HDFC Children’s Gift Fund is suitable for investors who ... · n October 2019, Indian markets...

October 2019

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

Capital appreciation over long term Investment in equity and equity related instruments as well as debt and money

market instruments

HDFC Children’s Gift Fund is suitable for investors who are seeking*:

2 October 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

October 2019 3

Equity Market Update

In October 2019, Indian markets appreciated by ~4% driven by the various factors such as possibility of partial trade deal between the US and China, rate cuts by the US Federal Reserve & RBI as well as buoyant FII flows. For the month, large caps outperformed small caps but underperformed mid-caps. Except IT, all major sectoral indices delivered positive returns.

Globally, equity markets fared well in October 2019. Major indices in US, Europe (Ex-UK) and Asia delivered positive returns in the month amidst optimism around US-China partial trade deal and the rate cut by the US Federal Reserve. The tables below give the details of performance of key domestic and global indices.

% Change in Indices FY 2019 1M FYTD 2020

S&P BSE India Auto (21.7) 13.0 0.6 S&P BSE India Bankex 25.5 3.1 (0.6)S&P BSE India Capital Goods (0.0) 0.7 1.9 S&P BSE India FMCG 14.1 4.1 4.3 S&P BSE India Healthcare 9.5 5.9 (8.2)S&P BSE India Metal (14.8) 2.4 (18.1)S&P BSE India Power (4.3) 2.7 (2.4)S&P BSE India Oil & Gas 4.5 7.5 3.0 S&P BSE India IT 26.3 (1.8) 0.7 S&P BSE SENSEX 17.3 3.8 3.8 NIFTY 50 14.9 3.5 2.2 NIFTY Midcap 100 (2.7) 4.9 (7.9)NIFTY Smallcap (14.4) 2.7 (13.9)

% Change in Indices FY 2019 1M FYTD 2020

S&P 500 7.3 2.0 7.2 FTSE 3.2 (2.2) (0.4)DAX (4.7) 3.5 11.6 CAC 3.5 0.9 7.1 Nikkei (1.2) 5.4 8.1 Hang Seng (3.5) 3.1 (7.4)KOSPI (12.5) 1.0 (2.7)Shanghai (2.5) 0.8 (5.2)MSCI Emerging Market Index (9.6) 4.1 (1.5)

During the month, Brent crude prices were largely flat and closed at $ 60 per barrel. Prices of most major commodities were largely stable except zinc and lead which rose by 6-7 percent.

% Change Market price (USD)* FY 2019 1M FYTD 2020

Brent Crude (Per barrel) 60 (2.7) (0.9) (11.9)Gold (per ounce) 1,513 (2.5) 2.8 17.1 Steel (per tonne) 3,609 1.2 (1.8) (7.3)Zinc (per tonne) 2,543 (10.0) 7.0 (15.2)Copper (per tonne) 5,825 (3.0) 1.7 (10.2)Aluminium (per tonne) 1,754 (4.7) 3.1 (7.3)Lead (per tonne) 2,210 (16.1) 6.0 9.3

*Market prices as on October 31, 2019

INR was largely flat against USD and closed at 70.9.

Following net inflows of $ 1.1 billion in September 2019, FPIs remained net buyers in the month and bought equity of $1.7 billion in October 2019. Total FPI’s Equity inflows in seven month of FY20 have been $3.1 billion as against outflow of $ 7.9 billion during the corresponding period last year. Net inflows in domestic equity oriented mutual funds were INR 4,536 crore in September 2019 compared to INR 9,043 crore a month ago. For FYTD20 till September 2019, total flows in domestic equity oriented mutual fund stood at INR 33,432 crore.

Out of the Q2FY20 results declared so far, Telecom and Corporate Banks were better than expectations whereas Retail Banks, Cement, Consumer Staples, Industrials and Utilities were largely in line with the expectations. Results for Oil & Gas, Information Technology, Consumer Discretionary were below expectations.

As on 31 October, 2019, NIFTY 50 is trading near 22x FY20 (e) and 17.5x FY21 (e).These are reasonable multiple especially in view of improving profit growth outlook. While discretionary consumption has slowed down, it directly impacts stocks whose weightage in NIFTY 50 is less than 15%. Markets thus hold promise over the medium to long term in our opinion. With the sharp decline in midcaps and smallcaps stocks since beginning of 2018, significant divergence with large caps is not likely going forward.

Outlook

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

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10Y Gsec and NIFTY Earning Yield

Yield gap (%)Earnings yields (%)India 10-y G-Sec yields (%)

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). Adverse global events, rise in crude oil prices, sharp moderation in equity oriented mutual funds flows, delays in NPA resolution under NCLT are key risks in the near term.

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

Market Review

Market Review continued on next page

Source for various data points: Bloomberg, NSDL, CMIE, RBI, Kotak Institutional Research

4 October 2019

Market Review Contd...

Debt Market Update

The yield on old 10-year benchmark Gsec (7.26 GoI 2029) ended the month of October 2019 at 6.65%, down 5 bps over the previous month end. The table below gives a summary view of movement of key rates & liquidity.

Sep-19 Oct-19 Change (%)10Yr G-Sec Yield (%, 7.26 GoI 2029) 6.70 6.65 -0.05AAA 10Yr Corporate bond yields (%)# 7.73 7.71 -0.03AAA 10Y corporate bond spread against 7.26 GS 2029 Yield# (bps) 92 95 0.03Average liquidity absorbed / (infused) by RBI* (INR billion) (approx.) 1,204 1,966MIBOR Overnight Rate (%) 5.52 5.25 -0.27

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

Average interbanking liquidity continued to remain in surplus for the month due to higher central government spending, foreign exchange purchases by RBI and softening in credit growth vis-a-vis deposit growth.

Net FII debt flows were positive at $ 0.5 billion during the month, compared to net outflows of $ 0.1 billion in September 2019. In first seven months of FY20, aggregate net FII debt inflows stood at $ 4.0 billion as against net outflows of US$ 8.3 billion in the corresponding period a year ago. INR marginally depreciated against USD during the month by 0.1% and ended the month at 70.9.

Annual rate of retail inflation, CPI increased sharply to 3.99% in September 2019, up 72 bps m-o-m. The increase was largely due to significant increase in food inflation (mainly pulses, vegetables & meat) which increased to 4.7% from 2.96% a month ago. The rise in food inflation was partially offset by lower fuel inflation. Core CPI (CPI excluding food, fuel, transportation & housing) ticked up marginally mainly due to increase in gold prices.

For the month (YoY, %) Aug-19 Sep-19 Change in %CPI 3.28 3.99 0.72Food & beverages 2.96 4.70 1.74Fuel and Light -1.70 -2.18 -0.48Housing 4.84 4.75 -0.09Core CPI 4.94 5.12 0.18

India’s trade deficit for September 2019 fell to $ 10.8 billion primarily on account of fall in net oil and non-oil non gold (NONG) trade deficit. Net oil imports fell on account of lower oil prices. NONG exports fell by 6.3% driven by degrowth in exports of agriculture products, engineering and textiles goods. NONG imports declined by 7.6%, more than exports, due to fall in imports of ores & minerals, non-electrical machinery and mobile phones.

Amount in USD Million Aug-19 Sep-19 Change (%)Trade Deficit 13,430 10,788 -19.7%Net Oil imports 7,558 5,461 -27.7%Net Gold imports^ -48 38 -179.1%Trade deficit ex oil & gold 5,920 5,290 -10.6%

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

Fiscal deficit for FYTD-September 2019 stood at ~93% of FY20 budgeted estimates, less than ~95% during the same period last year mainly on account of higher RBI dividend (FYTD 2019 – INR 400 billion; FYTD 2020 - INR 1,480 billion). Growth in gross revenue remains muted at 1.5% with direct tax collections growing at 5.2% and Indirect tax collections falling by 2%. With recently announced corporate tax rate cut, direct tax collections might moderate further and thus, risk of fiscal slippage remains high.

Outlook

The Monetary Policy Committee (MPC) minutes released for its meeting held in October 2019 were largely in line with expectations indicating dovish bias and highlighted concerns over slowdown in economic activities. Given the growth is slowing and RBI’s outlook on inflation remains benign, it could provide some space for further policy easing. The key risk to further rate cuts is elevated food prices which can put upward pressure on inflation. Further, given that RBI has already cut rates by 135 bps, any future action by RBI is likely to be data dependent.

Going forward, yields are likely to trade within a range, with some downward bias, as conflicting forces are at play. On the positive side, factors such as moderation of global growth, easing stance of major global central banks, slowing domestic economic activities, moderating credit growth and high real yields in India favour lower yields. On the negative side, possible increase in fiscal deficit on back of corporate tax rate cuts, excess SLR (Statutory Liquidity Ratio) investments within banking system, volatile FII flows, etc. might impact yields adversely. However, in our opinion, most of the aforesaid factors are largely priced in and scope of significant move on either side from hereon seems limited.

Considering the aforesaid factors, in our assessment, the short to medium end of the yield curve offers better risk adjusted returns. Hence, we continue to recommend investment in short to medium duration debt funds.

Source for various data points: Bloomberg, NSDL, CMIE, RBI, Kotak Institutional Research

October 2019 5

CONTENTS

PAGE NO.

WEAlTH CREATiON

HDFc Equity Fund ............................................................................. 06

HDFc capital Builder Value Fund ........................................................ 07

HDFc Top 100 Fund ........................................................................... 08

HDFc Mid-cap Opportunities Fund ..................................................... 09

HDFc Small cap Fund ........................................................................ 10

HDFc Growth Opportunities Fund ...................................................... 11

HDFc Focused 30 Fund ...................................................................... 12

HDFc Infrastructure Fund .................................................................. 13

HDFc Balanced Advantage Fund ........................................................ 14-15

HDFc Hybrid Equity Fund ................................................................... 16-17

HDFc Multi-Asset Fund ...................................................................... 18-19

HDFc NIFTY 50 ETF ............................................................................ 20

HDFc Index Fund - NIFTY 50 Plan ....................................................... 21

HDFc SENSEx ETF .............................................................................. 22

HDFc Index Fund - SeNSex Plan ......................................................... 23

TAx SAVINGS

HDFc Taxsaver .................................................................................. 24

CHilDREN'S FUTURE

HDFc children’s Gift Fund ................................................................. 25-26

RETIREMENT PLANNING

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

HDFc Retirement Savings Fund - Hybrid Equity Plan ............................ 28-29

HDFc Retirement Savings Fund - Hybrid Debt Plan .............................. 30

PAGE NO.

REgUlAR iNCOME

HDFc Equity Savings Fund ................................................................. 31-32

HDFc Hybrid Debt Fund ..................................................................... 33-34

HDFc Arbitrage Fund ......................................................................... 35-36

HDFc corporate Bond Fund ............................................................... 37

HDFc credit Risk Debt Fund ............................................................... 38-39

HDFc Banking and PSU Debt Fund ..................................................... 40

HDFc Gilt Fund.................................................................................. 41

HDFc Dynamic Debt Fund .................................................................. 42

HDFc Income Fund ........................................................................... 43

HDFc Medium Term Debt Fund .......................................................... 44

HDFc Short Term Debt Fund .............................................................. 45

HDFc Low Duration Fund ................................................................... 46

HDFc Money Market Fund ................................................................. 47

HDFc Floating Rate Debt Fund ........................................................... 48

HDFc Ultra Short Term Fund .............................................................. 49

HDFc Liquid Fund .............................................................................. 50-51

HDFc Overnight Fund ........................................................................ 52

Performance details of schemes managed by respective fund managers ............................................. 53

Scheme performance summary - Regular Plans ................................. 54-58

Scheme performance summary - Direct Plans .................................... 59-67

Performance of category I - FPI Portfolio ........................................... 67

Dividend History ............................................................................... 68-69

Disclaimer ....................................................................................... 70

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.

6 October 2019

SiP PERFORMANCE ^ - Regular plan - growth OptionSince Inception

SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,980.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on October 31, 2019 (` ‘000) 72,632.85 5,638.41 2,209.95 749.26 398.96 124.16 Returns (%) 21.08 13.97 11.74 8.82 6.79 6.49 Benchmark Returns (%) # 14.41 11.76 11.37 9.50 7.76 10.63 Additional Benchmark Returns (%) ## N.A. 11.96 11.48 11.06 11.27 13.62

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 October 31, 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 (`)##

Oct 31, 18 Last 1 Year 9.05 12.10 15.93 10,905 11,210 11,593Oct 28, 16 Last 3 Years 9.21 10.29 12.66 13,036 13,428 14,313Oct 31, 14 Last 5 Years 7.61 8.98 8.76 14,436 15,379 15,218Jan 01, 95 Since Inception 18.41 11.38 N.A. 666,541 145,391 N.A.

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. N.A. Not Available. For performance of other schemes managed by Prashant Jain, please refer page 53. 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. For FPI Portfolio, refer page no. 67.

This product is suitable for investors who are seeking ~

l to generate long-term capital appreciation / income

l investment predominantly in equity & equity related instruments

Riskometer

Investors understand that their principal will be at moderately high risk

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

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

Company Industry+ % to NAV

EqUiTY & EqUiTY RElATED

• State Bank of India Banks 10.04

• IcIcI Bank Ltd. Banks 9.53

• Larsen and Toubro Ltd. construction Project 8.97

• Reliance Industries Ltd. Petroleum Products 6.33

• Infosys Ltd. Software 5.36

• HDFc Bank Ltd. Banks 4.93

• ITc Ltd. consumer Non Durables 4.55

• Bharat Petroleum corporation Ltd. Petroleum Products 4.28

• NTPc Ltd. Power 4.01

• Tata consultancy Services Ltd. Software 3.41

Axis Bank Ltd. Banks 3.10

coal India Ltd. Minerals/Mining 2.91

Power Grid corporation of India Ltd. Power 2.58

Power Finance corporation Ltd. Finance 2.50

Rural electrification corporation Ltd. Finance 2.41

Tata Steel Ltd. Ferrous Metals 2.14

cESc Ltd. Power 1.99

Bank of Baroda Banks 1.90

Aurobindo Pharma Ltd. Pharmaceuticals 1.70

Housing Development Finance corporation Ltd.£ Finance 1.48

Kalpataru Power Transmission Ltd. Power 1.28

Siemens Ltd. Industrial capital Goods 1.24

Avenue Supermarts Ltd. Retailing 1.22

GAIL (India) Ltd. Gas 1.18

Vedanta Ltd. Non - Ferrous Metals 1.13

cipla Ltd. Pharmaceuticals 1.11

Lupin Ltd. Pharmaceuticals 0.98

canara Bank Banks 0.82

BeML Ltd. Industrial capital Goods 0.81

InterGlobe Aviation Ltd. Transportation 0.78

L&T Technology Services Ltd. Software 0.77

Praj Industries Ltd. Industrial capital Goods 0.72

Punjab National Bank Banks 0.66

Bharat Dynamics Ltd. Aerospace & Defence 0.58

Oracle Financial Services Software Ltd. Software 0.57

Ambuja cements Ltd. cement 0.38


Time Technoplast Ltd. Industrial Products 0.26

cG Power and Industrial Solutions Ltd. Industrial capital Goods 0.21

Oriental Bank of commerce Banks 0.19

Tata chemicals Ltd. chemicals 0.19

Hindustan construction company Ltd. construction Project 0.16

Simplex Infrastructures Ltd. construction 0.11

Ramco Systems Ltd. Software 0.10Sub Total 99.57Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 99.58cash, cash Equivalents and Net current Assets 0.42

Grand Total 100.00

• Top Ten Holdings, £ co-sponsor

PORTFOLIO

Industry Allocation of Equity Holding (% of Net Assets)

0.010.110.190.260.380.580.781.131.181.222.142.912.983.794.55

6.399.139.8610.2110.61

31.17

0 5 10 15 20 25 30 35

Media & EntertainmentConstruction

ChemicalsIndustrial Products

CementAerospace & Defence

TransportationNon - Ferrous Metals

GasRetailing

Ferrous MetalsMinerals/Mining

Industrial Capital GoodsPharmaceuticals

Consumer Non DurablesFinance

Construction ProjectPower

SoftwarePetroleum Products

Banks

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, 2003)

Total Experience: Over 27 years

iNCEPTiON DATE (Date of Allotment)

January 1, 1995

NAV (AS ON OCTOBER 31, 2019) NAV PER UNiT (`)

Regular Plan - Growth Option 666.541Regular Plan - Dividend Option 50.361Direct Plan - Growth Option 702.879Direct Plan - Dividend Option 54.271

ASSETS UNDER MANAgEMENT (`) iN CRORE

As on October 31, 2019 23,440.76Average for Month of October, 2019 22,369.03

qUANTiTATiVE DATA

Portfolio Turnover Ratio (Last 1 year) 18.76%

Risk Ration Standard Deviation 4.553%n Beta 1.069n Sharpe Ratio* 0.088

computed for the 3-yr period ended October 31, 2019. Based on month-end NAV. * Risk free rate: 5.25%(Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on October 31, 2019)Including Additional expenses and Goods and Service Tax on Management Fees

Regular: 1.70% Direct: 1.20%

#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. chirag Dagli (Total Experience: Over 18 years).

CATEgORY OF SCHEME: MULTI-cAP FUND

October 2019 7

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) 3,090.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on October 31, 2019 (` ‘000) 41,961.75 5,287.90 2,217.18 707.14 372.39 119.36 Returns (%) 16.84 13.22 11.80 6.51 2.21 -0.99 Benchmark Returns (%) # N.A. 11.76 11.37 9.50 7.76 10.63 Additional Benchmark Returns (%) ## N.A. 11.96 11.48 11.06 11.27 13.62

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 (`)#


(`)##Oct 31, 18 Last 1 Year 3.57 12.10 15.93 10,357 11,210 11,593Oct 28, 16 Last 3 Years 7.04 10.29 12.66 12,270 13,428 14,313Oct 31, 14 Last 5 Years 8.23 8.98 8.76 14,851 15,379 15,218Feb 01, 94 Since Inception 13.82 N.A. N.A. 280,803 N.A. N.A.

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. N.A. Not Available. For performance of other schemes managed by Miten Lathia, please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 65.



l to generate long-term capital appreciation / income 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 8.18• Reliance Industries Ltd. Petroleum Products 6.00• Axis Bank Ltd. Banks 5.99• ITc Ltd. consumer Non Durables 5.02• Indusind Bank Ltd. Banks 4.32• IcIcI Bank Ltd. Banks 4.22• Kotak Mahindra Bank Ltd. Banks 4.22• Larsen and Toubro Ltd. construction Project 3.35• Infosys Ltd. Software 3.18• Bharat Petroleum

corporation Ltd. Petroleum Products 3.04Grasim Industries Ltd. cement 2.69GAIL (India) Ltd. Gas 2.25Mahindra & Mahindra Ltd. Auto 2.14Thyrocare Technologies Ltd. Healthcare Services 2.08Persistent Systems Ltd. Software 2.03Max Financial Services Ltd. Finance 1.93Aurobindo Pharma Ltd. Pharmaceuticals 1.69NTPc Ltd. Power 1.62S H Kelkar and company Ltd. consumer Non Durables 1.60Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.47Inox Leisure Ltd. Media & entertainment 1.32Spicejet Ltd. Transportation 1.27Trent Ltd. Retailing 1.25JK cement Ltd. cement 1.24State Bank of India Banks 1.24coal India Ltd. Minerals/Mining 1.17VRL Logistics Ltd. Transportation 1.14Ambuja cements Ltd. cement 1.13Bajaj consumer care Ltd. consumer Non Durables 1.10Advanced enzyme Technologies Ltd.

consumer Non Durables 1.07

Ashoka Buildcon Ltd. construction Project 1.02Oracle Financial Services Software Ltd. Software 1.00Housing Development Finance corporation Ltd.£ Finance 0.99Vedanta Ltd. Non - Ferrous Metals 0.97chambal Fertilizers & chemicals Ltd. Fertilisers 0.96Indoco Remedies Ltd. Pharmaceuticals 0.93Bajaj Finserv Ltd. Finance 0.86Bharti Airtel Ltd. Telecom - Services 0.83Indostar capital Finance Ltd. Finance 0.82L&T Technology Services Ltd. Software 0.78Shriram Transport Finance company Ltd. Finance 0.75Solar Industries India Ltd. chemicals 0.75Dilip Buildcon Ltd. construction Project 0.74Gujarat Pipavav Port Ltd. Transportation 0.69Newgen Software Technologies Ltd. Software 0.68


Tejas Networks Ltd. Telecom - equipment & Accessories 0.65

Yes Bank Ltd. Banks 0.65Blue Star Ltd. consumer Durables 0.64Bharat Dynamics Ltd. Aerospace & Defence 0.62Bharti Infratel Ltd. Telecom - equipment

& Accessories 0.54Schaeffler India Ltd. Industrial Products 0.54Tech Mahindra Ltd. Software 0.49Oil & Natural Gas corporation Ltd. Oil 0.48Dabur India Ltd. consumer Non Durables 0.46Zee entertainment enterprises Ltd. Media & entertainment 0.46Repco Home Finance Ltd. Finance 0.38Avenue Supermarts Ltd. Retailing 0.36Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) construction Project 0.15Siti Networks Ltd. Media & entertainment 0.11Mishra Dhatu Nigam Ltd. Ferrous Metals 0.10entertainment Network (India) Ltd. Media & entertainment 0.08Sub Total 98.43cash, cash Equivalents and Net current Assets 1.57Grand Total 100.00• Top Ten Holdings, £ co-sponsor

PORTFOLIO


0.100.480.540.620.640.750.830.960.971.171.191.611.621.972.082.142.253.104.095.065.265.73

8.169.049.25

28.82

0 5 101520253035Ferrous Metals

OilIndustrial Products

Aerospace & DefenceConsumer Durables

ChemicalsTelecom - Services

FertilisersNon - Ferrous Metals

Minerals/MiningTelecom - Equipment & Accessories

RetailingPower

Media & EntertainmentHealthcare Services

AutoGas

TransportationPharmaceuticals

CementConstruction Project

FinanceSoftware

Petroleum ProductsConsumer Non Durables

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, 2012*)

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


February 1, 1994





qUANTiTATiVE DATA








EXiT lOAD




PLANS & OPTIONS




¥ Dedicated Fund Manager for Overseas Investments: Mr. chirag Dagli (Total Experience: Over 18 years).

CATEgORY OF SCHEME: VALUE FUND

8 October 2019

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 § ¥



iNCEPTiON DATE (Date of Allotment)October 11, 1996



ASSETS UNDER MANAgEMENT (`) iN CROREAs on October 31, 2019 18,507.21Average for Month of October, 2019 17,616.97

qUANTiTATiVE DATAPortfolio Turnover Ratio (Last 1 year) 11.05%Risk Ration Standard Deviation 4.196%n Beta 1.043n Sharpe Ratio* 0.107computed for the 3-yr period ended October 31, 2019. Based on month-end NAV. * Risk free rate: 5.25%(Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on October 31, 2019)Including Additional expenses and Goods and Service Tax on Management FeesRegular: 1.73% Direct: 1.28%


##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 92.14%Mid cap 7.26%

§ Date of migration from Zurich India Mutual Fund (close of business hours - June 19, 03).¥ Dedicated Fund Manager for Overseas Investments: Mr. chirag Dagli (Total Experience: Over 18 years).



l investment predominantly in Large-cap companies

Riskometer


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


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,770.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on October 31, 2019 (` ‘000) $$ 38,842.97 5,462.31 2,176.59 760.67 405.07 124.83 Returns (%) $$ 19.17 13.60 11.46 9.43 7.82 7.55 Benchmark Returns (%) # N.A. 12.39 11.85 10.82 10.34 13.38 Additional Benchmark Returns (%) ## 14.34 12.36 11.98 12.16 13.24 15.70



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Oct 31, 18 Last 1 Year 10.03 15.04 17.97 11,003 11,504 11,797Oct 28, 16 Last 3 Years 10.03 12.05 14.18 13,333 14,080 14,903Oct 31, 14 Last 5 Years 7.85 9.25 8.99 14,598 15,571 15,380Oct 11, 96 Since Inception 19.47 N.A. 13.49 605,567 N.A. 185,218

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. N.A. Not Available. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Prashant Jain, please refer page 53. 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. For FPI Portfolio, refer page no. 67.

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

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



• Reliance Industries Ltd. Petroleum Products 8.75• HDFc Bank Ltd. Banks 7.91• IcIcI Bank Ltd. Banks 7.82• State Bank of India Banks 6.76• Larsen and Toubro Ltd. construction Project 6.58• Infosys Ltd. Software 5.52• ITc Ltd. consumer Non Durables 5.14• Tata consultancy Services Ltd. Software 3.97• NTPc Ltd. Power 3.65• Axis Bank Ltd. Banks 3.24coal India Ltd. Minerals/Mining 3.10Hindustan Petroleum corporation Ltd. Petroleum Products 2.62Bharat Petroleum corporation Ltd. Petroleum Products 2.41Housing Development Finance corporation Ltd.£ Finance 2.36Power Grid corporation of India Ltd. Power 2.23Tata Steel Ltd. Ferrous Metals 1.75Power Finance corporation Ltd. Finance 1.71Rural electrification corporation Ltd. Finance 1.42Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.33cESc Ltd. Power 1.21Bank of Baroda Banks 1.19GAIL (India) Ltd. Gas 1.17Tata chemicals Ltd. chemicals 1.10cipla Ltd. Pharmaceuticals 1.06Bharat electronics Ltd. Industrial capital Goods 1.01Lupin Ltd. Pharmaceuticals 0.95Aurobindo Pharma Ltd. Pharmaceuticals 0.92Oil & Natural Gas corporation Ltd. Oil 0.87Vedanta Ltd. Non - Ferrous Metals 0.82Tech Mahindra Ltd. Software 0.75InterGlobe Aviation Ltd. Transportation 0.73canara Bank Banks 0.72Siemens Ltd. Industrial capital Goods 0.72Shriram Transport Finance company Ltd. Finance 0.68HcL Technologies Ltd. Software 0.65ABB India Ltd. Industrial capital Goods 0.63Grasim Industries Ltd. cement 0.63Yes Bank Ltd. Banks 0.61Bharti Infratel Ltd. Telecom - equipment

& Accessories 0.50IcIcI Prudential Life Insurance company Ltd. Finance 0.50


Bank of India Banks 0.49Oracle Financial Services Software Ltd. Software 0.49Hindalco Industries Ltd. Non - Ferrous Metals 0.45Indian Oil corporation Ltd. Petroleum Products 0.45Ambuja cements Ltd. cement 0.44Wipro Ltd. Software 0.40Punjab National Bank Banks 0.37Union Bank of India Banks 0.30NHPc Ltd. Power 0.22Bharat Heavy electricals Ltd. Industrial capital Goods 0.08LIc Housing Finance Ltd. Finance 0.03Sub Total 99.41Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 99.42cash, cash Equivalents and Net current Assets 0.58

Grand Total 100.00


PORTFOLIO


0.010.500.730.871.071.101.171.271.752.443.104.265.146.586.707.31

11.7814.23

29.41

0 5 10 15 20 25 30 35

Media & EntertainmentTelecom - Equipment & Accessories

TransportationOil

CementChemicals

GasNon - Ferrous Metals

Ferrous MetalsIndustrial Capital Goods

Minerals/MiningPharmaceuticals

Consumer Non DurablesConstruction Project

FinancePower


Banks

October 2019 9

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, 2007)


iNCEPTiON DATE (Date of Allotment)June 25, 2007

NAV (AS ON OCTOBER 31, 2019) NAV PER UNiT (`)Regular Plan - Growth Option 52.809Regular Plan - Dividend Option 26.710Direct Plan - Growth Option 55.957Direct Plan - Dividend Option 33.077




#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 7.80%Mid cap 65.30%Small cap 18.13%¥ Dedicated Fund Manager for Overseas Investments: Mr. chirag Dagli (Total Experience: Over 18 years).


