May 2019 - Fundsupermart

May 2019

2 May 2019

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

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

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

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

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

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

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

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

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

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

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

Standard Deviation

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

Sharpe Ratio

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

Beta Ratio (Portfolio Beta)

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

Average portfolio PE (Average P/E)

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

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

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

Average portfolio dividend yield (Average Dividend Yield)

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

Net Equity

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

R Squared

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

AUM

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

Holdings

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

Nature of Scheme

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

Rating Profile

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

HOW TO READ FACTSHEET

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

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

Modified DurationA formula that expresses the measurable change in the value of a security in response to a change in interest rates. Modified duration of portfolio can be used to anticipate the change in market value of portfolio for every change in portfolio yield.

Standard DeviationA statistical measure that defines expected volatility/risk associated with a portfolio. This explains the variation/deviation from the average returns delivered by the portfolio. A higher standard deviation means higher volatility (risk) and a lower standard deviation means lower volatility.

Risk Free ReturnThe theoretical rate of return of an investment with safest (zero risk) investment in a country.

Total Expense RatioTotal expenses charged to scheme for the month expressed as a percentage to average monthly net assets.

Tracking ErrorTracking error indicates how closely the portfolio return is tracking the benchmark Index return. It measures the deviation between portfolio return and benchmark index return. A lower tracking error indicates portfolio closely tracking benchmark index and higher tracking error indicates portfolio returns with higher deviation from benchmark index returns.

Average MaturityWeighted average maturity of the securities in scheme.

Portfolio Yield (Yield To Maturity)Weighted average yield of the securities in scheme portfolio.

Portfolio Turnover RatioPortfolio Turnover Ratio is the percentage of a fund’s holdings that have changed in a given year. This ratio measures the fund’s trading activity, which is computed by taking the lesser of purchases or sales and dividing by average monthly net assets.

Macaulay Duration (Duration)Macaulay Duration (Duration) measures the price volatility of fixed income securities. It is often used in the comparison of interest rate risk between securities with different coupons and different maturities. It is defined as the weighted average time to cash flows of a bond where the weights are nothing but the present value of the cash flows themselves. It is expressed in years. The duration of a fixed income security is always shorter than its term to maturity, except in the case of zero coupon securities where they are the same.

GLOSSARY

May 2019 3

Equity Market Update

In May 2019, Indian equity markets performed strongly. S&P BSE SENSEX / NIFTY 50 rose by nearly 1.5% driven by robust FII flows, fall in US treasury yields and general election results to markets liking. The markets ignored the escalation of trade war tension between US and China and concerns over global growth. With elections behind, midcaps and smallcaps indices registered strong gains during the month. Sectoral indices performance was mixed with capital goods, Banks and Oil & Gas being the best performing sector whereas healthcare, metals and IT underperformed.

Performance of global equity markets was weak. All major indices in US, Europe and major Asian markets delivered significant negative returns in the month. This was primarily on account of escalation of trade war tension between US and China with US raising the tariff on goods worth $ 200 billion from 10% to 25%. China also countered the move by raising the tariff on US imports worth $ 60 billion.

The table below gives 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) (2.1) (2.0)S&P BSE India Bankex 25.5 5.8 3.3S&P BSE India Capital Goods (0.0) 10.6 7.9S&P BSE India FMCG 14.1 (2.1) (1.9)S&P BSE India Healthcare 9.5 (7.4) (7.7)S&P BSE India Metal (14.8) (6.6) (5.3)S&P BSE India Power (4.3) 2.1 (1.2)S&P BSE India Oil & Gas 4.5 2.5 3.0S&P BSE India IT 26.3 (3.0) 3.3S&P BSE SENSEX 17.3 1.7 2.7NIFTY 50 14.9 1.5 2.6NIFTY Midcap 100 (2.7) 2.2 (1.6)NIFTY Smallcap (14.4) 1.2 (1.9)

% Change in Indices

FY 2019 1M FYTD

2020S&P 500 7.3 (6.6) (2.9)FTSE 3.2 (3.5) (1.6)DAX (4.7) (5.0) 1.7CAC 3.5 (6.8) (2.7)Nikkei (1.2) (7.4) (2.9)Hang Seng (3.5) (9.4) (7.4)KOSPI (12.5) (7.3) (4.6)Shanghai (2.5) (5.8) (6.2)MSCI Emerging Market Index (9.6) (7.5) (5.7)

During the month, Brent crude prices corrected sharply by ~11.4% and closed the month at $ 64.5 per barrel. Most major commodities prices also fell in the month. This was primarily driven by concerns over global growth due to rising trade tension between US and China.

% Change FY 2019 1MBrent Crude (2.7) (11.4)Gold (2.5) 1.7Steel 1.2 (2.7)Zinc (10.0) (8.5)Copper (3.0) (10.3)Aluminium (4.7) (0.6)Lead (16.1) (8.2)

Most other currencies depreciated against USD in the month. INR, however, ended the month at 69.7 vs USD, largely stable in the month supported by recovery in FII flows and fall in oil prices.

FPIs were net buyers for four months in a row and bought equity worth $ 1.1 billion in May 2019. Total FPI’s Equity inflows in CY19YTD till May 2019 have been close to $ 10.9 billion. Equity oriented mutual funds inflows moderated during the month of April. Net inflows in domestic equity oriented mutual funds in April 2019 and CYTD19 were ~Rs 15 billion and ~Rs 193 billion respectively.

Q4FY19 results of Cement, Chemicals, Oil & gas and Corporate banks were better than expectation whereas for retail banks, power and metals were largely in line with expectations. Results for Auto, consumer staples, IT and capital goods were below expectations.

NIFTY 50 is trading near 19.5x FY20 (e) and 16.5x FY21 (e). These are reasonable multiples especially in view of improving profit growth outlook. Markets thus hold promise over the medium to long term in our opinion. With the sharp decline in midcaps and smallcaps stocks over the past 15 months, significant divergence with large caps is not likely going forward. Adverse global events, rise in crude oil prices, sharp moderation in equity oriented mutual funds flows, delays in NPA (Non Performing Assets) resolution under NCLT (National Company Law Tribunal) are key risks in the near term.

Outlook

In view of the above and expected recovery in earnings, there is merit in increasing allocation to equities in a phased manner or in staying invested as the case may be (for those with a medium to long term view and in line with individual risk appetite).

Debt Market Update

The yield on 10-year benchmark Gsec (7.26 GoI 2029) ended the month of May at 7.03%, down by 38 bps over the previous month end. The table below gives a summary view of movement of key rates & liquidity.

Apr-19 May-19 Change (%)10Yr G-Sec Yield (%, 7.26 GoI 2029) 7.41 7.03 -0.38AAA 10Yr Corporate Bond Yields (%) 8.42 8.04 -0.38AAA 10Y corporate bond spread against 7.26 GS 2029 Yield# (bps) 87 88 0.01Average liquidity absorbed/(infused) by RBI* (INR billion) (approx.) -726 -361MIBOR Overnight Rate (%) 6.20 6.00 -0.20

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

To support liquidity, RBI conducted purchases under open market operations of INR 250

Market Review

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

billion in May 2019 and announced to do additional purchases of INR 150 billion in June 2019. Average liquidity was negative for most part of the month primarily due to lower government spending on account of general elections.

Net FII debt flows turned marginally positive with net inflows of $ 0.2 billion during the month as against net outflows of $ 0.7 billion in April 2019. In first five months of CY19, aggregate net FII debt flows were close to $ 0.1 billion as against outflows of $ 4.5 billion in the corresponding period a year ago. INR ended the month at 69.7, a m-o-m depreciation of 0.2% against USD primarily due to higher oil prices, which was offset by positive FII flows.

The annual rate of retail inflation, CPI increased marginally to 2.92%, up by only ~6 bps m-o-m led by sequential rise in food (mainly vegetables, meat & eggs) and fuel prices. Core CPI (CPI excluding food, fuel, transportation & housing) moderated significantly on m-o-m basis to 4.9% (down from 5.7% a month ago) mainly on account of moderation in inflation in clothing & footwear, household services and personal care.

For the month (%) Mar-19 Apr-19 Change in %CPI 2.86 2.92 0.06Food & beverages 0.66 1.38 0.73Fuel and Light 2.34 2.56 0.22Housing 4.93 4.76 -0.17Core CPI 5.70 4.89 -0.81

India’s trade deficit for April 2019 increased to $ 15.3 billion from $ 10.8 billion a month ago, primarily led by lower exports of engineering goods, leather goods, textiles and gems & jewellery. The aforesaid impact was partly offset by lower net oil imports.

Amount in USD million Mar-19 Apr-19 Change (%)Trade Deficit 10,845 15,330 41.3%Net Oil imports 8,216 7,703 -6.2%Net Gold imports* 2,970 3,500 17.8%Trade deficit ex oil & gold -340 4,128 NM^

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

GST collection for the month of May 2019 (for the month of April 2019) rose to INR 1,003 billion, ~2.2% higher than FY19 average monthly collection and up ~7% YoY. The average monthly collection required to meet the budgeted target for FY20 is estimated to be around INR 1,200 billion per month.

India’s GDP growth slowed down to 5.8% YoY in Q4FY19 from 6.6% in Q3FY19 led by slowdown in investment activity and private consumption expenditures. Growth in gross capital formation declined to 3.6% from 11.2% a quarter ago. Growth in GVA moderated to 5.7% in Q4FY19 from 6.3% a quarter ago primarily led by slowdown in agriculture and industry, especially in manufacturing segment. A brief summary of YoY growth of major components of GDP and GVA is given in table below.

Quarter ended 31-12-2018 31-03-2019 Quarter ended 31-12-2018 31-03-2019Overall GVA 6.3% 5.7% Overall GDP 6.6% 5.8%Agriculture, forestry and fishing 2.8% -0.1%

Private Consumption 8.1% 7.2%

Industry 7.0% 4.2%Government Consumption 6.5% 13.1%

Construction 9.7% 7.1%Gross Capital Formation 11.2% 3.6%

Services 7.2% 8.4% Exports 16.7% 10.6%PADO* 7.5% 10.7% Imports 14.5% 13.3%

Monetary Policy Committee (MPC) in its bi-monthly meeting held in June 2019, reduced the policy repo rate by 25bps to 5.75% and also changed its policy stance to “accommodative” from “neutral”. The reverse repo rate now stands at 5.50% and the cash reserve ratio (CRR) remains unchanged at 4.0%. In other measures, RBI announced that it will reduce the minimum leverage ratio required to be maintained by banks from 4.5% to 4% for Domestic systematically Important banks and 3.5% for other banks. In simple terms, leverage ratio is ratio between bank’s Tier I capital to its total assets (including derivative exposure, off balance sheet items etc.). In addition, RBI has set up a committee to comprehensively review the existing liquidity management framework.

Outlook

The Monetary Policy Committee’s (MPC) decision to reduce policy rate by 25bps was largely in line with market expectations but change in stance to accommodative came in as a positive surprise. RBI also indicated that it will maintain adequate liquidity, which is likely to result in better transmission of rate cuts, in our opinion.

This was the third consecutive rate cut by RBI and it has reduced the policy rate by 75 bps in aggregate in 2019. Given the near term inflation outlook remains benign and growth is moderating, it could provide some space for further policy easing. However, any future action by RBI is likely to be data dependent and we maintain that this rate cut cycle is likely to be a shallow one, in our opinion.

Large increase in gross market borrowings in FY20 over FY19 along with low demand for government bonds due to excess Statutory Liquidity Ratio (SLR) in the banking system could put upward pressure on yields at longer end. Even though the near term inflation outlook remains benign due to low food prices and range bound oil prices, we prefer to maintain a cautious stance. This is due to a modest uptick in growth expected in FY20, uncertainty regarding the monsoon, credit growth outpacing deposit growth and likely fiscal pressures.

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

4 May 2019

CONTENTS

PAGE NO.

WEAlTH CREATiON

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

TAx SAVINGS

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

CHilDREN'S FUTURE

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

RETIREMENT PLANNING

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

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

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

PAGE NO.

REgUlAR iNCOME

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

gOAl BASED SOlUTiONS

WEAlTH CREATiON These schemes aim to increase wealth over the long term by investing predominantly in equity instruments and are suitable for investors with high risk appetite and relatively higher investment horizon.

