 3.18Grand Total 100.00• Top Ten Holdings, £ co-sponsor

PORTFOLIO


0.110.230.700.881.211.491.621.912.072.222.352.502.78

3.784.334.444.915.20

7.117.327.72

9.0613.47

0 2 4 6 8 10 12 14 16

Textiles - SyntheticCement

AutoIndustrial Capital Goods

ConstructionConsumer Non Durables

Textiles - CottonFinance

PowerConsumer Durables

Ferrous MetalsTransportation

FertilisersPesticides

Media & EntertainmentPharmaceuticals

ChemicalsConstruction Project

Hotels, Resorts & Other Recreational ActivitiesAuto Ancillaries

BanksSoftware

Industrial Products

10 April 2019

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.

CATEgORY OF SCHEME: Large & Mid cap Fund

FUND MANAgER § ¥

Vinay Kulkarni (since June 28, 14)


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 60.87%Mid cap 35.27%Small cap 3.40%§ Date of migration from Morgan Stanley Mutual Fund (close of business hours - June 27, 14)¥ Dedicated Fund Manager for Overseas Investments: Mr. Amar Kalkundrikar (Total Experience: Over 16 years).



(%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##

Apr 30, 18 Last 1 Year 4.32 -1.67 12.40 10,432 9,833 11,240Apr 29, 16 Last 3 Years 11.23 15.08 16.55 13,767 15,248 15,838Apr 30, 14 Last 5 Years 12.70 16.36 13.28 18,186 21,339 18,664Feb 18, 94 Since Inception 11.31 N.A. 11.16 149,050 N.A. 144,170

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. The Scheme, formerly a large cap fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a Large and Mid-cap Fund. Accordingly, the Scheme’s benchmark has also changed. Hence, the past performance of the Scheme may not strictly be comparable with that of the new benchmark. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV. For performance of other schemes managed by Vinay Kulkarni, please refer page 52. 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. 58. As 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 Feb 18, 94 to Aug 18, 96 and TRI values since Aug 19, 96.



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



• State Bank of India Banks 8.36• NTPc Ltd. Power 8.04• IcIcI Bank Ltd. Banks 7.48• Infosys Ltd. Software 6.76• Reliance Industries Ltd. Petroleum Products 5.91• ITc Ltd. consumer Non Durables 5.58• HDFc Bank Ltd. Banks 4.20• GAIL (India) Ltd. Gas 3.67• Bharat Petroleum

corporation Ltd. Petroleum Products 3.19• Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 2.67Apollo Tyres Ltd. Auto Ancillaries 2.23Prestige estates Projects Ltd. construction 2.03Trent Ltd. Retailing 2.00Gujarat State Petronet Ltd. Gas 1.88Tata Motors Ltd. DVR Auto 1.84Max Financial Services Ltd. Finance 1.79NHPc Ltd. Power 1.72Divis Laboratories Ltd. Pharmaceuticals 1.68Tata Global Beverages Ltd. consumer Non

Durables 1.62Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.53Hindustan Petroleum corporation Ltd. Petroleum Products 1.52Tata chemicals Ltd. chemicals 1.52Mindtree consulting Ltd. Software 1.51Info edge (India) Ltd. Software 1.49castrol India Ltd. Petroleum Products 1.40Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.37Vedanta Ltd. Non - Ferrous Metals 1.34exide Industries Ltd. Auto Ancillaries 1.32Bharat Heavy electricals Ltd. Industrial capital Goods 1.26Indraprastha Gas Ltd. Gas 1.21Oil India Ltd. Oil 1.19canara Bank Banks 1.15Solar Industries India Ltd. chemicals 1.13Shriram Transport Finance company Ltd. Finance 0.86emami Ltd. consumer Non Durables 0.82Reliance Nippon Life Asset Management Ltd. Finance 0.80


cESc Ltd. Power 0.76Power Grid corporation of India Ltd. Power 0.72Mahanagar Gas Ltd. Gas 0.69Dilip Buildcon Ltd. construction Project 0.68NBcc (INDIA) Ltd. construction 0.58Union Bank of India Banks 0.46Indian Bank Banks 0.45Tata Steel Ltd. Ferrous Metals 0.43NLc India Ltd. Power 0.38Reliance Power Ltd. Power 0.19Larsen and Toubro Ltd. construction Project 0.16Sub Total 99.57cash, cash Equivalents and Net current Assets 0.43

Grand Total 100.00

• Top Ten Holdings

PORTFOLIO


0.430.841.191.261.341.842.002.612.652.673.453.554.58

7.458.02

9.7611.8112.02

22.10

0 5 10 15 20 25

Ferrous MetalsConstruction Project

OilIndustrial Capital Goods

Non - Ferrous MetalsAuto

RetailingConstruction

ChemicalsHotels, Resorts & Other Recreational Activities

FinanceAuto AncillariesPharmaceuticals

GasConsumer Non Durables

SoftwarePower

Petroleum ProductsBanks


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,030.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on April 30, 2019 (` ‘000) $$ 20,215.78 4,245.89 2,087.98 742.93 404.36 125.19 Returns (%) $$ 12.88 10.66 10.68 8.49 7.72 8.18 Benchmark Returns (%) # N.A. N.A. 13.61 11.32 9.22 4.43 Additional Benchmark Returns (%) ## 13.73 13.09 12.32 12.61 15.17 15.23


April 2019 11

CATEgORY OF SCHEME: FOcUSED FUND

KEY FACTS


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


CATEgORY OF SCHEME: Focused Fund

FUND MANAgER ¥

Vinay Kulkarni (since November 21, 06)



September 17, 2004




As on April 30, 2019 460.49Average for Month of April, 2019 462.95

qUANTiTATiVE DATA








EXiT lOAD




PLANS & OPTIONS






Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,760.00 1,200.00 600.00 360.00 120.00

Mkt Value As on April 30, 2019 (` ‘000) 4,350.14 2,037.84 713.96 385.85 123.18

Returns (%) 11.48 10.22 6.90 4.57 4.99

Benchmark Returns (%) # 12.42 12.18 11.11 10.71 8.86

Additional Benchmark Returns (%) ## 12.76 12.32 12.61 15.17 15.23




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Apr 30, 18 Last 1 Year -3.72 2.98 12.40 9,628 10,298 11,240

Apr 29, 16 Last 3 Years 10.90 15.03 16.55 13,643 15,225 15,838

Apr 30, 14 Last 5 Years 12.72 14.27 13.28 18,207 19,489 18,664

Sep 17, 04 Since Inception 15.05 15.23 15.56 77,715 79,499 82,913

Returns greater than 1 year period are compounded annualized (cAGR). For performance of other schemes managed by Vinay Kulkarni, please refer page 52. 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. 58.




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









• Tata Steel Ltd. Ferrous Metals 5.43

• Hindustan Petroleum corporation Ltd. Petroleum Products 3.79

• Bharat Petroleum corporation Ltd. Petroleum Products 3.66

• Vedanta Ltd. Non - Ferrous Metals 3.51

NHPc Ltd. Power 3.27



Elecon Engineering comapny Ltd. Industrial capital Goods 2.96

KEc International Ltd. construction Project 2.79

Bharat electronics Ltd. Industrial capital Goods 2.53

Axis Bank Ltd. Banks 2.50

Titagarh Wagons Ltd. Industrial capital Goods 2.37

PNc Infratech Ltd. construction 2.24

Gujarat Pipavav Port Ltd. Transportation 2.14


Tata Motors Ltd. DVR Auto 1.78



Transport corporation of India Ltd. Transportation 1.26

Bharat Heavy electricals Ltd. Industrial capital Goods 1.23

Tata Motors Ltd. Auto 0.93

Sub Total 97.36

cash, cash Equivalents and Net current Assets 2.64

Grand Total 100.00


PORTFOLIO


1.59

2.24

2.71

2.79

3.08

3.40

3.51

5.43

6.10

7.11

7.45

9.09

16.12

26.74

0 5 10 15 20 25 30

Minerals/Mining

Construction

Auto

Construction Project

Gas

Transportation

Non - Ferrous Metals

Ferrous Metals

Consumer Non Durables

Software

Petroleum Products

Industrial Capital Goods

Power

Banks

12 April 2019

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.

CATEgORY OF SCHEME: Thematic Fund

FUND MANAgER ¥

Srinivas Rao Ravuri (since March 10, 2008 *)

Total Experience: Over 23 years*The scheme was co-managed by Srinivas Rao Ravuri with Prashant Jain from inception till March 19, 17


March 10, 2008





qUANTiTATiVE DATA


Risk Ration Standard Deviation 6.357%n Beta 1.414n Sharpe Ratio* 0.014computed for the 3-yr period ended April 30, 2019. Based on month-end NAV. * Risk free rate: 6.20%(Source: FIMMDA MIBOR)



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

EXiT lOAD




PLANS & OPTIONS






Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,340.00 1,200.00 600.00 360.00 120.00 Mkt Value As on April 30, 2019 (` ‘000) 1,935.04 1,593.06 601.50 341.28 120.15 Returns (%) 6.38 5.53 0.10 -3.45 0.23 Benchmark Returns (%) # 12.57 12.18 11.11 10.71 8.86 Additional Benchmark Returns (%) ## 12.37 12.10 12.16 13.97 14.87




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Apr 30, 18 Last 1 Year -16.39 2.98 10.84 8,361 10,298 11,084Apr 29, 16 Last 3 Years 4.99 15.03 15.91 11,573 15,225 15,580Apr 30, 14 Last 5 Years 8.22 14.27 13.32 14,845 19,489 18,693Mar 10, 08 Since Inception 4.63 9.68 9.65 16,552 28,016 27,933

Returns greater than 1 year period are compounded annualized (cAGR). For performance of other schemes managed by Srinivas Rao Ravuri, please refer page 52. 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. 59.




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 4.69


• JMc Projects (India) Ltd. construction 4.06

• Bharat Petroleum corporation Ltd. Petroleum Products 3.98

• Bank of Baroda Banks 3.73

• Texmaco Rail & Engineering Ltd. Industrial capital Goods 3.60

• coal India Ltd. Minerals/Mining 3.09

Hindustan construction company Ltd. construction Project 2.97

centum Electronics Ltd. Industrial capital Goods 2.83



Premier explosives Ltd. chemicals 2.29

Dilip Buildcon Ltd. construction Project 2.20

Gujarat State Petronet Ltd. Gas 2.17

BeML Ltd. Industrial capital Goods 2.07

Dynamatic Technologies Ltd. Auto Ancillaries 2.07




Ashoka Buildcon Ltd. construction Project 1.74

J.Kumar Infraprojects Ltd. construction 1.55


Punjab National Bank Banks 1.20


IRcON International Ltd. construction Project 1.14

RITeS Ltd. construction Project 1.12

Simplex Infrastructures Ltd. construction 1.10

cG Power and Industrial Solutions Ltd. Industrial capital Goods 1.04


Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) construction Project 1.00

B L Kashyap & Sons Ltd. construction 0.96

MeP Infrastructure Developers Ltd. Transportation 0.69

corporation Bank Banks 0.54

Oriental Bank of commerce Banks 0.28

Transformers & Rectifiers India Ltd. Industrial capital Goods 0.26


Sub Total 97.35


Grand Total 100.00


PORTFOLIO


1.55

1.87

2.07

2.17

2.29

2.65

3.09

3.98

4.76

7.67

9.08

11.18

18.06

26.93

0 5 10 15 20 25 30


Ferrous Metals

Auto Ancillaries

Gas

Chemicals

Transportation

Minerals/Mining

Petroleum Products

Finance

Construction

Power



Banks

April 2019 13

Face Value per Unit: ` 10 unless otherwise specified, + Industry classification as recommended by AMFI, Data is as of April 30, 2019 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 3.22









HDFc Bank Ltd. Banks 1.67


Hindustan Petroleum corporation Ltd. Petroleum Products 1.43

Tata consultancy Services Ltd. Software 1.38





Solar Industries India Ltd. chemicals 0.84

Just Dial Ltd. Software 0.83


chambal Fertilizers & chemicals Ltd. Fertilisers 0.75


Apollo Tyres Ltd. Auto Ancillaries 0.62




Apar Industries Ltd. Industrial capital Goods 0.38


Savita Oil Technologies Ltd. Petroleum Products 0.38

Ashoka Buildcon Ltd. construction Project 0.37


Mishra Dhatu Nigam Ltd. Ferrous Metals 0.28


Orient cement Ltd. cement 0.28

Union Bank of India Banks 0.23

Steel Authority Of India Ltd. Ferrous Metals 0.22

Time Technoplast Ltd. Industrial Products 0.21

ABB India Ltd. Industrial capital Goods 0.20

JMc Projects (India) Ltd. construction 0.20

cochin Shipyard Ltd. Industrial capital Goods 0.18

Kirloskar Pneumatic Ltd. Industrial Products 0.14



Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 0.11

Gujarat Industries Power company Ltd. Power 0.11

Texmaco Rail & engineering Ltd. Industrial capital Goods 0.10


S chand and company Ltd. Media & entertainment 0.09

Sagar cements Ltd. cement 0.09



Oriental Bank of commerce Banks 0.07

Bharat Dynamics Ltd. Aerospace & Defence 0.06


J.Kumar Infraprojects Ltd. construction 0.06

RITeS Ltd. construction Project 0.06

Ramco Systems Ltd. Software 0.05

Syndicate Bank Banks 0.05

Future Supply chain Solutions Ltd. Transportation 0.03

centum Electronics Ltd. Industrial capital Goods 0.02

container corporation of India Ltd. Transportation 0.02


Reliance Nippon Life Asset Management Ltd. Finance 0.01

Avenue Supermarts Ltd. Retailing @

Sub Total 83.55

DEBT & DEBT RElATED

CREDiT EXPOSURE

• State Bank of India cARE - AA+ / cRISIL - AA+ 4.45

• Tata Sons Ltd. cRISIL - AAA 3.28

canara Bank cRISIL - AA 1.59

HDFc Bank Ltd. cARE - AA+ 1.49

PORTFOLIO

KEY FACTS


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


CATEgORY OF SCHEME: Balanced Advantage Fund

FUND MANAgER ¥

Prashant Jain (since June 20, 03)§


iNCEPTiON DATE ¤February 01, 1994





qUANTiTATiVE DATAPortfolio Turnover Ratio 14.35%Average Maturity * 2.62 yearsMacaulay Duration * 2.29 yearsModified Duration * 2.09 yearsYield to Maturity * 9.21%

* 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

14 April 2019


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,030.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on April 30, 2019 (` ‘000) $$ 59,610.11 6,235.47 2,384.73 773.62 413.87 127.96 Returns (%) $$ 19.43 15.13 13.18 10.12 9.30 12.63 Benchmark Returns (%) # N.A. 11.40 10.83 10.58 11.33 12.95 Additional Benchmark Returns (%) ## N.A. 12.82 12.10 12.16 13.97 14.87



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##Apr 30, 18 Last 1 Year 6.82 9.92 10.84 10,682 10,992 11,084Apr 29, 16 Last 3 Years 13.83 12.89 15.91 14,755 14,391 15,580Apr 30, 14 Last 5 Years 14.46 11.83 13.32 19,655 17,497 18,693Feb 01, 94 Since Inception 18.56 N.A. N.A. 737,069 N.A. N.A.

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. $$ 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 52. 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. 58. For FPI Portfolio, refer page no. 65.^Past performance may or may not be sustained in the future. Load is not taken into consideration for computation of performance.




l investments in a mix of equity and debt instruments

Riskometer



Portfolio Classification By Asset Class (%)

n equity 83.55

n cP 1.19

n credit Exposure 14.08

n Mutual Fund Units 0.03

n cash, cash Equivalents and Net current Assets 1.15

Portfolio Classification By Rating Class (%)

n equity 83.55n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 4.47n AA+ 7.09n AA/AA- 2.30n A+ & Below 1.41n Mutual Fund Units 0.03n cash, cash Equivalents and Net

current Assets 1.15

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


IcIcI Bank Ltd. IcRA - AA+ 1.09

Punjab National Bank cARE - A+ 1.05

Union Bank of India cARE - AA- 0.71

Syndicate Bank cARE - A+ 0.31

Axis Bank Ltd. cRISIL - AA+ 0.06

Andhra Bank cARE - A+ 0.05

Sub Total 14.08

MONEY MARKET INSTRUMENTS

CD/CP

NTPc Ltd. IcRA - A1+ 0.82

Tata Sons Ltd. cRISIL - A1+ 0.37

Sub Total 1.19


MUTUAl FUND UNiTS

HDFc SeNSex Exchange Traded Fund 0.03

Sub Total 0.03


Grand Total 100.00

• Top Ten Holdings, @ Less than 0.01%

PORTFOLIOIndustry Allocation of Equity Holding (% of Net Assets)

0.090.170.260.350.370.600.740.750.811.751.862.102.482.662.702.78

4.407.117.188.16

10.7525.48

0 5 10 15 20 25 30

Media & EntertainmentAerospace & Defence

ConstructionIndustrial Products

CementTransportation

Auto AncillariesFertilisers

Non - Ferrous MetalsChemicals

Industrial Capital GoodsGas

Ferrous MetalsMinerals/MiningPharmaceuticals

Consumer Non DurablesFinance

Construction ProjectPetroleum Products

PowerSoftware

Banks

April 2019 15

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 4.11



• Aurobindo Pharma Ltd. Pharmaceuticals 2.69


Reliance Industries Ltd. Petroleum Products 2.45

State Bank of India Banks 2.16

Aarti Industries Ltd. chemicals 1.67


Indusind Bank Ltd. Banks 1.45

SKF India Ltd. Industrial Products 1.34



Voltas Ltd. consumer Durables 1.27


Balkrishna Industries Ltd. Auto Ancillaries 1.08



Indian Hotels company Ltd. Hotels/Resorts & Other Recreational Activities 0.95


cholamandalam Financial Holdings Ltd. Finance 0.91

Atul Ltd. chemicals 0.90

Bharti Airtel Ltd.* Telecom - Services 0.78


Tube Investments of India Ltd. Auto Ancillaries 0.70

Hexaware Technologies Ltd. Software 0.64

NIIT Technologies Ltd. Software 0.63


Mahindra Holidays & Resorts Ind Ltd.



Sadbhav engineering Ltd. construction Project 0.56

Yes Bank Ltd. Banks 0.53


Edelweiss Financial Services Ltd. Finance 0.44

Petronet LNG Ltd. Gas 0.44


Vardhman Textiles Ltd. Textiles - cotton 0.42

VST Industries Ltd. consumer Non Durables 0.42

Ipca Laboratories Ltd. Pharmaceuticals 0.39

Redington (India) Ltd. Transportation 0.37

Sharda cropchem Ltd. Pesticides 0.37

Allahabad Bank Banks 0.36

Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.36

Zensar Technologies Ltd. Software 0.36

Tamilnadu Newsprint & Papers Ltd. Paper 0.35



carborundum Universal Ltd. Industrial Products 0.29

Jagran Prakashan Ltd. Media & entertainment 0.25

IcIcI Securities Ltd. Finance 0.20

MM Forgings Ltd. Industrial Products 0.15

Navneet education Ltd. Media & entertainment 0.15

Greenply Industries Ltd. consumer Durables 0.14

Persistent Systems Ltd. Software 0.13

IFB Industries Ltd. consumer Durables 0.11

Atul Auto Ltd. Auto 0.08

Insecticides (India) Ltd. Pesticides 0.05

Sub Total 69.30

DEBT & DEBT RElATED

gOVERNMENT SECURiTiES (CENTRAl/STATE)

7.16 GOI 2023 Sovereign 1.43


















SUB TOTAL 7.80

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

PORTFOLIO

KEY FACTS

INVESTMENT OBjECTiVE

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.


CATEgORY OF SCHEME: Aggressive Hybrid Fund

FUND MANAgER ¥

Chirag Setalvad (since April 2, 07) ¤


iNCEPTiON DATE ¤September 11, 2000





qUANTiTATiVE DATA

Portfolio Turnover Ratio (Last 1 year) 8.73%Average Maturity * 2.95 yearsMacaulay Duration * 2.45 yearsModified Duration * 2.29 yearsYield to Maturity * 7.98%

* 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 49.55%Mid cap 11.41%Small cap 8.34%


16 April 2019


CREDiT EXPOSURE

• Tata Sons Ltd. cRISIL - AAA 4.31

• LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 2.54

Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA / IcRA - AAA 2.27

National Bank for Agriculture and Rural Development cRISIL - AAA 1.55

Axis Bank Ltd. cRISIL - AA+ 1.52

Housing Development Finance corporation Ltd. £ cRISIL - AAA 1.25

L&T Finance Ltd. cARE - AAA 1.16

Small Industries Development Bank cARE - AAA 1.13

ONGc Petro additions Ltd. (OPAL) (Put on ONGc Ltd.) cRISIL - AAA(SO) 0.89

Rural electrification corporation Ltd.

cARE - AAA / cRISIL - AAA / IND - AAA 0.68

Shriram Transport Finance company Ltd. cRISIL - AA+ 0.66

National Highways Authority of India cARE - AAA 0.56


cholamandalam Investment & Finance IcRA - AA+ 0.34


HDFc Bank Ltd. cRISIL - AAA 0.22

State Bank of India cRISIL - AA+ 0.22

Oriental Bank of commerce cARE - A+ 0.13


IcIcI Bank Ltd. cARE - AAA 0.11


Hindalco Industries Ltd. cRISIL - AA 0.05

Tata capital Financial Services Ltd. IcRA - AAA 0.04

Sub Total 20.27

Total 28.07

MUTUAl FUND UNiTS

HDFc NIFTY 50 Exchange Traded Fund 0.70

Sub Total 0.70


gRAND TOTAl 100.00

l Top Ten Holdings, £ co-sponsor, * Includes Rights entitlement


Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,240.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on April 30, 2019 (` ‘000) 12,482.23 6,138.02 2,511.78 773.78 408.14 125.45 Returns (%) 16.22 14.95 14.15 10.13 8.35 8.60 Benchmark Returns (%) # N.A. 11.40 10.83 10.58 11.33 12.95 Additional Benchmark Returns (%) ## 14.87 12.82 12.10 12.16 13.97 14.87




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Apr 30, 18 Last 1 Year 2.54 9.92 10.84 10,254 10,992 11,084Apr 29, 16 Last 3 Years 12.55 12.89 15.91 14,260 14,391 15,580Apr 30, 14 Last 5 Years 15.02 11.83 13.32 20,135 17,497 18,693Sep 11, 00 Since Inception 15.80 N.A. 13.42 154,138 N.A. 104,581

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. For performance of other schemes managed by chirag Setalvad, please refer page 52. 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. 58.



