January 31, 2020 MF Factsheet - January 2020.pdfNote: ¤ Effective close of business hours of June...

January 31, 2020

2 January 2020

Fund ManagerAn employee of the asset management company such as a mutual fund or life insurer, who manages investments of the scheme. He is usually part of a larger team of fund managers and research analysts.

Application Amount for Fresh SubscriptionThis is the minimum investment amount for a new investor in a mutual fund scheme.

Minimum Additional AmountThis is the minimum investment amount for an existing investor in a mutual fund scheme.

Yield to MaturityThe Yield to Maturity or the YTM is the rate of return anticipated on a bond if held until maturity. YTM is expressed as an annual rate. The YTM factors in the bond’s current market price, par value, coupon interest rate and time to maturity.

SIPSIP or systematic investment plan works on the principle of making periodic investments of a fixed sum. It works similar to a recurring bank deposit. For instance, an investor may opt for an SIP that invests Rs 500 every 15th of the month in an equity fund for a period of three years.

NAVThe NAV or the net asset value is the total asset value per unit of the mutual fund after deducting all related and permissible expenses. The NAV is calculated at the end of every business day. It is the value at which the investor enters or exits the mutual fund.

BenchmarkA group of securities, usually a market index, whose performance is used as a standard or benchmark to measure investment performance of mutual funds, among other investments. Some typical benchmarks include the NIFTY, SeNSex, BSe200, BSe500, 10-Year Gsec.

Entry LoadA mutual fund may have a sales charge or load at the time of entry and/or exit to compensate the distributor/agent. entry load is charged at the time an investor purchases the units of a mutual fund.

The entry load is added to the prevailing NAV at the time of investment. For instance, if the NAV is Rs. 100 and the entry load is 1 %, the investor will enter the fund at Rs. 101. (Note: SeBI, vide circular dated June 30, 2009 has abolished entry load and mandated that the upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor).

Exit Loadexit load is charged at the time an investor redeems the units of a mutual fund. The exit load is reduced from the prevailing NAV at the time of redemption. The investor will receive redemption proceed at net value of NAV less Exit Load. For instance if the NAV is Rs. 100 and the exit load is 1%, the investor will receive Rs. 99.

Modified DurationModified duration is the price sensitivity and the percentage change in price for a unit change in yield.

Standard Deviation

Standard deviation is a statistical measure of the range of an investment’s performance. When a mutual fund has a high standard deviation, its means its range of performance is wide, implying greater volatility.

Sharpe Ratio

The Sharpe Ratio, named after its founder, the Nobel Laureate William Sharpe, is a measure of risk-adjusted returns. It is calculated using standard deviation and excess return to determine reward per unit of risk.

Beta Ratio (Portfolio Beta)

Beta is a measure of an investment’s volatility vis-a-vis the market. Beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 implies that the security’s price will be more volatile than the market.

Average portfolio PE (Average P/E)

It is price to earnings ratio of the stocks calculated for the entire portfolio on a weighted average basis.

Average portfolio price to book ratio (Average P/BV)

It is price to book value of the stocks calculated for the entire portfolio on a weighted average basis.

Average portfolio dividend yield (Average Dividend Yield)

It is dividend yield of the stocks calculated for the entire portfolio on a weighted average basis.

Net Equity

Net equity level is the net equity exposure percentage adjusted for any derivative positions in stocks or index for hedging or rebalancing purpose.

R Squared

It is a statistical measure of how closely the portfolio returns are correlated with its benchmark.

AUM

AUM or assets under management refers to the recent / updated cumulative market value of investments managed by a mutual fund or any investment firm.

Holdings

The holdings or the portfolio is a mutual fund’s latest or updated reported statement of investments/securities. These are usually displayed in terms of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being invested by the fund manager.

Nature of Scheme

The investment objective and underlying investments determine the nature of the mutual fund scheme. For instance, a mutual fund that aims at generating capital appreciation by investing in stock markets is an equity fund or growth fund. Likewise, a mutual fund that aims at capital preservation by investing in debt markets is a debt fund or income fund. each of these categories may have sub-categories.

Rating Profile

Mutual funds invest in securities after evaluating their creditworthiness as disclosed by the ratings. A depiction of the mutual fund in various investments based on their ratings becomes the rating profile of the fund. Typically, this is a feature of debt funds.

HOW TO READ FACTSHEET

Sharpe RatioSharpe Ratio is a risk to reward ratio, it measures portfolio returns generated in excess to the investment in risk-free asset, for per unit of total risk taken. While, positive Sharpe ratio indicates, portfolio compensating investors with excess returns (over risk-free rate) for the commensurate risk taken; negative Sharpe ratio indicates, investors are better off investing in risk-free assets.

BetaBeta (ß) of a portfolio is a number indicating the relation between portfolio returns with that of the market index i.e. it measure the volatility, or systematic risk, of a portfolio in comparison to the market as a whole.

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

January 2020 3

Macroeconomic UpdateFollowing are brief comments on major economic indicators:

Inflation: After rising 92 bps in November 2019, Consumer price index (CPI) rose further to 7.35% in December 2019, up 181 bps m-o-m. The increase was largely due to significant increase in food inflation (mainly vegetables, pulses & meat) which surged to 12.2% from 8.7% a month ago. The supply of vegetables, especially onions, has improved in January 2020 and prices have eased to certain extent. Fuel inflation also inched up mainly due to low base effect. The core CPI (CPI excluding food, fuel, transportation & housing) softened due to lower clothing and weaker rural education & healthcare inflation.

For the month (YoY, %) Nov-19 Dec-19 Change in %CPI 5.54 7.35 1.81Food & beverages 8.73 12.16 3.42Fuel and Light -1.93 0.70 2.63Housing 4.49 4.30 -0.19Core CPI 3.97 3.33 -0.64

Wholesale Inflation: Wholesale Price Index (WPI) also rose to 2.6% in December 2019 from 0.6% a month ago, driven by increase in food articles. Food articles inflation stood at 11.5% YoY for December 2019, up from 7.5% a month ago. Inflation of manufactured products (64% weightage in the index) continued to contract (-0.3%) YoY.

Industrial production: IIP for the month of November 2019 turned slightly positive at 1.8% after contracting for previous three months. The uptick was broad based with mining and manufacturing both growing by 1.7% and 2.7% respectively but electricity contracted by 5%. By usage, the intermediate goods and consumer goods increased by 17% and 0.6% respectively. Pace of contraction in primary and capital goods also declined to -0.3% and -8.6% (October 2019: -6% and -22%) respectively.

Core Industries: The growth of core industries turned positive after 4 months and registered increase of 1.3% in December 2019 on back of healthy growth in fertilizers, cement and coal. The pace of contraction in electricity generation also reduced.

Trade Deficit: India’s trade deficit for December 2019 fell to US$ 11.3 billion, down ~US$ 900 million, primarily on account of fall in net imports excluding oil and gold. Excluding oil and gold, the trade deficit fell due to lower imports of engineering, electronics and ores & minerals along with strong export growth in electronics goods. On net basis, the Oil as well as gold imports remained largely stable. INR was flat against USD and closed at 71.4.

Amount in USD Million Nov-19 Dec-19 Change (%)

Trade Deficit 12,164 11,254 -7.5%Net Oil imports 6,979 6,798 -2.6%Net Gold imports* 2,432 2,389 -1.8%Trade deficit ex oil & gold 2,753 2,067 -24.9%

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

Fiscal deficit: In Union budget 2020-21, Government revised its fiscal deficit target to 3.8% for FY20RE and kept it at 3.5% for FY21BE. The revision in FY20 was on account of weak corporate tax & GST collections along with lower divestments receipts. In our opinion, the revised estimates are still slightly ambitious. On this high base, for FY21BE, growth in tax revenue seems reasonable but target of non-tax revenue and divestments seems aggressive. For our detailed view on budget, refer our published note “Life after budget” available on website www.hdfcfund.com.

Commodity prices: Most commodity prices softened driven by concern over China’s growth as coronavirus spreads rapidly. During the month, Brent crude prices fell by ~12% and closed at $58 per barrel. Gold prices rose on back of safe haven demand.

% Change Market price (USD)* FY2019 1M FYTD 2020

Brent Crude (per barrel) 58 (2.7) (11.9) (15.0)Gold (per ounce) 1,589 (2.5) 4.7 23.0 Steel (per tonne) 3,833 1.2 (0.3) (1.5)Zinc (per tonne) 2,219 (10.0) (3.2) (26.0)Copper (per tonne) 5,570 (3.0) (9.5) (14.1)Aluminium (per tonne) 1,706 (4.7) (4.3) (9.9)Lead (per tonne) 1,875 (16.1) (2.5) (7.3)

*Market prices as on January 31, 2020

Summary

2019 was a challenging year for Indian economy as it faced both - external and domestic headwinds. On the external front, the uncertainty due to trade tensions between US and other major countries, especially China, adversely impacted the global trade and hence global growth. Locally, issues like slowdown in discretionary consumption, drop in auto sales, concerns over large NBFCs financial position, low growth in aviation traffic, weak Industrial production, falling capacity utilisation etc added to the slowdown. However, we believe that slowdown was mostly attributable to cyclical factors and there are signs of bottoming out emerging.

The key contributor of slowdown, auto sector, is showing some stabilisation and thus, should support growth in FY21. Further, the resolution of cases under IBC (Insolvency and Bankruptcy Code) should boost investments as supply of ready assets reduces and companies will have to start planning for new units for growth. Also, new owners of IBC assets are likely to incur capex to optimise efficiency of the acquired assets. Further, recently announced budget and number of policy actions taken in last few years, are likely to start bearing fruits and help in economic recovery led by investments. We are also observing some early signs of pickup in economic activities with manufacturing Purchasing Manager Index (PMI) accelerating to an eight-year high and services PMI to seven year high in January 2020, improving incremental credit to deposit ratio etc.

Equity Market Update

In January 2020, Indian markets fell by ~1.5% driven by rise in geopolitical tension between Iran & US, concerns due to rapid spread of corona virus in China, revision of India’s growth forecast by IMF, partly negated by optimism around finalization of trade deal between China and US. For the month, mid & small caps outperformed large caps significantly. Sectoral performance was mixed with Healthcare & Capital goods outperformed while Metals, Oil & Gas and Banking underperformed.

Globally, equity markets were also under pressure in January 2020. Most indices globally delivered negative returns. 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) (1.8) (3.5)S&P BSE India Bankex 25.5 (3.8) 3.4 S&P BSE India Capital Goods (0.0) 3.1 (5.5)S&P BSE India FMCG 14.1 2.1 (0.9)S&P BSE India Healthcare 9.5 3.9 (3.1)S&P BSE India Metal (14.8) (9.0) (16.4)S&P BSE India Power (4.3) (1.4) (6.6)S&P BSE India Oil & Gas 4.5 (5.6) (8.8)S&P BSE India IT 26.3 2.6 3.9 S&P BSE SENSEX 17.3 (1.3) 5.3 NIFTY 50 14.9 (1.7) 2.9 NIFTY Midcap 100 (2.7) 5.3 (1.4)NIFTY Smallcap (14.4) 6.7 (6.7)

% Change in Indices FY 2019 1M FYTD 2020

S&P 500 7.3 (0.2) 13.8 FTSE 3.2 (3.4) 0.1 DAX (4.7) (2.0) 12.6 CAC 3.5 (2.9) 8.5 Nikkei (1.2) (1.9) 9.4 Hang Seng (3.5) (6.7) (9.4)KOSPI (12.5) (3.6) (1.0)Shanghai (2.5) (2.4) (3.7)MSCI Emerging Market Index (9.6) (4.7) 0.4

Market Review

Market Review continued on next pageSource for various data points: Bloomberg, NSDL, CMIE, RBI, Kotak Institutional Research

4 January 2020

Market Review Contd...

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

FPIs remained net buyers in the month and bought equity of US $1.7 billion in January 2020. Total FPI’s equity inflows in ten months of FY20 have been US $9.4 billion as against outflow of US $7.2 billion during the corresponding period last year. Net inflows in domestic equity oriented mutual funds were INR 4,017 crore in December 2019 compared to net outflow of INR 4,304 crore a month ago. For FYTD20 till December 2019, total flows in domestic equity oriented mutual fund stood at INR 38,036 crore.

Out of the Q3FY20 results declared so far, Corporate Banks, Pharma and Cements were better than expectations whereas Retail Banks, NBFCs, Consumer Staples, Telecom and Utilities were largely in line with the expectations. Results for Information Technology, Metals and Media were below expectations.

Outlook

As on 31st January 2020, NIFTY 50 is trading near 17.7x FY21 (e) and 14.9x FY22 (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 small caps since beginning of 2018, significant divergence with large caps is not likely going forward. Further, DIPAM secretary (source: Interview dtd. Feb 4, 2020, in Financial Express) recently mentioned that Exchange Traded Funds (ETFs) are going to be less preferred route for divestments going forward.

This should lead to better valuations of PSUs as regular supply of shares through ETFs was a big overhang on their share prices.

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

Debt Market Update

The yield on 10-year benchmark Gsec (6.45 GoI 2029) ended the month of January 2020 at 6.61%, up 5 bps over the previous month end. The table below gives a summary view of movement of key rates & liquidity.

Dec-19 Jan-20 Change (%)10Yr G-Sec Yield (%, 6.45 GoI 2029)^ 6.56 6.61 0.05AAA 10Yr Corporate bond yields (%)# 7.41 7.63 0.22AAA 10Y corporate bond spread against 6.45 GS 2029 Yield (bps)@ 86 102 0.17

Average liquidity absorbed / (infused) by RBI* (INR billion) (approx.) 2,597 3,166

MIBOR Overnight Rate (%) 5.26 5.05 -0.21

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

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

corporate bond yields

Average interbank liquidity continued to remain in surplus for the month due to high central government spending, forex purchases by RBI and soft credit growth vis-a-vis deposit growth. Corporate credit spreads over gsec yields increased sharply by ~22 bps during the month.

Monetary Policy Committee (MPC) in its February 2020 meeting unanimously voted in favour of keeping the policy repo rate unchanged at 5.15% and maintaining an accommodative stance. The reverse repo rate and Cash Reserve Ratio (CRR) remains unchanged at 4.9% and 4.0% respectively. RBI revised its inflation forecast upward with new projected inflation being 6.5% for Q4FY20, 5.4%-5.0% for H1FY21 and 3.2% for Q3FY21 as against forecast of 5.1-4.7% and 4.0-3.8% in H2FY20 and H1FY21 respectively in December 2019 policy. RBI estimates, GDP growth at 6.0% in FY21 (5.5-6.0% in H1 and 6.2 per cent in Q3), up from 5% expected in FY20.

In a significant step, RBI announced conducting long term repo operations of 1 year and 3 years upto a total amount of INR 1 lakh crore at the repo rate against the Gsecs holdings. This should improve & smoothen the liquidity for banks and support credit growth.

Outlook

The MPC’s decision of keeping the policy rate unchanged and maintaining “an accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target” was in line with expectations.

The announcement of conduct of LTROs (Long Term Repo Operation) of 1 and 3 year duration at repo rate came as a positive surprise and led to yields of government bonds of Upto 5 years maturity rallying by 15-25 bps. At the longer end, Gsec yields rallied between 5 to 10 bps. Thus, Gsec yield curve steepened. This also validates our view, which we have been highlighting for some time now, that the short to medium end of the yield curve offers better risk adjusted returns.

Going forward, given that RBI is expecting inflation to be below target only after 9 months amidst some sign of pickup in economic activities, any future rate action by RBI is likely to be data dependent.

Further, with regard to yields at the longer end, we maintain our view that opposing forces are at play. Easing stance of major global central banks, ample interbanking liquidity, steepness of yield curve, no additional market borrowing for FY20 and weak credit growth favor lowers yields. On the other hand, aggressive revenue assumptions leading to risk of fiscal slippage for FY21, excess SLR (Statutory Liquidity Ratio) investments within banking system, high near term headline inflation, possible bottoming out of growth, etc. are likely to impact yields adversely. In view of the above, yields at the longer end of the curve are likely to trade within a range in foreseeable future.

Considering the aforesaid factors, we maintain our view that the short to medium end of the yield curve offers better risk adjusted returns. Hence, we continue to recommend investment in short to medium duration debt funds. Further, the prevailing high credit spreads also creates a favourable risk rewards opportunity in select pockets, in our opinion.

January 2020 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 ................................. 54-59

Scheme performance summary - Direct Plans .................................... 60-68

Performance of category I - FPI Portfolio ........................................... 68

Dividend History ............................................................................... 69-70

Disclaimer ....................................................................................... 71

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 January 2020

SiP PERFORMANCE ^ - Regular plan - growth OptionSince Inception

SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,010.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on January 31, 2020 (` ‘000) 71,911.42 5,281.74 2,127.10 729.14 384.04 120.56 Returns (%) 20.73 13.21 11.02 7.73 4.24 0.86 Benchmark Returns (%) # 14.31 11.50 11.27 9.38 6.87 9.53 Additional Benchmark Returns (%) ## N.A. 11.56 11.16 10.54 9.32 8.52

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 January 31, 2020 unless otherwise specified.

PERFORMANCE ^ - Regular plan - growth OptionDate Period Scheme

Returns (%)

Benchmark Returns

(%)#

Additional Benchmark

Returns (%) ##

Value of ` 10,000 investedScheme (`) Benchmark

(`)#Additional

Benchmark (`)##

Jan 31, 19 Last 1 Year 4.79 10.83 11.84 10,479 11,083 11,184Jan 31, 17 Last 3 Years 9.29 11.53 13.29 13,053 13,875 14,540Jan 30, 15 Last 5 Years 6.11 7.86 7.67 13,459 14,602 14,476Jan 01, 95 Since Inception 18.16 11.34 N.A. 659,652 148,046 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. 60. For FPI Portfolio, refer page no. 68.

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 9.63

• IcIcI Bank Ltd. Banks 9.51

• Larsen and Toubro Ltd. construction Project 8.84

• Infosys Ltd. Software 6.75

• Reliance Industries Ltd. Petroleum Products 4.79

• HDFc Bank Ltd. Banks 4.66

• ITc Ltd. consumer Non Durables 4.58

• NTPc Ltd. Power 3.87

• coal India Ltd. Minerals/Mining 3.33

• Axis Bank Ltd. Banks 3.21

Power Finance corporation Ltd Finance 3.11

Bharat Petroleum corporation Ltd. Petroleum Products 2.91

Tata Steel Ltd. Ferrous Metals 2.57

Rural electrification corporation Ltd. Finance 2.52

Power Grid corporation of India Ltd. Power 2.34

Aurobindo Pharma Ltd. Pharmaceuticals 2.04

Bank of Baroda Banks 1.82

cESc Ltd. Power 1.78

Housing Development Finance corporation Ltd. £ Finance 1.68

GAIL (India) Ltd. Gas 1.61

Kalpataru Power Transmission Ltd. Power 1.32

Ambuja cements Ltd. cement 1.29

Lupin Ltd. Pharmaceuticals 1.26

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.12

Siemens Ltd. Industrial capital Goods 1.09

cipla Ltd. Pharmaceuticals 1.06

Vedanta Ltd. Non - Ferrous Metals 1.05

L&T Technology Services Ltd. Software 0.87

Tata consultancy Services Ltd. Software 0.87

canara Bank Banks 0.82

Avenue Supermarts Ltd. Retailing 0.79

BeML Ltd. Industrial capital Goods 0.77

InterGlobe Aviation Ltd. Transportation 0.74

Praj Industries Ltd. Industrial capital Goods 0.71

Punjab National Bank Banks 0.62

Bharat Dynamics Ltd. Aerospace & Defence 0.52


Oracle Financial Services Software Ltd Software 0.38

Time Technoplast Ltd. Industrial Products 0.22

Oriental Bank of commerce Banks 0.18

Hindustan construction company Ltd. construction Project 0.17

cG Power and Industrial Solutions Ltd. Industrial capital Goods 0.14

Ramco Systems Ltd. Software 0.11

Simplex Infrastructures Ltd. construction 0.08Sub Total 97.73Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 97.74cash, cash Equivalents and Net current Assets 2.26

Grand Total 100.00

• Top Ten Holdings, £ co-sponsor

PORTFOLIO

Industry Allocation of Equity Holding (% of Net Assets)

0.010.080.220.520.740.791.051.291.612.572.713.334.585.48

7.317.708.989.019.31

30.45

0 5 10 15 20 25 30 35

Media & EntertainmentConstruction

Industrial ProductsAerospace & Defence

TransportationRetailing

Non - Ferrous MetalsCement

GasFerrous Metals

Industrial Capital GoodsMinerals/Mining

Consumer Non DurablesPharmaceuticals

FinancePetroleum Products

SoftwareConstruction Project

PowerBanks

KEY FACTS

iNVESTMENT OBjECTiVETo generate capital appreciation / income from a portfolio, predominantly invested in equity & equity related instruments.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER § ¥

Prashant Jain (since June 20, 2003)

Total Experience: Over 27 years

iNCEPTiON DATE (Date of Allotment)January 1, 1995

NAV (AS ON JANUARY 31, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 659.652Regular Plan - Dividend Option 49.840Direct Plan - Growth Option 696.490Direct Plan - Dividend Option 53.778

ASSETS UNDER MANAgEMENT (`) iN CROREAs on January 31, 2020 23,356.95Average for Month of January, 2020 23,835.41

qUANTiTATiVE DATAPortfolio Turnover Ratio (Last 1 year) 23.08%Risk Ration Standard Deviation 4.368%n Beta 1.088n Sharpe Ratio* 0.095computed for the 3-yr period ended January 31, 2020. Based on month-end NAV. * Risk free rate: 5.05%(Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on January 31, 2020)Including Additional expenses and Goods and Service Tax on Management FeesRegular: 1.78% Direct: 1.26%

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

EXiT lOADl In respect of each purchase / switch-in of Units, an exit Load

of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment.

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

For further details, please refer to para ‘Exit Load’ on Pg 53.

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 90.04%Mid cap 3.64%Small cap 4.04%¥ Dedicated Fund Manager for Overseas Investments: Mr. chirag Dagli (since July 22, 2019) (Total Experience: Over 18 years).

§ Date of migration from Zurich India Mutual Fund (close of business hours - June 19, 03).

CATEgORY OF SCHEME: MULTI-cAP FUND

January 2020 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) 3,120.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on January 31, 2020 (` ‘000) 42,518.70 5,115.72 2,178.59 702.20 367.88 120.41 Returns (%) 16.68 12.84 11.47 6.22 1.41 0.63 Benchmark Returns (%) # N.A. 11.50 11.27 9.38 6.87 9.53 Additional Benchmark Returns (%) ## N.A. 11.56 11.16 10.54 9.32 8.52

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 (`)#


(`)##Jan 31, 19 Last 1 Year 1.72 10.83 11.84 10,172 11,083 11,184Jan 31, 17 Last 3 Years 8.37 11.53 13.29 12,727 13,875 14,540Jan 30, 15 Last 5 Years 6.60 7.86 7.67 13,768 14,602 14,476Feb 01, 94 Since Inception 13.73 N.A. N.A. 284,327 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. 67.



l to generate long-term capital appreciation / income in the long term

l investment primarily in undervalued stocks

Riskometer



(An open ended equity scheme following a value investment strategy)HDFC Capital Builder Value Fund

Company Industry+ % to NAVEqUiTY & EqUiTY RElATED• HDFc Bank Ltd. Banks 7.87• Axis Bank Ltd. Banks 6.13• ITc Ltd. consumer Non Durables 5.91• IcIcI Bank Ltd. Banks 4.95• Reliance Industries Ltd. Petroleum Products 4.69• Infosys Ltd. Software 3.99• Kotak Mahindra Bank Ltd. Banks 3.28• Larsen and Toubro Ltd. construction Project 3.21• Grasim Industries Ltd. cement 2.82• GAIL (India) Ltd. Gas 2.31Indusind Bank Ltd. Banks 2.22Thyrocare Technologies Ltd. Healthcare Services 2.10Persistent Systems Ltd. Software 1.97Max Financial Services Ltd. Finance 1.93Bharat Petroleum corporation Ltd. Petroleum Products 1.80Aurobindo Pharma Ltd. Pharmaceuticals 1.79JK cement Ltd. cement 1.59NTPc Ltd. Power 1.55Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.52S H Kelkar and company Ltd. consumer Non Durables 1.50Indoco Remedies Ltd. Pharmaceuticals 1.32State Bank of India Banks 1.31VRL Logistics Ltd. Transportation 1.29Indostar capital Finance Ltd. Finance 1.27Trent Ltd. Retailing 1.26colgate-Palmolive (I) Ltd. consumer Non Durables 1.21Mahindra & Mahindra Ltd. Auto 1.19Ambuja cements Ltd. cement 1.18Ashoka Buildcon Ltd. construction Project 1.17Bharti Infratel Ltd. Telecom - equipment

& Accessories 1.16Housing Development Finance corporation Ltd.£ Finance 1.16Spicejet Ltd. Transportation 1.10L&T Technology Services Ltd. Software 1.09chambal Fertilizers & chemicals Ltd. Fertilisers 1.05coal India Ltd. Minerals/Mining 1.05Inox Leisure Ltd. Media & entertainment 1.05Oracle Financial Services Software Ltd. Software 1.03Advanced enzyme Technologies Ltd.

consumer Non Durables 1.01

Tech Mahindra Ltd. Software 1.00Shriram Transport Finance company Ltd. Finance 0.93Solar Industries India Ltd. chemicals 0.93Vedanta Ltd. Non - Ferrous Metals 0.93Newgen Software Technologies Ltd. Software 0.90Tejas Networks Ltd. Telecom - equipment

& Accessories 0.80Bajaj consumer care Ltd. consumer Non Durables 0.75RBL Bank Ltd. Banks 0.74Dilip Buildcon Ltd. construction Project 0.72

Company Industry+ % to NAVGujarat Pipavav Port Ltd. Transportation 0.72Blue Star Ltd. consumer Durables 0.66Bharat Dynamics Ltd. Aerospace & Defence 0.54Schaeffler India Ltd. Industrial Products 0.54Zee entertainment enterprises Ltd. Media & entertainment 0.49Oil & Natural Gas corporation Ltd. Oil 0.48Avenue Supermarts Ltd. Retailing 0.40Yes Bank Ltd. Banks 0.38Mishra Dhatu Nigam Ltd. Ferrous Metals 0.37Radico Khaitan Ltd. consumer Non Durables 0.23Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) construction Project 0.15Siti Networks Ltd. Media & entertainment 0.10Sub Total 96.79cash, cash Equivalents and Net current Assets 3.21Grand Total 100.00• Top Ten Holdings, £ co-sponsor

PORTFOLIO


0.370.480.540.540.660.930.931.051.051.191.551.641.661.962.102.313.114.635.255.295.596.49

9.9810.61

26.88

0 5 10 15 20 25 30Ferrous Metals

OilAerospace & Defence

Industrial ProductsConsumer Durables

ChemicalsNon - Ferrous Metals

FertilisersMinerals/Mining

AutoPower

Media & EntertainmentRetailing

Telecom - Equipment & AccessoriesHealthcare Services

GasTransportation

PharmaceuticalsConstruction Project

FinanceCement

Petroleum ProductsSoftware

Consumer Non DurablesBanks

KEY FACTS

iNVESTMENT OBjECTiVE

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

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

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

iNCEPTiON DATE (Date of Allotment)

February 1, 1994

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

Regular Plan - Growth Option 284.327Regular Plan - Dividend Option 24.411Direct Plan - Growth Option 302.470Direct Plan - Dividend Option 26.630

ASSETS UNDER MANAgEMENT (`) iN CRORE

As on January 31, 2020 4,385.86Average for Month of January, 2020 4,490.68

qUANTiTATiVE DATA

Portfolio Turnover Ratio (Last 1 year) 38.52%

Risk Ration Standard Deviation 3.984%n Beta 1.029n Sharpe Ratio* 0.082

computed for the 3-yr period ended January 31, 2020. Based on month-end NAV. * Risk free rate: 5.05%(Source: FIMMDA MIBOR)

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

Regular: 2.09% Direct: 1.19%

#BENCHMARK iNDEX: NIFTY 500 (Total Returns Index)

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

EXiT lOAD

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



PLANS & OPTIONS

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

MiNiMUM APPliCATiON AMOUNT

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

¥ Dedicated Fund Manager for Overseas Investments: Mr. chirag Dagli (since July 22, 2019) (Total Experience: Over 18 years).