TAx SAVINGS This scheme is eligible to provide tax deduction under Section 80c and also aims to increase wealth over the long term. This is an ideal solution for investors who would like to create wealth and save tax.

CHilDREN'S FUTURE This scheme aims to help you achieve your specific financial goal of planning for child’s future expenses like higher education, etc.

RETIREMENT PLANNING These schemes aim to help you achieve your specific financial goal of retirement planning.

REgUlAR iNCOME These schemes aim to provide stable income and are ideal for investors with low to medium risk appetite who wish to receive regular income to meet their periodic expenses.

Disclaimer: Investors are requested to note that the above goal based solutions should not be construed as financial planning solution/recommendation by the Fund/AMc. It does not in any manner, indicate or imply either the quality of any particular Scheme or guarantee any specific performance/returns. Such solutions must be tailored to investor’s individual situation and objectives and therefore, investors should consult their financial advisors to ascertain whether a product is suitable for them.

May 2019 5

SiP PERFORMANCE ^ - Regular plan - growth OptionSince Inception

SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,930.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 31, 2019 (` ‘000) 75,841.05 6,540.41 2,442.92 811.56 436.49 132.56 Returns (%) 21.85 15.68 13.63 12.04 12.95 20.06 Benchmark Returns (%) # 14.79 12.74 12.23 11.24 10.91 11.44 Additional Benchmark Returns (%) ## N.A. 12.84 12.18 12.37 14.19 16.44

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

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

PERFORMANCE ^ - Regular plan - growth OptionDate Period Scheme

Returns (%)

Benchmark Returns

(%)#

Additional Benchmark

Returns (%) ##

Value of ` 10,000 investedScheme (`) Benchmark

(`)#Additional

Benchmark (`)##

May 31, 18 Last 1 Year 13.74 6.46 12.43 11,374 10,646 11,243May 31, 16 Last 3 Years 15.89 14.35 14.99 15,563 14,954 15,203May 30, 14 Last 5 Years 12.23 12.35 11.92 17,818 17,910 17,571Jan 01, 95 Since Inception 18.97 11.60 N.A. 696,471 145,910 N.A.

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. For performance of other schemes managed by Prashant Jain, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58. For FPI Portfolio, refer page no. 65.

This product is suitable for investors who are seeking ~

l to generate long-term capital appreciation / income

l investment predominantly in equity & equity related instruments

Riskometer

Investors understand that their principal will be at moderately high risk

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

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

Company Industry+ % to NAV

EqUiTY & EqUiTY RElATED

• State Bank of India Banks 9.94

• IcIcI Bank Ltd. Banks 9.71

• Larsen and Toubro Ltd. construction Project 8.65

• Infosys Ltd. Software 8.47

• Reliance Industries Ltd. Petroleum Products 5.27

• NTPc Ltd. Power 4.41

• HDFc Bank Ltd. Banks 4.38

• ITc Ltd. consumer Non Durables 3.38

• Tata consultancy Services Ltd. Software 3.14

• Bharat Petroleum corporation Ltd. Petroleum Products 2.92

Axis Bank Ltd. Banks 2.88

Power Finance corporation Ltd. Finance 2.84

coal India Ltd. Minerals/Mining 2.68

Bank of Baroda Banks 2.63

GAIL (India) Ltd. Gas 2.50

Rural electrification corporation Ltd. Finance 2.27

Tata Steel Ltd. Ferrous Metals 2.01

cESc Ltd. Power 1.87

Aurobindo Pharma Ltd. Pharmaceuticals 1.58

Housing Development Finance corporation Ltd. £ Finance 1.53

Kalpataru Power Transmission Ltd. Power 1.51

Power Grid corporation of India Ltd. Power 1.30

Vedanta Ltd. Non - Ferrous Metals 1.23

cipla Ltd. Pharmaceuticals 1.21

Tata chemicals Ltd. chemicals 1.20

canara Bank Banks 1.09

Siemens Ltd. Industrial capital Goods 0.96

Oracle Financial Services Software Ltd. Software 0.93

Praj Industries Ltd. Industrial capital Goods 0.92

L&T Technology Services Ltd. Software 0.91

Bharat Heavy electricals Ltd. Industrial capital Goods 0.85

Punjab National Bank Banks 0.83BeML Ltd. Industrial capital Goods 0.77Bharat Dynamics Ltd. Aerospace & Defence 0.53cG Power and Industrial Solutions Ltd. Industrial capital Goods 0.53


Time Technoplast Ltd. Industrial Products 0.42Oriental Bank of commerce Banks 0.35InterGlobe Aviation Ltd. Transportation 0.33Simplex Infrastructures Ltd. construction 0.30Hindustan construction company Ltd. construction Project 0.21Ramco Systems Ltd. Software 0.13UPL Ltd. Pesticides 0.02Sub Total 99.59Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 99.60cash margin 0.08cash, cash Equivalents and Net current Assets 0.32

Grand Total 100.00

• Top Ten Holdings, £ co-sponsor

PORTFOLIO

Industry Allocation of Equity Holding (% of Net Assets)

0.010.020.300.330.420.531.201.232.012.502.682.793.384.03

6.648.198.869.09

13.5831.81

0 5 10 15 20 25 30 35

Media & EntertainmentPesticides

ConstructionTransportation

Industrial ProductsAerospace & Defence

ChemicalsNon - Ferrous Metals

Ferrous MetalsGas

Minerals/MiningPharmaceuticals

Consumer Non DurablesIndustrial Capital Goods

FinancePetroleum Products

Construction ProjectPower

SoftwareBanks

KEY FACTS

iNVESTMENT OBjECTiVE

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

FUND MANAgER § ¥

Prashant Jain (since June 20, 03)

Total Experience: Over 27 years

iNCEPTiON DATE (Date of Allotment)

January 1, 1995

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

Regular Plan - Growth Option 696.471Regular Plan - Dividend Option 52.622Direct Plan - Growth Option 732.811Direct Plan - Dividend Option 56.582

ASSETS UNDER MANAgEMENT (`) iN CRORE

As on May 31, 2019 23,230.66Average for Month of May, 2019 22,225.09

qUANTiTATiVE DATA

Portfolio Turnover Ratio (Last 1 year) 20.05%

Risk Ration Standard Deviation 4.285%n Beta 1.026n Sharpe Ratio* 0.192

computed for the 3-yr period ended May 31, 2019. Based on month-end NAV. * Risk free rate: 6.00%(Source: FIMMDA MIBOR)

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

Regular: 1.87% Direct: 1.27%

#BENCHMARK iNDEX: NIFTY 500 (Total Returns Index)

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

EXiT lOAD

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

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

For further details, please refer to para ‘Exit Load’ on Pg 52.

PLANS & OPTIONS

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

MiNiMUM APPliCATiON AMOUNT

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

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

CATEgORY OF SCHEME: MULTI-cAP FUND

6 May 2019

SiP PERFORMANCE ^ - Regular plan - growth Option

Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 3,040.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 31, 2019 (` ‘000) 44,994.15 6,240.57 2,525.84 793.10 415.55 125.26 Returns (%) 17.65 15.14 14.25 11.11 9.56 8.27 Benchmark Returns (%) # N.A. 12.74 12.23 11.24 10.91 11.44 Additional Benchmark Returns (%) ## N.A. 12.84 12.18 12.37 14.19 16.44

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


Returns (%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 invested

Scheme (`) Benchmark (`)#


(`)##May 31, 18 Last 1 Year 2.66 6.46 12.43 10,266 10,646 11,243May 31, 16 Last 3 Years 14.10 14.35 14.99 14,854 14,954 15,203May 30, 14 Last 5 Years 13.84 12.35 11.92 19,137 17,910 17,571Feb 01, 94 Since Inception 14.39 N.A. N.A. 301,458 N.A. N.A.

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



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

l investment primarily in undervalued stocks

Riskometer



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



• HDFc Bank Ltd. Banks 9.35• Axis Bank Ltd. Banks 5.12• Reliance Industries Ltd. Petroleum Products 4.45• Kotak Mahindra Bank Ltd. Banks 3.95• IcIcI Bank Ltd. Banks 3.74• ITc Ltd. consumer Non Durables 3.60• Bharat Petroleum

corporation Ltd. Petroleum Products 3.48• Larsen and Toubro Ltd. construction Project 3.32• GAIL (India) Ltd. Gas 3.08• Infosys Ltd. Software 3.00Vedanta Ltd. Non - Ferrous Metals 2.97Indusind Bank Ltd. Banks 2.75Ambuja cements Ltd. cement 2.11Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.97Persistent Systems Ltd. Software 1.87Apollo Tyres Ltd. Auto Ancillaries 1.75NTPc Ltd. Power 1.71Indostar capital Finance Ltd. Finance 1.66Mahindra & Mahindra Ltd. Auto 1.59Bharti Airtel Ltd. Telecom - Services 1.55S H Kelkar and company Ltd. consumer Non Durables 1.49Spicejet Ltd. Transportation 1.48Thyrocare Technologies Ltd. Healthcare Services 1.43Aurobindo Pharma Ltd. Pharmaceuticals 1.41Inox Leisure Ltd. Media & entertainment 1.40State Bank of India Banks 1.35Yes Bank Ltd. Banks 1.32Bajaj consumer care Ltd. consumer Non Durables 1.24Advanced enzyme Technologies Ltd.

consumer Non Durables 1.19

Ashoka Buildcon Ltd. construction Project 1.12JK cement Ltd. cement 1.10VRL Logistics Ltd. Transportation 1.10coal India Ltd. Minerals/Mining 1.08Max Financial Services Ltd. Finance 1.07Oracle Financial Services Software Ltd. Software 1.05chambal Fertilizers & chemicals Ltd. Fertilisers 1.03Repco Home Finance Ltd. Finance 1.00Trent Ltd. Retailing 1.00Housing Development Finance corporation Ltd. £ Finance 0.98cipla Ltd. Pharmaceuticals 0.91Wipro Ltd. Software 0.91Newgen Software Technologies Ltd. Software 0.89


Bharat Financial Inclusion Ltd. Finance 0.84Dilip Buildcon Ltd. construction Project 0.84Solar Industries India Ltd. chemicals 0.81Indoco Remedies Ltd. Pharmaceuticals 0.80Wonderla Holidays Ltd. Hotels/Resorts & Other

Recreational Activities 0.68Gujarat Pipavav Port Ltd. Transportation 0.67Schaeffler India Ltd. Industrial Products 0.62Zee entertainment enterprises Ltd. Media & entertainment 0.61Blue Star Ltd. consumer Durables 0.59Bharat Dynamics Ltd. Aerospace & Defence 0.51entertainment Network (India) Ltd. Media & entertainment 0.30Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) construction Project 0.27Siti Networks Ltd. Media & entertainment 0.19Sub Total 96.30cash, cash Equivalents and Net current Assets 3.70

Grand Total 100.00


PORTFOLIO


0.510.590.620.680.811.001.031.081.431.551.591.711.752.502.973.083.213.255.095.555.55

7.527.727.93

27.58

0 5 10 15 20 25 30Aerospace & Defence

Consumer DurablesIndustrial Products

Hotels, Resorts & Other Recreational ActivitiesChemicalsRetailingFertilisers

Minerals/MiningHealthcare ServicesTelecom - Services

AutoPower

Auto AncillariesMedia & Entertainment

Non - Ferrous MetalsGas

CementTransportation

PharmaceuticalsConstruction Project

FinanceConsumer Non Durables

SoftwarePetroleum Products

Banks

KEY FACTS


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

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

CATEgORY OF SCHEME: Value Fund

FUND MANAgER ¥

Miten Lathia (since May 10, 12*)

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


February 1, 1994





qUANTiTATiVE DATA








EXiT lOAD




PLANS & OPTIONS




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

CATEgORY OF SCHEME: VALUE FUND

May 2019 7

CATEgORY OF SCHEME: LARGE-cAP FUND


KEY FACTS

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

CATEgORY OF SCHEME: Large-cap Fund

FUND MANAgER § ¥

Prashant Jain (since June 20, 03)


iNCEPTiON DATE (Date of Allotment)October 11, 1996



ASSETS UNDER MANAgEMENT (`) iN CROREAs on May 31, 2019 17,475.32Average for Month of May, 2019 16,669.41

qUANTiTATiVE DATAPortfolio Turnover Ratio (Last 1 year) 17.16%Risk Ration Standard Deviation 3.946%n Beta 0.983n Sharpe Ratio* 0.205computed for the 3-yr period ended May 31, 2019. Based on month-end NAV. * Risk free rate: 6.00%(Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on May 31, 2019)Including Additional expenses and Goods and Service Tax on Management FeesRegular: 2.02% Direct: 1.38%


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

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

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



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

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

SEgMENT-WiSE BREAK-UP OF EqUiTY HOlDiNg (% OF NET ASSETS)Large cap 88.69%Mid cap 10.55%

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



l investment predominantly in Large-cap companies

Riskometer


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


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,720.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 31, 2019 (` ‘000) $$ 40,283.81 6,286.30 2,374.83 818.94 440.58 132.90 Returns (%) $$ 19.93 15.23 13.10 12.41 13.60 20.62 Benchmark Returns (%) # N.A. 13.24 12.51 12.05 12.88 14.00 Additional Benchmark Returns (%) ## 14.60 13.13 12.44 12.93 15.53 17.11



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

May 31, 18 Last 1 Year 15.55 10.03 13.70 11,555 11,003 11,370May 31, 16 Last 3 Years 15.85 14.91 15.65 15,549 15,171 15,470May 30, 14 Last 5 Years 11.99 12.32 11.91 17,626 17,888 17,566Oct 11, 96 Since Inception 20.06 N.A. 12.65 628,858 N.A. 148,631

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Prashant Jain, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58. For FPI Portfolio, refer page no. 65.