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 69.30

G-Sec 7.80

credit Exposure 20.27

Mutual Fund Units 0.70cash, cash Equivalents and Net current Assets 1.93

PORTFOliO ClASSiFiCATiON BY RATiNg ClASS (%)

n equity 69.30n Sovereign 7.80n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 16.71n AA+ 2.74n AA/AA- 0.05n A+ & Below 0.77n Mutual Fund Units 0.70n cash, cash Equivalents and Net

current Assets 1.93

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


0.250.350.370.390.400.420.440.490.780.781.241.271.571.601.781.782.022.573.443.814.08

5.665.947.14

20.73

0 5 10 15 20 25Consumer Durables

PaperTransportation

AutoMedia & Entertainment

Textiles - CottonGas

ConstructionNon - Ferrous Metals

Telecom -ServicesFerrous Metals

Industrial Capital GoodsHotels, Resorts & Other Recreational Activities

PowerAuto Ancillaries

Industrial ProductsPesticidesChemicals

PharmaceuticalsConsumer Non Durables

Petroleum ProductsFinance

Construction ProjectSoftware

Banks

April 2019 17


Since Inception SIP

10 year SIP

5 Year SIP

3 Year SIP

1 Year SIP

Total Amount Invested (` ‘000) 1,650.00 1,200.00 600.00 360.00 120.00 Mkt Value As on April 30, 2019 (` ‘000) 3,138.65 1,855.13 706.25 390.39 124.04 Returns (%) 8.86 8.44 6.47 5.35 6.36 Benchmark Returns (%) # N.A. N.A. N.A. N.A. N.A. Additional Benchmark Returns (%) ## 11.90 12.10 12.16 13.97 14.87




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Apr 27, 18 Last 1 Year 2.26 9.44 11.23 10,226 10,944 11,123Apr 29, 16 Last 3 Years 7.19 11.84 15.91 12,318 13,992 15,580Apr 30, 14 Last 5 Years 8.35 11.01 13.32 14,933 16,863 18,693Aug 17, 05 Since Inception 8.89 N.A. 13.65 32,135 N.A. 57,812

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. The Scheme formerly, a debt oriented hybrid fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a multi asset fund investing in equities, debt and gold. Accordingly, the Scheme’s benchmark has also changed. Hence, the performance of the Scheme from inception till May 22, 2018 may not strictly be comparable with those of the new benchmark and the additional benchmark. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments and gold. For performance of other schemes managed by chirag Setalvad (Equities), Anil Bamboli (Debt) and Krishan Kumar Daga (Gold), please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 64.



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

related instruments, debt & money market instruments and Gold

Riskometer




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


0.290.400.410.620.820.871.692.082.373.113.324.104.354.555.05

6.717.08

10.1417.07

0 2 4 6 8 10 12 14 16 18

Non - Ferrous MetalsPower

Ferrous MetalsIndustrial Capital GoodsMedia & Entertainment

Telecom - ServicesPesticides

TransportationAuto

Consumer DurablesConsumer Non Durables

Auto AncillariesIndustrial Products

FinanceConstruction ProjectPetroleum Products

ChemicalsSoftware

Banks

KEY FACTS

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

CATEgORY OF SCHEME: Multi Asset Allocation Fund

FUND MANAgER ¥

Chirag Setalvad (equities) (since April 2, 07)

Total Experience - Over 21 years &Anil Bamboli (Debt) (since August 17, 05)

Total Experience: Over 23 yearsKrishan Kumar Daga (Gold) (since May 23, 18)


iNCEPTiON DATE (Date of Allotment)August 17, 2005


ASSETS UNDER MANAgEMENT (`) iN CROREAs on April 30, 2019 149.81Average for Month of April, 2019 152.00

qUANTiTATiVE DATAPortfolio Turnover Ratio 92.84%


#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 75.03

n Gold 9.13



n equity 75.03n Gold 9.13n cash, cash Equivalents and Net

current Assets 15.84

cash and cash Equivalents include overnight deployment of cash in Tri-Party Repos

CATEgORY OF SCHEME: MULTI ASSET ALLOcATION FUND

18 April 2019

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

% exposure of Derivative


• HDFc Bank Ltd. Banks 8.37 0.00

• Reliance Industries Ltd. Petroleum Products 4.56 0.00

• Infosys Ltd. Software 3.95 0.00

• IcIcI Bank Ltd. Banks 3.86 0.00

• Larsen and Toubro Ltd. construction Project 3.33 0.00

• Housing Development Finance corporation Ltd. £ Finance 3.17 0.00

• NIIT Technologies Ltd. Software 2.94 0.00

• Oriental carbon & chemicals Ltd. chemicals 2.83 0.00

• State Bank of India Banks 2.77 0.00

ITc Ltd. consumer Non Durables 2.44 0.00

Aarti Industries Ltd. chemicals 2.17 0.00

Bajaj electricals Ltd. consumer Durables 2.10 0.00

Gujarat Fluorochemicals Ltd. chemicals 2.08 0.00

Redington (India) Ltd. Transportation 2.08 0.00

Balkrishna Industries Ltd. Auto Ancillaries 1.95 0.00

Sonata Software Ltd. Software 1.90 0.00

KEc International Ltd. construction Project 1.72 0.00

Sharda cropchem Ltd. Pesticides 1.69 0.00

Shaily engineering Plastics Ltd. Industrial Products 1.63 0.00

Gabriel India Ltd. Auto Ancillaries 1.53 0.00

Rural Electrification corporation Ltd. Finance 1.38 0.00

Bharat Petroleum corporation Ltd. Petroleum Products 1.37 0.00

Tata Motors Ltd. DVR Auto 1.37 0.00

Firstsource Solutions Ltd. Software 1.35 0.00

Axis Bank Ltd. Banks 1.25 0.00



carborundum Universal Ltd. Industrial Products 1.21 0.00

Greenply Industries Ltd. consumer Durables 1.01 0.00

Tata Motors Ltd. Auto 1.00 0.00

VST Industries Ltd. consumer Non Durables 0.88 0.00

Bharti Airtel Ltd.* Telecom - Services 0.87 0.00

Jagran Prakashan Ltd. Media & entertainment 0.82 0.00

Union Bank of India Banks 0.82 0.00

Timken India Ltd. Industrial Products 0.81 0.00

Savita Oil Technologies Ltd. Petroleum Products 0.78 0.00

Vesuvius India Ltd. Industrial Products 0.70 0.00

Apar Industries Ltd. Industrial capital Goods 0.62 0.00

Suprajit engineering Ltd. Auto Ancillaries 0.62 0.00

Tata Steel Ltd. Ferrous Metals 0.41 0.00

Power Grid corporation of India Ltd. Power 0.40 0.00

Vedanta Ltd. Non - Ferrous Metals 0.29 0.00

Sub Total 75.03

gOlD

• Gold Bar 1 Kg (0.995 purity) NA 9.13

Sub Total 9.13

MUTUAl FUND UNiTS

HDFc Gold Exchange Traded Fund 2.12

Sub Total 2.12

OTHERS

Short Term Deposits as margin for Futures & Options 2.67


Sub Total 13.72

Grand Total 100.00

• Top Ten Holdings, £ co-sponsor, * Includes Rights entitlement


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

PORTFOLIO

April 2019 19

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.

CATEgORY OF SCHEME: Exchange Traded Fund

FUND MANAgERKrishan Kumar Daga (since December 09, 15)


iNCEPTiON DATE (Date of Allotment)December 09, 2015

NAV (AS ON APRIL 30, 2019) NAV PER UNIT (`)Growth Option 1,220.99

ASSETS UNDER MANAgEMENT j (`) iN CROREAs on April 30, 2019 308.16Average for Month of April, 2019 322.64

qUANTiTATiVE DATAPortfolio Turnover Ratio (Last 1 year) 16.45%

TRACKiNg ERRORAnnualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.02%

TOTAL ExPENSE RATIO (As on April 30, 2019)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 52.

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 April 30, 2019 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Apr 30, 18 Last 1 Year 10.78 10.84 12.40 11,078 11,084 11,240

Apr 29, 16 Last 3 Years 15.81 15.91 16.55 15,538 15,580 15,838

Dec 09, 15 Since Inception 14.95 15.09 15.41 16,039 16,107 16,258

Returns 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 52.


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. 156.17 crores

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










• Kotak Mahindra Bank Ltd. Banks 3.92



Hindustan Unilever Ltd. consumer Non Durables 2.65


Maruti Suzuki India Ltd. Auto 1.87


Bajaj Finance Ltd. Finance 1.55

Asian Paints Ltd. consumer Non Durables 1.40

HcL Technologies Ltd. Software 1.36

Mahindra & Mahindra Ltd. Auto 1.27

NTPc Ltd. Power 1.15

Tech Mahindra Ltd. Software 1.11

Oil & Natural Gas corporation Ltd. Oil 1.08

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.07

Titan company Ltd. consumer Durables 1.02

UltraTech cement Ltd. cement 1.02

Bajaj Finserv Ltd. Finance 0.96


Wipro Ltd. Software 0.95




Bajaj Auto Ltd. Auto 0.86


Indian Oil corporation Ltd. Petroleum Products 0.79

Dr Reddys Laboratories Ltd. Pharmaceuticals 0.75

Grasim Industries Ltd. cement 0.75


Britannia Industries Ltd. consumer Non Durables 0.72


Hero Motocorp Ltd. Auto 0.69


JSW Steel Ltd. Ferrous Metals 0.66


Adani Ports & Special economic Zone Transportation 0.65

Hindalco Industries Ltd. Non - Ferrous Metals 0.64




eicher Motors Ltd. Auto 0.61

Zee entertainment enterprises Ltd. Media & entertainment 0.51

Indiabulls Housing Finance Ltd. Finance 0.49

Bharti Infratel Ltd. Telecom - equipment & Accessories 0.47

Sub Total 99.97


Grand Total 100.00


PORTFOLIO


0.470.510.650.680.750.890.961.021.081.281.551.772.062.433.52

6.129.9610.2411.50

14.4828.05

0 5 10 15 20 25 30

Telecom - Equipment & AccessoriesMedia & Entertainment

TransportationGas

PesticidesMinerals/Mining

Telecom - ServicesConsumer Durables

OilNon - Ferrous Metals

Ferrous MetalsCement

PowerPharmaceuticals

Construction ProjectAuto



Banks

20 April 2019

CATEgORY OF SCHEME: INDEx FUND


EqUiTY & EqUiTY RElATED• HDFc Bank Ltd. Banks 10.57• Reliance Industries Ltd. Petroleum Products 10.11• Housing Development

Finance corporation Ltd. £ Finance 6.98• Infosys Ltd. Software 6.06• IcIcI Bank Ltd. Banks 5.57• ITc Ltd. consumer Non Durables 5.48• Tata consultancy Services Ltd. Software 5.04• Kotak Mahindra Bank Ltd. Banks 3.93• Larsen and Toubro Ltd. construction Project 3.53• Axis Bank Ltd. Banks 3.18Hindustan Unilever Ltd. consumer Non Durables 2.66State Bank of India Banks 2.46Maruti Suzuki India Ltd. Auto 1.88Indusind Bank Ltd. Banks 1.75Bajaj Finance Ltd. Finance 1.56Asian Paints Ltd. consumer Non Durables 1.40HcL Technologies Ltd. Software 1.36Mahindra & Mahindra Ltd. Auto 1.28NTPc Ltd. Power 1.15Tech Mahindra Ltd. Software 1.12Oil & Natural Gas corporation Ltd. Oil 1.08Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.07Titan company Ltd. consumer Durables 1.03UltraTech cement Ltd. cement 1.02Bharti Airtel Ltd.* Telecom - Services 0.98Bajaj Finserv Ltd. Finance 0.96Wipro Ltd. Software 0.96Power Grid corporation of India Ltd. Power 0.91coal India Ltd. Minerals/Mining 0.90Tata Steel Ltd. Ferrous Metals 0.89Bajaj Auto Ltd. Auto 0.86Tata Motors Ltd. Auto 0.83Indian Oil corporation Ltd. Petroleum Products 0.79Dr Reddys Laboratories Ltd. Pharmaceuticals 0.75Grasim Industries Ltd. cement 0.75UPL Ltd. Pesticides 0.75Britannia Industries Ltd. consumer Non Durables 0.72Hero Motocorp Ltd. Auto 0.69GAIL (India) Ltd. Gas 0.68


Adani Ports & Special economic Zone Transportation 0.66JSW Steel Ltd. Ferrous Metals 0.66Yes Bank Ltd. Banks 0.66Hindalco Industries Ltd. Non - Ferrous Metals 0.64Vedanta Ltd. Non - Ferrous Metals 0.64Bharat Petroleum corporation Ltd. Petroleum Products 0.63cipla Ltd. Pharmaceuticals 0.61eicher Motors Ltd. Auto 0.60Zee entertainment enterprises Ltd. Media & entertainment 0.51Indiabulls Housing Finance Ltd. Finance 0.49Bharti Infratel Ltd. Telecom - equipment

& Accessories 0.47Sub Total 100.26cash, cash Equivalents and Net current Assets -0.26Grand Total 100.00• Top Ten Holdings, £ co-sponsor, * Includes Rights entitlement

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.


CATEgORY OF SCHEME: Index Fund

FUND MANAgER

Krishan Kumar Daga (since October 19, 15)



July 17, 2002


Regular Plan - Growth Option 106.5311Direct Plan - Growth Option 107.6947



qUANTiTATiVE DATA


TRACKiNg ERROR

Annualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.05%





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) 2,020.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on April 30, 2019 (` ‘000) 6,401.54 4,451.27 2,170.56 804.22 439.78 129.04 Returns (%) 12.48 11.22 11.41 11.68 13.48 14.37 Benchmark Returns (%) # 14.48 12.82 12.10 12.16 13.97 14.87 Additional Benchmark Returns (%) ## 14.93 13.09 12.32 12.61 15.17 15.23




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Apr 30, 18 Last 1 Year 10.35 10.84 12.40 11,035 11,084 11,240Apr 29, 16 Last 3 Years 15.35 15.91 16.55 15,355 15,580 15,838Apr 30, 14 Last 5 Years 12.88 13.32 13.28 18,329 18,693 18,664Jul 17, 02 Since Inception 14.91 17.21 17.18 103,168 144,108 143,372

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 52. 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. 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



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

PORTFOLIO


0.470.510.660.680.750.900.981.031.081.281.551.772.062.433.53

6.149.9910.2611.53

14.5428.12

0 5 10 15 20 25 30

Telecom - Equipment & AccessoriesMedia & Entertainment

TransportationGas

PesticidesMinerals/Mining

Telecom - ServicesConsumer Durables

OilNon - Ferrous Metals

Ferrous MetalsCement

PowerPharmaceuticals

Construction ProjectAuto



Banks

April 2019 21

CATEgORY OF SCHEME: ExcHANGE TRADED FUND

KEY FACTS

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

CATEgORY OF SCHEME: Exchange Traded Fund

FUND MANAgERKrishan Kumar Daga (since December 09, 15)


iNCEPTiON DATE (Date of Allotment)December 09, 2015

NAV (AS ON APRIL 30, 2019) NAV PER UNIT (`)Growth Option 4,071.73

ASSETS UNDER MANAgEMENT j (`) iN CROREAs on April 30, 2019 48.80Average for Month of April, 2019 51.77

qUANTiTATiVE DATAPortfolio Turnover Ratio (Last 1 year) 110.54%

TRACKiNg ERRORAnnualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.03%

TOTAL ExPENSE RATIO (As on April 30, 2019)Including Additional expenses and Goods and Service Tax on Management FeesHDFc SeNSex ETF 0.05%

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

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

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

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

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

the NSe and BSe during the trading hours on all trading days. Refer SID for further details.For further details, please refer to para ‘Exit Load’ on Pg 52.

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 April 30, 2019 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Apr 30, 18 Last 1 Year 12.35 12.40 10.84 11,235 11,240 11,084

Apr 29, 16 Last 3 Years 16.49 16.55 15.91 15,812 15,838 15,580


Returns 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 52.


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. 31.89 crores

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



































Sub Total 99.90


Grand Total 100.00


PORTFOLIO


0.78

0.87

1.07

1.15

1.21

1.24

2.35

4.14

6.71

10.50

11.32

11.33

14.81

32.42

0 5 10 15 20 25 30 35


Minerals/Mining

Ferrous Metals

Telecom - Services

Oil

Pharmaceuticals

Power


Auto

Finance


Petroleum Products

Software

Banks

22 April 2019

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.


CATEgORY OF SCHEME: Index Fund

FUND MANAgER

Krishan Kumar Daga (since October 19, 15)



July 17, 2002


Regular Plan - Growth Option 344.9570Direct Plan - Growth Option 349.1093



qUANTiTATiVE DATA


TRACKiNg ERROR

Annualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.08%



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


EXiT lOAD

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

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


PLANS & OPTIONS

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




Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,020.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on April 30, 2019 (` ‘000) 6,585.19 4,543.01 2,195.37 813.96 447.05 129.21 Returns (%) 12.77 11.46 11.63 12.17 14.63 14.65 Benchmark Returns (%) # 14.93 13.09 12.32 12.61 15.17 15.23 Additional Benchmark Returns (%) ## 14.48 12.82 12.10 12.16 13.97 14.87




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Apr 30, 18 Last 1 Year 11.84 12.40 10.84 11,184 11,240 11,084Apr 29, 16 Last 3 Years 16.06 16.55 15.91 15,640 15,838 15,580Apr 30, 14 Last 5 Years 12.79 13.28 13.32 18,261 18,664 18,693Jul 17, 02 Since Inception 15.17 17.18 17.21 107,259 143,372 144,108

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 52. 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. 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



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 100.13

cash, cash Equivalents and Net current Assets -0.13

Grand Total 100.00


PORTFOLIO


0.78

0.87

1.08

1.16

1.21

1.25

2.35

4.15

6.72

10.51

11.33

11.36

14.85

32.51

0 5 10 15 20 25 30 35


Minerals/Mining

Ferrous Metals

Telecom - Services

Oil

Pharmaceuticals

Power


Auto

Finance


Petroleum Products

Software

Banks

April 2019 23

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.

CATEgORY OF SCHEME: equity Linked Savings Scheme

FUND MANAgER ¥

Vinay Kulkarni (since November 21, 06)



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) 2,770.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on April 30, 2019 (` ‘000) $$ 67,030.67 5,584.80 2,231.90 743.04 402.51 125.30 Returns (%) $$ 22.81 13.86 11.94 8.50 7.41 8.36 Benchmark Returns (%) # 15.12 12.72 12.18 11.11 10.71 8.86 Additional Benchmark Returns (%) ## 14.07 12.82 12.10 12.16 13.97 14.87



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Apr 30, 18 Last 1 Year 1.88 2.98 10.84 10,188 10,298 11,084Apr 29, 16 Last 3 Years 13.56 15.03 15.91 14,652 15,225 15,580Apr 30, 14 Last 5 Years 13.19 14.27 13.32 18,583 19,489 18,693Mar 31, 96 Since Inception 23.59 13.87 12.65 1,332,443 201,105 156,568

Returns greater than 1 year period are compounded annualized (cAGR). $$ 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 52. 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. 58. 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










• GAIL (India) Ltd. Gas 5.12


• Tata Steel Ltd. Ferrous Metals 2.94





Oracle Financial Services Software Ltd. Software 1.96



L&T Technology Services Ltd. Software 1.17



Solar Industries India Ltd. chemicals 1.06








eclerx Services Ltd. Software 0.69



Max Financial Services Ltd. Finance 0.55

Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.45


ITD cementation India Ltd. construction 0.33



HSIL Ltd. construction 0.27


Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) construction Project 0.25


Persistent Systems Ltd. Software 0.17

MPS Ltd. Software 0.06

Siti Networks Ltd. Media & entertainment 0.02

Sub Total 96.80MONEY MARKET INSTRUMENTSCD/CPTata Sons Ltd. cRISIL - A1+ 0.67

Sub Total 0.67cash, cash Equivalents and Net current Assets 2.53

Grand Total 100.00

• Top Ten Holdings, @ Less than 0.01%

PORTFOLIO


0.020.190.550.600.750.871.062.002.462.702.94

4.604.705.12

6.7110.9211.6711.85

27.09

0 5 10 15 20 25 30

Media & EntertainmentAuto Ancillaries

FinanceConstruction

Minerals/MiningTransportation

ChemicalsAuto

Industrial Capital GoodsNon - Ferrous Metals

Ferrous MetalsConsumer Non Durables

PharmaceuticalsGas

Construction ProjectPetroleum Products

SoftwarePowerBanks

24 April 2019

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.