CATEgORY OF SCHEME: VALUE FUND

8 January 2020

CATEgORY OF SCHEME: LARGE-cAP FUND


KEY FACTS

iNVESTMENT OBjECTiVETo provide long-term capital appreciation/income by investing predominantly in Large-cap companies.There is no assurance that the investment objective of the Scheme will be realized.

CATEgORY OF SCHEME: Large-cap Fund

FUND MANAgER § ¥

Prashant Jain (since June 20, 2003)


iNCEPTiON DATE (Date of Allotment)October 11, 1996







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







SEgMENT-WiSE BREAK-UP OF EqUiTY HOlDiNg (% OF NET ASSETS)Large cap 93.63%Mid cap 4.69%

§ Date of migration from Zurich India Mutual Fund (close of business hours - June 19, 03).¥ Dedicated Fund Manager for Overseas Investments: Mr. chirag Dagli (since July 22, 2019) (Total Experience: Over 18 years).



l investment predominantly in Large-cap companies

Riskometer


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


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,800.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on January 31, 2020 (` ‘000) $$ 38,063.63 5,069.55 2,076.63 731.98 385.30 119.67 Returns (%) $$ 18.74 12.73 10.57 7.88 4.46 -0.51 Benchmark Returns (%) # N.A. 11.96 11.46 10.14 8.30 8.30 Additional Benchmark Returns (%) ## 14.21 12.02 11.80 11.93 11.56 11.19



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Jan 31, 19 Last 1 Year 4.35 11.29 13.59 10,435 11,129 11,359Jan 31, 17 Last 3 Years 9.28 12.56 15.16 13,049 14,263 15,272Jan 30, 15 Last 5 Years 6.17 7.97 8.29 13,494 14,678 14,895Oct 11, 96 Since Inception 19.13 N.A. 13.41 592,960 N.A. 187,993

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. 60. For FPI Portfolio, refer page no. 68.

^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



• IcIcI Bank Ltd. Banks 8.99• HDFc Bank Ltd. Banks 7.99• State Bank of India Banks 7.16• Infosys Ltd. Software 6.55• Reliance Industries Ltd. Petroleum Products 6.52• Larsen and Toubro Ltd. construction Project 6.20• ITc Ltd. consumer Non Durables 5.27• Axis Bank Ltd. Banks 4.31• NTPc Ltd. Power 3.59• coal India Ltd. Minerals/Mining 2.92Housing Development Finance corporation Ltd.£ Finance 2.70Tata consultancy Services Ltd. Software 2.42Power Grid corporation of India Ltd. Power 2.33Bharat Petroleum corporation Ltd. Petroleum Products 2.12Tata Steel Ltd. Ferrous Metals 2.04Power Finance corporation Ltd. Finance 1.96Hindustan Petroleum corporation Ltd. Petroleum Products 1.85Oil & Natural Gas corporation Ltd. Oil 1.69Rural electrification corporation Ltd. Finance 1.60Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.35GAIL (India) Ltd. Gas 1.29Bank of Baroda Banks 1.15cESc Ltd. Power 1.09Ambuja cements Ltd. cement 1.08cipla Ltd. Pharmaceuticals 1.03Aurobindo Pharma Ltd. Pharmaceuticals 1.01Lupin Ltd. Pharmaceuticals 0.93Bharti Infratel Ltd. Telecom - equipment

& Accessories 0.83Tech Mahindra Ltd. Software 0.82Bharat electronics Ltd. Industrial capital Goods 0.78Vedanta Ltd. Non - Ferrous Metals 0.78Tata chemicals Ltd. chemicals 0.74canara Bank Banks 0.73InterGlobe Aviation Ltd. Transportation 0.70HcL Technologies Ltd. Software 0.67Siemens Ltd. Industrial capital Goods 0.66Grasim Industries Ltd. cement 0.65ABB India Ltd. Industrial capital Goods 0.58Bank of India Banks 0.47Oracle Financial Services Software Ltd. Software 0.46Wipro Ltd. Software 0.37Indian Oil corporation Ltd. Petroleum Products 0.35


Punjab National Bank Banks 0.35IcIcI Prudential Life Insurance company Ltd. Finance 0.34Yes Bank Ltd. Banks 0.34Union Bank of India Banks 0.26NHPc Ltd. Power 0.24ABB Power Products and Systems India Ltd. Industrial capital Goods 0.08Hindalco Industries Ltd. Non - Ferrous Metals 0.06LIc Housing Finance Ltd. Finance 0.03Sub Total 98.43Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 98.44cash, cash Equivalents and Net current Assets 1.56

Grand Total 100.00


PORTFOLIO


0.010.700.740.830.841.291.691.732.042.102.924.325.276.206.637.25

10.8411.29

31.75

0 5 10 15 20 25 30 35

Media & EntertainmentTransportation

ChemicalsTelecom - Equipment & Accessories

Non - Ferrous MetalsGasOil

CementFerrous Metals

Industrial Capital GoodsMinerals/MiningPharmaceuticals

Consumer Non DurablesConstruction Project

FinancePower

Petroleum ProductsSoftware

Banks

January 2020 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





#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 8.38%Mid cap 65.39%Small cap 19.04%¥ Dedicated Fund Manager for Overseas Investments: Mr. chirag Dagli (since July 22, 2019) (Total Experience: Over 18 years).


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,520.00 1,200.00 600.00 360.00 120.00 Mkt Value As on January 31, 2020 (` ‘000) 4,694.42 2,666.08 723.69 377.36 128.05 Returns (%) 16.53 15.25 7.43 3.08 12.63 Benchmark Returns (%) # 11.96 11.34 6.11 1.39 13.11 Additional Benchmark Returns (%) ## 11.06 11.16 10.54 9.32 8.52


PERFORMANCE ^ - Regular plan - growth Option

Date Period Scheme Returns

(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 31, 19 Last 1 Year 9.71 7.56 11.84 10,971 10,756 11,184Jan 31, 17 Last 3 Years 7.54 6.46 13.29 12,436 12,065 14,540Jan 30, 15 Last 5 Years 8.56 7.69 7.67 15,088 14,487 14,476Jun 25, 07 Since Inception 14.66 10.75 9.82 56,125 36,222 32,595

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. 60.




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 4.48• Aarti Industries Ltd. chemicals 3.89• Balkrishna Industries Ltd. Auto Ancillaries 3.76• city Union Bank Ltd. Banks 3.21• Sundram Fasteners Ltd. Auto Ancillaries 3.18• Voltas Ltd. consumer Durables 3.11• Trent Ltd. Retailing 3.08• Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 2.51• Tata chemicals Ltd. chemicals 2.38• Whirlpool of India Ltd. consumer Durables 2.28crompton Greaves consumer elec. Ltd. consumer Durables 2.26Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.22Atul Ltd. chemicals 2.13Hexaware Technologies Ltd. Software 2.13Ipca Laboratories Ltd. Pharmaceuticals 1.97VST Industries Ltd. consumer Non Durables 1.95Max Financial Services Ltd. Finance 1.94AIA engineering Ltd. Industrial Products 1.81Divis Laboratories Ltd. Pharmaceuticals 1.76RBL Bank Ltd. Banks 1.76Supreme Industries Ltd. Industrial Products 1.71cholamandalam Financial Holdings Ltd. Finance 1.70SKF India Ltd. Industrial Products 1.68exide Industries Ltd. Auto Ancillaries 1.64Tube Investments of India Ltd. Auto Ancillaries 1.55The Federal Bank Ltd. Banks 1.54Nippon Life India Asset Management Ltd. Finance 1.52Bharat electronics Ltd. Industrial capital Goods 1.50carborundum Universal Ltd. Industrial Products 1.43Apollo Tyres Ltd. Auto Ancillaries 1.30KEc International Ltd. construction Project 1.28Larsen & Toubro Infotech Ltd. Software 1.18Blue Star Ltd. consumer Durables 1.15KNR construction Ltd.. construction 1.14Solar Industries India Ltd. chemicals 1.04Power Finance corporation Ltd. Finance 0.97MRF Ltd. Auto Ancillaries 0.92Rural electrification corporation Ltd. Finance 0.92Dilip Buildcon Ltd. construction Project 0.87Redington (India) Ltd. Transportation 0.86Aurobindo Pharma Ltd. Pharmaceuticals 0.84Bata India Ltd. consumer Durables 0.76Greenlam Industries Ltd. consumer Durables 0.76Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.74Delta corp Ltd. Hotels/Resorts & Other

Recreational Activities 0.69Edelweiss Financial Services Ltd. Finance 0.69Gujarat Fluorochemicals Ltd. chemicals 0.68Schaeffler India Ltd. Industrial Products 0.68Karur Vysya Bank Ltd. Banks 0.65Union Bank of India Banks 0.63Navneet education Ltd. Media & entertainment 0.61Indian Bank Banks 0.58Symphony Ltd. consumer Durables 0.57Grindwell Norton Ltd. Industrial Products 0.51NIIT Technologies Ltd. Software 0.51Punjab National Bank Banks 0.50Greenply Industries Ltd. consumer Durables 0.49Jagran Prakashan Ltd. Media & entertainment 0.48

Company Industry+ / Rating % to NAVArvind Fashions Ltd. Retailing 0.47cummins India Ltd. Industrial Products 0.39Vesuvius India Ltd. Industrial Products 0.39Mahindra Holidays & Resorts Ind Ltd.

Hotels/Resorts & Other Recreational Activities 0.38

Persistent Systems Ltd. Software 0.38Vardhman Textiles Ltd. Textiles - cotton 0.31Dhanuka Agritech Ltd. Pesticides 0.23Arvind Ltd. Textile Products 0.22RITeS Ltd. construction Project 0.22Strides Pharma Science Ltd. Pharmaceuticals 0.22Greenpanel Industries Ltd. consumer Durables 0.18GFL Ltd. chemicals 0.16The Anup engineering Ltd. Industrial capital Goods 0.13Arti Surfactants Ltd. chemicals 0.08Sub Total 92.84Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 92.85DEBT & DEBT RElATEDCredit Exposure Tata capital Financial Services Ltd. IcRA - AAA 0.42LIc Housing Finance Ltd. cARE - AAA 0.13Sub Total 0.55Total 0.55MONEY MARKET INSTRUMENTSCD/CPAxis Bank Ltd. cRISIL - A1+ 0.41National Bank for Agriculture & Rural Development IcRA - A1+ 0.41Sub Total 0.82Total 0.82cash, cash Equivalents and Net current Assets 5.78Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.220.230.310.861.101.141.631.952.37

3.553.584.20

7.758.608.87

10.3611.5612.2212.35

0 2 4 6 8 101214

Textile ProductsPesticides

Textiles - CottonTransportation

Media & EntertainmentConstruction

Industrial Capital GoodsConsumer Non Durables

Construction ProjectRetailing

Hotels, Resorts & Other Recreational ActivitiesSoftware

PharmaceuticalsIndustrial Products

BanksChemicals

Consumer DurablesFinance

Auto Ancillaries

10 January 2020

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 3.27%Mid cap 18.07%Small cap 67.02%§ Date of migration from Morgan Stanley Mutual Fund

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

Mr. chirag Dagli (since July 22, 2019) (Total Experience: Over 18 years).


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,420.00 1,200.00 600.00 360.00 120.00 Mkt Value As on January 31, 2020 (` ‘000) 3,333.15 2,290.36 717.07 358.28 119.27 Returns (%) 13.60 12.41 7.06 -0.31 -1.12 Benchmark Returns (%) # 8.42 7.31 0.78 -5.26 9.29 Additional Benchmark Returns (%) ## 11.52 11.16 10.54 9.32 8.52




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 31, 19 Last 1 Year -3.22 2.62 11.84 9,678 10,262 11,184Jan 31, 17 Last 3 Years 9.98 0.60 13.29 13,304 10,182 14,540Jan 30, 15 Last 5 Years 9.21 3.68 7.67 15,545 11,984 14,476Apr 03, 08 Since Inception 12.48 5.82 9.38 40,239 19,542 28,909

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. 60.




l investment predominantly in Small-cap companies

Riskometer




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

Company Industry+ % to NAVEqUiTY & EqUiTY RElATED• NIIT Technologies Ltd. Software 3.80• Sonata Software Ltd. Software 3.02• Inox Leisure Ltd. Media & entertainment 2.72• Balkrishna Industries Ltd. Auto Ancillaries 2.60• chambal Fertilizers &

chemicals Ltd. Fertilisers 2.51• DcB Bank Ltd. Banks 2.51• Atul Ltd. chemicals 2.39• Bajaj Electricals Ltd. consumer Durables 2.29• Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 2.29• The Federal Bank Ltd. Banks 2.24KeI Industries Ltd. Industrial Products 2.21Procter & Gamble Health Ltd. Pharmaceuticals 2.18chalet Hotels Ltd. Hotels/Resorts & Other

Recreational Activities 2.07Firstsource Solutions Ltd. Software 2.07PNc Infratech Ltd. construction 2.05Finolex Industries Ltd. Industrial Products 2.04Aster DM Healthcare Ltd. Healthcare Services 2.02KEc International Ltd. construction Project 2.02Persistent Systems Ltd. Software 1.99SKF India Ltd. Industrial Products 1.91Kalpataru Power Transmission Ltd. Power 1.90Tube Investments of India Ltd. Auto Ancillaries 1.74Bank of Baroda Banks 1.65Aurobindo Pharma Ltd. Pharmaceuticals 1.62Vardhman Textiles Ltd. Textiles - cotton 1.58Bajaj consumer care Ltd. consumer Non Durables 1.52eIH Ltd. Hotels/Resorts & Other

Recreational Activities 1.37Tata Metaliks Ltd. Ferrous Metals 1.37Great eastern Shipping company Ltd. Transportation 1.34Sharda cropchem Ltd. Pesticides 1.31T. V. Today Network Ltd. Media & entertainment 1.31Nilkamal Ltd. Industrial Products 1.26Gujarat Fluorochemicals Ltd. chemicals 1.25Repco Home Finance Ltd. Finance 1.22eclerx Services Ltd. Software 1.10carborundum Universal Ltd. Industrial Products 1.06La Opala RG Ltd. consumer Durables 1.05Delta corp Ltd. Hotels/Resorts & Other

Recreational Activities 1.04Insecticides (India) Ltd. Pesticides 0.97Goodyear India Ltd. Auto Ancillaries 0.96Sadbhav engineering Ltd. construction Project 0.94NRB Bearing Ltd. Industrial Products 0.85Unichem Laboratories Ltd. Pharmaceuticals 0.85Advanced enzyme Technologies Ltd.

consumer Non Durables 0.83

Gabriel India Ltd. Auto Ancillaries 0.81Astral Poly Technik Ltd. Industrial Products 0.79Indian Bank Banks 0.77Orient Refractories Ltd. Industrial Products 0.77Redington (India) Ltd. Transportation 0.76Power Mech Projects Ltd. construction Project 0.74D B corp Ltd. Media & entertainment 0.69Oriental Bank of commerce Banks 0.69LG Balakrishnan & Bros Ltd. Auto Ancillaries 0.63Kirloskar Ferrous Industries Ltd. Ferrous Metals 0.61Oriental carbon & chemicals Ltd. chemicals 0.55

Company Industry+ % to NAVVesuvius India Ltd. Industrial Products 0.47Greenlam Industries Ltd. consumer Durables 0.42IFGL Refractories Ltd. (Erst IFGL exports Ltd.) Industrial Products 0.41Shaily engineering Plastics Ltd. Industrial Products 0.41Taj GVK Hotels & Resorts Ltd. Hotels/Resorts & Other

Recreational Activities 0.33Apar Industries Ltd. Industrial capital Goods 0.32Atul Auto Ltd. Auto 0.31Jagran Prakashan Ltd. Media & entertainment 0.28GNA Axles Ltd. Auto Ancillaries 0.27Greenply Industries Ltd. consumer Durables 0.25Time Technoplast Ltd. Industrial Products 0.06cG Power and Industrial Solutions Ltd. Industrial capital Goods 0.03Sarla Performance Fibers Ltd. Textiles - Synthetic @Sub Total 88.39DEBT & DEBT RElATEDCredit Exposure National Bank for Agriculture & Rural Development cRISIL - AAA 0.25Sub Total 0.25MONEY MARKET INSTRUMENTSCD/CPNational Bank for Agriculture & Rural Development IcRA - A1+ 0.99Axis Bank Ltd. cRISIL - A1+ 0.98Sub Total 1.97Total 1.97cash, cash Equivalents and Net current Assets 9.39Grand Total 100.00• Top Ten Holdings, @ Less than 0.01%

PORTFOLIO


0.310.351.221.581.901.982.022.052.102.282.352.51

3.704.014.194.655.00

7.017.107.86

11.9812.24

0 2 4 6 8 10 12 14Auto

Industrial Capital GoodsFinance

Textiles - CottonPower

Ferrous MetalsHealthcare Services

ConstructionTransportation

PesticidesConsumer Non Durables

FertilisersConstruction ProjectConsumer Durables

ChemicalsPharmaceuticals

Media & EntertainmentAuto Ancillaries

Hotels, Resorts & Other Recreational ActivitiesBanks

SoftwareIndustrial Products

January 2020 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 59.27%Mid cap 37.37%Small cap 1.78%§ Date of migration from Morgan Stanley Mutual Fund (close of business hours - June 27, 14)¥ Dedicated Fund Manager for Overseas Investments: Mr. chirag Dagli (since July 22, 2019) (Total Experience: Over 18 years).



(%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 8.01 11.22 13.59 10,801 11,122 11,359Jan 31, 17 Last 3 Years 8.10 11.62 15.16 12,634 13,908 15,272Jan 30, 15 Last 5 Years 4.50 9.11 8.29 12,467 15,472 14,895Feb 18, 94 Since Inception 11.03 N.A. N.A. 151,257 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. 60.



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 9.03• State Bank of India Banks 8.04• NTPc Ltd. Power 6.34• Infosys Ltd. Software 5.98• Reliance Industries Ltd. Petroleum Products 5.10• Bharat Petroleum

corporation Ltd. Petroleum Products 4.58• HDFc Bank Ltd. Banks 4.16• ITc Ltd. consumer Non Durables 4.08• Trent Ltd. Retailing 3.10• Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 2.82Prestige estates Projects Ltd. construction 2.80Tata Global Beverages Ltd. consumer Non Durables 2.77Tata Steel Ltd. Ferrous Metals 2.54GAIL (India) Ltd. Gas 2.33Gujarat State Petronet Ltd. Gas 2.23Max Financial Services Ltd. Finance 2.04Tata chemicals Ltd. chemicals 1.85Indraprastha Gas Ltd. Gas 1.83LIc Housing Finance Ltd. Finance 1.80Apollo Tyres Ltd. Auto Ancillaries 1.74Mahanagar Gas Ltd. Gas 1.69NHPc Ltd. Power 1.69Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.38emami Ltd. consumer Non Durables 1.33Shriram Transport Finance company Ltd. Finance 1.33Tata Motors Ltd. DVR Auto 1.25Solar Industries India Ltd. chemicals 1.24castrol India Ltd. Petroleum Products 1.16exide Industries Ltd. Auto Ancillaries 1.14Hindustan Petroleum corporation Ltd. Petroleum Products 1.14Larsen and Toubro Ltd. construction Project 1.14Mindtree consulting Ltd. Software 1.12Vedanta Ltd. Non - Ferrous Metals 1.04Bharat Heavy electricals Ltd. Industrial capital Goods 0.95canara Bank Banks 0.84cESc Ltd. Power 0.72Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.70


Power Grid corporation of India Ltd. Power 0.67Ambuja cements Ltd. cement 0.48Dilip Buildcon Ltd. construction Project 0.48Titagarh Wagons Ltd. Industrial capital Goods 0.45NLc India Ltd. Power 0.32NBcc (India) Ltd. construction 0.31Union Bank of India Banks 0.26Oil India Ltd. Oil 0.22Indian Bank Banks 0.17Reliance Power Ltd. Power 0.05Sub Total 98.43cash, cash Equivalents and Net current Assets 1.57

Grand Total 100.00

• Top Ten Holdings

PORTFOLIO


0.220.481.041.251.401.622.082.542.822.883.093.103.11

5.177.108.088.18

9.7911.98

22.50

0 5 10 15 20 25

OilCement

Non - Ferrous MetalsAuto

Industrial Capital GoodsConstruction Project

PharmaceuticalsFerrous Metals

Hotels, Resorts & Other Recreational ActivitiesAuto Ancillaries

ChemicalsRetailing

ConstructionFinance

SoftwareGas

Consumer Non DurablesPower

Petroleum ProductsBanks


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,120.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on January 31, 2020 (` ‘000) $$ 20,608.36 3,853.58 1,968.78 704.21 385.43 124.67 Returns (%) $$ 12.42 9.50 9.56 6.34 4.48 7.26 Benchmark Returns (%) # N.A. N.A. 12.79 9.78 6.61 12.70 Additional Benchmark Returns (%) ## 13.46 12.02 11.80 11.93 11.56 11.19


12 January 2020

CATEgORY OF SCHEME: FOcUSED FUND

KEY FACTS

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


CATEgORY OF SCHEME: Focused Fund

FUND MANAgER ¥

Vinay Kulkarni (since November 21, 2006)


iNCEPTiON DATE (Date of Allotment)September 17, 2004


ASSETS UNDER MANAgEMENT (`) iN CROREAs on January 31, 2020 499.78Average for Month of January, 2020 511.83

qUANTiTATiVE DATAPortfolio Turnover Ratio (Last 1 year) 25.91%














Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

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

Mkt Value As on January 31, 2020 (` ‘000) 4,362.47 4,009.35 1,841.68 664.95 359.24 120.66

Returns (%) 10.35 9.97 8.30 4.06 -0.14 1.01

Benchmark Returns (%) # 11.77 11.50 11.27 9.38 6.87 9.53

Additional Benchmark Returns (%) ## 12.33 12.02 11.80 11.93 11.56 11.19




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 31, 19 Last 1 Year 4.82 10.83 13.59 10,482 11,083 11,359

Jan 31, 17 Last 3 Years 4.53 11.53 15.16 11,421 13,875 15,272

Jan 30, 15 Last 5 Years 4.72 7.86 8.29 12,599 14,602 14,895

Sep 17, 04 Since Inception 14.13 14.65 15.40 76,332 81,924 90,565

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. 60.