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,490.00 1,200.00 600.00 360.00 120.00 Mkt Value As on October 31, 2019 (` ‘000) 4,386.94 2,615.40 696.71 361.17 120.95 Returns (%) 16.21 14.89 5.92 0.21 1.47 Benchmark Returns (%) # 11.36 10.52 4.20 -2.13 -1.38 Additional Benchmark Returns (%) ## 11.34 11.48 11.06 11.27 13.62


PERFORMANCE ^ - Regular plan - growth Option

Date Period Scheme Returns

(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Oct 31, 18 Last 1 Year 2.77 -1.17 15.93 10,277 9,883 11,593Oct 28, 16 Last 3 Years 4.46 3.13 12.66 11,403 10,973 14,313Oct 31, 14 Last 5 Years 9.92 8.43 8.76 16,049 14,994 15,218Jun 25, 07 Since Inception 14.41 10.36 9.97 52,809 33,806 32,356

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by chirag Setalvad, please refer page 53. 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 Mid-cap companies

Riskometer




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

Company Industry+ / Rating % to NAVEqUiTY & EqUiTY RElATED• cholamandalam Investment

& Finance Finance 4.38• Aarti Industries Ltd. chemicals 3.67• Voltas Ltd. consumer Durables 3.33• Balkrishna Industries Ltd. Auto Ancillaries 3.27• Sundram Fasteners Ltd. Auto Ancillaries 3.25• city Union Bank Ltd. Banks 3.09• Trent Ltd. Retailing 2.97• Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 2.80• Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.67• Whirlpool of India Ltd. consumer Durables 2.12crompton Greaves consumer electricals Ltd. consumer Durables 2.08Tata chemicals Ltd. chemicals 2.08Hexaware Technologies Ltd. Software 2.05Atul Ltd. chemicals 1.96SKF India Ltd. Industrial Products 1.86AIA eNGINeeRING LTD. Industrial Products 1.85Bharat electronics Ltd. Industrial capital Goods 1.83RBL Bank Ltd. Banks 1.80VST Industries Ltd. consumer Non Durables 1.78exide Industries Ltd. Auto Ancillaries 1.68Divis Laboratories Ltd. Pharmaceuticals 1.66Max Financial Services Ltd. Finance 1.64Ipca Laboratories Ltd. Pharmaceuticals 1.62Reliance Nippon Life Asset Management Ltd. Finance 1.59Apollo Tyres Ltd. Auto Ancillaries 1.56Supreme Industries Ltd. Industrial Products 1.50cholamandalam Financial Holdings Ltd. Finance 1.49The Federal Bank Ltd. Banks 1.48carborundum Universal Ltd. Industrial Products 1.44Tube Investments of India Ltd. Auto Ancillaries 1.27Blue Star Ltd. consumer Durables 1.21Larsen & Toubro Infotech Ltd. Software 1.10KEc International Ltd. construction Project 1.08Dilip Buildcon Ltd. construction Project 0.96Power Finance corporation Ltd. Finance 0.95Rural electrification corporation Ltd. Finance 0.94Redington (India) Ltd. Transportation 0.93KNR construction Ltd.. construction 0.92Solar Industries India Ltd. chemicals 0.92MRF Ltd. Auto Ancillaries 0.91Aurobindo Pharma Ltd. Pharmaceuticals 0.86Delta corp Ltd. Hotels/Resorts & Other

Recreational Activities 0.85Bata India Ltd. consumer Durables 0.80Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.79Indian Bank Banks 0.78Karur Vysya Bank Ltd. Banks 0.78Gujarat Fluorochemicals Ltd. chemicals 0.77Union Bank of India Banks 0.76Navneet education Ltd. Media & entertainment 0.72Edelweiss Financial Services Ltd. Finance 0.71Greenlam Industries Ltd. consumer Durables 0.71Schaeffler India Ltd. Industrial Products 0.68Symphony Ltd. consumer Durables 0.58Arvind Fashions Ltd. Retailing 0.57Punjab National Bank Banks 0.56Greenply Industries Ltd. consumer Durables 0.53Grindwell Norton Ltd. Industrial Products 0.50NIIT Technologies Ltd. Software 0.43

Company Industry+ / Rating % to NAVJagran Prakashan Ltd. Media & entertainment 0.42cummins India Ltd. Industrial Products 0.38Vesuvius India Ltd. Industrial Products 0.38Mahindra Holidays & Resorts Ind Ltd.

Hotels/Resorts & Other Recreational Activities 0.35

Persistent Systems Ltd. Software 0.35Vardhman Textiles Ltd. Textiles - cotton 0.28Arvind Ltd. Textile Products 0.27Strides Pharma Science Ltd. Pharmaceuticals 0.19Dhanuka Agritech Ltd. Pesticides 0.14The Anup engineering Ltd. Industrial capital Goods 0.11GFL Ltd. chemicals 0.10Greenpanel Industries Ltd. consumer Durables 0.10Arti Surfactants Ltd. chemicals 0.08Sub Total 91.22Preference SharesZee entertainment enterprises Ltd. Media & entertainment @Sub Total @Total 91.22DEBT & DEBT RElATEDCredit Exposure LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 0.46Tata capital Financial Services Ltd. IcRA - AAA 0.44Sub Total 0.90Total 0.90MONEY MARKET INSTRUMENTSCD/CPNational Bank for Agri & Rural Development IcRA - A1+ 0.43Axis Bank Ltd. cRISIL - A1+ 0.42Sub Total 0.85Total 0.85cash, cash Equivalents and Net current Assets 7.03Grand Total 100.00• Top Ten Holdings, @ Less than 0.01%

PORTFOLIO


0.140.270.280.920.931.141.781.942.04

3.543.934.00

7.798.599.259.58

11.4611.7011.94

0 2 4 6 8 10 1214

PesticidesTextile ProductsTextiles - Cotton

ConstructionTransportation

Media & EntertainmentConsumer Non DurablesIndustrial Capital Goods

Construction ProjectRetailingSoftware

Hotels, Resorts & Other Recreational ActivitiesPharmaceuticals

Industrial ProductsBanks

ChemicalsConsumer Durables

FinanceAuto Ancillaries

10 October 2019

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, 2014)


iNCEPTiON DATE (Date of Allotment)April 3, 2008





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







SEgMENT-WiSE BREAK-UP OF EqUiTY HOlDiNg (% OF NET ASSETS)Large cap 3.58%Mid cap 15.63%Small cap 69.27%§ Date of migration from Morgan Stanley Mutual Fund

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

Mr. chirag Dagli (Total Experience: Over 18 years).


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,390.00 1,200.00 600.00 360.00 120.00 Mkt Value As on October 31, 2019 (` ‘000) 3,245.50 2,316.57 721.94 361.29 114.95 Returns (%) 13.83 12.63 7.34 0.23 -7.71 Benchmark Returns (%) # 7.42 6.10 -2.09 -10.44 -9.09 Additional Benchmark Returns (%) ## 11.84 11.48 11.06 11.27 13.62




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Oct 31, 18 Last 1 Year -5.24 -4.29 15.93 9,476 9,571 11,593Oct 28, 16 Last 3 Years 7.94 -2.84 12.66 12,585 9,171 14,313Oct 31, 14 Last 5 Years 10.50 3.25 8.76 16,478 11,735 15,218Apr 03, 08 Since Inception 12.60 5.21 9.53 39,549 18,006 28,697

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by chirag Setalvad, please refer page 53. 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 Small-cap companies

Riskometer




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

Company Industry+ % to NAVEqUiTY & EqUiTY RElATEDNIIT Technologies Ltd. Software 3.27Sonata Software Ltd. Software 3.03DcB Bank Ltd. Banks 2.74Inox Leisure Ltd. Media & entertainment 2.63Balkrishna Industries Ltd. Auto Ancillaries 2.60chambal Fertilizers &

chemicals Ltd. Fertilisers 2.55KeI Industries Ltd. Industrial Products 2.49Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 2.40Finolex Industries Ltd. Industrial Products 2.38Firstsource Solutions Ltd. Software 2.32Bajaj electricals Ltd. consumer Durables 2.25The Federal Bank Ltd. Banks 2.22chalet Hotels Ltd. Hotels/Resorts & Other

Recreational Activities 2.20SKF India Ltd. Industrial Products 2.18Procter & Gamble Health Ltd. Pharmaceuticals 2.06Kalpataru Power Transmission Ltd. Power 1.99Atul Ltd. chemicals 1.96Bank of Baroda Banks 1.87T. V. Today Network Ltd. Media & entertainment 1.85Bajaj consumer care Ltd. consumer Non Durables 1.84Aster DM Healthcare Ltd. Healthcare Services 1.77KEc International Ltd. construction Project 1.75Aurobindo Pharma Ltd. Pharmaceuticals 1.71Sharda cropchem Ltd. Pesticides 1.68PNc Infratech Ltd. construction 1.57Vardhman Textiles Ltd. Textiles - cotton 1.49Tata Metaliks Ltd. Ferrous Metals 1.47Tube Investments of India Ltd. Auto Ancillaries 1.47Gujarat Fluorochemicals Ltd. chemicals 1.46Great eastern Shipping company Ltd. Transportation 1.43Repco Home Finance Ltd. Finance 1.15eIH Ltd. Hotels/Resorts & Other

Recreational Activities 1.13carborundum Universal Ltd. Industrial Products 1.10Sadbhav engineering Ltd. construction Project 1.08Indian Bank Banks 1.06Nilkamal Ltd. Industrial Products 1.04NRB Bearing Ltd. Industrial Products 1.04Insecticides (India) Ltd. Pesticides 1.02Unichem Laboratories Ltd. Pharmaceuticals 1.01Goodyear India Ltd. Auto Ancillaries 0.98Advanced enzyme Technologies Ltd.

consumer Non Durables 0.94

Redington (India) Ltd. Transportation 0.85Oriental Bank of commerce Banks 0.81Gabriel India Ltd. Auto Ancillaries 0.80Astral Poly Technik Ltd. Industrial Products 0.78D B corp Ltd. Media & entertainment 0.78Power Mech Projects Ltd. construction Project 0.76eclerx Services Ltd. Software 0.74Orient Refractories Ltd. Industrial Products 0.71LG Balakrishnan & Bros Ltd. Auto Ancillaries 0.69Persistent Systems Ltd. Software 0.61Oriental carbon & chemicals Ltd. chemicals 0.60Kirloskar Ferrous Industries Ltd. Ferrous Metals 0.59Shaily engineering Plastics Ltd. Industrial Products 0.50Apar Industries Ltd. Industrial capital Goods 0.48Vesuvius India Ltd. Industrial Products 0.46IFGL Refractories Ltd. (formarly known as IFGL Exports Ltd.) Industrial Products 0.44Lemon Tree Hotels Ltd. Hotels/Resorts & Other

Recreational Activities 0.41Delta corp Ltd. Hotels/Resorts & Other

Recreational Activities 0.40

Company Industry+ % to NAVGreenlam Industries Ltd. consumer Durables 0.40Taj GVK Hotels & Resorts Ltd. Hotels/Resorts & Other

Recreational Activities 0.33GNA Axles Ltd. Auto Ancillaries 0.32Allahabad Bank Banks 0.31Atul Auto Ltd. Auto 0.31Greenply Industries Ltd. consumer Durables 0.28Jagran Prakashan Ltd. Media & entertainment 0.25GFL Ltd. chemicals 0.19everest Industries Ltd. cement 0.13Swaraj engines Ltd. Industrial Products 0.07Time Technoplast Ltd. Industrial Products 0.07Sarla Performance Fibers Ltd. Textiles - Synthetic 0.05Banco Products (I) Ltd. Auto Ancillaries 0.04cG Power and Industrial Solutions Ltd. Industrial capital Goods 0.04Mcleod Russel India Ltd. consumer Non Durables 0.04Greenpanel Industries Ltd. consumer Durables 0.03Sub Total 88.45DEBT & DEBT RElATEDCredit Exposure LIc Housing Finance Ltd. cRISIL - AAA 1.18National Bank for Agri & Rural Development cRISIL - AAA 0.28Sub Total 1.46MONEY MARKET INSTRUMENTSCD/CPNational Bank for Agri & Rural Development IcRA - A1+ 1.06Axis Bank Ltd. cRISIL - A1+ 1.05Sub Total 2.11Total 2.11cash, cash Equivalents and Net current Assets 7.98Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.050.130.310.521.151.491.571.771.992.062.282.552.702.822.963.594.214.785.51

6.876.90

9.019.97

13.26

0 2 4 6 8 10 12 14Textiles - Synthetic

CementAuto

Industrial Capital GoodsFinance

Textiles - CottonConstruction

Healthcare ServicesPower

Ferrous MetalsTransportation

FertilisersPesticides

Consumer Non DurablesConsumer DurablesConstruction Project

ChemicalsPharmaceuticals

Media & EntertainmentHotels, Resorts & Other Recreational Activities

Auto AncillariesBanks

SoftwareIndustrial Products

October 2019 11

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, 2014)


iNCEPTiON DATE (Date of Allotment)February 18, 1994





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







SEgMENT-WiSE BREAK-UP OF EqUiTY HOlDiNg (% OF NET ASSETS)Large cap 60.16%Mid cap 37.21%Small cap 0.99%§ Date of migration from Morgan Stanley Mutual Fund (close of business hours - June 27, 14)¥ Dedicated Fund Manager for Overseas Investments: Mr. chirag Dagli (Total Experience: Over 18 years).



(%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 8.59 9.00 17.97 10,859 10,900 11,797Oct 28, 16 Last 3 Years 7.66 9.29 14.18 12,485 13,064 14,903Oct 31, 14 Last 5 Years 5.36 10.21 8.99 12,982 16,267 15,380Feb 18, 94 Since Inception 11.11 N.A. N.A. 150,034 N.A. N.A.

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. N.A. Not Available. The Scheme, formerly a large cap fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a Large and Mid-cap Fund. Accordingly, the Scheme’s benchmark has also changed. Hence, the past performance of the Scheme may not strictly be comparable with that of the new benchmark. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV. For performance of other schemes managed by Vinay Kulkarni, please refer page 53. 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. 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



IcIcI Bank Ltd. Banks 8.15State Bank of India Banks 8.07NTPc Ltd. Power 7.04Reliance Industries Ltd. Petroleum Products 6.49Infosys Ltd. Software 5.41Bharat Petroleum corporation

Ltd. Petroleum Products 5.40ITc Ltd. consumer Non Durables 4.57HDFc Bank Ltd. Banks 4.28Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 3.08Trent Ltd. Retailing 2.91GAIL (India) Ltd. Gas 2.72Tata Global Beverages Ltd. consumer Non Durables 2.35Prestige estates Projects Ltd. construction 2.26Apollo Tyres Ltd. Auto Ancillaries 2.04Gujarat State Petronet Ltd. Gas 1.88Max Financial Services Ltd. Finance 1.67NHPc Ltd. Power 1.65Hindustan Petroleum corporation Ltd. Petroleum Products 1.63Tata chemicals Ltd. chemicals 1.58Shriram Transport Finance company Ltd. Finance 1.52emami Ltd. consumer Non

Durables 1.51Mahanagar Gas Ltd. Gas 1.50Indraprastha Gas Ltd. Gas 1.45Tata Motors Ltd. DVR Auto 1.41castrol India Ltd. Petroleum Products 1.33Info edge (India) Ltd. Software 1.30Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.30Bharat Heavy electricals Ltd. Industrial capital Goods 1.28Larsen and Toubro Ltd. construction Project 1.25exide Industries Ltd. Auto Ancillaries 1.14Vedanta Ltd. Non - Ferrous Metals 1.14Solar Industries India Ltd. chemicals 1.07Mindtree consulting Ltd. Software 0.92canara Bank Banks 0.86cESc Ltd. Power 0.83LIc Housing Finance Ltd. Finance 0.82


Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.73Power Grid corporation of India Ltd. Power 0.73Tata Steel Ltd. Ferrous Metals 0.56Dilip Buildcon Ltd. construction Project 0.52Titagarh Wagons Ltd. Industrial capital Goods 0.37NBcc (India) Ltd. construction 0.36NLc India Ltd. Power 0.33Union Bank of India Banks 0.31Oil India Ltd. Oil 0.30Indian Bank Banks 0.23Reliance Power Ltd. Power 0.10Sub Total 98.35cash, cash Equivalents and Net current Assets 1.65

Grand Total 100.00

• Top Ten Holdings

PORTFOLIO


0.300.561.141.411.651.772.032.622.652.913.083.184.01

7.557.638.43

10.6814.85

21.90

0 5 10 15 20 25

OilFerrous Metals

Non - Ferrous MetalsAuto

Industrial Capital GoodsConstruction Project

PharmaceuticalsConstruction

ChemicalsRetailing

Hotels, Resorts & Other Recreational ActivitiesAuto Ancillaries

FinanceGas

SoftwareConsumer Non Durables

PowerPetroleum Products

Banks


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,090.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on October 31, 2019 (` ‘000) $$ 20,411.69 3,951.79 1,995.90 711.21 391.32 125.93 Returns (%) $$ 12.55 9.81 9.82 6.74 5.50 9.30 Benchmark Returns (%) # N.A. N.A. 12.56 9.17 5.99 8.24 Additional Benchmark Returns (%) ## 13.56 12.36 11.98 12.16 13.24 15.70


12 October 2019

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, 2006)



September 17, 2004




As on October 31, 2019 506.78Average for Month of October, 2019 487.74

qUANTiTATiVE DATA








EXiT lOAD




PLANS & OPTIONS






Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,820.00 1,800.00 1,200.00 600.00 360.00 120.00

Mkt Value As on October 31, 2019 (` ‘000) 4,439.22 4,284.99 1,929.52 690.68 374.59 125.33

Returns (%) 10.92 10.76 9.18 5.57 2.60 8.34

Benchmark Returns (%) # 11.89 11.76 11.37 9.50 7.76 10.63

Additional Benchmark Returns (%) ## 12.50 12.36 11.98 12.16 13.24 15.70




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Oct 31, 18 Last 1 Year 7.61 12.10 17.97 10,761 11,210 11,797

Oct 28, 16 Last 3 Years 5.75 10.29 14.18 11,833 13,428 14,903

Oct 31, 14 Last 5 Years 5.97 8.98 8.99 13,364 15,379 15,380

Sep 17, 04 Since Inception 14.56 14.78 15.57 78,199 80,455 89,227

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Vinay Kulkarni, please refer page 53. 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 investments in equity & equity related instruments of up to 30 companies

Riskometer




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

Company Industry+ / Rating % to NAV











• Hindustan Petroleum corporation Ltd. Petroleum Products 3.85

Bajaj Finance Ltd. Finance 3.18


Bharat electronics Ltd. Industrial capital Goods 3.12

Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 2.98








Gujarat Pipavav Port Ltd. Transportation 1.91


Elecon Engineering comapny Ltd. Industrial capital Goods 1.56

colgate-Palmolive (I) Ltd. consumer Non Durables 1.53


Titagarh Wagons Ltd. Industrial capital Goods 1.45

KEc International Ltd. construction Project 1.07

Trent Ltd. Retailing 1.07

Sub Total 98.73

cash, cash Equivalents and Net current Assets 1.27

Grand Total 100.00


PORTFOLIO


1.87

1.91

2.02

2.16

2.84

2.98

3.18

3.73

4.33

6.13

6.27

8.48

13.72

14.31

24.80

0 5 10 15 20 25 30

Ferrous Metals

Transportation

Minerals/Mining

Gas

Non - Ferrous Metals

Aerospace & Defence

Finance

Retailing

Software

Industrial Capital Goods

Consumer Non Durables

Construction Project

Petroleum Products

Power

Banks

October 2019 13

CATEgORY OF SCHEME: THEMATIc FUND

KEY FACTS

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

CATEgORY OF SCHEME: Thematic Fund

FUND MANAgER ¥


Total Experience: Over 27 years &

Rakesh Vyas (since June 01, 2019)


iNCEPTiON DATE (Date of Allotment)March 10, 2008


ASSETS UNDER MANAgEMENT (`) iN CROREAs on October 31, 2019 738.85Average for Month of October, 2019 705.90

qUANTiTATiVE DATAPortfolio Turnover Ratio (Last 1 year) 7.95%

Risk Ration Standard Deviation 6.812%n Beta 1.504n Sharpe Ratio* -0.065computed for the 3-yr period ended October 31, 2019. Based on month-end NAV. * Risk free rate: 5.25%(Source: FIMMDA MIBOR)


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









Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,400.00 1,200.00 600.00 360.00 120.00 Mkt Value As on October 31, 2019 (` ‘000) 1,889.78 1,457.65 561.24 322.20 119.11 Returns (%) 5.00 3.81 -2.62 -7.08 -1.38 Benchmark Returns (%) # 11.84 11.37 9.50 7.76 10.63 Additional Benchmark Returns (%) ## 11.79 11.48 11.06 11.27 13.62




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Oct 31, 18 Last 1 Year 2.95 12.10 15.93 10,295 11,210 11,593Oct 28, 16 Last 3 Years -2.70 10.29 12.66 9,209 13,428 14,313Oct 31, 14 Last 5 Years -0.23 8.98 8.76 9,883 15,379 15,218Mar 10, 08 Since Inception 3.92 9.36 9.42 15,655 28,352 28,530

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Prashant Jain & Rakesh Vyas, please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 65. For FPI Portfolio, refer page no. 67.




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 5.99


• JMc Projects (India) Ltd. construction 4.13

• Bank of Baroda Banks 3.48

• J.Kumar Infraprojects Ltd. construction 3.42

• centum Electronics Ltd. Industrial capital Goods 2.98




Texmaco Rail & engineering Ltd. Industrial capital Goods 2.64


Dilip Buildcon Ltd. construction Project 2.25




Premier explosives Ltd. chemicals 1.91

Dynamatic Technologies Ltd. Auto Ancillaries 1.90


Ashoka Buildcon Ltd. construction Project 1.86

Gujarat State Petronet Ltd. Gas 1.71




MeP Infrastructure Developers Ltd. Transportation 0.65

Ircon International Ltd. construction Project 0.60

Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) construction Project 0.56

B L Kashyap & Sons Ltd. construction 0.47



Simplex Infrastructures Ltd. construction 0.42

corporation Bank Banks 0.36

IRB Infrastructure Developers Ltd. construction 0.33

Oriental Bank of commerce Banks 0.18

Transformers & Rectifiers India Ltd. Industrial capital Goods 0.10

Sub Total 98.74


Grand Total 100.00


PORTFOLIO


1.43

1.54

1.71

1.90

1.91

2.81

2.85

5.04

6.15

8.77

10.49

10.81

17.42

25.91

0 5 10 15 20 25 30

Ferrous Metals


Gas

Auto Ancillaries

Chemicals

Transportation

Minerals/Mining

Finance

Petroleum Products

Construction

Power



Banks

14 October 2019

Face Value per Unit: ` 10 unless otherwise specified, + Industry classification as recommended by AMFI, Data is as of October 31, 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 3.16



Bharat Petroleum corporation Ltd. Petroleum Products 2.32


Hindustan Petroleum corporation Ltd. Petroleum Products 1.82

Tata consultancy Services Ltd. Software 1.72

HDFc Bank Ltd. Banks 1.64









chambal Fertilizers & chemicals Ltd. Fertilisers 0.76

Apollo Tyres Ltd. Auto Ancillaries 0.75


Just Dial Ltd. Software 0.69


NHPc Ltd. Power 0.64




Solar Industries India Ltd. chemicals 0.43


Mishra Dhatu Nigam Ltd. Ferrous Metals 0.38

Yes Bank Ltd. Banks 0.38

Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 0.36

Ashoka Buildcon Ltd. construction Project 0.32


Savita Oil Technologies Ltd. Petroleum Products 0.29

Apar Industries Ltd. Industrial capital Goods 0.28

Grasim Industries Ltd. cement 0.22

NLc India Ltd. Power 0.22

Orient cement Ltd. cement 0.20

cochin Shipyard Ltd. Industrial capital Goods 0.17


JMc Projects (India) Ltd. construction 0.16

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 0.15

Union Bank of India Banks 0.15

ABB India Ltd. Industrial capital Goods 0.14

J.Kumar Infraprojects Ltd. construction 0.14

Time Technoplast Ltd. Industrial Products 0.14

Gujarat Industries Power company Ltd. Power 0.11

APL Apollo Tubes Ltd. Ferrous Metals 0.10

Kirloskar Pneumatic Ltd. Industrial Products 0.10

Dynamatic Technologies Ltd. Auto Ancillaries 0.09

Sterling and Wilson Solar construction Project 0.09

Sagar cements Ltd. cement 0.08

Bharat Dynamics Ltd. Aerospace & Defence 0.07






Syndicate Bank Banks 0.04


Dilip Buildcon Ltd. construction Project 0.03

Ramco Systems Ltd. Software 0.03

Future Supply chain Solutions Ltd. Transportation 0.01

S chand and company Ltd. Media & entertainment 0.01

Sub Total 83.84

DEBT & DEBT RElATED

CREDiT EXPOSURE

• State Bank of India cARE - AA+ / cRISIL - AA+ / cRISIL - AAA 5.14

• Tata Sons Ltd. cRISIL - AAA 3.11

canara Bank cRISIL - AA 1.49

HDFc Bank Ltd. cARE - AA+ 1.18

IcIcI Bank Ltd. cARE - AA+ / IcRA - AA+ 1.04

Punjab National Bank IND - A 1.00

Union Bank of India cARE - AA- 0.67

Syndicate Bank cARE - A+ 0.30

Axis Bank Ltd. cRISIL - AA+ 0.06

Andhra Bank cARE - A+ 0.05

Sub Total 14.04

MUTUAl FUND UNiTS

HDFc SeNSex Exchange Traded Fund 0.03

Sub Total 0.03


Grand Total 100.00


PORTFOLIO

KEY FACTS


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


CATEgORY OF SCHEME: Balanced Advantage Fund

FUND MANAgER ¥

Prashant Jain (since June 20, 2003)§


iNCEPTiON DATE ¤February 01, 1994





qUANTiTATiVE DATAPortfolio Turnover Ratio 10.53%Average Maturity * 2.34 yearsMacaulay Duration * 2.12 yearsModified Duration * 1.95 yearsYield to Maturity * 8.20%

* 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

October 2019 15



l investments in a mix of equity and debt instruments

Riskometer




SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,090.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on October 31, 2019 (` ‘000) $$ 59,932.61 5,621.20 2,220.30 738.98 394.61 124.86 Returns (%) $$ 18.93 13.93 11.83 8.27 6.06 7.59 Benchmark Returns (%) # N.A. 11.02 10.66 10.29 10.50 13.48 Additional Benchmark Returns (%) ## N.A. 11.96 11.48 11.06 11.27 13.62



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##Oct 31, 18 Last 1 Year 8.94 15.32 15.93 10,894 11,532 11,593Oct 28, 16 Last 3 Years 7.77 10.94 12.66 12,525 13,665 14,313Oct 31, 14 Last 5 Years 8.07 8.92 8.76 14,744 15,336 15,218Feb 01, 94 Since Inception 18.19 N.A. N.A. 740,300 N.A. N.A.