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

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


EqUiTY & EqUiTY RElATED• IcIcI Bank Ltd. Banks 8.04• State Bank of India Banks 7.96• Reliance Industries Ltd. Petroleum Products 7.78• Infosys Ltd. Software 6.86• HDFc Bank Ltd. Banks 6.74• Larsen and Toubro Ltd. construction Project 6.47• ITc Ltd. consumer Non Durables 4.27• NTPc Ltd. Power 4.21• Tata consultancy Services Ltd. Software 4.07• Axis Bank Ltd. Banks 3.86coal India Ltd. Minerals/Mining 2.86Housing Development Finance corporation Ltd. £ Finance 2.56Hindustan Petroleum corporation Ltd. Petroleum Products 2.35Power Finance corporation Ltd. Finance 2.06Tata Steel Ltd. Ferrous Metals 1.97GAIL (India) Ltd. Gas 1.81Bank of Baroda Banks 1.72Power Grid corporation of India Ltd. Power 1.62Bharat Petroleum corporation Ltd. Petroleum Products 1.51Aurobindo Pharma Ltd. Pharmaceuticals 1.40Rural electrification corporation Ltd. Finance 1.29cESc Ltd. Power 1.20Tata chemicals Ltd. chemicals 1.17canara Bank Banks 1.00Vedanta Ltd. Non - Ferrous Metals 0.95Oil & Natural Gas corporation Ltd. Oil 0.92UPL Ltd. Pesticides 0.83Tech Mahindra Ltd. Software 0.82Bharat electronics Ltd. Industrial capital Goods 0.79cipla Ltd. Pharmaceuticals 0.77ABB India Ltd. Industrial capital Goods 0.72Sun Pharmaceutical Industries Ltd. Pharmaceuticals 0.70Bank of India Banks 0.69HcL Technologies Ltd. Software 0.64InterGlobe Aviation Ltd. Transportation 0.61Wipro Ltd. Software 0.60Siemens Ltd. Industrial capital Goods 0.59Oracle Financial Services Software Ltd. Software 0.56Indian Oil corporation Ltd. Petroleum Products 0.54Hindalco Industries Ltd. Non - Ferrous Metals 0.50


Punjab National Bank Banks 0.49Ambuja cements Ltd. cement 0.47Bharat Heavy electricals Ltd. Industrial capital Goods 0.43Lupin Ltd. Pharmaceuticals 0.43Union Bank of India Banks 0.42Steel Authority of India Ltd. Ferrous Metals 0.33Grasim Industries Ltd. cement 0.32NHPc Ltd. Power 0.25LIc Housing Finance Ltd. Finance 0.04container corporation of India Ltd. Transportation 0.03Sub Total 99.22Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 99.23cash, cash Equivalents and Net current Assets 0.77Grand Total 100.00


PORTFOLIO


0.010.640.790.830.921.171.451.812.302.532.863.304.27

5.956.477.28

12.1813.55

30.92

0 5 10 15 20 25 30 35

Media & EntertainmentTransportation

CementPesticides

OilChemicals


Ferrous MetalsIndustrial Capital Goods

Minerals/MiningPharmaceuticals

Consumer Non DurablesFinance


Petroleum ProductsSoftware

Banks

8 May 2019

CATEgORY OF SCHEME: MID cAP FUND

KEY FACTS

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

CATEgORY OF SCHEME: Mid cap Fund

FUND MANAgER ¥

Chirag Setalvad (since June 25, 07)


iNCEPTiON DATE (Date of Allotment)June 25, 2007

NAV (AS ON MAY 31, 2019) NAV PER UNIT (`)Regular Plan - Growth Option 55.321Regular Plan - Dividend Option 27.980Direct Plan - Growth Option 58.467Direct Plan - Dividend Option 34.561




#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 4.41%Mid cap 67.77%Small cap 20.02%¥ Dedicated Fund Manager for Overseas Investments: Mr. Amar Kalkundrikar (Total Experience: Over 16 years).


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,440.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 31, 2019 (` ‘000) 4,542.09 2,971.11 770.01 390.02 122.75 Returns (%) 17.85 17.27 9.93 5.28 4.30 Benchmark Returns (%) # 12.94 12.60 8.28 3.25 1.10 Additional Benchmark Returns (%) ## 11.95 12.18 12.37 14.19 16.44


PERFORMANCE ^ - Regular plan - growth Option

Date Period Scheme Returns

(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year -3.24 -4.19 12.43 9,676 9,581 11,243May 31, 16 Last 3 Years 12.98 11.71 14.99 14,421 13,940 15,203May 30, 14 Last 5 Years 15.91 13.33 11.92 20,937 18,705 17,571Jun 25, 07 Since Inception 15.40 11.28 10.29 55,321 35,840 32,193

Returns greater than 1 year period are compounded annualized (cAGR). For performance of other schemes managed by chirag Setalvad, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58.




l investment predominantly in Mid-cap companies

Riskometer




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

Company Industry+ / Rating % to NAV

EqUiTY & EqUiTY RElATED• cholamandalam Investment

and Financial company Ltd. Finance 4.39• Aarti Industries Ltd. chemicals 3.84• Sundram Fasteners Ltd. Auto Ancillaries 3.54• city Union Bank Ltd. Banks 3.03• RBL Bank Ltd. Banks 2.99• Balkrishna Industries Ltd. Auto Ancillaries 2.85• Voltas Ltd. consumer Durables 2.71• Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 2.64• Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.33• Hexaware Technologies Ltd. Software 2.19Trent Ltd. Retailing 2.13Tata chemicals Ltd. chemicals 2.08crompton Greaves consumer elec. Ltd. consumer Durables 1.97AIA engineering Ltd. Industrial Products 1.89The Federal Bank Ltd. Banks 1.89exide Industries Ltd. Auto Ancillaries 1.84Max Financial Services Ltd. Finance 1.75carborundum Universal Ltd. Industrial Products 1.68VST Industries Ltd. consumer Non Durables 1.65cholamandalam Financial Holdings Ltd. Finance 1.62Indian Bank Banks 1.61SKF India Ltd. Industrial Products 1.60Apollo Tyres Ltd. Auto Ancillaries 1.58Edelweiss Financial Services Ltd. Finance 1.54Ipca Laboratories Ltd. Pharmaceuticals 1.53Atul Ltd. chemicals 1.52Divis Laboratories Ltd. Pharmaceuticals 1.49Supreme Industries Ltd. Industrial Products 1.38Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.36KEc International Ltd. construction Project 1.27Tube Investments of India Ltd. Auto Ancillaries 1.23Whirlpool of India Ltd. consumer Durables 1.20Reliance Nippon Life Asset Management Ltd. Finance 1.19Blue Star Ltd. consumer Durables 1.15Larsen & Toubro Infotech Ltd. Software 1.13NIIT Technologies Ltd. Software 1.13KNR construction Ltd.. construction 1.10Dilip Buildcon Ltd. construction Project 1.09Karur Vysya Bank Ltd. Banks 1.07Power Finance corporation Ltd. Finance 1.07Aurobindo Pharma Ltd. Pharmaceuticals 1.03Solar Industries India Ltd. chemicals 1.01Arvind Fashions Ltd. Retailing 1.00Union Bank of India Banks 0.99Rural electrification corporation Ltd. Finance 0.97Gujarat Fluorochemicals Ltd. chemicals 0.91Jagran Prakashan Ltd. Media & entertainment 0.84Schaeffler India Ltd. Industrial Products 0.80


Redington (India) Ltd. Transportation 0.78MRF Ltd. Auto Ancillaries 0.76Navneet education Ltd. Media & entertainment 0.76Punjab National Bank Banks 0.69Greenlam Industries Ltd. consumer Durables 0.68Symphony Ltd. consumer Durables 0.67Bata India Ltd. consumer Durables 0.58cummins India Ltd. Industrial Products 0.55Greenply Industries Ltd. consumer Durables 0.54Delta corp Ltd. Hotels/Resorts & Other

Recreational Activities 0.53Grindwell Norton Ltd. Industrial Products 0.49Vesuvius India Ltd. Industrial Products 0.44Arvind Ltd. Textile Products 0.39Mahindra Holidays & Resorts India Ltd.

Hotels/Resorts & Other Recreational Activities 0.37

Vardhman Textiles Ltd. Textiles - cotton 0.34Persistent Systems Ltd. Software 0.33Strides Pharma Science Ltd. Pharmaceuticals 0.21Dhanuka Agritech Ltd. Pesticides 0.17The Anup engineering Ltd. Industrial capital Goods 0.11Sub Total 92.19Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 92.20cash, cash Equivalents and Net current Assets 7.80Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.110.170.340.390.781.101.611.652.363.133.54

4.787.95

8.839.369.50

11.8012.2712.53

0 2 4 6 8 10 12 14

Industrial Capital GoodsPesticides

Textiles - CottonTextile ProductsTransportation

ConstructionMedia & Entertainment

Consumer Non DurablesConstruction Project

RetailingHotels, Resorts & Other Recreational Activities

SoftwarePharmaceuticals

Industrial ProductsChemicals

Consumer DurablesAuto Ancillaries

BanksFinance

May 2019 9

CATEgORY OF SCHEME: SMALL cAP FUND

KEY FACTS

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

CATEgORY OF SCHEME: Small cap Fund

FUND MANAgER § ¥

Chirag Setalvad (since June 28, 14)


iNCEPTiON DATE (Date of Allotment)April 3, 2008





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







SEgMENT-WiSE BREAK-UP OF EqUiTY HOlDiNg (% OF NET ASSETS)Large cap 5.45%Mid cap 17.22%Small cap 65.95%§ Date of migration from Morgan Stanley Mutual Fund

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

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


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,340.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 31, 2019 (` ‘000) 3,562.74 2,738.16 851.32 422.89 122.54 Returns (%) 16.51 15.75 13.98 10.76 3.97 Benchmark Returns (%) # 9.99 9.16 3.44 -2.64 -2.39 Additional Benchmark Returns (%) ## 12.53 12.18 12.37 14.19 16.44




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year -4.37 -15.50 12.43 9,563 8,450 11,243May 31, 16 Last 3 Years 18.10 8.81 14.99 16,473 12,884 15,203May 30, 14 Last 5 Years 17.40 7.39 11.92 22,318 14,291 17,571Apr 03, 08 Since Inception 14.21 6.58 9.85 44,091 20,362 28,553

Returns greater than 1 year period are compounded annualized (cAGR). For performance of other schemes managed by chirag Setalvad, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58.