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








• Bharat Petroleum corporation Ltd. Petroleum Products 4.88



• Bajaj Finance Ltd. Finance 3.49

Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 3.02


Avenue Supermarts Ltd. Retailing 2.88


Hindustan Petroleum corporation Ltd. Petroleum Products 2.79


Bharat electronics Ltd. Industrial capital Goods 2.43

Axis Bank Ltd. Banks 2.19



Gujarat Pipavav Port Ltd. Transportation 1.95


elecon engineering comapny Ltd. Industrial capital Goods 1.88

Titagarh Wagons Ltd. Industrial capital Goods 1.82

coal India Ltd. Minerals/Mining 1.79


KEc International Ltd. construction Project 1.35

colgate-Palmolive (I) Ltd. consumer Non Durables 1.33

Trent Ltd. Retailing 1.18

Prince Pipes and Fittings Ltd. Industrial Products 0.99

Sub Total 98.20

cash, cash Equivalents and Net current Assets 1.80

Grand Total 100.00


PORTFOLIO


0.99

1.79

1.92

1.95

2.19

2.68

3.02

3.49

4.06

4.97

5.72

6.13

8.34

11.91

13.67

25.37

0 5 10 15 20 25 30

Industrial Products

Minerals/Mining

Gas

Transportation

Ferrous Metals

Non - Ferrous Metals

Aerospace & Defence

Finance

Retailing

Software

Consumer Non Durables

Industrial Capital Goods

Construction Project

Petroleum Products

Power

Banks

January 2020 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 ¥

Rakesh Vyas (since June 01, 2019*)

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

iNCEPTiON DATE (Date of Allotment)March 10, 2008



qUANTiTATiVE DATAPortfolio Turnover Ratio (Last 1 year) 6.57%Risk Ration Standard Deviation 6.644%n Beta 1.569n Sharpe Ratio* -0.071computed for the 3-yr period ended January 31, 2020. Based on month-end NAV. * Risk free rate: 5.05%(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) 1,430.00 1,200.00 600.00 360.00 120.00 Mkt Value As on January 31, 2020 (` ‘000) 1,862.90 1,400.87 545.89 313.90 115.68 Returns (%) 4.32 3.04 -3.71 -8.69 -6.59 Benchmark Returns (%) # 11.68 11.27 9.38 6.87 9.53 Additional Benchmark Returns (%) ## 11.48 11.16 10.54 9.32 8.52




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 31, 19 Last 1 Year -0.50 10.83 11.84 9,950 11,083 11,184Jan 31, 17 Last 3 Years -3.18 11.53 13.29 9,077 13,875 14,540Jan 30, 15 Last 5 Years -2.15 7.86 7.67 8,971 14,602 14,476Mar 10, 08 Since Inception 3.58 9.32 9.28 15,191 28,870 28,741

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 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. 67. For FPI Portfolio, refer page no. 68.




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 5.81


• JMc Projects (India) Ltd. construction 4.43

• Bharat Petroleum corporation Ltd. Petroleum Products 4.41


• Bank of Baroda Banks 3.62

• J.Kumar Infraprojects Ltd. construction 3.62


centum Electronics Ltd. Industrial capital Goods 3.21


Power Finance corporation Ltd. Finance 2.53

Texmaco Rail & engineering Ltd. Industrial capital Goods 2.48


Dilip Buildcon Ltd. construction Project 2.32


Ashoka Buildcon Ltd. construction Project 2.25



Premier explosives Ltd. chemicals 1.75

Dynamatic Technologies Ltd. Auto Ancillaries 1.73




RBL Bank Ltd. Banks 0.96

MeP Infrastructure Developers Ltd. Transportation 0.84

Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) construction Project 0.59

B L Kashyap & Sons Ltd. construction 0.57

IRB Infrastructure Developers Ltd. construction 0.49



Simplex Infrastructures Ltd. construction 0.33

Oriental Bank of commerce Banks 0.18

corporation Bank Banks 0.08

Transformers & Rectifiers India Ltd. Industrial capital Goods 0.03

Sub Total 98.20


Grand Total 100.00


PORTFOLIO


1.57

1.73

1.75

1.87

3.21

3.66

4.41

5.75

9.44

9.51

10.67

18.19

26.44

0 5 10 15 20 25 30


Auto Ancillaries

Chemicals

Ferrous Metals

Transportation

Minerals/Mining

Petroleum Products

Finance

Construction


Power


Banks

14 January 2020

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

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

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










• Power Grid corporation of India Ltd. Power 3.27


Reliance Industries Ltd. Petroleum Products 2.70








Tata chemicals Ltd. chemicals 1.10



chambal Fertilizers & chemicals Ltd. Fertilisers 0.81


NHPc Ltd. Power 0.69

Apollo Tyres Ltd. Auto Ancillaries 0.66

Just Dial Ltd. Software 0.66



Ambuja cements Ltd. cement 0.58



Mishra Dhatu Nigam Ltd. Ferrous Metals 0.45


Solar Industries India Ltd. chemicals 0.44

Ashoka Buildcon Ltd. construction Project 0.36


Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 0.36

Lupin Ltd. Pharmaceuticals 0.34


Savita Oil Technologies Ltd. Petroleum Products 0.25

NLc India Ltd. Power 0.24

Yes Bank Ltd. Banks 0.21

Apar Industries Ltd. Industrial capital Goods 0.20

APL Apollo Tubes Ltd. Ferrous Metals 0.19

Orient cement Ltd. cement 0.19

J.Kumar Infraprojects Ltd. construction 0.18


JMc Projects (India) Ltd. construction 0.16

Union Bank of India Banks 0.13

Gujarat Industries Power company Ltd. Power 0.12

Time Technoplast Ltd. Industrial Products 0.12

ABB India Ltd. Industrial capital Goods 0.11

cochin Shipyard Ltd. Industrial capital Goods 0.11

Kirloskar Pneumatic Ltd. Industrial Products 0.11


Dynamatic Technologies Ltd. Auto Ancillaries 0.08


Sagar cements Ltd. cement 0.07


Bharat Dynamics Ltd. Aerospace & Defence 0.05


Sterling and Wilson Solar construction Project 0.05


Ramco Systems Ltd. Software 0.04

Syndicate Bank Banks 0.03


S chand and company Ltd. Media & entertainment 0.02

ABB Power Products and Systems India Ltd. Industrial capital Goods 0.01

Sub Total 79.56

DEBT & DEBT RElATED

CREDiT EXPOSURE

• State Bank of India cARE - AA+ / cRISIL - AA+ / cRISIL - AAA 6.98

• Tata Sons Ltd. cRISIL - AAA 3.12

canara Bank cRISIL - AA 1.53

Bank of Baroda cRISIL - AA+ 1.26

HDFc Bank Ltd. cARE - AA+ 1.18

IcIcI Bank Ltd. cARE - AA+ / IcRA - AA+ 1.05

Punjab National Bank IND - A 1.01

Union Bank of India cARE - AA- 0.68

Syndicate Bank cARE - A+ 0.30

Axis Bank Ltd. cRISIL - AA+ 0.06

Andhra Bank cARE - A+ 0.05

Sub Total 17.22

MUTUAl FUND UNiTS

HDFc SeNSex Exchange Traded Fund 0.03

Sub Total 0.03


Grand Total 100.00

• Top Ten Holdings, @ Less than 0.01%

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 20.23%Average Maturity * 2.32 yearsMacaulay Duration * 2.07 yearsModified Duration * 1.90 yearsYield to Maturity * 7.67%

* 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

January 2020 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) 3,120.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on January 31, 2020 (` ‘000) $$ 59,731.93 5,329.57 2,145.45 722.79 384.57 122.00 Returns (%) $$ 18.65 13.31 11.18 7.38 4.33 3.09 Benchmark Returns (%) # N.A. 10.74 10.42 9.86 9.21 9.09 Additional Benchmark Returns (%) ## N.A. 11.56 11.16 10.54 9.32 8.52



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##Jan 31, 19 Last 1 Year 6.44 11.76 11.84 10,644 11,176 11,184Jan 31, 17 Last 3 Years 7.67 11.18 13.29 12,482 13,744 14,540Jan 30, 15 Last 5 Years 6.76 7.97 7.67 13,875 14,682 14,476Feb 01, 94 Since Inception 17.98 N.A. N.A. 737,472 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. 60. For FPI Portfolio, refer page no. 68.^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 79.56

n credit Exposure 17.22

n Mutual Fund Units 0.03

n cash, cash Equivalents and Net current Assets 3.19

Portfolio Classification By Rating Class (%)

n equity 79.56n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 4.06n AA+ 9.59n AA/AA- 2.21n A+ & Below 1.36n Mutual Fund Units 0.03n cash, cash Equivalents and Net

current Assets 3.19

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


0.020.230.340.410.510.620.740.810.841.401.411.54

2.573.163.744.124.74

6.017.787.828.34

22.41

0 5 10 15 20 25

Media & EntertainmentIndustrial Products

ConstructionAerospace & Defence

TransportationNon - Ferrous Metals

Auto AncillariesFertilisers

CementIndustrial Capital Goods

GasChemicals

Ferrous MetalsPharmaceuticalsMinerals/Mining

Consumer Non DurablesFinance

Petroleum ProductsConstruction Project

SoftwarePowerBanks

16 January 2020

CATEgORY OF SCHEME: AGGRESSIVE HYBRID FUND


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





• Housing Development Finance corporation Ltd.£ Finance 5.50






State Bank of India Banks 2.46

Aarti Industries Ltd. chemicals 2.18


Bharti Airtel Ltd. Telecom - Services 1.58

SKF India Ltd. Industrial Products 1.55


UPL Ltd. Pesticides 1.44

Atul Ltd. chemicals 1.43



Indusind Bank Ltd. Banks 1.26


Tube Investments of India Ltd. Auto Ancillaries 1.04

Indian Hotels company Ltd. Hotels/Resorts & Other Recreational Activities 0.97




Hexaware Technologies Ltd. Software 0.74

Balkrishna Industries Ltd. Auto Ancillaries 0.72

PNc Infratech Ltd. construction 0.71


Mahindra Holidays & Resorts Ind Ltd.


cholamandalam Financial Holdings Ltd. Finance 0.58

Redington (India) Ltd. Transportation 0.46

Tamilnadu Newsprint & Papers Ltd. Paper 0.46

Ipca Laboratories Ltd. Pharmaceuticals 0.42

Vardhman Textiles Ltd. Textiles - cotton 0.38



Sadbhav engineering Ltd. construction Project 0.34

carborundum Universal Ltd. Industrial Products 0.30

Sharda cropchem Ltd. Pesticides 0.27

Tata Motors Ltd. DVR Auto 0.24


Zensar Technologies Ltd. Software 0.21

Jagran Prakashan Ltd. Media & entertainment 0.17

Persistent Systems Ltd. Software 0.15

Allahabad Bank Banks 0.14

Greenply Industries Ltd. consumer Durables 0.14

MM Forgings Ltd. Industrial Products 0.14

Navneet education Ltd. Media & entertainment 0.14

IFB Industries Ltd. consumer Durables 0.08

Atul Auto Ltd. Auto 0.07

Insecticides (India) Ltd. Pesticides 0.05

Arti Surfactants Ltd. chemicals 0.04

Greenpanel Industries Ltd. consumer Durables 0.04

Sub Total 71.50

DEBT & DEBT RElATED

gOVERNMENT SECURiTiES (CENTRAl/STATE)

7.16 GOI 2023 Sovereign 1.62

















SUB TOTAL 8.69

(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) 1.94%Average Maturity * 2.75 yearsMacaulay Duration * 2.34 yearsModified Duration * 2.22 yearsYield to Maturity * 6.94%

* computed on the invested amount for debt portfolio.





EXiT lOAD

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





PLANS & OPTIONS




SEgMENT-WiSE BREAK-UP OF EqUiTY HOlDiNgS (% OF NET ASSETS)

Large cap 53.53%Mid cap 10.41%Small cap 7.56%


January 2020 17


CREDiT EXPOSURE

• Tata Sons Ltd. cRISIL - AAA 4.67

• Power Finance corporation Ltd.

cARE - AAA / cRISIL - AAA / IcRA - AAA 2.47

LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 2.18

National Bank for Agriculture & Rural Development cRISIL - AAA 1.76

Axis Bank Ltd. cRISIL - AA+ 1.75

Small Industries Development Bank cARE - AAA 1.27

L&T Finance Ltd. cARE - AAA 0.80

Rural electrification corporation Ltd.

cARE - AAA / cRISIL - AAA / IND - AAA 0.67

National Highways Authority of India cARE - AAA 0.63

Housing Development Finance corporation Ltd.£ cRISIL - AAA 0.50



HDFc Bank Ltd. cRISIL - AAA 0.25

State Bank of India cRISIL - AA+ 0.25


Oriental Bank of commerce cARE - A+ 0.14

IcIcI Bank Ltd. cARE - AAA 0.13


Hindalco Industries Ltd. cRISIL - AA 0.05

Sub Total 18.26

Total 26.95

MUTUAl FUND UNiTS

HDFc NIFTY 50 Exchange Traded Fund 0.80

Sub Total 0.80


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) 2,330.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on January 31, 2020 (` ‘000) 12,900.27 5,562.74 2,297.68 732.94 389.84 123.98 Returns (%) 15.48 13.81 12.47 7.93 5.24 6.19 Benchmark Returns (%) # N.A. 10.74 10.42 9.86 9.21 9.09 Additional Benchmark Returns (%) ## 14.23 11.56 11.16 10.54 9.32 8.52




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 31, 19 Last 1 Year 8.03 11.76 11.84 10,803 11,176 11,184Jan 31, 17 Last 3 Years 8.62 11.18 13.29 12,814 13,744 14,540Jan 30, 15 Last 5 Years 7.85 7.97 7.67 14,595 14,682 14,476Sep 11, 00 Since Inception 15.29 N.A. 13.03 158,150 N.A. 107,604

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 hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments. For performance of other schemes managed by chirag Setalvad, please refer page 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.



PORTFOLIO


l to generate long-term capital appreciation / income.

l investments predominantly in equity & equity related instruments. The Scheme will also invest in debt and money market instruments.

Riskometer



PORTFOliO ClASSiFiCATiON BY ASSET ClASS (%)

equity 71.50

G-Sec 8.69

credit Exposure 18.26

Mutual Fund Units 0.80cash, cash Equivalents and Net current Assets 0.75

PORTFOliO ClASSiFiCATiON BY RATiNg ClASS (%)

n equity 71.50n Sovereign 8.69n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 15.33n AA+ 2.00n AA/AA- 0.05n A+ & Below 0.88n Mutual Fund Units 0.80n cash, cash Equivalents and Net

current Assets 0.75

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


0.260.310.310.380.460.460.710.711.091.461.581.671.761.761.761.992.172.933.654.525.146.086.53

23.81

0 5 10 15 20 25 30Consumer Durables

AutoMedia & Entertainment

Textiles - CottonPaper

TransportationConstruction

Non - Ferrous MetalsFerrous Metals

Industrial Capital GoodsTelecom - Services

Hotels, Resorts & Other Recreational ActivitiesAuto Ancillaries

PesticidesPower

Industrial ProductsPharmaceuticals

Consumer Non DurablesChemicals


FinanceSoftware

Banks

18 January 2020


Since Inception SIP

10 year SIP

5 Year SIP

3 Year SIP

1 Year SIP

Total Amount Invested (` ‘000) 1,740.00 1,200.00 600.00 360.00 120.00 Mkt Value As on January 31, 2020 (` ‘000) 3,428.77 1,841.41 713.64 397.49 128.01 Returns (%) 8.82 8.29 6.87 6.54 12.56 Benchmark Returns (%) # N.A. N.A. 10.23 10.17 11.30 Additional Benchmark Returns (%) ## 11.22 11.16 10.54 9.32 8.52




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 31, 19 Last 1 Year 11.06 12.99 11.84 11,106 11,299 11,184Jan 31, 17 Last 3 Years 6.42 11.40 13.29 12,053 13,825 14,540Jan 30, 15 Last 5 Years 6.66 8.11 7.67 13,806 14,772 14,476Aug 17, 05 Since Inception 8.86 N.A. 13.12 34,128 N.A. 59,484

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. 68.



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


0.160.340.630.670.740.901.231.591.622.172.49

3.363.423.864.184.27

5.376.10

8.8513.30

0 2 4 6 8 10 12 14

Non - Ferrous MetalsMedia & Entertainment

Ferrous MetalsAuto

PesticidesPower

Telecom - ServicesTransportation

Industrial Capital GoodsRetailing

Consumer Non DurablesAuto Ancillaries

FinanceIndustrial Products

Consumer DurablesConstruction 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 11.78%


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

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

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


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

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





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


n equity 65.25


n Gold & Gold ETF 16.22



n equity 65.25n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 4.78n AA/AA- 6.78n A+ & Below 2.27n Gold & Gold ETF 16.22n cash, cash Equivalents and Net

current Assets 4.70

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

CATEgORY OF SCHEME: MULTI ASSET ALLOcATION FUND

January 2020 19

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

% exposure of Derivative


• HDFc Bank Ltd. Banks 6.00 0.00

• Reliance Industries Ltd. Petroleum Products 4.59 0.00

• Housing Development Finance corporation Ltd.£ Finance 3.42 0.00

• Infosys Ltd. Software 3.38 0.00

• IcIcI Bank Ltd. Banks 3.37 0.00

• NIIT Technologies Ltd. Software 2.98 0.00

Larsen and Toubro Ltd. construction Project 2.89 0.00

State Bank of India Banks 2.79 0.00

Indiamart Intermesh Ltd. Retailing 2.17 0.00

Bajaj electricals Ltd. consumer Durables 1.81 0.00

Aarti Industries Ltd. chemicals 1.78 0.00

ITc Ltd. consumer Non Durables 1.72 0.00

Oriental carbon & chemicals Ltd. chemicals 1.67 0.00

Redington (India) Ltd. Transportation 1.59 0.00

Balkrishna Industries Ltd. Auto Ancillaries 1.55 0.00

Timken India Ltd. Industrial Products 1.52 0.00

KEc International Ltd. construction Project 1.38 0.00

Voltamp Transformers Ltd. Industrial capital Goods 1.37 0.00

Whirlpool of India Ltd. consumer Durables 1.34 0.00

Sonata Software Ltd. Software 1.30 0.00

Bharti Airtel Ltd. Telecom - Services 1.23 0.00

Firstsource Solutions Ltd. Software 1.19 0.00

Bharat Petroleum corporation Ltd. Petroleum Products 1.12 0.00

Alkyl Amines chemicals Ltd. chemicals 1.06 0.00

La Opala RG Ltd. consumer Durables 1.03 0.00

Suprajit engineering Ltd. Auto Ancillaries 0.97 0.00

Power Grid corporation of India Ltd. Power 0.90 0.00

Shaily engineering Plastics Ltd. Industrial Products 0.88 0.00

Gabriel India Ltd. Auto Ancillaries 0.84 0.00

Gujarat Fluorochemicals Ltd. chemicals 0.83 0.00

Axis Bank Ltd. Banks 0.81 0.00



VST Industries Ltd. consumer Non Durables 0.77 0.00

carborundum Universal Ltd. Industrial Products 0.76 0.00

Sharda cropchem Ltd. Pesticides 0.74 0.00

Vesuvius India Ltd. Industrial Products 0.70 0.00

Tata Motors Ltd. DVR Auto 0.67 0.00

Tata Steel Ltd. Ferrous Metals 0.63 0.00

Savita Oil Technologies Ltd. Petroleum Products 0.39 0.00

Jagran Prakashan Ltd. Media & entertainment 0.34 0.00

Union Bank of India Banks 0.33 0.00

Apar Industries Ltd. Industrial capital Goods 0.25 0.00

Vedanta Ltd. Non - Ferrous Metals 0.16 0.00

Arti Surfactants Ltd. chemicals 0.03 0.00

Sub Total 65.25

DEBT & DEBT RElATED

CREDiT EXPOSURE

• Power Finance corporation Ltd. cRISIL - AAA 4.78

• Vedanta Ltd. cRISIL - AA 4.52

TATA International Ltd. cARE - A 2.27


Sub Total 13.83

gOlD

• Gold Bar 1 Kg (0.995 purity) NA 7.95

Sub Total 7.95

MUTUAl FUND UNiTS

• HDFc Gold Exchange Traded Fund 8.27

Sub Total 8.27

Total 16.22

OTHERS


Sub Total 4.70

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 January 2020

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 JANUARY 31, 2020) NAV PER UNIT (`)Growth Option 1,255.73

ASSETS UNDER MANAgEMENT j (`) iN CROREAs on January 31, 2020 395.28Average for Month of January, 2020 391.28


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

TOTAL ExPENSE RATIO (As on January 31, 2020)Including Additional expenses and Goods and Service Tax on Management FeesHDFc NIFTY 50 ETF 0.05%

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

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

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

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

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

the NSe and BSe during the trading hours on all trading days. Refer SID for further details.For further details, please refer to para ‘Exit Load’ on Pg 53.

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 January 31, 2020 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 31, 19 Last 1 Year 11.79 11.84 13.59 11,179 11,184 11,359

Jan 31, 17 Last 3 Years 13.19 13.29 15.16 14,503 14,540 15,272

Dec 09, 15 Since Inception 12.82 12.95 13.85 16,496 16,573 17,124

Returns greater than 1 year period are compounded annualized (cAGR). * The Scheme does not offer any Plans/Options. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Krishan Kumar Daga, please refer page 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. 162.43 crores

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








• Kotak Mahindra Bank Ltd. Banks 4.57

• Tata consultancy Services Ltd. Software 4.42




Hindustan Unilever Ltd. consumer Non Durables 2.94


Bajaj Finance Ltd. Finance 2.28


Maruti Suzuki India Ltd. Auto 1.86

Asian Paints Ltd. consumer Non Durables 1.64


HcL Technologies Ltd. Software 1.30

Bajaj Finserv Ltd. Finance 1.15

Nestle India Ltd. consumer Non Durables 1.11

Mahindra & Mahindra Ltd. Auto 1.10

NTPc Ltd. Power 1.02

Tech Mahindra Ltd. Software 1.00

Titan company Ltd. consumer Durables 1.00

UltraTech cement Ltd. cement 1.00



Bajaj Auto Ltd. Auto 0.84

Britannia Industries Ltd. consumer Non Durables 0.76

Dr Reddys Laboratories Ltd. Pharmaceuticals 0.76

Oil & Natural Gas corporation Ltd. Oil 0.75


Wipro Ltd. Software 0.71



Hero Motocorp Ltd. Auto 0.66

Tata Motors Ltd. Auto 0.64

Grasim Industries Ltd. cement 0.62



Adani Ports & Special economic Zone Transportation 0.58

Indian Oil corporation Ltd. Petroleum Products 0.58

eicher Motors Ltd. Auto 0.57

Hindalco Industries Ltd. Non - Ferrous Metals 0.56

JSW Steel Ltd. Ferrous Metals 0.51




Bharti Infratel Ltd. Telecom - equipment & Accessories 0.43

Zee entertainment enterprises Ltd. Media & entertainment 0.41


Sub Total 100.01

cash, cash Equivalents and Net current Assets -0.01

Grand Total 100.00


PORTFOLIO


0.410.430.450.580.590.700.751.001.071.181.621.912.172.253.42

5.6710.5510.6011.8513.18

29.63

0 5 10 15 20 25 30 35

Media & EntertainmentTelecom - Equipment & Accessories

GasTransportation

PesticidesMinerals/Mining

OilConsumer Durables


CementPower

PharmaceuticalsTelecom - Services

Construction ProjectAuto

Petroleum ProductsConsumer Non Durables

FinanceSoftware

Banks

January 2020 21

CATEgORY OF SCHEME: INDEx FUND


EqUiTY & EqUiTY RElATED• HDFc Bank Ltd. Banks 10.79• Reliance Industries Ltd. Petroleum Products 9.28• Housing Development

Finance corporation Ltd.£ Finance 8.47• IcIcI Bank Ltd. Banks 6.91• Infosys Ltd. Software 5.78• Kotak Mahindra Bank Ltd. Banks 4.60• Tata consultancy Services Ltd. Software 4.44• ITc Ltd. consumer Non Durables 4.17• Larsen and Toubro Ltd. construction Project 3.44• Axis Bank Ltd. Banks 3.30Hindustan Unilever Ltd. consumer Non Durables 2.95State Bank of India Banks 2.48Bajaj Finance Ltd. Finance 2.30Bharti Airtel Ltd. Telecom - Services 2.26Maruti Suzuki India Ltd. Auto 1.87Asian Paints Ltd. consumer Non Durables 1.65Indusind Bank Ltd. Banks 1.54HcL Technologies Ltd. Software 1.31Bajaj Finserv Ltd. Finance 1.16Nestle India Ltd. consumer Non Durables 1.11Mahindra & Mahindra Ltd. Auto 1.10NTPc Ltd. Power 1.02Titan company Ltd. consumer Durables 1.01UltraTech cement Ltd. cement 1.01Tech Mahindra Ltd. Software 1.00Sun Pharmaceutical Industries Ltd. Pharmaceuticals 0.95Power Grid corporation of India Ltd. Power 0.89Bajaj Auto Ltd. Auto 0.84Britannia Industries Ltd. consumer Non Durables 0.77Dr Reddys Laboratories Ltd. Pharmaceuticals 0.77Bharat Petroleum corporation Ltd. Petroleum Products 0.75Oil & Natural Gas corporation Ltd. Oil 0.75Wipro Ltd. Software 0.72coal India Ltd. Minerals/Mining 0.71Tata Steel Ltd. Ferrous Metals 0.67Hero Motocorp Ltd. Auto 0.66Tata Motors Ltd. Auto 0.64Grasim Industries Ltd. cement 0.63Indian Oil corporation Ltd. Petroleum Products 0.59UPL Ltd. Pesticides 0.59


Adani Ports & Special economic Zone Transportation 0.58eicher Motors Ltd. Auto 0.57Hindalco Industries Ltd. Non - Ferrous Metals 0.56JSW Steel Ltd. Ferrous Metals 0.52Vedanta Ltd. Non - Ferrous Metals 0.51cipla Ltd. Pharmaceuticals 0.46GAIL (India) Ltd. Gas 0.45Bharti Infratel Ltd. Telecom - equipment

& Accessories 0.43Zee entertainment enterprises Ltd. Media & entertainment 0.41Yes Bank Ltd. Banks 0.18Sub Total 100.55cash, cash Equivalents and Net current Assets -0.55Grand 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 109.2401Direct Plan - Growth Option 110.5934



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) 2,110.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on January 31, 2020 (` ‘000) 6,657.00 4,084.62 2,076.03 772.68 411.46 125.15 Returns (%) 11.87 10.20 10.56 10.05 8.87 8.02 Benchmark Returns (%) # 13.78 11.56 11.16 10.54 9.32 8.52 Additional Benchmark Returns (%) ## 14.42 12.02 11.80 11.93 11.56 11.19




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 31, 19 Last 1 Year 11.34 11.84 13.59 11,134 11,184 11,359Jan 31, 17 Last 3 Years 12.79 13.29 15.16 14,350 14,540 15,272Jan 30, 15 Last 5 Years 7.25 7.67 8.29 14,195 14,476 14,895Jul 17, 02 Since Inception 14.38 16.60 17.34 105,791 148,274 165,489

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. 62.