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. N.A. Not Available. 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 53. 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. For FPI Portfolio, refer page no. 67.^Past performance may or may not be sustained in the future. Load is not taken into consideration for computation of performance.

Portfolio Classification By Asset Class (%)

n equity 83.84

n credit Exposure 14.04

n Mutual Fund Units 0.03

n cash, cash Equivalents and Net current Assets 2.09

Portfolio Classification By Rating Class (%)

n equity 83.84n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 4.05n AA+ 6.48n AA/AA- 2.16n A+ & Below 1.35n Mutual Fund Units 0.03n cash, cash Equivalents and Net

current Assets 2.09

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


0.010.240.300.430.500.510.670.760.841.151.281.351.662.002.082.983.954.21

7.567.898.35

10.5824.54

0 5 10 15 20 25 30

Media & EntertainmentIndustrial Products

ConstructionAerospace & Defence

CementTransportation

Non - Ferrous MetalsFertilisers

Auto AncillariesRetailing

GasChemicals

Industrial Capital GoodsFerrous Metals

PharmaceuticalsMinerals/Mining

FinanceConsumer Non Durables

Construction ProjectPower


Banks

16 October 2019

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 4.66





• Axis Bank Ltd. Banks 2.62

State Bank of India Banks 2.31

Aarti Industries Ltd. chemicals 1.92



SKF India Ltd. Industrial Products 1.57

UPL Ltd. Pesticides 1.57

Voltas Ltd. consumer Durables 1.50


Indusind Bank Ltd. Banks 1.26


Atul Ltd. chemicals 1.20

Bharti Airtel Ltd. Telecom - Services 1.14

Balkrishna Industries Ltd. Auto Ancillaries 1.11


Indian Hotels company Ltd. Hotels/Resorts & Other Recreational Activities 0.99



cholamandalam Financial Holdings Ltd. Finance 0.85


Tube Investments of India Ltd. Auto Ancillaries 0.78



Hexaware Technologies Ltd. Software 0.65

Mahindra Holidays & Resorts Ind Ltd.


PNc Infratech Ltd. construction 0.59

VST Industries Ltd. consumer Non Durables 0.50

Redington (India) Ltd. Transportation 0.46

Tamilnadu Newsprint & Papers Ltd. Paper 0.45



Vardhman Textiles Ltd. Textiles - cotton 0.36

Sadbhav engineering Ltd. construction Project 0.34

Ipca Laboratories Ltd. Pharmaceuticals 0.33


Sharda cropchem Ltd. Pesticides 0.30

carborundum Universal Ltd. Industrial Products 0.28

Tata Motors Ltd. DVR Auto 0.25

Allahabad Bank Banks 0.21

Zensar Technologies Ltd. Software 0.21

Greenply Industries Ltd. consumer Durables 0.14

Navneet education Ltd. Media & entertainment 0.14

Jagran Prakashan Ltd. Media & entertainment 0.13

Persistent Systems Ltd. Software 0.13

MM Forgings Ltd. Industrial Products 0.12

IFB Industries Ltd. consumer Durables 0.10

Atul Auto Ltd. Auto 0.06

Insecticides (India) Ltd. Pesticides 0.05

Arti Surfactants Ltd. chemicals 0.04

Greenpanel Industries Ltd. consumer Durables 0.03

Sub Total 70.68

DEBT & DEBT RElATED

gOVERNMENT SECURiTiES (CENTRAl/STATE)

7.16 GOI 2023 Sovereign 1.57


















SUB TOTAL 8.60

(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, 2007) ¤


iNCEPTiON DATE ¤September 11, 2000





qUANTiTATiVE DATA

Portfolio Turnover Ratio (Last 1 year) 7.69%Average Maturity * 2.83 yearsMacaulay Duration * 2.39 yearsModified Duration * 2.24 yearsYield to Maturity * 6.81%

* 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 51.35%Mid cap 12.16%Small cap 7.15%


October 2019 17


CREDiT EXPOSURE

• Tata Sons Ltd. cRISIL - AAA 4.68

• LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 2.75

Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA / IcRA - AAA 2.48

National Bank for Agri & Rural Development cRISIL - AAA 1.69


Small Industries Development Bank cARE - AAA 1.22

Housing Development Finance corporation Ltd.£ cRISIL - AAA 1.10

Rural electrification corporation Ltd.

cARE - AAA / cRISIL - AAA / IND - AAA 0.77

L&T Finance Ltd. cARE - AAA 0.75

National Highways Authority of India cARE - AAA 0.61



HDFc Bank Ltd. cRISIL - AAA 0.24

State Bank of India cRISIL - AA+ 0.24


Oriental Bank of commerce cARE - A+ 0.14

IcIcI Bank Ltd. cARE - AAA 0.12


Hindalco Industries Ltd. cRISIL - AA 0.05

Sub Total 19.20

Total 27.80

MUTUAl FUND UNiTS

HDFc NIFTY 50 Exchange Traded Fund 0.76

Sub Total 0.76


gRAND TOTAl 100.00

l Top Ten Holdings, £ co-sponsor


Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,300.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on October 31, 2019 (` ‘000) 12,629.38 5,674.07 2,333.85 734.88 391.35 124.09 Returns (%) 15.63 14.04 12.77 8.05 5.50 6.38 Benchmark Returns (%) # N.A. 11.02 10.66 10.29 10.50 13.48 Additional Benchmark Returns (%) ## 14.46 11.96 11.48 11.06 11.27 13.62




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Oct 31, 18 Last 1 Year 9.46 15.32 15.93 10,946 11,532 11,593Oct 28, 16 Last 3 Years 7.80 10.94 12.66 12,534 13,665 14,313Oct 31, 14 Last 5 Years 9.33 8.92 8.76 15,628 15,336 15,218Sep 11, 00 Since Inception 15.40 N.A. 13.17 155,203 N.A. 106,815

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments. For performance of other schemes managed by chirag Setalvad, please refer page 53. 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.



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 70.68

G-Sec 8.60

credit Exposure 19.20

Mutual Fund Units 0.76cash, cash Equivalents and Net current Assets 0.76

PORTFOliO ClASSiFiCATiON BY RATiNg ClASS (%)

n equity 70.68n Sovereign 8.60n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 16.41n AA+ 1.89n AA/AA- 0.05n A+ & Below 0.85n Mutual Fund Units 0.76n cash, cash Equivalents and Net

current Assets 0.76

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


0.270.310.360.450.460.590.740.901.141.591.771.771.831.891.921.971.973.163.584.924.955.516.26

22.37

0 5 10 15 20 25Media & Entertainment

AutoTextiles - Cotton

PaperTransportation

ConstructionNon - Ferrous Metals

Ferrous MetalsTelecom - Services

Hotels, Resorts & Other Recreational ActivitiesPower

Consumer DurablesIndustrial Capital Goods

Auto AncillariesPesticides

PharmaceuticalsIndustrial Products

ChemicalsConsumer Non Durables

Petroleum ProductsConstruction Project

FinanceSoftware

Banks

18 October 2019


Since Inception SIP

10 year SIP

5 Year SIP

3 Year SIP

1 Year SIP

Total Amount Invested (` ‘000) 1,710.00 1,200.00 600.00 360.00 120.00 Mkt Value As on October 31, 2019 (` ‘000) 3,286.42 1,819.63 701.18 389.91 126.52 Returns (%) 8.66 8.07 6.17 5.25 10.23 Benchmark Returns (%) # N.A. N.A. 10.45 11.10 15.17 Additional Benchmark Returns (%) ## 11.46 11.48 11.06 11.27 13.62




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Oct 31, 18 Last 1 Year 9.81 16.05 15.93 10,981 11,605 11,593Oct 28, 16 Last 3 Years 5.47 10.82 12.66 11,737 13,622 14,313Oct 31, 14 Last 5 Years 6.60 9.00 8.76 13,771 15,392 15,218Aug 17, 05 Since Inception 8.76 N.A. 13.31 33,010 N.A. 59,048

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. N.A. Not Available. The Scheme formerly, a debt oriented hybrid fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a multi asset fund investing in equities, debt and gold. Accordingly, the Scheme’s benchmark has also changed. Hence, the performance of the Scheme from inception till May 22, 2018 may not strictly be comparable with those of the new benchmark and the additional benchmark. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments and gold. For performance of other schemes managed by chirag Setalvad (Equities), Anil Bamboli (Debt) and Krishan Kumar Daga (Gold), please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 66.



l to generate long-term capital appreciation/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


0.200.320.390.620.840.931.001.10

1.881.97

2.842.913.453.45

4.264.364.91

7.428.55

14.78

0 2 4 6 8 10 12 14 16

Non - Ferrous MetalsMedia & Entertainment

Industrial Capital GoodsFerrous Metals

AutoTelecom - Services

PesticidesPower

TransportationRetailing

Auto AncillariesConsumer Non Durables

Consumer DurablesFinance

Industrial ProductsConstruction Project

ChemicalsPetroleum Products

SoftwareBanks

KEY FACTS

iNVESTMENT OBjECTiVEThe objective of the Scheme is to generate long term capital appreciation/income by investing in a diversified portfolio of equity & equity related instruments, debt & money market instruments and Gold.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, 2007)

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

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


iNCEPTiON DATE (Date of Allotment)August 17, 2005



qUANTiTATiVE DATAPortfolio Turnover Ratio 17.61%


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

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

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


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

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





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


n equity 66.18


n Gold & Gold ETF 15.96



n equity 66.18

n AAA/AAA(SO)/A1+/A1+(SO) & equivalent 5.43

n AA/AA- 2.55

n Gold & Gold ETF 15.96


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

CATEgORY OF SCHEME: MULTI ASSET ALLOcATION FUND

October 2019 19

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

% exposure of Derivative


• HDFc Bank Ltd. Banks 6.88 0.00

• Reliance Industries Ltd. Petroleum Products 5.45 0.00

• Housing Development Finance corporation Ltd.£ Finance 3.45 0.00

• Infosys Ltd. Software 3.42 0.00

• IcIcI Bank Ltd. Banks 3.40 0.00

• State Bank of India Banks 3.13 0.00

• Larsen and Toubro Ltd. construction Project 3.10 0.00

NIIT Technologies Ltd. Software 2.72 0.00

ITc Ltd. consumer Non Durables 2.15 0.00

Bajaj electricals Ltd. consumer Durables 2.09 0.00

Indiamart Intermesh Ltd. Retailing 1.97 0.00

Oriental carbon & chemicals Ltd. chemicals 1.91 0.00

Redington (India) Ltd. Transportation 1.88 0.00

Aarti Industries Ltd. chemicals 1.81 0.00

Timken India Ltd. Industrial Products 1.56 0.00

Bharat Petroleum corporation Ltd. Petroleum Products 1.47 0.00

Balkrishna Industries Ltd. Auto Ancillaries 1.46 0.00

Sonata Software Ltd. Software 1.39 0.00

Whirlpool of India Ltd. consumer Durables 1.36 0.00

KEc International Ltd. construction Project 1.26 0.00

Shaily engineering Plastics Ltd. Industrial Products 1.12 0.00

Power Grid corporation of India Ltd. Power 1.10 0.00

Firstsource Solutions Ltd. Software 1.02 0.00

Gujarat Fluorochemicals Ltd. chemicals 1.02 0.00

Gabriel India Ltd. Auto Ancillaries 1.00 0.00

Sharda cropchem Ltd. Pesticides 1.00 0.00

Axis Bank Ltd. Banks 0.93 0.00

Bharti Airtel Ltd. Telecom - Services 0.93 0.00

carborundum Universal Ltd. Industrial Products 0.84 0.00



Tata Motors Ltd. DVR Auto 0.84 0.00

VST Industries Ltd. consumer Non Durables 0.76 0.00

Vesuvius India Ltd. Industrial Products 0.74 0.00

Tata Steel Ltd. Ferrous Metals 0.62 0.00

Savita Oil Technologies Ltd. Petroleum Products 0.50 0.00

Union Bank of India Banks 0.44 0.00

Apar Industries Ltd. Industrial capital Goods 0.39 0.00

Suprajit engineering Ltd. Auto Ancillaries 0.38 0.00

Jagran Prakashan Ltd. Media & entertainment 0.32 0.00

Vedanta Ltd. Non - Ferrous Metals 0.20 0.00

GFL Ltd. chemicals 0.13 0.00

Arti Surfactants Ltd. chemicals 0.04 0.00

Sub Total 66.18

DEBT & DEBT RElATED

CREDiT EXPOSURE

• Power Finance corporation Ltd. cRISIL - AAA 5.43


Sub Total 7.98

gOlD

• Gold Bar 1 Kg (0.995 purity) NA 8.58

Sub Total 8.58

MUTUAl FUND UNiTS

• HDFc Gold Exchange Traded Fund 7.38

Sub Total 7.38

Total 15.96

OTHERS

Short Term Deposits as margin for Futures & Options 8.13


Sub Total 9.88

Grand Total 100.00



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

PORTFOLIO

20 October 2019

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, 2015)


iNCEPTiON DATE (Date of Allotment)December 09, 2015

NAV (AS ON OCTOBER 31, 2019) NAV PER UNiT (`)Growth Option 1,246.66

ASSETS UNDER MANAgEMENT j (`) iN CROREAs on October 31, 2019 359.52Average for Month of October, 2019 339.75


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

TOTAL ExPENSE RATIO (As on October 31, 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 October 31, 2019 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Oct 31, 18 Last 1 Year 15.87 15.93 17.97 11,587 11,593 11,797

Oct 28, 16 Last 3 Years 12.57 12.66 14.18 14,278 14,313 14,903

Dec 09, 15 Since Inception 13.50 13.63 14.37 16,376 16,451 16,871

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 53.


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. 159.89 crores

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










• Kotak Mahindra Bank Ltd. Banks 4.30



Hindustan Unilever Ltd. consumer Non Durables 3.17


Maruti Suzuki India Ltd. Auto 2.05


Asian Paints Ltd. consumer Non Durables 1.67



HcL Technologies Ltd. Software 1.29

Mahindra & Mahindra Ltd. Auto 1.19

Titan company Ltd. consumer Durables 1.13

Nestle India Ltd. consumer Non Durables 1.09

NTPc Ltd. Power 1.09

Bajaj Finserv Ltd. Finance 1.00



Tech Mahindra Ltd. Software 0.93

Oil & Natural Gas corporation Ltd. Oil 0.91

UltraTech cement Ltd. cement 0.88

Bajaj Auto Ltd. Auto 0.86


Britannia Industries Ltd. consumer Non Durables 0.79

Wipro Ltd. Software 0.79


Indian Oil corporation Ltd. Petroleum Products 0.73

Hero Motocorp Ltd. Auto 0.72

Dr Reddys Laboratories Ltd. Pharmaceuticals 0.69


Tata Motors Ltd. Auto 0.65


Adani Ports & Special economic Zone Transportation 0.64

eicher Motors Ltd. Auto 0.64



Hindalco Industries Ltd. Non - Ferrous Metals 0.56




JSW Steel Ltd. Ferrous Metals 0.47

Bharti Infratel Ltd. Telecom - equipment & Accessories 0.33

Zee entertainment enterprises Ltd. Media & entertainment 0.33


Sub Total 99.98


Grand Total 100.00


PORTFOLIO


0.330.330.520.640.670.760.911.061.111.131.451.502.042.153.72

6.1110.4711.2511.8313.01

28.99

0 5 10 15 20 25 30 35


GasTransportation

PesticidesMinerals/Mining

OilFerrous Metals

Non - Ferrous MetalsConsumer DurablesTelecom - Services

CementPower

PharmaceuticalsConstruction Project

AutoFinance

Consumer Non DurablesPetroleum Products

SoftwareBanks

October 2019 21

CATEgORY OF SCHEME: INDEx FUND


EqUiTY & EqUiTY RElATED• HDFc Bank Ltd. Banks 10.86• Reliance Industries Ltd. Petroleum Products 10.24• Housing Development

Finance corporation Ltd.£ Finance 7.51• IcIcI Bank Ltd. Banks 6.11• Infosys Ltd. Software 5.13• Tata consultancy Services Ltd. Software 4.87• ITc Ltd. consumer Non Durables 4.53• Kotak Mahindra Bank Ltd. Banks 4.30• Larsen and Toubro Ltd. construction Project 3.72• Axis Bank Ltd. Banks 3.35Hindustan Unilever Ltd. consumer Non Durables 3.17State Bank of India Banks 2.45Maruti Suzuki India Ltd. Auto 2.05Bajaj Finance Ltd. Finance 1.96Asian Paints Ltd. consumer Non Durables 1.67Indusind Bank Ltd. Banks 1.62Bharti Airtel Ltd. Telecom - Services 1.45HcL Technologies Ltd. Software 1.29Mahindra & Mahindra Ltd. Auto 1.19Titan company Ltd. consumer Durables 1.13Nestle India Ltd. consumer Non Durables 1.09NTPc Ltd. Power 1.09Bajaj Finserv Ltd. Finance 1.00Sun Pharmaceutical Industries Ltd. Pharmaceuticals 0.98Power Grid corporation of India Ltd. Power 0.95Tech Mahindra Ltd. Software 0.93Oil & Natural Gas corporation Ltd. Oil 0.91UltraTech cement Ltd. cement 0.88Bajaj Auto Ltd. Auto 0.86Bharat Petroleum corporation Ltd. Petroleum Products 0.86Britannia Industries Ltd. consumer Non Durables 0.79Wipro Ltd. Software 0.79coal India Ltd. Minerals/Mining 0.76Indian Oil corporation Ltd. Petroleum Products 0.73Hero Motocorp Ltd. Auto 0.72Dr Reddys Laboratories Ltd. Pharmaceuticals 0.69UPL Ltd. Pesticides 0.67Tata Motors Ltd. Auto 0.65Adani Ports & Special economic Zone Transportation 0.64eicher Motors Ltd. Auto 0.64


Grasim Industries Ltd. cement 0.62Tata Steel Ltd. Ferrous Metals 0.59Hindalco Industries Ltd. Non - Ferrous Metals 0.56Vedanta Ltd. Non - Ferrous Metals 0.55GAIL (India) Ltd. Gas 0.52cipla Ltd. Pharmaceuticals 0.48JSW Steel Ltd. Ferrous Metals 0.47Bharti Infratel Ltd. Telecom - equipment

& Accessories 0.33Zee entertainment enterprises Ltd. Media & entertainment 0.33Yes Bank Ltd. Banks 0.30Sub Total 99.98cash, cash Equivalents and Net current Assets 0.02Grand Total 100.00• Top Ten Holdings, £ co-sponsor

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, 2015)



July 17, 2002


Regular Plan - Growth Option 108.5528Direct Plan - Growth Option 109.8413


As on October 31, 2019 1,032.52Average for Month of October, 2019 944.44

qUANTiTATiVE DATA


TRACKiNg ERROR

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





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) 2,080.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on October 31, 2019 (` ‘000) 6,585.51 4,198.29 2,108.36 782.62 423.20 128.30 Returns (%) 12.09 10.52 10.86 10.57 10.80 13.08 Benchmark Returns (%) # 14.03 11.96 11.48 11.06 11.27 13.62 Additional Benchmark Returns (%) ## 14.61 12.36 11.98 12.16 13.24 15.70




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Oct 31, 18 Last 1 Year 15.39 15.93 17.97 11,539 11,593 11,797Oct 28, 16 Last 3 Years 12.15 12.66 14.18 14,118 14,313 14,903Oct 31, 14 Last 5 Years 8.31 8.76 8.99 14,911 15,218 15,380Jul 17, 02 Since Inception 14.57 16.82 17.51 105,126 147,187 163,046

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 53. 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 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


0.330.330.520.640.670.760.911.061.111.131.451.502.042.153.72

6.1110.4711.2511.8313.01

28.99

0 5 10 15 20 25 30 35


GasTransportation

PesticidesMinerals/Mining

OilFerrous Metals

Non - Ferrous MetalsConsumer DurablesTelecom - Services

CementPower

PharmaceuticalsConstruction Project

AutoFinance

Consumer Non DurablesPetroleum Products

SoftwareBanks

22 October 2019

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, 2015)


iNCEPTiON DATE (Date of Allotment)December 09, 2015

NAV (AS ON OCTOBER 31, 2019) NAV PER UNiT (`)Growth Option 4,223.63

ASSETS UNDER MANAgEMENT j (`) iN CROREAs on October 31, 2019 56.11Average for Month of October, 2019 61.96


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

TOTAL ExPENSE RATIO (As on October 31, 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 October 31, 2019 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Oct 31, 18 Last 1 Year 17.92 17.97 15.93 11,792 11,797 11,593

Oct 28, 16 Last 3 Years 14.14 14.18 12.66 14,886 14,903 14,313


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 53.


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. 32.13 crores

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



































Sub Total 99.75


Grand Total 100.00


PORTFOLIO


0.65

0.69

1.07

1.13

1.72

2.38

4.33

6.53

10.97

11.18

11.20

14.56

33.34

0 5 10 15 20 25 30 35 40


Ferrous Metals

Oil

Pharmaceuticals

Telecom - Services

Power


Auto


Petroleum Products

Finance

Software

Banks

October 2019 23

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, 2015)



July 17, 2002


Regular Plan - Growth Option 357.2072Direct Plan - Growth Option 361.8649



qUANTiTATiVE DATA


TRACKiNg ERROR

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



#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) 2,080.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on October 31, 2019 (` ‘000) 6,881.91 4,334.89 2,164.52 805.03 435.09 129.61 Returns (%) 12.52 10.90 11.35 11.71 12.71 15.19 Benchmark Returns (%) # 14.61 12.36 11.98 12.16 13.24 15.70 Additional Benchmark Returns (%) ## 14.03 11.96 11.48 11.06 11.27 13.62




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Oct 31, 18 Last 1 Year 17.40 17.97 15.93 11,740 11,797 11,593Oct 28, 16 Last 3 Years 13.65 14.18 12.66 14,696 14,903 14,313Oct 31, 14 Last 5 Years 8.59 8.99 8.76 15,105 15,380 15,218Jul 17, 02 Since Inception 14.93 17.51 16.82 111,068 163,046 147,187

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 53. 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 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 100.02

cash, cash Equivalents and Net current Assets -0.02

Grand Total 100.00


PORTFOLIO


0.65

0.69

1.08

1.13

1.72

2.39

4.34

6.57

11.04

11.17

11.21

14.60

33.43

0 5 10 15 20 25 30 35 40


Ferrous Metals

Oil

Pharmaceuticals

Telecom- Services

Power


Auto


Finance

Petroleum Products

Software

Banks

24 October 2019

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, 2006)



March 31, 1996





qUANTiTATiVE DATA








EXiT lOAD

Nil

PLANS & OPTIONS

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


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

lOCK-iN PERiOD

3 years from the date of allotment of the respective Units



SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,830.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on October 31, 2019 (` ‘000) $$ 65,503.70 4,783.90 2,035.12 696.36 375.02 123.15 Returns (%) $$ 21.98 12.06 10.19 5.90 2.67 4.90 Benchmark Returns (%) # 14.74 11.76 11.37 9.50 7.76 10.63 Additional Benchmark Returns (%) ## 13.77 11.96 11.48 11.06 11.27 13.62



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Oct 31, 18 Last 1 Year 5.05 12.10 15.93 10,505 11,210 11,593Oct 28, 16 Last 3 Years 6.48 10.29 12.66 12,080 13,428 14,313Oct 31, 14 Last 5 Years 5.71 8.98 8.76 13,203 15,379 15,218Mar 31, 96 Since Inception 22.91 13.62 12.46 1,300,873 203,523 159,912

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Vinay Kulkarni, please refer page 53. 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. 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 3.96








Oracle Financial Ser Software Ltd. Software 1.75


Solar Industries India Ltd. chemicals 1.05


L&T Technology Services Ltd. Software 1.01





Mahanagar Gas Ltd. Gas 0.79


Shriram Transport Finance company Ltd. Finance 0.61


Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.57

Max Financial Services Ltd. Finance 0.54



Bharat Heavy electricals Ltd. Industrial capital Goods 0.43

eclerx Services Ltd. Software 0.26


Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.22Hindustan construction company Ltd. construction Project 0.20Dynamatic Technologies Ltd. Auto Ancillaries 0.15ITD cementation India Ltd. construction 0.15cG Power and Industrial Solutions Ltd. Industrial capital Goods 0.12Persistent Systems Ltd. Software 0.12Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) construction Project 0.12Somany Home Innovation Ltd. construction 0.11MPS Ltd. Software 0.07HSIL Ltd. construction 0.04Siti Networks Ltd. Media & entertainment 0.01Sub Total 94.04cash, cash Equivalents and Net current Assets 5.96

Grand Total 100.00


PORTFOLIO


0.010.150.300.860.901.051.151.622.012.412.583.573.944.75

7.238.73

11.9914.66

26.13

0 5 10 15 20 25 30

Media & EntertainmentAuto Ancillaries

ConstructionTransportation

Minerals/MiningChemicals

FinanceAuto

Ferrous MetalsNon - Ferrous Metals

Industrial Capital GoodsPharmaceuticals

Consumer Non DurablesGas

Construction ProjectSoftware

PowerPetroleum Products

Banks

October 2019 25

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, 2007)

Total Experience - Over 21 years


March 2, 2001


Regular Plan 122.694Direct Plan 129.688



qUANTiTATiVE DATA

Portfolio Turnover Ratio (Last 1 year) 8.22%Average Maturity * 2.71 yearsMacaulay Duration * 2.23 yearsModified Duration * 2.09 yearsYield to Maturity * 6.61%* computed on the invested amount for debt portfolio.