l investment predominantly in Small-cap companies

Riskometer




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

Company Industry+ % to NAVEqUiTY & EqUiTY RElATED• chambal Fertilizers &

chemicals Ltd. Fertilisers 3.09• Sonata Software Ltd. Software 3.08• NIIT Technologies Ltd. Software 3.00• Bank of Baroda Banks 2.78• Aurobindo Pharma Ltd. Pharmaceuticals 2.67• DcB Bank Ltd. Banks 2.62• Balkrishna Industries Ltd. Auto Ancillaries 2.49• Gujarat Fluorochemicals Ltd. chemicals 2.47• The Federal Bank Ltd. Banks 2.45• Indian Bank Banks 2.41Firstsource Solutions Ltd. Software 2.28Sharda cropchem Ltd. Pesticides 2.28Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 2.25KEc International Ltd. construction Project 2.19KeI Industries Ltd. Industrial Products 2.19Sadbhav engineering Ltd. construction Project 2.15Kalpataru Power Transmission Ltd. Power 2.10Inox Leisure Ltd. Media & entertainment 2.07SKF India Ltd. Industrial Products 2.06chalet Hotels Ltd. Hotels/Resorts & Other

Recreational Activities 2.01Atul Ltd. chemicals 1.75NRB Bearing Ltd. Industrial Products 1.74Repco Home Finance Ltd. Finance 1.68PNc Infratech Ltd. construction 1.61Oriental Bank of commerce Banks 1.60Vardhman Textiles Ltd. Textiles - cotton 1.58Tube Investments of India Ltd. Auto Ancillaries 1.56Tata Metaliks Ltd. Ferrous Metals 1.52Great eastern Shipping company Ltd. Transportation 1.45eIH Ltd. Hotels/Resorts & Other

Recreational Activities 1.36Bajaj electricals Ltd. consumer Durables 1.34Finolex Industries Ltd. Industrial Products 1.34T. V. Today Network Ltd. Media & entertainment 1.34Insecticides (India) Ltd. Pesticides 1.27carborundum Universal Ltd. Industrial Products 1.22Power Mech Projects Ltd. construction Project 1.16Advanced enzyme Technologies Ltd.

consumer Non Durables 1.11

Nilkamal Ltd. Industrial Products 0.99Merck Ltd. Pharmaceuticals 0.92Orient Refractories Ltd. Industrial Products 0.80Redington (India) Ltd. Transportation 0.78Oriental carbon & chemicals Ltd. chemicals 0.76Unichem Laboratories Ltd. Pharmaceuticals 0.66IFGL Refractories Ltd. (formarly known as IFGL Exports Ltd.) Industrial Products 0.65LG Balakrishnan & Bros Ltd. Auto Ancillaries 0.61Gabriel India Ltd. Auto Ancillaries 0.60Vesuvius India Ltd. Industrial Products 0.58Apar Industries Ltd. Industrial capital Goods 0.57eclerx Services Ltd. Software 0.56

Company Industry+ % to NAVKirloskar Ferrous Industries Ltd. Ferrous Metals 0.56Allahabad Bank Banks 0.55Jagran Prakashan Ltd. Media & entertainment 0.55Lemon Tree Hotels Ltd. Hotels/Resorts & Other

Recreational Activities 0.55Shaily engineering Plastics Ltd. Industrial Products 0.53Goodyear India Ltd. Auto Ancillaries 0.47Atul Auto Ltd. Auto 0.45Taj GVK Hotels & Resorts Ltd. Hotels/Resorts & Other

Recreational Activities 0.44Greenlam Industries Ltd. consumer Durables 0.42D B corp Ltd. Media & entertainment 0.39GNA Axles Ltd. Auto Ancillaries 0.38Swaraj engines Ltd. Industrial Products 0.25everest Industries Ltd. cement 0.22Mcleod Russel India Ltd. consumer Non Durables 0.20Greenply Industries Ltd. consumer Durables 0.16V.S.T Tillers Tractors Ltd. Auto 0.16Banco Products (I) Ltd. Auto Ancillaries 0.13cG Power and Industrial Solutions Ltd. Industrial capital Goods 0.12Time Technoplast Ltd. Industrial Products 0.12Titagarh Wagons Ltd. Industrial capital Goods 0.12Sarla Performance Fibers Ltd. Textiles - Synthetic 0.10Sub Total 88.62cash margin 0.09cash, cash Equivalents and Net current Assets 11.29Grand Total 100.00• Top Ten Holdings, £ co-sponsor

PORTFOLIO


0.100.220.610.811.311.581.611.681.922.082.102.23

3.093.554.254.354.985.506.246.61

8.9212.4112.47

0 2 4 6 8 10 12 14

Textiles - SyntheticCement

AutoIndustrial Capital GoodsConsumer Non Durables

Textiles - Cotton Construction

FinanceConsumer Durables

Ferrous MetalsPower

TransportationFertilisersPesticides

PharmaceuticalsMedia & Entertainment

ChemicalsConstruction Project

Auto AncillariesHotels, Resorts & Other Recreational Activities

SoftwareBanks

Industrial Products

10 May 2019

CATEgORY OF SCHEME: LARGE & MID cAP FUND

KEY FACTS

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

CATEgORY OF SCHEME: Large & Mid cap Fund

FUND MANAgER § ¥

Vinay Kulkarni (since June 28, 14)


iNCEPTiON DATE (Date of Allotment)February 18, 1994





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







SEgMENT-WiSE BREAK-UP OF EqUiTY HOlDiNg (% OF NET ASSETS)Large cap 60.18%Mid cap 35.75%Small cap 3.52%§ Date of migration from Morgan Stanley Mutual Fund (close of business hours - June 27, 14)¥ Dedicated Fund Manager for Overseas Investments: Mr. Amar Kalkundrikar (Total Experience: Over 16 years).



(%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 5.06 3.46 13.70 10,506 10,346 11,370May 31, 16 Last 3 Years 10.41 14.72 15.65 13,459 15,096 15,470May 30, 14 Last 5 Years 11.78 14.03 11.91 17,460 19,298 17,566Feb 18, 94 Since Inception 11.34 N.A. 11.21 151,517 N.A. 146,876

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. The Scheme, formerly a large cap fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a Large and Mid-cap Fund. Accordingly, the Scheme’s benchmark has also changed. Hence, the past performance of the Scheme may not strictly be comparable with that of the new benchmark. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV. For performance of other schemes managed by Vinay Kulkarni, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58. As TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite cAGR of S&P BSe SeNSex PRI values from Feb 18, 94 to Aug 18, 96 and TRI values since Aug 19, 96.



l to generate long-term capital appreciation/income

l investment predominantly in Large cap and Mid cap companies

Riskometer



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



• State Bank of India Banks 9.29• NTPc Ltd. Power 7.81• IcIcI Bank Ltd. Banks 7.60• Infosys Ltd. Software 6.49• Reliance Industries Ltd. Petroleum Products 5.51• ITc Ltd. consumer Non Durables 5.04• HDFc Bank Ltd. Banks 4.30• GAIL (India) Ltd. Gas 3.64• Bharat Petroleum

corporation Ltd. Petroleum Products 3.36• Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 2.66Prestige estates Projects Ltd. construction 2.19Trent Ltd. Retailing 2.15Apollo Tyres Ltd. Auto Ancillaries 2.05Max Financial Services Ltd. Finance 1.89Tata Global Beverages Ltd. consumer Non Durables 1.84NHPc Ltd. Power 1.80Gujarat State Petronet Ltd. Gas 1.77Bharat Heavy electricals Ltd. Industrial capital Goods 1.75Hindustan Petroleum corporation Ltd. Petroleum Products 1.66Tata chemicals Ltd. chemicals 1.62Info edge (India) Ltd. Software 1.55Divis Laboratories Ltd. Pharmaceuticals 1.50Mindtree consulting Ltd. Software 1.47Tata Motors Ltd. DVR Auto 1.47castrol India Ltd. Petroleum Products 1.32exide Industries Ltd. Auto Ancillaries 1.28Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.28Indraprastha Gas Ltd. Gas 1.27Vedanta Ltd. Non - Ferrous Metals 1.26Solar Industries India Ltd. chemicals 1.21Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.17canara Bank Banks 1.16Oil India Ltd. Oil 1.16Shriram Transport Finance company Ltd. Finance 0.88Reliance Nippon Life Asset Management Ltd. Finance 0.87cESc Ltd. Power 0.79


emami Ltd. consumer Non Durables 0.72Dilip Buildcon Ltd. construction Project 0.71Power Grid corporation of India Ltd. Power 0.71Mahanagar Gas Ltd. Gas 0.62NBcc (India) Ltd. construction 0.60Indian Bank Banks 0.48Union Bank of India Banks 0.41NLc India Ltd. Power 0.37Tata Steel Ltd. Ferrous Metals 0.37Reliance Power Ltd. Power 0.23Larsen and Toubro Ltd. construction Project 0.18Sub Total 99.46cash, cash Equivalents and Net current Assets 0.54

Grand Total 100.00

• Top Ten Holdings

PORTFOLIO


0.370.891.161.261.471.752.152.662.792.833.333.643.95

7.307.60

9.5111.7111.85

23.24

0 5 10 15 20 25

Ferrous MetalsConstruction Project

OilNon - Ferrous Metals

AutoIndustrial Capital Goods

RetailingHotels, Resorts & Other Recreational Activities

ConstructionChemicals

Auto AncillariesFinance

PharmaceuticalsGas

Consumer Non DurablesSoftware

PowerPetroleum Products

Banks


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,040.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 31, 2019 (` ‘000) $$ 20,560.62 4,266.25 2,097.34 747.10 407.18 126.85 Returns (%) $$ 12.91 10.71 10.76 8.71 8.18 10.80 Benchmark Returns (%) # N.A. N.A. 13.68 11.50 9.64 8.34 Additional Benchmark Returns (%) ## 13.77 13.13 12.44 12.93 15.53 17.11


May 2019 11

CATEgORY OF SCHEME: FOcUSED FUND

KEY FACTS


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


CATEgORY OF SCHEME: Focused Fund

FUND MANAgER ¥

Vinay Kulkarni (since November 21, 06)



September 17, 2004




As on May 31, 2019 475.42Average for Month of May, 2019 455.39

qUANTiTATiVE DATA








EXiT lOAD




PLANS & OPTIONS






Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,770.00 1,200.00 600.00 360.00 120.00

Mkt Value As on May 31, 2019 (` ‘000) 4,490.21 2,067.69 726.95 393.68 127.27

Returns (%) 11.72 10.49 7.62 5.91 11.48

Benchmark Returns (%) # 12.49 12.23 11.24 10.91 11.44

Additional Benchmark Returns (%) ## 12.86 12.44 12.93 15.53 17.11




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 2.63 6.46 13.70 10,263 10,646 11,370

May 31, 16 Last 3 Years 10.23 14.35 15.65 13,394 14,954 15,470

May 30, 14 Last 5 Years 9.70 12.35 11.91 15,893 17,910 17,566

Sep 17, 04 Since Inception 15.19 15.26 15.61 80,032 80,743 84,470

Returns greater than 1 year period are compounded annualized (cAGR). For performance of other schemes managed by Vinay Kulkarni, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58.




l investments in equity & equity related instruments of up to 30 companies

Riskometer




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









• Tata Steel Ltd. Ferrous Metals 4.61

• Hindustan Petroleum corporation Ltd. Petroleum Products 4.09


• Kalpataru Power Transmission Ltd. Power 3.40

NHPc Ltd. Power 3.40


Bharat electronics Ltd. Industrial capital Goods 3.14


KEc International Ltd. construction Project 3.03

PNc Infratech Ltd. construction 2.81

Elecon Engineering comapny Ltd. Industrial capital Goods 2.62

Titagarh Wagons Ltd. Industrial capital Goods 2.57



Gujarat Pipavav Port Ltd. Transportation 2.04


Tata Motors Ltd. DVR Auto 1.41

Transport corporation of India Ltd. Transportation 1.34


Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 1.24


Tata Motors Ltd. Auto 0.73

Sub Total 98.65

cash, cash Equivalents and Net current Assets 1.35

Grand Total 100.00


PORTFOLIO


1.24

1.54

2.14

2.81

3.03

3.03

3.28

3.38

4.61

5.46

6.76

7.91

9.51

16.19

27.76

0 5 10 15 20 25 30

Aerospace & Defence

Minerals/Mining

Auto

Construction

Construction Project

Gas

Non - Ferrous Metals

Transportation

Ferrous Metals

Consumer Non Durables

Software

Petroleum Products

Industrial Capital Goods

Power

Banks

12 May 2019

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 ¥

Srinivas Rao Ravuri (since March 10, 2008 *)