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


0.410.430.450.580.590.710.751.011.071.191.641.912.182.263.44

5.6810.6210.6511.9313.25

29.80

0 5 10 15 20 25 30 35

Media & EntertainmentTelecom - Equipment & Accessories

GasTransportation

PesticidesMinerals/Mining

OilConsumer Durables


CementPower

PharmaceuticalsTelecom - Services

Construction ProjectAuto

Petroleum ProductsConsumer Non Durables

FinanceSoftware

Banks

22 January 2020

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 JANUARY 31, 2020) NAV PER UNIT (`)Growth Option 4,285.68

ASSETS UNDER MANAgEMENT j (`) iN CROREAs on January 31, 2020 49.22Average for Month of January, 2020 49.68


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

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

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

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

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

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

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

the NSe and BSe during the trading hours on all trading days. Refer SID for further details.For further details, please refer to para ‘Exit Load’ on Pg 53.

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 January 31, 2020 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 31, 19 Last 1 Year 13.52 13.59 11.84 11,352 11,359 11,184

Jan 31, 17 Last 3 Years 15.10 15.16 13.29 15,247 15,272 14,540


Returns greater than 1 year period are compounded annualized (cAGR). * The Scheme does not offer any Plans/Options. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Krishan Kumar Daga, please refer page 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. 32.80 crores

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


































Sub Total 99.97


Grand Total 100.00


PORTFOLIO


0.77

0.80

1.09

1.16

1.16

2.15

2.34

3.89

5.14

10.43

11.24

12.18

14.51

33.11

0 5 10 15 20 25 30 35

Ferrous Metals

Oil

Pharmaceuticals

Cement

Consumer Durables

Power

Telecom - Services


Auto

Petroleum Products


Finance

Software

Banks

January 2020 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 361.9319Direct Plan - Growth Option 366.8420


As on January 31, 2020 722.42Average for Month of January, 2020 721.99

qUANTiTATiVE DATA


TRACKiNg ERROR

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



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


EXiT lOAD

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

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


PLANS & OPTIONS

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




Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,110.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on January 31, 2020 (` ‘000) 7,002.85 4,237.21 2,145.15 799.88 424.57 126.77 Returns (%) 12.36 10.63 11.18 11.44 11.00 10.59 Benchmark Returns (%) # 14.42 12.02 11.80 11.93 11.56 11.19 Additional Benchmark Returns (%) ## 13.78 11.56 11.16 10.54 9.32 8.52




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 31, 19 Last 1 Year 13.03 13.59 11.84 11,303 11,359 11,184Jan 31, 17 Last 3 Years 14.59 15.16 13.29 15,046 15,272 14,540Jan 30, 15 Last 5 Years 7.92 8.29 7.67 14,648 14,895 14,476Jul 17, 02 Since Inception 14.79 17.34 16.60 112,538 165,489 148,274

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. 62.



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 100.80

cash, cash Equivalents and Net current Assets -0.80

Grand Total 100.00


PORTFOLIO


0.78

0.81

1.10

1.17

1.17

2.17

2.36

3.93

5.17

10.52

11.33

12.28

14.63

33.38

0 5 10 15 20 25 30 35 40

Ferrous Metals

Oil

Pharmaceuticals

Cement

Consumer Durables

Power

Telecom - Services


Auto

Petroleum Products


Finance

Software

Banks

24 January 2020

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) 2,860.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on January 31, 2020 (` ‘000) $$ 64,791.83 4,484.61 1,960.25 679.80 363.40 120.39 Returns (%) $$ 21.59 11.30 9.48 4.94 0.61 0.60 Benchmark Returns (%) # 14.63 11.50 11.27 9.38 6.87 9.53 Additional Benchmark Returns (%) ## 13.60 11.56 11.16 10.54 9.32 8.52



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Jan 31, 19 Last 1 Year 2.92 10.83 11.84 10,292 11,083 11,184Jan 31, 17 Last 3 Years 5.46 11.53 13.29 11,730 13,875 14,540Jan 30, 15 Last 5 Years 4.15 7.86 7.67 12,257 14,602 14,476Mar 31, 96 Since Inception 22.57 13.55 12.36 1,282,221 207,240 161,094

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. 60. 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



• IcIcI Bank Ltd. Banks 9.63• State Bank of India Banks 7.51• NTPc Ltd. Power 7.00• HDFc Bank Ltd. Banks 6.71• Infosys Ltd. Software 6.32• Larsen and Toubro Ltd. construction Project 6.09• Reliance Industries Ltd. Petroleum Products 5.67• Bharat Petroleum

corporation Ltd. Petroleum Products 5.47• ITc Ltd. consumer Non Durables 3.96• GAIL (India) Ltd. Gas 3.51Axis Bank Ltd. Banks 2.98Tata Steel Ltd. Ferrous Metals 2.79Vedanta Ltd. Non - Ferrous Metals 2.26cipla Ltd. Pharmaceuticals 2.13Power Grid corporation of India Ltd. Power 2.12NHPc Ltd. Power 2.02Bharti Airtel Ltd. Telecom - Services 1.86Oracle Financial Services Software Ltd. Software 1.66Solar Industries India Ltd. chemicals 1.27Bharat electronics Ltd. Industrial capital Goods 1.20L&T Technology Services Ltd. Software 1.15coal India Ltd. Minerals/Mining 1.12Mahanagar Gas Ltd. Gas 0.93Kalpataru Power Transmission Ltd. Power 0.92InterGlobe Aviation Ltd. Transportation 0.91Gujarat Pipavav Port Ltd. Transportation 0.87Tata Motors Ltd. DVR Auto 0.84Hindustan Petroleum corporation Ltd. Petroleum Products 0.74Tata Motors Ltd. Auto 0.72Max Financial Services Ltd. Finance 0.68Aurobindo Pharma Ltd. Pharmaceuticals 0.61Shriram Transport Finance company Ltd. Finance 0.56Sadbhav engineering Ltd. construction Project 0.51Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.50BeML Ltd. Industrial capital Goods 0.46eclerx Services Ltd. Software 0.37


Bharat Heavy electricals Ltd. Industrial capital Goods 0.33Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.22Hindustan construction company Ltd. construction Project 0.21ITD cementation India Ltd. construction 0.16Persistent Systems Ltd. Software 0.14Dynamatic Technologies Ltd. Auto Ancillaries 0.13Somany Home Innovation Ltd. construction 0.13Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) construction Project 0.12cG Power and Industrial Solutions Ltd. Industrial capital Goods 0.08MPS Ltd. Software 0.04HSIL Ltd. construction 0.03Siti Networks Ltd. Media & entertainment 0.01Sub Total 95.65cash, cash Equivalents and Net current Assets 4.35Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.010.130.321.121.241.271.561.781.862.072.262.793.463.964.44

6.939.68

11.8812.06

26.83

0 5 10 15 20 25 30

Media & EntertainmentAuto Ancillaries

ConstructionMinerals/Mining

FinanceChemicals

AutoTransportation

Telecom - ServicesIndustrial Capital Goods


PharmaceuticalsConsumer Non Durables

GasConstruction Project

SoftwarePetroleum Products

PowerBanks

January 2020 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 126.015Direct Plan 133.482



qUANTiTATiVE DATA

Portfolio Turnover Ratio (Last 1 year) 2.73%Average Maturity * 3.01 yearsMacaulay Duration * 2.51 yearsModified Duration * 2.35 yearsYield to Maturity * 6.96%* computed on the invested amount for debt portfolio.





EXiT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan.



lOCK-iN PERiOD

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

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

(¥) Dedicated Fund Manager for Overseas Investments:Mr. chirag Dagli (since July 22, 2019) (Total Experience: Over 18 years).(Ω) Eligibility (of Unit holder) : children less than 18 years of age as on the date of investment by the Investor / Applicant are eligible as Unit holders in the Scheme. (π) Personal Accident Insurance cover for Parent / Legal Guardian (upto the age of 80 years) of the Unit holder, equivalent to 10 times the cost value of the outstanding Units held by the Unit holder under all the applications / account statements / folios, subject to a maximum amount of ` 10 lakhs per Unit holder. The insurance premium in respect of the personal accident insurance cover will be borne by the AMc. This accident insurance cover is subject to conditions of the group personal accident insurance policy.


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









Larsen and Toubro Ltd. construction Project 2.72

NIIT Technologies Ltd. Software 2.34


cholamandalam Investment & Finance Finance 1.63

Britannia Industries Ltd. consumer Non Durables 1.62


Hexaware Technologies Ltd. Software 1.27


Voltas Ltd. consumer Durables 1.10




Finolex Industries Ltd. Industrial Products 0.93


Motherson Sumi Systems Ltd. Auto Ancillaries 0.88

Supreme Industries Ltd. Industrial Products 0.88

AIA engineering Ltd. Industrial Products 0.86



Larsen & Toubro Infotech Ltd. Software 0.81


Ipca Laboratories Ltd. Pharmaceuticals 0.80

Schaeffler India Ltd. Industrial Products 0.80


VST Industries Ltd. consumer Non Durables 0.72

century Plyboards (India) Ltd. consumer Durables 0.70

Indian Hotels company Ltd. Hotels/Resorts & Other Recreational Activities 0.69


PNc Infratech Ltd. construction 0.69

Mahindra Holidays & Resorts Ind Ltd.



Sonata Software Ltd. Software 0.65


cholamandalam Financial Holdings Ltd. Finance 0.57

Blue Star Ltd. consumer Durables 0.52


Apollo Tyres Ltd. Auto Ancillaries 0.47

eIH Ltd. Hotels/Resorts & Other Recreational Activities 0.44

Vesuvius India Ltd. Industrial Products 0.43

Swaraj engines Ltd. Industrial Products 0.42



Prince Pipes and Fittings Ltd. Industrial Products 0.38

IFB Industries Ltd. consumer Durables 0.34

Navneet education Ltd. Media & entertainment 0.33

Nilkamal Ltd. Industrial Products 0.26

V.S.T Tillers Tractors Ltd. Auto 0.24

Indian Bank Banks 0.23



eclerx Services Ltd. Software 0.15


Jyoti Structures Ltd. Power @

Sub Total 64.99

DEBT & DEBT RElATED










PORTFOLIO

26 January 2020


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


Mkt Value As on January 31, 2020 (` ‘000) $ 11,616.74 5,610.11 2,353.47 751.90 398.61 125.73

Returns (%) $ 15.24 13.91 12.92 8.96 6.72 8.94

Benchmark Returns (%) # N.A. 10.74 10.42 9.86 9.21 9.09


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(`)##

Jan 31, 19 Last 1 Year 9.00 11.76 11.84 10,900 11,176 11,184

Jan 31, 17 Last 3 Years 10.43 11.18 13.29 13,466 13,744 14,540

Jan 30, 15 Last 5 Years 8.33 7.97 7.67 14,924 14,682 14,476

Mar 02, 01 Since Inception 15.92 N.A. 14.02 163,820 N.A. 119,933

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. 60.


equity 64.99

G-Sec 5.77

credit Exposure 23.47




l capital appreciation over long term.

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

Riskometer





equity 64.99

Sovereign 5.77

AAA/AAA(SO)/A1+/A1+(SO) & equivalent 16.91

AA+ 6.56


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



Sub Total 5.77

CREDiT EXPOSURE

• Housing Development Finance corporation Ltd.£ cRISIL - AAA 5.61

• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA 3.25

• Axis Bank Ltd. cRISIL - AA+ 3.18

• Reliance Industries Ltd. cRISIL - AAA 3.18

• Bank of Baroda cRISIL - AA+ 3.03

LIc Housing Finance Ltd. cRISIL - AAA 1.61


L&T Infrastructure Finance Ltd. cRISIL - AAA 1.26

State Bank of India cRISIL - AA+ / cRISIL - AAA 1.17

Tata Sons Ltd. cRISIL - AAA 1.16

Britannia Industries Ltd. cRISIL - AAA 0.02

Sub Total 23.47

Total 29.24


Grand Total 100.00

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

PORTFOLIOIndustry Allocation of Equity Holding (% of Net Assets)

0.24

0.40

0.47

0.50

0.69

0.94

1.00

1.14

1.54

1.70

1.81

2.34

2.66

2.74

2.89

5.91

6.44

8.45

9.57

13.56

0 2 4 6 8 10 121416

Auto


Media & Entertainment

Ferrous Metals

Construction

Power

Pesticides


Telecom - Services

Pharmaceuticals

Hotels, Resorts & Other Recreational Activities


Consumer Durables

Auto Ancillaries


Petroleum Products

Industrial Products

Finance

Software

Banks

January 2020 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 6.43%





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 (`)#


(`)##

Jan 31, 19 Last 1 Year 7.63 10.83 11.84 10,763 11,083 11,184Jan 31, 17 Last 3 Years 9.46 11.53 13.29 13,116 13,875 14,540Feb 25, 16 Since Inception 15.22 15.80 16.26 17,458 17,808 18,089

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of 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. 67.


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 7.01• IcIcI Bank Ltd. Banks 5.74• Reliance Industries Ltd. Petroleum Products 5.69• Housing Development

Finance corporation Ltd.£ Finance 5.22• Infosys Ltd. Software 4.30• Larsen and Toubro Ltd. construction Project 3.13• Timken India Ltd. Industrial Products 2.25Whirlpool of India Ltd. consumer Durables 1.97Aarti Industries Ltd. chemicals 1.88State Bank of India Banks 1.81Voltamp Transformers Ltd. Industrial capital Goods 1.80KEc International Ltd. construction Project 1.78Mahindra Holidays & Resorts Ind Ltd.


Balkrishna Industries Ltd. Auto Ancillaries 1.49chambal Fertilizers & chemicals Ltd. Fertilisers 1.46NIIT Technologies Ltd. Software 1.44Redington (India) Ltd. Transportation 1.31Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 1.30Tamilnadu Newsprint & Papers Ltd. Paper 1.30Aurobindo Pharma Ltd. Pharmaceuticals 1.24Atul Ltd. chemicals 1.23Axis Bank Ltd. Banks 1.23carborundum Universal Ltd. Industrial Products 1.23Bajaj electricals Ltd. consumer Durables 1.17Kalpataru Power Transmission Ltd. Power 1.17Blue Star Ltd. consumer Durables 1.15cholamandalam Investment & Finance Finance 1.12Hexaware Technologies Ltd. Software 1.12KeI Industries Ltd. Industrial Products 1.12Power Grid corporation of India Ltd. Power 1.10Nilkamal Ltd. Industrial Products 1.05Hindustan Petroleum corporation Ltd. Petroleum Products 1.02eIH Ltd. Hotels/Resorts & Other

Recreational Activities 0.98Finolex Industries Ltd. Industrial Products 0.91UPL Ltd. Pesticides 0.90SKF India Ltd. Industrial Products 0.88Voltas Ltd. consumer Durables 0.81Tata Steel Ltd. Ferrous Metals 0.76Tata Metaliks Ltd. Ferrous Metals 0.75Great eastern Shipping company Ltd. Transportation 0.70Oriental carbon & chemicals Ltd. chemicals 0.64Sharda cropchem Ltd. Pesticides 0.62T. V. Today Network Ltd. Media & entertainment 0.61IFB Industries Ltd. consumer Durables 0.60Jagran Prakashan Ltd. Media & entertainment 0.60Indusind Bank Ltd. Banks 0.57Tube Investments of India Ltd. Auto Ancillaries 0.57Vedanta Ltd. Non - Ferrous Metals 0.41

Company Industry+ / Rating % to NAVGNA Axles Ltd. Auto Ancillaries 0.35Tata Motors Ltd. DVR Auto 0.34Zensar Technologies Ltd. Software 0.30Apar Industries Ltd. Industrial capital Goods 0.27Greenply Industries Ltd. consumer Durables 0.22Yes Bank Ltd. Banks 0.10cG Power and Industrial Solutions Ltd. Industrial capital Goods 0.05Arti Surfactants Ltd. chemicals 0.04Sub Total 80.31DEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)• 6.79 GOI 2029 Sovereign 2.827.59 GOI 2026 Sovereign 1.78Sub Total 4.60CREDiT EXPOSURE • Power Finance corporation Ltd. cRISIL - AAA 3.04• Housing and Urban Development corporation Ltd. cARE - AAA 3.02Vedanta Ltd. cRISIL - AA 2.05L&T Infrastructure Finance Ltd. cRISIL - AAA 1.26Shriram Transport Finance company Ltd. cRISIL - AA+ 0.94Syndicate Bank cARE - A+ 0.41Union Bank of India cARE - AA- 0.34Sub Total 11.06Total 15.66cash, cash Equivalents and Net current Assets 4.03Grand Total 100.00• Top Ten Holdings, £ co-sponsor

PORTFOLIO


0.340.411.211.241.301.461.511.522.012.122.272.41

3.783.794.915.926.346.717.167.44

16.46

0 2 4 6 8 1012141618

AutoNon - Ferrous Metals

Media & EntertainmentPharmaceuticals

PaperFertilisers

Ferrous MetalsPesticides

TransportationIndustrial Capital Goods

PowerAuto Ancillaries

Hotels, Resorts & Other Recreational ActivitiesChemicals

Construction ProjectConsumer Durables

FinancePetroleum Products

SoftwareIndustrial Products

Banks


Since Inception SIP 3 Year SIP 1 Year SIP

Total Amount Invested (` ‘000) 480.00 360.00 120.00 Mkt Value As on January 31, 2020 (` ‘000) 562.99 387.49 125.12 Returns (%) 7.93 4.83 7.97 Benchmark Returns (%) # 9.45 6.87 9.53 Additional Benchmark Returns (%) ## 11.19 9.32 8.52


28 January 2020


[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 2.11

NIIT Technologies Ltd. Software 1.91

Timken India Ltd. Industrial Products 1.79

Whirlpool of India Ltd. consumer Durables 1.60

Aarti Industries Ltd. chemicals 1.50

Voltamp Transformers Ltd. Industrial capital Goods 1.40


chambal Fertilizers &

chemicals Ltd. Fertilisers 1.29


Power Grid corporation of

India Ltd. Power 1.21

Nilkamal Ltd. Industrial Products 1.14

Sonata Software Ltd. Software 1.13

Redington (India) Ltd. Transportation 1.07

Vesuvius India Ltd. Industrial Products 1.07


Blue Star Ltd. consumer Durables 1.05

cholamandalam Investment

& Finance Finance 1.02


Mahindra Holidays & Resorts

Ind Ltd.

Hotels/Resorts & Other

Recreational Activities 0.99


Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 0.97

Tamilnadu Newsprint &

Papers Ltd. Paper 0.97


Hindustan Petroleum

corporation Ltd. Petroleum Products 0.85

Bajaj electricals Ltd. consumer Durables 0.82

Kalpataru Power

Transmission Ltd. Power 0.74

crompton Greaves consumer

elec. Ltd. consumer Durables 0.73


Oriental carbon & chemicals Ltd. chemicals 0.58

Company Industry+ / Rating % to

NAV


Voltas Ltd. consumer Durables 0.51

NRB Bearing Ltd. Industrial Products 0.50


cholamandalam Financial

Holdings Ltd. Finance 0.47



Shaily engineering Plastics Ltd. Industrial Products 0.38



Shree Pushkar chemicals &

Fertilisers Ltd. chemicals 0.27



Tata Motors Ltd. DVR Auto 0.23




Arti Surfactants Ltd. chemicals 0.03

Sub Total 64.97

DEBT & DEBT RElATED


• 7.57 GOI 2033 Sovereign 3.38


Sub Total 4.19

CREDiT EXPOSURE




Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cRISIL - AAA 2.64


State Bank of India cRISIL - AA+ 2.22

Power Grid corporation of

India Ltd. cRISIL - AAA 1.33


Reliance Jio Infocomm Ltd. cRISIL - AAA 0.68

Sub Total 27.68

Total 31.87


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 7.41%Average Maturity * 6.36 yearsMacaulay Duration * 4.56 yearsModified Duration * 4.26 yearsYield to Maturity * 7.76%* 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).


January 2020 29


n equity 64.97

n G-Sec 4.19




n equity 64.97n Sovereign 4.19n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 20.67n AA+ 2.22n AA/AA- 3.87n A+ & Below 0.92n cash, cash Equivalents and Net

current Assets 3.16



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

Riskometer





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 8.89 11.76 11.84 10,889 11,176 11,184

Jan 31, 17 Last 3 Years 10.09 11.18 13.29 13,343 13,744 14,540

Feb 25, 16 Since Inception 15.16 13.77 16.26 17,424 16,612 18,089

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of 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. 67.


[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)


0.230.250.310.570.710.971.071.291.361.601.951.962.383.10

4.384.715.365.486.34

7.4613.49

0 2 4 6 8 10121416

AutoNon - Ferrous Metals

Media & EntertainmentFerrous Metals

PesticidesPaper

TransportationFertilisers

Auto AncillariesIndustrial Capital Goods

PowerHotels, Resorts & Other Recreational Activities

ChemicalsPharmaceuticals

Construction ProjectConsumer Durables

FinancePetroleum ProductsIndustrial Products

SoftwareBanks

.....Contd from previous page



Total Amount Invested (` ‘000) 480.00 360.00 120.00

Mkt Value As on January 31, 2020 (` ‘000) 577.79 399.39 125.74

Returns (%) 9.24 6.86 8.95

Benchmark Returns (%) # 10.27 9.21 9.09

Additional Benchmark Returns (%) ## 11.19 9.32 8.52


30 January 2020


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 JANUARY 31, 2020) NAV PER UNIT (`)Regular Plan 13.8784Direct Plan 14.6956


qUANTiTATiVE DATAAverage Maturity * 5.71 yearsMacaulay Duration * 4.29 yearsModified Duration * 4.05 yearsYield to Maturity * 7.99%* computed on the invested amount for debt portfolio.


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

EXiT lOADUpon completion of lock-in period: Nil

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

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

Mr. chirag Dagli (since July 22, 2019) (Total Experience: Over 18 years).



Returns (%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme

(`)Benchmark

(`)#Additional

Benchmark (`)##


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. 68.



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

Riskometer




n equity 16.02

n G-Sec 25.74




n equity 16.02n Sovereign 25.74n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 23.74n AA+ 9.28n AA/AA- 11.49n A+ & Below 8.79n cash, cash Equivalents and

Net current Assets 4.94

[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 1.66HDFc Bank Ltd. Banks 1.07NIIT Technologies Ltd. Software 0.92Aarti Industries Ltd. chemicals 0.82Reliance Industries Ltd. Petroleum Products 0.72Avanti Feeds Ltd. consumer Non Durables 0.64Larsen and Toubro Ltd. construction Project 0.58Infosys Ltd. Software 0.57Axis Bank Ltd. Banks 0.54Voltamp Transformers Ltd. Industrial capital Goods 0.49chambal Fertilizers & chemicals Ltd. Fertilisers 0.46Redington (India) Ltd. Transportation 0.44Blue Star Ltd. consumer Durables 0.41State Bank of India Banks 0.39carborundum Universal Ltd. Industrial Products 0.38Timken India Ltd. Industrial Products 0.38Tata Steel Ltd. Ferrous Metals 0.36Alkyl Amines chemicals Ltd. chemicals 0.34Mahindra Holidays & Resorts Ind Ltd.


Oriental carbon & chemicals Ltd. chemicals 0.33SKF India Ltd. Industrial Products 0.32Vesuvius India Ltd. Industrial Products 0.31Kalpataru Power Transmission Ltd. Power 0.29Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 0.28Bajaj electricals Ltd. consumer Durables 0.24Nilkamal Ltd. Industrial Products 0.24GNA Axles Ltd. Auto Ancillaries 0.23Hindustan Petroleum corporation Ltd. Petroleum Products 0.23Insecticides (India) Ltd. Pesticides 0.23Power Grid corporation of India Ltd. Power 0.22Tube Investments of India Ltd. Auto Ancillaries 0.20Zensar Technologies Ltd. Software 0.20NRB Bearing Ltd. Industrial Products 0.18Time Technoplast Ltd. Industrial Products 0.17

Company Industry+ / Rating % to NAVApar Industries Ltd. Industrial capital Goods 0.15Bank of Baroda Banks 0.15Poddar Pigments Ltd. chemicals 0.15Aurobindo Pharma Ltd. Pharmaceuticals 0.12Tamilnadu Newsprint & Papers Ltd. Paper 0.12Sadbhav engineering Ltd. construction Project 0.08Tata Motors Ltd. DVR Auto 0.05Arti Surfactants Ltd. chemicals 0.02Sub Total 16.02DEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)• 7.57 GOI 2033 Sovereign 10.04• 7.68 GOI 2023 Sovereign 9.35• 6.79 GOI 2029 Sovereign 6.35Sub Total 25.74CREDiT EXPOSURE • Vedanta Ltd. cRISIL - AA 8.95• Indian Railways Finance

corporation Ltd. cRISIL - AAA 6.73• Power Grid corporation of

India Ltd. cRISIL - AAA 6.59• Starlite Lighting Ltd.