EXiT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan.



lOCK-iN PERiOD

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

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

(¥) Dedicated Fund Manager for Overseas Investments:Mr. chirag Dagli (Total Experience: Over 18 years).

(Ω) Eligibility (of Unit holder) : children less than 18 years of age as on the date of investment by the Investor / Applicant are eligible as Unit holders in the Scheme. (π) Personal Accident Insurance cover for Parent / Legal Guardian (upto the age of 80 years) of the Unit holder, equivalent to 10 times the cost value of the outstanding Units held by the Unit holder under all the applications / account statements / folios, subject to a maximum amount of ` 10 lakhs per Unit holder. The insurance premium in respect of the personal accident insurance cover will be borne by the AMc. This accident insurance cover is subject to conditions of the group personal accident insurance policy.


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










NIIT Technologies Ltd. Software 1.98


Britannia Industries Ltd. consumer Non Durables 1.75

cholamandalam Investment & Finance Finance 1.61



Hexaware Technologies Ltd. Software 1.23




Finolex Industries Ltd. Industrial Products 1.06





AIA engineering Ltd. Industrial Products 0.89



Motherson Sumi Systems Ltd. Auto Ancillaries 0.86

Schaeffler India Ltd. Industrial Products 0.80

Indian Hotels company Ltd. Hotels/Resorts & Other Recreational Activities 0.78

Supreme Industries Ltd. Industrial Products 0.78

Larsen & Toubro Infotech Ltd. Software 0.76

century Plyboards (India) Ltd. consumer Durables 0.71

Ipca Laboratories Ltd. Pharmaceuticals 0.67



VST Industries Ltd. consumer Non Durables 0.66

Mahindra Holidays & Resorts Ind Ltd.


Sonata Software Ltd. Software 0.65

PNc Infratech Ltd. construction 0.63

Apollo Tyres Ltd. Auto Ancillaries 0.56

eIH Ltd. Hotels/Resorts & Other Recreational Activities 0.56

Blue Star Ltd. consumer Durables 0.55

cholamandalam Financial Holdings Ltd. Finance 0.51


IFB Industries Ltd. consumer Durables 0.46




Vesuvius India Ltd. Industrial Products 0.42

Swaraj engines Ltd. Industrial Products 0.41

Navneet education Ltd. Media & entertainment 0.39


Indian Bank Banks 0.31

V.S.T Tillers Tractors Ltd. Auto 0.25

Nilkamal Ltd. Industrial Products 0.24



eclerx Services Ltd. Software 0.11

Mcleod Russel India Ltd. consumer Non Durables 0.02

Jyoti Structures Ltd. Power @

Sub Total 66.59

DEBT & DEBT RElATED










PORTFOLIO

26 October 2019


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


Mkt Value As on October 31, 2019 (` ‘000) $ 11,280.47 5,670.61 2,379.36 748.12 398.15 124.80

Returns (%) $ 15.32 14.03 13.13 8.76 6.66 7.51

Benchmark Returns (%) # N.A. 11.02 10.66 10.29 10.50 13.48


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(`)##

Oct 31, 18 Last 1 Year 9.06 15.32 15.93 10,906 11,532 11,593

Oct 28, 16 Last 3 Years 8.84 10.94 12.66 12,903 13,665 14,313

Oct 31, 14 Last 5 Years 9.34 8.92 8.76 15,633 15,336 15,218

Mar 02, 01 Since Inception 15.98 N.A. 14.18 159,502 N.A. 119,054

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments. $ 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. 59.


equity 66.59

G-Sec 6.60

credit Exposure 18.58




l capital appreciation over long term.

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

Riskometer





equity 66.59

Sovereign 6.60

AAA/AAA(SO)/A1+/A1+(SO) & equivalent 14.88

AA+ 3.70


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




Sub Total 6.60

CREDiT EXPOSURE

• Housing Development Finance corporation Ltd.£ cRISIL - AAA 5.95

• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA 3.46

• Reliance Industries Ltd. cRISIL - AAA 3.36

• Axis Bank Ltd. cRISIL - AA+ 3.33


State Bank of India cRISIL - AA+ / cRISIL - AAA 1.24

Tata Sons Ltd. cRISIL - AAA 1.22

Britannia Industries Ltd. cRISIL - AAA 0.02

Sub Total 18.58

Total 25.18


Grand Total 100.00

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

PORTFOLIOIndustry Allocation of Equity Holding (% of Net Assets)

0.25

0.46

0.46

0.52

0.63

1.06

1.20

1.23

1.58

1.60

1.99

2.43

2.90

3.08

3.29

6.19

6.59

8.09

8.88

14.16

0 2 4 6 8 10 121416

Auto

Ferrous Metals


Media & Entertainment

Construction

Power

Pesticides

Telecom - Services


Pharmaceuticals

Hotels, Resorts & Other Recreational Activities


Consumer Durables

Auto Ancillaries


Industrial Products

Petroleum Products

Finance

Software

Banks

October 2019 27

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 9.18%





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 (`)#


(`)##

Oct 31, 18 Last 1 Year 8.58 12.10 15.93 10,858 11,210 11,593Oct 28, 16 Last 3 Years 8.20 10.29 12.66 12,676 13,428 14,313Feb 25, 16 Since Inception 15.70 16.39 17.23 17,106 17,488 17,956

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by chirag Setalvad (Equities) and Shobhit Mehrotra (Debt), please refer page 53. 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. 66.


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

l investment predominantly in equity and equity related instruments.

Riskometer




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

(A notified Tax Savings Cum Pension Scheme)

Company Industry+ / Rating % to NAVEqUiTY & EqUiTY RElATED• HDFc Bank Ltd. Banks 7.66• Reliance Industries Ltd. Petroleum Products 6.25• IcIcI Bank Ltd. Banks 5.17• Infosys Ltd. Software 4.14• Housing Development

Finance corporation Ltd.£ Finance 4.02• Larsen and Toubro Ltd. construction Project 3.67• Timken India Ltd. Industrial Products 2.20State Bank of India Banks 1.94Whirlpool of India Ltd. consumer Durables 1.91Aarti Industries Ltd. chemicals 1.83KEc International Ltd. construction Project 1.56Hindustan Petroleum corporation Ltd. Petroleum Products 1.55chambal Fertilizers & chemicals Ltd. Fertilisers 1.50Redington (India) Ltd. Transportation 1.47Axis Bank Ltd. Banks 1.35Balkrishna Industries Ltd. Auto Ancillaries 1.34Bajaj electricals Ltd. consumer Durables 1.30carborundum Universal Ltd. Industrial Products 1.29KeI Industries Ltd. Industrial Products 1.28Power Grid corporation of India Ltd. Power 1.27Blue Star Ltd. consumer Durables 1.25NIIT Technologies Ltd. Software 1.25Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 1.23Kalpataru Power Transmission Ltd. Power 1.23Mahindra Holidays & Resorts Ind Ltd.


Aurobindo Pharma Ltd. Pharmaceuticals 1.20Atul Ltd. chemicals 1.17cholamandalam Investment & Finance Finance 1.14Tamilnadu Newsprint & Papers Ltd. Paper 1.13Hexaware Technologies Ltd. Software 1.12UPL Ltd. Pesticides 1.11Finolex Industries Ltd. Industrial Products 1.07Nilkamal Ltd. Industrial Products 1.02SKF India Ltd. Industrial Products 1.01Voltas Ltd. consumer Durables 0.91T. V. Today Network Ltd. Media & entertainment 0.86IFB Industries Ltd. consumer Durables 0.85Tata Metaliks Ltd. Ferrous Metals 0.81Sharda cropchem Ltd. Pesticides 0.80Great eastern Shipping company Ltd. Transportation 0.75Tata Steel Ltd. Ferrous Metals 0.72Oriental carbon & chemicals Ltd. chemicals 0.70eIH Ltd. Hotels/Resorts & Other

Recreational Activities 0.65Indusind Bank Ltd. Banks 0.65Jagran Prakashan Ltd. Media & entertainment 0.54Tube Investments of India Ltd. Auto Ancillaries 0.49Vedanta Ltd. Non - Ferrous Metals 0.48

Company Industry+ / Rating % to NAVGNA Axles Ltd. Auto Ancillaries 0.42Apar Industries Ltd. Industrial capital Goods 0.41Tata Motors Ltd. DVR Auto 0.41Zensar Technologies Ltd. Software 0.35Greenply Industries Ltd. consumer Durables 0.25Yes Bank Ltd. Banks 0.20cG Power and Industrial Solutions Ltd. Industrial capital Goods 0.08Greenpanel Industries Ltd. consumer Durables 0.05Mcleod Russel India Ltd. consumer Non Durables 0.05Arti Surfactants Ltd. chemicals 0.04Sub Total 80.31DEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)• 6.79 GOI 2029 Sovereign 3.097.59 GOI 2026 Sovereign 1.95Sub Total 5.04CREDiT EXPOSURE • Housing and Urban Development corporation Ltd. cARE - AAA 3.28• Power Finance corporation Ltd. cRISIL - AAA 3.26Syndicate Bank cARE - A+ 0.44Union Bank of India cARE - AA- 0.36Sub Total 7.34Total 12.38cash, cash Equivalents and Net current Assets 7.31Grand Total 100.00• Top Ten Holdings, £ co-sponsor

PORTFOLIO


0.050.410.480.491.131.201.401.501.531.912.222.252.503.093.74

5.165.23

6.526.867.807.87

16.97

0 2 4 6 8 1012141618

Consumer Non DurablesAuto

Non - Ferrous Metals Industrial Capital Goods

PaperPharmaceuticals

Media & EntertainmentFertilisers

Ferrous MetalsPesticides

TransportationAuto Ancillaries

PowerHotels, Resorts & Other Recreational Activities

ChemicalsFinance

Construction ProjectConsumer Durables

SoftwarePetroleum ProductsIndustrial Products

Banks


Since Inception SIP 3 Year SIP 1 Year SIP

Total Amount Invested (` ‘000) 450.00 360.00 120.00 Mkt Value As on October 31, 2019 (` ‘000) 521.66 389.21 124.40 Returns (%) 7.84 5.14 6.87 Benchmark Returns (%) # 9.73 7.76 10.63 Additional Benchmark Returns (%) ## 12.32 11.27 13.62


28 October 2019


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

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

Company Industry+ / Rating % to

NAV








Procter & Gamble Health Ltd. Pharmaceuticals 2.46

Timken India Ltd. Industrial Products 1.79

NIIT Technologies Ltd. Software 1.68

Whirlpool of India Ltd. consumer Durables 1.57

Aarti Industries Ltd. chemicals 1.48

Power Grid corporation of

India Ltd. Power 1.42


chambal Fertilizers &

chemicals Ltd. Fertilisers 1.34

Hindustan Petroleum

corporation Ltd. Petroleum Products 1.32

Redington (India) Ltd. Transportation 1.23


Blue Star Ltd. consumer Durables 1.17

Sonata Software Ltd. Software 1.11


Tamilnadu Newsprint &

Papers Ltd. Paper 1.08

cholamandalam Investment

& Finance Finance 1.05


Indian Hotels company Ltd. Hotels/Resorts & Other


Sundram Fasteners Ltd. Auto Ancillaries 0.94

Bajaj electricals Ltd. consumer Durables 0.93



Vesuvius India Ltd. Industrial Products 0.82


Nilkamal Ltd. Industrial Products 0.81

Kalpataru Power Transmission

Ltd. Power 0.79

crompton Greaves consumer

electricals Ltd. consumer Durables 0.71

Mahindra Holidays & Resorts

Ind Ltd.

Hotels/Resorts & Other


Company Industry+ / Rating % to

NAV

Oriental carbon & chemicals

Ltd. chemicals 0.64

NRB Bearing Ltd. Industrial Products 0.62





Shaily engineering Plastics Ltd. Industrial Products 0.47

cholamandalam Financial

Holdings Ltd. Finance 0.43







Shree Pushkar chemicals &

Fertilisers Ltd. chemicals 0.28




Arti Surfactants Ltd. chemicals 0.03

Sub Total 66.06

DEBT & DEBT RElATED


• 6.84 GOI 2022 Sovereign 2.94



Sub Total 4.59

CREDiT EXPOSURE



• Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cRISIL - AAA 2.91


Power Grid corporation of

India Ltd. cRISIL - AAA 1.48


Reliance Jio Infocomm Ltd. cRISIL - AAA 0.75

Sub Total 23.28

Total 27.87


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 6.42%Average Maturity * 5.64 yearsMacaulay Duration * 4.13 yearsModified Duration * 3.84 yearsYield to Maturity * 7.35%* 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).


October 2019 29


n equity 66.06

n G-Sec 4.59




n equity 66.06n Sovereign 4.59n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 19.81n AA+ 2.45n A+ & Below 1.02n cash, cash Equivalents and Net

current Assets 6.07



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

Riskometer





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 9.66 15.32 15.93 10,966 11,532 11,593

Oct 28, 16 Last 3 Years 9.00 10.94 12.66 12,959 13,665 14,313

Feb 25, 16 Since Inception 15.45 14.46 17.23 16,970 16,442 17,956

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by chirag Setalvad (equities) and Shobhit Mehrotra (Debt), please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 66.


[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)


0.280.280.300.310.550.901.081.231.341.662.172.212.433.27

4.524.964.96

6.116.646.89

13.97

0 2 4 6 8 101214 16

AutoMedia & Entertainment

Non - Ferrous MetalsIndustrial Capital Goods

Ferrous MetalsPesticides

PaperTransportation

FertilisersHotels, Resorts & Other Recreational Activities

Auto AncillariesPower

ChemicalsPharmaceuticals

Construction ProjectFinance

Consumer DurablesIndustrial Products

Petroleum ProductsSoftware

Banks

.....Contd from previous page



Total Amount Invested (` ‘000) 450.00 360.00 120.00

Mkt Value As on October 31, 2019 (` ‘000) 533.07 399.12 124.89

Returns (%) 9.01 6.82 7.65

Benchmark Returns (%) # 11.11 10.50 13.48

Additional Benchmark Returns (%) ## 12.32 11.27 13.62


30 October 2019


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 OCTOBER 31, 2019) NAV PER UNiT (`)Regular Plan 13.6254Direct Plan 14.3883


qUANTiTATiVE DATAAverage Maturity * 4.56 yearsMacaulay Duration * 3.60 yearsModified Duration * 3.39 yearsYield to Maturity * 7.28%* computed on the invested amount for debt portfolio.


#BENCHMARK iNDEX: NIFTY 50 Hybrid composite Debt 15:85 Index##ADDl. BENCHMARK iNDEX: cRISIL 10 Year Gilt Index

EXiT lOADUpon completion of lock-in period: Nil

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

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

Mr. chirag Dagli (Total Experience: Over 18 years).



Returns (%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme

(`)Benchmark

(`)#Additional

Benchmark (`)##


Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. 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 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 66.



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

Riskometer




n equity 16.41

n G-Sec 28.13




n equity 16.41n Sovereign 28.13n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 22.35n AA+ 6.33n AA/AA- 2.71n A+ & Below 9.61n cash, cash Equivalents and

Net current Assets 14.46

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

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

Company Industry+ / Rating % to NAVEqUiTY & EqUiTY RElATEDIcIcI Bank Ltd. Banks 1.60HDFc Bank Ltd. Banks 1.17Reliance Industries Ltd. Petroleum Products 0.82Aarti Industries Ltd. chemicals 0.80NIIT Technologies Ltd. Software 0.80Sundram Fasteners Ltd. Auto Ancillaries 0.75Larsen and Toubro Ltd. construction Project 0.68Axis Bank Ltd. Banks 0.60Infosys Ltd. Software 0.55Redington (India) Ltd. Transportation 0.50chambal Fertilizers & chemicals Ltd. Fertilisers 0.48Avanti Feeds Ltd. consumer Non Durables 0.47Blue Star Ltd. consumer Durables 0.45State Bank of India Banks 0.41carborundum Universal Ltd. Industrial Products 0.40SKF India Ltd. Industrial Products 0.37Timken India Ltd. Industrial Products 0.37Oriental carbon & chemicals Ltd. chemicals 0.36Hindustan Petroleum corporation Ltd. Petroleum Products 0.35Tata Steel Ltd. Ferrous Metals 0.34Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 0.33Mahindra Holidays & Resorts Ind Ltd.


Vesuvius India Ltd. Industrial Products 0.31Kalpataru Power Transmission Ltd. Power 0.30GNA Axles Ltd. Auto Ancillaries 0.28Bajaj electricals Ltd. consumer Durables 0.27Power Grid corporation of India Ltd. Power 0.25Nilkamal Ltd. Industrial Products 0.23NRB Bearing Ltd. Industrial Products 0.23Zensar Technologies Ltd. Software 0.23Apar Industries Ltd. Industrial capital Goods 0.22

Company Industry+ / Rating % to NAVTime Technoplast Ltd. Industrial Products 0.22Bank of Baroda Banks 0.18Tube Investments of India Ltd. Auto Ancillaries 0.17Poddar Pigments Ltd. chemicals 0.15Aurobindo Pharma Ltd. Pharmaceuticals 0.13Tamilnadu Newsprint & Papers Ltd. Paper 0.13Sadbhav engineering Ltd. construction Project 0.10Tata Motors Ltd. DVR Auto 0.06Arti Surfactants Ltd. chemicals 0.02Sub Total 16.41DEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)• 7.37 GOI 2023 Sovereign 10.90• 7.68 GOI 2023 Sovereign 10.27• 6.79 GOI 2029 Sovereign 6.96Sub Total 28.13CREDiT EXPOSURE • Indian Railway Finance

corporation Ltd. cRISIL - AAA 7.36• Power Grid corporation of

India Ltd. cRISIL - AAA 7.19• Starlite Lighting Ltd.

(corporate Guarantee of Bajaj electrical Ltd.) IcRA - A(SO) 6.77

• State Bank of India cRISIL - AA+ 6.33• Jamnagar Utilities & Power

Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cRISIL - AAA 3.55

• Syndicate Bank cARE - A+ 2.84• Reliance Jio Infocomm Ltd. cRISIL - AAA 2.78Union Bank of India cARE - AA- 2.71Power Finance corporation Ltd. cRISIL - AAA 1.47Sub Total 41.00Total 69.13cash, cash Equivalents and Net current Assets 14.46Grand Total 100.00• Top Ten Holdings

PORTFOLIO



Total Amount Invested (` ‘000) 450.00 360.00 120.00 Mkt Value As on October 31, 2019 (` ‘000) 510.22 394.09 125.72 Returns (%) 6.65 5.97 8.97 Benchmark Returns (%) # 9.08 9.09 12.97 Additional Benchmark Returns (%) ## 7.90 8.22 13.36


October 2019 31

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, 2006)

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

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


iNCEPTiON DATE (Date of Allotment)September 17, 2004



qUANTiTATiVE DATAPortfolio Turnover Ratio 12.70%Average Maturity * 1.93 yearsMacaulay Duration * 1.70 yearsModified Duration * 1.57 yearsYield to Maturity * 8.01%* computed on the invested amount for debt portfolio.


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


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

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








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

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

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

Riskometer



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

Total Amount Invested (` ‘000) 1,820.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on October 31, 2019 (` ‘000) 3,774.51 3,700.22 1,877.85 725.86 389.91 123.73 Returns (%) 9.02 9.02 8.67 7.55 5.26 5.82 Benchmark Returns (%) # N.A. N.A. N.A. 8.24 8.38 10.44 Additional Benchmark Returns (%) ## 12.09 11.96 11.48 11.06 11.27 13.62

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

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

Returns (%)

Benchmark Returns

(%)#


Returns (%) ##


(`)#Additional

Benchmark (`)##

Oct 31, 18 Last 1 Year 6.38 10.89 15.93 10,638 11,089 11,593Oct 28, 16 Last 3 Years 6.83 8.33 12.66 12,198 12,721 14,313Oct 31, 14 Last 5 Years 7.62 7.77 8.76 14,438 14,538 15,218Sep 17, 04 Since Inception 9.09 N.A. 15.02 37,292 N.A. 83,078

^^Effective December 16, 2015, certain changes, including changes to fundamental attributes, were effected in the erstwhile HDFc Multiple Yield Fund, (an open ended income scheme) which was renamed as HDFc Equity Savings Fund, an open ended equity scheme. On account of these changes, the performance during the period(s) from September 17, 2004 to December 15, 2015 is not comparable.Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark, since a portion of scheme’s investments are made in debt instruments. Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Vinay Kulkarni (equities), Krishan Kumar Daga (equities) and Anil Bamboli (Debt), please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 66.^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 October 31, 2019 unless otherwise specified. ...contd on next page

PORTFOLIO





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




• Housing Development Finance corporation Ltd.£ Finance 6.65 6.65

• Reliance Industries Ltd. Petroleum Products 5.88 1.62

• IcIcI Bank Ltd. Banks 4.23 0.00

• NTPc Ltd. Power 4.08 0.00

• Infosys Ltd. Software 3.87 0.21

• State Bank of India Banks 3.54 0.40

• Larsen and Toubro Ltd. construction Project 3.45 0.26

• HDFc Bank Ltd. Banks 3.34 0.67



Tata Steel Ltd. Ferrous Metals 1.95 1.81

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.47 1.47

GAIL (India) Ltd. Gas 1.40 0.00

ITc Ltd. consumer Non Durables 1.38 0.15

Dr Reddys Laboratories Ltd. Pharmaceuticals 1.37 1.37

Bajaj Finance Ltd. Finance 1.30 1.30

Axis Bank Ltd. Banks 1.18 0.93

Aurobindo Pharma Ltd. Pharmaceuticals 1.07 0.64

Mahindra & Mahindra Ltd. Auto 1.07 0.85

Vedanta Ltd. Non - Ferrous Metals 0.97 0.04

PORTFOLIO


0.010.030.060.140.160.160.200.280.470.590.630.700.700.870.931.231.54

3.344.30

5.285.49

10.29

0 2 4 6 8 10 12

Media & EntertainmentTelecom - Services

CementFerrous Metals

Auto AncillariesPesticides

FinanceMinerals/Mining

ChemicalsConstruction

TransportationPharmaceuticals

AutoIndustrial Capital Goods

Non - Ferrous MetalsConsumer Non Durables

GasConstruction Project


PowerBanks

32 October 2019

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 October 31, 2019 unless otherwise specified.