CATEgORY OF SCHEME: children’s Fund

FUND MANAgER ¥

Chirag Setalvad (since April 2, 07)

Total Experience - Over 21 years


March 2, 2001


Regular Plan 120.696Direct Plan 127.008



qUANTiTATiVE DATA

Portfolio Turnover Ratio (Last 1 year) 9.07%Average Maturity * 2.21 yearsMacaulay Duration * 1.73 yearsModified Duration * 1.62 yearsYield to Maturity * 7.83%* 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. Amar Kalkundrikar (Total Experience: Over 16 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














cholamandalam Investment & Finance Finance 1.62







Motherson Sumi Systems Ltd. Auto Ancillaries 1.13


Schaeffler India Ltd. Industrial Products 1.10

AIA engineering Ltd. Industrial Products 1.03



Finolex Industries Ltd. Industrial Products 0.89

Supreme Industries Ltd. Industrial Products 0.84

century Plyboards (India) Ltd. consumer Durables 0.83

Larsen & Toubro Infotech Ltd. Software 0.83





Sonata Software Ltd. Software 0.74

Ipca Laboratories Ltd. Pharmaceuticals 0.71



eIH Ltd. Hotels/Resorts & Other Recreational Activities 0.69

Apollo Tyres Ltd. Auto Ancillaries 0.67


Indian Bank Banks 0.65


VST Industries Ltd. consumer Non Durables 0.65

cholamandalam Financial Holdings Ltd. Finance 0.63



Swaraj engines Ltd. Industrial Products 0.56

Vesuvius India Ltd. Industrial Products 0.52


Blue Star Ltd. consumer Durables 0.49

Navneet education Ltd. Media & entertainment 0.47

eclerx Services Ltd. Software 0.32



V.S.T Tillers Tractors Ltd. Auto 0.30


Nilkamal Ltd. Industrial Products 0.28

Mcleod Russel India Ltd. consumer Non Durables 0.18

Jyoti Structures Ltd. Power 0.02

Sub Total 66.04

DEBT & DEBT RElATED












Sub Total 7.03

PORTFOLIO

April 2019 25


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

Total Amount Invested (` ‘000) 2,180.00 1,800.00 1,200.00 600.00 360.00 120.00

Mkt Value As on April 30, 2019 (` ‘000) $ 11,036.21 6,056.89 2,551.38 778.19 412.08 124.32

Returns (%) $ 15.83 14.80 14.44 10.36 9.00 6.80

Benchmark Returns (%) # N.A. 11.40 10.83 10.58 11.33 12.95

Additional Benchmark Returns (%) ## 14.94 12.82 12.10 12.16 13.97 14.87

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(`)##

Apr 30, 18 Last 1 Year 2.47 9.92 10.84 10,247 10,992 11,084

Apr 29, 16 Last 3 Years 13.11 12.89 15.91 14,475 14,391 15,580

Apr 30, 14 Last 5 Years 14.13 11.83 13.32 19,374 17,497 18,693

Mar 02, 01 Since Inception 16.36 N.A. 14.47 156,905 N.A. 116,564

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. 58.


equity 66.04

G-Sec 7.03

credit Exposure 19.98




l capital appreciation over long term.

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

Riskometer




equity 66.04

Sovereign 7.03

AAA/AAA(SO)/A1+/A1+(SO) & equivalent 14.92

AA+ 5.06


[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

• Tata capital Financial Services Ltd. IcRA - AAA 4.22

• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA 3.69

• L&T Finance Ltd. cARE - AAA 3.67

• Axis Bank Ltd. cRISIL - AA+ 3.57

Mahindra & Mahindra Financial Services Ltd. IND - AAA 1.47

Tata Sons Ltd. cRISIL - AAA 1.32


Hero Fincorp Ltd. IcRA - AA+ 1.09

HDB Financial Services Ltd. cRISIL - AAA 0.55

State Bank of India cRISIL - AA+ 0.40

Sub Total 19.98

Total 27.01


Grand Total 100.00



0.30

0.57

0.61

0.67

0.75

0.75

0.98

1.19

1.43

2.16

2.49

2.53

2.75

3.04

3.48

4.81

6.91

7.02

9.16

14.44

0 2 4 6 8 10 12 14 16

Auto


Construction

Power

Ferrous Metals

Media & Entertainment

Telecom - Services


Pesticides

Hotels, Resorts & Other Recreational Activities

Pharmaceuticals


Consumer Durables


Auto Ancillaries

Petroleum Products

Industrial Products

Finance

Software

Banks

26 April 2019

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.

CATEgORY OF SCHEME: Retirement Fund

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 5.96%





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 (`)#


(`)##

Apr 30, 18 Last 1 Year -2.76 2.98 10.84 9,724 10,298 11,084Apr 29, 16 Last 3 Years 14.38 15.03 15.91 14,971 15,225 15,580Feb 25, 16 Since Inception 18.07 18.78 19.43 16,956 17,281 17,580

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 52. 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. 65.


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)











cholamandalam Investment & Finance Finance 1.73














Bajaj electricals Ltd. consumer Durables 1.35



Sharda cropchem Ltd. Pesticides 1.21


Atul Ltd. chemicals 1.10



Tata Metaliks Ltd. Ferrous Metals 0.97


FINOLEx INDUSTRIES Ltd. Industrial Products 0.95


Oriental carbon & chemicals Ltd. chemicals 0.94


eIH Ltd. Hotels/Resorts & Other Recreational Activities 0.87



Great eastern Shipping company Ltd. Transportation 0.85

T. V. Today Network Ltd. Media & entertainment 0.78

KeI Industries Ltd. Industrial Products 0.76






Timken India Ltd. Industrial Products 0.57



GNA Axles Ltd. Auto Ancillaries 0.54


Mcleod Russel India Ltd. consumer Non Durables 0.47





Sub Total 80.94DEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)• 6.84 GOI 2022 Sovereign 3.63

• 7.59 GOI 2026 Sovereign 2.21

Sub Total 5.84CREDiT EXPOSURE • Housing and Urban Development corporation Ltd. cARE - AAA 3.66



Sub Total 4.60Total 10.44cash, cash Equivalents and Net current Assets 8.62

Grand Total 100.00


PORTFOLIO


0.400.470.600.640.851.611.612.052.342.402.562.572.63

3.894.044.624.915.675.886.147.04

18.02

0 2 4 6 8 101214161820

PaperConsumer Non Durables

AutoNon - Ferrous Metals

Industrial Capital GoodsFerrous Metals

FertilisersMedia & Entertainment

TransportationPharmaceuticalsAuto Ancillaries

PowerPesticides

Hotels, Resorts & Other Recreational ActivitiesChemicals

Consumer DurablesConstruction Project

FinanceIndustrial Products


Banks

April 2019 27


[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




• Housing Development

Finance corporation Ltd. £ Finance 3.56



• Merck Ltd. Pharmaceuticals 2.60






chambal Fertilizers &

chemicals Ltd. Fertilisers 1.62

cholamandalam Investment

& Finance Finance 1.45

Sundram Fasteners Ltd. Auto Ancillaries 1.40




NRB Bearing Ltd. Industrial Products 1.26

Sonata Software Ltd. Software 1.18




Kalpataru Power Transmission

Ltd. Power 1.08

Indian Hotels company Ltd. Hotels/Resorts & Other


Mahindra Holidays & Resorts

Ind Ltd.

Hotels/Resorts & Other



Oriental carbon & chemicals

Ltd. chemicals 0.97

Power Grid corporation of

India Ltd. Power 0.92

crompton Greaves consumer

elec. Ltd. consumer Durables 0.90





Shaily engineering Plastics Ltd. Industrial Products 0.70

Company Industry+ / Rating % to

NAV



Hindustan Petroleum

corporation Ltd. Petroleum Products 0.67

cholamandalam Financial

Holdings Ltd. Finance 0.65



Shree Pushkar chemicals &

Fertilisers Ltd. chemicals 0.61









Tamilnadu Newsprint &

Papers Ltd. Paper 0.28


Sub Total 66.00

DEBT & DEBT RElATED







Sub Total 7.83

CREDiT EXPOSURE

• Jamnagar Utilities & Power

Pvt. Ltd. (erstwhile Reliance

Utilities & Power Pvt. Ltd.) cARE - AAA 3.75

• State Bank of India cRISIL - AA+ 3.19

Power Grid corporation of

India Ltd. cRISIL - AAA 1.85


Reliance Jio Infocomm Ltd. cRISIL - AAA 0.95

Sub Total 11.08

Total 18.91


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 5.30%Average Maturity * 2.13 yearsMacaulay Duration * 1.77 yearsModified Duration * 1.65 yearsYield to Maturity * 7.32%* 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).


28 April 2019


n equity 66.00

n G-Sec 7.83




n equity 66.00n Sovereign 7.83n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 6.55n AA+ 3.19n A+ & Below 1.34n cash, cash Equivalents and Net

current Assets 15.09



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

Riskometer





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 30, 18 Last 1 Year 2.62 9.92 10.84 10,262 10,992 11,084

Apr 29, 16 Last 3 Years 14.75 12.89 15.91 15,115 14,391 15,580

Feb 25, 16 Since Inception 17.61 15.45 19.43 16,743 15,789 17,580

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


[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)


0.280.440.460.510.650.751.291.391.621.982.00

3.043.40

4.184.214.474.605.115.66

6.5913.37

0 2 4 6 8 10 12 14 16

PaperNon - Ferrous Metals

AutoIndustrial Capital Goods

Ferrous MetalsMedia & Entertainment

PesticidesTransportation

FertilisersHotels, Resorts & Other Recreational Activities

PowerAuto Ancillaries

ChemicalsConstruction ProjectConsumer Durables

PharmaceuticalsIndustrial Products

Petroleum ProductsFinance

SoftwareBanks

.....Contd from previous page

April 2019 29


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 APRIL 30, 2019) NAV PER UNIT (`)Regular Plan 13.0335Direct Plan 13.6896

ASSETS UNDER MANAgEMENT (`) iN CROREAs on April 30, 2019 64.81Average for Month of April, 2019 64.68

qUANTiTATiVE DATAAverage Maturity * 4.37 yearsMacaulay Duration * 3.47 yearsModified Duration * 3.23 yearsYield to Maturity * 8.29%* 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. Amar Kalkundrikar (Total Experience: Over 16 years).




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 3.02 8.34 8.98 10,302 10,834 10,898Apr 29, 16 Last 3 Years 7.81 8.34 5.77 12,534 12,718 11,834Feb 26, 16 Since Inception 8.70 9.53 6.65 13,034 13,351 12,268

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



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

Riskometer




n equity 18.47

n G-Sec 30.32




n equity 18.47n Sovereign 30.32n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 21.97n AA+ 6.86n AA/AA- 2.92n A+ & Below 10.47n cash, cash Equivalents and

Net current Assets 8.99

[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)



IcIcI Bank Ltd. Banks 1.55


Sundram Fasteners Ltd. Auto Ancillaries 0.94

Reliance Industries Ltd. Petroleum Products 0.86




Larsen and Toubro Ltd. construction Project 0.69

Infosys Ltd. Software 0.67






Oriental carbon & chemicals Ltd. chemicals 0.46



NRB Bearing Ltd. Industrial Products 0.43

Avanti Feeds Ltd. consumer Non Durables 0.42







Time Technoplast Ltd. Industrial Products 0.35

GNA Axles Ltd. Auto Ancillaries 0.34








Timken India Ltd. Industrial Products 0.25




Poddar Pigments Ltd. chemicals 0.16



Sub Total 18.47

DEBT & DEBT RElATED


• 7.37 GOI 2023 Sovereign 11.65

• 7.68 GOI 2023 Sovereign 10.98


Sub Total 30.32

CREDiT EXPOSURE

• Indian Railways Finance corp. Ltd. cRISIL - AAA 7.72

• Power Grid corporation of India Ltd. cRISIL - AAA 7.50

• Starlite Lighting Ltd. (corporate Guarantee of Bajaj electrical Ltd.) IcRA - A+(SO) 7.37


• Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cARE - AAA 3.81

• Syndicate Bank cARE - A+ 3.10

• Reliance Jio Infocomm Ltd. cRISIL - AAA 2.94


Sub Total 42.22

Total 72.54


Grand Total 100.00


PORTFOLIO

30 April 2019

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.

CATEgORY OF SCHEME: Equity Savings Fund

FUND MANAgER ¥

Vinay Kulkarni (equities) (since November 21, 06)

Total Experience: Over 29 years Krishan Kumar Daga (equities) (since January 08, 16)

Total Experience: Over 22 yearsAnil Bamboli (Debt) (since September 17, 04)


iNCEPTiON DATE (Date of Allotment)September 17, 2004



qUANTiTATiVE DATAPortfolio Turnover Ratio 29.96%Average Maturity * 1.74 yearsMacaulay Duration * 1.55 yearsModified Duration * 1.43 yearsYield to Maturity * 8.78%* 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 10 year SIP 5 Year SIP 3 Year SIP 1 Year SIP

Total Amount Invested (` ‘000) 1,760.00 1,200.00 600.00 360.00 120.00 Mkt Value As on April 30, 2019 (` ‘000) 3,668.98 1,943.79 746.51 402.59 124.89 Returns (%) 9.41 9.33 8.69 7.42 7.71 Benchmark Returns (%) # N.A. N.A. N.A. N.A. N.A. Additional Benchmark Returns (%) ## 12.52 12.10 12.16 13.97 14.87

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 (%) ##

Value of ` 10,000 investedScheme (`) Benchmark

(`)#Additional

Benchmark (`)##

Apr 30, 18 Last 1 Year 5.15 8.16 10.84 10,515 10,816 11,084Apr 29, 16 Last 3 Years 11.05 9.18 15.91 13,698 13,019 15,580Apr 30, 14 Last 5 Years 9.56 9.12 13.32 15,790 15,473 18,693Sep 17, 04 Since Inception 9.33 N.A. 15.41 36,844 N.A. 81,341

^^Effective December 16, 2015, certain changes, including changes to fundamental attributes, were effected in the erstwhile HDFc Multiple Yield Fund, (an open ended income scheme) which was renamed as HDFc Equity Savings Fund, an open ended equity scheme. On account of these changes, the performance during the period(s) from September 17, 2004 to December 15, 2015 is not comparable.Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark, since a portion of scheme’s investments are made in debt instruments. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Vinay Kulkarni (equities), Krishan Kumar Daga (equities) and Anil Bamboli (Debt), please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 64.^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 April 30, 2019 unless otherwise specified. ...contd on next page

PORTFOLIO





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



EqUiTY & EqUiTY RElATED• Reliance Industries Ltd. Petroleum Products 5.43 1.14• Housing Development Finance corporation

Ltd. £ Finance 4.63 4.63• IcIcI Bank Ltd. Banks 4.33 0.00• NTPc Ltd. Power 3.70 0.00• Infosys Ltd. Software 3.38 0.09• HDFc Bank Ltd. Banks 3.36 0.00• State Bank of India Banks 2.55 0.23Larsen and Toubro Ltd. construction Project 2.52 0.00Tata Steel Ltd. Ferrous Metals 2.29 2.12ITc Ltd. consumer Non Durables 1.84 0.14GAIL (India) Ltd. Gas 1.57 0.00



Aurobindo Pharma Ltd. Pharmaceuticals 1.51 0.89Vedanta Ltd. Non - Ferrous Metals 1.37 0.00Yes Bank Ltd. Banks 1.36 1.36Maruti Suzuki India Ltd. Auto 1.34 1.34Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.28 1.28Tata Motors Ltd. Auto 1.05 0.75Dr Reddys Laboratories Ltd. Pharmaceuticals 1.03 1.03LIc Housing Finance Ltd. Finance 0.99 0.71Mahindra & Mahindra Ltd. Auto 0.94 0.75Bajaj Finance Ltd. Finance 0.80 0.80Oil & Natural Gas corporation Ltd. Oil 0.74 0.00Shriram Transport Finance co. Ltd. Finance 0.72 0.72Power Grid corporation of India Ltd. Power 0.70 0.00

PORTFOLIO


0.020.060.140.170.260.270.280.360.510.610.650.670.740.880.941.371.681.70

2.724.15

4.965.00

10.52

0 2 4 6 8 10 12

Media & EntertainmentCement

Auto AncillariesFerrous Metals

PesticidesTelecom - Services

Minerals/MiningChemicals

TransportationFinance

ConstructionAuto

OilIndustrial Capital Goods

PharmaceuticalsNon - Ferrous Metals

GasConsumer Non Durables

Construction ProjectSoftware

Petroleum ProductsPowerBanks

April 2019 31

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 April 30, 2019 unless otherwise specified.

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



JSW Steel Ltd. Ferrous Metals 0.66 0.66DLF Ltd. construction 0.64 0.64Tata consultancy Services Ltd. Software 0.62 0.62Titan company Ltd. consumer Durables 0.61 0.61Bharat Petroleum corporation Ltd. Petroleum Products 0.48 0.00L&T Technology Services Ltd. Software 0.45 0.00United Spirits Ltd. consumer Non Durables 0.45 0.45Tata Global Beverages Ltd. consumer Non Durables 0.44 0.44Mahindra & Mahindra Financial Services Ltd. Finance 0.43 0.43JMc Projects (India) Ltd. construction 0.41 0.00Gujarat Pipavav Port Ltd. Transportation 0.40 0.00Grasim Industries Ltd. cement 0.39 0.39Hindalco Industries Ltd. Non - Ferrous Metals 0.39 0.39UPL Ltd. Pesticides 0.39 0.13Multi commodity Exchange of India L Finance 0.38 0.38The Federal Bank Ltd. Banks 0.38 0.38Tata Motors Ltd. DVR Auto 0.37 0.19Tata chemicals Ltd. chemicals 0.36 0.00Dabur India Ltd. consumer Non Durables 0.35 0.35cipla Ltd. Pharmaceuticals 0.34 0.02Petronet LNG Ltd. Gas 0.33 0.33Texmaco Rail & engineering Ltd. Industrial capital Goods 0.33 0.00Ashok Leyland Ltd. Auto 0.31 0.31EScORTS Ltd. Auto 0.31 0.31Strides Pharma Science Ltd. Pharmaceuticals 0.31 0.31Adani Power (Mundra) Ltd. (Secured by Shares of Adani Port & SeZ Ltd.) Power 0.29 0.29centum Electronics Ltd. Industrial capital Goods 0.29 0.00Havells India Ltd. consumer Durables 0.29 0.29Axis Bank Ltd. Banks 0.28 0.06coal India Ltd. Minerals/Mining 0.28 0.00Bharti Airtel Ltd.* Telecom - Services 0.27 0.00cESc Ltd. Power 0.27 0.00NHPc Ltd. Power 0.27 0.00Hindustan Unilever Ltd. consumer Non Durables 0.26 0.26equitas Holdings Ltd. Finance 0.24 0.24Ncc Ltd. construction Project 0.24 0.24Zee entertainment enterprises Ltd. Media & entertainment 0.24 0.24century Textiles & Industries Ltd. cement 0.23 0.23Newgen Software Technologies Ltd. Software 0.23 0.00Bank of Baroda Banks 0.22 0.00Hero Motocorp Ltd. Auto 0.21 0.21ITD cementation India Ltd. construction 0.21 0.00Hindustan Petroleum corporation Ltd. Petroleum Products 0.19 0.00Jindal Steel & Power Ltd. Ferrous Metals 0.19 0.19Punjab National Bank Banks 0.19 0.12eclerx Services Ltd. Software 0.18 0.00Power Finance corporation Ltd. Finance 0.18 0.00cadila Healthcare Ltd. Pharmaceuticals 0.17 0.17HcL Technologies Ltd. Software 0.16 0.16The Tata Power company Ltd. Power 0.16 0.16Ashoka Buildcon Ltd. construction Project 0.15 0.00Reliance Nippon Life Asset Management Ltd. Finance 0.15 0.00Apollo Tyres Ltd. Auto Ancillaries 0.14 0.00Asian Paints Ltd. consumer Non Durables 0.14 0.14Godrej consumer Products Ltd. consumer Non Durables 0.14 0.14Raymond Ltd. Textile Products 0.14 0.14Titagarh Wagons Ltd. Industrial capital Goods 0.13 0.00Ambuja cements Ltd. cement 0.12 0.12Mahanagar Gas Ltd. Gas 0.12 0.01Bharat Financial Inclusion Ltd. Finance 0.11 0.11container corporation of India Ltd. Transportation 0.11 0.00Gujarat State Fertilizers & chemicals Fertilisers 0.11 0.11Tata elxsi Ltd. Software 0.11 0.11Wockhardt Ltd. Pharmaceuticals 0.11 0.11Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.10 0.10Lupin Ltd. Pharmaceuticals 0.10 0.10Biocon Ltd. Pharmaceuticals 0.09 0.09JAIN Irrigation Systems Ltd. Industrial Products 0.09 0.09Max Financial Services Ltd. Finance 0.09 0.09Mindtree consulting Ltd. Software 0.09 0.09BeML Ltd. Industrial capital Goods 0.08 0.00Godrej Industries Ltd. consumer Non Durables 0.08 0.08IRB Infrastructure Developers Ltd. construction 0.07 0.07



Tata communications Ltd. Telecom - Services 0.07 0.07Kalpataru Power Transmission Ltd. Power 0.06 0.00Orient cement Ltd. cement 0.06 0.00Sun TV Network Ltd. Media & entertainment 0.06 0.06Bharat electronics Ltd. Industrial capital Goods 0.05 0.00IDFc Ltd. Finance 0.05 0.05KEc International Ltd. construction Project 0.05 0.00Nestle India Ltd. consumer Non Durables 0.05 0.05United Breweries Ltd. consumer Non Durables 0.05 0.05Adani Ports & Special economic Zone Transportation 0.04 0.04Hexaware Technologies Ltd. Software 0.04 0.04MRF Ltd. Auto Ancillaries 0.04 0.04Bosch Ltd. Auto Ancillaries 0.03 0.03Godfrey Phillips India Ltd. consumer Non Durables 0.03 0.03IcIcI Prudential Life Insurance company Ltd. Finance 0.03 0.03IDBI Bank Ltd. Banks 0.03 0.03Indusind Bank Ltd. Banks 0.03 0.03Kotak Mahindra Bank Ltd. Banks 0.03 0.03NBcc (India) Ltd. construction 0.03 0.00Shree cement Ltd. cement 0.03 0.03Acc Ltd. cement 0.02 0.02Bajaj Finserv Ltd. Finance 0.02 0.02Bharat Heavy electricals Ltd. Industrial capital Goods 0.02 0.02canFin Homes Ltd. Finance 0.02 0.02Reliance Power Ltd. Power 0.02 0.02S chand and company Ltd. Media & entertainment 0.02 0.00Siemens Ltd. Industrial capital Goods 0.02 0.02cholamandalam Investment & Finance Finance 0.01 0.01Syndicate Bank Banks 0.01 0.01MPS Ltd. Software @Sub Total 69.29Preference SharesZee entertainment enterprises Ltd Media & entertainment @Sub Total @Total 69.29DEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)7.16 GOI 2023 Sovereign 1.21Sub Total 1.21CREDiT EXPOSURE • Housing Development Finance corporation

Ltd. £ cRISIL - AAA / IcRA - AAA 3.49• Punjab National Bank cARE - A+ 3.41• State Bank of India cARE - AA+ / cRISIL - AA+ 2.75HDFc Bank Ltd. cARE - AA+ 1.75Syndicate Bank cARE - A+ 1.45Mahindra & Mahindra Financial Services Ltd. cARE - AAA / IND - AAA 1.29Reliance Jio Infocomm Ltd. cRISIL - AAA / IcRA - AAA 1.28Union Bank of India cARE - AA- / IND - AA 0.92Power Finance corporation Ltd. cRISIL - AAA 0.84ONGc Petro additions Ltd. (OPAL) (Put on ONGc Ltd.) cRISIL - AAA(SO) 0.43Axis Bank Ltd. cRISIL - AA+ 0.42canara Bank cRISIL - AA 0.42Aarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) 0.20Bank of Baroda cARE - AA 0.17Power Grid corporation of India Ltd. cRISIL - AAA 0.17JM Financial Asset Reconstruction company Ltd. IcRA - AA- 0.01Sub Total 19.00MONEY MARKET INSTRUMENTSCD/CPAxis Bank Ltd. cRISIL - A1+ 0.43Sub Total 0.43Total 20.21Short Term Deposits as margin for Futures & Options 8.16cash, cash Equivalents and Net current Assets 1.91Grand Total 100.00

• Top Ten Holdings, £ co-sponsor , @ Less than 0.01%, * Includes Rights entitlement

Outstanding exposure in derivative instruments (` in crore) 1,771.06

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 30.76

PORTFOLIO

32 April 2019

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.