(corporate Guarantee of Bajaj electrical Ltd.) IcRA - A-(cE) 6.17

• State Bank of India cRISIL - AA+ 5.82• Shriram Transport Finance

company Ltd. cRISIL - AA+ 3.46• Jamnagar Utilities & Power

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

L&T Infrastructure Finance Ltd. cRISIL - AAA 3.22Syndicate Bank cARE - A+ 2.62Reliance Jio Infocomm Ltd. cRISIL - AAA 2.56Union Bank of India cARE - AA- 2.54Power Finance corporation Ltd. cRISIL - AAA 1.37Sub Total 53.30Total 79.04cash, cash Equivalents and Net current Assets 4.94Grand Total 100.00• Top Ten Holdings

PORTFOLIO



Total Amount Invested (` ‘000) 480.00 360.00 120.00 Mkt Value As on January 31, 2020 (` ‘000) 550.15 395.22 125.50 Returns (%) 6.77 6.15 8.57 Benchmark Returns (%) # 8.69 8.75 9.71 Additional Benchmark Returns (%) ## 7.33 7.87 8.73


January 2020 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 8.90%Average Maturity * 1.98 yearsMacaulay Duration * 1.73 yearsModified Duration * 1.60 yearsYield to Maturity * 7.74%* 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) 1,850.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on January 31, 2020 (` ‘000) 3,828.65 3,644.30 1,848.75 717.14 385.39 122.68 Returns (%) 8.84 8.84 8.37 7.06 4.47 4.16 Benchmark Returns (%) # N.A. N.A. N.A. 7.98 7.77 8.03 Additional Benchmark Returns (%) ## 11.84 11.56 11.16 10.54 9.32 8.52

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 (`)##

Jan 31, 19 Last 1 Year 5.64 9.37 11.84 10,564 10,937 11,184Jan 31, 17 Last 3 Years 6.40 8.44 13.29 12,045 12,753 14,540Jan 30, 15 Last 5 Years 7.47 7.31 7.67 14,342 14,234 14,476Sep 17, 04 Since Inception 8.98 N.A. 14.81 37,528 N.A. 83,692

^^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. 68.^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 January 31, 2020 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 8.28 8.28

• State Bank of India Banks 4.33 0.46

• NTPc Ltd. Power 4.28 0.00

• Reliance Industries Ltd. Petroleum Products 4.27 1.78

• Infosys Ltd. Software 3.85 0.07

• HDFc Bank Ltd. Banks 3.78 0.76

• Larsen and Toubro Ltd. construction Project 3.65 0.27

• IcIcI Bank Ltd. Banks 3.61 0.00



Tata Steel Ltd. Ferrous Metals 2.24 1.68

Bajaj Finance Ltd. Finance 1.59 1.59

Axis Bank Ltd. Banks 1.54 0.99

Dr Reddys Laboratories Ltd. Pharmaceuticals 1.52 1.52

ITc Ltd. consumer Non Durables 1.43 0.16

GAIL (India) Ltd. Gas 1.40 0.00

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.38 1.38

Aurobindo Pharma Ltd. Pharmaceuticals 1.12 0.62

Vedanta Ltd. Non - Ferrous Metals 1.02 0.04

Tata Motors Ltd. Auto 1.00 0.66

PORTFOLIO


0.010.060.160.160.250.280.530.560.640.660.710.790.930.981.271.58

3.453.57

4.615.80

11.05

0 2 4 6 8 10 12

Media & EntertainmentCement

Auto AncillariesPesticides

FinanceMinerals/Mining

AutoFerrous Metals

ChemicalsConstruction

TransportationPharmaceuticals

Industrial Capital GoodsNon - Ferrous Metals

Consumer Non DurablesGas


SoftwarePowerBanks

32 January 2020

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 January 31, 2020 unless otherwise specified.

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



Titan company Ltd. consumer Durables 0.81 0.81

Bharat Petroleum corporation Ltd. Petroleum Products 0.77 0.02

Mahindra & Mahindra Ltd. Auto 0.77 0.77

JSW Steel Ltd. Ferrous Metals 0.69 0.69

Power Grid corporation of India Ltd. Power 0.69 0.00

Tata chemicals Ltd. chemicals 0.64 0.00

LIc Housing Finance Ltd. Finance 0.62 0.62

Dabur India Ltd. consumer Non Durables 0.61 0.61

L&T Technology Services Ltd. Software 0.60 0.00

Shriram Transport Finance company Ltd. Finance 0.58 0.58

Hindalco Industries Ltd. Non - Ferrous Metals 0.57 0.57

Gujarat Pipavav Port Ltd. Transportation 0.54 0.00

Mahindra & Mahindra Financial Services Ltd. Finance 0.50 0.50

Petronet LNG Ltd. Gas 0.50 0.50

JMc Projects (India) Ltd. construction 0.49 0.00

Grasim Industries Ltd. cement 0.47 0.47

Hindustan Unilever Ltd. consumer Non Durables 0.47 0.47

United Spirits Ltd. consumer Non Durables 0.44 0.44

NHPc Ltd. Power 0.38 0.00

Tata consultancy Services Ltd. Software 0.38 0.38

cESc Ltd. Power 0.37 0.00

centum Electronics Ltd. Industrial capital Goods 0.36 0.00

DLF Ltd. construction 0.35 0.35

Hero Motocorp Ltd. Auto 0.32 0.31

cipla Ltd. Pharmaceuticals 0.31 0.02

UPL Ltd. Pesticides 0.31 0.15

coal India Ltd. Minerals/Mining 0.28 0.00

The Federal Bank Ltd. Banks 0.27 0.27

Asian Paints Ltd. consumer Non Durables 0.25 0.25

HcL Technologies Ltd. Software 0.25 0.25

Power Finance corporation Ltd. Finance 0.25 0.00

Texmaco Rail & engineering Ltd. Industrial capital Goods 0.25 0.00

Newgen Software Technologies Ltd. Software 0.23 0.00

EScORTS Ltd. Auto 0.22 0.22

Hindustan Petroleum corporation Ltd. Petroleum Products 0.21 0.00

Adani Power (Mundra) Ltd. (Secured by Shares of Adani Port & SeZ Ltd.) Power 0.20 0.20

Jindal Steel & Power Ltd. Ferrous Metals 0.20 0.20

Mahanagar Gas Ltd. Gas 0.20 0.02

Ashoka Buildcon Ltd. construction Project 0.19 0.00

Ambuja cements Ltd. cement 0.18 0.18

Tata Motors Ltd. DVR Auto 0.18 0.00

container corporation of India Ltd. Transportation 0.17 0.00

Apollo Tyres Ltd. Auto Ancillaries 0.16 0.00

cadila Healthcare Ltd. Pharmaceuticals 0.15 0.15

Max Financial Services Ltd. Finance 0.15 0.15

Titagarh Wagons Ltd. Industrial capital Goods 0.15 0.00

ITD cementation India Ltd. construction 0.14 0.00

BeML Ltd. Industrial capital Goods 0.12 0.00

equitas Holdings Ltd. Finance 0.10 0.10

Nestle India Ltd. consumer Non Durables 0.10 0.10



Kalpataru Power Transmission Ltd. Power 0.08 0.00

Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.07 0.07

UltraTech cement Ltd. cement 0.07 0.07

Bharti Airtel Ltd. Telecom - Services 0.06 0.06

Orient cement Ltd. cement 0.06 0.00

Tech Mahindra Ltd. Software 0.06 0.06

United Breweries Ltd. consumer Non Durables 0.06 0.06

Bharat electronics Ltd. Industrial capital Goods 0.05 0.00

Pidilite Industries Ltd. chemicals 0.05 0.05

Bajaj Finserv Ltd. Finance 0.04 0.04

Acc Ltd. cement 0.03 0.03

Bosch Ltd. Auto Ancillaries 0.03 0.03

NBcc (India) Ltd. construction 0.03 0.00

S chand and company Ltd. Media & entertainment 0.01 0.00

eclerx Services Ltd. Software @

MPS Ltd. Software @

Torrent Power Ltd. Power @Sub Total 69.13

Preference Shares

Zee entertainment enterprises Ltd. Media & entertainment @

Sub Total @

Total 69.13

DEBT & DEBT RElATED



Sub Total 1.72

CREDiT EXPOSURE

• Punjab National Bank IND - A 4.89

• State Bank of India cARE - AA+ / cRISIL - AA+ 3.88

HDFc Bank Ltd. cARE - AA+ 2.49


Union Bank of India cARE - AA- / IND - AA 1.32

Rural Electrification corporation Ltd. cRISIL - AAA 1.22

Vedanta Ltd. cRISIL - AA 1.20

Reliance Jio Infocomm Ltd. IcRA - AAA 0.61


Aarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) 0.26

Bank of Baroda cARE - AA 0.24

JM Financial Asset Reconstruction co. IcRA - AA- 0.02

Sub Total 18.79

Total 20.51

Short Term Deposits as margin for Futures & Options 7.20


Grand Total 100.00

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

Outstanding exposure in derivative instruments (` in crore) 1,298.62

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 31.16

PORTFOLIO

January 2020 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


Regular Plan - Growth Option 47.7683Regular Plan - Monthly Dividend Option 12.6121Regular Plan - quarterly Dividend Option 13.3633Direct Plan - Growth Option 49.5125Direct Plan - Monthly Dividend Option 13.2612Direct Plan - quarterly Dividend Option 14.0446



qUANTiTATiVE DATA

Average Maturity * 5.33 yearsMacaulay Duration * 4.10 yearsModified Duration * 3.81 yearsYield to Maturity * 7.90%* 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 January 31, 2020 unless otherwise specified.



Infosys Ltd. Software 2.29


IcIcI Bank Ltd. Banks 1.88

IRB Infrastructure Developers Ltd. construction 1.62

Larsen and Toubro Ltd. construction Project 1.47

ITc Ltd. consumer Non Durables 1.19




chambal Fertilizers & chemicals Ltd. Fertilisers 0.97


Reliance Industries Ltd. Petroleum Products 0.79



HDFc Bank Ltd. Banks 0.53


NHPc Ltd. Power 0.53









Syndicate Bank Banks 0.26



Mishra Dhatu Nigam Ltd. Ferrous Metals 0.21


Union Bank of India Banks 0.18



Elecon Engineering comapny Ltd. Industrial capital Goods 0.02



Tata Motors Ltd. DVR Auto @

Sub Total 24.45

DEBT & DEBT RElATED









GOI 2023 Sovereign 0.28

8.10% Tamil Nadu SDL - Mat 110325 Sovereign 0.10



Sub Total 6.79

CREDiT EXPOSURE

• Rural Electrification corporation Ltd. cRISIL - AAA 5.00




• Indian Railways Finance corporation Ltd. cARE - AAA / cRISIL - AAA 3.94

• Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cRISIL - AAA 3.49

• First Business Receivables Trust (PTc banked by receivables from Reliance corporate IT Park Ltd.) cRISIL - AAA(SO) 3.07


• Shriram Transport Finance company Ltd. cRISIL - AA+ 2.47

• LIc Housing Finance Ltd. cRISIL - AAA 2.40


State Bank of India cRISIL - AA+ / cRISIL - AAA 2.22


Housing and Urban Development corporation Ltd. cARE - AAA 1.90

Tata Realty and Infrastructure Ltd. cRISIL - AA 1.90

National Highways Authority of India cRISIL - AAA 1.86


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

PORTFOLIO

34 January 2020



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 January 31, 2020 (` ‘000) 4,426.43 3,786.91 1,850.80 706.18 390.35 124.52

Returns (%) 9.49 9.30 8.39 6.45 5.32 7.03

Benchmark Returns (%) # 8.82 8.88 8.96 8.58 8.75 9.71





(%)

Benchmark Returns

(%)#


Returns (%) ##



Additional Benchmark (`)##

Jan 31, 19 Last 1 Year 7.60 11.32 10.84 10,760 11,132 11,084

Jan 31, 17 Last 3 Years 5.32 7.87 5.04 11,681 12,552 11,589

Jan 30, 15 Last 5 Years 6.45 8.03 7.33 13,671 14,721 14,247


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. 68.


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 24.45

n G-Sec, SDL 6.79







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


canara Bank IcRA - AA- 1.80

NTPc Ltd. cRISIL - AAA 1.79


The Tata Power company Ltd. cRISIL - AA- 1.30

Andhra Pradesh expressway Ltd. (NHAI Annuity) IcRA - AAA(SO) 1.24

Power Grid corporation of India Ltd. cRISIL - AAA 1.15



coastal Gujarat Power Ltd. (corporate Guarantee of Tata Power) cARE - AA(SO) 0.85

Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - D 0.74


Shriram city Union Finance Ltd. cARE - AA+ 0.47


Volkswagen Finance Private Ltd. IND - AAA 0.36

Aurous Trust (PTc of pools from IIFL Finance Ltd.) IcRA - A1+(SO) 0.27

Tata Steel Ltd. cARE - AA / cARE - AA- 0.23

Tata Motors Ltd. cARE - AA- 0.09

Bharati Telecom Ltd. cRISIL - AA+ 0.06

Sub Total 65.42

Total 72.21


Grand Total 100.00


PORTFOLIO

January 2020 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 22.546Regular Plan - Dividend Option 16.746Regular Plan - Quarterly Dividend Option 16.019Direct Plan - Growth Option 23.375Direct Plan - Quarterly Dividend Option 17.714

Wholesale PlanRegular Plan - Growth Option 23.062Regular Plan - Dividend Option 10.405Regular Plan - Monthly Dividend Option 10.866Direct Plan - Growth Option 14.747Direct Plan - Dividend Option 10.781Direct Plan - Monthly Dividend Option 10.487



qUANTiTATiVE DATA

Portfolio Turnover Ratio 85.61%Average Maturity * 234 daysMacaulay Duration * 229 daysModified Duration * 201 daysYield to Maturity * 6.48%* 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• Reliance Industries Ltd. Petroleum Products 7.15• Housing Development

Finance corporation Ltd.£ Finance 6.32• Tata consultancy Services Ltd. Software 3.16• Sun Pharmaceutical

Industries Ltd. Pharmaceuticals 3.00• Maruti Suzuki India Ltd. Auto 2.72• ITc Ltd. consumer Non Durables 2.58• Hindustan Unilever Ltd. consumer Non Durables 2.42IcIcI Bank Ltd. Banks 2.11Mahindra & Mahindra Ltd. Auto 2.00Axis Bank Ltd. Banks 1.98Aurobindo Pharma Ltd. Pharmaceuticals 1.87Larsen and Toubro Ltd. construction Project 1.66Hero Motocorp Ltd. Auto 1.45State Bank of India Banks 1.42Grasim Industries Ltd. cement 1.39UltraTech cement Ltd. cement 1.34Titan company Ltd. consumer Durables 1.18Dr Reddys Laboratories Ltd. Pharmaceuticals 1.16HcL Technologies Ltd. Software 1.14Asian Paints Ltd. consumer Non Durables 0.94Indusind Bank Ltd. Banks 0.90Tech Mahindra Ltd. Software 0.86Bharti Airtel Ltd. Telecom - Services 0.85Adani Ports & Special economic Zone Transportation 0.78colgate-Palmolive (I) Ltd. consumer Non Durables 0.73Kotak Mahindra Bank Ltd. Banks 0.70Bajaj Auto Ltd. Auto 0.68Bajaj Finance Ltd. Finance 0.62Hindalco Industries Ltd. Non - Ferrous Metals 0.62Marico Ltd. consumer Non Durables 0.62Infosys Ltd. Software 0.61HDFc Bank Ltd. Banks 0.56Nestle India Ltd. consumer Non Durables 0.54United Spirits Ltd. consumer Non Durables 0.54UPL Ltd. Pesticides 0.53Shriram Transport Finance company Ltd. Finance 0.46Mahindra & Mahindra Financial Services Ltd. Finance 0.41LIc Housing Finance Ltd. Finance 0.40Divis Laboratories Ltd. Pharmaceuticals 0.39Lupin Ltd. Pharmaceuticals 0.39cipla Ltd. Pharmaceuticals 0.36Britannia Industries Ltd. consumer Non Durables 0.33Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.33Acc Ltd. cement 0.30Ambuja cements Ltd. cement 0.29Ncc Ltd. construction Project 0.28The Federal Bank Ltd. Banks 0.27Mahanagar Gas Ltd. Gas 0.26Pidilite Industries Ltd. chemicals 0.26GAIL (India) Ltd. Gas 0.25Dabur India Ltd. consumer Non Durables 0.24Godrej consumer Products Ltd. consumer Non Durables 0.24Adani enterprises Ltd. Trading 0.21Petronet LNG Ltd. Gas 0.21JSW Steel Ltd. Ferrous Metals 0.19Hindustan Petroleum corporation Ltd. Petroleum Products 0.18The Tata Power company Ltd. Power 0.18eicher Motors Ltd. Auto 0.17Tata Steel Ltd. Ferrous Metals 0.17


Vedanta Ltd. Non - Ferrous Metals 0.16Zee entertainment enterprises Ltd. Media & entertainment 0.16Voltas Ltd. consumer Durables 0.15Bajaj Finserv Ltd. Finance 0.11canara Bank Banks 0.11InterGlobe Aviation Ltd. Transportation 0.08cholamandalam Investment & Finance Finance 0.07Max Financial Services Ltd. Finance 0.07Siemens Ltd. Industrial capital Goods 0.07Jindal Steel & Power Ltd. Ferrous Metals 0.06Muthoot Finance Ltd. Finance 0.06SRF Ltd. Textile Products 0.06Tata chemicals Ltd. chemicals 0.06Bharat Heavy electricals Ltd. Industrial capital Goods 0.05equitas Holdings Ltd. Finance 0.05Punjab National Bank Banks 0.05United Breweries Ltd. consumer Non Durables 0.05DLF Ltd. construction 0.04exide Industries Ltd. Auto Ancillaries 0.04Sun TV Network Ltd. Media & entertainment 0.04century Textiles & Industries Ltd. Paper 0.03Apollo Hospitals enterprise Ltd. Healthcare Services 0.02container corporation of India Ltd. Transportation 0.02cadila Healthcare Ltd. Pharmaceuticals 0.01Havells India Ltd. consumer Durables 0.01NTPc Ltd. Power 0.01Motherson Sumi Systems Ltd. Auto Ancillaries @Sub Total 65.54DEBT & DEBT RElATEDCREDiT EXPOSURE • Housing Development

Finance corporation Ltd.£ cRISIL - AAA 5.11• LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 2.64• Aditya Birla Finance Ltd. IcRA - AAA 2.62Tata capital Financial Services Ltd. IcRA - AAA 1.50Punjab National Bank IND - A 1.19Vedanta Ltd. cRISIL - AA 0.75Syndicate Bank cARE - A+ 0.38Rural electrification corporation Ltd. cRISIL - AAA 0.37Small Industries Development Bank cARE - AAA 0.37Andhra Bank cARE - A+ 0.32Power Finance corporation Ltd. cRISIL - AAA 0.22cholamandalam Investment & Finance IcRA - AA+ 0.15IcIcI Bank Ltd. cARE - AA+ 0.03Sub Total 15.65MONEY MARKET INSTRUMENTSCD/CPAxis Bank Ltd. cRISIL - A1+ 1.42National Bank for Agriculture & Rural Development cRISIL - A1+ 0.37Sub Total 1.79Short Term Deposits as margin for Futures & Options 14.34cash, cash Equivalents and Net current Assets 2.68Grand Total 100.00


Outstanding exposure in derivative instruments (` in crore) 4,403.99

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 65.75

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

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

36 January 2020


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 January 31, 2020 unless otherwise specified.

PERFORMANCE ^ - Wholesale Plan - Regular plan - growth Option


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 31, 19 Last 1 Year 6.04 6.62 11.84 10,604 10,662 11,184Jan 31, 17 Last 3 Years 5.74 5.27 13.29 11,824 11,666 14,540Jan 30, 15 Last 5 Years 6.20 5.92 7.67 13,513 13,339 14,476Oct 23, 07 Since Inception 7.04 N.A. 7.84 23,062 N.A. 25,270

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. 62.



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




n equity 65.54

n cD 1.79



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


0.020.030.040.040.060.120.190.200.210.320.420.530.720.780.850.88

1.341.94

3.325.77

7.027.337.51

8.108.57

9.23

0 1 2 3 4 5 6 7 8 9 10

Healthcare ServicesPaper

Auto AncillariesConstruction

Textile ProductsIndustrial Capital Goods

PowerMedia & Entertainment

TradingChemicals

Ferrous MetalsPesticides

GasNon - Ferrous Metals

Telecom - ServicesTransportation

Consumer DurablesConstruction Project

CementSoftware

AutoPetroleum Products

PharmaceuticalsBanks

FinanceConsumer Non Durables

January 2020 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 22.4644Regular Plan - Dividend Option 15.2790Regular Plan - quarterly Dividend Option 10.3991Direct Plan - Growth Option 22.6252Direct Plan - Dividend Option 15.5288Direct Plan - quarterly Dividend Option 10.3487



qUANTiTATiVE DATA

Average Maturity * 4.18 yearsMacaulay Duration * 3.29 yearsModified Duration * 3.10 yearsYield to Maturity * 6.89%* computed on the invested amount.



#BENCHMARK iNDEX: NIFTY corporate Bond Index


EXiT lOAD

Nil

PLANS & OPTIONS

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


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




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##


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. 62.

Face Value per Unit: ` 10 unless otherwise specified, cD - certificate of Deposit; cP - commercial Papers, Data is as of January 31, 2020 unless otherwise specified.


l income over short to medium term

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

Riskometer

Investors understand that their principal will be at moderate risk


Issuer Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)• 7.59 GOI 2026 Sovereign 5.84• 6.79 GOI 2027 Sovereign 4.216.79 GOI 2029 Sovereign 1.197.17 GOI 2028 Sovereign 1.027.72 GOI 2025 Sovereign 0.848.28 GOI 2027 Sovereign 0.437.42% Maharashtra SDL - Mat 110522 Sovereign 0.418.21% Haryana SDL (UDAY) - Mat 310323 Sovereign 0.377.77% Tamil Nadu SDL UDAY - Mat 220223 Sovereign 0.337.27 GOI 2026 Sovereign 0.258.33 GOI 2026 Sovereign 0.228.15 GOI 2026 Sovereign 0.217.68 GOI 2023 Sovereign 0.01Sub Total 15.33CREDiT EXPOSURE • LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 8.42• Housing Development

Finance corporation Ltd.£ cRISIL - AAA 8.12• Rural Electrification

corporation Ltd. cRISIL - AAA / IND - AAA 7.03• Reliance Industries Ltd. cRISIL - AAA / IcRA - AAA 6.45• Power Finance corporation Ltd. cARE - AAA / cRISIL -

AAA / IcRA - AAA 4.88• National Highways Authority

of India cARE - AAA / cRISIL - AAA 4.52• State Bank of India cRISIL - AAA 4.20• HDB Financial Services Ltd. cARE - AAA / cRISIL - AAA 3.71National Bank for Agriculture & Rural Development cRISIL - AAA 3.31Indian Railways Finance corporation Ltd.

cARE - AAA / cRISIL - AAA 2.97

Power Grid corporation of India Ltd. cRISIL - AAA 2.94Reliance Jio Infocomm Ltd. cRISIL - AAA 2.59Bank of Baroda cARE - AAA 2.50Mangalore Refinery and Petrochemicals Ltd. cRISIL - AAA 2.38Mahindra & Mahindra Financial Services Ltd. IND - AAA 2.37

Issuer Rating % to NAV

Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) 2.11Bajaj Finance Ltd. cRISIL - AAA 1.88export - Import Bank of India cRISIL - AAA 1.47Food corporation of India (corporate guarantee from Govt of India) cRISIL - AAA(SO) 1.39NTPc Ltd. cRISIL - AAA 1.24TATA capital Housing Finance Ltd. cRISIL - AAA 0.80Larsen and Toubro Ltd. cRISIL - AAA 0.78Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cARE - AAA 0.75Nabha Power Ltd. (corporate Guarantee of L&T Ltd.) IcRA - AAA(SO) 0.61NHPc Ltd. cARE - AAA 0.42Andhra Pradesh expressway Ltd. (NHAI Annuity) IcRA - AAA(SO) 0.39Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cRISIL - AAA 0.37Small Industries Development Bank cARE - AAA 0.35Tata Sons Ltd. cRISIL - AAA 0.27Toyota Financial Services India Ltd. cRISIL - AAA 0.24Housing and Urban Development corporation Ltd. cARE - AAA 0.21Gujarat Road and Infrastructure company Ltd/ IcRA - AAA(SO) 0.20Kotak Mahindra Prime Ltd. cRISIL - AAA 0.20Sub Total 80.07Total 95.40MONEY MARKET INSTRUMENTSCD/CPNational Bank for Agriculture & Rural Development cRISIL - A1+ 0.59Tata Sons Ltd. cRISIL - A1+ 0.21Sub Total 0.80cash, cash Equivalents and Net current Assets 3.80

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 15.33

n cP 0.21

n cD 0.59




n Sovereign 15.33n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 80.87n cash, cash Equivalents and


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

PORTFOLIO

38 January 2020

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 16.3800Regular Plan - Dividend Option 15.0823Regular Plan - quarterly Dividend Option 10.3602Direct Plan - Growth Option 17.1523Direct Plan - Dividend Option 15.0353Direct Plan - quarterly Dividend Option 10.4813



qUANTiTATiVE DATA


#BENCHMARK iNDEX: NIFTY credit Risk Bond Index




EXiT lOAD

l In respect of each purchase / switch-in of Units, 15% of the units (“the limit”) may be redeemed without any exit Load from the date of allotment


n In respect of each purchase / switch-in of Units, an exit Load of 1.00% is payable if Units are redeemed / switched-out within 12 months from the date of allotment

n In respect of each purchase / switch-in of Units, an exit Load of 0.50% is payable if Units are redeemed / switched-out after 12 months but within 18 months from the date of allotment

l No exit Load is payable if Units are redeemed / switched-out after 18 months from the date of allotment


PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan: Growth, Quarterly Dividend and Normal Dividend. Both Dividend options offers Payout and Reinvestment facilities.






(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 31, 19 Last 1 Year 9.15 9.40 10.84 10,915 10,940 11,084Jan 31, 17 Last 3 Years 6.73 7.78 5.04 12,159 12,520 11,589Jan 30, 15 Last 5 Years 7.97 8.65 7.33 14,680 15,146 14,247Mar 25, 14 Since Inception 8.79 9.18 8.55 16,380 16,731 16,170

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. 61.