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



Shriram Transport Finance company Ltd. Finance 0.95 0.95

Tata Motors Ltd. Auto 0.92 0.61

Titan company Ltd. consumer Durables 0.85 0.85

DLF Ltd. construction 0.82 0.82

Bharat Petroleum corporation Ltd. Petroleum Products 0.78 0.02

Tata consultancy Services Ltd. Software 0.76 0.76

JSW Steel Ltd. Ferrous Metals 0.69 0.69

Power Grid corporation of India Ltd. Power 0.68 0.03

LIc Housing Finance Ltd. Finance 0.63 0.63

Hindalco Industries Ltd. Non - Ferrous Metals 0.54 0.54

Dabur India Ltd. consumer Non Durables 0.50 0.50

Hindustan Petroleum corporation Ltd. Petroleum Products 0.49 0.23

Adani Power (Mundra) Ltd. (Secured by Shares of Adani Port & SeZ Ltd.) Power 0.48 0.48

L&T Technology Services Ltd. Software 0.48 0.00

Gujarat Pipavav Port Ltd. Transportation 0.47 0.00

Mahindra & Mahindra Financial Services Ltd. Finance 0.47 0.47

Petronet LNG Ltd. Gas 0.47 0.47

Tata chemicals Ltd. chemicals 0.47 0.00

Hindustan Unilever Ltd. consumer Non Durables 0.45 0.45

JMc Projects (India) Ltd. construction 0.44 0.00

The Federal Bank Ltd. Banks 0.43 0.43

Grasim Industries Ltd. cement 0.41 0.41

United Spirits Ltd. consumer Non Durables 0.39 0.39

cESc Ltd. Power 0.37 0.00

Tata Motors Ltd. DVR Auto 0.35 0.18

centum Electronics Ltd. Industrial capital Goods 0.33 0.00

escorts Ltd. Auto 0.33 0.33

NHPc Ltd. Power 0.32 0.00

UPL Ltd. Pesticides 0.31 0.15

Hero Motocorp Ltd. Auto 0.30 0.30

cipla Ltd. Pharmaceuticals 0.29 0.02

coal India Ltd. Minerals/Mining 0.28 0.00

Texmaco Rail & engineering Ltd. Industrial capital Goods 0.26 0.00

Asian Paints Ltd. consumer Non Durables 0.22 0.22

HcL Technologies Ltd. Software 0.21 0.21

Power Finance corporation Ltd. Finance 0.20 0.00

Ncc Ltd. construction Project 0.17 0.17

The Tata Power company Ltd. Power 0.17 0.17

Ambuja cements Ltd. cement 0.16 0.16

Apollo Tyres Ltd. Auto Ancillaries 0.16 0.00

cadila Healthcare Ltd. Pharmaceuticals 0.16 0.16

container corporation of India Ltd. Transportation 0.16 0.00

Newgen Software Technologies Ltd. Software 0.16 0.00

Ashoka Buildcon Ltd. construction Project 0.15 0.00

Jindal Steel & Power Ltd. Ferrous Metals 0.15 0.15

Mahanagar Gas Ltd. Gas 0.15 0.01

Ashok Leyland Ltd. Auto 0.14 0.14

equitas Holdings Ltd. Finance 0.13 0.13

ITD cementation India Ltd. construction 0.12 0.00

Punjab National Bank Banks 0.12 0.12

BeML Ltd. Industrial capital Goods 0.11 0.00

Max Financial Services Ltd. Finance 0.11 0.11

Titagarh Wagons Ltd. Industrial capital Goods 0.11 0.00

Wipro Ltd. Software 0.10 0.10

Nestle India Ltd. consumer Non Durables 0.09 0.09

Bharti Airtel Ltd. Telecom - Services 0.07 0.04

Biocon Ltd. Pharmaceuticals 0.07 0.07

Kalpataru Power Transmission Ltd. Power 0.07 0.00

Bharat electronics Ltd. Industrial capital Goods 0.06 0.00



Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.06 0.06

Orient cement Ltd. cement 0.06 0.00

Steel Authority Of India Ltd. Ferrous Metals 0.05 0.05

UltraTech cement Ltd. cement 0.05 0.05

United Breweries Ltd. consumer Durables 0.05 0.05

Bharat Heavy electricals Ltd. Industrial capital Goods 0.04 0.04

Pidilite Industries Ltd. chemicals 0.04 0.04

Tata Global Beverages Ltd. consumer Non Durables 0.04 0.04

Tech Mahindra Ltd. Software 0.04 0.04

Bajaj Finserv Ltd. Finance 0.03 0.03

Bosch Ltd. Auto Ancillaries 0.03 0.03

NBcc (India) Ltd. construction 0.03 0.00

Acc Ltd. cement 0.02 0.02

Tata elxsi Ltd. Software 0.02 0.02

S chand and company Ltd. Media & entertainment 0.01 0.00

eclerx Services Ltd.Software @

MPS Ltd. Software @

Torrent Power Ltd. Power @Sub Total 69.00

Preference Shares

Zee entertainment enterprises Ltd Media & entertainment @

Sub Total @

Total 69.00

DEBT & DEBT RElATED



Sub Total 1.53

CREDiT EXPOSURE

• Punjab National Bank IND - A 4.25

• State Bank of India cARE - AA+ / cRISIL - AA+ 3.41




Reliance Jio Infocomm Ltd. cRISIL - AAA / IcRA - AAA 1.61

Union Bank of India cARE - AA- / IND - AA 1.14

Rural Electrification corporation Ltd. cRISIL - AAA 1.06



Power Finance corporation Ltd. cRISIL - AAA 0.40

Mahindra & Mahindra Financial Services Ltd. IND - AAA 0.32

Aarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) 0.24

Power Grid corporation of India Ltd. cRISIL - AAA 0.22

Bank of Baroda cARE - AA 0.21

JM Financial Asset Reconstruction company Ltd. IcRA - AA- 0.01

Sub Total 19.69

Total 21.22


Grand Total 100.00

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

Outstanding exposure in derivative instruments (` in crore) 1,500.59

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 31.71

PORTFOLIO

October 2019 33

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, 2003)

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



December 26, 2003

NAV (AS ON OCTOBER 31, 2019) NAV PER UNIT (`)

Regular Plan - Growth Option 47.0689Regular Plan - Monthly Dividend Option 12.7568Regular Plan - quarterly Dividend Option 13.4979Direct Plan - Growth Option 48.7326Direct Plan - Monthly Dividend Option 13.3814Direct Plan - quarterly Dividend Option 14.1534



qUANTiTATiVE DATA

Average Maturity * 5.66 yearsMacaulay Duration * 4.27 yearsModified Duration * 4.01 yearsYield to Maturity * 7.55%* 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 October 31, 2019 unless otherwise specified.




IcIcI Bank Ltd. Banks 1.74

Larsen and Toubro Ltd. construction Project 1.51

Infosys Ltd. Software 1.46

Reliance Industries Ltd. Petroleum Products 1.19


IRB Infrastructure Developers Ltd. construction 1.15



ITc Ltd. consumer Non Durables 0.98


chambal Fertilizers & chemicals Ltd. Fertilisers 0.87
















Syndicate Bank Banks 0.31



Union Bank of India Banks 0.20

Mishra Dhatu Nigam Ltd. Ferrous Metals 0.18





Elecon Engineering comapny Ltd. Industrial capital Goods 0.02


Tata Motors Ltd. DVR Auto @

Sub Total 24.71

DEBT & DEBT RElATED








GOI 2023 Sovereign 0.27


8.10% Tamil Nadu SDL - Mat 110325 Sovereign 0.09



Sub Total 15.59

CREDiT EXPOSURE

• Rural Electrification corporation Ltd. cARE - AAA / cRISIL - AAA 7.34

• Indian Railway Finance corporation Ltd. cARE - AAA / cRISIL - AAA 3.76



• Punjab National Bank IND - A 2.50

• LIc Housing Finance Ltd. cRISIL - AAA 2.29

• Union Bank of India cARE - AA- / IND - AA 2.19

• State Bank of India cRISIL - AA+ / cRISIL - AAA 2.11

TATA International Ltd. cARE - A+ 2.06

Housing and Urban Development corporation Ltd. cARE - AAA 1.82

National Bank for Agri & Rural Development cRISIL - AAA 1.77

National Highways Authority of India cRISIL - AAA 1.77

Tata Realty and Infrastructure Ltd. cRISIL - AA 1.77


NTPc Ltd. cRISIL - AAA 1.69

canara Bank IcRA - AA- 1.66



The Tata Power company Ltd. cRISIL - AA- 1.24

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

PORTFOLIO

34 October 2019



l to generate long-term income / capital appreciation

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

Riskometer




Since Inception SIP

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


Mkt Value As on October 31, 2019 (` ‘000) 4,331.67 3,830.95 1,862.81 707.82 389.69 125.00

Returns (%) 9.58 9.44 8.52 6.55 5.22 7.82

Benchmark Returns (%) # 8.90 8.97 9.08 8.84 9.09 12.97





(%)

Benchmark Returns

(%)#


Returns (%) ##



Additional Benchmark (`)##

Oct 31, 18 Last 1 Year 8.53 14.12 14.73 10,853 11,412 11,473

Oct 28, 16 Last 3 Years 5.38 8.11 6.27 11,708 12,643 12,009

Oct 31, 14 Last 5 Years 7.24 8.76 8.40 14,186 15,223 14,968


Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. For performance of other schemes managed by Prashant Jain (equities) and Shobhit Mehrotra (Debt), please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 66.


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 15.59







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


Andhra Pradesh expressway Ltd. (NHAI Annuity) IcRA - AAA(SO) 1.15



Kotak Mahindra Bank Ltd. cRISIL - AAA 0.89

Bank of Baroda cARE - AA+ 0.86


Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - D 0.70

Aurous Trust (PTc of pools from IIFL Finance Ltd.) IcRA - A1+(SO) 0.47

Shriram city Union Finance Ltd. cARE - AA+ 0.44


Volkswagen Finance Private Ltd. IND - AAA 0.34


Vedanta Ltd. cRISIL - AA 0.24

Tata Steel Ltd. cARE - AA- 0.18

coastal Gujarat Power Ltd. (corporate Guarantee of Tata Power) cARE - AA(SO) 0.17

Tata Motors Ltd. cARE - AA- 0.08

Bharati Telecom Ltd. cRISIL - AA+ 0.06

Asian Satellite Broadcast Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd.) BRIcKWORKS - BB 0.02

Sub Total 53.23

Total 68.82


Grand Total 100.00


PORTFOLIO

October 2019 35

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, 2015)



October 23, 2007


Retail PlanRegular Plan - Growth Option 22.286Regular Plan - Dividend Option 16.553Regular Plan - Quarterly Dividend Option 15.834Direct Plan - Growth Option 23.068Direct Plan - Quarterly Dividend Option 17.482

Wholesale PlanRegular Plan - Growth Option 22.788Regular Plan - Dividend Option 10.372Regular Plan - Monthly Dividend Option 10.806Direct Plan - Growth Option 14.553Direct Plan - Dividend Option 10.791Direct Plan - Monthly Dividend Option 10.501



qUANTiTATiVE DATA

Portfolio Turnover Ratio 86.61%Average Maturity * 266 daysMacaulay Duration * 259 daysModified Duration * 230 daysYield to Maturity * 7.02%* computed on the invested amount for debt portfolio.



#BENCHMARK iNDEX: NIFTY 50 Arbitrage Index


EXiT lOAD

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

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


PLANS & OPTIONS

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


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



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

EqUITY


• Housing Development Finance corporation Ltd.£ Finance

7.17



• Sun Pharmaceutical Industries Ltd. Pharmaceuticals

3.17

• Hindustan Unilever Ltd. consumer Non Durables 2.92


• Aurobindo Pharma Ltd. Pharmaceuticals 2.23




IcIcI Bank Ltd. Banks 1.75


Infosys Ltd. Software 1.38

Larsen and Toubro Ltd. construction Project 1.32


Dr Reddys Laboratories Ltd. Pharmaceuticals 1.11


Bharat Petroleum corporation Ltd. Petroleum Products

0.91


DLF Ltd. construction 0.88

Adani enterprises Ltd. Trading 0.87

UltraTech cement Ltd. cement 0.87

Marico Ltd. consumer Non Durables 0.84


Nestle India Ltd. consumer Non Durables 0.77




Bajaj Finserv Ltd. Finance 0.61

Kotak Mahindra Bank Ltd. Banks 0.54

JSW Steel Ltd. Ferrous Metals 0.49

Hindalco Industries Ltd. Non - Ferrous Metals 0.47

Dabur India Ltd. consumer Non Durables 0.45

Shriram Transport Finance company Ltd. Finance

0.45


Mahanagar Gas Ltd. Gas 0.37

Ncc Ltd. construction Project 0.36

United Spirits Ltd. consumer Non Durables 0.35

LIc Housing Finance Ltd. Finance 0.32

Hindustan Petroleum corporation Ltd. Petroleum Products

0.30


The Federal Bank Ltd. Banks 0.28

Titan company Ltd. consumer Durables 0.25

Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.24



Pidilite Industries Ltd. chemicals 0.23

Petronet LNG Ltd. Gas 0.22

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

0.21

The Tata Power company Ltd. Power 0.21


Divis Laboratories Ltd. Pharmaceuticals 0.18


Lupin Ltd. Pharmaceuticals 0.16

Tata Global Beverages Ltd. consumer Non Durables 0.16


Mahindra & Mahindra Financial Services Ltd. Finance

0.15

Ambuja cements Ltd. cement 0.09

Jindal Steel & Power Ltd. Ferrous Metals 0.09

Power Grid corporation of India Ltd. Power

0.09

Acc Ltd. cement 0.07

exide Industries Ltd. Auto Ancillaries 0.07


eicher Motors Ltd. Auto 0.06

SRF Ltd. Textile Products 0.06


Bharat Heavy electricals Ltd. Industrial capital Goods 0.05




escorts Ltd. Auto 0.03

Adani Ports & Special economic Zone Transportation

0.02


United Breweries Ltd. consumer Durables 0.02

cadila Healthcare Ltd. Pharmaceuticals 0.01

L&T Finance Holdings Ltd. Finance 0.01


Indian Oil corporation Ltd. Petroleum Products @

Wipro Ltd. Software @

Sub Total 68.17

DEBT & DEBT RElATED

CREDiT EXPOSURE

• Aditya Birla Finance Ltd. IcRA - AAA / IND - AAA 4.02

• Mahindra & Mahindra Financial Services Ltd. IND - AAA 2.43

Tata capital Financial Services Ltd. IcRA - AAA 1.84



National Bank for Agri & Rural Development IND - AAA 1.10




cholamandalam Investment & Finance IcRA - AA+ 0.18

IcIcI Bank Ltd. cARE - AA+ 0.04

Sub Total 13.96

MONEY MARKET INSTRUMENTS

CD/CP

canFin Homes Ltd. IcRA - A1+ 0.90

Sub Total 0.90

Short Term Deposits as margin for Futures & Options 15.49


Grand Total 100.00


Outstanding exposure in derivative instruments (` in crore) 3,755.47

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 68.43

Face Value per Unit: ` 10 unless otherwise specified, + Industry classification as recommended by AMFI, Data is as of October 31, 2019 unless otherwise specified. ....contd on next page

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

36 October 2019


l income over short term.

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

Riskometer

Investors understand that their principal will be at moderately low risk


Face Value per Unit: ̀ 10 unless otherwise specified, + Industry classification as recommended by AMFI, cD - certificate of Deposit; cP - commercial Papers, Data is as of October 31, 2019 unless otherwise specified.

PERFORMANCE ^ - Wholesale Plan - Regular plan - growth Option


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Oct 31, 18 Last 1 Year 6.10 6.53 15.93 10,610 10,653 11,593Oct 28, 16 Last 3 Years 5.80 5.26 12.66 11,850 11,668 14,313Oct 31, 14 Last 5 Years 6.34 6.09 8.76 13,600 13,441 15,218Oct 23, 07 Since Inception 7.09 N.A. 7.94 22,788 N.A. 25,084

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. N.A. Not Available. Scheme performance is not strictly comparable with that of its Additional Benchmark since the scheme does not take directional call in equity markets but is limited to availing arbitrage opportunities, etc. For performance of other schemes managed by Krishan Kumar Daga, please refer page 53. 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.



n equity 68.17n AAA/AAA(SO)/A1+/A1+(SO)




n equity 68.17

n cP 0.90



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


0.02

0.02

0.05

0.06

0.07

0.11

0.27

0.29

0.52

0.66

0.68

0.87

0.87

0.88

0.98

1.68

1.75

3.18

7.33

8.75

9.17

9.64

9.87

10.45

0 2 4 6 8 10 12

Telecom - Services

Transportation

Minerals/Mining

Textile Products

Auto Ancillaries


Consumer Durables

Chemicals

Power

Non- Ferrous Metals

Pesticides

Gas

Trading

Construction

Ferrous Metals


Cement

Auto

Pharmaceuticals

Software

Petroleum Products

Finance


Banks

October 2019 37

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, 2015)



June 29, 2010


Regular Plan - Growth Option 22.0991Regular Plan - Dividend Option 15.0306Regular Plan - quarterly Dividend Option 10.4121Direct Plan - Growth Option 22.2486Direct Plan - Dividend Option 15.2686Direct Plan - quarterly Dividend Option 10.3557



qUANTiTATiVE DATA

Average Maturity * 4.27 yearsMacaulay Duration * 3.33 yearsModified Duration * 3.12 yearsYield to Maturity * 7.24%* computed on the invested amount.



#BENCHMARK iNDEX: NIFTY corporate Bond Index(w.e.f October 7, 2019)


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 (%) ##




(`)##

Oct 31, 18 Last 1 Year 11.72 11.49 14.73 11,172 11,149 11,473Oct 28, 16 Last 3 Years 7.88 7.61 6.27 12,563 12,469 12,009Oct 31, 14 Last 5 Years 8.63 8.40 8.40 15,132 14,973 14,968Jun 29, 10 Since Inception 8.86 8.58 6.92 22,099 21,580 18,681

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anupam Joshi, please refer page 53. 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.

Face Value per Unit: ` 10 unless otherwise specified, cD - certificate of Deposit; cP - commercial Papers, Data is as of October 31, 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

Investors understand that their principal will be at moderate risk


Issuer Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)• 7.59 GOI 2026 Sovereign 4.396.79 GOI 2027 Sovereign 3.586.79 GOI 2029 Sovereign 2.517.17 GOI 2028 Sovereign 2.157.42% Maharashtra SDL - Mat 110522 Sovereign 0.438.21% Haryana SDL (UDAY) - Mat 310323 Sovereign 0.397.77% Tamil Nadu SDL UDAY - Mat 220223 Sovereign 0.357.68 GOI 2023 Sovereign 0.01Sub Total 13.81CREDiT EXPOSURE • LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 8.58• Housing Development

Finance corporation Ltd.£ cRISIL - AAA 6.98• Reliance Industries Ltd. cRISIL - AAA / IcRA - AAA 6.78• Rural Electrification

corporation Ltd. cRISIL - AAA / IND - AAA 6.47• National Highways Authority

of India cARE - AAA / cRISIL - AAA 4.94• State Bank of India cRISIL - AAA 4.41• National Bank for Agri &

Rural Development cRISIL - AAA 4.32• Power Finance corporation Ltd. cARE - AAA / cRISIL -

AAA / IcRA - AAA 4.17• HDB Financial Services Ltd. cARE - AAA / cRISIL - AAA 4.10Power Grid corporation of India Ltd. cRISIL - AAA 3.09Indian Railway Finance corporation Ltd. cRISIL - AAA 3.04Reliance Jio Infocomm Ltd. cRISIL - AAA 2.71Mahindra & Mahindra Financial Services Ltd. IND - AAA 2.69Bank of Baroda cARE - AAA 2.59Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) 2.16Indiabulls Housing Finance Ltd. cARE - AA+ 2.03Bajaj Finance Ltd. cRISIL - AAA 1.99

Issuer Rating % to NAV

Food corporation of India (corporate guarantee from Govt of India) cRISIL - AAA(SO) 1.46export - Import Bank of India cRISIL - AAA 1.32NTPc Ltd. cRISIL - AAA 1.30Tata Sons Ltd. cRISIL - AAA 1.13Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cARE - AAA 0.78Nabha Power Ltd. (corporate Guarantee of L&T Ltd.) IcRA - AAA(SO) 0.63NHPc Ltd. cARE - AAA 0.44Andhra Pradesh expressway Ltd. (NHAI Annuity) IcRA - AAA(SO) 0.40Larsen and Toubro Ltd. cRISIL - AAA 0.40Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cRISIL - AAA 0.38Small Industries Development Bank cARE - AAA 0.37Toyota Financial Services India Ltd. cRISIL - AAA 0.25Housing and Urban Development corporation Ltd. cARE - AAA 0.22Gujarat Road and Infra co Ltd. IcRA - AAA(SO) 0.21Kotak Mahindra Prime Ltd. cRISIL - AAA 0.21Sub Total 80.55Total 94.36MONEY MARKET INSTRUMENTSCD/CPNational Bank for Agri & Rural Development cRISIL - A1+ 0.61Tata Sons Ltd. cRISIL - A1+ 0.21Sub Total 0.82cash, cash Equivalents and Net current Assets 4.82

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 13.81

n cP 0.21

n cD 0.61




n Sovereign 13.81n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 79.34n AA+ 2.03n cash, cash Equivalents and


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

PORTFOLIO

38 October 2019

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, 2014)



March 25, 2014


Regular Plan - Growth Option 16.0364Regular Plan - Dividend Option 14.7660Regular Plan - quarterly Dividend Option 10.3822Direct Plan - Growth Option 16.7751Direct Plan - Dividend Option 14.7047Direct Plan - quarterly Dividend Option 10.5039



qUANTiTATiVE DATA

Average Maturity * 2.47 yearsMacaulay Duration * 2.03 yearsModified Duration * 1.86 yearsYield to Maturity * 9.41%

* computed on the invested amount.

#BENCHMARK iNDEX: NIFTY credit Risk Bond Index(w.e.f October 7, 2019)




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 (%) ##




(`)##

Oct 31, 18 Last 1 Year 9.49 10.77 14.73 10,949 11,077 11,473Oct 28, 16 Last 3 Years 6.88 8.02 6.27 12,216 12,612 12,009Oct 31, 14 Last 5 Years 8.29 8.92 8.40 14,894 15,333 14,968Mar 25, 14 Since Inception 8.79 9.29 8.80 16,036 16,454 16,047

The above returns are for Regular Plan - Growth Option. Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. Load is not taken into consideration for computation of performance. For performance of other schemes managed by Shobhit Mehrotra, please refer page 53. 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 income over short to medium terml to generate income/capital appreciation by investing

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

Riskometer



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


n G-Sec, SDL 1.04

n cP 1.19

n cD 1.48



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


DEBT & DEBT RElATED


7.26 GOI 2029 Sovereign Sovereign 0.68

8.39% Rajasthan SDL - Mat 150322 Sovereign Sovereign 0.36

Sub Total 1.04

CREDiT EXPOSURE

• TATA International Ltd. cARE - A+ IcRA - A 4.77

• Vedanta Ltd. cRISIL - AA cRISIL - AA 4.20

• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA / IcRA - AAA cRISIL - AAA 4.19

• Rural Electrification corporation Ltd. cARE - AAA / cRISIL - AAA cRISIL - AAA 3.97

• Tata Steel Ltd. cARE - AA / cARE - AA- cARE - AA 3.49

• The Tata Power company Ltd. cARE - AA / cRISIL - AA- cRISIL - AA- 3.36



• Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cARE - AAA / cRISIL - AAA cRISIL - AAA 3.12

• Punjab National Bank IND - A IND - A 3.08

• Muthoot Finance Ltd. cRISIL - AA / IcRA - AA IcRA - AA- 2.88

• Dilip Buildcon Ltd. cRISIL - A cRISIL - A 2.69

Reliance Jio Infocomm Ltd. cRISIL - AAA cRISIL - AAA 2.62

Hindalco Industries Ltd. cRISIL - AA cRISIL - AA 2.58

Talwandi Sabo Power Ltd. (corporate Guarantee of Vedanta Ltd.) cRISIL - AA(SO) IND - A+ 2.40

Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cRISIL - AAA cRISIL - AAA 2.17

Tata Sky Ltd. (Subsidiary of Tata Sons) cRISIL - AA cRISIL - AA 2.12

HDFc Bank Ltd. cARE - AA+ cRISIL - AAA 2.11

Prism Johnson Ltd. IcRA - A- / IND - A IcRA - A- 1.95

Face Value per Unit: ` 10 unless otherwise specified, Data is as of October 31, 2019 unless otherwise specified. ≈ Based on long term rating.