CATEgORY OF SCHEME: conservative Hybrid Fund

FUND MANAgER ¥

Prashant Jain (equities) (since December 26, 03)

Total Experience: Over 27 years &Shobhit Mehrotra (Debt) (since September 1, 07)



December 26, 2003


Regular Plan - Growth Option 45.4557Regular Plan - Monthly Dividend Option 12.9735Regular Plan - quarterly Dividend Option 13.6877Direct Plan - Growth Option 46.9638Direct Plan - Monthly Dividend Option 13.5489Direct Plan - quarterly Dividend Option 14.2913



qUANTiTATiVE DATA

Average Maturity * 3.89 yearsMacaulay Duration * 3.12 yearsModified Duration * 2.91 yearsYield to Maturity * 8.53%* 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 April 30, 2019 unless otherwise specified.






Larsen and Toubro Ltd. construction Project 1.52























Syndicate Bank Banks 0.36


Texmaco Rail & engineering Ltd. Industrial capital Goods 0.31

Union Bank of India Banks 0.27



Mishra Dhatu Nigam Ltd. Ferrous Metals 0.15



Rallis India Ltd. Pesticides @


Tata Motors Ltd. DVR Auto @

Sub Total 24.71

DEBT & DEBT RElATED







GOI 2023 Sovereign 0.24


8.10% Tamil Nadu SDL - Mat 110325 Sovereign 0.08


Sub Total 8.65

CREDiT EXPOSURE

• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA / IcRA - AAA 8.93

• Rural Electrification corporation Ltd.

cARE - AAA / cRISIL - AAA 5.00

• Reliance Industries Ltd. cRISIL - AAA 4.72


• State Bank of India cRISIL - AA+ / cRISIL - AAA 2.60

• National Bank for Agriculture and Rural Development cRISIL - AAA 2.38


LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 2.12

Union Bank of India cARE - AA- / IND - AA 2.03

TATA International Ltd. cARE - A+ 1.93

Adani Transmission Ltd. IND - AA+ 1.61

Indian Railways Finance corp. Ltd.



Tata Realty and Infrastructure Ltd. cRISIL - AA 1.58

canara Bank IcRA - AA 1.55


HPcL-Mittal Energy Ltd. IcRA - AA+ 1.36


The Tata Power company Ltd. cRISIL - AA- 1.16

National Highways Authority of India


Andhra Pradesh expressway Ltd. (NHAI Annuity) IcRA - AAA(SO) 1.04

Power Grid corporation of India Ltd. cRISIL - AAA 1.00

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

PORTFOLIO

April 2019 33



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

Total Amount Invested (` ‘000) 1,850.00 1,800.00 1,200.00 600.00 360.00 120.00

Mkt Value As on April 30, 2019 (` ‘000) 4,123.95 3,902.15 1,883.91 711.86 388.98 124.61

Returns (%) 9.71 9.66 8.74 6.78 5.11 7.25

Benchmark Returns (%) # 8.63 8.66 8.58 7.98 7.31 9.93

Additional Benchmark Returns (%) ## 6.32 6.38 6.53 6.20 4.74 9.50




(%)

Benchmark Returns

(%)#


Returns (%) ##



Additional Benchmark (`)##

Apr 27, 18 Last 1 Year 5.09 8.34 8.98 10,509 10,834 10,898

Apr 29, 16 Last 3 Years 8.03 8.34 5.77 12,611 12,718 11,834

Apr 30, 14 Last 5 Years 9.48 9.35 7.95 15,734 15,636 14,665


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. For performance of other schemes managed by Prashant Jain (Equities) and Shobhit Mehrotra (Debt), please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 64.


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


n equity 24.71

n G-Sec, SDL 8.65

n cP 0.76

n cD 1.60n credit Exposure 59.22






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



Kotak Mahindra Bank Ltd. cRISIL - AAA 0.83

Housing and Urban Development corporation Ltd. cARE - AAA 0.81

Bank of Baroda cARE - AA+ 0.80



Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - D 0.66

Shriram city Union Finance Ltd. cARE - AA+ 0.40

EcL Finance Ltd. IcRA - A1+ 0.34

export - Import Bank of India cRISIL - AAA 0.34


Vedanta Ltd. cRISIL - AA 0.22

Tata Steel Ltd. cARE - AA- 0.17


Tata Motors Ltd. cARE - AA 0.08

Bharati Telecom Ltd. cRISIL - AA+ 0.05

Asian Satellite Broadcast Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd.) BRIcKWORKS - A(SO) 0.04

Sub Total 59.22

Total 67.87


CD/CP

Axis Bank Ltd. cRISIL - A1+ 1.60

Kotak Mahindra Investments Ltd. cRISIL - A1+ 0.76

Sub Total 2.36


Grand Total 100.00

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

PORTFOLIO

34 April 2019

CATEgORY OF SCHEME: ARBITRAGE FUND

KEY FACTS


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


CATEgORY OF SCHEME: Arbitrage Fund

FUND MANAgER ¥

Krishan Kumar Daga (since September 10, 15)



October 23, 2007


Retail PlanRegular Plan - Growth Option 21.617Regular Plan - Dividend Option 16.056Regular Plan - Quarterly Dividend Option 15.358Direct Plan - Growth Option 22.302Direct Plan - Quarterly Dividend Option 16.900

Wholesale PlanRegular Plan - Growth Option 22.087Regular Plan - Dividend Option 10.385Regular Plan - Monthly Dividend Option 10.807Direct Plan - Growth Option 14.070Direct Plan - Dividend Option 10.766Direct Plan - Monthly Dividend Option 10.485



qUANTiTATiVE DATA

Portfolio Turnover Ratio (Last 1 year) 131.03%Average Maturity * 282 daysMacaulay Duration * 266 daysModified Duration * 234 daysYield to Maturity * 8.01%* 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

5.35


• Yes Bank Ltd. Banks 3.53

• Hindustan Unilever Ltd. consumer Non Durables 2.87

• Mahindra & Mahindra Ltd. Auto 2.65

• Housing Development Finance corporation Ltd. £ Finance

2.57

• Maruti Suzuki India Ltd. Auto 2.21

Adani Ports & Special economic Zone Transportation

1.51



Nestle India Ltd. consumer Non Durables 1.20

Shriram Transport Finance co. Ltd. Finance

1.20

Lupin Ltd. Pharmaceuticals 1.16

Dabur India Ltd. consumer Non Durables 1.05

Ncc Ltd. construction Project 1.00



Titan company Ltd. consumer Durables 0.94

Adani enterprises Ltd. Trading 0.89

Dr Reddys Laboratories Ltd. Pharmaceuticals 0.83




ITc Ltd. consumer Non Durables 0.66

Hindalco Industries Ltd. Non - Ferrous Metals 0.64

Indiabulls Housing Finance Ltd. Finance 0.62

century Textiles & Industries Ltd. cement 0.61

DLF Ltd. construction 0.61

Strides Pharma Science Ltd. Pharmaceuticals 0.56

Bharat Financial Inclusion Ltd. Finance 0.55

Marico Ltd. consumer Non Durables 0.52

Ashok Leyland Ltd. Auto 0.51

LIc Housing Finance Ltd. Finance 0.49

Godrej consumer Products Ltd. consumer Non Durables 0.44

The Tata Power company Ltd. Power 0.42

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

0.38

Multi commodity Exchange of India Ltd. Finance

0.38

Bajaj Finserv Ltd. Finance 0.35


Raymond Ltd. Textile Products 0.35


Mahindra & Mahindra Financial Services Ltd. Finance

0.34

Petronet LNG Ltd. Gas 0.31


Havells India Ltd. consumer Durables 0.26

United Spirits Ltd. consumer Non Durables 0.25

Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.24


cadila Healthcare Ltd. Pharmaceuticals 0.23

equitas Holdings Ltd. Finance 0.22


Godrej Industries Ltd. consumer Non Durables 0.21

IRB Infrastructure Developers Ltd. construction 0.19

IDFc Ltd. Finance 0.18

canFin Homes Ltd. Finance 0.17

Tata elxsi Ltd. Software 0.16

Hindustan Petroleum corporation Ltd. Petroleum Products

0.15

Wockhardt Ltd. Pharmaceuticals 0.15

Grasim Industries Ltd. cement 0.14


JAIN Irrigation Systems Ltd. Industrial Products 0.11

Acc Ltd. cement 0.10

MRF Ltd. Auto Ancillaries 0.10

National Aluminium co. Ltd. Non - Ferrous Metals 0.10


Kotak Mahindra Bank Ltd. Banks 0.09

TV18 Broadcast Ltd. Media & entertainment 0.08

Kajaria ceramics Ltd. construction 0.07

EScORTS Ltd. Auto 0.06


Gujarat State Fertilizers & chemicals Fertilisers

0.05

Bharat Petroleum corporation Ltd. Petroleum Products

0.04

Zee entertainment enterprises Ltd. Media & entertainment

0.04

Biocon Ltd. Pharmaceuticals 0.03

exide Industries Ltd. Auto Ancillaries 0.03

IFcI Ltd. Finance 0.03

Jindal Steel & Power Ltd. Ferrous Metals 0.03

Shree cement Ltd. cement 0.03

The South Indian Bank Ltd. Banks 0.03

Ambuja cements Ltd. cement 0.02



Reliance Power Ltd. Power 0.02

The Federal Bank Ltd. Banks 0.02

Oracle Financial Services Software Ltd.

Software 0.01

Sub Total 68.00

Face Value per Unit: ` 10 unless otherwise specified, + Industry classification as recommended by AMFI, Data is as of April 30, 2019 unless otherwise specified. ....contd on next page

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

April 2019 35


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


PERFORMANCE ^ - Wholesale Plan - Regular plan - growth Option


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Apr 30, 18 Last 1 Year 5.94 5.87 10.84 10,594 10,587 11,084Apr 29, 16 Last 3 Years 5.93 5.32 15.91 11,887 11,683 15,580Apr 30, 14 Last 5 Years 6.44 6.24 13.32 13,662 13,539 18,693Oct 23, 07 Since Inception 7.12 N.A. 8.11 22,087 N.A. 24,560

Returns greater than 1 year period are compounded annualized (cAGR). 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 52. 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. 60.

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 April 30, 2019 unless otherwise specified.



n equity 68.00n AAA/AAA(SO)/A1+/A1+(SO)




n equity 68.00

n cD 3.66



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


DEBT & DEBT RElATED

CREDiT EXPOSURE

• Punjab National Bank cARE - A+ 2.25





IcIcI Bank Ltd. IcRA - AA+ 0.06

Sub Total 5.80


CD/CP

Oriental Bank of commerce cRISIL - A1+ 2.20


Andhra Bank IND - A1+ 0.73

IcIcI Bank Ltd. IcRA - A1+ 0.73

Sub Total 3.66

Short Term Deposits as margin for Futures & Options 18.87


Grand Total 100.00

• Top Ten Holdings, £ co-sponsor, @ less than 0.01%

Outstanding exposure in derivative instruments (` in crore) 2,316.43

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 68.32


0.05

0.11

0.12

0.13

0.34

0.35

0.36

0.67

0.74

0.82

0.87

0.89

0.90

1.00

1.20

1.39

1.51

5.20

6.81

7.10

7.12

7.24

8.22

14.86

0 2 4 6 8 10 12 14 16

Fertilisers

Industrial Products

Media & Entertainment

Auto Ancillaries


Textile Products

Gas

Pesticides


Power

Construction

Trading

Cement


Consumer Durables

Ferrous Metals

Transportation

Banks

Auto

Finance

Software


Petroleum Products

Pharmaceuticals

36 April 2019

CATEgORY OF SCHEME: cORPORATE BOND FUND

KEY FACTSiNVESTMENT OBjECTiVE

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


CATEgORY OF SCHEME: corporate Bond Fund

FUND MANAgER ¥

Anupam Joshi (since October 27, 15)



June 29, 2010


Regular Plan - Growth Option 20.8290Regular Plan - Dividend Option 14.1667Regular Plan - quarterly Dividend Option 10.2103Direct Plan - Growth Option 20.9553Direct Plan - Dividend Option 14.3813Direct Plan - quarterly Dividend Option 10.1058



qUANTiTATiVE DATA

Average Maturity * 3.43 yearsMacaulay Duration * 2.69 yearsModified Duration * 2.49 yearsYield to Maturity * 8.26%* computed on the invested amount.



#BENCHMARK iNDEX: cRISIL composite Bond Fund Index


EXiT lOAD

Nil

PLANS & OPTIONS

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


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




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Apr 27, 18 Last 1 Year 8.21 8.06 8.98 10,821 10,806 10,898Apr 29, 16 Last 3 Years 7.80 7.25 5.77 12,531 12,338 11,834Apr 30, 14 Last 5 Years 8.55 8.87 7.95 15,074 15,301 14,665Jun 29, 10 Since Inception 8.65 7.91 6.31 20,829 19,608 17,173

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 as applicable. For performance of other schemes managed by Anupam Joshi, please refer page 52. 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. 60.

Face Value per Unit: ` 10 unless otherwise specified, cD - certificate of Deposit; cP - commercial Papers, Data is as of April 30, 2019 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



Issuer Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)7.27 GOI 2026 Sovereign 1.567.32 GOI 2024 Sovereign 0.798.35% Gujarat SDL - ISD 060319 Mat 060329 Sovereign 0.607.42% Maharashtra SDL - Mat 110522 Sovereign 0.418.16% Karnataka SDL - Mat 200329 Sovereign 0.168.37% Tamil Nadu SDL - ISD 060319 Mat 060329 Sovereign 0.168.64% Tamil Nadu SDL - Mat 060721 Sovereign 0.028.76% Maharashtra SDL - Mat 220222 Sovereign 0.027.68 GOI 2023 Sovereign 0.01Sub Total 3.73CREDiT EXPOSURE • Housing Development

Finance corporation Ltd. £ cRISIL - AAA 7.39• LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 7.16• Reliance Industries Ltd. cRISIL - AAA / IcRA - AAA 6.15• ONGc Petro additions Ltd.

(OPAL) (Put on ONGc Ltd.) cRISIL - AAA(SO) 5.43• Rural Electrification

corporation Ltd. cRISIL - AAA / IND - AAA 5.04• Mahindra & Mahindra

Financial Services Ltd. IND - AAA 4.33• Indiabulls Housing Finance Ltd. cARE - AAA 4.23• National Highways Authority

of India cARE - AAA / cRISIL - AAA 3.97• HDB Financial Services Ltd. cARE - AAA / cRISIL - AAA 3.75• Power Finance corporation Ltd. cARE - AAA / cRISIL -

AAA / IcRA - AAA 3.71National Bank for Agriculture and Rural Development cRISIL - AAA 3.39Power Grid corporation of India Ltd. cRISIL - AAA 2.85Bajaj Finance Ltd. cRISIL - AAA / IND - AAA 2.74Indian Railways Finance corp. Ltd. cRISIL - AAA 2.74Bank of Baroda cARE - AAA 2.35State Bank of India cRISIL - AAA 2.02Reliance Jio Infocomm Ltd. cRISIL - AAA 2.00

Issuer Rating % to NAVReliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) 1.91NTPc Ltd. cRISIL - AAA 1.50Food corporation of India (corporate guarantee from Govt of India) cRISIL - AAA(SO) 1.35export - Import Bank of India cRISIL - AAA 1.24Tata Sons Ltd. cRISIL - AAA 1.05L&T Infrastructure Finance Ltd. cARE - AAA 0.95Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cARE - AAA 0.72Andhra Pradesh expressway Ltd. (NHAI Annuity) IcRA - AAA(SO) 0.43NHPc Ltd. cARE - AAA 0.40Larsen and Toubro Ltd. cRISIL - AAA 0.39Nabha Power Ltd. (corporate Guarantee of L&T Ltd.) IcRA - AAA(SO) 0.39Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cARE - AAA 0.35Small Industries Development Bank cARE - AAA 0.34Toyota Financial Services India Ltd. cRISIL - AAA 0.23Gujarat Road and Infra co Ltd. IcRA - AAA(SO) 0.20Housing and Urban Development corporation Ltd. cARE - AAA 0.20Kotak Mahindra Prime Ltd. cRISIL - AAA 0.20Daimler Fin Ser (I) Pvt Ltd. IND - AAA 0.17Sub Total 81.27Total 85.00MONEY MARKET INSTRUMENTSCD/CPBank of Baroda cRISIL - A1+ 2.21National Bank for Agriculture and Rural Development cRISIL - A1+ 2.21Oriental Bank of commerce cRISIL - A1+ 2.11Tata Sons Ltd. cRISIL - A1+ 1.66Andhra Bank cARE - A1+ 0.37Axis Bank Ltd. cRISIL - A1+ 0.18IDFc First Bank Ltd. cRISIL - A1+ 0.15Sub Total 8.89cash, cash Equivalents and Net current Assets 6.11

Grand Total 100.00


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


n G-Sec, SDL 3.73

n cP 1.66

n cD 7.23




n Sovereign 3.73n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 90.16n cash, cash Equivalents and


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

PORTFOLIO

April 2019 37

CATEgORY OF SCHEME: cREDIT RISK FUND

KEY FACTS


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


CATEgORY OF SCHEME: credit Risk Fund

FUND MANAgER ¥

Shobhit Mehrotra (since March 25, 14)



March 25, 2014


Regular Plan - Growth Option 15.2680Regular Plan - Dividend Option 14.0585Regular Plan - quarterly Dividend Option 10.2907Direct Plan - Growth Option 15.9378Direct Plan - Dividend Option 13.9707Direct Plan - quarterly Dividend Option 10.4139



qUANTiTATiVE DATA


#BENCHMARK iNDEX: cRISIL Short Term Bond Fund 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 (%) ##




(`)##

Apr 27, 18 Last 1 Year 6.57 8.03 8.98 10,657 10,803 10,898Apr 29, 16 Last 3 Years 7.21 7.41 5.77 12,326 12,395 11,834Apr 30, 14 Last 5 Years 8.57 8.21 7.95 15,089 14,840 14,665Mar 25, 14 Since Inception 8.65 8.24 7.92 15,268 14,977 14,751

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 as applicable. Load is not taken into consideration for computation of performance. For performance of other schemes managed by Shobhit Mehrotra, please refer page 52. 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. 59.


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

Investors understand that their principal will be at moderate risk


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


n SDL 0.32

n cD 1.79



Portfolio Classification By issuer Rating Class (%) ≈




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

PORTFOLIO

Company Industry+ / Security Rating

Issuer Rating % to NAV

DEBT & DEBT RElATED


8.39% Rajasthan SDL - Mat 150322 Sovereign Sovereign 0.32

Sub Total 0.32

CREDiT EXPOSURE

• HPcL-Mittal Energy Ltd. IcRA - AA+ IcRA - AA+ 4.67

• TATA International Ltd. cARE - A+ IcRA - A 4.34

• Vedanta Ltd. cRISIL - AA cRISIL - AA 3.65

• Rural Electrification corporation Ltd. cARE - AAA / cRISIL - AAA cRISIL - AAA 3.25

• Tata Steel Ltd. cARE - AA / cARE - AA- cARE - AA 3.12

• The Tata Power company Ltd. cARE - AA / cRISIL - AA- cRISIL - AA- 3.04

• Muthoot Finance Ltd. cRISIL - AA / IcRA - AA IcRA - AA- 2.73



• Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.)

cARE - AAA / cRISIL - AAA cRISIL - AAA 2.55

• Punjab National Bank cARE - A+ IcRA - AA- 2.53

• Talwandi Sabo Power Ltd. (corporate Guarantee of Vedanta Ltd.) cRISIL - AA(SO) IND - A+ 2.49

HDFc Bank Ltd. cARE - AA+ cRISIL - AAA 2.46

Dilip Buildcon Ltd. cRISIL - A cRISIL - A 2.44

Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cARE - AAA cRISIL - AAA 2.17

Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA / IcRA - AAA cRISIL - AAA 2.10

Reliance Jio Infocomm Ltd. cRISIL - AAA cRISIL - AAA 1.89

DB consolidated Pvt. Ltd. (Dainik Bhaskar Group company) NA - UNRATeD INTERNAL - A-(SO) 1.88

Tata Sky Ltd. (Subsidiary of Tata Sons) c R I S I L - A A cRISIL - AA 1.84

LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA cRISIL - AAA 1.74

Face Value per Unit: ` 10 unless otherwise specified, Data is as of April 30, 2019 unless otherwise specified. ≈ Based on long term rating.