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 0.93

n cD 2.89



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 0.57

8.39% Rajasthan SDL - Mat 150322 Sovereign Sovereign 0.36

Sub Total 0.93

CREDiT EXPOSURE

• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA / IcRA - AAA cRISIL - AAA 5.97

• Vedanta Ltd. cRISIL - AA cRISIL - AA 5.50

• TATA International Ltd. cARE - A cARE - A 3.76

• Tata Steel Ltd. cARE - AA / cARE - AA- cARE - AA 3.65

• Rural Electrification corporation Ltd. cRISIL - AAA cRISIL - AAA 3.51

• The Tata Power company Ltd. cARE - AA / cRISIL - AA- cRISIL - AA- 3.40



• Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cARE - AAA / cRISIL - AAA cRISIL - AAA 3.18

• Punjab National Bank IND - A IND - A 3.15

• Muthoot Finance Ltd. cRISIL - AA / IcRA - AA IcRA - AA- 2.95

• Reliance Jio Infocomm Ltd. cRISIL - AAA cRISIL - AAA 2.67

Hindalco Industries Ltd. cRISIL - AA cRISIL - AA 2.61

Dilip Buildcon Ltd. cRISIL - A cRISIL - A 2.53

Talwandi Sabo Power Ltd. (corporate Guarantee of Vedanta Ltd.) cRISIL - AA(SO) IND - A+ 2.44

coastal Gujarat Power Ltd. (corporate Guarantee of Tata Power) cARE - AA(SO) cARE - AA(SO) 2.29

Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cRISIL - AAA cRISIL - AAA 2.20

Tata Sky Ltd. (Subsidiary of Tata Sons) cRISIL - AA cRISIL - AA 2.17

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

January 2020 39



Prism Johnson Ltd. IcRA - A- / IND - A IcRA - A- 2.03

HDFc Bank Ltd. cARE - AA+ cRISIL - AAA 1.96

LIc Housing Finance Ltd. cRISIL - AAA cRISIL - AAA 1.42

Bajaj electricals Ltd. IcRA - A- IcRA - A- 1.41

Shriram city Union Finance Ltd. cRISIL - AA cRISIL - AA 1.36

Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) cARE - A(SO) cARE - A(SO) 1.35

Shriram Transport Finance company Ltd. cARE - AA+ / cRISIL - AA+ / IND - AA+ cRISIL - AA+ 1.26

Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) IcRA - AAA(SO) 1.19

Tata Motors Ltd. cARE - AA- cRISIL - AA- 1.09

L&T Housing Finance Ltd. cARE - AAA / cRISIL - AAA cARE - AAA 1.05

JM Financial Asset Reconstruction co. IcRA - AA- cRISIL - AA- 0.98

KEc International Ltd. IcRA - AA- cARE - AA- 0.95

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

Syndicate Bank cARE - A+ cRISIL - AA 0.89

Indiabulls Housing Finance Ltd. cARE - AA+ / cRISIL - AA+ cRISIL - AA+ 0.86

L&T Infrastructure Finance Ltd. cRISIL - AAA cARE - AAA 0.86

SANSAR TRUST NOV 2018 (PTc of pools from Shriram Transport Finance company Ltd.) IcRA - AAA(SO) IcRA - AAA(SO) 0.86

Power Grid corporation of India Ltd. cRISIL - AAA cRISIL - AAA 0.83

GeRA Development Private Ltd. cARE - AA- cARE - AA- 0.82

Union Bank of India IND - AA cARE - AA- 0.82

Tata Motors Finance Ltd. cARE - AA- cRISIL - AA- 0.77

NTPc Ltd. cRISIL - AAA cRISIL - AAA 0.76

MFL Securitisation Trust LxxxI (PTc of pools from Magma Fincorp Ltd.) cRISIL - AAA(SO) cRISIL - AAA(SO) 0.72

TATA Housing Development co Ltd. IcRA - AA cARE - AA 0.70

Gateway Distriparks Ltd. IND - AA- IND - AA- 0.63

Tata Realty and Infrastructure Ltd. cRISIL - AA cRISIL - AA 0.55

Aarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.52

Aashman energy Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.52

Divyesh Power Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.52

elena Renewable energy Private Ltd.(Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.52

Housing Development Finance corporation Ltd.£ cRISIL - AAA cRISIL - AAA 0.52

Pratyash Renewable Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.52

SeI Baskara Power Private Ltd. (Greenko) cARE - AA-(SO) BRIcKWORKS - AA-(SO) 0.52

SeI enerstar Renewable energy Pvt Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.52

SeI Mihir energy Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.52

Shreyas Renewable energy Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.52

Zuvan energy Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.52

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 0.43



Travis March 2019 (Trust) (PTc of pools from Muthoot capital Services Ltd.) cRISIL - AA(SO) cRISIL - AA(SO) 0.43

India Infoline Finance Ltd. IcRA - AA cRISIL - AA 0.38

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

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

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

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

Simplex Infrastructures Ltd. cARE - D cARE - D 0.26

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

Inox Air Products Pvt. Ltd. cRISIL - AA cRISIL - AA 0.23

EcL Finance Ltd. cARE - AA- cARE - AA- 0.20

Poseidon 09 2019 (PTc of pools from Muthoot Fincorp Ltd.) cRISIL - A1+(SO) INTERNAL - AA-(SO) 0.20

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

Mobil Trust Series 01 (PTc of pools from Shriram city Union Finance Ltd.) cRISIL - AAA(SO) cRISIL - AAA(SO) 0.18

Kalpataru Power Transmission Ltd. cRISIL - AA cRISIL - AA 0.17

Aurous Trust (PTc of pools from IIFL Finance Ltd.) IcRA - A1+(SO) INTERNAL - AA(SO) 0.16

KKR India Financial Services Pvt Ltd. cRISIL - AA cRISIL - AA 0.16

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

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

Bank of Baroda cARE - AA- cRISIL - AAA 0.07

edisons Infrapower & Multiventures Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd. & Dish TV Ltd.) BRIcKWORKS - BB BRIcKWORKS - BB 0.03

Primat Infrapower & Multiventures Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd. & Dish TV Ltd.) BRIcKWORKS - BB BRIcKWORKS - BB 0.03

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

JM Financial credit Solutions Ltd. IcRA - AA cRISIL - AA 0.02

Arm Infra & Utilities Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd.) BRIcKWORKS - BB BRIcKWORKS - BB 0.01

Sub Total 90.17

TOTAL 91.10

MONEY MARKET INSTRUMENTS

CD/CP

The Federal Bank Ltd. cARE - A1+ / IND - A1+ cARE - AA- 1.72

IDFc First Bank Ltd. cRISIL - A1+ IcRA - AA 1.00

Oriental Bank of commerce cRISIL - A1+ cARE - A+ 0.17

Sub Total 2.89


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 January 31, 2020 unless otherwise specified.

[An open ended debt scheme predominantly investing in AA and below rated corporate bonds (excluding AA+ rated corporate bonds)] .....Contd from previous pageHDFC Credit Risk Debt Fund

PORTFOLIO

40 January 2020

CATEgORY OF SCHEME: BANKING AND PSU FUND

KEY FACTSiNVESTMENT OBjECTiVETo generate income / capital appreciation through investments in debt and money market instruments consisting predominantly of securities issued by entities such as Scheduled commercial Banks (ScBs), Public Sector undertakings (PSUs), Public Financial Institutions (PFIs), Municipal corporations and such other bodies.


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 * 3.16 yearsMacaulay Duration * 2.59 yearsModified Duration * 2.43 yearsYield to Maturity * 7.28%* computed on the invested amount.


#BENCHMARK iNDEX: NIFTY Banking & PSU Index

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

EXiT lOADNil

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

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


Face Value per Unit: ` 10 unless otherwise specified, Data is as of January 31, 2020 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. 64.


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

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

Riskometer




DEBT & DEBT RElATED

CREDiT EXPOSURE

• National Bank for Agriculture & Rural Development cRISIL - AAA 7.80

• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA / IcRA - AAA 7.12

• Rural Electrification corporation Ltd. cRISIL - AAA / IND - AAA 6.82

• National Highways Authority of India cRISIL - AAA 6.29

• Bank of Baroda cARE - AA / cARE - AA- / cARE - AAA / cRISIL - AA+ 6.17

• Power Grid corporation of India Ltd. cRISIL - AAA 4.83


• Indian Railways Finance corporation Ltd. cRISIL - AAA 4.28

• M a h a n a g a r Te l e p h o n e Nigam Ltd. (corporate guarantee from Govt of India)

cRISIL - AAA / cRISIL - AAA(SO) 4.14

• Food corporation of India (corporate guarantee from Govt of India) cRISIL - AAA(SO) 3.93





Housing and Urban Development corporation Ltd. cARE - AAA 2.17

State Bank of India cRISIL - AA+/cRISIL - AAA 1.73

Hindustan Petroleum corporation Ltd. cRISIL - AAA 1.54

Nabha Power Ltd. (corporate Guarantee of L&T Ltd.) IcRA - AAA 1.54

export - Import Bank of India cRISIL - AAA 1.41


Small Industries Development Bank cARE - AAA 1.05



L&T Housing Finance Ltd. cRISIL - AAA 1.02

TATA capital Housing Finance Ltd. cRISIL - AAA 1.02




Reliance Industries Ltd. cRISIL - AAA 0.54


TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) IcRA - AA- 0.53

NHPc Ltd. IcRA - AAA 0.51

Shriram Transport Finance company Ltd. IND - AA+ 0.48

Aashman energy Private Ltd. (Greenko) cARE - AA-(SO) 0.22

Divyesh Power Private Ltd. (Greenko) cARE - AA-(SO) 0.22

elena Renewable energy Private Ltd.(Greenko) cARE - AA-(SO) 0.22

Pratyash Renewable Private Ltd. (Greenko) cARE - AA-(SO) 0.22

SeI Baskara Power Private Ltd. (Greenko) cARE - AA-(SO) 0.22

SeI enerstar Renewable energy Pvt Ltd. (Greenko) cARE - AA-(SO) 0.22

SeI Mihir energy Private Ltd. (Greenko) cARE - AA-(SO) 0.22

Shreyas Renewable energy Private Ltd. (Greenko) cARE - AA-(SO) 0.22

Zuvan energy Private Ltd. (Greenko) cARE - AA-(SO) 0.22

Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - D 0.09

Sub Total 89.01


CD/CP

IDFc First Bank Ltd. cRISIL - A1+ 3.14

Andhra Bank cARE - A1+ 1.22

Sub Total 4.36


Grand Total 100.00


Outstanding exposure in derivative instruments Interest Rate Swap (` in crore) 25.00



n cD 4.36




n AAA/AAA(SO)/A1+/A1+(SO) & equivalent 70.10

n AA+ 1.23n AA/AA- 14.13n A+ & Below 7.91n 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

January 2020 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 (%) ##




(`)##

Jan 31, 19 Last 1 Year 8.68 10.66 10.84 10,868 11,066 11,084Jan 31, 17 Last 3 Years 5.08 6.19 5.04 11,602 11,973 11,589Jan 30, 15 Last 5 Years 7.04 7.82 7.33 14,056 14,580 14,247Jul 25, 01 Since Inception 7.75 8.32 N.A. 39,861 43,969 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. 64.


l credit risk free returns over medium to long term

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

Riskometer




n G-Sec, SDL 94.61



n Sovereign 94.61n cash, cash Equivalents and


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


DEBT & DEBT RElATED


• 7.17 GOI 2028 Sovereign 20.36

• 7.57 GOI 2033 Sovereign 11.76





• 8.59% Andhra Pradesh SDL - Mat 230123 Sovereign 4.39

• 8.60% Madhya Pradesh SDL - Mat 230123 Sovereign 4.39

• 8.21% Haryana SDL (UDAY) - Mat 310323 Sovereign 4.33

• 8.61% Uttar Pradesh SDL (UDAY) - Mat 210322 Sovereign 3.31


8.60% Rajasthan SDL- Mat 061128 Sovereign 2.26



8.21% Haryana SDL - Mat 310322 Sovereign 2.15

8.39% Rajasthan SDL - Mat 150322 Sovereign 2.15


8.66% Maharashtra SDL - Mat 250122 Sovereign 1.30







Sub Total 94.61


Grand Total 100.00



PORTFOLIO

42 January 2020

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 62.8951Regular Plan - quarterly Dividend Option 11.6352Regular Plan - Half-Yearly Dividend Option 11.3990Regular Plan - Yearly Dividend Option 12.9977Regular Plan - Normal Dividend Option 13.4740Direct Plan - Growth Option 66.2629Direct Plan - quarterly Dividend Option 12.3352Direct Plan - Half-Yearly Dividend Option 12.5852Direct Plan - Yearly Dividend Option 13.7700Direct Plan - Normal Dividend Option 13.9520



qUANTiTATiVE DATA




#BENCHMARK iNDEX: cRISIL Dynamic Debt Index


EXiT lOAD

l In respect of each purchase / switch-in of Units, an exit Load of 0.50% is payable if Units are redeemed / switched-out within 6 months from the date of allotment.

l No exit Load is payable if Units are redeemed / switched-out after 6 months from the date of allotment.


PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan: Growth, Normal Dividend, Quarterly Dividend, Half Yearly Dividend, & Yearly Dividend. All Dividend Options offer Payout and Reinvestment facility.







(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 31, 19 Last 1 Year 6.01 11.07 10.84 10,601 11,107 11,084Jan 31, 17 Last 3 Years 3.17 6.78 5.04 10,981 12,174 11,589Jan 30, 15 Last 5 Years 5.53 8.16 7.33 13,091 14,809 14,247Apr 28, 97 Since Inception 8.41 N.A. N.A. 62,895 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. 64.


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 37.18





& equivalent 30.84n AA/AA- 14.07n A+ & Below 14.83n 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 6.63



8.39% Rajasthan SDL - Mat 150322 Sovereign 4.23

8.21% Haryana SDL - Mat 310322 Sovereign 4.22

7.42% Maharashtra SDL - Mat 110522 Sovereign 1.67

8.68% Gujarat SDL - Mat 060223. Sovereign 0.86




8.26% Maharashtra SDL - ISD 120815 Mat 120825 Sovereign 0.11

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

Sub Total 37.18


CREDiT EXPOSURE

• Union Bank of India cARE - AA- 9.14


• State Bank of India cRISIL - AAA 7.67

• Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - D 6.62

• Syndicate Bank cARE - A+ 5.79

• Mahanagar Telephone Nigam Ltd. (corporate guarantee from Govt of India) cARE - AAA(SO) 4.41




Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cRISIL - AAA 2.42




Sub Total 59.74

Total 96.92


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%


PORTFOLIO

January 2020 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 43.0869Regular Plan - quarterly Dividend Option 11.1772Regular Plan - Normal Dividend Option 13.5866Direct Plan - Growth Option 45.3791Direct Plan - quarterly Dividend Option 11.8769Direct Plan - Normal Dividend Option 14.3506



qUANTiTATiVE DATA

Average Maturity * 7.00 yearsMacaulay Duration * 4.99 yearsModified Duration * 4.77 yearsYield to Maturity * 7.48%* computed on the invested amount for debt portfolio.



#BENCHMARK iNDEX: NIFTY Medium to Long Duration Debt Index


EXiT lOAD

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

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


PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan : Growth, Quarterly Dividend & Normal Dividend. Both Dividend Options offer Payout and Reinvestment facility.






(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 31, 19 Last 1 Year 8.99 11.43 10.84 10,899 11,143 11,084Jan 31, 17 Last 3 Years 4.38 6.49 5.04 11,373 12,076 11,589Jan 30, 15 Last 5 Years 6.17 7.79 7.33 13,497 14,555 14,247Sep 11, 00 Since Inception 7.82 N.A. N.A. 43,087 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. 61.



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 44.35







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


DEBT & DEBT RElATED


• 7.57 GOI 2033 Sovereign 25.12









9.15 GOI 2024 Sovereign @

Sub Total 44.35


CREDiT EXPOSURE

• The Tata Power company Ltd. cRISIL - AA- 9.72


• State Bank of India cRISIL - AA+ 5.72

• NTPc Ltd. cRISIL - AAA 4.54

• Indian Railways Finance corporation Ltd. cRISIL - AAA 4.52

• Tata Steel Ltd. cARE - AA- 4.44

• Export - Import Bank of India cRISIL - AA+ 4.32


Power Finance corporation Ltd. cRISIL - AAA 3.66

Rural electrification corporation Ltd. cRISIL - AAA 1.75


Sub Total 50.63

Total 94.98


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%

PORTFOLIO

44 January 2020

CATEgORY OF SCHEME: MEDIUM DURATION FUND



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 31, 19 Last 1 Year 9.48 10.69 7.25 10,948 11,069 10,725Jan 31, 17 Last 3 Years 6.75 7.14 6.70 12,166 12,298 12,149Jan 30, 15 Last 5 Years 7.73 8.10 7.08 14,516 14,766 14,082Feb 06, 02 Since Inception 7.95 7.89 6.11 39,642 39,226 29,059

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. 61.

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 39.6416Regular Plan - Dividend Option 15.0404Regular Plan - Fortnightly Dividend Option 10.5747Direct Plan - Growth Option 41.3632Direct Plan - Dividend Option 15.4857Direct Plan - Fortnightly Dividend Option 10.6078



qUANTiTATiVE DATA




#BENCHMARK iNDEX: NIFTY Medium Duration Debt Index


EXiT lOAD

Nil

PLANS & OPTIONS

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






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

investments in Debt and Money Market Instruments

Riskometer



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


DEBT & DEBT RElATED







Sub Total 11.14

CREDiT EXPOSURE




• Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cRISIL - AAA 5.14

• L&T Infrastructure Finance Ltd. cRISIL - AAA 4.79

• Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cRISIL - AAA 4.31

• Rural Electrification corporation Ltd. cRISIL - AAA 4.12

• Syndicate Bank cARE - A+ 3.67

• Muthoot Finance Ltd. IcRA - AA 3.19

coastal Gujarat Power Ltd. (corporate Guarantee of Tata Power) cARE - AA(SO) 2.73

Shriram Transport Finance company Ltd. cRISIL - AA+ / IND - AA+ 2.71

Indian Railways Finance corporation Ltd. cRISIL - AAA 2.53

copeland Jan 2020 (PTc of pools from Muthoot capital Services Ltd.) cRISIL - AA(SO) 2.48

Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) 2.31


NHPc Ltd. cARE - AAA 2.14






JM Financial Asset Reconstruction company Ltd. IcRA - AA- 1.80

Talwandi Sabo Power Ltd. (corporate Guarantee of Vedanta Ltd.) cRISIL - AA(SO) 1.60

Mobil Trust Series 01 (PTc of pools from Shriram city Union Finance Ltd.) cRISIL - AAA(SO) 1.10

Mahanagar Telephone Nigam Ltd. (corporate guarantee from Govt of India) cRISIL - AAA(SO) 0.84


The Tata Power company Ltd. cARE - AA 0.80

Tata Motors Ltd. cARE - AA- 0.58


SeI enerstar Renewable energy Pvt Ltd. (Greenko) cARE - AA-(SO) 0.35

Aarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) 0.34

Aashman energy Private Ltd. (Greenko) cARE - AA-(SO) 0.34

Divyesh Power Private Ltd. (Greenko) cARE - AA-(SO) 0.34

elena Renewable energy Private Ltd.(Greenko) cARE - AA-(SO) 0.34

Pratyash Renewable Private Ltd. (Greenko) cARE - AA-(SO) 0.34

SeI Baskara Power Private Ltd. (Greenko) cARE - AA-(SO) 0.34

SeI Mihir energy Private Ltd. (Greenko) cARE - AA-(SO) 0.34

Shreyas Renewable energy Private Ltd. (Greenko) cARE - AA-(SO) 0.34

Zuvan energy Private Ltd. (Greenko) cARE - AA-(SO) 0.34

Indiabulls Housing Finance Ltd. cRISIL - AA+ 0.06

Sub Total 82.42

Total 93.56


Grand Total 100.00

• Top Ten Holdings, £ co-Sponsor

PORTFOLIO


n G-Sec 11.14




n Sovereign 11.14n AAA/AAA(SO)/A1+/A1+(SO) &


current Assets 6.44

January 2020 45

CATEgORY OF SCHEME: SHORT DURATION FUND



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##


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. 64.

Face Value per Unit: ` 10 unless otherwise specified, cD - certificate of Deposit; cP - commercial Papers. Data is as of January 31, 2020 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 22.2912Regular Plan - Fortnightly Dividend Option 10.2423Regular Plan - Normal Dividend Option 14.9879Direct Plan - Growth Option 22.5286Direct Plan - Fortnightly Dividend Option 10.3225Direct Plan - Normal Dividend Option 15.0593



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)7.59 GOI 2026 Sovereign 1.757.27 GOI 2026 Sovereign 0.948.60% Madhya Pradesh SDL - Mat 230123 Sovereign 0.488.39% Rajasthan SDL - Mat 150323 Sovereign 0.246.79 GOI 2027 Sovereign 0.237.26 GOI 2029 Sovereign 0.198.38% Gujarat SDL - Mat 270229 Sovereign 0.108.58% Gujarat SDL - Mat 230123 Sovereign 0.106.97 GOI 2026 Sovereign 0.057.57 GOI 2033 Sovereign 0.058.39% Rajasthan SDL - Mat 150320 Sovereign 0.04Sub Total 4.17CREDiT EXPOSURE • Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA 6.94• Rural Electrification

corporation Ltd. cRISIL - AAA / IND - AAA 6.29• National Bank for Agriculture

& Rural Development cRISIL - AAA 6.12• LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 6.05• State Bank of India cRISIL - AA+ / cRISIL - AAA 5.59• Housing Development

Finance corporation Ltd.£ cRISIL - AAA 5.40• Reliance Industries Ltd. cRISIL - AAA / IcRA - AAA 4.37• Reliance Jio Infocomm Ltd. cRISIL - AAA / cRISIL -

AAA(SO) / IcRA - AAA 3.70• Vedanta Ltd. cRISIL - AA 3.45• Tata capital Financial

Services Ltd. IcRA - AAA 3.43National Highways Authority of India cARE - AAA / cRISIL - AAA 2.99Housing and Urban Development corporation Ltd.

cARE - AAA / IcRA - AAA / IND - AAA 2.92

Indian Railways Finance corporation Ltd. cRISIL - AAA / IcRA - AAA 2.86Mahanagar Telephone Nigam Ltd. (corporate guarantee from Govt of India) cRISIL - AAA(SO) 2.61Tata Sons Ltd. cRISIL - AAA 2.41coastal Gujarat Power Ltd. (corporate Guarantee of Tata Power) cARE - AA(SO) 2.09Larsen and Toubro Ltd. cRISIL - AAA 2.08Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) 1.81First Business Receivables Trust (PTc banked by receivables from Reliance corporate IT Park Ltd.) cRISIL - AAA(SO) 1.52


Nabha Power Ltd. (corporate Guarantee of L&T Ltd.) IcRA - AAA(SO) 1.38The Tata Power company Ltd. IND - AA 1.38Power Grid corporation of India Ltd. cRISIL - AAA 1.29Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cRISIL - AAA 1.22Hindalco Industries Ltd. cRISIL - AA 0.98Britannia Industries Ltd. cRISIL - AAA 0.93John Deere Financial India Private Ltd. cRISIL - AAA 0.92Sundaram Finance Ltd. cRISIL - AAA 0.92Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.)

cARE - AAA / cRISIL - AAA 0.84

Small Industries Development Bank cARE - AAA 0.70HDB Financial Services Ltd. cRISIL - AAA 0.65L&T Housing Finance Ltd. cRISIL - AAA 0.64NHPc Ltd. cARE - AAA / IcRA - AAA 0.61Sansar Trust Nov 2018 (PTc of pools from Shriram Transport Finance company Ltd.) IcRA - AAA(SO) 0.57Bajaj Finance Ltd. cRISIL - AAA / IND - AAA 0.47TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) IcRA - AA- 0.47Fullerton India Home Finance company Ltd. cARE - AAA 0.45NTPc Ltd. cRISIL - AAA 0.45Shriram city Union Finance Ltd. cRISIL - AA 0.45Talwandi Sabo Power Ltd. (corporate Guarantee of Vedanta Ltd.) cRISIL - AA(SO) 0.45TATA capital Housing Finance Ltd. cRISIL - AAA 0.45canFin Homes Ltd. IND - AA 0.32Aditya Birla Finance Ltd. IND - AAA 0.23L&T Finance Ltd. cARE - AAA 0.23Toyota Financial Services India Ltd. cRISIL - AAA 0.23Bank of Baroda cARE - AA- 0.19Mahindra & Mahindra Financial Services Ltd. IND - AAA 0.18Mobil Trust Series 01 (PTc of pools from Shriram city Union Finance Ltd.) cRISIL - AAA(SO) 0.15Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - D 0.10Sub Total 90.48Total 94.65cash, cash Equivalents and Net current Assets 5.35Grand Total 100.00• Top Ten Holdings, £ co-sponsor

PORTFOLIO


n G-Sec, SDL 4.17







46 January 2020

CATEgORY OF SCHEME: LOW DURATION FUND

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

CATEgORY OF SCHEME: Low Duration Fund

FUND MANAgER ¥



iNCEPTiON DATE (Date of Allotment)November 18, 1999

NAV (AS ON JANUARY 31, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 41.6118Regular Plan - Daily Dividend Reinvestment Option 10.1428Regular Plan - Weekly Dividend Option 10.1636Regular Plan - Monthly Dividend Option 10.1457Direct Plan - Growth Option 43.6770Direct Plan - Daily Dividend Reinvestment Option 10.0655Direct Plan - Weekly Dividend Option 10.1939Direct Plan - Monthly Dividend Option 10.1488


qUANTiTATiVE DATAAverage Maturity * 353 daysMacaulay Duration * 316 daysModified Duration * 292 daysYield to Maturity * 6.31%* computed on the invested amount.