Total Experience: Over 23 years*Mr. Srinivas Rao Ravuri has ceased to be the Fund Manager of the above-mentioned Scheme with effect from close of business hours on May 31, 2019. The scheme will be co-managed by Mr. Rakesh Vyas & Mr. Prashant Jain w.e.f. June 01, 2019

iNCEPTiON DATE (Date of Allotment)March 10, 2008


ASSETS UNDER MANAgEMENT (`) iN CROREAs on May 31, 2019 873.42Average for Month of May, 2019 823.92



#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) 1,350.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 31, 2019 (` ‘000) 2,066.39 1,675.51 633.92 360.92 129.33 Returns (%) 7.31 6.50 2.17 0.17 14.80 Benchmark Returns (%) # 12.66 12.23 11.24 10.91 11.44 Additional Benchmark Returns (%) ## 12.47 12.18 12.37 14.19 16.44




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year -4.45 6.46 12.43 9,555 10,646 11,243May 31, 16 Last 3 Years 5.91 14.35 14.99 11,879 14,954 15,203May 30, 14 Last 5 Years 5.38 12.35 11.92 13,000 17,910 17,571Mar 10, 08 Since Inception 5.15 9.76 9.74 17,584 28,454 28,387

Returns greater than 1 year period are compounded annualized (cAGR). For performance of other schemes managed by Srinivas Rao Ravuri, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 64.




l investment predominantly in equity and equity related securities of companies engaged in or expected to benefit from the growth and development of infrastructure

Riskometer

Investors understand that their principal will be at high risk


(An open ended equity scheme following infrastructure theme)HDFC Infrastructure Fund






• cESc Ltd. Power 4.73

• JMc Projects (India) Ltd. construction 4.57



• Bank of Baroda Banks 4.04

• Texmaco Rail & engineering Ltd. Industrial capital Goods 3.81

• centum Electronics Ltd. Industrial capital Goods 3.35


Hindustan construction company Ltd. construction Project 2.68



Dilip Buildcon Ltd. construction Project 2.24

BeML Ltd. Industrial capital Goods 2.19


Premier explosives Ltd. chemicals 2.02

Gujarat State Petronet Ltd. Gas 1.99

Dynamatic Technologies Ltd. Auto Ancillaries 1.98

J.Kumar Infraprojects Ltd. construction 1.91

Ashoka Buildcon Ltd. construction Project 1.89





RITeS Ltd. construction Project 1.21

IRcON International Ltd. construction Project 1.10

Punjab National Bank Banks 1.08

Simplex Infrastructures Ltd. construction 0.99

cG Power and Industrial Solutions Ltd. Industrial capital Goods 0.93


Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) construction Project 0.85

B L Kashyap & Sons Ltd. construction 0.82

MeP Infrastructure Developers Ltd. Transportation 0.69

corporation Bank Banks 0.47

Transformers & Rectifiers India Ltd. Industrial capital Goods 0.28

Oriental Bank of commerce Banks 0.27


Sub Total 97.41


Grand Total 100.00


PORTFOLIO


1.41

1.56

1.98

1.99

2.02

2.51

2.95

4.07

4.60

8.29

8.87

11.85

18.61

26.70

0 5 10 15 20 25 30


Ferrous Metals

Auto Ancillaries

Gas

Chemicals

Transportation

Minerals/Mining

Petroleum Products

Finance

Construction

Power



Banks

May 2019 13

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

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

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









• Power Grid corporation of India Ltd. Power 3.13

• Power Finance corporation Ltd. Finance 2.82


ITc Ltd. consumer Non Durables 2.46



Bharat Petroleum corporation Ltd. Petroleum Products 1.83

HDFc Bank Ltd. Banks 1.67



Hindustan Petroleum corporation Ltd. Petroleum Products 1.52


Tata consultancy Services Ltd. Software 1.29


Just Dial Ltd. Software 1.05




chambal Fertilizers & chemicals Ltd. Fertilisers 0.88

Solar Industries India Ltd. chemicals 0.88



Apollo Tyres Ltd. Auto Ancillaries 0.56




Savita Oil Technologies Ltd. Petroleum Products 0.41

Ashoka Buildcon Ltd. construction Project 0.40


Apar Industries Ltd. Industrial capital Goods 0.36


Orient cement Ltd. cement 0.30

Mishra Dhatu Nigam Ltd. Ferrous Metals 0.29

JMc Projects (India) Ltd. construction 0.23

Time Technoplast Ltd. Industrial Products 0.23

Union Bank of India Banks 0.20

Steel Authority of India Ltd. Ferrous Metals 0.19

cochin Shipyard Ltd. Industrial capital Goods 0.17


ABB India Ltd. Industrial capital Goods 0.16

Kirloskar Pneumatic Ltd. Industrial Products 0.14


Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 0.12

Gujarat Industries Power company Ltd. Power 0.12


Texmaco Rail & engineering Ltd. Industrial capital Goods 0.11


Sagar cements Ltd. cement 0.09


J.Kumar Infraprojects Ltd. construction 0.08


Oriental Bank of commerce Banks 0.07

Bharat Dynamics Ltd. Aerospace & Defence 0.06


S chand and company Ltd. Media & entertainment 0.06

Syndicate Bank Banks 0.05

Ramco Systems Ltd. Software 0.04

container corporation of India Ltd. Transportation 0.02

Future Supply chain Solutions Ltd. Transportation 0.02


RITeS Ltd. construction Project 0.01

Avenue Supermarts Ltd. Retailing @

Sub Total 83.00

DEBT & DEBT RElATED

CREDiT EXPOSURE

• State Bank of India cARE - AA+ / cRISIL - AA+ 4.29

• Tata Sons Ltd. cRISIL - AAA 3.18

canara Bank cRISIL - AA 1.53

HDFc Bank Ltd. cARE - AA+ 1.44

IcIcI Bank Ltd. IcRA - AA+ 1.06

Punjab National Bank cARE - A+ 1.02

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 13.61

Total 13.61

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, 03)§


iNCEPTiON DATE ¤February 01, 1994





qUANTiTATiVE DATAPortfolio Turnover Ratio 11.62%Average Maturity * 2.39 yearsMacaulay Duration * 2.10 yearsModified Duration * 1.92 yearsYield to Maturity * 8.59%

* computed on the invested amount for debt portfolio.



#BENCHMARK iNDEX: NIFTY 50 Hybrid composite Debt 65:35 Index


EXiT lOAD

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

l Any redemption in excess of the above limit shall be subject to the following exit load:

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



PLANS & OPTIONS





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

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

CATEgORY OF SCHEME: BALANcED ADVANTAGE FUND

14 May 2019



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) 3,040.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 31, 2019 (` ‘000) $$ 61,587.59 6,333.74 2,422.43 789.31 422.66 131.44 Returns (%) $$ 19.53 15.31 13.47 10.92 10.73 18.24 Benchmark Returns (%) # N.A. 11.49 10.99 10.94 11.90 15.22 Additional Benchmark Returns (%) ## N.A. 12.84 12.18 12.37 14.19 16.44



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##May 31, 18 Last 1 Year 11.86 11.95 12.43 11,186 11,195 11,243May 31, 16 Last 3 Years 13.99 12.54 14.99 14,810 14,253 15,203May 30, 14 Last 5 Years 12.08 10.97 11.92 17,695 16,838 17,571Feb 01, 94 Since Inception 18.64 N.A. N.A. 761,392 N.A. N.A.

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Prashant Jain, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58. For FPI Portfolio, refer page no. 65.^Past performance may or may not be sustained in the future. Load is not taken into consideration for computation of performance.

Portfolio Classification By Asset Class (%)

n equity 83.00

n credit Exposure 13.61

n Mutual Fund Units 0.03

n cash, cash Equivalents and Net current Assets 3.36

Portfolio Classification By Rating Class (%)

n equity 83.00n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 3.18n AA+ 6.85n AA/AA- 2.21n A+ & Below 1.37n Mutual Fund Units 0.03n cash, cash Equivalents and Net

current Assets 3.36

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


0.060.180.310.370.390.570.680.750.881.811.842.042.142.282.462.56

4.377.047.797.92

10.3626.20

0 5 10 15 20 25 30

Media & EntertainmentAerospace & Defence

ConstructionIndustrial Products

CementTransportation

Auto AncillariesNon - Ferrous Metals

FertilisersIndustrial Capital Goods

ChemicalsGas

Ferrous MetalsPharmaceuticals

Consumer Non DurablesMinerals/Mining

FinancePetroleum Products


SoftwareBanks

May 2019 15

CATEgORY OF SCHEME: AGGRESSIVE HYBRID FUND


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






• Housing Development Finance corporation Ltd. £ Finance 4.44



• Axis Bank Ltd. Banks 2.67


Reliance Industries Ltd. Petroleum Products 2.31


Aarti Industries Ltd. chemicals 1.90

UPL Ltd. Pesticides 1.63


Indusind Bank Ltd. Banks 1.44


SKF India Ltd. Industrial Products 1.26

Voltas Ltd. consumer Durables 1.20





Atul Ltd. chemicals 1.05

Bharti Airtel Ltd. Telecom - Services 0.99

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

Balkrishna Industries Ltd. Auto Ancillaries 0.91

cholamandalam Financial Holdings Ltd. Finance 0.87


Tube Investments of India Ltd. Auto Ancillaries 0.71

Hexaware Technologies Ltd. Software 0.65


NIIT Technologies Ltd. Software 0.63



Edelweiss Financial Services Ltd. Finance 0.60

Mahindra Holidays & Resorts India Ltd.


Sadbhav engineering Ltd. construction Project 0.59

Yes Bank Ltd. Banks 0.46

VST Industries Ltd. consumer Non Durables 0.44

Vardhman Textiles Ltd. Textiles - cotton 0.40


Ipca Laboratories Ltd. Pharmaceuticals 0.38

Zensar Technologies Ltd. Software 0.38

Redington (India) Ltd. Transportation 0.36

Sharda cropchem Ltd. Pesticides 0.36


Tamilnadu Newsprint & Papers Ltd. Paper 0.35

Allahabad Bank Banks 0.34

Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.31

carborundum Universal Ltd. Industrial Products 0.30

Jagran Prakashan Ltd. Media & entertainment 0.25


MM Forgings Ltd. Industrial Products 0.14

Navneet education Ltd. Media & entertainment 0.14

Greenply Industries Ltd. consumer Durables 0.13

Persistent Systems Ltd. Software 0.11

IFB Industries Ltd. consumer Durables 0.09

Atul Auto Ltd. Auto 0.08

Insecticides (India) Ltd. Pesticides 0.06

Sub Total 69.94

DEBT & DEBT RElATED

gOVERNMENT SECURiTiES (CENTRAl/STATE)

7.16 GOI 2023 Sovereign 1.43


















SUB TOTAL 7.82

CREDiT EXPOSURE

Tata Sons Ltd. cRISIL - AAA 4.30

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

PORTFOLIO

KEY FACTS

INVESTMENT OBjECTiVE

The investment objective of the Scheme is to generate capital appreciation / income from a portfolio, predominantly of equity & equity related instruments. The Scheme will also invest in debt and money market instruments.


CATEgORY OF SCHEME: Aggressive Hybrid Fund

FUND MANAgER ¥

Chirag Setalvad (since April 2, 07) ¤


iNCEPTiON DATE ¤September 11, 2000





qUANTiTATiVE DATA

Portfolio Turnover Ratio (Last 1 year) 9.32%Average Maturity * 3.04 yearsMacaulay Duration * 2.52 yearsModified Duration * 2.37 yearsYield to Maturity * 7.61%

* computed on the invested amount for debt portfolio.





EXiT lOAD

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





PLANS & OPTIONS




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

Large cap 49.68%Mid cap 11.69%Small cap 8.55%


16 May 2019


LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 2.53

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

National Bank for Agriculture & Rural Development cRISIL - AAA 1.55

Axis Bank Ltd. cRISIL - AA+ 1.51

Housing Development Finance corporation Ltd. £ cRISIL - AAA 1.25

L&T Finance Ltd. cARE - AAA 1.14

Small Industries Development Bank cARE - AAA 1.12

Rural electrification corporation Ltd.