38 April 2019



coastal Gujarat Power Ltd. (corporate Guarantee of Tata Power) cARE - AA(SO) cARE - AA(SO) 1.71

Prism Johnson Ltd. IcRA - A- / IND - A- IcRA - A- 1.68

Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) cARE - A(SO) cARE - A(SO) 1.61

ADANI TRANSMISSION LTD. IND - AA+ IND - AA+ 1.43

SANSAR TRUST NOV 2018 (PTc of pools from Shriram Transport Finance co. Ltd.) IcRA - AAA(SO) IcRA - AAA(SO) 1.40

Travis March 2019 (Trust) cRISIL - AA(SO) cRISIL - AA(SO) 1.24

JM Financial Asset Reconstruction company Ltd. IcRA - AA- cRISIL - AA- 1.22

Bajaj electricals Ltd. IcRA - A+ NA - A+ 1.18

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

BRIcKWORKS - A(SO) / BRIcKWORKS - A+(SO) BRIcKWORKS - A(SO) 1.09

Hindalco Industries Ltd. cRISIL - AA cRISIL - AA 1.08

Shriram Transport Finance co. Ltd. cARE - AA+ / cRISIL - AA+ / IND - AA+ cRISIL - AA+ 1.02

Balin March 2019 cRISIL - A1+(SO) INTeRNAL - AA- 0.98

Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) IcRA - AAA(SO) 0.97

Indiabulls Housing Finance Ltd. cARE - AAA / cRISIL - AAA cRISIL - AA+ 0.94

Housing Development Finance corporation Ltd. £ cRISIL - AAA cRISIL - AAA 0.93

GeRA Development Private Ltd. cARE - AA- cARE - AA- 0.92

Power Grid corporation of India Ltd. cRISIL - AAA cRISIL - AAA 0.89

Tata Motors Ltd. cARE - AA cRISIL - AA 0.86

Starlite Lighting Ltd. (corporate Guarantee of Bajaj electrical Ltd.) IcRA - A+(SO) IcRA - A+(SO) 0.83

KEc International Ltd. IcRA - AA- cARE - AA- 0.79

Syndicate Bank cARE - A+ cRISIL - AA 0.79

Simplex Infrastructures Ltd. cARE - A- cARE - A- 0.78

TATA Housing Development co Ltd. IcRA - AA cARE - AA 0.77

Tata Motors Finance Ltd. cARE - AA cRISIL - AA 0.72

Union Bank of India IND - AA cARE - AA- 0.71

NTPc Ltd. cRISIL - AAA cRISIL - AAA 0.66

emami Realty Ltd. (Secured with shares of emami Ltd.) BRIcKWORKS - AA-(SO) BRIcKWORKS - AA-(SO) 0.64

Raj Infra Properties Pvt. Ltd. (Secured with shares of emami Ltd.) BRIcKWORKS - AA-(SO) BRIcKWORKS - AA-(SO) 0.64

Bharat Petroleum corporation Ltd. cRISIL - AAA cRISIL - AAA 0.62

Gateway Distriparks Ltd. IND - AA- IND - AA- 0.61

Axis Bank Ltd. cRISIL - AA+ cRISIL - AAA 0.61

Indostar capital Finance Ltd. cARE - AA- cARE - AA- 0.61

Aarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.51

Aashman energy Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.51

Divyesh Power Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.51

elena Renewable energy Private Ltd.(Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.51

Pratyash Renewable Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.51

SeI Baskara Power Private Ltd. (Greenko) cARE - AA-(SO) BRIcKWORKS - AA-(SO) 0.51

SeI enerstar Renewable energy Pvt Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.51

SeI Mihir energy Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.51

Shreyas Renewable energy Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.51

Zuvan energy Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.51

Tata Realty and Infrastructure Ltd. cRISIL - AA cRISIL - AA 0.45

APL Apollo Tubes Ltd. cARE - AA- cARE - AA- 0.44

Andhra Bank cARE - A+ cRISIL - AA 0.43



Nuvoco Vistas corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) cRISIL - AA cRISIL - AA 0.41

Au Small Finance Bank Ltd. IND - AA- cARE - A+ 0.39

PNB Housing Finance Ltd. IND - AA+ cRISIL - AA+ 0.39

Raviraj Viniyog Pvt. Ltd. (Secured with shares of emami Ltd.) BRIcKWORKS - AA-(SO) BRIcKWORKS - AA-(SO) 0.36

JM Financial credit Solutions Ltd. IcRA - AA cRISIL - AA 0.33

Housing and Urban Development corporation Ltd. cARE - AAA cARE - AAA 0.32

India Infoline Finance Ltd. IcRA - AA cRISIL - AA 0.32

National Highways Authority of India cRISIL - AAA cRISIL - AAA 0.32

L&T Housing Finance Ltd. cARE - AA+ cARE - AAA 0.31

Prabhakar Viniyog Pvt. Ltd. (Secured with shares of emami Ltd.) BRIcKWORKS - AA-(SO) IND - AA-(SO) 0.31

Hinduja Leyland Finance Ltd. cARE - AA- cARE - AA- 0.30

Inox Air Products Pvt. Ltd. cRISIL - AA cRISIL - AA 0.30

edisons Infrapower & Multiventures Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd. & Dish TV Ltd.) BRIcKWORKS - A(SO) BRIcKWORKS - A(SO) 0.30

Aarti Industries Ltd. cRISIL - AA- cRISIL - AA- 0.26

KKR India Financial Services Pvt Ltd. cRISIL - AA+ cRISIL - AA+ 0.26

Aspire Home Finance corporation Ltd. (Subsidiary of Motilal Oswal Financial Services Ltd.) cRISIL - A+ / IcRA - A+ cRISIL - A+ 0.23

century Textiles & Industries Ltd. cRISIL - AA cARE - AA- 0.21

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

BRIcKWORKS - A(SO) / BRIcKWORKS - A+(SO) BRIcKWORKS - A(SO) 0.17

EcL Finance Ltd. cARE - AA cRISIL - AA 0.17

Repco Home Finance Ltd. cARE - AA IcRA - AA- 0.17

Indian Railways Finance corp. Ltd. cRISIL - AAA cRISIL - AAA 0.16

Mahanagar Telephone Nigam Ltd. (corporate guarantee from Govt of India) cRISIL - AAA(SO) cRISIL - AAA(SO) 0.16

Sundaram Finance Ltd. IcRA - AAA IND - AA+ 0.15

Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - D cARE - D 0.14

Kalpataru Power Transmission Ltd. cRISIL - AA cRISIL - AA 0.14

TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) cRISIL - AA cRISIL - AA 0.14

G R Infraprojects Ltd. cARE - AA- cARE - AA- 0.13

Asian Satellite Broadcast Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd.) BRIcKWORKS - A+(SO) BRIcKWORKS - A(SO) 0.12

NHPc Ltd. IcRA - AAA cRISIL - AAA 0.12

Volkswagen Finance Private Ltd. IND - AAA IND - AAA 0.11

Aavas Financiers Ltd. (Formerly known as Au Housing Finance Ltd.) IcRA - A+ cRISIL - A 0.09

Petronet LNG Ltd. cRISIL - AAA cRISIL - AA+ 0.06

Vijaya Bank cARE - AA- IND - AA- 0.06

Sprit Infrapower & Multiventures Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd. & Dish TV Ltd.) BRIcKWORKS - A(SO) BRIcKWORKS - A(SO) 0.05

Tata Sons Ltd. cRISIL - AAA cRISIL - AAA 0.05

Tube Investments of India Ltd. cRISIL - AA+ cRISIL - AA+ 0.02

Sub Total 93.77

TOTAL 94.09


CD/CP

Oriental Bank of commerce cRISIL - A1+ cARE - A+ 1.17

Axis Bank Ltd. cRISIL - A1+ cRISIL - AAA 0.62

Sub Total 1.79


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 April 30, 2019 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

April 2019 39

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.


CATEgORY OF SCHEME: Banking and PSU Fund

FUND MANAgER ¥

Anil Bamboli (since March 26, 14)


iNCEPTiON DATE (Date of Allotment)March 26, 2014



qUANTiTATiVE DATAAverage Maturity * 2.59 yearsMacaulay Duration * 2.23 yearsModified Duration * 2.07 yearsYield to Maturity * 8.66%* computed on the invested amount.



##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 April 30, 2019 unless otherwise specified.



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##


The above returns are for Regular Plan - Growth Option. Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anil Bamboli, please referpage 48. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 62.


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

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

Riskometer




DEBT & DEBT RElATED

CREDiT EXPOSURE

• National Highways Authority of India cRISIL - AAA 8.37

• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA / IcRA - AAA 7.99


• Food corporation of India (corporate guarantee from Govt of India) cRISIL - AAA(SO) 6.32

• Bank of Baroda cARE - AA / cARE - AAA 6.05

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

cARE - AAA(SO) / cRISIL - AAA / cRISIL - AAA(SO) 4.86

• Housing Development Finance corporation Ltd. £

cRISIL - AAA / IcRA - AAA 4.55

• Union Bank of India cARE - AA- / IND - AA 4.50


Rural electrification corporation Ltd. cRISIL - AAA / IND - AAA 4.28

TATA International Ltd. cARE - A+ 4.15



export - Import Bank of India cRISIL - AAA 2.22





NTPc Ltd. cRISIL - AAA 1.62


Vijaya Bank cARE - AA- 1.35


State Bank of India cRISIL - AA+/cRISIL - AAA 0.90


Indian Railways Finance corp. Ltd. cRISIL - AAA 0.81


Aashman energy Private Ltd. (Greenko) cARE - AA-(SO) 0.39

Divyesh Power Private Ltd. (Greenko) cARE - AA-(SO) 0.39

elena Renewable energy Private Ltd.(Greenko) cARE - AA-(SO) 0.39

Pratyash Renewable Private Ltd. (Greenko) cARE - AA-(SO) 0.39

SeI Baskara Power Private Ltd. (Greenko) cARE - AA-(SO) 0.39

SeI enerstar Renewable energy Pvt Ltd. (Greenko) cARE - AA-(SO) 0.39

SeI Mihir energy Private Ltd. (Greenko) cARE - AA-(SO) 0.39

Shreyas Renewable energy Private Ltd. (Greenko) cARE - AA-(SO) 0.39

Zuvan energy Private Ltd. (Greenko) cARE - AA-(SO) 0.39


Sub Total 89.17


CD/CP

• IDFc First Bank Ltd. cRISIL - A1+ 4.83


Sub Total 7.23


Grand Total 100.00




n cD 7.23




n AAA/AAA(SO)/A1+/A1+(SO) & equivalent 66.35

n AA+ 1.86n AA/AA- 16.25n A+ & Below 11.94n cash, cash Equivalents and


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

PORTFOLIO

40 April 2019

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.


CATEgORY OF SCHEME: Gilt Fund

FUND MANAgER ¥

Anil Bamboli (since September 1, 07)



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 (%) ##




(`)##

Apr 27, 18 Last 1 Year 7.48 9.34 8.98 10,748 10,934 10,898Apr 29, 16 Last 3 Years 6.72 6.97 5.77 12,157 12,242 11,834Apr 30, 14 Last 5 Years 9.22 8.99 7.95 15,549 15,386 14,665Jul 25, 01 Since Inception 7.68 8.17 N.A. 37,236 40,359 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 as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 52. 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. 62.


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, T-Bills 83.25



n Sovereign 83.25n cash, cash Equivalents and


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


DEBT & DEBT RElATED


• 7.17 GOI 2028 Sovereign 20.56




• 8.60% Rajasthan SDL- Mat 061128 Sovereign 4.42

• 8.21% Rajasthan (UDAY) SDL - Mat 310322 Sovereign 4.34

• 8.61% Uttar Pradesh SDL (UDAY) - Mat 210322 Sovereign 3.36



8.39% Rajasthan SDL - Mat 150322 Sovereign 2.18

8.21% Haryana SDL - Mat 310322 Sovereign 2.17

7.86% Rajasthan SDL (UDAY Scheme- Strip II ) - ISD 230616 Mat 230619 Sovereign 2.15


8.66% Maharashtra SDL - Mat 250122 Sovereign 1.32








Sub Total 70.49

T-BillS

• 91 Days Tbill - Mat 270619 Sovereign 12.76

Sub Total 12.76

Total 83.25


Grand Total 100.00


Outstanding exposure in derivative instruments Interest Rate Swap (` in crore) 35.00

PORTFOLIO

April 2019 41

CATEgORY OF SCHEME: DYNAMIc BOND FUND


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


CATEgORY OF SCHEME: Dynamic Bond Fund

FUND MANAgER ¥

Anil Bamboli (since February 16, 04)



April 28, 1997


Regular Plan - Growth Option 59.0579Regular Plan - quarterly Dividend Option 11.4592Regular Plan - Half-Yearly Dividend Option 10.9045Regular Plan - Yearly Dividend Option 12.2046Regular Plan - Normal Dividend Option 12.6519Direct Plan - Growth Option 61.8962Direct Plan - quarterly Dividend Option 12.0549Direct Plan - Half-Yearly Dividend Option 11.9563Direct Plan - Yearly Dividend Option 12.8625Direct Plan - Normal Dividend Option 13.0326



qUANTiTATiVE DATA






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 (%) ##




(`)##

Apr 27, 18 Last 1 Year 1.58 8.06 8.98 10,158 10,806 10,898Apr 29, 16 Last 3 Years 4.62 7.25 5.77 11,454 12,338 11,834Apr 30, 14 Last 5 Years 7.22 8.87 7.95 14,171 15,301 14,665Apr 28, 97 Since Inception 8.40 N.A. N.A. 59,058 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 as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 52. 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. 62.


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 24.89





& equivalent 44.48n AA/AA- 14.25n A+ & Below 12.70n cash, cash Equivalents and


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


DEBT & DEBT RElATED



• 8.21% Rajasthan (UDAY) SDL - Mat 310322 Sovereign 6.39

• 8.39% Rajasthan SDL - Mat 150322 Sovereign 3.62

8.21% Haryana SDL - Mat 310322 Sovereign 3.61

7.42% Maharashtra SDL - Mat 110522 Sovereign 1.84

8.68% Gujarat SDL - Mat 060223. Sovereign 0.74



8.51% Punjab SDL - Mat 100423 Sovereign 0.11


8.26% Maharashtra SDL - ISD 120815 Mat 120825 Sovereign 0.09

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

Sub Total 24.89

CREDiT EXPOSURE

• Union Bank of India cARE - AA- 10.03

• Power Finance corporation Ltd. cARE - AAA 9.47

• State Bank of India cARE - AAA(SO) / cRISIL - AAA 7.24

• Reliance Industries Ltd. cRISIL - AAA 7.23


• Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - D 5.78


• Mahanagar Telephone Nigam Ltd. (corporate guarantee from Govt of India) cARE - AAA(SO) 3.73

Rural electrification corporation Ltd. IND - AAA 3.50


LIc Housing Finance Ltd. cRISIL - AAA 3.45


Housing Development Finance corporation Ltd. £ IcRA - AAA 3.27


Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cRISIL - AAA 2.02

Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cARE - AAA 0.73




Sub Total 71.43

Total 96.32


Grand Total 100.00

• Top Ten Holdings, £ co-sponsor, @ less than 0.01%


PORTFOLIO

42 April 2019

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.

CATEgORY OF SCHEME: Medium to Long Duration Fund

FUND MANAgER ¥

Shobhit Mehrotra (since September 11, 07)



September 11, 2000


Regular Plan - Growth Option 40.1361Regular Plan - quarterly Dividend Option 10.8762Regular Plan - Normal Dividend Option 12.6561Direct Plan - Growth Option 42.1134Direct Plan - quarterly Dividend Option 11.4857Direct Plan - Normal Dividend Option 13.3178



qUANTiTATiVE DATA

Average Maturity * 4.75 yearsMacaulay Duration * 3.71 yearsModified Duration * 3.47 yearsYield to Maturity * 8.45%* computed on the invested amount for debt portfolio.





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 (%) ##




(`)##

Apr 27, 18 Last 1 Year 6.21 8.06 8.98 10,621 10,806 10,898Apr 29, 16 Last 3 Years 5.50 7.25 5.77 11,745 12,338 11,834Apr 30, 14 Last 5 Years 7.65 8.87 7.95 14,459 15,301 14,665Sep 11, 00 Since Inception 7.74 N.A. N.A. 40,136 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 as applicable. For performance of other schemes managed by Shobhit Mehrotra, please refer page 52. 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. 59.



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 18.95







[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


• 7.17 GOI 2028 Sovereign 14.29






9.15 GOI 2024 Sovereign @

Sub Total 18.95

CREDiT EXPOSURE

• Punjab National Bank cARE - A+ 9.15


• Power Finance corporation Ltd. cRISIL - AAA 8.33

• Indian Railways Finance corp. Ltd. cARE - AAA / cRISIL - AAA 8.09


• The Tata Power company Ltd. cRISIL - AA- 7.16

• NTPc Ltd. cRISIL - AAA 6.48

• National Bank for Agriculture and Rural Development cRISIL - AAA 6.28


• Tata Steel Ltd. cARE - AA- 3.28

Rural Electrification corporation Ltd. cRISIL - AAA 3.18

National Highways Authority of India cRISIL - AAA 3.13

export - Import Bank of India cRISIL - AA+ 3.11


Sub Total 71.98

Total 90.93


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%

PORTFOLIO

April 2019 43

CATEgORY OF SCHEME: MEDIUM DURATION FUND



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Apr 27, 18 Last 1 Year 6.91 8.03 7.32 10,691 10,803 10,732Apr 29, 16 Last 3 Years 7.24 7.41 6.70 12,335 12,395 12,148Apr 30, 14 Last 5 Years 8.04 8.21 7.34 14,724 14,840 14,253Feb 06, 02 Since Inception 7.87 N.A. 6.06 36,896 N.A. 27,569

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 as applicable. For performance of other schemes managed by Shobhit Mehrotra, please refer page 52. 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. 59.

KEY FACTS


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


CATEgORY OF SCHEME: Medium Duration Fund

FUND MANAgER ¥

Shobhit Mehrotra (since September 1, 07)



February 6, 2002


Regular Plan - Growth Option 36.8958Regular Plan - Dividend Option 13.9991Regular Plan - Fortnightly Dividend Option 10.5780Direct Plan - Growth Option 38.2679Direct Plan - Dividend Option 14.3268Direct Plan - Fortnightly Dividend Option 10.6148



qUANTiTATiVE DATA






EXiT lOAD

Nil

PLANS & OPTIONS

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






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

investments in Debt and Money Market Instruments

Riskometer




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


DEBT & DEBT RElATED




Sub Total 2.34

CREDiT EXPOSURE


• Rural Electrification corporation Ltd. cRISIL - AAA 7.03

• Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cARE - AAA 5.86

• Housing Development Finance corporation Ltd. £ cRISIL - AAA 4.75

• Housing and Urban Development corporation Ltd. IcRA - AAA 4.73

• NHPc Ltd. cARE - AAA 4.72

• Reliance Jio Infocomm Ltd. cRISIL - AAA 4.72

• HDFc Bank Ltd. cARE - AA+ 4.69

• HPcL-Mittal Energy Ltd. IcRA - AA+ 4.18


Muthoot Finance Ltd. IcRA - AA 3.69

Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) 2.50

Indiabulls Housing Finance Ltd. cRISIL - AAA 2.39


coastal Gujarat Power Ltd. (corporate Guarantee of Tata Power) cARE - AA(SO) 2.34



JM Financial Asset Reconstruction company Ltd. IcRA - AA- 1.97

Talwandi Sabo Power Ltd. (corporate Guarantee of Vedanta Ltd.) cRISIL - AA(SO) 1.85


Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cARE - AAA 1.75

M a h a n a g a r Te l e p h o n e Nigam Ltd. (corporate guarantee from Govt of India) cRISIL - AAA(SO) 0.96

Power Finance corporation Ltd. cRISIL - AAA 0.96




Aarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) 0.44

Aashman energy Private Ltd. (Greenko) cARE - AA-(SO) 0.44

Divyesh Power Private Ltd. (Greenko) cARE - AA-(SO) 0.44

elena Renewable energy Private Ltd.(Greenko) cARE - AA-(SO) 0.44

Pratyash Renewable Private Ltd. (Greenko) cARE - AA-(SO) 0.44

SeI Baskara Power Private Ltd. (Greenko) cARE - AA-(SO) 0.44

SeI enerstar Renewable energy Pvt Ltd. (Greenko) cARE - AA-(SO) 0.44

SeI Mihir energy Private Ltd. (Greenko) cARE - AA-(SO) 0.44

Shreyas Renewable energy Private Ltd. (Greenko) cARE - AA-(SO) 0.44

Zuvan energy Private Ltd. (Greenko) cARE - AA-(SO) 0.44

Sub Total 86.46

Total 88.80


CD/CP


Sub Total 2.35


Grand Total 100.00


PORTFOLIO


n G-Sec 2.34

n cD 2.35




n Sovereign 2.34n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 54.42n AA+ 8.87n AA/AA- 18.15n A+ & Below 7.37n cash, cash Equivalents and Net

current Assets 8.85

44 April 2019

CATEgORY OF SCHEME: SHORT DURATION FUND



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Apr 27, 18 Last 1 Year 7.74 8.03 7.32 10,774 10,803 10,732Apr 29, 16 Last 3 Years 7.48 7.41 6.70 12,418 12,395 12,148Apr 30, 14 Last 5 Years 8.23 8.21 7.34 14,855 14,840 14,253Jun 25, 10 Since Inception 8.55 8.11 6.92 20,677 19,943 18,076

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 as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 52. 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. 62.