#BENCHMARK iNDEX: NIFTY Low Duration Debt Index


EXiT lOADNil

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

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




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 31, 19 Last 1 Year 7.85 8.05 7.25 10,785 10,805 10,725Jan 31, 17 Last 3 Years 6.87 7.43 6.70 12,206 12,397 12,149Jan 30, 15 Last 5 Years 7.39 7.82 7.08 14,290 14,578 14,082Nov 18, 99 Since Inception 7.31 N.A. 6.52 41,612 N.A. 35,874

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. 62.




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

Riskometer



Portfolio Classification by Asset Class (%)

n G-Sec 5.63

n cP 3.18

n cD 36.12



Portfolio Classification by Rating Class (%)



current Assets 6.22

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

Issuer Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)• 7.59 GOI 2026 Sovereign 3.336.79 GOI 2027 Sovereign 1.288.28 GOI 2027 Sovereign 0.358.33 GOI 2026 Sovereign 0.348.15 GOI 2022 Sovereign 0.33Sub Total 5.63CREDiT EXPOSURE • Housing Development

Finance corporation Ltd.£ cRISIL - AAA 8.14• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA 7.87• National Housing Bank cARE - AAA 3.84• Rural Electrification

corporation Ltd. cRISIL - AAA 3.60Vedanta Ltd. cRISIL - AA 2.99LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 2.55Shriram Transport Finance company Ltd. cRISIL - AA+ / IND - AA+ 1.59Bank of Baroda cARE - AA / cARE - AA- /

cRISIL - AA+ 1.51Union Bank of India cARE - AA- 1.51Nabha Power Ltd. (corporate Guarantee of L&T Ltd.) IcRA - AAA(SO) 1.46TATA capital Housing Finance Ltd. cRISIL - AAA 1.28State Bank of India cRISIL - AA+ 1.14L&T Infrastructure Finance Ltd. cRISIL - AAA 1.13Syndicate Bank cARE - A+ 1.13canara Bank cRISIL - AA 1.12Britannia Industries Ltd. cRISIL - AAA 0.95Punjab National Bank IND - A 0.95Housing and Urban Development corporation Ltd. IcRA - AAA 0.87National Bank for Agriculture & Rural Development cRISIL - AAA 0.84Axis Bank Ltd. cRISIL - AA+ 0.64Shriram city Union Finance Ltd. cRISIL - AA 0.63Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) 0.39TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) IcRA - AA- 0.33Aurous Trust Jan 20 (PTc of pools from IIFL Finance Ltd.) cRISIL - A1+(SO) 0.32Volkswagen Finance Private Ltd. IND - AAA 0.32KKR India Financial Services Pvt Ltd. cRISIL - AA 0.29Mobil Trust Series 01 (PTc of pools from Shriram city Union Finance Ltd.) cRISIL - AAA(SO) 0.28Reliance Jio Infocomm Ltd. cRISIL - AAA 0.23Poseidon 09 2019 (PTc of pools from Muthoot Fincorp Ltd.) cRISIL - A1+(SO) 0.20L&T Finance Ltd. cARE - AAA 0.16Bajaj Finance Ltd. IND - AAA 0.12Power Grid corporation of India Ltd. cRISIL - AAA 0.09

Issuer Rating % to NAVNTPc Ltd. cRISIL - AAA 0.05Aarish 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) 0.03SeI 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 48.85Total 54.48MONEY MARKET INSTRUMENTSCD/CP • National Bank for Agriculture

& Rural Development cRISIL - A1+ / IND - A1+ 5.67• Axis Bank Ltd. cRISIL - A1+ / IcRA - A1+ 5.04• Indusind Bank Ltd. cRISIL - A1+ 5.01• Export - Import Bank of India cRISIL - A1+ 4.28• Small Industries

Development BankcARE - A1+ / cRISIL - A1+ / IcRA - A1+ 3.94

The Federal Bank Ltd. cARE - A1+ 2.67Bank of Baroda cRISIL - A1+ 2.54Punjab National Bank cARE - A1+ 2.54IcIcI Bank Ltd. IcRA - A1+ 1.24IDFc First Bank Ltd. cRISIL - A1+ 1.12cooperatieve Rabobank U.A cRISIL - A1+ 0.95Deutsche Investments India Pvt Ltd. cRISIL - A1+ 0.95Barclays Invest & Loans (India) Ltd. IcRA - A1+ 0.94Syndicate Bank cRISIL - A1+ 0.80Tata Sons Ltd. cRISIL - A1+ 0.51LIc Housing Finance Ltd. cRISIL - A1+ 0.47Kotak Mahindra Bank Ltd. cRISIL - A1+ 0.32Fullerton India credit company Ltd. cARE - A1+ 0.31Sub Total 39.30cash, cash Equivalents and Net current Assets 6.22Grand Total 100.00• Top Ten Holdings, £ co-sponsor


PORTFOLIO

January 2020 47

CATEgORY OF SCHEME: MONEY MARKET FUND


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


Regular Plan - Growth Option 4,128.4277Regular Plan - Daily Dividend Reinvestment Option 1,063.6400Regular Plan - Weekly Dividend Option 1,063.5314Direct Plan - Growth Option 4,172.3693Direct Plan - Daily Dividend Reinvestment Option 1,063.6400Direct Plan - Weekly Dividend Option 1,063.5720



qUANTiTATiVE DATA

Average Maturity * 131 daysMacaulay Duration * 130 daysModified Duration * 117 daysYield to Maturity * 5.69%* computed on the invested amount.



#BENCHMARK iNDEX: NIFTY Money Market Index


EXiT lOAD

Nil

PLANS & OPTIONS

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


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

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




(%) $$

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 31, 19 Last 1 Year 7.88 6.93 7.25 10,788 10,693 10,725Jan 31, 17 Last 3 Years 7.28 7.02 6.70 12,345 12,258 12,149Jan 30, 15 Last 5 Years 7.48 7.44 7.08 14,347 14,325 14,082Nov 18, 99 Since Inception 7.28 N.A. 6.52 41,426 N.A. 35,874

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. 64.

Face Value per Unit: ` 1,000, cD - certificate of Deposit; cP - commercial Papers. Data is as of January 31, 2020 unless otherwise specified.

n SDL 1.44

n cP 48.85

n cD 49.38



n Sovereign 1.44

n AAA/AAA(SO)/A1+/A1+(SO) & equivalent 98.23




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 1.44

Sub Total 1.44


CD/CP

• Small Industries Development Bank

cARE - A1+ / cRISIL - A1+ / IcRA - A1+ 8.57

• Reliance Industries Ltd. cRISIL - A1+ 7.88

• Tata Sons Ltd. cRISIL - A1+ 7.51

• Axis Bank Ltd. cRISIL - A1+ / IcRA - A1+ 6.43

• National Bank for Agriculture & Rural Development cRISIL - A1+ / IND - A1+ 6.31

• IcIcI Bank Ltd. IcRA - A1+ 5.11

• Bajaj Housing Finance Ltd. cRISIL - A1+ 4.98

• Indusind Bank Ltd. cRISIL - A1+ 4.70

• Tata Projects Ltd. cRISIL - A1+ 4.20

• Reliance Jio Infocomm Ltd. cRISIL - A1+ 3.99

Indian Bank cRISIL - A1+ 3.69

Power Finance corporation Ltd. cRISIL - A1+ 3.69

Rural electrification corporation Ltd. cARE - A1+ 3.69



canFin Homes Ltd. IcRA - A1+ 3.16

Kotak Mahindra Investments Ltd. cRISIL - A1+ 2.38

Tata Motors Ltd. cARE - A1+ / cRISIL - A1+ 2.37


The Federal Bank Ltd. cARE - A1+ / IND - A1+ 2.26

Bank of Baroda cRISIL - A1+ 2.10

Deutsche Investments India Pvt Ltd. cRISIL - A1+ 1.83

cooperatieve Rabobank U.A cRISIL - A1+ 1.58

export - Import Bank of India cRISIL - A1+ 1.31

John Deere Financial India Private Ltd. cRISIL - A1+ 1.06

LIc Housing Finance Ltd. cRISIL - A1+ 1.06

credit Suisse Finance India Pvt Ltd. cRISIL - A1+ 1.05

Kotak Mahindra Bank Ltd. cRISIL - A1+ 0.79

Punjab National Bank cARE - A1+ 0.53

Oriental Bank of commerce cRISIL - A1+ 0.37

Sub Total 98.23


Grand Total 100.00


PORTFOLIO

48 January 2020

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 JANUARY 31, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 34.7421Regular Plan - Daily Dividend Reinvestment Option 10.0809Regular Plan - Weekly Dividend Option 10.1411Regular Plan - Monthly Dividend Option 10.1498Direct Plan - Growth Option 35.0005Direct Plan - Daily Dividend Reinvestment Option 10.0809Direct Plan - Weekly Dividend Option 10.1412Direct Plan - Monthly Dividend Option 10.1499


qUANTITATiVE DATAAverage Maturity * 309 daysMacaulay Duration * 266 daysModified Duration * 245 daysYield to Maturity * 6.17%* 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 (%) ##




(`)##

Jan 31, 19 Last 1 Year 8.43 6.68 7.25 10,843 10,668 10,725Jan 31, 17 Last 3 Years 7.45 7.01 6.70 12,407 12,254 12,149Jan 30, 15 Last 5 Years 8.04 7.31 7.08 14,725 14,234 14,082Oct 23, 07 Since Inception 8.21 7.47 6.53 26,356 24,228 21,752

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. 61.


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 & T-Bills 8.26

n cP 2.45

n cD 26.50






current Assets 8.89

[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 @

Sub Total 5.33

T-BillS

DcMB ( Discounted cash Management Bills) 70 days- ISD 070120 Mat 170320 Sovereign 2.93

Sub Total 2.93

CREDiT EXPOSURE

• Housing Development Finance corporation Ltd.£ cRISIL - AAA / IcRA - AAA 8.10

• Axis Bank Ltd. cRISIL - A1+ / cRISIL - AA+ 6.58


• Rural Electrification corporation Ltd. cRISIL - AAA / IND - AAA 4.24

• Nabha Power Ltd. (corporate Guarantee of L&T Ltd.) IcRA - AAA(SO) 3.40


• National Housing Bank cARE - AAA 3.22



Shriram city Union Finance Ltd. cARE - AA+ 2.27

LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 1.44


State Bank of India cARE - AA+ / cRISIL - AA+ 1.05

PNB Housing Finance Ltd. cARE - AA+ 1.03

Shriram Transport Finance company Ltd. IND - AA+ 0.98


TATA capital Housing Finance Ltd. cRISIL - AAA 0.86

Housing and Urban Development corporation Ltd. IcRA - AAA 0.72

TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) IcRA - AA- 0.71



Kotak Mahindra Prime Ltd. cRISIL - AAA 0.46

Volkswagen Finance Private Ltd. IND - AAA 0.45

Aurous Trust Jan 20 (PTc of pools from IIFL Finance Ltd.) cRISIL - A1+(SO) 0.41

Gujarat Road and Infra co Ltd. cARE - AAA(SO) 0.34

HDB Financial Services Ltd. cRISIL - AAA 0.23

Power Grid corporation of India Ltd. cRISIL - AAA 0.10

Reliance Industries Ltd. cRISIL - AAA 0.05

Tata Sons Ltd. cRISIL - AAA 0.04

Sub Total 53.90

Total 62.16


CD/CP





The Federal Bank Ltd. cARE - A1+ 3.02

IcIcI Bank Ltd. cRISIL - A1+ / IcRA - A1+ 1.76



Axis Bank Ltd. cRISIL - A1+ / IcRA - A1+ 0.92

Fullerton India credit company Ltd. cARE - A1+ 0.89

Kotak Mahindra Prime Ltd. cRISIL - A1+ 0.89



Rural electrification corporation Ltd. cARE - A1+ 0.45



Sub Total 28.95


Grand Total 100.00


Outstanding exposure in derivative instruments Interest Rate Swap (` in crore) 6,890.00

PORTFOLIO

January 2020 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 11.0894Regular Plan - Daily Dividend Reinvestment Option 10.0700Regular Plan - Weekly Dividend Option 10.0966Regular Plan - Monthly Dividend Option 10.0956Direct Plan - Growth Option 11.1359Direct Plan - Daily Dividend Reinvestment Option 10.0600Direct Plan - Weekly Dividend Option 10.0909Direct Plan - Monthly Dividend Option 10.0559



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

T-BillS

• DcMB (Discounted cash Management Bills) 70 days- ISD 070120 Mat 170320 Sovereign 4.15

DcMB (Discounted cash Management Bills) 63 days Mat 170320 Sovereign 0.05

Sub Total 4.20

CREDiT EXPOSURE

• Housing Development Finance corporation Ltd.£

cRISIL - AAA / IcRA - AAA 8.85


Rural electrification corporation Ltd. cRISIL - AAA 3.24


Aurous Trust Jan 20 (PTc of pools from IIFL Finance Ltd.) cRISIL - A1+(SO) 2.61

Bajaj Finance Ltd. cRISIL - AAA 2.14

National Housing Bank cARE - AAA 2.09


copeland Jan 2020 (PTc of pools from Muthoot capital Services Ltd.) cRISIL - AAA(SO) 1.30

National Bank for Agri & Rural Dev. cRISIL - AAA 1.30

First Business Receivables Trust (PTc banked by receivables from Reliance corporate IT Park Ltd.) cRISIL - AAA(SO) 1.05

NTPc Ltd. IcRA - AAA 0.80

Mobil Trust Series 01 (PTc of pools from Shriram city Union Finance Ltd.) cRISIL - AAA(SO) 0.57


Sub Total 36.83

Total 41.03



CD/CP

• Axis Bank Ltd. cRISIL - A1+ / IcRA - A1+ 5.72


• IcIcI Bank Ltd. cRISIL - A1+ / IcRA - A1+ 4.58


• Bharat Heavy Electricals Ltd. cARE - A1+ 4.21

• Reliance Industries Ltd. cRISIL - A1+ 3.58



canFin Homes Ltd. cARE - A1+ 3.05


Deutsche Investments India Pvt. Ltd. cRISIL - A1+ 2.82

The Federal Bank Ltd. cARE - A1+ 2.53

Tata Sons Ltd. cRISIL - A1+ 1.92



Nirma Ltd. cRISIL - A1+ 1.20

Indian Bank cRISIL - A1+ 1.04



Fullerton India credit company Ltd. cARE - A1+ 1.02

Au Small Finance Bank Ltd. IND - A1+ 1.00

Bajaj Housing Finance Ltd. cRISIL - A1+ 0.98

Reliance Jio Infocomm Ltd. cRISIL - A1+ 0.98

Bank of Baroda cRISIL - A1+ 0.52



Sub Total 56.45


Grand Total 100.00



PORTFOLIO


n T-Bills 4.20

n cP 21.84

n cD 34.61





equivalent 93.28n cash, cash Equivalents and Net

current Assets 2.52


Returns (%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme

(`)Benchmark

(`)#Additional

Benchmark (`)##

Jan 31, 19 Last 1 Year 7.54 7.74 7.25 10,754 10,774 10,725Sep 25, 18 Since Inception 7.96 8.10 8.01 11,089 11,110 11,096

Returns greater than 1 year period are compounded annualized (cAGR). The Scheme is in existence for more than 1 year but less than 3 years. Performance of dividend option under the schemes for the investors would be net of 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. 64.

50 January 2020

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 jANUARY 31, 2020)^^ NAV PER UNiT (`)

Regular Plan - Growth Option 3,846.5565Regular Plan - Daily Dividend Reinvestment Option 1,019.8200Regular Plan - Weekly Dividend Option 1,031.5993Regular Plan - Monthly Dividend Option 1,026.8671Direct Plan - Growth Option 3,868.6922Direct Plan - Daily Dividend Reinvestment Option 1,019.8200Direct Plan - Weekly Dividend Option 1,031.6105Direct Plan - Monthly Dividend Option 1,026.8782



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 January 31, 2020 unless otherwise specified.

(An open ended liquid scheme)HDFC Liquid Fund


Company Rating % to NAV

DEBT & DEBT RElATED

T-BillS

• 91 Days Tbill - ISD 281119 Mat 270220 Sovereign 11.62

• DcMB ( Discounted cash Management Bills) 70 days- ISD 070120 Mat 170320 Sovereign 9.35

• 91Days Tbill ISD 020120 Mat 020420 Sovereign 5.19

• DcMB ( Discounted cash Management Bills) 63 days Mat 170320 Sovereign 4.95

91Days Tbill Mat 120320 Sovereign 2.61

91Days Tbill ISD 261219 Mat 260320 Sovereign 2.47


DcMB ( Discounted cash Management Bills) 76 days- ISD 020120 Mat 170320 Sovereign 1.13

182 Days TBill -Mat 260320 Sovereign 0.28

364 Days TBill - Mat 270220 Sovereign 0.13



182 Days TBill -Mat 060220 Sovereign 0.01



Sub Total 39.14

CREDiT EXPOSURE


• LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 3.62

Power Finance corporation Ltd. cRISIL - AAA 1.09


Bajaj Finance Ltd. IND - AAA 0.52

Rural Electrification corporation Ltd. cRISIL - AAA 0.51

Mahindra & Mahindra Financial Services Ltd. IND - AAA 0.40

Indian Railways Finance corporation Ltd. cRISIL - AAA 0.36

export - Import Bank of India cRISIL - AAA 0.33

Housing and Urban Development corporation Ltd. IcRA - AAA 0.15

Sundaram Finance Ltd. IcRA - AAA 0.09

Aditya Birla Finance Ltd. IcRA - AAA 0.04

Sub Total 12.81

Total 51.95


CD/CP

• Reliance Jio Infocomm Ltd. cRISIL - A1+ 5.47

• Indian Railways Finance corporation Ltd. cRISIL - A1+ 3.92

• NTPc Ltd. cARE - A1+ / cRISIL - A1+ 3.46

• Export - Import Bank of India cRISIL - A1+ 2.75

Tata Teleservices (Maharashtra) Ltd. cRISIL - A1+ 2.57

National Bank for Agriculture & Rural Development cRISIL - A1+ / IcRA - A1+ 1.77

Reliance Retail Ltd. cRISIL - A1+ 1.63

Company Rating % to NAV

Indian Oil corporation Ltd. IcRA - A1+ 1.46

Housing and Urban Development corporation Ltd. IcRA - A1+ 1.31

Power Grid corporation of India Ltd. cRISIL - A1+ / IcRA - A1+ 1.30

Axis Bank Ltd. cRISIL - A1+ 1.22

chennai Petroleum corp Ltd. cRISIL - A1+ 1.18

Mahindra & Mahindra Financial Services Ltd. cRISIL - A1+ 1.17

Indusind Bank Ltd. cRISIL - A1+ 1.01

Tata Motors Finance Ltd. cARE - A1+ 0.96

Hindustan Petroleum corporation Ltd. cRISIL - A1+ 0.92

Punjab & Sind Bank cRISIL - A1+ 0.92

National Fertilizers Ltd. IcRA - A1+ 0.82

Bahadur chand Investments Private Ltd. cARE - A1+ 0.78

Bharat Heavy electricals Ltd. cARE - A1+ / IND - A1+ 0.68

cholamandalam Investment & Finance IcRA - A1+ 0.65

GIc Housing Finance Ltd. cRISIL - A1+ 0.65

Manappuram Finance Ltd. cRISIL - A1+ 0.65

Steel Authority Of India Ltd. cARE - A1+ 0.65

Tata capital Financial Services Ltd. cRISIL - A1+ 0.65

UltraTech cement Ltd. cRISIL - A1+ 0.65

Motilal Oswal Financial Services Ltd. cRISIL - A1+ 0.62

Vedanta Ltd. cRISIL - A1+ 0.61

Rashtriya chemicals and Fertilizers Ltd. cARE - A1+ 0.59

chambal Fertilizers & chemicals Ltd. cRISIL - A1+ 0.49

Tata Teleservices Ltd. cRISIL - A1+ 0.49

coromandel International Ltd. cRISIL - A1+ 0.39

TATA capital Housing Finance Ltd. cRISIL - A1+ 0.39

UPL Ltd. cRISIL - A1+ 0.39


H T Media Ltd. cRISIL - A1+ 0.34


Julius Baer capital (India) Private cRISIL - A1+ 0.31

APL Apollo Tubes Ltd. cRISIL - A1+ 0.26

Kotak Mahindra Investments Ltd. cRISIL - A1+ 0.20

Godrej Properties Ltd. cRISIL - A1+ 0.16

Kotak Mahindra Prime Ltd. cRISIL - A1+ 0.16

Nirma Ltd. cRISIL - A1+ 0.16

eMAMI LTD. cRISIL - A1+ 0.13

Aditya Birla Money Ltd. cRISIL - A1+ 0.12

SBI Global Factors Ltd. cRISIL - A1+ 0.12

Godrej Industries Ltd. cRISIL - A1+ 0.06

Hero Fincorp Ltd. cRISIL - A1+ 0.05



Sundaram BNP Paribas Home Finance Ltd. cRISIL - A1+ 0.03

Sub Total 46.04


Grand Total 100.00


January 2020 51

n T-Bills 39.14n cP 41.79n cD 4.25n credit Exposure 12.81n cash, cash Equivalents and




equivalent 58.85


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 (`)##

Jan 24, 20 Last 7 days 4.98 5.69 5.01 10,010 10,011 10,010Jan 16, 20 Last 15 days 4.93 5.58 5.59 10,020 10,023 10,023Dec 31, 19 Last 1 Month 4.86 5.49 5.55 10,041 10,047 10,047Jan 31, 19 Last 1 Year 6.32 6.68 7.25 10,632 10,668 10,725Jan 31, 17 Last 3 Years 6.71 7.01 6.70 12,150 12,254 12,149Jan 30, 15 Last 5 Years 7.18 7.31 7.08 14,146 14,234 14,082Oct 17, 00 Since Inception 7.23 N.A. 6.44 38,466 N.A. 33,335

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. 63.

52 January 2020

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

Regular Plan - Growth Option 2,934.9572Regular Plan - Daily Dividend Reinvestment Option 1,042.6600Direct Plan - Growth Option 2,948.6468Direct Plan - Daily Dividend Reinvestment Option 1,042.6600



qUANTiTATiVE DATA




#BENCHMARK iNDEX: cRISIL Overnight Index


EXiT lOAD

Nil

PLANS & OPTIONS

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


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

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


^^calculated on all calendar days.



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Jan 24, 20 Last 7 days 4.78 4.96 5.01 10,009 10,010 10,010Jan 16, 20 Last 15 days 4.76 4.98 5.59 10,020 10,020 10,023Dec 31, 19 Last 1 Month 4.55 4.72 5.55 10,039 10,040 10,047Jan 31, 19 Last 1 Year 5.41 5.61 7.25 10,541 10,561 10,725Jan 31, 17 Last 3 Years 5.81 5.92 6.70 11,848 11,884 12,149Jan 30, 15 Last 5 Years 6.19 6.32 7.08 13,509 13,591 14,082Feb 06, 02 Since Inception 6.17 N.A. 6.11 29,350 N.A. 29,059

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. 64.