October 2019 39



coastal Gujarat Power Ltd. (corporate Guarantee of Tata Power) cARE - AA(SO) cARE - AA(SO) 1.90

Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) cARE - A(SO) cARE - A(SO) 1.82

Shriram Transport Finance company Ltd. cARE - AA+ / cRISIL - AA+ / IND - AA+ cRISIL - AA+ 1.61

LIc Housing Finance Ltd. cRISIL - AAA cRISIL - AAA 1.39

Bajaj electricals Ltd. IcRA - A IcRA - A 1.37

JM Financial Asset Reconstruction company Ltd. IcRA - AA- cRISIL - AA- 1.37

Shriram city Union Finance Ltd. cRISIL - AA cRISIL - AA 1.33

Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) IcRA - AAA(SO) 1.13

Tata Motors Ltd. cARE - AA- cRISIL - AA- 1.05

Sansar Trust Nov 2018 (PTc of pools from Shriram Transport Finance company Ltd.) IcRA - AAA(SO) IcRA - AAA(SO) 1.01

KEc International Ltd. IcRA - AA- cARE - AA- 0.91

Starlite Lighting Ltd. (corporate Guarantee of Bajaj electrical Ltd.) IcRA - A(SO) IcRA - A(SO) 0.91

Indiabulls Housing Finance Ltd. cARE - AA+ / cRISIL - AA+ cRISIL - AA+ 0.90

MFL Securitisation Trust LxxxI (PTc of pools from Magma Fincorp Ltd.) cRISIL - AAA(SO) cRISIL - AAA(SO) 0.90

Syndicate Bank cARE - A+ cRISIL - AA 0.87

Simplex Infrastructures Ltd. cARE - BBB cARE - BBB 0.85

Tata Motors Finance Ltd. cARE - AA- cRISIL - AA- 0.82

Power Grid corporation of India Ltd. cRISIL - AAA cRISIL - AAA 0.82

GeRA Development Private Ltd. cARE - AA- cARE - AA- 0.81

Union Bank of India IND - AA cARE - AA- 0.80

NTPc Ltd. cRISIL - AAA cRISIL - AAA 0.76

Bharat Petroleum corporation Ltd. cRISIL - AAA cRISIL - AAA 0.70

Gateway Distriparks Ltd. IND - AA- IND - AA- 0.69

Travis March 2019 (Trust) (PTc of pools from Muthoot capital Services Ltd.) cRISIL - AA(SO) cRISIL - AA(SO) 0.69

Axis Bank Ltd. cRISIL - AA+ cRISIL - AAA 0.68

TATA Housing Development co Ltd. IcRA - AA cARE - AA 0.68

Primat Infrapower & Multiventures Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd. & Dish TV Ltd.) BRIcKWORKS - BB BRIcKWORKS - BB 0.56

Aarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.55

Aashman energy Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.55

Divyesh Power Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.55

elena Renewable energy Private Ltd.(Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.55

Pratyash Renewable Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.55

SeI Baskara Power Private Ltd. (Greenko) cARE - AA-(SO) BRIcKWORKS - AA-(SO) 0.55

SeI enerstar Renewable energy Pvt Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.55

SeI Mihir energy Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.55

Shreyas Renewable energy Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.55

Zuvan energy Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.55

Tata Realty and Infrastructure Ltd. cRISIL - AA cRISIL - AA 0.53

Housing Development Finance corporation Ltd.£ cRISIL - AAA cRISIL - AAA 0.51

Nuvoco Vistas corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) cRISIL - AA cRISIL - AA 0.46

Andhra Bank cARE - A+ cRISIL - AA 0.42



JM Financial credit Solutions Ltd. IcRA - AA cRISIL - AA 0.36

India Infoline Finance Ltd. IcRA - AA cRISIL - AA 0.36

Indian Railway Finance corporation Ltd. cRISIL - AAA cRISIL - AAA 0.35

Inox Air Products Pvt. Ltd. cRISIL - AA cRISIL - AA 0.34

L&T Housing Finance Ltd. cARE - AAA cARE - AAA 0.34

Poseidon 09 2019 (PTc of pools from Muthoot Fincorp Ltd.) cRISIL - A1+(SO) INTERNAL - AA-(SO) 0.34

Indostar capital Finance Ltd. cARE - AA- cARE - AA- 0.33

Balin March 2019 (PTc of pools from Muthoot Fincorp Ltd.) cRISIL - A1+(SO) INTERNAL - AA-(SO) 0.31

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

Adani Transmission Ltd. IND - AA+ IND - AA+ 0.29

Aarti Industries Ltd. cRISIL - AA- cRISIL - AA- 0.28

Aurous Trust (PTc of pools from IIFL Finance Ltd.) IcRA - A1+(SO) INTERNAL - AA(SO) 0.28

Mobil Trust Series 01 (PTc of pools from Shriram city Union Finance Ltd.) cRISIL - AAA(SO) cRISIL - AAA(SO) 0.25

Motilal Oswal Home Finance Ltd. (Erstwhile Aspire Home Finance corp Ltd.) (Subsidiary of Motilal Oswal Financial Services Ltd.) cRISIL - AA- / IcRA - A+ IcRA - A+ 0.25

EcL Finance Ltd. cARE - AA- cARE - AA- 0.19

edisons Infrapower & Multiventures Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd. & Dish TV Ltd.) BRIcKWORKS - BB BRIcKWORKS - BB 0.19

Mahanagar Telephone Nigam Ltd. (corporate guarantee from Govt of India) cRISIL - AAA(SO) cRISIL - AAA(SO) 0.18

National Highways Authority of India cRISIL - AAA cRISIL - AAA 0.18

Kalpataru Power Transmission Ltd. cRISIL - AA cRISIL - AA 0.16

Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - D cARE - D 0.15

KKR India Financial Services Pvt Ltd. cRISIL - AA cRISIL - AA 0.15

Aavas Financiers Ltd. (Formerly known as Au Housing Finance Ltd.) IcRA - A+ cRISIL - A 0.10

Arm Infra & Utilities Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd.) BRIcKWORKS - BB BRIcKWORKS - BB 0.10

Bank of Baroda cARE - AA- cRISIL - AAA 0.07

Asian Satellite Broadcast Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd.) BRIcKWORKS - BB BRIcKWORKS - BB 0.05

Tata Sons Ltd. cRISIL - AAA cRISIL - AAA 0.03

TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) cRISIL - AA- cRISIL - AA- 0.03

G R Infraprojects Ltd. cARE - AA- cARE - AA- 0.02

Sub Total 92.43

TOTAL 93.47


CD/CP

Oriental Bank of commerce cRISIL - A1+ cARE - A+ 0.84

APL Apollo Tubes Ltd. cRISIL - A1+ cARE - AA- 0.68

IDFc First Bank Ltd. cRISIL - A1+ IcRA - AA 0.64

Aarti Industries Ltd. cRISIL - A1+ cRISIL - AA- 0.34

Steel Authority Of India Ltd. cARE - A1+ cARE - AA- 0.17

Sub Total 2.67


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 October 31, 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

40 October 2019

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, 2014)


iNCEPTiON DATE (Date of Allotment)March 26, 2014



qUANTiTATiVE DATAAverage Maturity * 2.57 yearsMacaulay Duration * 2.15 yearsModified Duration * 2.01 yearsYield to Maturity * 7.22%* computed on the invested amount.


#BENCHMARK iNDEX: NIFTY Banking & PSU Index(w.e.f October 7, 2019)

##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 October 31, 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 Dividend Distribution Tax as applicable. For performance of other schemes managed by Anil Bamboli, please referpage 48. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.


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

• Bank of Baroda cARE - AA / cARE - AA- / cARE - AAA 7.43

• National Highways Authority of India cRISIL - AAA 6.64

• National Bank for Agri & Rural Development cRISIL - AAA 6.46

• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA / IcRA - AAA 6.38

• Power Grid corporation of India Ltd. cRISIL - AAA 6.11

• Rural Electrification corporation Ltd. cRISIL - AAA / IND - AAA 5.95

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

cARE - AAA(SO) / cRISIL - AAA / cRISIL - AAA(SO) 5.25

• Food corporation of India (corporate guarantee from Govt of India) cRISIL - AAA(SO) 4.98

• Syndicate Bank cARE - A+ 3.74

Union Bank of India cARE - AA- / IND - AA 3.72

Housing Development Finance corporation Ltd.£

cRISIL - AAA / IcRA - AAA 3.61

TATA International Ltd. cARE - A+ 3.23

Indian Railway Finance corporation Ltd. cRISIL - AAA 2.57


State Bank of India cRISIL - AA+ / cRISIL - AAA 2.06

LIc Housing Finance Ltd. cRISIL - AAA 1.83

export - Import Bank of India cRISIL - AAA 1.78


Small Industries Development Bank cARE - AAA 1.33





TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) IcRA - AA- 0.65

Shriram Transport Finance company Ltd. IND - AA+ 0.59


Aashman energy Private Ltd. (Greenko) cARE - AA-(SO) 0.29

Divyesh Power Private Ltd. (Greenko) cARE - AA-(SO) 0.29

elena Renewable energy Private Ltd.(Greenko) cARE - AA-(SO) 0.29

Pratyash Renewable Private Ltd. (Greenko) cARE - AA-(SO) 0.29

SeI Baskara Power Private Ltd. (Greenko) cARE - AA-(SO) 0.29

SeI enerstar Renewable energy Pvt Ltd. (Greenko) cARE - AA-(SO) 0.29

SeI Mihir energy Private Ltd. (Greenko) cARE - AA-(SO) 0.29

Shreyas Renewable energy Private Ltd. (Greenko) cARE - AA-(SO) 0.29

Zuvan energy Private Ltd. (Greenko) cARE - AA-(SO) 0.29

Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - D 0.10

Sub Total 84.15


CD/CP

• IDFc First Bank Ltd. cRISIL - A1+ 3.90

MUFG Bank Ltd. IND - A1+ 2.56

Sub Total 6.46


Grand Total 100.00




n cD 6.46





n AA+ 2.72n AA/AA- 15.06n A+ & Below 9.63n 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

October 2019 41

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, 2007)



July 25, 2001





qUANTiTATiVE DATA




#BENCHMARK iNDEX: cRISIL Dynamic Gilt Index


EXiT lOAD

Nil

PLANS & OPTIONS

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







(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Oct 31, 18 Last 1 Year 10.78 13.54 14.73 11,078 11,354 11,473Oct 28, 16 Last 3 Years 5.50 6.95 6.27 11,748 12,239 12,009Oct 31, 14 Last 5 Years 8.50 8.88 8.40 15,039 15,305 14,968Jul 25, 01 Since Inception 7.80 8.37 N.A. 39,467 43,475 N.A.

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.


l 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 93.38



n Sovereign 93.38n 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 18.59






• 8.60% Rajasthan SDL- Mat 061128 Sovereign 4.49

• 8.59% Andhra Pradesh SDL - Mat 230123 Sovereign 4.36

• 8.60% Madhya Pradesh SDL - Mat 230123 Sovereign 4.36

• 8.21% Rajasthan (UDAY) SDL - Mat 310322 Sovereign 4.26

8.61% Uttar Pradesh SDL (UDAY) - Mat 210322 Sovereign 3.29





8.39% Rajasthan SDL - Mat 150322 Sovereign 2.14

8.21% Haryana SDL - Mat 310322 Sovereign 2.13

8.66% Maharashtra SDL - Mat 250122 Sovereign 1.30







Sub Total 93.38


Grand Total 100.00


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

PORTFOLIO

42 October 2019

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, 2004)



April 28, 1997


Regular Plan - Growth Option 61.9535Regular Plan - quarterly Dividend Option 11.6670Regular Plan - Half-Yearly Dividend Option 11.2283Regular Plan - Yearly Dividend Option 12.8031Regular Plan - Normal Dividend Option 13.2723Direct Plan - Growth Option 65.1271Direct Plan - quarterly Dividend Option 12.3295Direct Plan - Half-Yearly Dividend Option 12.3694Direct Plan - Yearly Dividend Option 13.5339Direct Plan - Normal Dividend Option 13.7129



qUANTiTATiVE DATA




#BENCHMARK iNDEX: cRISIL Dynamic Debt Index(w.e.f October 7, 2019)


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 (%) ##




(`)##

Oct 31, 18 Last 1 Year 4.61 12.74 14.73 10,461 11,274 11,473Oct 28, 16 Last 3 Years 3.41 7.19 6.27 11,061 12,322 12,009Oct 31, 14 Last 5 Years 6.57 8.80 8.40 13,748 15,252 14,968Apr 28, 97 Since Inception 8.43 N.A. N.A. 61,954 N.A. N.A.

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.


l income over medium to long term

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

Riskometer





n G-Sec, SDL 37.63





& equivalent 30.67n AA/AA- 14.18n A+ & Below 14.24n 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 6.43


8.39% Rajasthan SDL - Mat 150322 Sovereign 4.10

8.21% Haryana SDL - Mat 310322 Sovereign 4.09

7.42% Maharashtra SDL - Mat 110522 Sovereign 2.11

8.68% Gujarat SDL - Mat 060223. Sovereign 0.84



8.51% Punjab SDL - Mat 100423 Sovereign 0.13


8.26% Maharashtra SDL - ISD 120815 Mat 120825 Sovereign 0.10

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

Sub Total 37.63


CREDiT EXPOSURE

• Union Bank of India cARE - AA- 9.46


• State Bank of India cRISIL - AAA 8.24

• Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - D 6.38


• Mahanagar Te lephone Nigam Ltd. (corporate guarantee from Govt of India) cARE - AAA(SO) 4.29



LIc Housing Finance Ltd. cRISIL - AAA 3.31

Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cRISIL - AAA 2.32




Sub Total 59.09

Total 96.72


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%


PORTFOLIO

October 2019 43

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, 2007)



September 11, 2000


Regular Plan - Growth Option 42.4731Regular Plan - quarterly Dividend Option 11.1555Regular Plan - Normal Dividend Option 13.3931Direct Plan - Growth Option 44.6750Direct Plan - quarterly Dividend Option 11.8300Direct Plan - Normal Dividend Option 14.1279



qUANTiTATiVE DATA

Average Maturity * 6.75 yearsMacaulay Duration * 4.81 yearsModified Duration * 4.60 yearsYield to Maturity * 7.40%* computed on the invested amount for debt portfolio.



#BENCHMARK iNDEX: NIFTY Medium to Long Duration Debt Index (w.e.f October 7, 2019)


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 (%) ##




(`)##

Oct 31, 18 Last 1 Year 10.26 13.89 14.73 11,026 11,389 11,473Oct 28, 16 Last 3 Years 4.52 6.84 6.27 11,421 12,202 12,009Oct 31, 14 Last 5 Years 7.17 8.57 8.40 14,143 15,091 14,968Sep 11, 00 Since Inception 7.85 N.A. N.A. 42,473 N.A. N.A.

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Shobhit Mehrotra, please refer page 53. 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 income over medium to long term

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

Riskometer





n G-Sec 42.40







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


DEBT & DEBT RElATED











9.15 GOI 2024 Sovereign @

Sub Total 42.40


CREDiT EXPOSURE




Indian Railway Finance corporation Ltd. cRISIL - AAA 4.33


National Highways Authority of India cRISIL - AAA 4.23

Tata Steel Ltd. cARE - AA- 4.21

export - Import Bank of India cRISIL - AA+ 4.11



Sub Total 46.60

Total 89.00


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%

PORTFOLIO

44 October 2019

CATEgORY OF SCHEME: MEDIUM DURATION FUND



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Oct 31, 18 Last 1 Year 9.93 12.30 8.36 10,993 11,230 10,836Oct 28, 16 Last 3 Years 6.81 7.36 6.79 12,191 12,381 12,183Oct 31, 14 Last 5 Years 7.94 8.47 7.27 14,657 15,018 14,207Feb 06, 02 Since Inception 7.94 7.90 6.12 38,806 38,559 28,666

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Shobhit Mehrotra, please refer page 53. 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.

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, 2007)



February 6, 2002


Regular Plan - Growth Option 38.8057Regular Plan - Dividend Option 14.7236Regular Plan - Fortnightly Dividend Option 10.6130Direct Plan - Growth Option 40.4106Direct Plan - Dividend Option 15.1291Direct Plan - Fortnightly Dividend Option 10.6467



qUANTiTATiVE DATA




#BENCHMARK iNDEX: NIFTY Medium Duration Debt Index(w.e.f October 7, 2019)


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 14.76

CREDiT EXPOSURE


• Rural Electrification corporation Ltd. cRISIL - AAA 5.90

• Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cRISIL - AAA 5.67



• HDFc Bank Ltd. cARE - AA+ 4.52


• Muthoot Finance Ltd. IcRA - AA 3.49

• Indian Railway Finance corporation Ltd. cRISIL - AAA 2.81

Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) 2.49


NHPc Ltd. cARE - AAA 2.36


coastal Gujarat Power Ltd. (corporate Guarantee of Tata Power) cARE - AA(SO) 2.23




Indiabulls Housing Finance Ltd. cRISIL - AA+ 1.95

JM Financial Asset Reconstruction company Ltd. IcRA - AA- 1.91



Talwandi Sabo Power Ltd. (corporate Guarantee of Vedanta Ltd.) cRISIL - AA(SO) 1.75

Mobil Trust Series 01 (PTc of pools from Shriram city Union Finance Ltd.) cRISIL - AAA(SO) 1.73

Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cRISIL - AAA 1.69

Mahanagar Telephone Nigam Ltd. (corporate guarantee from Govt of India) cRISIL - AAA(SO) 0.94


Tata Motors Ltd. cARE - AA- 0.64

Aarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) 0.41

Aashman energy Private Ltd. (Greenko) cARE - AA-(SO) 0.41

Divyesh Power Private Ltd. (Greenko) cARE - AA-(SO) 0.41

elena Renewable energy Private Ltd.(Greenko) cARE - AA-(SO) 0.41

Pratyash Renewable Private Ltd. (Greenko) cARE - AA-(SO) 0.41

SeI Baskara Power Private Ltd. (Greenko) cARE - AA-(SO) 0.41

SeI enerstar Renewable energy Pvt Ltd. (Greenko) cARE - AA-(SO) 0.41

SeI Mihir energy Private Ltd. (Greenko) cARE - AA-(SO) 0.41

Shreyas Renewable energy Private Ltd. (Greenko) cARE - AA-(SO) 0.41

Zuvan energy Private Ltd. (Greenko) cARE - AA-(SO) 0.41

Sub Total 78.77

Total 93.53


Grand Total 100.00

• Top Ten Holdings, £ co-Sponsor

PORTFOLIO


n G-Sec 14.76




n Sovereign 14.76n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 42.55n AA+ 8.58n AA/AA- 20.52n A+ & Below 7.12n cash, cash Equivalents and Net

current Assets 6.47

October 2019 45

CATEgORY OF SCHEME: SHORT DURATION FUND



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Oct 31, 18 Last 1 Year 10.57 11.08 8.36 11,057 11,108 10,836Oct 28, 16 Last 3 Years 7.81 7.65 6.79 12,537 12,483 12,183Oct 31, 14 Last 5 Years 8.32 8.34 7.27 14,912 14,931 14,207Jun 25, 10 Since Inception 8.72 8.31 6.98 21,868 21,107 18,795

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.

Face Value per Unit: ` 10 unless otherwise specified, cD - certificate of Deposit; cP - commercial Papers. Data is as of October 31, 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, 2010)



June 25, 2010


Regular Plan - Growth Option 21.8678Regular Plan - Fortnightly Dividend Option 10.2524Regular Plan - Normal Dividend Option 14.7032Direct Plan - Growth Option 22.0901Direct Plan - Fortnightly Dividend Option 10.3130Direct Plan - Normal Dividend Option 14.7662



qUANTiTATiVE DATA




#BENCHMARK iNDEX: cRISIL Short Term Bond Fund Index


EXiT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan: Growth, Fortnightly Dividend & Normal Dividend. Both Dividend options offer Payout and Reinvestment facilities.






l to generate income / capital appreciation through investments in Debt and Money Market Instruments

Riskometer




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


DEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)8.60% Madhya Pradesh SDL - Mat 230123 Sovereign 0.598.39% Rajasthan SDL - Mat 150323 Sovereign 0.297.26 GOI 2029 Sovereign 0.237.57 GOI 2033 Sovereign 0.128.38% Gujarat SDL - Mat 270229 Sovereign 0.128.58% Gujarat SDL - Mat 230123 Sovereign 0.126.97 GOI 2026 Sovereign 0.068.39% Rajasthan SDL - Mat 150320 Sovereign 0.04Sub Total 1.57CREDiT EXPOSURE • Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA 7.99• Rural Electrification

corporation Ltd. cRISIL - AAA / IND - AAA 7.14• Housing Development

Finance corporation Ltd.£ cRISIL - AAA 6.94• National Bank for Agri &

Rural Development cRISIL - AAA / IND - AAA 6.69• Tata capital Financial

Services Ltd. IcRA - AAA 4.77• Reliance Jio Infocomm Ltd. cRISIL - AAA / cRISIL -

AAA(SO) / IcRA - AAA 4.55• LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 4.40• Reliance Industries Ltd. cRISIL - AAA / IcRA - AAA 4.23• State Bank of India cRISIL - AAA 4.06• Housing and Urban Development corporation Ltd.

cARE - AAA / IcRA - AAA / IND - AAA 3.58

Indian Railway Finance corporation Ltd.


National Highways Authority of India cARE - AAA / cRISIL - AAA 3.12Tata Sons Ltd. cRISIL - AAA 2.96coastal Gujarat Power Ltd. (corporate Guarantee of Tata Power) cARE - AA(SO) 2.54Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) 2.17Mahanagar Telephone Nigam Ltd. (corporate guarantee from Govt of India) cRISIL - AAA(SO) 2.05Larsen and Toubro Ltd. cRISIL - AAA 2.00


Nabha Power Ltd. (corporate Guarantee of L&T Ltd.) IcRA - AAA(SO) 1.69Power Grid corporation of India Ltd. cRISIL - AAA 1.59Vedanta Ltd. cRISIL - AA 1.27Britannia Industries Ltd. cRISIL - AAA 1.14Sundaram Finance Ltd. cRISIL - AAA 1.13John Deere Financial India Private Ltd. cRISIL - AAA 1.12Bajaj Finance Ltd. cRISIL - AAA / IND - AAA 1.08Tata Motors Ltd. cARE - AA- 1.00Small Industries Development Bank cARE - AAA 0.87Sansar Trust Nov 2018 (PTc of pools from Shriram Transport Finance company Ltd.) IcRA - AAA(SO) 0.84HDB Financial Services Ltd. cRISIL - AAA 0.80TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) IcRA - AA- 0.56Fullerton India Home Finance company Ltd. cARE - AAA 0.55Talwandi Sabo Power Ltd. (corporate Guarantee of Vedanta Ltd.) cRISIL - AA(SO) 0.55Shriram city Union Finance Ltd. cRISIL - AA 0.54Hindalco Industries Ltd. cRISIL - AA 0.52Mahindra & Mahindra Financial Services Ltd. IND - AAA 0.51canFin Homes Ltd. IcRA - AA+ 0.39Aditya Birla Finance Ltd. IND - AAA 0.28L&T Finance Ltd. cARE - AAA 0.28Toyota Financial Services India Ltd. cRISIL - AAA 0.28Mobil Trust Series 01 (PTc of pools from Shriram city Union Finance Ltd.) cRISIL - AAA(SO) 0.26Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cRISIL - AAA 0.26Bank of Baroda cARE - AA- 0.23NHPc Ltd. IcRA - AAA 0.22Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - D 0.14Sub Total 90.82Total 92.39cash, cash Equivalents and Net current Assets 7.61Grand Total 100.00• Top Ten Holdings, £ co-sponsor

PORTFOLIO


n G-Sec, SDL 1.57







46 October 2019

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 OCTOBER 31, 2019) NAV PER UNiT (`)Regular Plan - Growth Option 40.9956Regular Plan - Daily Dividend Reinvestment Option 10.1428Regular Plan - Weekly Dividend Option 10.1687Regular Plan - Monthly Dividend Option 10.1507Direct Plan - Growth Option 42.9653Direct Plan - Daily Dividend Reinvestment Option 10.0655Direct Plan - Weekly Dividend Option 10.1986Direct Plan - Monthly Dividend Option 10.1536


qUANTiTATiVE DATAAverage Maturity * 355 daysMacaulay Duration * 310 daysModified Duration * 285 daysYield to Maturity * 6.22%* computed on the invested amount.


#BENCHMARK iNDEX: NIFTY Low Duration Debt Index(w.e.f October 7, 2019)


EXiT lOADNil

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

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




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Oct 31, 18 Last 1 Year 8.65 8.91 8.36 10,865 10,891 10,836Oct 28, 16 Last 3 Years 7.05 7.52 6.79 12,276 12,439 12,183Oct 31, 14 Last 5 Years 7.50 7.94 7.27 14,357 14,658 14,207Nov 18, 99 Since Inception 7.32 N.A. 6.54 40,996 N.A. 35,389

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anupam Joshi, please refer page 53. 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 5.13

n cP 2.00

n cD 35.51



Portfolio Classification by Rating Class (%)



current Assets 4.60

[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)6.79 GOI 2027 Sovereign 2.027.59 GOI 2026 Sovereign 1.586.79 GOI 2029 Sovereign 0.847.17 GOI 2028 Sovereign 0.69Sub Total 5.13CREDiT EXPOSURE • Housing Development

Finance corporation Ltd.£ cRISIL - AAA 8.53• LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 6.43• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA 4.95• National Housing Bank cARE - AAA 4.06• National Bank for Agri &

Rural Development cRISIL - AAA / IND - AAA 3.49Rural electrification corporation Ltd. cRISIL - AAA 2.67Bajaj Finance Ltd. IND - AAA 2.15Shriram Transport Finance company Ltd. cRISIL - AA+ / IND - AA+ 1.95Bank of Baroda cARE - AA / cARE - AA- 1.61Nabha Power Ltd. (corporate Guarantee of L&T Ltd.) IcRA - AAA(SO) 1.53Union Bank of India cARE - AA- 1.42Syndicate Bank cARE - A+ 1.18canara Bank cRISIL - AA 1.14Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) 1.04State Bank of India cRISIL - AA+ 1.02Britannia Industries Ltd. cRISIL - AAA 0.99Punjab National Bank IND - A 0.98Housing and Urban Development corporation Ltd. IcRA - AAA 0.91TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) cRISIL - AA- / IcRA - AA- 0.76Power Grid corporation of India Ltd. cRISIL - AAA 0.69TATA capital Housing Finance Ltd. cRISIL - AAA 0.67Axis Bank Ltd. cRISIL - AA+ 0.66Shriram city Union Finance Ltd. cRISIL - AA 0.65Aditya Birla Finance Ltd. IND - AAA 0.51Vedanta Ltd. cRISIL - AA 0.43Mobil Trust Series 01 (PTc of pools from Shriram city Union Finance Ltd.) cRISIL - AAA(SO) 0.42Poseidon 09 2019 (PTc of pools from Muthoot Fincorp Ltd.) cRISIL - A1+(SO) 0.36The Tata Power company Ltd. IcRA - AA- 0.34Volkswagen Finance Private Ltd. IND - AAA 0.34KKR India Financial Services Pvt Ltd. cRISIL - AA 0.29L&T Finance Ltd. cARE - AAA 0.17NTPc 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 52.76Total 57.89MONEY MARKET INSTRUMENTSCD/CP • Small Industries

Development BankcARE - A1+ / cRISIL - A1+ / IcRA - A1+ 5.60

• National Bank for Agri & Rural Development cRISIL - A1+ / IND - A1+ 5.28

• Indusind Bank Ltd. cRISIL - A1+ 4.79• Axis Bank Ltd. cRISIL - A1+ 4.29• Export - Import Bank of India cRISIL - A1+ 2.79Punjab National Bank cARE - A1+ 2.64Bank of Baroda cRISIL - A1+ 2.63The Federal Bank Ltd. cARE - A1+ 2.14IDFc First Bank Ltd. cRISIL - A1+ 1.65Kotak Mahindra Bank Ltd. cRISIL - A1+ 1.49cooperatieve Rabobank U.A cRISIL - A1+ 0.99IcIcI Bank Ltd. cRISIL - A1+ / IcRA - A1+ 0.82Deutsche Investments India Pvt Ltd. cRISIL - A1+ 0.66Tata Sons Ltd. cRISIL - A1+ 0.53LIc Housing Finance Ltd. cRISIL - A1+ 0.49MUFG Bank Ltd. IND - A1+ 0.40Fullerton India credit company Ltd. cARE - A1+ 0.32Sub Total 37.51cash, cash Equivalents and Net current Assets 4.60Grand Total 100.00• Top Ten Holdings, £ co-sponsor


PORTFOLIO

October 2019 47

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, 2012)



November 18, 1999

NAV (AS ON OCTOBER 31, 2019) NAV PER UNIT (`)

Regular Plan - Growth Option 4,073.1574Regular Plan - Daily Dividend Reinvestment Option 1,063.6400Regular Plan - Weekly Dividend Option 1,063.9800Direct Plan - Growth Option 4,114.4383Direct Plan - Daily Dividend Reinvestment Option 1,063.6400Direct Plan - Weekly Dividend Option 1,064.0147



qUANTiTATiVE DATA

Average Maturity * 118 daysMacaulay Duration * 117 daysModified Duration * 102 daysYield to Maturity * 5.67%* computed on the invested amount.