Face Value per Unit: ` 10 unless otherwise specified, cD - certificate of Deposit; cP - commercial Papers. Data is as of April 30, 2019 unless otherwise specified.

KEY FACTS


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


CATEgORY OF SCHEME: Short Duration Fund

FUND MANAgER ¥

Anil Bamboli (since June 25, 10)



June 25, 2010


Regular Plan - Growth Option 20.6773Regular Plan - Fortnightly Dividend Option 10.2159Regular Plan - Normal Dividend Option 13.9028Direct Plan - Growth Option 20.8718Direct Plan - Fortnightly Dividend Option 10.2769Direct Plan - Normal Dividend Option 13.9531



qUANTiTATiVE DATA






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


8.38% Gujarat SDL - Mat 270229 Sovereign 0.13

8.39% Rajasthan SDL - Mat 150320 Sovereign 0.05

Sub Total 0.18

CREDiT EXPOSURE

• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA 10.60

• Housing Development Finance corporation Ltd. £


• Rural Electrification corporation Ltd. cRISIL - AAA / IND - AAA 8.53


• ONGc Petro additions Ltd. (OPAL) (Put on ONGc Ltd.) cRISIL - AAA(SO) 7.23

• Reliance Jio Infocomm Ltd. cRISIL - AAA / cRISIL - AAA(SO) / IcRA - AAA 5.40

• National Bank for Agriculture and Rural Development cRISIL - AAA / IND - AAA 5.33

• Housing and Urban Development corporation Ltd.

cARE - AAA / IcRA - AAA / IND - AAA 3.94


• Reliance Industries Ltd. cRISIL - AAA / IcRA - AAA 3.54


Mahindra & Mahindra Financial Services Ltd. cARE - AAA / IND - AAA 3.38


National Highways Authority of India cARE - AAA / cRISIL - AAA 1.94

SANSAR TRUST NOV 2018 (PTc of pools from Shriram Transport Finance co. Ltd.) IcRA - AAA(SO) 1.48


Bajaj Finance Ltd. cRISIL - AAA / IND - AAA 1.30



John Deere Financial India Private Ltd. cRISIL - AAA 1.30



Fullerton India Home Finance company Ltd. cARE - AA+ 0.65

Indian Railways Finance corp. Ltd.


Talwandi Sabo Power Ltd. (corporate Guarantee of Vedanta Ltd.) cRISIL - AA(SO) 0.64



canFin Homes Ltd. cARE - AAA 0.45

Aditya Birla Finance Ltd. IcRA - AAA / IND - AAA 0.40


Toyota Financial Services India Ltd. cRISIL - AAA 0.32

NHPc Ltd. IcRA - AAA 0.26


Sub Total 89.97

Total 90.15


CD/CP


Indusind Bank Ltd. cRISIL - A1+ 1.22

IDFc First Bank Ltd. cRISIL - A1+ 1.16

Andhra Bank cARE - A1+ 0.61

Sub Total 4.60


Grand Total 100.00


PORTFOLIO


n G-Sec, SDL 0.18

n cD 4.60







April 2019 45

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.

CATEgORY OF SCHEME: Low Duration Fund

FUND MANAgER ¥



iNCEPTiON DATE (Date of Allotment)November 18, 1999

NAV (AS ON APRil 30, 2019)^^ NAV PER UNiT (`)Retail OptionRegular Plan - Growth Option 39.2774Regular Plan - Daily Dividend Reinvestment Option 10.1428Regular Plan - Weekly Dividend Option 10.1608Regular Plan - Monthly Dividend Option 10.2063Direct Plan - Growth Option 41.0407Direct Plan - Daily Dividend Reinvestment Option 10.0655Direct Plan - Weekly Dividend Option 10.1916Direct Plan - Monthly Dividend Option 10.2149Wholesale OptionRegular Plan - Growth Option 41.7322Regular Plan - Daily Dividend Reinvestment Option 10.1574Regular Plan - Weekly Dividend Option 10.1635Regular Plan - Monthly Dividend Option 10.2320


qUANTiTATiVE DATAAverage Maturity * 319 daysMacaulay Duration * 303 daysModified Duration * 274 daysYield to Maturity * 8.02%* computed on the invested amount.


#BENCHMARK iNDEX: cRISIL Liquid Fund Index##ADDl. BENCHMARK iNDEX: cRISIL 1 year T-Bill Index

EXiT lOADNil

PLANS & OPTIONSRegular Plan, Direct Plan. Retail Option: 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 AMOUNTRetail 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.

¥ Dedicated Fund Manager for Overseas Investments: Mr. Amar Kalkundrikar (Total Experience: Over 16 years).^^ calculated on all calendar days.



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Apr 27, 18 Last 1 Year 7.27 7.62 7.32 10,727 10,762 10,732Apr 29, 16 Last 3 Years 7.10 7.18 6.70 12,287 12,315 12,148Apr 30, 14 Last 5 Years 7.46 7.68 7.34 14,331 14,483 14,253Nov 18, 99 Since Inception 7.28 N.A. 6.50 39,277 N.A. 34,036

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 as applicable. For performance of other schemes managed by Anupam Joshi, please refer page 52. 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. 61.




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

Riskometer



Portfolio Classification by Asset Class (%)

n G-Sec, SDL 0.75

n cP 8.03

n cD 33.58



Portfolio Classification by Rating Class (%)



current Assets 4.09

[An open ended low duration debt scheme investing in instruments such that the Macaulay Duration of the portfolio is between 6 months and 12 months (Refer page 2 for definition of Macaulay Duration)]HDFC Low Duration Fund

Issuer Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)7.27 GOI 2026 Sovereign 0.517.32 GOI 2024 Sovereign 0.177.65% Karnataka SDL - Mat 061227 Sovereign 0.076.84 GOI 2022 Sovereign @Sub Total 0.75CREDiT EXPOSURE • Housing Development

Finance corporation Ltd. £ cRISIL - AAA 6.17• LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 4.71• Power Finance corporation Ltd. cRISIL - AAA 4.27• ONGc Petro additions Ltd.

(OPAL) (Put on ONGc Ltd.) cRISIL - AAA(SO) 3.93• National Bank for Agriculture

and Rural Development cRISIL - AAA / IND - AAA 3.47• National Housing Bank cARE - AAA 3.42Rural electrification corporation Ltd. cRISIL - AAA 2.90Power Grid corporation of India Ltd. cARE - AAA / cRISIL - AAA 2.43Bajaj Finance Ltd. IND - AAA 2.17Nuvoco Vistas corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) cRISIL - AA 1.98Union Bank of India cARE - AA- 1.42Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) 1.31Petronet LNG Ltd. cRISIL - AAA 1.20Syndicate Bank cARE - A+ 1.17canara Bank cRISIL - AA 1.15L&T Finance Ltd. cARE - AAA 1.02State Bank of India cRISIL - AA+ 1.02Punjab National Bank cARE - A+ 0.97Shriram Transport Finance co. Ltd. cRISIL - AA+ / IND - AA+ 0.97Tata capital Financial Services Ltd. IcRA - AAA 0.85Tata Motors Ltd. cARE - AA 0.85Housing and Urban Development corporation Ltd. IcRA - AAA 0.72TATA capital Housing Finance Ltd. cRISIL - AAA 0.68Axis Bank Ltd. cRISIL - AA+ 0.66Vedanta Ltd. cRISIL - AA 0.53TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) cRISIL - AA 0.41Adani Transmission Ltd. IND - AA+ 0.34export - Import Bank of India cRISIL - AAA 0.34NRSS xxIx Transmission Ltd. cRISIL - AAA 0.34The Tata Power company Ltd. IcRA - AA- 0.34Volkswagen Finance Private Ltd. IND - AAA 0.34KKR India Financial Services Pvt Ltd. cRISIL - AA+ 0.29Vijaya Bank cARE - AA- 0.28Hinduja Leyland Finance Ltd. cARE - AA- 0.24Indian Railways Finance corp. Ltd. cRISIL - AAA 0.14Bank of Baroda cARE - AA 0.10NTPc Ltd. cRISIL - AAA 0.06

Issuer Rating % to NAVAarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) 0.03Aashman energy Private Ltd. (Greenko) cARE - AA-(SO) 0.03Divyesh Power Private Ltd. (Greenko) cARE - AA-(SO) 0.03elena Renewable energy Private Ltd.(Greenko) cARE - AA-(SO) 0.03Mahindra & Mahindra Financial Services Ltd. IND - AAA 0.03Pratyash Renewable Private Ltd. (Greenko) cARE - AA-(SO) 0.03Reliance Jio Infocomm Ltd. cRISIL - AAA 0.03SeI Baskara Power Private Ltd. (Greenko) cARE - AA-(SO) 0.03SeI enerstar Renewable energy Pvt Ltd. (Greenko) cARE - AA-(SO) 0.03SeI Mihir energy Private Ltd. (Greenko) cARE - AA-(SO) 0.03Shreyas Renewable energy Private Ltd. (Greenko) cARE - AA-(SO) 0.03Zuvan energy Private Ltd. (Greenko) cARE - AA-(SO) 0.03Sub Total 53.55Total 54.30MONEY MARKET INSTRUMENTSCD/CP • Small Industries

Development BankcARE - A1+ / cRISIL - A1+ / IcRA - A1+ 6.13

• Axis Bank Ltd. cRISIL - A1+ 5.48• National Bank for Agriculture

and Rural Development cRISIL - A1+ 5.24• Indusind Bank Ltd. cRISIL - A1+ 3.24export - Import Bank of India cRISIL - A1+ 3.20The Federal Bank Ltd. cARE - A1+ 2.09IcIcI Bank Ltd. IcRA - A1+ 2.08Punjab National Bank cARE - A1+ 1.98Bank of Baroda cRISIL - A1+ 1.60Tata Motors Ltd. cRISIL - A1+ 1.32Kotak Mahindra Bank Ltd. cRISIL - A1+ 1.29IDFc First Bank Ltd. cRISIL - A1+ 1.28Tata Sons Ltd. cRISIL - A1+ 1.12National Housing Bank cRISIL - A1+ 1.01LIc Housing Finance Ltd. cRISIL - A1+ 0.97cooperatieve Rabobank U.A cRISIL - A1+ 0.96Indiabulls Housing Finance Ltd. cRISIL - A1+ 0.67Hero Fincorp Ltd. cRISIL - A1+ 0.65India Infoline Finance Ltd. cRISIL - A1+ 0.34canFin Homes Ltd. IcRA - A1+ 0.32Deutsche Investments India Pvt Ltd. cRISIL - A1+ 0.32Kotak Mahindra Investments Ltd. cRISIL - A1+ 0.32Sub Total 41.61cash, cash Equivalents and Net current Assets 4.09Grand Total 100.00• Top Ten Holdings, £ co-sponsor, @ less than 0.01%


PORTFOLIO

46 April 2019

CATEgORY OF SCHEME: MONEY MARKET FUND

KEY FACTS


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


CATEgORY OF SCHEME: Money Market Fund

FUND MANAgER ¥

Anil Bamboli (since July 25, 12)



November 18, 1999


Regular Plan - Growth Option 3,899.4860Regular Plan - Daily Dividend Reinvestment Option 1,063.6400Regular Plan - Weekly Dividend Option 1,062.5281Direct Plan - Growth Option 3,935.0437Direct Plan - Daily Dividend Reinvestment Option 1,063.6400Direct Plan - Weekly Dividend Option 1,062.5743



qUANTiTATiVE DATA

Average Maturity * 295 daysMacaulay Duration * 292 daysModified Duration * 266 daysYield to Maturity * 7.79%* computed on the invested amount.



#BENCHMARK iNDEX: cRISIL Liquid Fund 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 (%) ##




(`)##

Apr 27, 18 Last 1 Year 7.74 7.62 7.32 10,774 10,762 10,732Apr 29, 16 Last 3 Years 7.08 7.18 6.70 12,280 12,315 12,148Apr 30, 14 Last 5 Years 7.63 7.68 7.34 14,448 14,483 14,253Nov 18, 99 Since Inception 7.26 N.A. 6.50 39,129 N.A. 34,036

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 as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 52. 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. 62.

Face Value per Unit: ` 1,000, cD - certificate of Deposit; cP - commercial Papers. Data is as of April 30, 2019 unless otherwise specified.

n cP 34.66

n cD 65.47

n cash, cash Equivalents and Net current Assets -0.13






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


CD/CP

• Small Industries Development Bank

cARE - A1+ / cRISIL - A1+ / IcRA - A1+ 8.96

• National Bank for Agriculture and Rural Development

cRISIL - A1+ / IND - A1+ 8.40

• Tata Sons Ltd. cRISIL - A1+ 8.11

• Rural Electrification corporation Ltd. cARE - A1+ 7.71

• Axis Bank Ltd. cRISIL - A1+ 6.86

• LIc Housing Finance Ltd. cRISIL - A1+ / IcRA - A1+ 6.48

• IcIcI Bank Ltd. IcRA - A1+ 6.44

• Indian Bank cRISIL - A1+ 6.41

• Andhra Bank cARE - A1+ 4.87


Punjab National Bank cARE - A1+ 4.69



Power Finance corporation Ltd. cRISIL - A1+ 4.27

canFin Homes Ltd. IcRA - A1+ 4.26

Au Small Finance Bank Ltd. cRISIL - A1+ 2.67

The Federal Bank Ltd. cARE - A1+ 2.57


cooperatieve Rabobank U.A cRISIL - A1+ 2.55

Kotak Mahindra Bank Ltd. cRISIL - A1+ 1.72

L&T Finance Ltd. cARE - A1+ 0.43

Deutsche Investments India Pvt Ltd. cRISIL - A1+ 0.42

Sundaram BNP Paribas Home Finance Ltd. cRISIL - A1+ 0.42

Sub Total 100.13


Grand Total 100.00


PORTFOLIO

April 2019 47

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.

CATEgORY OF SCHEME: Floater Fund

FUND MANAgER ¥

Shobhit Mehrotra (since October 23, 2007)


iNCEPTiON DATE (Date of Allotment)October 23, 2007

NAV (AS ON APRIL 30, 2019) NAV PER UNIT (`)Retail OptionRegular Plan - Growth Option 31.5906Regular Plan - Daily Dividend Reinvestment Option 10.0809Regular Plan - Weekly Dividend Option 10.1400Regular Plan - Monthly Dividend Option 10.2157Wholesale OptionRegular Plan - Growth Option 32.6539Regular Plan - Daily Dividend Reinvestment Option 10.0809Regular Plan - Weekly Dividend Option 10.1404Regular Plan - Monthly Dividend Option 10.2178Direct Plan - Growth Option 32.8596Direct Plan - Daily Dividend Reinvestment Option 10.0809Direct Plan - Weekly Dividend Option 10.1408Direct Plan - Monthly Dividend Option 10.2194


qUANTITATiVE DATAAverage Maturity * 277 daysMacaulay Duration * 256 daysModified Duration * 226 daysYield to Maturity * 8.09%* computed on the invested amount.




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 (%) ##




(`)##

Apr 27, 18 Last 1 Year 7.80 7.62 7.32 10,780 10,762 10,732Apr 29, 16 Last 3 Years 7.57 7.18 6.70 12,451 12,315 12,148Apr 30, 14 Last 5 Years 8.16 7.68 7.34 14,803 14,483 14,253Oct 23, 07 Since Inception 8.19 7.54 6.49 24,771 23,106 20,637

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 as applicable. For performance of other schemes managed by Shobhit Mehrotra, please refer page 52. 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. 59.


l income over short terml to generate income / capital appreciation through investment

in a portfolio comprising substantially of floating rate debt, fixed rate debt instruments swapped for floating rate returns and money market instruments

Riskometer





n G-Sec, SDL 1.10

n cP 5.59

n cD 31.39






current Assets 3.16

[An open ended debt scheme predominantly investing in floating rate instruments (including fixed rate instruments converted to floating rate exposures using swaps / derivatives)]HDFC Floating Rate Debt Fund


DEBT & DEBT RElATED




7.65% Karnataka SDL - Mat 061227 Sovereign 0.17

9.23% Gujarat SDL - Mat 300322 Sovereign 0.05

7.69% Gujarat SDL - Mat 201227 Sovereign @

Sub Total 1.10

CREDiT EXPOSURE


• ONGc Petro additions Ltd. (OPAL) (Put on ONGc Ltd.) cRISIL - AAA(SO) 6.18


• Power Finance corporation Ltd. cRISIL - AAA 5.87

• Shriram city Union Finance Ltd. cARE - AA+ 4.45

• National Bank for Agriculture and Rural Development cRISIL - AAA / IND - AAA 3.41

Axis Bank Ltd. cRISIL - A1+ / cRISIL - AA+ 3.33

National Housing Bank cARE - AAA 3.18




Shriram Transport Finance co. Ltd. IND - AA+ 2.21

Housing and Urban Development corporation Ltd. IcRA - AAA 1.34


Indiabulls Housing Finance Ltd. cARE - AAA 1.12


State Bank of India cARE - AA+ / cRISIL - AA+ 1.01

canara Bank cRISIL - AA 0.86

HPcL-Mittal Energy Ltd. IcRA - AA+ 0.74

NRSS xxIx Transmission Ltd. cRISIL - AAA 0.67

Volkswagen Finance Private Ltd. IND - AAA 0.45


Bharti Airtel Ltd. cRISIL - AA 0.44

Gujarat Road and Infra co Ltd. cARE - AAA(SO) 0.44



Reliance Industries Ltd. cRISIL - AAA 0.04


Sub Total 58.76

Total 59.86


CD/CP

• National Bank for Agriculture and Rural Development cRISIL - A1+ 5.32

• IcIcI Bank Ltd. cRISIL - A1+ / IcRA - A1+ 4.62

• Small Industries Development Bank cRISIL - A1+ / IcRA - A1+ 4.62

• Export - Import Bank of India cRISIL - A1+ 4.19



Bank of Baroda cRISIL - A1+ 2.10



JM Financial credit Solutions Ltd. IcRA - A1+ 1.49

Andhra Bank cARE - A1+ 1.30

Adani Transmission Ltd. IcRA - A1+ 1.06

Indiabulls Housing Finance Ltd. cRISIL - A1+ 0.88


LIc Housing Finance Ltd. IcRA - A1+ 0.85


India Infoline Finance Ltd. cRISIL - A1+ 0.44

Sub Total 36.98


Grand Total 100.00

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

Outstanding exposure in derivative instruments Interest Rate Swap (` in crore) 6,460.00

PORTFOLIO

48 April 2019

CATEgORY OF SCHEME: ULTRA SHORT DURATION FUND


To generate income / capital appreciation through investment in debt securities and money market instruments.


CATEgORY OF SCHEME: Ultra Short Duration Fund

FUND MANAgER ¥

Anil Bamboli (since September 25, 18)



September 25, 2018


Regular Plan - Growth Option 10.5136Regular Plan - Daily Dividend Reinvestment Option 10.0500Regular Plan - Weekly Dividend Option 10.0561Regular Plan - Monthly Dividend Option 10.1295Direct Plan - Growth Option 10.5338Direct Plan - Daily Dividend Reinvestment Option 10.0500Direct Plan - Weekly Dividend Option 10.0567Direct Plan - Monthly Dividend Option 10.1326



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




n cP 33.51

n cD 23.38





n AA+ 2.15n AA/AA- 0.17


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


DEBT & DEBT RElATED

CREDiT EXPOSURE



• National Housing Bank cARE - AAA 3.44



Rural electrification corporation Ltd. cRISIL - AAA 2.57



Bajaj Finance Ltd. IND - AAA 1.59

Adani Transmission Ltd. IND - AA+ 1.29

Tata capital Financial Services Ltd. cRISIL - AAA 1.29


Sundaram BNP Paribas Home Finance Ltd. IcRA - AA+ 0.86

Kotak Mahindra Prime Ltd. cRISIL - AAA 0.69

UltraTech cement Ltd. cRISIL - AAA 0.69




cholamandalam Investment & Finance IcRA - AA 0.17

Sub Total 37.60


CD/CP

• Hindustan Petroleum corporation Ltd. cRISIL - A1+ 8.52

• Small Industries Development Bank cARE - A1+ 5.84


• Housing and Urban Development corporation Ltd. IND - A1+ 4.20

• Axis Bank Ltd. cRISIL - A1+ 3.29


• Andhra Bank cARE - A1+ 2.58



Muthoot Finance Ltd. cRISIL - A1+ 2.13

Indian Bank cRISIL - A1+ 2.02


LIc Housing Finance Ltd. cRISIL - A1+ / IcRA - A1+ 1.63

Kotak Mahindra Bank Ltd. cRISIL - A1+ 1.62



Au Small Finance Bank Ltd. cRISIL - A1+ 1.55


JSW Steel Ltd. IcRA - A1+ 1.28

Shriram Transport Finance co. Ltd. cRISIL - A1+ 1.02


ScB Inv & Loan (I) Ltd. cRISIL - A1+ 0.85

Union Bank of India IcRA - A1+ 0.85

Hero Fincorp Ltd. cRISIL - A1+ 0.82

Tata capital Financial Services Ltd. IcRA - A1+ 0.82

National Bank for Agriculture and Rural Development cRISIL - A1+ 0.66

Vijaya Bank cRISIL - A1+ 0.51

Ford credit India Pvt Ltd. IND - A1+ 0.43

Hongkong & Shanghai Bank Ltd. IND - A1+ 0.43

Sub Total 56.89


Grand Total 100.00



PORTFOLIO

April 2019 49

CATEgORY OF SCHEME: LIqUID FUND


To generate income through a portfolio comprising money market and debt instruments.