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






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

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

Riskometer

Investors understand that their principal will be at low risk


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



Grand Total 100.00

PORTFOLIO

January 2020 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 08

HDFC Balanced Advantage Fund 14-15

HDFC Hybrid Debt Fund (Co-managed scheme) 33-34

2 Mr. Vinay Kulkarni HDFC Focused 30 Fund 12

HDFC Growth Opportunities Fund 11

HDFC TaxSaver 24

HDFC Equity Savings Fund (Co-managed scheme) 31-32

3 Mr. Chirag Setalvad HDFC Mid-Cap Opportunities Fund 09

HDFC Small Cap Fund 10

HDFC Long Term Advantage Fund 54

HDFC Hybrid Equity Fund 16-17

HDFC Children’s Gift Fund 25-26

HDFC Multi-Asset Fund (Co-managed scheme) 18-19

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

HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 28-29

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

4 Mr. Miten Lathia HDFC Capital Builder Value Fund 07

Closed ended schemes 58-59

5 Mr. Krishan Kumar Daga HDFC Arbitrage Fund 35-36


HDFC Index Fund - SEnSEx Plan 23

HDFC Index Fund - nIFTY 50 Plan 21

HDFC SEnSEx ETF 22

HDFC nIFTY 50 ETF 20

HDFC Gold Exchange Traded Fund 59

HDFC Gold Fund 59


Closed ended scheme 59

Closed ended schemes (Co-managed schemes) 59

6 Mr. Shobhit Mehrotra HDFC Income Fund 43

HDFC Medium Term Debt Fund 44

HDFC Floating Rate Debt Fund 48

HDFC Credit Risk Debt Fund 38-39

HDFC Hybrid Debt Fund (Co-managed scheme) 33-34

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

HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 28-29

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

Close ended schemes 54-55

7 Mr. Anil Bamboli HDFC Dynamic Debt Fund 42

HDFC Short Term Debt Fund 45

HDFC Gilt Fund 41

HDFC Money Market Fund 47

HDFC Ultra Short Term Fund 49

HDFC Overnight Fund 52

HDFC Banking and PSU Debt Fund 40



HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 59


Closed ended schemes (Co-managed schemes) 59

8 Mr. Anupam Joshi HDFC Liquid Fund 50-51

HDFC Corporate Bond Fund 37

HDFC Low Duration Fund 46


9 Mr. Rakesh Vyas HDFC Infrastructure Fund 13

Close ended scheme 59

For performance details of Direct Plan, refer page 60-68

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 January 2020

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

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

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

CHIRAG SETALVAD

HDFC LONG TERM ADVANTAGE FUND NAV as on Jan 31, 2020 ` 371.236


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 9.70 13.59 11.84 10,970 11,359 11,184Jan 31, 17 Last 3 Years 11.02 15.16 13.29 13,683 15,272 14,540Jan 30, 15 Last 5 Years 8.77 8.29 7.67 15,232 14,895 14,476Jan 02, 01 Since Inception 20.84 14.70 14.06 371,236 137,187 123,197

# 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 Jan 31, 2020 ` 15.2955


(%)

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 Jan 31, 2020 ` 14.3716


(%)

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 (`)#


(`)##

Jan 31, 19 Last 1 Year 9.16 11.33 7.25 10,916 11,133 10,725Mar 23, 17 Since Inception 7.78 7.66 6.72 12,390 12,351 12,044




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1172D APRIL 2017 (1) NAV as on Jan 31, 2020 ` 12.1564


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 8.37 11.33 7.25 10,837 11,133 10,725Apr 11, 17 Since Inception 7.20 7.63 6.76 12,156 12,295 12,016




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1166D MAy 2017 (1) NAV as on Jan 31, 2020 ` 12.4084


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 9.67 11.33 7.25 10,967 11,133 10,725May 09, 17 Since Inception 8.22 7.69 6.87 12,408 12,244 11,992


HDFC FMP 1136D JUNE 2017 (1) NAV as on Jan 31, 2020 ` 12.3135


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 10.11 11.33 7.25 11,011 11,133 10,725Jun 08, 17 Since Inception 8.17 7.01 6.88 12,314 11,967 11,927


HDFC FMP 1430D JULy 2017 (1) NAV as on Jan 31, 2020 ` 11.9633


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 10.13 11.33 7.25 11,013 11,133 10,725Aug 01, 17 Since Inception 7.43 6.89 6.90 11,963 11,813 11,817




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



January 2020 55


SHOBHIT MEHROTRA....CONTINUED





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 10.33 11.33 7.25 11,033 11,133 10,725Jul 04, 18 Since Inception 9.63 10.75 7.65 11,562 11,749 11,233




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



ANIL BAMBOLI

HDFC CHARITy FUND FOR CANCER CURE - DEBT PLAN^

NAV as on Jan 31, 2020 ` 10.2658


(%)

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 Jan 31, 2020 ` 17.1297


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 9.59 11.33 7.25 10,959 11,133 10,725Jan 31, 17 Last 3 Years 7.21 6.92 6.70 12,323 12,223 12,149Jan 30, 15 Last 5 Years 7.57 8.32 7.08 14,409 14,919 14,082Aug 14, 13 Since Inception 8.68 9.49 7.48 17,130 17,973 15,946

# 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 Jan 31, 2020 ` 13.1186


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 9.46 11.33 7.25 10,946 11,133 10,725Jan 31, 17 Last 3 Years 7.99 6.92 6.70 12,595 12,223 12,149Sep 20, 16 Since Inception 8.40 7.55 6.74 13,119 12,776 12,455

# 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 Jan 31, 2020 ` 12.6653


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 9.63 11.33 7.25 10,963 11,133 10,725Jan 31, 17 Last 3 Years 8.07 6.92 6.70 12,623 12,223 12,149Jan 12, 17 Since Inception 8.05 6.84 6.68 12,665 12,238 12,182


HDFC FMP 1199D JANUARy 2017 (1) NAV as on Jan 31, 2020 ` 12.5142


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 8.34 11.33 7.25 10,834 11,133 10,725Feb 22, 17 Since Inception 7.32 7.80 6.74 12,309 12,470 12,113




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



56 January 2020


ANIL BAMBOLI....CONTINUED





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1280D OCTOBER 2018 (1) NAV as on Jan 31, 2020 ` 11.4590


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 10.25 11.33 7.25 11,025 11,133 10,725Oct 11, 18 Since Inception 10.98 12.32 7.86 11,459 11,640 11,039




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 10.26 11.33 7.25 11,026 11,133 10,725nov 01, 18 Since Inception 10.97 12.06 7.77 11,389 11,528 10,980


HDFC FMP 1246D NOVEMBER 2018 (1) NAV as on Jan 31, 2020 ` 11.3283


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



January 2020 57







(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 10.49 11.33 7.25 11,049 11,133 10,725Dec 06, 18 Since Inception 10.43 10.69 7.48 11,213 11,243 10,868




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 10.46 11.33 7.25 11,046 11,133 10,725Jan 03, 19 Since Inception 10.36 10.87 7.40 11,120 11,175 10,799




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

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 (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



58 January 2020

ANUPAM JOSHI....CONTINUED



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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



MITEN LATHIA

HDFC EOF - II - 1126D MAy 2017 (1) NAV as on Jan 31, 2020 ` 10.2190


(%)

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.

January 2020 59

MITEN LATHIA....CONTINUED



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

HDFC EOF - II - 1100D JUNE 2017 (1) NAV as on Jan 31, 2020 ` 10.0220


(%)

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 Jan 31, 2020 ` 3685.771

Date Period Scheme Returns (%)

Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Jan 31, 19 Last 1 Year 21.39 23.07 12,139 12,307Jan 31, 17 Last 3 Years 10.95 12.32 13,658 14,168Jan 30, 15 Last 5 Years 6.87 8.12 13,944 14,780Aug 13, 10 Since Inception 7.86 8.76 20,473 22,155

# 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 Jan 31, 2020 ` 13.047


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Jan 31, 19 Last 1 Year 21.27 23.07 12,127 12,307Jan 31, 17 Last 3 Years 10.18 12.32 13,377 14,168Jan 30, 15 Last 5 Years 6.36 8.12 13,614 14,780nov 01, 11 Since Inception 3.27 5.12 13,047 15,097

# 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 Jan 31, 2020 ` 10.250


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jan 31, 19 Last 1 Year 6.23 6.62 11.84 10,623 10,662 11,184Mar 27, 17 Since Inception 6.33 5.34 11.76 11,912 11,598 13,728

# 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).

RAKESH VyAS

HDFC HOF - I - 1140D NOVEMBER 2017 (1) NAV as on Jan 31, 2020 ` 9.307


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 5.65 16.32 11.84 10,565 11,632 11,184Dec 06, 17 Since Inception -3.28 6.69 9.84 9,307 11,497 12,240

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

CO-MANAGED By MITEN LATHIA & ANIL BAMBOLI

HDFC DyNAMIC PE RATIO FUND OF FUNDS NAV as on Jan 31, 2020 ` 19.1246


(%)

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 Jan 31, 2020 ` 12.1427


(%)

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 Jan 31, 2020 ` 11.9570


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 7.00 10.42 7.25 10,700 11,042 10,725Jan 31, 17 Last 3 Years 5.61 9.88 6.70 11,778 13,267 12,149Oct 25, 16 Since Inception 5.62 9.33 6.69 11,957 13,384 12,358


HDFC DAF - III - 1224D NOVEMBER 2016 NAV as on Jan 31, 2020 ` 11.8750


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 6.96 9.99 7.25 10,696 10,999 10,725Jan 31, 17 Last 3 Years 5.62 8.95 6.70 11,783 12,934 12,149Dec 07, 16 Since Inception 5.61 9.19 6.68 11,875 13,192 12,260

# 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 5 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Mr. Anil Bamboli since inception.

60 January 2020

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

PRASHANT JAIN

HDFC EQUITy FUND NAV as on Jan 31, 2020 ` 696.490


(%)

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 Jan 31, 2020 ` 509.305


(%)

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 Jan 31, 2020 ` 208.256


(%)

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 Jan 31, 2020 ` 81.090


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##



HDFC GROWTH OPPORTUNITIES FUND NAV as on Jan 31, 2020 ` 117.093


(%)

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 Jan 31, 2020 ` 531.189


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



CHIRAG SETALVAD

HDFC MID-CAP OPPORTUNITIES FUND NAV as on Jan 31, 2020 ` 59.557


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC SMALL CAP FUND NAV as on Jan 31, 2020 ` 43.448


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year -2.16 2.62 11.84 9,784 10,262 11,184Jan 31, 17 Last 3 Years 11.38 0.60 13.29 13,818 10,182 14,540Jan 30, 15 Last 5 Years 10.61 3.68 7.67 16,563 11,984 14,476Jan 01, 13 Since Inception 15.24 8.54 11.73 27,310 17,875 21,946

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

HDFC HyBRID EQUITy FUND NAV as on Jan 31, 2020 ` 57.814


(%)

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 Jan 31, 2020 ` 133.482


(%)

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 Jan 31, 2020 ` 386.688


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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


January 2020 61


SHOBHIT MEHROTRA

HDFC INCOME FUND NAV as on Jan 31, 2020 ` 386.688


(%)

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 Jan 31, 2020 ` 41.3632


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC FLOATING RATE DEBT FUND NAV as on Jan 31, 2020 ` 35.0005


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC CREDIT RISK DEBT FUND NAV as on Jan 31, 2020 ` 17.1523


(%)

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.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





62 January 2020




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



KRISHAN KUMAR DAGA

HDFC ARBITRAGE FUND - WHOLESALE PLAN NAV as on Jan 31, 2020 ` 14.747


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 6.57 6.62 11.84 10,657 10,662 11,184Jan 31, 17 Last 3 Years 6.28 5.27 13.29 12,006 11,666 14,540Jan 30, 15 Last 5 Years 6.70 5.92 7.67 13,838 13,339 14,476Apr 07, 14 Since Inception 6.90 6.30 11.89 14,747 14,273 19,237

# 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 Jan 31, 2020 ` 366.8420


(%)

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 Jan 31, 2020 ` 110.5934


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC GOLD FUND NAV as on Jan 31, 2020 ` 13.4027


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Jan 31, 19 Last 1 Year 21.73 23.07 12,173 12,307Jan 31, 17 Last 3 Years 10.65 12.32 13,549 14,168Jan 30, 15 Last 5 Years 6.83 8.12 13,918 14,780Jan 01, 13 Since Inception 2.75 4.24 12,120 13,417

# 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 Jan 31, 2020 ` 10.250


(%)

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 Jan 31, 2020 ` 22.6252


(%)

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 Jan 31, 2020 ` 43.6770


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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



SHOBHIT MEHROTRA....CONTINUED

January 2020 63


HDFC LIQUID FUND NAV as on Jan 31, 2020 ` 3868.6922


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jan 24, 20 Last 7 days 5.08 5.69 5.01 10,010 10,011 10,010Jan 16, 20 Last 15 days 5.03 5.58 5.59 10,021 10,023 10,023Dec 31, 19 Last 1 Month 4.96 5.49 5.55 10,042 10,047 10,047Jan 31, 19 Last 1 Year 6.42 6.68 7.25 10,642 10,668 10,725Jan 31, 17 Last 3 Years 6.81 7.01 6.70 12,186 12,254 12,149Jan 30, 15 Last 5 Years 7.27 7.31 7.08 14,210 14,234 14,082Dec 31, 12 Since Inception 7.85 7.83 7.15 17,080 17,066 16,311

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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jan 31, 19 Last 1 Year 10.17 11.33 7.25 11,017 11,133 10,725Feb 27, 18 Since Inception 8.75 9.51 7.29 11,753 11,911 11,452




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#






(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#






(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#






(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#






(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##






64 January 2020




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



ANIL BAMBOLI

HDFC DyNAMIC DEBT FUND NAV as on Jan 31, 2020 ` 66.2629


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC SHORT TERM DEBT FUND NAV as on Jan 31, 2020 ` 22.5286


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC ULTRA SHORT TERM FUND NAV as on Jan 31, 2020 ` 11.1359


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC GILT FUND NAV as on Jan 31, 2020 ` 40.9812


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC BANKING AND PSU DEBT FUND NAV as on Jan 31, 2020 ` 16.5539


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC MONEy MARKET FUND NAV as on Jan 31, 2020 ` 4172.3693


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 8.10 6.93 7.25 10,810 10,693 10,725Jan 31, 17 Last 3 Years 7.49 7.02 6.70 12,419 12,258 12,149Jan 30, 15 Last 5 Years 7.68 7.44 7.08 14,484 14,325 14,082Dec 31, 12 Since Inception 8.12 7.96 7.15 17,391 17,207 16,311

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

HDFC OVERNIGHT FUND NAV as on Jan 31, 2020 ` 2948.6468


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 24, 20 Last 7 days 4.88 4.96 5.01 10,009 10,010 10,010Jan 16, 20 Last 15 days 4.86 4.98 5.59 10,020 10,020 10,023Dec 30, 19 Last 1 Month 4.66 4.72 5.53 10,041 10,041 10,048Jan 31, 19 Last 1 Year 5.51 5.61 7.25 10,551 10,561 10,725Jan 31, 17 Last 3 Years 5.89 5.92 6.70 11,874 11,884 12,149Jan 30, 15 Last 5 Years 6.27 6.32 7.08 13,557 13,591 14,082Dec 31, 12 Since Inception 6.84 6.92 7.15 15,987 16,072 16,311

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 Jan 31, 2020 ` 10.2658


(%)

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).



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 9.92 11.33 7.25 10,992 11,133 10,725Jan 31, 17 Last 3 Years 7.54 6.92 6.70 12,436 12,223 12,149Jan 30, 15 Last 5 Years 7.90 8.32 7.08 14,630 14,919 14,082Aug 14, 13 Since Inception 9.01 9.49 7.48 17,469 17,973 15,946

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




January 2020 65




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##






66 January 2020




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##






January 2020 67




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



MITEN LATHIA

HDFC CAPITAL BUILDER VALUE FUND NAV as on Jan 31, 2020 ` 302.470


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC EOF - II - 1126D MAy 2017 (1) NAV as on Jan 31, 2020 ` 10.5350


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jan 31, 19 Last 1 Year 3.19 11.84 13.59 10,319 11,184 11,359Jun 15, 17 Since Inception 2.00 10.24 12.14 10,535 12,923 13,517


HDFC EOF - II - 1100D JUNE 2017 (1) NAV as on Jan 31, 2020 ` 10.3520


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jan 31, 19 Last 1 Year 4.99 11.84 13.59 10,499 11,184 11,359Jul 17, 17 Since Inception 1.37 8.97 11.02 10,352 12,442 13,046


RAKESH VyAS

HDFC INFRASTRUCTURE FUND NAV as on Jan 31, 2020 ` 16.087


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jan 31, 19 Last 1 Year 0.23 10.83 11.84 10,023 11,083 11,184Jan 31, 17 Last 3 Years -2.41 11.53 13.29 9,295 13,875 14,540Jan 30, 15 Last 5 Years -1.30 7.86 7.67 9,364 14,602 14,476Jan 01, 13 Since Inception 5.31 12.03 11.73 14,425 22,360 21,946

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

HDFC HOF - I - 1140D NOVEMBER 2017 (1) NAV as on Jan 31, 2020 ` 9.5700


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jan 31, 19 Last 1 Year 6.44 16.32 11.84 10,644 11,632 11,184Dec 06, 17 Since Inception -2.02 6.69 9.84 9,570 11,497 12,240

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

CO-MANAGED By CHIRAG SETALVAD & SHOBHIT MEHROTRA

HDFC RETIREMENT SAVINGS FUND - EQUITy PLAN

NAV as on Jan 31, 2020 ` 18.539


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jan 31, 19 Last 1 Year 9.01 10.83 11.84 10,901 11,083 11,184Jan 31, 17 Last 3 Years 11.10 11.53 13.29 13,714 13,875 14,540Feb 25, 16 Since Inception 16.99 15.80 16.26 18,539 17,808 18,089

# 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 Jan 31, 2020 ` 18.513


(%)

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




68 January 2020

Managing Portfolio Since

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

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 8.66 11.58 n.A.

Benchmark- MSCI India (Total Returns) 9.74 11.72 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)

HDFC RETIREMENT SAVINGS FUND - HyBRID DEBT PLAN

NAV as on Jan 31, 2020 ` 14.6956


(%)

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 Jan 31, 2020 ` 35.5990


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jan 31, 19 Last 1 Year 11.78 12.99 11.84 11,178 11,299 11,184Jan 31, 17 Last 3 Years 7.07 11.40 13.29 12,276 13,825 14,540Jan 30, 15 Last 5 Years 7.29 8.11 7.67 14,224 14,772 14,476Jan 01, 13 Since Inception 9.15 10.23 11.73 18,590 19,942 21,946

# 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 Jan 31, 2020 ` 40.0500


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jan 31, 19 Last 1 Year 6.44 9.37 11.84 10,644 10,937 11,184Jan 31, 17 Last 3 Years 7.79 8.44 13.29 12,523 12,753 14,540Jan 30, 15 Last 5 Years 8.70 7.31 7.67 15,181 14,234 14,476Jan 01, 13 Since Inception 9.50 8.94 11.73 19,025 18,343 21,946

# 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 Jan 31, 2020 ` 12.5059


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 7.49 10.42 7.25 10,749 11,042 10,725Jan 31, 17 Last 3 Years 6.99 9.88 6.70 12,248 13,267 12,149Oct 25, 16 Since Inception 7.08 9.33 6.69 12,506 13,384 12,358





HDFC DAF - III - 1224D NOVEMBER 2016 NAV as on Jan 31, 2020 ` 12.4041


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Jan 31, 19 Last 1 Year 7.61 9.99 7.25 10,761 10,999 10,725Jan 31, 17 Last 3 Years 7.07 8.95 6.70 12,275 12,934 12,149Dec 07, 16 Since Inception 7.08 9.19 6.68 12,404 13,192 12,260


HDFC DAF - III - 1304D AUGUST 2016 NAV as on Jan 31, 2020 ` 12.6933


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Jan 31, 19 Last 1 Year 7.51 10.42 7.25 10,751 11,042 10,725Jan 31, 17 Last 3 Years 7.14 9.88 6.70 12,297 13,267 12,149Sep 12, 16 Since Inception 7.30 9.16 6.74 12,693 13,454 12,471


CO-MANAGED By PRASHANT JAIN & SHOBHIT MEHROTRA

HDFC HyBRID DEBT FUND NAV as on Jan 31, 2020 ` 49.5125


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

CO-MANAGED By ANIL BAMBOLI & MITEN LATHIA

HDFC DyNAMIC PE RATIO FUND OF FUNDS NAV as on Jan 31, 2020 ` 20.256


(%)

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.

CHIRAG SETALVAD & SHOBHIT MEHROTRA....CONTINUED

CO-MANAGED By CHIRAG SETALVAD & SHOBHIT MEHROTRA

January 2020 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 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 (`)




nov 21, 19 10.403 0.045 0.045 10.827 0.050 0.050Dec 19, 19 - - - 10.808 0.045 0.045Jan 23, 20 10.430 0.035 0.035 10.810 0.040 0.040

Monthly Dividend Option (Past 3 months)

Record Date Wholesale Plan Wholesale Plan - Direct Plan

Cum Div NAV (`)




nov 21, 19 10.839 0.045 0.045 10.535 0.050 0.050Dec 19, 19 - - - 10.515 0.045 0.045Jan 23, 20 10.869 0.016 0.016 10.516 0.040 0.040

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 (`)




Jun 25, 19 12.104 0.320 0.320 12.845 0.320 0.320Sep 25, 19 11.4670 0.3200 0.3200 12.2080 0.3200 0.3200Dec 26, 19 11.4030 0.3200 0.3200 12.1830 0.3200 0.3200

HDFC Balanced Advantage Fund (Past 3 months) Dividend Option


Cum Div NAV (`)




nov 25, 19 27.306 0.310 0.310 29.090 0.310 0.310Dec 26, 19 26.641 0.310 0.310 28.420 0.310 0.310Jan 27, 20 26.683 0.310 0.310 28.504 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 (`)




nov 25, 19 12.8794 0.0800 0.0741 13.5142 0.0800 0.0741Dec 26, 19 12.6920 0.0800 0.0741 13.3285 0.0800 0.0741Jan 27, 20 12.7967 0.0800 0.0741 13.4490 0.0800 0.0741

Quarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Jun 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 0.2222Dec 26, 19 13.5463 0.2400 0.2222 14.2144 0.2400 0.2222

HDFC Equity Savings Fund (Past 3 quarters) Dividend Option


Cum Div NAV (`)




Jun 25, 19 11.273 0.2210 0.2210 12.153 0.2210 0.2210 Sep 25, 19 10.845 0.2210 0.2210 11.733 0.2210 0.2210Dec 26, 19 10.790 0.2210 0.2210 11.715 0.2210 0.2210

70 January 2020

DIVIDEND HISTORy ^

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

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


Cum Div NAV (`)




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

HDFC Income Fund (Past 3 quarters) Quarterly Dividend Option


Cum Div NAV (`)




Jun 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 0.1389Dec 26, 19 11.2480 0.1000 0.0926 11.9377 0.1000 0.0926

HDFC Dynamic Debt FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Jun 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 0.1389Dec 26, 19 11.7795 0.1500 0.1389 12.4639 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 (`)




Jun 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 0.1193Dec 26, 19 10.5041 0.1324 0.1226 10.4495 0.1304 0.1207

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


Cum Div NAV (`)




Jun 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 0.1389Dec 26, 19 11.5364 0.0500 0.0463 11.9447 0.0500 0.0463

HDFC Liquid FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




nov 25, 19 1,030.2085 2.8154 2.6071 1,030.2849 2.8704 2.6580Dec 30, 19 1,031.1936 3.5250 3.2641 1,031.2923 3.5961 3.3300Jan 27, 20 1,030.1064 2.7418 2.5390 1,030.1852 2.7986 2.5915

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


Cum Div NAV (`)




nov 25, 19 10.2143 0.0506 0.0468 10.2155 0.0514 0.0476Dec 30, 19 10.1956 0.0371 0.0344 10.1970 0.0381 0.0353Jan 27, 20 10.2008 0.0408 0.0378 10.2019 0.0416 0.0386

HDFC Low Duration FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




nov 25, 19 10.1989 0.0424 0.0393 10.2059 0.0457 0.0423Dec 30, 19 10.1844 0.0320 0.0296 10.1928 0.0362 0.0336Jan 27, 20 10.1934 0.0385 0.0356 10.2007 0.0419 0.0388

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


Cum Div NAV (`)




Jun 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 0.1564Dec 26, 19 - - - 10.6246 0.1845 0.1708

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


Cum Div NAV (`)




nov 25, 19 10.1347 0.0322 0.0298 10.0967 0.0336 0.0311Dec 30, 19 10.1381 0.0346 0.0321 10.1009 0.0367 0.0340Jan 27, 20 10.1325 0.0306 0.0283 10.0946 0.0321 0.0297

January 2020 71

Disclaimer: The views expressed herein are based on internal data, publicly available information and other sources believed to be reliable, but involve uncertainties that could cause actual events to differ materially

from those expressed or implied in such statements. The document is given for general and information purpose and is neither an investment advice nor an offer to sell nor a solicitation. While due care has been

exercised while preparing this document, HDFC Asset Management Company Limited (“HDFC AMC”) does not warrant the completeness or accuracy of the information. neither HDFC AMC, nor any person connected

with it, accepts any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice.

HDFC SEnSEx ETF, HDFC Index Fund - SEnSEx Plan (“Schemes”) is based on the S&P BSE SEnSEx Index. S&P® is a registered trademark of S&P Financial Services Limited (S&P). BSE® and SEnSEx® are registered trademarks

of BSE Limited. The Schemes is not sponsored, endorsed marketed or promoted by S&P, BSE or their respective affiliates. Please refer to the Scheme Information Document for disclaimers w.r.t. S&P BSE SENSEX Index.

For HDFC nIFTY 50 ETF & HDFC Index Fund - nIFTY 50 Plan: The Scheme of HDFC Mutual Fund (the “Product(s)”) are not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (“IISL”).

IISL does not make any representation or warranty, express or implied, to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s)

particularly or the ability of the nIFTY Indices to track general stock market performance in India. The relationship of IISL with HDFC Asset Management Company Limited (“the Issuer/Licensee”) is only in respect of

the licensing of the Indices and certain trademarks and trade names associated with such Indices which is determined, composed and calculated by IISL without regard to the Issuer /Licensee or the Product(s). IISL

does not have any obligation to take the needs of the Issuer/Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the nIFTY Indices. IISL is not responsible for or has

participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. IISL

has no obligation or liability in connection with the administration, marketing or trading of the Product(s).

IISL is engaged in the business of developing, constructing, compiling, computing and maintaining various equity indices. The relationship of IISL to HDFC AMC is only in respect of the rights granted to use certain

trademarks and trade names of the Index in connection with the utilisation of the Index data relating to such Index. The Index is determined, composed and calculated by IISL without regard to HDFC AMC. IISL has

no obligation to take the needs of HDFC AMC into consideration in determining, composing or calculating the nIFTY Indices.

IISL do not guarantee the accuracy and/or the completeness of nIFTY Indices or any data included therein and they shall have no liability for any errors, omissions, or interruptions therein. IISL make no warranty,

express or implied, as to results to be obtained by HDFC AMC or any other person or entity from the use of nIFTY Indices or any data included therein. IISL make no express or implied warranties, and expressly disclaim

all warranties of merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein. Without limiting any of the foregoing, IISL expressly disclaim any and all liability for

any damages or losses arising out of the use of NIFTY Indices or any data included therein by any third party, including any and all direct, special, punitive, indirect, or consequential damages (including lost profits),

even if notified of the possibility of such damages. An investor, by subscribing or purchasing an interest in the Product(s), will be regarded as having acknowledged, understood and accepted the disclaimer referred

to in Clauses above and will be bound by it.

WANT TO HAVE THE LATEST INFORMATION ABOUT US?

Visit us at www.hdfcfund.com

Telephone ServicesToll-free number: 1800 3010 6767 / 1800 419 7676

For any query or suggestions:-

Investors may contact us at:[email protected]

Distributors may contact us at:[email protected]

SMS: HDFCMF to 56767

Registered Office: HDFC House, 2nd Floor, H.T. Parekh Marg, 165-166 Backbay Reclamation, Churchgate, Mumbai - 400 020.

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

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

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

Date post:	11-Mar-2020
Category:	Documents
Upload:	others
View:	0 times
Download:	0 times

January 31, 2020 MF Factsheet - January 2020.pdfNote: ¤ Effective close of business hours of June...

Documents