#BENCHMARK iNDEX: NIFTY Money Market Index(w.e.f October 7, 2019)


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 (%) ##




(`)##

Oct 31, 18 Last 1 Year 8.61 7.74 8.36 10,861 10,774 10,836Oct 31, 16 Last 3 Years 7.36 7.14 6.79 12,376 12,300 12,177Oct 31, 14 Last 5 Years 7.64 7.61 7.27 14,455 14,435 14,207Nov 18, 99 Since Inception 7.31 N.A. 6.54 40,872 N.A. 35,389

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.

Face Value per Unit: ` 1,000, cD - certificate of Deposit; cP - commercial Papers. Data is as of October 31, 2019 unless otherwise specified.

n SDL 1.61

n cP 47.44

n cD 50.17



n Sovereign 1.61





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


8.52% Tamil Nadu SDL - Mat 100320 Sovereign 1.61

Sub Total 1.61


CD/CP


• Tata Sons Ltd. cRISIL - A1+ 8.24

• Axis Bank Ltd. cRISIL - A1+ 6.03

• Small Industries Development Bank

cARE - A1+ / cRISIL - A1+ / IcRA - A1+ 5.77

• Rural Electrification corporation Ltd. cARE - A1+ 4.92

• Indusind Bank Ltd. cRISIL - A1+ 4.80

• Tata Projects Ltd. cRISIL - A1+ 4.59

• Kotak Mahindra Investments Ltd. cRISIL - A1+ 4.07

• Indian Bank cRISIL - A1+ 4.05

• Power Finance corporation Ltd. cRISIL - A1+ 4.05

Andhra Bank cARE - A1+ 3.94

LIc Housing Finance Ltd. cRISIL - A1+ 3.84

cholamandalam Investment & Finance IcRA - A1+ 3.70

canFin Homes Ltd. IcRA - A1+ 3.47

Punjab National Bank cARE - A1+ 3.47


The Federal Bank Ltd. cARE - A1+ / IND - A1+ 2.90

Tata Motors Ltd. cARE - A1+ / cRISIL - A1+ 2.59

IDFc First Bank Ltd. cRISIL - A1+ 2.54

IcIcI Bank Ltd. cRISIL - A1+ / IcRA - A1+ 2.44

Deutsche Investments India Pvt Ltd. cRISIL - A1+ 2.01

Au Small Finance Bank Ltd. cRISIL - A1+ 1.81

cooperatieve Rabobank U.A cRISIL - A1+ 1.73

John Deere Financial India Private Ltd. cRISIL - A1+ 1.16

Kotak Mahindra Bank Ltd. cRISIL - A1+ 1.16

Kotak Mahindra Prime Ltd. cRISIL - A1+ 1.16

Bank of Baroda cRISIL - A1+ 1.15

credit Suisse Finance (India) Pvt. Ltd. cRISIL - A1+ 1.15

Birla Group Holdings Pvt. Ltd. cRISIL - A1+ 0.58

Hero Fincorp Ltd. cRISIL - A1+ 0.40

Oriental Bank of commerce cRISIL - A1+ 0.40

Reliance Industries Ltd. cRISIL - A1+ 0.29

Sundaram BNP Paribas Home Finance L cRISIL - A1+ 0.29

Sub Total 97.61


Grand Total 100.00


PORTFOLIO

48 October 2019

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 OCTOBER 31, 2019) NAV PER UNiT (`)Regular Plan - Growth Option 34.1535Regular Plan - Daily Dividend Reinvestment Option 10.0809Regular Plan - Weekly Dividend Option 10.1456Regular Plan - Monthly Dividend Option 10.1543Direct Plan - Growth Option 34.3946Direct Plan - Daily Dividend Reinvestment Option 10.0809Direct Plan - Weekly Dividend Option 10.1456Direct Plan - Monthly Dividend Option 10.1544


qUANTITATiVE DATAAverage Maturity * 305 daysMacaulay Duration * 263 daysModified Duration * 234 daysYield to Maturity * 6.28%* computed on the invested amount.


#BENCHMARK iNDEX: cRISIL Liquid Fund Index


EXiT lOADNil

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

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





(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Oct 31, 18 Last 1 Year 9.07 7.24 8.36 10,907 10,724 10,836Oct 28, 16 Last 3 Years 7.58 7.09 6.79 12,458 12,288 12,183Oct 31, 14 Last 5 Years 8.15 7.46 7.27 14,797 14,329 14,207Oct 23, 07 Since Inception 8.24 7.51 6.55 25,909 23,893 21,457

Returns greater than 1 year period are compounded annualized (cAGR). Since Inception returns are calculated on ` 13.1821 (allotment price). Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Shobhit Mehrotra, please refer page 53. 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 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 5.05

n cP 4.63

n cD 28.76






current Assets 5.75

[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






7.69% Gujarat SDL - Mat 201227 Sovereign 0.01

Sub Total 5.05

CREDiT EXPOSURE

• Housing Development Finance corporation Ltd.£ cRISIL - AAA / IcRA - AAA 8.21


• Shriram city Union Finance Ltd. cARE - AA+ 5.24

• National Housing Bank cARE - AAA 5.17

• Nabha Power Ltd. (corporate Guarantee of L&T Ltd.) IcRA - AAA(SO) 4.24

• National Bank for Agri & Rural Development cRISIL - AAA / IND - AAA 4.01

Axis Bank Ltd. cRISIL - A1+ / cRISIL - AA+ 3.94



Housing and Urban Development corporation Ltd. IcRA - AAA 2.30


State Bank of India cARE - AA+ / cRISIL - AA+ 1.21



TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) IcRA - AA- 0.80

Kotak Mahindra Prime Ltd. cRISIL - AAA 0.53

Rural electrification corporation Ltd. cRISIL - AAA 0.53

Volkswagen Finance Private Ltd. IND - AAA 0.53

Gujarat Road and Infra co Ltd. cARE - AAA(SO) 0.39

HDB Financial Services Ltd. cRISIL - AAA 0.26



Reliance Industries Ltd. cRISIL - AAA 0.05

Tata Sons Ltd. cRISIL - AAA 0.04


Sub Total 55.81

Total 60.86


CD/CP

• Small Industries Development Bank


• National Bank for Agri & Rural Development cRISIL - A1+ 5.85


• Export - Import Bank of India cRISIL - A1+ 4.88


JM Financial credit Solutions Ltd. IcRA - A1+ 1.84

Axis Bank Ltd. cRISIL - A1+ 1.34

IcIcI Bank Ltd. cRISIL - A1+ / IcRA - A1+ 1.04


Fullerton India credit company Ltd. cARE - A1+ 1.01


The Federal Bank Ltd. cARE - A1+ 0.77

Rural electrification corporation Ltd. cARE - A1+ 0.52


LIc Housing Finance Ltd. cRISIL - A1+ 0.25

Sub Total 33.39


Grand Total 100.00


Outstanding exposure in derivative instruments Interest Rate Swap (` in crore) 6,545.00

PORTFOLIO

October 2019 49

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, 2018)



September 25, 2018


Regular Plan - Growth Option 10.9445Regular Plan - Daily Dividend Reinvestment Option 10.0700Regular Plan - Weekly Dividend Option 10.0929Regular Plan - Monthly Dividend Option 10.0979Direct Plan - Growth Option 10.9821Direct Plan - Daily Dividend Reinvestment Option 10.0600Direct Plan - Weekly Dividend Option 10.0930Direct Plan - Monthly Dividend Option 10.0580



qUANTiTATiVE DATA




#BENCHMARK iNDEX: cRISIL Ultra Short Term Debt Index


EXiT lOAD

Nil

PLANS & OPTIONS

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






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

securities and money market instruments

Riskometer



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


DEBT & DEBT RElATED


8.26% Uttar Pradesh SDL - Mat 111119 Sovereign 1.10

Sub Total 1.10

CREDiT EXPOSURE

• Power Finance corporation Ltd cRISIL - AAA 8.03

• Housing Development Finance corporation Ltd.£


• Rural Electrification corporation Ltd. cRISIL - AAA 6.50


• National Bank for Agri & Rural Development cRISIL - AAA / IND - AAA 3.74

Aditya Birla Finance Ltd. IcRA - AAA / IND - AAA 3.38

National Housing Bank cARE - AAA 2.79

Bajaj Finance Ltd. cRISIL - AAA / IND - AAA 1.31

Mobil Trust Series 01 (PTc of pools from Shriram city Union Finance Ltd.) cRISIL - AAA(SO) 0.86


Grasim Industries Ltd. IcRA - AAA 0.56

Mahindra & Mahindra Financial Services Ltd. IND - AAA 0.56

State Bank of India cRISIL - AAA 0.56

Kotak Mahindra Investments Ltd. cRISIL - AAA 0.49

Kotak Mahindra Prime Ltd. cRISIL - AAA 0.33

Power Grid corporation of India Ltd cRISIL - AAA 0.17

Sub Total 43.42

Total 44.52


CD/CP



• Axis Bank Ltd. cRISIL - A1+ 4.36

• IcIcI Bank Ltd. cRISIL - A1+ / IcRA - A1+ 4.34

• canFin Homes Ltd cARE - A1+ / IcRA - A1+ 3.44



Small Industries Development Bank cARE - A1+ 2.44


Tata Sons Ltd. cRISIL - A1+ 2.00

cholamandalam Investment & Finance IcRA - A1+ 1.95

Deutsche Investments India Pvt Ltd. cRISIL - A1+ 1.87

Andhra Bank cARE - A1+ 1.73

Vedanta Ltd. cRISIL - A1+ 1.64

Kotak Mahindra Investments Ltd. cRISIL - A1+ 1.63

Tata capital Financial Services Ltd IcRA - A1+ 1.10

UPL Ltd. cRISIL - A1+ 1.10

Kotak Mahindra Bank Ltd. cRISIL - A1+ 1.09

Indian Bank cRISIL - A1+ 1.08

Oriental Bank of commerce cRISIL - A1+ 1.08

The Federal Bank Ltd. cARE - A1+ 1.08

Fullerton India credit company Ltd. cARE - A1+ 1.06

Au Small Finance Bank Ltd. cRISIL - A1+ 1.04

LIc Housing Finance Ltd. cRISIL - A1+ / IcRA - A1+ 1.03

export - Import Bank of India cRISIL - A1+ 0.81

Rural Electrification corporation Ltd. cARE - A1+ 0.55


MUFG Bank Ltd. IND - A1+ 0.44


Sub Total 52.24


Grand Total 100.00



PORTFOLIO


n SDL 1.10

n cP 20.02

n cD 32.22





equivalent 95.66n cash, cash Equivalents and Net

current Assets 3.24


Returns (%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme

(`)Benchmark

(`)#Additional

Benchmark (`)##

Oct 31, 18 Last 1 Year 8.52 8.43 8.36 10,852 10,843 10,836Sep 25, 18 Since Inception 8.56 8.52 8.58 10,945 10,939 10,946

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 Anil Bamboli, please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.

50 October 2019

CATEgORY OF SCHEME: LIqUID FUND PORTFOLIO

KEY FACTS


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 OCTOBER 31, 2019)^^ NAV PER UNiT (`)

Regular Plan - Growth Option 3,798.9722Regular Plan - Daily Dividend Reinvestment Option 1,019.8200Regular Plan - Weekly Dividend Option 1,031.4036Regular Plan - Monthly Dividend Option 1,026.6725Direct Plan - Growth Option 3,819.8736Direct Plan - Daily Dividend Reinvestment Option 1,019.8200Direct Plan - Weekly Dividend Option 1,031.4091Direct Plan - Monthly Dividend Option 1,026.6780



qUANTiTATiVE DATA




#BENCHMARK iNDEX: cRISIL Liquid Fund Index


EXiT lOAD

l On investments made on or before October 19, 2019: NIL

l On investments (including through existing systematic plan registrations) made on or after October 20, 2019, as follows:

Units redeemed / switched-out within “X” days from the date

of allotment

Exit load as a % of redemption proceeds

Day 1 0.0070%Day 2 0.0065%Day 3 0.0060%Day 4 0.0055%Day 5 0.0050%Day 6 0.0045%Day 7 onwards Nil

PLANS & OPTIONS

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


Purchase : Under Growth Option, Weekly Dividend Option and Monthly Dividend Option: ` 5,000 and any amount thereafter. Under Daily Dividend Option: ̀ 10,000 and any amount thereafter.Additional Purchase : Under Growth Option, Weekly Dividend Option and Monthly Dividend Option: ` 1,000 and any amount thereafter. Under Daily Dividend Option: ` 5,000 and any amount thereafter.


^^calculated on all calendar days.

Face Value per Unit: ` 1,000, cD - certificate of Deposit; cP - commercial Papers. Data is as of October 31, 2019 unless otherwise specified.

(An open ended liquid scheme)HDFC Liquid Fund


Company Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)6.35 GOI 2020 Sovereign 2.048.19 GOI 2020 Sovereign 0.32Sub Total 2.36T-BillS• 91 Days Tbill - ISD 080819

Mat 071119 Sovereign 3.83• 91 Days TBill - ISD 290819

Mat 281119 Sovereign 3.19• 91 Days Tbill - ISD 050919

Mat 051219 Sovereign 3.17• 91 Days TBill -ISD-220819

-Mat 211119 Sovereign 2.7291 Days Tbill - Mat 230120 Sovereign 1.8091 Days TBill - ISD 171019 Mat 160120 Sovereign 1.4591 Days TBill - ISD 120919 Mat 121219 Sovereign 1.19364 Days Tbill Mat 281119 Sovereign 0.60182 Days TBill -Mat 141119 Sovereign 0.42364 Days TBill -Mat 141119 Sovereign 0.23182 Days Tbill - Mat 071119 Sovereign 0.08182 Days TBill - Mat 211119 Sovereign 0.07182 Days Tbill Mat 281119 Sovereign 0.04182 Days TBill - Mat 261219 Sovereign 0.02364 Days TBill - Mat 230120 Sovereign 0.02182 Days TBill -Mat 051219 Sovereign 0.01364 Days TBill - Mat 081119 Sovereign 0.01364 Days T-Bill - MAT 121219 Sovereign 0.01364 Days T-Bill - MAT 191219 Sovereign 0.01Sub Total 18.87CREDiT EXPOSURELIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 0.80Housing Development Finance corporation Ltd.£ cRISIL - AAA 0.52Mahindra & Mahindra Financial Services Ltd.

BRIcKWORKS - AAA / IND - AAA 0.40

Rural Electrification corporation Ltd. cRISIL - AAA 0.32Bajaj Finance Ltd. cRISIL - AAA 0.27Power Finance corporation Ltd. cRISIL - AAA 0.24Housing and Urban Development corporation Ltd. cARE - AAA 0.22HDB Financial Services Ltd. cRISIL - AAA 0.11Aditya Birla Finance Ltd. IND - AAA 0.08export - Import Bank of India cRISIL - AAA 0.08Power Grid corporation of India Ltd. cRISIL - AAA 0.06Sundaram Finance Ltd. IcRA - AAA 0.03Tata capital Financial Services Ltd. IcRA - AAA 0.03Kotak Mahindra Prime Ltd. cRISIL - AAA 0.02Sub Total 3.18Total 24.41MONEY MARKET INSTRUMENTSCD/CP• NTPc Ltd. cARE - A1+ / cRISIL - A1+ 8.59• Reliance Jio Infocomm Ltd. cARE - A1+ / cRISIL - A1+ 4.99• Steel Authority Of India Ltd. cARE - A1+ 3.80• Vedanta Ltd. cRISIL - A1+ 2.75• Indian Oil corporation Ltd. IcRA - A1+ 2.52• Tata Sons Ltd. cRISIL - A1+ 2.31Tata Teleservices (Maharashtra) Ltd. cRISIL - A1+ 2.29Axis Bank Ltd. cRISIL - A1+ 2.25Hindustan Zinc Ltd. cRISIL - A1+ 2.18Bajaj Finance Ltd. cRISIL - A1+ 2.02cholamandalam Investment & Finance cRISIL - A1+ / IcRA - A1+ 1.98Power Grid corporation of India Ltd.


Bharat Heavy electricals Ltd. cARE - A1+ / IND - A1+ 1.75

Company Rating % to NAVReliance Retail Ltd. cARE - A1+ / cRISIL - A1+ /

IcRA - A1+ 1.64Bajaj Housing Finance Ltd. cRISIL - A1+ 1.48PNB Housing Finance Ltd. cARE - A1+ / cRISIL - A1+ 1.43Mahindra & Mahindra Financial Services Ltd. cRISIL - A1+ 1.42Indusind Bank Ltd. cRISIL - A1+ 1.24Tata capital Financial Services Ltd. cRISIL - A1+ / IcRA - A1+ 1.12Bank of India cRISIL - A1+ 1.10Andhra Bank cARE - A1+ 1.09Adani Ports & Special economic Zone cARE - A1+ 0.94chennai Petroleum corp Ltd. cRISIL - A1+ 0.88National Bank for Agri & Rural Development cRISIL - A1+ 0.85Tata Steel Ltd. IcRA - a1+ 0.82Hindustan Petroleum corporation Ltd. cRISIL - A1+ 0.77TATA capital Housing Finance Ltd. cRISIL - A1+ 0.76IDFc First Bank Ltd. cRISIL - A1+ 0.70National Fertilizers Ltd. IcRA - A1+ 0.66Syndicate Bank cRISIL - A1+ 0.66Birla Group Holdings Pvt. Ltd. cRISIL - A1+ 0.65Larsen and Toubro Ltd. cRISIL - A1+ 0.65GIc Housing Finance Ltd. cRISIL - A1+ 0.60Manappuram Finance Ltd. cRISIL - A1+ 0.55Muthoot Finance Ltd. cRISIL - A1+ 0.49canFin Homes Ltd. cARE - A1+ / IcRA - A1+ 0.44Hinduja Leyland Finance Ltd. cRISIL - A1+ 0.44chambal Fertilizers & chemicals Ltd. cRISIL - A1+ 0.41Tata Teleservices Ltd. cRISIL - A1+ 0.40LIc Housing Finance Ltd. IcRA - A1+ 0.38UPL Ltd. cRISIL - A1+ 0.38canara Bank cRISIL - A1+ 0.33Daimler Fin Ser (I) Pvt Ltd. cRISIL - A1+ 0.33export - Import Bank of India IcRA - A1+ 0.33Grasim Industries Ltd. cRISIL - A1+ 0.33H T Media Ltd. cRISIL - A1+ 0.32SBI Global Factors Ltd. cRISIL - A1+ 0.30JSW Steel Ltd. cARE - A1+ 0.28IcIcI Bank Ltd. IcRA - A1+ 0.27SBI cards & Payment Services P. Ltd. cRISIL - A1+ 0.27Tata Realty and Infrastructure Ltd. cRISIL - A1+ 0.27Godrej Industries Ltd. cRISIL - A1+ / IcRA - A1+ 0.24Au Small Finance Bank Ltd. IND - A1+ 0.22coromandel International Ltd. cRISIL - A1+ 0.22Small Industries Development Bank cARE - A1+ 0.22United Spirits Ltd. cRISIL - A1+ 0.22UltraTech cement Ltd. cRISIL - A1+ 0.19Aditya Birla capital Ltd. cRISIL - A1+ 0.17Hero Fincorp Ltd. cRISIL - A1+ 0.16T V Sundram Iyengar & Sons Pvt Ltd. IcRA - A1+ 0.16Rural Electrification corporation Ltd. cARE - A1+ 0.14TATA Housing Development co. Ltd. cRISIL - A1+ 0.11Volkswagen Finance Private Ltd. IcRA - A1+ 0.11Godrej Agrovet Ltd. IcRA - A1+ 0.08Godrej Properties Ltd. IcRA - A1+ 0.08Julius Baer capital (India) Private cRISIL - A1+ 0.08Kotak Mahindra Investments Ltd. cRISIL - A1+ 0.05L&T Finance Ltd. cARE - A1+ 0.03Sub Total 67.70Bills Re-DiscountingIcIcI Bank Ltd. cRISIL - NA 0.88Sub Total 0.88Total 68.58cash, cash Equivalents and Net current Assets 7.01Grand Total 100.00• Top Ten H oldings, £ co-sponsor

October 2019 51

n G-Sec, T-Bills 21.23n cP 59.57n cD 8.13n credit Exposure 3.18n BRDS 0.88n cash, cash Equivalents and



n Sovereign 21.23


n BRDS 0.88


Portfolio Classification by Rating Class (%)This product is suitable for investors who are seeking ~

l regular income over short term

l to generate income through a portfolio comprising money market and debt instruments

Riskometer

Investors understand that their principal will be at low risk


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


Returns (%)

Benchmark Returns

(%)#


Returns (%) ##


(`)#Additional

Benchmark (`)##

Oct 24, 19 Last 7 days 5.59 5.99 6.68 10,011 10,011 10,013Oct 16, 19 Last 15 days 5.28 5.70 7.59 10,022 10,023 10,031Sep 30, 19 Last 1 Month 5.62 6.12 7.77 10,048 10,052 10,066Oct 31, 18 Last 1 Year 6.96 7.24 8.36 10,696 10,724 10,836Oct 31, 16 Last 3 Years 6.84 7.09 6.79 12,196 12,282 12,177Oct 31, 14 Last 5 Years 7.36 7.46 7.27 14,267 14,329 14,207Oct 17, 00 Since Inception 7.26 N.A. 6.45 37,990 N.A. 32,884

Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anupam Joshi, please refer page 53. 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.

52 October 2019

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, 2012)



February 06, 2002

NAV (AS ON OCTOBER 31, 2019)^^ NAV PER UNIT (`)

Regular Plan - Growth Option 2,900.9920Regular Plan - Daily Dividend Reinvestment Option 1,042.6600Direct Plan - Growth Option 2,913.7657Direct Plan - Daily Dividend Reinvestment Option 1,042.6600



qUANTiTATiVE DATA

Average Maturity * 1 dayMacaulay Duration * 1 dayModified Duration * 1 dayYield to Maturity * 4.84%* computed on the invested amount.



#BENCHMARK iNDEX: cRISIL Overnight Index


EXiT lOAD

Nil

PLANS & OPTIONS

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


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

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


^^calculated on all calendar days.



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Oct 24, 19 Last 7 days 4.67 4.87 6.68 10,009 10,009 10,013Oct 16, 19 Last 15 days 4.72 4.88 7.59 10,019 10,020 10,031Sep 30, 19 Last 1 Month 4.70 4.84 7.77 10,040 10,041 10,066Oct 31, 18 Last 1 Year 5.81 6.03 8.36 10,581 10,603 10,836Oct 31, 16 Last 3 Years 5.92 6.02 6.79 11,885 11,918 12,177Oct 31, 14 Last 5 Years 6.36 6.49 7.27 13,614 13,697 14,207Feb 06, 02 Since Inception 6.19 N.A. 6.12 29,010 N.A. 28,666

Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of Dividend Distribution Tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.

Face Value per Unit: ` 1,000, Data is as of October 31, 2019 unless otherwise specified. N.A. Not Available






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

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

Riskometer

Investors understand that their principal will be at low risk


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



Grand Total 100.00

PORTFOLIO

October 2019 53

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 06

HDFC Top 100 Fund 08HDFC Balanced Advantage Fund 14-15HDFC Infrastructure Fund (Co-managed scheme) 13HDFC Hybrid Debt Fund (Co-managed scheme) 33-34Close ended schemes (Co-managed scheme) 58

2 Mr. Vinay Kulkarni HDFC Focused 30 Fund 12HDFC Growth Opportunities Fund 11HDFC TaxSaver 24HDFC Equity Savings Fund (Co-managed scheme) 31-32

3 Mr. Chirag Setalvad HDFC Mid-Cap Opportunities Fund 09HDFC Small Cap Fund 10HDFC Long Term Advantage Fund 54HDFC Hybrid Equity Fund 16-17HDFC Children’s Gift Fund 25-26HDFC Multi-Asset Fund (Co-managed scheme) 18-19HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 27HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 28-29HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed scheme) 30

4 Mr. Miten Lathia HDFC Capital Builder Value Fund 07Closed ended schemes (Co-managed) 58

5 Mr. Krishan Kumar Daga HDFC Arbitrage Fund 35-36HDFC Multi-Asset Fund (Co-managed scheme) 18-19HDFC Index Fund - SEnSEx Plan 23HDFC Index Fund - nIFTY 50 Plan 21HDFC SEnSEx ETF 22HDFC nIFTY 50 ETF 20HDFC Gold Exchange Traded Fund 58HDFC Gold Fund 58HDFC Equity Savings Fund (Co-managed scheme) 31-32Closed ended schemes (Co-managed) 58

6 Mr. Shobhit Mehrotra HDFC Income Fund 43HDFC Medium Term Debt Fund 44HDFC Floating Rate Debt Fund 48HDFC Credit Risk Debt Fund 38-39HDFC Hybrid Debt Fund (Co-managed scheme) 33-34HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 27HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 28-29HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed scheme) 30Close ended schemes 54

7 Mr. Anil Bamboli HDFC Dynamic Debt Fund 42HDFC Short Term Debt Fund 45HDFC Gilt Fund 41HDFC Money Market Fund 47HDFC Ultra Short Term Fund 49HDFC Overnight Fund 52HDFC Banking and PSU Debt Fund 40HDFC Equity Savings Fund (Co-managed scheme) 31-32HDFC Multi-Asset Fund (Co-managed scheme) 18-19HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 58Close ended schemes 55-56Closed ended schemes (Co-managed) 58

8 Mr. Anupam Joshi HDFC Liquid Fund 50-51HDFC Corporate Bond Fund 37HDFC Low Duration Fund 46Close ended schemes 56-58

9 Mr. Rakesh Vyas HDFC Infrastructure Fund (Co-managed scheme) 13Close ended schemes (Co-managed scheme) 58

For performance details of Direct Plan, refer page 59-67

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.