CATEgORY OF SCHEME: Liquid Fund

FUND MANAgER ¥




October 17, 2000

NAV (AS ON APRil 30, 2019)^^ NAV PER UNiT (`)

HDFC liquid FundRegular Plan - Growth Option 3,681.2860Regular Plan - Daily Dividend Reinvestment Option 1,019.8200Regular Plan - Weekly Dividend Option 1,032.5613Regular Plan - Monthly Dividend Option 1,033.8228Direct Plan - Growth Option 3,699.6767Direct Plan - Daily Dividend Reinvestment Option 1,019.8200Direct Plan - Weekly Dividend Option 1,032.5841Direct Plan - Monthly Dividend Option 1,033.9252HDFC liquid Fund - Premium PlanRegular Plan - Growth Option 3,757.4349Regular Plan - Daily Dividend Reinvestment Option 1,225.9800



qUANTiTATiVE DATA






EXiT lOAD

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.



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




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Apr 23, 19 Last 7 days 6.84 5.61 2.24 10,013 10,011 10,004Apr 15, 19 Last 15 days 6.93 6.18 3.60 10,028 10,025 10,015Mar 31, 19 Last 1 Month 6.98 6.40 4.68 10,057 10,053 10,038Apr 27, 18 Last 1 Year 7.34 7.62 7.32 10,734 10,762 10,732Apr 29, 16 Last 3 Years 7.00 7.18 6.70 12,254 12,315 12,148Apr 30, 14 Last 5 Years 7.61 7.68 7.34 14,436 14,483 14,253Oct 17, 00 Since Inception 7.28 N.A. 6.41 36,813 N.A. 31,626

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 as applicable. For performance of other schemes managed by Anupam Joshi, please refer page 52. 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. 60.

n SDL, T-Bills 4.86

n cP 68.41

n cD 25.47




n Sovereign 4.86


n AA+ 0.05



(An open ended liquid scheme)HDFC Liquid Fund

PORTFOLIO

Company Rating % to NAV

DEBT & DEBT RElATED


7.86% Rajasthan SDL (UDAY Scheme- Strip II ) - ISD 230616 Mat 230619 Sovereign 0.24

Sub Total 0.24

T-BillS

91 Days TBill - Mat 040719 Sovereign 2.02

91 Days Tbill - Mat 270619 Sovereign 1.11










Sub Total 4.62

CREDiT EXPOSURE



Indian Railways Finance corp. Ltd. cARE - AAA 0.83

ONGc Mangalore Petrochemicals Ltd. IND - AAA 0.44




Tata capital Financial Services Ltd. cRISIL - AAA / IcRA - AA+ 0.29



50 April 2019


(An open ended liquid scheme) .....Contd from previous pageHDFC Liquid FundPORTFOLIO



IcIcI Home Finance Ltd. IcRA - AAA 0.11



Kotak Mahindra Prime Ltd. cRISIL - AAA 0.05


Bajaj Finance Ltd. IND - AAA 0.04

Volkswagen Finance Private Ltd. IND - AAA 0.04

Housing and Urban Development corporation Ltd. cARE - AAA 0.02



Sub Total 5.73

TOTAL 10.59


CD/CP

Indian Oil corporation Ltd. cRISIL - A1+ / IcRA - A1+ 7.74

Reliance Industries Ltd. cARE - A1+ / cRISIL - A1+ 6.37

NTPc Ltd. cARE - A1+ / cRISIL - A1+ / IcRA - A1+ 5.80

Oriental Bank of commerce cRISIL - A1+ 5.53

PNB Housing Finance Ltd. cARE - A1+ / cRISIL - A1+ 4.36



Oil & Natural Gas corporation Ltd. cARE - A1+ 3.57

TATA Teleservices Ltd. cRISIL - A1+ 2.84



Vijaya Bank cRISIL - A1+ 2.71

Syndicate Bank cRISIL - A1+ 2.68

National Bank for Agriculture and Rural Development cRISIL - A1+ / IcRA - A1+ 2.27

Reliance Jio Infocomm Ltd. cRISIL - A1+ 2.26

Tata Teleservices (Maharashtra) Ltd. cRISIL - A1+ 2.15

Hindustan Zinc Ltd. cRISIL - A1+ 2.13

Reliance Retail Ltd. cARE - A1+ 2.13

LIc Housing Finance Ltd. cRISIL - A1+ 2.05


L&T Finance Ltd. cARE - A1+ / cRISIL - A1+ 1.82

National Housing Bank cRISIL - A1+ 1.78


Tata Motors Finance Ltd. cARE - A1+ / cRISIL - A1+ 1.28

Andhra Bank cARE - A1+ / IND - A1+ 1.14

Bharat Heavy electricals Ltd. cARE - A1+ 1.13

Mahindra & Mahindra Financial Services Ltd. cRISIL - A1+ 1.00

Power Grid corporation of India Ltd. cARE - A1+ 1.00


The South Indian Bank Ltd. cARE - A1+ 1.00

Adani Ports & Special economic Zone cARE - A1+ / IcRA - A1+ 0.93

canara Bank cRISIL - A1+ 0.82

export - Import Bank of India IcRA - A1+ 0.72

Bajaj Housing Finance Ltd. cRISIL - A1+ 0.71

Tata capital Financial Services Ltd. cRISIL - A1+ / IcRA - A1+ 0.67

Magma Fincorp Ltd. cRISIL - A1+ 0.57

JSW Steel Ltd. IcRA - A1+ 0.48

SBI Global Factors Ltd. cRISIL - A1+ 0.47

Muthoot Finance Ltd. cRISIL - A1+ 0.42


Hinduja Leyland Finance Ltd. cRISIL - A1+ 0.40

Vedanta Ltd. cRISIL - A1+ 0.36

canFin Homes Ltd. cARE - A1+ 0.29

GIc Housing Finance Ltd. cRISIL - A1+ 0.29

IcIcI Securities Primary Dealership cRISIL - A1+ 0.29

Julius Baer capital (India) Private IcRA - A1+ 0.29

Tata Motors Finance Solutions Ltd. cARE - A1+ 0.29

Trapti Trading & Investments Pvt Lt IcRA - A1+ 0.29

Aditya Birla capital Ltd. cRISIL - A1+ 0.28

BASF India Ltd. cRISIL - A1+ 0.28

Larsen and Toubro Ltd. cRISIL - A1+ 0.28

Nirma Ltd. cRISIL - A1+ 0.28

TATA Projects Ltd. cRISIL - A1+ 0.28

Tata Realty and Infrastructure Ltd. cRISIL - A1+ 0.28

TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) cARE - A1+ 0.28

T V Sundram Iyengar & Sons Pvt Ltd. IcRA - A1+ 0.21

United Spirits Ltd. cRISIL - A1+ 0.21

Axis Finance Ltd. IND - A1+ 0.18

Ford credit India Pvt Ltd. IND - A1+ 0.18

Hero Fincorp Ltd. IcRA - A1+ 0.14

L&T Finance Holdings Ltd. cARE - A1+ 0.14

ScB Inv & Loan (I) Ltd. cRISIL - A1+ 0.14

Shriram Transport Finance co. Ltd. cRISIL - A1+ 0.14

Steel Authority Of India Ltd. cARE - A1+ 0.14

Small Industries Development Bank cARE - A1+ / IcRA - A1+ 0.11

Aditya Birla Money Ltd. cRISIL - A1+ 0.11

HSBc InvestDirect Financial Services (India) Ltd. IND - A1+ 0.11


Sub Total 93.88


Grand Total 100.00


April 2019 51

CATEgORY OF SCHEME: OVERNIGHT FUND

KEY FACTS


To generate returns by investing in debt and money market instruments with overnight maturity.


CATEgORY OF SCHEME: Overnight Fund

FUND MANAgER ¥

Anil Bamboli (since July 25, 12)



February 06, 2002


Regular Plan - Growth Option 2,825.0485Regular Plan - Daily Dividend Reinvestment Option 1,042.6600Direct Plan - Growth Option 2,836.0622Direct Plan - Daily Dividend Reinvestment Option 1,042.6600



qUANTiTATiVE DATA

Average Maturity * 1 dayMacaulay Duration * 1 dayModified Duration * 1 dayYield to Maturity * 6.01%* 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




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Apr 23, 19 Last 7 days 5.82 6.02 2.24 10,011 10,012 10,004Apr 15, 19 Last 15 days 5.82 6.02 3.60 10,024 10,025 10,015Mar 31, 19 Last 1 Month 5.80 6.02 4.68 10,048 10,049 10,038Apr 27, 18 Last 1 Year 6.20 6.32 7.32 10,620 10,632 10,732Apr 29, 16 Last 3 Years 6.08 6.16 6.70 11,938 11,967 12,148Apr 30, 14 Last 5 Years 6.63 6.77 7.34 13,787 13,877 14,253Feb 06, 02 Since Inception 6.21 N.A. 6.06 28,250 N.A. 27,569

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 as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 52. 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. 62.

Face Value per Unit: ` 1,000, Data is as of April 30, 2019 unless otherwise specified.






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

52 April 2019

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 05

HDFC Top 100 Fund 07

HDFC Balanced Advantage Fund 13-14

HDFC Hybrid Debt Fund (Co-managed scheme) 32-33

2 Mr. Vinay Kulkarni HDFC Focused 30 Fund 11

HDFC Growth Opportunities Fund 10

HDFC TaxSaver 23

HDFC Equity Savings Fund (Co-managed scheme) 30-31

3 Mr. Srinivas Rao Ravuri HDFC Infrastructure Fund 12

Close ended schemes 53

4 Mr. Chirag Setalvad HDFC Mid-Cap Opportunities Fund 08

HDFC Small Cap Fund 09

HDFC Long Term Advantage Fund 53

HDFC Hybrid Equity Fund 15-16

HDFC Children’s Gift Fund 24-25

HDFC Multi-Asset Fund (Co-managed scheme) 17-18

HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 26

HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 27-28

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

5 Mr. Miten Lathia HDFC Capital Builder Value Fund 06

HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 56

6 Mr. Krishan Kumar Daga HDFC Arbitrage Fund 34-35


HDFC Index Fund - SEnSEx Plan 22

HDFC Index Fund - nIFTY 50 Plan 20

HDFC SEnSEx ETF 21

HDFC nIFTY 50 ETF 19

HDFC Gold Exchange Traded Fund 55

HDFC Gold Fund 55


Closed ended schemes (Co-managed) 57

7 Mr. Shobhit Mehrotra HDFC Income Fund 42

HDFC Medium Term Debt Fund 43

HDFC Floating Rate Debt Fund 47

HDFC Credit Risk Debt Fund 37-38

HDFC Hybrid Debt Fund (Co-managed scheme) 32-33

HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 26

HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 27-28

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

Close ended schemes 53

8 Mr. Anil Bamboli HDFC Dynamic Debt Fund 41

HDFC Short Term Debt Fund 42

HDFC Gilt Fund 40

HDFC Money Market Fund 46

HDFC Ultra Short Term Fund 48

HDFC Overnight Fund 50

HDFC Banking and PSU Debt Fund 39



HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 56

Close ended schemes 54-55

Closed ended schemes (Co-managed) 56-57

9 Mr. Anupam Joshi HDFC Liquid Fund 49-50

HDFC Corporate Bond Fund 36

HDFC Low Duration Fund 45

Close ended schemes 55-56

For performance details of Direct Plan, refer page 58-65

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.

April 2019 53

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.

SRINIvAS RAO RAvURI

HDFC EOF - II - 1126D MAy 2017 (1) NAv as on Apr 30, 2019 ` 10.6870


(%)

Benchmark Returns

(%)#


Returns (%) ##

value of ` 10,000 invested

Scheme (`)

Benchmark (`)#


(`)##

Apr 30, 18 Last 1 Year 2.98 10.84 12.40 10,298 11,084 11,240Jun 15, 17 Since Inception 3.61 12.93 14.24 10,687 12,560 12,834

# nIFTY 50 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index). The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Srinivas Rao Ravuri since inception.

HDFC EOF - II - 1100D JUNE 2017 (1) NAv as on Apr 30, 2019 ` 10.2540


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 30, 18 Last 1 Year 4.87 10.84 12.40 10,487 11,084 11,240Jul 17, 17 Since Inception 1.41 11.22 12.73 10,254 12,093 12,386


HDFC HOF - I - 1140D NOvEMBER 2017 (1) NAv as on Apr 30, 2019 ` 9.4660


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 30, 18 Last 1 Year -4.54 1.71 10.84 9,546 10,171 11,084Dec 06, 17 Since Inception -3.85 5.69 13.23 9,466 10,804 11,896

# India Housing & Allied Businesses Index ## nIFTY 50 (Total Returns Index). The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Srinivas Rao Ravuri since inception.

CHIRAG SETALvAD

HDFC LONG TERM ADvANTAGE FUND NAv as on Apr 30, 2019 ` 363.475


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 30, 18 Last 1 Year 5.54 12.40 10.84 10,554 11,240 11,084Apr 29, 16 Last 3 Years 15.91 16.55 15.91 15,579 15,838 15,580Apr 30, 14 Last 5 Years 15.02 13.28 13.32 20,139 18,664 18,693Jan 02, 01 Since Inception 21.65 14.23 14.50 363,475 114,732 119,736

# 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 Apr 30, 2019 ` 14.1053


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by Mr. Shobhit Mehrotra since inception.

HDFC FMP 1168D FEBRUARy 2016 (1) NAv as on Apr 30, 2019 ` 13.4044


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 6.89 8.06 7.32 10,689 10,806 10,732Mar 23, 17 Since Inception 7.06 5.93 6.54 11,544 11,288 11,426




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1172D APRIL 2017 (1) NAv as on Apr 30, 2019 ` 11.4473


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 7.72 8.06 7.32 10,772 10,806 10,732Apr 11, 17 Since Inception 6.81 5.84 6.59 11,447 11,236 11,400




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1166D MAy 2017 (1) NAv as on Apr 30, 2019 ` 11.5333


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 7.68 8.06 7.32 10,768 10,806 10,732May 09, 17 Since Inception 7.49 5.85 6.75 11,533 11,189 11,377


HDFC FMP 1136D JUNE 2017 (1) NAv as on Apr 30, 2019 ` 11.3843


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1430D JULy 2017 (1) NAv as on Apr 30, 2019 ` 11.1158


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 8.37 8.06 7.32 10,837 10,806 10,732Aug 01, 17 Since Inception 6.25 4.48 6.77 11,116 10,796 11,211


54 April 2019




ANIL BAMBOLI

HDFC CHARITy FUND FOR CANCER CURE - DEBT PLAN^

NAv as on Apr 30, 2019 ` 10.0818


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Short Term Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. ^Scheme offers Dividend option only. Returns of HDFC Charity Fund for Cancer Cure - Debt Plan - Regular Plan are computed based on nAV of Dividend Option and all dividends (after statutory levy) are assumed to be reinvested in the units of the scheme at the then prevailing nAV (ex-dividend nAV).

HDFC FMP 1846D AUGUST 2013 (1) NAv as on Apr 30, 2019 ` 15.9414


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 6.59 8.06 7.32 10,659 10,806 10,732Apr 29, 16 Last 3 Years 6.86 7.25 6.70 12,205 12,338 12,148Apr 30, 14 Last 5 Years 7.99 8.87 7.34 14,687 15,301 14,253Aug 14, 13 Since Inception 8.51 9.08 7.52 15,941 16,425 15,129

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

HDFC FMP 1175D JANUARy 2014 (1) NAv as on Apr 30, 2019 ` 15.8837


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 8.00 8.06 7.32 10,800 10,806 10,732Apr 29, 16 Last 3 Years 7.42 7.25 6.70 12,398 12,338 12,148Apr 30, 14 Last 5 Years 9.12 8.87 7.34 15,476 15,301 14,253Feb 05, 14 Since Inception 9.25 8.97 7.40 15,884 15,677 14,526




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1111D SEPTEMBER 2016 (1) NAv as on Apr 30, 2019 ` 12.3626


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 8.15 8.06 7.32 10,815 10,806 10,732Sep 15, 16 Since Inception 8.43 6.12 6.61 12,363 11,684 11,829

# 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 (`)#


(`)##



HDFC FMP 1218D DECEMBER 2016 (1) NAv as on Apr 30, 2019 ` 11.8036


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 8.26 8.06 7.32 10,826 10,806 10,732Jan 12, 17 Since Inception 7.49 4.99 6.51 11,804 11,184 11,558




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 8.16 8.06 7.32 10,816 10,806 10,732Feb 22, 17 Since Inception 7.06 6.17 6.57 11,607 11,396 11,492




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



April 2019 55


ANIL BAMBOLI....CONTINUED





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



KRISHAN KUMAR DAGA

HDFC GOLD EXCHANGE TRADED FUND* NAv as on Apr 30, 2019 ` 2,898.123

Date Period Scheme Returns (%)

Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Apr 30, 18 Last 1 Year 1.16 2.25 10,116 10,225Apr 29, 16 Last 3 Years 0.84 1.93 10,255 10,592Apr 30, 14 Last 5 Years 1.67 2.78 10,865 11,471Aug 13, 10 Since Inception 5.61 6.43 16,098 17,215

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

HDFC GOLD FUND NAv as on Apr 30, 2019 ` 10.315


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Apr 30, 18 Last 1 Year 1.29 2.25 10,129 10,225Apr 29, 16 Last 3 Years 0.60 1.93 10,182 10,592Apr 30, 14 Last 5 Years -0.26 2.78 9,872 11,471nov 01, 11 Since Inception 0.41 2.15 10,315 11,731

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

HDFC CHARITy FUND FOR CANCER CURE - ARBITRAGE PLAN^

NAv as on Apr 30, 2019 ` 10.094


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Apr 30, 18 Last 1 Year 6.22 5.87 10.84 10,622 10,587 11,084Mar 27, 17 Since Inception 6.40 5.08 14.77 11,387 11,094 13,342

# nIFTY 50 Arbitrage Index ## nIFTY 50 Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Krishan Kumar Daga since inception. ^ Scheme offers Dividend option only. Returns of HDFC Charity Fund for Cancer Cure - Arbitrage Plan - Regular Plan are computed based on nAV of Dividend Option and all dividends (after statutory levy) are assumed to be reinvested in the units of the scheme at the then prevailing nAV (ex-dividend nAV).

ANUPAM JOSHI



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Apr 27, 18 Last 1 Year 8.44 8.06 7.32 10,844 10,806 10,732Apr 29, 16 Last 3 Years 9.33 7.25 6.70 13,071 12,338 12,148Mar 23, 16 Since Inception 9.41 7.47 6.76 13,219 12,507 12,251

# 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. Anupam Joshi since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Apr 27, 18 Last 1 Year 7.29 8.06 7.32 10,729 10,806 10,732May 31, 16 Since Inception 8.52 7.28 6.72 12,691 12,275 12,087




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Apr 27, 18 Last 1 Year 7.16 8.06 7.32 10,716 10,806 10,732May 05, 16 Since Inception 8.51 7.26 6.70 12,764 12,327 12,138




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Apr 27, 18 Last 1 Year 7.72 8.06 7.32 10,772 10,806 10,732Jun 08, 16 Since Inception 7.66 7.29 6.71 12,379 12,259 12,066




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#




56 April 2019




ANUPAM JOSHI....CONTINUED



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#






(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Apr 27, 18 Last 1 Year 7.50 8.06 7.32 10,750 10,806 10,732Jul 07, 16 Since Inception 7.53 7.00 6.67 12,266 12,099 11,993


HDFC FMP 1161D JUL y 2016 (1) NAv as on Apr 30, 2019 ` 12.5145


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Apr 27, 18 Last 1 Year 8.23 8.06 7.32 10,823 10,806 10,732Jul 27, 16 Since Inception 8.47 6.64 6.64 12,515 11,941 11,942




(%)

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 (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



CO-MANAGED By MITEN LATHIA & ANIL BAMBOLI

HDFC DyNAMIC PE RATIO FUND OF FUNDS NAv as on Apr 30, 2019 ` 18.7141


(%)

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. Miten Lathia & Mr. Anil Bamboli since June 28, 2014.

April 2019 57



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

CO-MANAGED ByKRISHAN KUMAR DAGA & ANIL BAMBOLI

HDFC DAF - II - 1111D APRIL 2016 NAv as on Apr 30, 2019 ` 12.0056


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Hybrid Short Duration Debt 25:75 Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Anil Bamboli since inception.