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

Shriram Transport Finance company Ltd. cRISIL - AA+ 0.66

National Highways Authority of India cARE - AAA 0.56


HDFc Bank Ltd. cRISIL - AAA 0.22


State Bank of India cRISIL - AA+ 0.22

Oriental Bank of commerce cARE - A+ 0.13


IcIcI Bank Ltd. cARE - AAA 0.11


Hindalco Industries Ltd. cRISIL - AA 0.05

Tata capital Financial Services Ltd. IcRA - AAA 0.04

Sub Total 18.98

Total 26.80

MUTUAl FUND UNiTS

HDFc NIFTY 50 Exchange Traded Fund 0.70

Sub Total 0.70


gRAND TOTAl 100.00

l Top Ten Holdings, £ co-sponsor


Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,250.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 31, 2019 (` ‘000) 12,794.90 6,203.23 2,530.82 782.25 413.68 128.21 Returns (%) 16.31 15.07 14.29 10.56 9.26 12.99 Benchmark Returns (%) # N.A. 11.49 10.99 10.94 11.90 15.22 Additional Benchmark Returns (%) ## 14.91 12.84 12.18 12.37 14.19 16.44




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 6.88 11.95 12.43 10,688 11,195 11,243May 31, 16 Last 3 Years 12.41 12.54 14.99 14,206 14,253 15,203May 30, 14 Last 5 Years 13.48 10.97 11.92 18,835 16,838 17,571Sep 11, 00 Since Inception 15.87 N.A. 13.45 157,872 N.A. 106,278

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments. For performance of other schemes managed by chirag Setalvad, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58.



PORTFOLIO


l to generate long-term capital appreciation / income.

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

Riskometer



PORTFOliO ClASSiFiCATiON BY ASSET ClASS (%)

equity 69.94

G-Sec 7.82

credit Exposure 18.98

Mutual Fund Units 0.70cash, cash Equivalents and Net current Assets 2.56

PORTFOliO ClASSiFiCATiON BY RATiNg ClASS (%)

n equity 69.94n Sovereign 7.82n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 15.77n AA+ 2.39n AA/AA- 0.05n A+ & Below 0.77n Mutual Fund Units 0.70n cash, cash Equivalents and Net

current Assets 2.56

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


0.330.350.360.390.400.630.740.991.081.421.541.611.621.641.702.052.872.953.534.095.245.916.98

21.52

0 5 10 15 20 25Auto

PaperTransportation

Media & EntertainmentTextiles - Cotton

ConstructionNon - Ferrous Metals

Telecom - ServicesFerrous Metals

Consumer DurablesHotels, Resorts & Other Recreational Activities

Industrial Capital GoodsAuto Ancillaries

PowerIndustrial Products

PesticidesPharmaceuticals

ChemicalsConsumer Non Durables

Petroleum ProductsConstruction Project

FinanceSoftware

Banks

May 2019 17


Since Inception SIP

10 year SIP

5 Year SIP

3 Year SIP

1 Year SIP

Total Amount Invested (` ‘000) 1,660.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 31, 2019 (` ‘000) 3,194.15 1,866.22 711.49 393.71 125.63 Returns (%) 8.95 8.55 6.76 5.91 8.86 Benchmark Returns (%) # N.A. N.A. N.A. N.A. N.A. Additional Benchmark Returns (%) ## 11.98 12.18 12.37 14.19 16.44




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 4.03 11.12 12.43 10,403 11,112 11,243May 31, 16 Last 3 Years 7.35 11.70 14.99 12,370 13,936 15,203May 30, 14 Last 5 Years 7.82 10.37 11.92 14,577 16,385 17,571Aug 17, 05 Since Inception 8.94 N.A. 13.70 32,599 N.A. 58,751

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



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

related instruments, debt & money market instruments and Gold

Riskometer




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


0.280.350.390.610.811.091.091.611.921.99

3.103.383.544.29

5.626.547.31

10.0918.90

0 2 4 6 8 10 12141618 20

Non - Ferrous MetalsFerrous Metals

PowerIndustrial Capital GoodsMedia & Entertainment

AutoTelecom - Services

PesticidesConsumer Durables

TransportationConsumer Non Durables

FinanceAuto Ancillaries

Industrial ProductsConstruction ProjectPetroleum Products

ChemicalsSoftware

Banks

KEY FACTS

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

CATEgORY OF SCHEME: Multi Asset Allocation Fund

FUND MANAgER ¥

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

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

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


iNCEPTiON DATE (Date of Allotment)August 17, 2005



qUANTiTATiVE DATAPortfolio Turnover Ratio 46.15%


#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 72.91

n Gold 8.97



n equity 72.91n Gold 8.97n cash, cash Equivalents and Net

current Assets 18.12

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

CATEgORY OF SCHEME: MULTI ASSET ALLOcATION FUND

18 May 2019

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

% exposure of Derivative


• HDFc Bank Ltd. Banks 8.54 0.00

• State Bank of India Banks 4.44 0.00

• Reliance Industries Ltd. Petroleum Products 4.24 0.00

• IcIcI Bank Ltd. Banks 3.91 0.00

• Infosys Ltd. Software 3.78 0.00

• Larsen and Toubro Ltd. construction Project 3.75 0.00

• Housing Development Finance corporation Ltd. £ Finance 3.38 0.00

• NIIT Technologies Ltd. Software 2.89 0.00

• Oriental carbon & chemicals Ltd. chemicals 2.83 0.00

Aarti Industries Ltd. chemicals 2.43 0.00

ITc Ltd. consumer Non Durables 2.20 0.00

Gujarat Fluorochemicals Ltd. chemicals 2.05 0.00

Sonata Software Ltd. Software 2.00 0.00

Redington (India) Ltd. Transportation 1.99 0.00

Bajaj electricals Ltd. consumer Durables 1.92 0.00

KEc International Ltd. construction Project 1.87 0.00

Balkrishna Industries Ltd. Auto Ancillaries 1.62 0.00

Sharda cropchem Ltd. Pesticides 1.61 0.00

Bharat Petroleum corporation Ltd. Petroleum Products 1.44 0.00

Firstsource Solutions Ltd. Software 1.42 0.00

Gabriel India Ltd. Auto Ancillaries 1.37 0.00

Shaily engineering Plastics Ltd. Industrial Products 1.37 0.00

Axis Bank Ltd. Banks 1.28 0.00

carborundum Universal Ltd. Industrial Products 1.24 0.00



Bharti Airtel Ltd. Telecom - Services 1.09 0.00

Tata Motors Ltd. DVR Auto 1.09 0.00

Timken India Ltd. Industrial Products 0.97 0.00

VST Industries Ltd. consumer Non Durables 0.90 0.00

Savita Oil Technologies Ltd. Petroleum Products 0.86 0.00

Jagran Prakashan Ltd. Media & entertainment 0.81 0.00

Union Bank of India Banks 0.73 0.00

Vesuvius India Ltd. Industrial Products 0.71 0.00

Apar Industries Ltd. Industrial capital Goods 0.61 0.00

Suprajit engineering Ltd. Auto Ancillaries 0.55 0.00

Power Grid corporation of India Ltd. Power 0.39 0.00

Tata Steel Ltd. Ferrous Metals 0.35 0.00

Vedanta Ltd. Non - Ferrous Metals 0.28 0.00

Sub Total 72.91

gOlD

• Gold Bar 1 Kg (0.995 purity) NA 8.97

Sub Total 8.97

MUTUAl FUND UNiTS

HDFc Gold Exchange Traded Fund 2.09

Sub Total 2.09

OTHERS

Short Term Deposits as margin for Futures & Options 2.60


Sub Total 16.03

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

May 2019 19

CATEgORY OF SCHEME: ExcHANGE TRADED FUND

KEY FACTSiNVESTMENT OBjECTiVEThe investment objective of HDFc NIFTY 50 ETF is to generate returns that are commensurate with the performance of the NIFTY 50 Index, subject to tracking error.There is no assurance that the investment objective of the Scheme will be realized.

CATEgORY OF SCHEME: Exchange Traded Fund

FUND MANAgERKrishan Kumar Daga (since December 09, 15)


iNCEPTiON DATE (Date of Allotment)December 09, 2015

NAV (AS ON MAY 31, 2019) NAV PER UNIT (`)Growth Option 1,240.63

ASSETS UNDER MANAgEMENT j (`) iN CROREAs on May 31, 2019 315.60Average for Month of May, 2019 305.55

qUANTiTATiVE DATAPortfolio Turnover Ratio (Last 1 year) 15.39%

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

TOTAL ExPENSE RATIO (As on May 31, 2019)Including Additional expenses and Goods and Service Tax on Management FeesHDFc NIFTY 50 ETF 0.05%

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

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

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

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

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

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

PLANS & OPTIONSHDFc NIFTY 50 ETF. Presently the Scheme does not offer any Plans / Options for investmentMiNiMUM APPliCATiON AMOUNT (Under each Plan / Option)Authorised Participants / large investors: Application for subscription of HNETF Units in creation Unit Size can be made either: (i) in exchange of the Portfolio Deposit; or (ii) by depositing basket of securities comprising NIFTY 50 Index Each creation Unit Size will consist of 4,000 Units of HNETF and 1 Unit of HNETF will be approximately equal to 1/10th of the value of NIFTY 50 Index. Other investors (including Authorised Participants and large investors): Units of HNETF can be subscribed (in lots of 1 Unit) during the trading hours on all trading days on the NSe and BSe on which the Units will be listed.

Face Value per Unit: ` 761.25, + Industry classification as recommended by AMFI, Data is as of May 31, 2019 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 12.37 12.43 13.70 11,237 11,243 11,370

May 31, 16 Last 3 Years 14.88 14.99 15.65 15,162 15,203 15,470

Dec 09, 15 Since Inception 15.08 15.23 15.62 16,297 16,369 16,564

Returns are compounded annualized (cAGR). * The Scheme does not offer any Plans/Options. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Krishan Kumar Daga, please refer page 52.


l returns that are commensurate with the performance of the NIFTY 50, subject to tracking errors over long term

l investment in equity securities covered by the NIFTY 50

Riskometer



j Includes investments made by the schemes of HDFc Mutual Fund aggregating to Rs. 159.24 crores

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










• Kotak Mahindra Bank Ltd. Banks 4.23



State Bank of India Banks 2.75

Hindustan Unilever Ltd. consumer Non Durables 2.66

Maruti Suzuki India Ltd. Auto 1.90

Bajaj Finance Ltd. Finance 1.71


Asian Paints Ltd. consumer Non Durables 1.32

Mahindra & Mahindra Ltd. Auto 1.25


HcL Technologies Ltd. Software 1.23

NTPc Ltd. Power 1.12

Oil & Natural Gas corporation Ltd. Oil 1.08

Titan company Ltd. consumer Durables 1.07

Bajaj Finserv Ltd. Finance 1.03

UltraTech cement Ltd. cement 1.03

Tech Mahindra Ltd. Software 0.99

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 0.94


Wipro Ltd. Software 0.90


Bajaj Auto Ltd. Auto 0.83

Indian Oil corporation Ltd. Petroleum Products 0.81



Grasim Industries Ltd. cement 0.73

Britannia Industries Ltd. consumer Non Durables 0.72

Hero Motocorp Ltd. Auto 0.72

Adani Ports & Special economic Zone Transportation 0.68



Dr Reddys Laboratories Ltd. Pharmaceuticals 0.67




Hindalco Industries Ltd. Non - Ferrous Metals 0.60


eicher Motors Ltd. Auto 0.58

JSW Steel Ltd. Ferrous Metals 0.57


Indiabulls Housing Finance Ltd. Finance 0.54

Bharti Infratel Ltd. Telecom - equipment & Accessories 0.48

Zee entertainment enterprises Ltd. Media & entertainment 0.41

Sub Total 99.90


Grand Total 100.00


PORTFOLIO


0.410.480.680.680.760.881.071.081.211.231.341.762.032.204.005.93

9.6710.7610.93

13.7529.05

0 5 10 15 20 25 30 35

Media & EntertainmentTelecom - Equipment & Accessories

GasTransportation

PesticidesMinerals/Mining

Consumer DurablesOil

Non - Ferrous MetalsTelecom - Services

Ferrous MetalsCement

PowerPharmaceuticals

Construction ProjectAuto



Banks

20 May 2019

CATEgORY OF SCHEME: INDEx FUND


EqUiTY & EqUiTY RElATED• HDFc Bank Ltd. Banks 10.84• Reliance Industries Ltd. Petroleum Products 9.46• Housing Development