54 October 2019

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

Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. Load is not taken into consideration for computation of performance. n.A.: not Available

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

CHIRAG SETALVAD

HDFC LONG TERM ADVANTAGE FUND NAV as on Oct 31, 2019 ` 364.131


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 12.13 17.97 15.93 11,213 11,797 11,593Oct 28, 16 Last 3 Years 9.77 14.18 12.66 13,237 14,903 14,313Oct 31, 14 Last 5 Years 9.28 8.99 8.76 15,586 15,380 15,218Jan 02, 01 Since Inception 21.03 14.82 14.21 364,131 135,161 122,294

# 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 Oct 31, 2019 ` 15.0838


(%)

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 Oct 31, 2019 ` 14.1251


(%)

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 (`)#


(`)##

Oct 31, 18 Last 1 Year 8.57 13.55 8.36 10,857 11,355 10,836Mar 23, 17 Since Inception 7.44 7.75 6.83 12,059 12,151 11,881




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1172D APRIL 2017 (1) NAV as on Oct 31, 2019 ` 11.9765


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 9.70 13.55 8.36 10,970 11,355 10,836Apr 11, 17 Since Inception 7.31 7.73 6.88 11,977 12,095 11,853




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1166D MAy 2017 (1) NAV as on Oct 31, 2019 ` 12.0976


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 9.55 13.55 8.36 10,955 11,355 10,836May 09, 17 Since Inception 7.98 7.79 7.01 12,098 12,045 11,829


HDFC FMP 1136D JUNE 2017 (1) NAV as on Oct 31, 2019 ` 11.9595


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 9.35 13.55 8.36 10,935 11,355 10,836Jun 08, 17 Since Inception 7.75 7.05 7.02 11,960 11,773 11,765


HDFC FMP 1430D JULy 2017 (1) NAV as on Oct 31, 2019 ` 11.7636


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 11.75 13.55 8.36 11,175 11,355 10,836Aug 01, 17 Since Inception 7.49 6.91 7.05 11,764 11,621 11,657




(%)

Benchmark Returns

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Scheme (`)

Benchmark (`)#


(`)##





(%)

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(`)##





(%)

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Benchmark (`)#


(`)##



October 2019 55


SHOBHIT MEHROTRA....CONTINUED





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 11.78 13.55 8.36 11,178 11,355 10,836Jul 04, 18 Since Inception 10.08 11.54 8.05 11,358 11,558 11,081




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



ANIL BAMBOLI

HDFC CHARITy FUND FOR CANCER CURE - DEBT PLAN^

NAV as on Oct 31, 2019 ` 10.0869


(%)

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 Oct 31, 2019 ` 16.6697


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 9.26 13.55 8.36 10,926 11,355 10,836Oct 28, 16 Last 3 Years 6.94 7.38 6.79 12,237 12,388 12,183Oct 31, 14 Last 5 Years 7.64 8.94 7.27 14,451 15,347 14,207Aug 14, 13 Since Inception 8.57 9.60 7.56 16,670 17,681 15,730

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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1309D SEPTEMBER 2016 (1) NAV as on Oct 31, 2019 ` 12.7714


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 8.92 13.55 8.36 10,892 11,355 10,836Oct 28, 16 Last 3 Years 8.15 7.38 6.79 12,657 12,388 12,183Sep 20, 16 Since Inception 8.18 7.62 6.84 12,771 12,569 12,287

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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1218D DECEMBER 2016 (1) NAV as on Oct 31, 2019 ` 12.4021


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 10.18 13.55 8.36 11,018 11,355 10,836Jan 12, 17 Since Inception 7.99 6.85 6.78 12,402 12,039 12,017


HDFC FMP 1199D JANUARy 2017 (1) NAV as on Oct 31, 2019 ` 12.2407


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 9.72 13.55 8.36 10,972 11,355 10,836Feb 22, 17 Since Inception 7.46 7.90 6.85 12,132 12,268 11,949




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



56 October 2019


ANIL BAMBOLI....CONTINUED





(%)

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(%)#


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Scheme (`)

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(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

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Returns (%) ##


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Benchmark (`)#


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(%)

Benchmark Returns

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(%)

Benchmark Returns

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Returns (%) ##


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(`)##





(%)

Benchmark Returns

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(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1280D OCTOBER 2018 (1) NAV as on Oct 31, 2019 ` 11.2598


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 11.98 13.55 8.36 11,198 11,355 10,836Oct 11, 18 Since Inception 11.91 13.71 8.41 11,260 11,451 10,889




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


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Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



ANUPAM JOSHI



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



October 2019 57




ANUPAM JOSHI....CONTINUED



(%)

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(`)##





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(`)##





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(`)##





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(`)##





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(`)##





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(`)##



58 October 2019




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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



MITEN LATHIA

HDFC EOF - II - 1126D MAy 2017 (1) NAV as on Oct 31, 2019 ` 10.2700


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index). The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Miten Lathia w.e.f. June 01, 2019.

HDFC EOF - II - 1100D JUNE 2017 (1) NAV as on Oct 31, 2019 ` 10.1110


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index). The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Miten Lathia w.e.f. June01, 2019.

KRISHAN KUMAR DAGA

HDFC GOLD EXCHANGE TRADED FUND* NAV as on Oct 31, 2019 ` 3497.503

Date Period Scheme Returns (%)

Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Oct 31, 18 Last 1 Year 19.71 21.21 11,971 12,121Oct 28, 16 Last 3 Years 7.53 8.78 12,441 12,880Oct 31, 14 Last 5 Years 7.29 8.51 14,220 15,050Aug 13, 10 Since Inception 7.47 8.34 19,427 20,931

# 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 Oct 31, 2019 ` 12.434


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Oct 31, 18 Last 1 Year 19.32 21.21 11,932 12,121Oct 28, 16 Last 3 Years 6.60 8.78 12,119 12,880Oct 31, 14 Last 5 Years 6.29 8.51 13,567 15,050nov 01, 11 Since Inception 2.76 4.54 12,434 14,263

# 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 Oct 31, 2019 ` 10.101


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Oct 31, 18 Last 1 Year 6.10 6.53 15.93 10,610 10,653 11,593Mar 27, 17 Since Inception 6.37 5.41 12.66 11,738 11,465 13,627

# 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).

CO-MANAGED ByRAKESH VyAS & PRASHANT JAIN

HDFC HOF - I - 1140D NOVEMBER 2017 (1) NAV as on Oct 31, 2019 ` 9.2450


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 6.08 13.06 15.93 10,608 11,306 11,593Dec 06, 17 Since Inception -4.04 5.21 10.79 9,245 11,015 12,151

# 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 co-managed by Mr. Rakesh Vyas& Mr. Prashant Jain w.e.f. June 01, 2019.

CO-MANAGED By MITEN LATHIA & ANIL BAMBOLI

HDFC DyNAMIC PE RATIO FUND OF FUNDS NAV as on Oct 31, 2019 ` 18.9287


(%)

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.

CO-MANAGED ByKRISHAN KUMAR DAGA & ANIL BAMBOLI

HDFC DAF - III - 1304D AUGUST 2016 NAV as on Oct 31, 2019 ` 12.0264


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Hybrid Short Duration Debt 40:60 Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 5 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Anil Bamboli since inception.

HDFC DAF - III - 1267D OCTOBER 2016 NAV as on Oct 31, 2019 ` 11.8427


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 8.32 12.83 8.36 10,832 11,283 10,836Oct 28, 16 Last 3 Years 5.79 9.79 6.79 11,846 13,244 12,183Oct 25, 16 Since Inception 5.77 9.68 6.79 11,843 13,214 12,190


HDFC DAF - III - 1224D NOVEMBER 2016 NAV as on Oct 31, 2019 ` 11.7635


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 8.31 11.99 8.36 10,831 11,199 10,836Dec 07, 16 Since Inception 5.76 9.50 6.78 11,764 13,007 12,094

# 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 & Mr. Anil Bamboli since inception.

October 2019 59

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

PRASHANT JAIN

HDFC EQUITy FUND NAV as on Oct 31, 2019 ` 702.879


(%)

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 Oct 31, 2019 ` 519.387


(%)

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 Oct 31, 2019 ` 208.697


(%)

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 Oct 31, 2019 ` 82.895


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##



HDFC GROWTH OPPORTUNITIES FUND NAV as on Oct 31, 2019 ` 116.074


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##


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

HDFC TAXSAVER NAV as on Oct 31, 2019 ` 538.118


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



CHIRAG SETALVAD

HDFC MID-CAP OPPORTUNITIES FUND NAV as on Oct 31, 2019 ` 55.957


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 3.58 -1.17 15.93 10,358 9,883 11,593Oct 28, 16 Last 3 Years 5.47 3.13 12.66 11,738 10,973 14,313Oct 31, 14 Last 5 Years 10.97 8.43 8.76 16,832 14,994 15,218Jan 01, 13 Since Inception 17.31 11.63 12.07 29,766 21,202 21,785

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

HDFC SMALL CAP FUND NAV as on Oct 31, 2019 ` 42.590


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year -4.10 -4.29 15.93 9,590 9,571 11,593Oct 28, 16 Last 3 Years 9.32 -2.84 12.66 13,076 9,171 14,313Oct 31, 14 Last 5 Years 11.92 3.25 8.76 17,562 11,735 15,218Jan 01, 13 Since Inception 15.50 7.58 12.07 26,771 16,470 21,785

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

HDFC HyBRID EQUITy FUND NAV as on Oct 31, 2019 ` 56.642


(%)

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 Oct 31, 2019 ` 129.688


(%)

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 Oct 31, 2019 ` 378.811


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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


60 October 2019


SHOBHIT MEHROTRA

HDFC INCOME FUND NAV as on Oct 31, 2019 ` 44.6750


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC MEDIUM TERM DEBT FUND NAV as on Oct 31, 2019 ` 40.4106


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC FLOATING RATE DEBT FUND NAV as on Oct 31, 2019 ` 34.3946


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC CREDIT RISK DEBT FUND NAV as on Oct 31, 2019 ` 16.7751


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY Credit Risk Bond 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.



(%)

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(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

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(%)#


Returns (%) ##


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(`)##





(%)

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(%)#


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Scheme (`)

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(`)##





(%)

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(%)#


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Scheme (`)

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(`)##





(%)

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(`)##





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(`)##





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(`)##





(%)

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Benchmark (`)#


(`)##





October 2019 61




(%)

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(%)#


Returns (%) ##


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(`)##





(%)

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Returns (%) ##


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(`)##





(%)

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(`)##





(%)

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Benchmark (`)#


(`)##





(%)

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(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



KRISHAN KUMAR DAGA

HDFC ARBITRAGE FUND - WHOLESALE PLAN NAV as on Oct 31, 2019 ` 14.553


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 6.62 6.53 15.93 10,662 10,653 11,593Oct 28, 16 Last 3 Years 6.34 5.26 12.66 12,032 11,668 14,313Oct 31, 14 Last 5 Years 6.83 6.09 8.76 13,914 13,441 15,218Apr 07, 14 Since Inception 6.97 6.38 12.32 14,553 14,110 19,096

# nIFTY 50 Arbitrage Index ## nIFTY 50 (Total Returns Index). Scheme performance is not strictly comparable with that of its Additional Benchmark since the scheme does not take directional call in equity markets but is limited to availing arbitrage opportunities, etc.

HDFC INDEX FUND - SENSEX PLAN NAV as on Oct 31, 2019 ` 361.8649


(%)

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 Oct 31, 2019 ` 109.8413


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC GOLD FUND NAV as on Oct 31, 2019 ` 12.7599


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Oct 31, 18 Last 1 Year 19.78 21.21 11,978 12,121Oct 28, 16 Last 3 Years 7.05 8.78 12,276 12,880Oct 31, 14 Last 5 Years 6.75 8.51 13,868 15,050Jan 01, 13 Since Inception 2.12 3.53 11,538 12,675

# 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 Oct 31, 2019 ` 10.101


(%)

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 CORPORATE BOND FUND NAV as on Oct 31, 2019 ` 22.2486


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC LOW DURATION FUND NAV as on Oct 31, 2019 ` 42.9653


(%)

Benchmark Returns

(%)#


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Scheme (`)

Benchmark (`)#


(`)##


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



SHOBHIT MEHROTRA....CONTINUED

62 October 2019


HDFC LIQUID FUND NAV as on Oct 31, 2019 ` 3819.8736


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Oct 24, 19 Last 7 days 5.69 5.99 6.68 10,011 10,011 10,013Oct 16, 19 Last 15 days 5.38 5.70 7.59 10,022 10,023 10,031Sep 30, 19 Last 1 Month 5.72 6.12 7.77 10,049 10,052 10,066Oct 31, 18 Last 1 Year 7.06 7.24 8.36 10,706 10,724 10,836Oct 31, 16 Last 3 Years 6.95 7.09 6.79 12,233 12,282 12,177Oct 31, 14 Last 5 Years 7.46 7.46 7.27 14,329 14,329 14,207Dec 31, 12 Since Inception 7.95 7.91 7.21 16,864 16,830 16,090

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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Oct 31, 18 Last 1 Year 11.56 13.55 8.36 11,156 11,355 10,836Feb 27, 18 Since Inception 8.96 9.93 7.56 11,544 11,718 11,297




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October 2019 63




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ANIL BAMBOLI

HDFC DyNAMIC DEBT FUND NAV as on Oct 31, 2019 ` 65.1271


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC SHORT TERM DEBT FUND NAV as on Oct 31, 2019 ` 22.0901


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC GILT FUND NAV as on Oct 31, 2019 ` 40.5316


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC BANKING AND PSU DEBT FUND NAV as on Oct 31, 2019 ` 16.2203


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC MONEy MARKET FUND NAV as on Oct 31, 2019 ` 4114.4383


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 8.82 7.74 8.36 10,882 10,774 10,836Oct 31, 16 Last 3 Years 7.58 7.14 6.79 12,450 12,300 12,177Oct 31, 14 Last 5 Years 7.84 7.61 7.27 14,587 14,435 14,207Dec 31, 12 Since Inception 8.21 8.05 7.21 17,149 16,972 16,090

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

HDFC ULTRA SHORT TERM FUND NAV as on Oct 31, 2019 ` 10.9821


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC OVERNIGHT FUND NAV as on Oct 31, 2019 ` 2913.7657


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 24, 19 Last 7 days 4.77 4.87 6.68 10,009 10,009 10,013Oct 16, 19 Last 15 days 4.82 4.88 7.59 10,020 10,020 10,031Sep 30, 19 Last 1 Month 4.80 4.84 7.77 10,041 10,041 10,066Oct 31, 18 Last 1 Year 5.92 6.03 8.36 10,592 10,603 10,836Oct 31, 16 Last 3 Years 6.00 6.02 6.79 11,909 11,918 12,177Oct 31, 14 Last 5 Years 6.43 6.49 7.27 13,661 13,697 14,207Dec 31, 12 Since Inception 6.92 7.00 7.21 15,797 15,878 16,090

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

HDFC CHARITy FUND FOR CANCER CURE - DEBT PLAN^

NAV as on Oct 31, 2019 ` 10.0869


(%)

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).




64 October 2019




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 9.59 13.55 8.36 10,959 11,355 10,836Oct 28, 16 Last 3 Years 7.27 7.38 6.79 12,351 12,388 12,183Oct 31, 14 Last 5 Years 7.96 8.94 7.27 14,672 15,347 14,207Aug 14, 13 Since Inception 8.90 9.60 7.56 16,987 17,681 15,730

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



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HDFC FMP 1218D DECEMBER 2016 (1) NAV as on Oct 31, 2019 ` 12.5261


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1199D JANUARy 2017 (1) NAV as on Oct 31, 2019 ` 12.3947


(%)

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October 2019 65




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MITEN LATHIA

HDFC CAPITAL BUILDER VALUE FUND NAV as on Oct 31, 2019 ` 298.086


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC EOF - II - 1126D MAy 2017 (1) NAV as on Oct 31, 2019 ` 10.5730


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Oct 31, 18 Last 1 Year 1.96 15.93 17.97 10,196 11,593 11,797Jun 15, 17 Since Inception 2.37 11.04 12.80 10,573 12,829 13,318

# nIFTY 50 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index). The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Miten Lathia w.e.f. June 01, 2019.

HDFC EOF - II - 1100D JUNE 2017 (1) NAV as on Oct 31, 2019 ` 10.4360


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Oct 31, 18 Last 1 Year 3.46 15.93 17.97 10,346 11,593 11,797Jul 17, 17 Since Inception 1.88 9.66 11.58 10,436 12,351 12,853

# nIFTY 50 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index). The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Miten Lathia w.e.f. June01, 2019.

CO-MANAGED ByRAKESH VyAS & PRASHANT JAIN

HDFC INFRASTRUCTURE FUND NAV as on Oct 31, 2019 ` 16.543


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Oct 31, 18 Last 1 Year 3.70 12.10 15.93 10,370 11,210 11,593Oct 28, 16 Last 3 Years -1.93 10.29 12.66 9,430 13,428 14,313Oct 31, 14 Last 5 Years 0.64 8.98 8.76 10,325 15,379 15,218Jan 01, 13 Since Inception 5.94 12.20 12.07 14,834 21,959 21,785

# nIFTY 500 (Total Returns Index) ## nIFTY 50 (Total Returns Index). The scheme is co-managed by Mr. Rakesh Vyas & Mr. Prashant Jain w.e.f. June 01, 2019.




66 October 2019


HDFC HOF - I - 1140D NOVEMBER 2017 (1) NAV as on Oct 31, 2019 ` 9.4930


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Oct 31, 18 Last 1 Year 7.20 13.06 15.93 10,720 11,306 11,593Dec 06, 17 Since Inception -2.70 5.21 10.79 9,493 11,015 12,151

# 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 co-managed by Mr. Rakesh Vyas& Mr. Prashant Jain w.e.f. June 01, 2019.

CO-MANAGED By CHIRAG SETALVAD & SHOBHIT MEHROTRA

HDFC RETIREMENT SAVINGS FUND - EQUITy PLAN

NAV as on Oct 31, 2019 ` 18.107


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Oct 31, 18 Last 1 Year 10.02 12.10 15.93 11,002 11,210 11,593Oct 28, 16 Last 3 Years 9.86 10.29 12.66 13,271 13,428 14,313Feb 25, 16 Since Inception 17.50 16.39 17.23 18,107 17,488 17,956

# 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 Oct 31, 2019 ` 17.971


(%)

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 Oct 31, 2019 ` 14.3883


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#



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

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

HDFC MULTI - ASSET FUND NAV as on Oct 31, 2019 ` 34.3560


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Oct 31, 18 Last 1 Year 10.47 16.05 15.93 11,047 11,605 11,593Oct 28, 16 Last 3 Years 6.08 10.82 12.66 11,944 13,622 14,313Oct 31, 14 Last 5 Years 7.22 9.00 8.76 14,175 15,392 15,218Jan 01, 13 Since Inception 8.93 10.38 12.07 17,941 19,642 21,785

# 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 Oct 31, 2019 ` 39.7320


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Oct 31, 18 Last 1 Year 7.35 10.89 15.93 10,735 11,089 11,593Oct 28, 16 Last 3 Years 8.30 8.33 12.66 12,711 12,721 14,313Oct 31, 14 Last 5 Years 8.84 7.77 8.76 15,277 14,538 15,218Jan 01, 13 Since Inception 9.74 9.09 12.07 18,874 18,121 21,785

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

CO-MANAGED By KRISHAN KUMAR DAGA & ANIL BAMBOLI

HDFC DAF - III - 1267D OCTOBER 2016 NAV as on Oct 31, 2019 ` 12.3801


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 9.24 12.83 8.36 10,924 11,283 10,836Oct 28, 16 Last 3 Years 7.36 9.79 6.79 12,381 13,244 12,183Oct 25, 16 Since Inception 7.33 9.68 6.79 12,380 13,214 12,190


HDFC DAF - III - 1224D NOVEMBER 2016 NAV as on Oct 31, 2019 ` 12.2769


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Oct 31, 18 Last 1 Year 9.40 11.99 8.36 10,940 11,199 10,836Dec 07, 16 Since Inception 7.33 9.50 6.78 12,277 13,007 12,094


HDFC DAF - III - 1304D AUGUST 2016 NAV as on Oct 31, 2019 ` 12.5607


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Oct 31, 18 Last 1 Year 9.19 12.83 8.36 10,919 11,283 10,836Oct 28, 16 Last 3 Years 7.52 9.79 6.79 12,439 13,244 12,183Sep 12, 16 Since Inception 7.55 9.48 6.83 12,561 13,283 12,302


CO-MANAGED By PRASHANT JAIN & SHOBHIT MEHROTRA

HDFC HyBRID DEBT FUND NAV as on Oct 31, 2019 ` 48.7326


(%)

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.

RAKESH VyAS & PRASHANT JAIN....CONTINUED



October 2019 67

Managing Portfolio Since

Returns (%) (As on October 31, 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 12.78 11.19 n.A.

Benchmark- MSCI India (Total Returns) 12.71 10.48 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)

CO-MANAGED By ANIL BAMBOLI & MITEN LATHIA

HDFC DyNAMIC PE RATIO FUND OF FUNDS NAV as on Oct 31, 2019 ` 20.006


(%)

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.




68 October 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 (`)




Aug 22, 19 10.436 0.050 0.050 10.841 0.050 0.050Sep 19, 19 10.411 0.050 0.050 10.822 0.050 0.050Oct 24, 19 10.406 0.050 0.050 10.824 0.050 0.050

Monthly Dividend Option (Past 3 months)

Record Date Wholesale Plan Wholesale Plan - Direct Plan

Cum Div NAV (`)




Aug 22, 19 10.866 0.050 0.050 10.554 0.050 0.050Sep 19, 19 10.842 0.050 0.050 10.533 0.050 0.050Oct 24, 19 10.840 0.050 0.050 10.534 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 (`)




Mar 25, 19 12.108 0.320 0.320 12.807 0.320 0.320Jun 25, 19 12.104 0.320 0.320 12.845 0.320 0.320Sep 25, 19 11.4670 0.3200 0.3200 12.2080 0.3200 0.3200

HDFC Balanced Advantage Fund (Past 3 months) Dividend Option


Cum Div NAV (`)




Aug 26, 19 26.516 0.310 0.310 28.139 0.310 0.310Sep 25, 19 26.830 0.310 0.310 28.507 0.310 0.310Oct 24, 19 26.617 0.310 0.310 28.317 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 (`)




Aug 26, 19 12.7562 0.0800 0.0741 13.3544 0.0800 0.0741Sep 25, 19 12.7259 0.0800 0.0741 13.3323 0.0800 0.0741Oct 29, 19 12.7257 0.0800 0.0741 13.3424 0.0800 0.0741

Quarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Mar 25, 19 14.0128 0.2400 0.2222 14.6109 0.2400 0.2222Jun 25, 19 13.9937 0.2400 0.2222 14.6202 0.2400 0.2222 Sep 25, 19 13.5635 0.2400 0.2222 14.1999 0.2400 0.2222

HDFC Equity Savings Fund (Past 3 quarters) Dividend Option


Cum Div NAV (`)




Mar 25, 19 11.2450 0.2210 0.2210 12.0810 0.2210 0.2210Jun 25, 19 11.2730 0.2210 0.2210 12.1530 0.2210 0.2210 Sep 25, 19 10.8450 0.2210 0.2210 11.7330 0.2210 0.2210

October 2019 69

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 (`)




Mar 25, 19 11.0099 0.1000 0.0926 11.6145 0.1000 0.0926Jun 25, 19 11.1573 0.1000 0.0926 11.7908 0.1000 0.0926 Sep 25, 19 11.2236 0.1500 0.1389 11.8839 0.1500 0.1389

HDFC Dynamic Debt FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Mar 25, 19 11.8119 0.1000 0.0926 12.4131 0.1000 0.0926Jun 25, 19 11.6637 0.1000 0.0926 12.2808 0.1000 0.0926 Sep 25, 19 11.7208 0.1500 0.1389 12.3669 0.1500 0.1389

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


Cum Div NAV (`)




Sep 25, 18 11.2951 0.1000 0.0926 - - -Mar 25, 19 11.4552 0.2500 0.2315 - - -Sep 25, 19 11.2879 0.1500 0.1389 - - -

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 (`)




Mar 25, 19 10.4446 0.1952 0.1807 10.3385 0.1941 0.1797Jun 25, 19 10.4354 0.1318 0.1220 10.3304 0.1336 0.1237 Sep 25, 19 10.5142 0.1642 0.1520 10.4079 0.1289 0.1193

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


Cum Div NAV (`)




Mar 25, 19 11.2988 0.1000 0.0926 11.6502 0.1000 0.0926Jun 25, 19 11.4807 0.1000 0.0926 11.8527 0.1000 0.0926 Sep 25, 19 11.5628 0.1500 0.1389 11.9525 0.1500 0.1389

HDFC Liquid FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




Jul 29, 19 1,032.6910 4.6036 4.2629 1,032.7915 4.6760 4.3300Aug 26, 19 1,031.0790 3.4424 3.1877 1,031.1579 3.4993 3.2403Oct 29, 19 1,030.8283 3.2618 3.0205 1,030.9098 3.3205 3.0748

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


Cum Div NAV (`)




Jul 29, 19 10.2324 0.0636 0.0589 10.2339 0.0647 0.0599Aug 26, 19 10.2207 0.0552 0.0511 10.2218 0.0560 0.0518Oct 29, 19 10.2180 0.0532 0.0493 10.2192 0.0541 0.0501

HDFC Low Duration FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




Jul 29, 19 10.2284 0.0637 0.0590 10.2368 0.0679 0.0629Aug 26, 19 10.2151 0.0541 0.0501 10.2223 0.0575 0.0532Oct 29, 19 10.2056 0.0473 0.0438 10.2129 0.0507 0.047

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


Cum Div NAV (`)




Mar 25, 19 10.4479 0.1401 0.1297 10.5812 0.1509 0.1397Jun 25, 19 10.4513 0.1426 0.1320 10.5838 0.1527 0.1414 Sep 25, 19 10.4722 0.1577 0.1460 10.6038 0.1689 0.1564

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


Cum Div NAV (`)




Jul 29, 19 10.1413 0.0578 0.0536 10.1361 0.0620 0.0574Aug 26, 19 10.1315 0.0371 0.0344 10.1227 0.0524 0.0485Oct 29, 19 10.1401 0.0361 0.0334 10.1124 0.0449 0.0416

70 October 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

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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.

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