HDFC DAF - III - 1304D AUGUST 2016 NAv as on Apr 30, 2019 ` 11.6234


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC DAF - III - 1267D OCTOBER 2016 NAv as on Apr 30, 2019 ` 11.4461


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 6.24 9.42 7.32 10,624 10,942 10,732Oct 25, 16 Since Inception 5.52 9.95 6.54 11,446 12,692 11,724


HDFC DAF - III - 1224D NOvEMBER 2016 NAv as on Apr 30, 2019 ` 11.3642


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 6.17 8.87 7.32 10,617 10,887 10,732Dec 07, 16 Since Inception 5.49 9.54 6.52 11,364 12,439 11,632


58 April 2019

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

PRASHANT JAIN

HDFC EQUITy FUND NAv as on Apr 30, 2019 ` 709.020


(%)

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 Apr 30, 2019 ` 524.767


(%)

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 Apr 30, 2019 ` 207.199


(%)

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. 14.

vINAy KULKARNI

HDFC FOCUSED 30 FUND NAv as on Apr 30, 2019 ` 82.014


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##

Apr 30, 18 Last 1 Year -2.85 2.98 12.40 9,715 10,298 11,240Apr 29, 16 Last 3 Years 12.12 15.03 16.55 14,100 15,225 15,838Apr 30, 14 Last 5 Years 13.79 14.27 13.28 19,081 19,489 18,664Jan 01, 13 Since Inception 11.88 13.02 13.06 20,350 21,698 21,742


HDFC GROWTH OPPORTUNITIES FUND NAv as on Apr 30, 2019 ` 115.207


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##

Apr 30, 18 Last 1 Year 4.44 -1.67 12.40 10,444 9,833 11,240Apr 29, 16 Last 3 Years 11.36 15.08 16.55 13,815 15,248 15,838Apr 30, 14 Last 5 Years 9.56 16.36 13.28 15,792 21,339 18,664Jan 01, 13 Since Inception 8.96 14.55 13.06 17,214 23,629 21,742

# 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 Apr 30, 2019 ` 549.560


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



CHIRAG SETALvAD

HDFC MID-CAP OPPORTUNITIES FUND NAv as on Apr 30, 2019 ` 57.569


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 30, 18 Last 1 Year -8.65 -12.72 10.84 9,135 8,728 11,084Apr 29, 16 Last 3 Years 14.61 11.13 15.91 15,059 13,730 15,580Apr 30, 14 Last 5 Years 19.44 16.12 13.32 24,324 21,123 18,693Jan 01, 13 Since Inception 19.34 13.25 12.71 30,623 21,975 21,329

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

HDFC SMALL CAP FUND NAv as on Apr 30, 2019 ` 46.139


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 30, 18 Last 1 Year -8.96 -22.14 10.84 9,104 7,786 11,084Apr 29, 16 Last 3 Years 19.92 8.47 15.91 17,254 12,764 15,580Apr 30, 14 Last 5 Years 20.37 11.55 13.32 25,286 17,276 18,693Jan 01, 13 Since Inception 18.32 10.10 12.71 29,002 18,385 21,329

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

HDFC HyBRID EQUITy FUND NAv as on Apr 30, 2019 ` 56.087


(%)

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. 16.

HDFC CHILDREN’S GIFT FUND NAv as on Apr 30, 2019 ` 127.008


(%)

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 Apr 30, 2019 ` 377.166


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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


April 2019 59


SRINIvAS RAO RAvURI

HDFC EOF - II - 1126D MAy 2017 (1) NAv as on Apr 30, 2019 ` 10.9710


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC EOF - II - 1100D JUNE 2017 (1) NAv as on Apr 30, 2019 ` 10.5660


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC INFRASTRUCTURE FUND NAv as on Apr 30, 2019 ` 17.425


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 30, 18 Last 1 Year -15.72 2.98 10.84 8,428 10,298 11,084Apr 29, 16 Last 3 Years 5.83 15.03 15.91 11,855 15,225 15,580Apr 30, 14 Last 5 Years 9.19 14.27 13.32 15,525 19,489 18,693Jan 01, 13 Since Inception 7.31 13.02 12.71 15,625 21,698 21,329


HDFC HOF - I - 1140D NOvEMBER 2017 (1) NAv as on Apr 30, 2019 ` 9.6940


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 30, 18 Last 1 Year -2.90 1.71 10.84 9,710 10,171 11,084Dec 06, 17 Since Inception -2.20 5.69 13.23 9,694 10,804 11,896

# India Housing & Allied Businesses Index ## nIFTY 50 (Total Returns Index). The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Srinivas Rao Ravuri since inception.

SHOBHIT MEHROTRA

HDFC INCOME FUND NAv as on Apr 30, 2019 ` 42.1134


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index.

HDFC MEDIUM TERM DEBT FUND NAv as on Apr 30, 2019 ` 38.2679


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC FLOATING RATE DEBT FUND NAv as on Apr 30, 2019 ` 32.8596


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC CREDIT RISK DEBT FUND NAv as on Apr 30, 2019 ` 15.9378


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Short Term Bond Fund Index ## CRISIL 10 year Gilt Index. Refer to note on performance disclosure on Page no. 38.



(%)

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 (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





60 April 2019




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 8.48 8.06 7.32 10,848 10,806 10,732Aug 01, 17 Since Inception 6.35 4.48 6.77 11,135 10,796 11,211


KRISHAN KUMAR DAGA

HDFC ARBITRAGE FUND - WHOLESALE PLAN NAv as on Apr 30, 2019 ` 14.070


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 30, 18 Last 1 Year 6.47 5.87 10.84 10,647 10,587 11,084Apr 29, 16 Last 3 Years 6.46 5.32 15.91 12,068 11,683 15,580Apr 30, 14 Last 5 Years 6.89 6.24 13.32 13,954 13,539 18,693Apr 07, 14 Since Inception 6.97 6.34 13.15 14,070 13,652 18,697

# nIFTY 50 Arbitrage Index ## nIFTY 50 (Total Returns Index). The Scheme is in existence for more than 1 year but less than 5 years. 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 Apr 30, 2019 ` 349.1093


(%)

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. 23.

HDFC INDEX FUND - NIFTy 50 PLAN NAv as on Apr 30, 2019 ` 107.6947


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC GOLD FUND NAv as on Apr 30, 2019 ` 10.5669


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Apr 30, 18 Last 1 Year 1.73 2.25 10,173 10,225Apr 29, 16 Last 3 Years 1.05 1.93 10,319 10,592Apr 30, 14 Last 5 Years 0.17 2.78 10,086 11,471Jan 01, 13 Since Inception -0.72 0.66 9,555 10,425

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

HDFC CHARITy FUND FOR CANCER CURE - ARBITRAGE PLAN^

NAv as on Apr 30, 2019 ` 10.094


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Arbitrage Index ## nIFTY 50 Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Krishan Kumar Daga since inception. ^Scheme offers Dividend option only. Returns of HDFC Charity Fund for Cancer Cure - Arbitrage Plan - Direct Plan are computed based on nAV of Dividend Option and all dividends (after statutory levy) are assumed to be reinvested in the units of the scheme at the then prevailing nAV (ex-dividend nAV).

ANUPAM JOSHI

HDFC LIQUID FUND NAv as on Apr 30, 2019 ` 3,699.6767


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 23, 19 Last 7 days 6.94 5.61 2.24 10,013 10,011 10,004Apr 15, 19 Last 15 days 7.03 6.18 3.60 10,029 10,025 10,015Mar 31, 19 Last 1 Month 7.08 6.40 4.68 10,058 10,053 10,038Apr 27, 18 Last 1 Year 7.45 7.62 7.32 10,745 10,762 10,732Apr 29, 16 Last 3 Years 7.11 7.18 6.70 12,291 12,315 12,148Apr 30, 14 Last 5 Years 7.70 7.68 7.34 14,495 14,483 14,253Dec 31, 12 Since Inception 8.06 8.00 7.14 16,333 16,275 15,475

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

HDFC CORPORATE BOND FUND NAv as on Apr 30, 2019 ` 20.9553


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. Refer to note on performance disclosure on Page no. 37.

SHOBHIT MEHROTRA....CONTINUED



April 2019 61


HDFC LOW DURATION FUND NAv as on Apr 30, 2019 ` 41.0407


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 9.09 8.06 7.32 10,909 10,806 10,732Apr 29, 16 Last 3 Years 9.99 7.25 6.70 13,308 12,338 12,148Mar 23, 16 Since Inception 10.06 7.47 6.76 13,465 12,507 12,251




(%)

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 (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##






62 April 2019





(%)

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 (`)#


(`)##



ANIL BAMBOLI

HDFC DyNAMIC DEBT FUND NAv as on Apr 30, 2019 ` 61.8962


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index.

HDFC SHORT TERM DEBT FUND NAv as on Apr 30, 2019 ` 20.8718


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC GILT FUND NAv as on Apr 30, 2019 ` 38.1725


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC BANKING AND PSU DEBT FUND NAv as on Apr 30, 2019 ` 15.2510


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC MONEy MARKET FUND NAv as on Apr 30, 2019 ` 3935.0437


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 7.95 7.62 7.32 10,795 10,762 10,732Apr 29, 16 Last 3 Years 7.29 7.18 6.70 12,354 12,315 12,148Apr 30, 14 Last 5 Years 7.81 7.68 7.34 14,569 14,483 14,253Dec 31, 12 Since Inception 8.13 8.00 7.14 16,401 16,275 15,475


HDFC OvERNIGHT FUND NAv as on Apr 30, 2019 ` 2,836.0622


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 23, 19 Last 7 days 5.92 6.02 2.24 10,011 10,012 10,004Apr 15, 19 Last 15 days 5.92 6.02 3.60 10,024 10,025 10,015Mar 31, 19 Last 1 Month 5.90 6.02 4.68 10,048 10,049 10,038Apr 27, 18 Last 1 Year 6.29 6.32 7.32 10,629 10,632 10,732Apr 29, 16 Last 3 Years 6.14 6.16 6.70 11,959 11,967 12,148Apr 30, 14 Last 5 Years 6.70 6.77 7.34 13,831 13,877 14,253Dec 31, 12 Since Inception 7.03 7.11 7.14 15,376 15,449 15,475

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



April 2019 63


HDFC CHARITy FUND FOR CANCER CURE - DEBT PLAN^

NAv as on Apr 30, 2019 ` 10.0818


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Short Term Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. ^ Scheme offers Dividend option only. Returns of HDFC Charity Fund for Cancer Cure - Debt Plan - Direct Plan are computed based on nAV of Dividend Option and all dividends (after statutory levy) are assumed to be reinvested in the units of the scheme at the then prevailing nAV (ex-dividend nAV).

HDFC FMP 1846D AUGUST 2013 (1) NAv as on Apr 30, 2019 ` 16.2201


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 6.93 8.06 7.32 10,693 10,806 10,732Apr 29, 16 Last 3 Years 7.19 7.25 6.70 12,318 12,338 12,148Apr 30, 14 Last 5 Years 8.31 8.87 7.34 14,911 15,301 14,253Aug 14, 13 Since Inception 8.84 9.08 7.52 16,220 16,425 15,129




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Short Composite Fund Index ## CRISIL 1 year T-Bill Index. 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 1218D DECEMBER 2016 (1) NAv as on Apr 30, 2019 ` 11.9186


(%)

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 (`)#


(`)##






64 April 2019




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



MITEN LATHIA

HDFC CAPITAL BUILDER vALUE FUND NAv as on Apr 30, 2019 ` 313.164


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



CO-MANAGED By PRASHANT JAIN & SHOBHIT MEHROTRA

HDFC HyBRID DEBT FUND NAv as on Apr 30, 2019 ` 46.9638


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Hybrid Composite Debt 15:85 Index ## CRISIL 10 year Gilt Index. Refer to note on performance disclosure on Page no. 34.

CO-MANAGED By ANIL BAMBOLI & MITEN LATHIA

HDFC DyNAMIC PE RATIO FUND OF FUNDS NAv as on Apr 30, 2019 ` 19.707


(%)

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 managed by Mr. Anil Bamboli & Miten Lathia since June 28, 2014.

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

HDFC MULTI - ASSET FUND NAv as on Apr 30, 2019 ` 33.3350


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

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

HDFC EQUITy SAvINGS FUND NAv as on Apr 30, 2019 ` 39.1060


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# 40% nIFTY 50 Arbitrage Index, 30% CRISIL Short Term Bond Fund Index and 30% nIFTY 50 (Total Returns Index) ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark, since a portion of scheme’s investments are made in equity instruments.

CO-MANAGED By KRISHAN KUMAR DAGA & ANIL BAMBOLI

HDFC DAF - II - 1111D APRIL 2016 NAv as on Apr 30, 2019 ` 12.5028


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##






April 2019 65


HDFC DAF - III - 1304D AUGUST 2016 NAv as on Apr 30, 2019 ` 12.1184


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC DAF - III - 1267D OCTOBER 2016 NAv as on Apr 30, 2019 ` 11.9535


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 7.98 9.42 7.32 10,798 10,942 10,732Oct 25, 16 Since Inception 7.36 9.95 6.54 11,954 12,692 11,724


HDFC DAF - III - 1224D NOvEMBER 2016 NAv as on Apr 30, 2019 ` 11.8392


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 27, 18 Last 1 Year 8.08 8.87 7.32 10,808 10,887 10,732Dec 07, 16 Since Inception 7.31 9.54 6.52 11,839 12,439 11,632


CO-MANAGED By CHIRAG SETALvAD & SHOBHIT MEHROTRA

HDFC RETIREMENT SAvINGS FUND - EQUITy PLAN

NAv as on Apr 30, 2019 ` 17.829


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Apr 30, 18 Last 1 Year -1.30 2.98 10.84 9,870 10,298 11,084Apr 29, 16 Last 3 Years 16.21 15.03 15.91 15,699 15,225 15,580Feb 25, 16 Since Inception 19.96 18.78 19.43 17,829 17,281 17,580

# 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 Apr 30, 2019 ` 17.617


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). The Scheme is in existence for more than 1 year but less than 5 years

HDFC RETIREMENT SAvINGS FUND - HyBRID DEBT PLAN

NAv as on Apr 30, 2019 ` 13.6896


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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



Managing Portfolio Since

Returns (%) (As on April 30, 2019)

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

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

March 22, 2016 14.04 16.61 n.A.

Benchmark- MSCI India (Total Returns) 7.68 13.47 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 CATEGORy I - FPI PORTFOLIO (MANAGED By PRASHANT JAIN)

KRISHAN KUMAR DAGA & ANIL BAMBOLI....CONTINUED

66 April 2019

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 23, 17 54.903 5.00 5.00 56.993 5.00 5.00Mar 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 5.25

HDFC Top 100 Fund (Past 3 years) Dividend Option


Cum Div NAv (`)




Mar 09, 17 52.759 4.50 4.50 54.388 4.50 4.50Mar 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 5.50

HDFC Capital Builder value Fund (Past 3 years) Dividend Option


Cum Div NAv (`)




Mar 01, 17 28.767 3.00 3.00 29.796 3.00 3.00Feb 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 2.75

HDFC Focused 30 Fund (Past 3 years) Dividend Option


Cum Div NAv (`)




Mar 01, 17 20.219 2.00 2.00 21.216 2.00 2.00Feb 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 1.75

HDFC Arbitrage Fundnormal Dividend Option (Past 3 months)

Record Date Wholesale Plan Direct Plan

Cum Div NAv (`)




Feb 21, 19 10.420 0.050 0.050 10.785 0.050 0.050Mar 22, 19 10.417 0.050 0.050 10.789 0.050 0.050Apr 18, 19 10.412 0.050 0.050 10.790 0.050 0.050

Monthly Dividend Option (Past 3 months)

Record Date Wholesale Plan Wholesale Plan - Direct Plan

Cum Div NAv (`)




Feb 21, 19 10.836 0.050 0.050 10.508 0.050 0.050Mar 22, 19 10.835 0.050 0.050 10.510 0.050 0.050Apr 18, 19 10.832 0.050 0.050 10.510 0.050 0.050

HDFC Growth Opportunities Fund (Past 3 years) Dividend Option


Cum Div NAv (`)




Feb 23, 17 22.342 2.25 2.25 24.880 2.25 2.25Mar 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 2.00

HDFC Mid-Cap Opportunities Fund (Past 3 years) Dividend Option


Cum Div NAv (`)




Mar 23, 17 31.806 2.25 2.25 36.789 2.25 2.25Mar 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 2.50

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 (`)




Sep 25, 18 12.214 0.320 0.320 12.822 0.320 0.320 Dec 26, 18 11.943 0.320 0.320 12.587 0.320 0.320Mar 25, 19 12.108 0.320 0.320 12.807 0.320 0.320

HDFC Balanced Advantage Fund (Past 3 months) Dividend Option


Cum Div NAv (`)




Feb 25, 19 27.865 0.310 0.310 29.368 0.310 0.310Mar 25, 19 29.399 0.310 0.310 31.024 0.310 0.310Apr 25, 19 29.177 0.310 0.310 30.824 0.310 0.310

HDFC TaxSaver (Past 3 years) Dividend Option(An open-ended equity linked savings scheme with a lock-in period of 3 years)


Cum Div NAv (`)




Mar 16, 17 66.383 6.50 6.50 68.370 6.50 6.50Mar 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 6.00

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 (`)




Feb 25, 19 12.9356 0.0800 0.0741 13.4857 0.0800 0.0741Mar 25, 19 13.1884 0.0800 0.0741 13.7585 0.0800 0.0741Apr 25, 19 13.0583 0.0800 0.0741 13.6317 0.0800 0.0741

Quarterly Dividend Option (Past 3 quarters)


Cum Div NAv (`)




Sep 25, 18 13.9404 0.2400 0.2222 14.4729 0.2400 0.2222 Dec 26, 18 14.0426 0.2400 0.2222 - - -Mar 25, 19 14.0128 0.2400 0.2222 14.6109 0.2400 0.2222

HDFC Equity Savings Fund (Past 3 quarters) Dividend Option


Cum Div NAv (`)




Sep 25, 18 11.4350 0.2210 0.2210 12.1760 0.2210 0.2210 Dec 26, 18 11.1540 0.2210 0.2210 11.9350 0.2210 0.2210Mar 25, 19 11.2450 0.2210 0.2210 12.0810 0.2210 0.2210

April 2019 67

DIvIDEND HISTORy ^

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

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


Cum Div NAv (`)




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

HDFC Income Fund (Past 3 quarters) Quarterly Dividend Option


Cum Div NAv (`)




Sep 25, 18 10.7248 0.0500 0.0463 11.2729 0.0500 0.0463 Dec 26, 18 11.0359 0.1500 0.1389 11.6180 0.1500 0.1389Mar 25, 19 11.0099 0.1000 0.0926 11.6145 0.1000 0.0926

HDFC Dynamic Debt FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAv (`)




Sep 25, 18 11.7741 0.0500 0.0463 12.3239 0.0500 0.0463 Dec 26, 18 12.1230 0.1500 0.1389 12.7115 0.1500 0.1389Mar 25, 19 11.8119 0.1000 0.0926 12.4131 0.1000 0.0926

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


Cum Div NAv (`)




Mar 26, 18 11.3726 0.1000 0.0926 12.3307 0.1000 0.0926Sep 25, 18 11.2951 0.1000 0.0926 - - -Mar 25, 19 11.4552 0.2500 0.2315 - - -

yearly (Dividend Option) (Past 3 years)


Cum Div NAv (`)




Mar 27, 17 13.8526 0.8500 0.7875 14.3149 0.8500 0.7875Mar 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 0.3241

HDFC Corporate Bond FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAv (`)




Sep 25, 18 10.2690 0.0731 0.0677 10.1666 0.0745 0.0690 Dec 26, 18 10.5053 0.2431 0.2251 10.3997 0.2423 0.2244Mar 25, 19 10.4446 0.1952 0.1807 10.3385 0.1941 0.1797

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


Cum Div NAv (`)




Sep 25, 18 10.9269 0.0500 0.0463 11.2391 0.0500 0.0463 Dec 26, 18 11.3169 0.1500 0.1389 11.6527 0.1500 0.1389Mar 25, 19 11.2988 0.1000 0.0926 11.6502 0.1000 0.0926

HDFC Liquid FundMonthly Dividend Option (Past 3 months)


Cum Div NAv (`)




Feb 25, 19 1,031.6748 3.8716 3.5851 1,031.7540 3.9286 3.6379Mar 25, 19 1,031.8269 3.9812 3.6866 1,031.9063 4.0383 3.7395Apr 30, 19 1,033.8228 5.4188 5.0179 1,033.9252 5.4926 5.0862

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

Record Date Wholesale Option Wholesale Option - Direct Plan

Cum Div NAv (`)




Feb 25, 19 10.1996 0.0400 0.0370 10.2008 0.0408 0.0378Mar 25, 19 10.2132 0.0498 0.0461 10.2143 0.0506 0.0468Apr 30, 19 10.2178 0.0531 0.0492 10.2194 0.0542 0.0502

Record Date Retail Option

Cum Div NAv (`)


Individuals & HUF Others

Feb 25, 19 10.1981 0.0389 0.0360Mar 25, 19 10.2116 0.0486 0.0450Apr 30, 19 10.2157 0.0516 0.0478

HDFC Low Duration FundMonthly Dividend Option (Past 3 months)

Record Date Retail Option Retail Option - Direct Plan

Cum Div NAv (`)




Feb 25, 19 10.1911 0.0368 0.0341 10.1983 0.0402 0.0372Mar 25, 19 10.2093 0.0499 0.0462 10.2165 0.0533 0.0494Apr 30, 19 10.2063 0.0478 0.0442 10.2149 0.0522 0.0483

Record Date Wholesale Option

Cum Div NAv (`)


Individuals & HUF Others

Jan 28, 19 10.2275 0.0486 0.0450Feb 25, 19 10.2155 0.0400 0.0370Ap 30, 19 10.2320 0.0519 0.0480

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


Cum Div NAv (`)




Sep 25, 18 10.3274 0.0533 0.0493 10.4663 0.0680 0.0630 Dec 26, 18 10.5547 0.2168 0.2007 10.6929 0.2312 0.2141Mar 25, 19 10.4479 0.1401 0.1297 10.5812 0.1509 0.1397

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


Cum Div NAv (`)




Feb 25, 19 10.1068 0.0409 0.0379 10.1091 0.0426 0.0394Mar 25, 19 10.1150 0.0468 0.0434 10.1173 0.0485 0.0449Apr 30, 19 10.1295 0.0573 0.0530 10.1326 0.0595 0.0551

68 April 2019

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

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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.

WANT TO HAvE THE LATEST INFORMATION ABOUT US?

visit us at www.hdfcfund.com

Telephone ServicesToll-free number: 1800 3010 6767 / 1800 419 7676

For any query or suggestions:-

Investors may contact us at:[email protected]

Distributors may contact us at:[email protected]

SMS: HDFCMF to 56767

Registered Office: HDFC House, 2nd Floor, H.T. Parekh Marg, 165-166 Backbay Reclamation, Churchgate, Mumbai - 400 020.

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

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