Finance corporation Ltd. £ Finance 7.48• Infosys Ltd. Software 5.82• IcIcI Bank Ltd. Banks 5.67• ITc Ltd. consumer Non Durables 4.96• Tata consultancy Services Ltd. Software 4.79• Kotak Mahindra Bank Ltd. Banks 4.22• Larsen and Toubro Ltd. construction Project 3.99• Axis Bank Ltd. Banks 3.28State Bank of India Banks 2.74Hindustan Unilever Ltd. consumer Non Durables 2.65Maruti Suzuki India Ltd. Auto 1.90Bajaj Finance Ltd. Finance 1.71Indusind Bank Ltd. Banks 1.71Asian Paints Ltd. consumer Non Durables 1.32Mahindra & Mahindra Ltd. Auto 1.25Bharti Airtel Ltd. Telecom - Services 1.23HcL Technologies Ltd. Software 1.23NTPc Ltd. Power 1.12Oil & Natural Gas corporation Ltd. Oil 1.08Titan company Ltd. consumer Durables 1.07Bajaj Finserv Ltd. Finance 1.03UltraTech cement Ltd. cement 1.03Tech Mahindra Ltd. Software 0.99Sun Pharmaceutical Industries Ltd. Pharmaceuticals 0.94Power Grid corporation of India Ltd. Power 0.90Wipro Ltd. Software 0.90coal India Ltd. Minerals/Mining 0.88Bajaj Auto Ltd. Auto 0.83Indian Oil corporation Ltd. Petroleum Products 0.81Tata Steel Ltd. Ferrous Metals 0.77UPL Ltd. Pesticides 0.76Grasim Industries Ltd. cement 0.73Hero Motocorp Ltd. Auto 0.72Britannia Industries Ltd. consumer Non Durables 0.71Adani Ports & Special economic Zone Transportation 0.68GAIL (India) Ltd. Gas 0.68


Dr Reddys Laboratories Ltd. Pharmaceuticals 0.67Bharat Petroleum corporation Ltd. Petroleum Products 0.66Tata Motors Ltd. Auto 0.65Vedanta Ltd. Non - Ferrous Metals 0.61Hindalco Industries Ltd. Non - Ferrous Metals 0.60cipla Ltd. Pharmaceuticals 0.59eicher Motors Ltd. Auto 0.58JSW Steel Ltd. Ferrous Metals 0.57Yes Bank Ltd. Banks 0.57Indiabulls Housing Finance Ltd. Finance 0.54Bharti Infratel Ltd. Telecom - equipment &

Accessories 0.48Zee entertainment enterprises Ltd. Media & entertainment 0.41Sub Total 99.81cash, cash Equivalents and Net current Assets 0.19Grand 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, 15)



July 17, 2002


Regular Plan - Growth Option 108.2167Direct Plan - Growth Option 109.4159



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) 2,030.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 31, 2019 (` ‘000) 6,513.01 4,470.93 2,181.91 808.50 441.23 130.03 Returns (%) 12.54 11.27 11.51 11.89 13.70 15.93 Benchmark Returns (%) # 14.53 12.84 12.18 12.37 14.19 16.44 Additional Benchmark Returns (%) ## 14.99 13.13 12.44 12.93 15.53 17.11




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 11.93 12.43 13.70 11,193 11,243 11,370May 31, 16 Last 3 Years 14.43 14.99 15.65 14,984 15,203 15,470May 30, 14 Last 5 Years 11.49 11.92 11.91 17,237 17,571 17,566Jul 17, 02 Since Inception 14.93 17.23 17.21 104,800 146,447 146,063

Returns greater than 1 year period are compounded annualized (cAGR). Since inception returns are calculated on ` 10.3260 (allotment price). For performance of other schemes managed by Krishan Kumar Daga, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60.



l returns that are commensurate with the performance of the NIFTY 50, subject to tracking errors over long term

l investment in equity securities covered by the NIFTY 50

Riskometer



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

PORTFOLIO


0.410.480.680.680.760.881.071.081.211.231.341.762.022.20

3.995.93

9.6410.7610.93

13.7329.03

0 5 10 15 20 25 30 35

Media & EntertainmentTelecom - Equipment & Accessories

GasTransportation

PesticidesMinerals/Mining

Consumer DurablesOil

Non - Ferrous MetalsTelecom - Services

Ferrous MetalsCement

PowerPharmaceuticals

Construction ProjectAuto



Banks

May 2019 21

CATEgORY OF SCHEME: ExcHANGE TRADED FUND

KEY FACTS

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

CATEgORY OF SCHEME: Exchange Traded Fund

FUND MANAgERKrishan Kumar Daga (since December 09, 15)


iNCEPTiON DATE (Date of Allotment)December 09, 2015

NAV (AS ON MAY 31, 2019) NAV PER UNIT (`)Growth Option 4,147.70

ASSETS UNDER MANAgEMENT j (`) iN CROREAs on May 31, 2019 67.55Average for Month of May, 2019 57.73

qUANTiTATiVE DATAPortfolio Turnover Ratio (Last 1 year) 104.98%

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

TOTAL ExPENSE RATIO (As on May 31, 2019)Including Additional expenses and Goods and Service Tax on Management FeesHDFc SeNSex ETF 0.05%

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

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

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

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

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

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

PLANS & OPTIONSHDFc SENSEx ETF. Presently the Scheme does not offer any Plans / Options for investment

MiNiMUM APPliCATiON AMOUNT (Under each Plan / Option)Authorised Participants / large investors: Application for subscription of HSxETF Units in creation Unit Size can be made either: (i) in exchange of the Portfolio Deposit; or (ii) by depositing basket of securities comprising S&P BSe

SeNSex IndexEach creation Unit Size will consist of 1,000 Units of HSxETF and 1 Unit of HSxETF will be approximately equal to 1/10th of the value of S&P BSe SeNSex Index. Other investors (including Authorised Participants and large investors): Units of HSxETF can be subscribed (in lots of 1 Unit) during the trading hours on all trading days on the NSe and BSe on which the Units will be listed.

Face Value per Unit: ` 2,503.61, + Industry classification as recommended by AMFI, Data is as of May 31, 2019 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 13.65 13.70 12.43 11,365 11,370 11,243

May 31, 16 Last 3 Years 15.60 15.65 14.99 15,450 15,470 15,203


Returns are compounded annualized (cAGR). * The Scheme does not offer any Plans/Options. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Krishan Kumar Daga, please refer page 52.


l returns that are commensurate with the performance of the S&P BSe SeNSex, subject to tracking errors over long term

l investment in equity securities covered by the S&P BSe SeNSex

Riskometer



j Includes investments made by the schemes of HDFc Mutual Fund aggregating to Rs. 31.66 crores

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



































Sub Total 99.85


Grand Total 100.00


PORTFOLIO


0.74

0.85

0.93

1.09

1.20

1.46

2.32

4.69

6.48

10.58

10.62

11.28

14.13

33.48

0 5 10 15 20 25 30 35 40


Minerals/Mining

Ferrous Metals

Pharmaceuticals

Oil

Telecom - Services

Power


Auto


Petroleum Products

Finance

Software

Banks

22 May 2019

CATEgORY OF SCHEME: INDEx FUND

KEY FACTS


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


CATEgORY OF SCHEME: Index Fund

FUND MANAgER

Krishan Kumar Daga (since October 19, 15)



July 17, 2002


Regular Plan - Growth Option 351.2377Direct Plan - Growth Option 355.5230



qUANTiTATiVE DATA


TRACKiNg ERROR

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



#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) 2,030.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 31, 2019 (` ‘000) 6,715.28 4,569.32 2,211.39 820.37 449.36 130.37 Returns (%) 12.85 11.52 11.76 12.48 14.97 16.50 Benchmark Returns (%) # 14.99 13.13 12.44 12.93 15.53 17.11 Additional Benchmark Returns (%) ## 14.53 12.84 12.18 12.37 14.19 16.44




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 13.12 13.70 12.43 11,312 11,370 11,243May 31, 16 Last 3 Years 15.14 15.65 14.99 15,263 15,470 15,203May 30, 14 Last 5 Years 11.46 11.91 11.92 17,216 17,566 17,571Jul 17, 02 Since Inception 15.21 17.21 17.23 109,212 146,063 146,447

Returns greater than 1 year period are compounded annualized (cAGR). Since inception returns are calculated on ` 32.1610 (allotment price). For performance of other schemes managed by Krishan Kumar Daga, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60.



l returns that are commensurate with the performance of the S&P BSe SeNSex, subject to tracking errors over long term.

l investment in equity securities covered by the S&P BSe SeNSex.

Riskometer



Note: Effective close of business hours of May 25, 2018, HDFc Index Fund - SENSEx Plan (the Scheme) underwent changes in Fundamental Attributes and HDFc Index Fund - SENSEx Plus Plan was merged therein. As the portfolio structuring of the Scheme is continued, its past performance is provided, in line with SeBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.

(An open ended scheme replicating / tracking S&P BSE SENSEX index)HDFC Index Fund - SENSEX Plan



































Sub Total 100.11

cash, cash Equivalents and Net current Assets -0.11

Grand Total 100.00


PORTFOLIO


0.74

0.86

0.93

1.10

1.20

1.46

2.32

4.70

6.49

10.62

10.64

11.32

14.17

33.56

0 5 10 15 20 25 30 35 40


Minerals/Mining

Ferrous Metals

Pharmaceuticals

Oil

Telecom - Services

Power


Auto


Petroleum Products

Finance

Software

Banks

May 2019 23

CATEgORY OF SCHEME: EqUITY LINKED SAVINGS ScHEME

KEY FACTS


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

CATEgORY OF SCHEME: equity Linked Savings Scheme

FUND MANAgER ¥

Vinay Kulkarni (since November 21, 06)



March 31, 1996





qUANTiTATiVE DATA








EXiT lOAD

Nil

PLANS & OPTIONS

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


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

lOCK-iN PERiOD

3 years from the date of allotment of the respective Units



SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,780.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 31, 2019 (` ‘000) $$ 67,974.37 5,545.82 2,227.30 744.75 403.38 126.84 Returns (%) $$ 22.78 13.78 11.89 8.59 7.55 10.78 Benchmark Returns (%) # 15.15 12.74 12.23 11.24 10.91 11.44 Additional Benchmark Returns (%) ## 14.10 12.84 12.18 12.37 14.19 16.44



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

May 31, 18 Last 1 Year 5.24 6.46 12.43 10,524 10,646 11,243May 31, 16 Last 3 Years 13.08 14.35 14.99 14,460 14,954 15,203May 30, 14 Last 5 Years 10.34 12.35 11.92 16,361 17,910 17,571Mar 31, 96 Since Inception 23.57 13.90 12.68 1,350,999 204,250 159,108

Returns greater than 1 year period are compounded annualized (cAGR). $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Vinay Kulkarni, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58. As TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite cAGR of NIFTY 50 PRI values from Mar 29, 96 (Data for March 31, 96 is not available) to Jun 29, 99 and TRI values since Jun 30, 99. As NIFTY 500 TRI data is not available for March 31, 96, benchmark performance is calculated from March 29, 96.




l investment predominantly of equity & equity related instruments

Riskometer



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










• GAIL (India) Ltd. Gas 5.11








Oracle Financial Services Software Ltd. Software 1.87



L&T Technology Services Ltd. Software 1.17

Solar Industries India Ltd. chemicals 1.15









Max Financial Services Ltd. Finance 0.59


eclerx Services Ltd. Software 0.56



Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.37



ITD cementation India Ltd. construction 0.30

HSIL Ltd. construction 0.27


Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) construction Project 0.22


Persistent Systems Ltd. Software 0.11

MPS Ltd. Software 0.06

Siti Networks Ltd. Media & entertainment 0.02

Sub Total 96.05cash, cash Equivalents and Net current Assets 3.95

Grand Total 100.00

• Top Ten Holdings, @ Less than 0.01%

PORTFOLIO


0.020.190.570.590.740.841.151.602.532.562.77

4.184.275.11

7.4310.6711.1312.21

27.49

0 5 10 15 20 25 30

Media & EntertainmentAuto Ancillaries

ConstructionFinance

Minerals/MiningTransportation

ChemicalsAuto

Ferrous MetalsNon - Ferrous Metals

Industrial Capital GoodsConsumer Non Durables

PharmaceuticalsGas

Construction ProjectPetroleum Products

SoftwarePowerBanks

24 May 2019

CATEgORY OF SCHEME: cHILDREN’S FUND

KEY FACTS


To generate capital appreciation / income from a portfolio of equity & equity related instruments and debt and money market instruments.


CATEgORY OF SCHEME: children’s Fund

FUND MANAgER ¥

Chirag Setalvad (since April 2, 07)

Total Experience - Over 21 years


March 2, 2001


Regular Plan 122.893Direct Plan 129.419



qUANTiTATiVE DATA

Portfolio Turnover Ratio (Last 1 year) 8.92%Average Maturity * 2.10 yearsMacaulay Duration * 1.64 yearsModified Duration * 1.53 yearsYield to Maturity * 7.26%* computed on the invested amount for debt portfolio.





EXiT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan.



lOCK-iN PERiOD

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

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

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

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


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












cholamandalam Investment and Financial company Ltd. Finance 1.73











Schaeffler India Ltd. Industrial Products 1.02

AIA engineering Ltd. Industrial Products 0.98

Finolex Industries Ltd. Industrial Products 0.92

Motherson Sumi Systems Ltd. Auto Ancillaries 0.86


Larsen & Toubro Infotech Ltd. Software 0.84

century Plyboards (India) Ltd. consumer Durables 0.79



Sonata Software Ltd. Software 0.77

Supreme Industries Ltd. Industrial Products 0.77



Indian Bank Banks 0.69




Ipca Laboratories Ltd. Pharmaceuticals 0.68

eIH Ltd. Hotels/Resorts & Other Recreational Activities 0.66

VST Industries Ltd. consumer Non Durables 0.66



Apollo Tyres Ltd. Auto Ancillaries 0.61

cholamandalam Financial Holdings Ltd. Finance 0.59

Blue Star Ltd. consumer Durables 0.56

Swaraj engines Ltd. Industrial Products 0.54


Vesuvius India Ltd. Industrial Products 0.52


Navneet education Ltd. Media & entertainment 0.45


V.S.T Tillers Tractors Ltd. Auto 0.30



eclerx Services Ltd. Software 0.25

Nilkamal Ltd. Industrial Products 0.25

Mcleod Russel India Ltd. consumer Non Durables 0.10

Jyoti Structures Ltd. Power 0.01

Sub Total 65.80

DEBT & DEBT RElATED












Sub Total 6.92

PORTFOLIO

May 2019 25


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

Total Amount Invested (` ‘000) 2,190.00 1,800.00 1,200.00 600.00 360.00 120.00

Mkt Value As on May 31, 2019 (` ‘000) $ 11,247.32 6,088.52 2,552.99 782.92 415.08 126.32

Returns (%) $ 15.88 14.86 14.45 10.59 9.49 9.96

Benchmark Returns (%) # N.A. 11.49 10.99 10.94 11.90 15.22

Additional Benchmark Returns (%) ## 14.98 12.84 12.18 12.37 14.19 16.44

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



(%) $

Benchmark Returns

(%)#


Returns(%) ##


Scheme (`) $

Benchmark (`)#

Additional Benchmark(`)##

May 31, 18 Last 1 Year 5.83 11.95 12.43 10,583 11,195 11,243

May 31, 16 Last 3 Years 12.91 12.54 14.99 14,394 14,253 15,203

May 30, 14 Last 5 Years 12.87 10.97 11.92 18,329 16,838 17,571

Mar 02, 01 Since Inception 16.39 N.A. 14.50 159,761 N.A. 118,455

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments. $ Adjusted for Bonus units declared under the Scheme. For performance of other schemes managed by chirag Setalvad, please refer page 48. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58.


equity 65.80

G-Sec 6.92

credit Exposure 19.46




l capital appreciation over long term.

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

Riskometer




equity 65.80

Sovereign 6.92

AAA/AAA(SO)/A1+/A1+(SO) & equivalent 14.52

AA+ 4.94


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


CREDiT EXPOSURE

• Tata capital Financial Services Ltd. IcRA - AAA 4.10

• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA 3.60

• L&T Finance Ltd. cARE - AAA 3.56

• Axis Bank Ltd. cRISIL - AA+ 3.49

Mahindra & Mahindra Financial Services Ltd. IND - AAA 1.43



Hero Fincorp Ltd. IcRA - AA+ 1.06

HDB Financial Services Ltd. cRISIL - AAA 0.54

State Bank of India cRISIL - AA+ 0.39

Sub Total 19.46

Total 26.38


Grand Total 100.00


PORTFOLIOIndustry Allocation of Equity Holding (% of Net Assets)

0.30

0.53

0.64

0.65

0.72

0.77

1.22

1.42

1.47

2.07

2.09

2.42

2.65

3.08

3.38

4.45

6.63

7.43

8.95

14.93

0 2 4 6 8 10 12 14 16

Auto


Ferrous Metals

Power

Media & Entertainment

Construction

Telecom - Services

Pesticides


Hotels, Resorts & Other Recreational Activities

Pharmaceuticals


Consumer Durables

Auto Ancillaries


Petroleum Products

Industrial Products

Finance

Software

Banks

26 May 2019

CATEgORY OF SCHEME: RETIREMENT FUND

KEY FACTS


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

CATEgORY OF SCHEME: Retirement Fund

FUND MANAgER ¥

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

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



February 25, 2016





qUANTiTATiVE DATA

Portfolio Turnover Ratio 5.76%





EXiT lOAD

Upon completion of lock-in period: Nil

PLANS & OPTIONS

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



lOCK-iN PERiOD

Existing investments by investors including SiP / STP registrations, etc (until june 1, 2018):

Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units under the Scheme.

Fresh investments by investors including SiP / STP registrations, etc (effective june 2, 2018):

Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units or Retirement Age of Unit holder (i.e. completion of 60 years), whichever is earlier.





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 2.41 6.46 12.43 10,241 10,646 11,243May 31, 16 Last 3 Years 13.75 14.35 14.99 14,718 14,954 15,203Feb 25, 16 Since Inception 18.39 18.81 19.46 17,347 17,551 17,866

Returns greater than 1 year period are compounded annualized (cAGR). For performance of other schemes managed by chirag Setalvad (equities) and Shobhit Mehrotra (Debt), please refer page 52. The Scheme is in existence for more than 3 years but less than 5 years. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 65.


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

l investment predominantly in equity and equity related instruments.

Riskometer



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

(A notified Tax Savings Cum Pension Scheme)










• Aarti Industries Ltd. chemicals 2.17




cholamandalam Investment and Financial company Ltd. Finance 1.81












Atul Ltd. chemicals 1.23


Bajaj electricals Ltd. consumer Durables 1.20


KeI Industries Ltd. Industrial Products 1.17

Sharda cropchem Ltd. Pesticides 1.15




Finolex Industries Ltd. Industrial Products 0.96


Oriental carbon & chemicals Ltd. chemicals 0.91


Tata Metaliks Ltd. Ferrous Metals 0.89


eIH Ltd. Hotels/Resorts & Other Recreational Activities 0.80

Great eastern Shipping company Ltd. Transportation 0.78



T. V. Today Network Ltd. Media & entertainment 0.70

Timken India Ltd. Industrial Products 0.67






GNA Axles Ltd. Auto Ancillaries 0.50





Greenply Industries Ltd. consumer Durables 0.28

Mcleod Russel India Ltd. consumer Non Durables 0.24


Sub Total 81.21DEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)• 6.84 GOI 2022 Sovereign 3.48


Sub Total 5.61CREDiT EXPOSURE • Housing and Urban Development corporation Ltd. cARE - AAA 3.57



Sub Total 4.46Total 10.07cash, cash Equivalents and Net current Assets 8.72

Grand Total 100.00


PORTFOLIO


0.240.380.470.580.801.861.911.921.922.172.352.532.573.634.314.35

5.695.735.896.176.72

19.02

0 2 4 6 8 1012141618 20

Consumer Non DurablesPaperAuto

Non - Ferrous MetalsIndustrial Capital Goods

FertilisersPharmaceuticals

Ferrous MetalsMedia & Entertainment

TransportationAuto Ancillaries

PesticidesPower

Hotels, Resorts & Other Recreational ActivitiesChemicals

Consumer DurablesPetroleum Products

Construction ProjectFinance

Industrial ProductsSoftware

Banks

May 2019 27


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

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

Company Industry+ / Rating % to

NAV





• Housing Development

Finance corporation Ltd. £ Finance 3.60

• Merck Ltd. Pharmaceuticals 2.64


Infosys Ltd. Software 2.41



chambal Fertilizers &

chemicals Ltd. Fertilisers 1.83



cholamandalam Investment

and Financial company Ltd. Finance 1.48


Sonata Software Ltd. Software 1.30

Sundram Fasteners Ltd. Auto Ancillaries 1.28




NRB Bearing Ltd. Industrial Products 1.18

Kalpataru Power

Transmission Ltd. Power 1.14




Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 0.93




Mahindra Holidays & Resorts

India Ltd.

Hotels/Resorts & Other

Recreational Activities 0.88


Power Grid corporation of

India Ltd. Power 0.86



crompton Greaves consumer

elec. Ltd. consumer Durables 0.83


Company Industry+ / Rating % to

NAV

Hindustan Petroleum

corporation Ltd. Petroleum Products 0.68


cholamandalam Financial

Holdings Ltd. Finance 0.58



Shaily engineering Plastics Ltd. Industrial Products 0.56


Shree Pushkar chemicals &

Fertilisers Ltd. chemicals 0.46







Tamilnadu Newsprint &

Papers Ltd. Paper 0.26

Sub Total 65.05

DEBT & DEBT RElATED


• 6.84 GOI 2022 Sovereign 3.52





Sub Total 7.28

CREDiT EXPOSURE

• Power Finance corporation Ltd. cRISIL - AAA 8.63

• Jamnagar Utilities & Power

Pvt. Ltd. (erstwhile Reliance

Utilities & Power Pvt. Ltd.) cARE - AAA 3.52

• State Bank of India cRISIL - AA+ 2.97

Power Grid corporation of

India Ltd. cRISIL - AAA 1.75


Reliance Jio Infocomm Ltd. cRISIL - AAA 0.90

Sub Total 19.01

Total 26.29


Grand Total 100.00


PORTFOLIO

KEY FACTS


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


FUND MANAgER ¥


Total Experience - Over 21 years &

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



February 25, 2016





qUANTiTATiVE DATA

Portfolio Turnover Ratio 5.36%Average Maturity * 4.41 yearsMacaulay Duration * 3.35 yearsModified Duration * 3.11 yearsYield to Maturity * 7.61%* computed on the invested amount for debt portfolio.





EXiT lOAD

Upon completion of lock-in period: Nil

PLANS & OPTIONS

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



lOCK-iN PERiOD

Existing investments by investors including SiP / STP registrations, etc (until june 1, 2018):

Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units under the Scheme.

Fresh investments by investors including SiP / STP registrations, etc (effective june 2, 2018):

Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units or Retirement Age of Unit holder (i.e. completion of 60 years), whichever is earlier.


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


28 May 2019


n equity 65.05

n G-Sec 7.28




n equity 65.05n Sovereign 7.28n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 14.80n AA+ 2.97n A+ & Below 1.24n cash, cash Equivalents and Net

current Assets 8.66



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

Riskometer





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 7.27 11.95 12.43 10,727 11,195 11,243

May 31, 16 Last 3 Years 14.38 12.54 14.99 14,965 14,253 15,203

Feb 25, 16 Since Inception 17.95 15.69 19.46 17,138 16,089 17,866

Returns greater than 1 year period are compounded annualized (cAGR). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments. The Scheme is in existence for more than 3 years but less than 5 years. For performance of other schemes managed by chirag Setalvad (Equities) and Shobhit Mehrotra (Debt), please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 65.


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

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


0.260.350.390.470.700.861.231.271.811.832.002.643.313.774.054.364.604.75

5.666.31

14.43

0 2 4 6 8 10 12 14 16

PaperAuto

Non - Ferrous MetalsIndustrial Capital GoodsMedia & Entertainment

Ferrous MetalsPesticides

TransportationHotels, Resorts & Other Recreational Activities

FertilisersPower

Auto AncillariesChemicals

Consumer DurablesPharmaceuticals

Construction ProjectPetroleum ProductsIndustrial Products

FinanceSoftware

Banks

.....Contd from previous page

May 2019 29


KEY FACTS

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


FUND MANAgER ¥


Total Experience - Over 21 years &Shobhit Mehrotra (Debt) (since February 26, 2016)


iNCEPTiON DATE (Date of Allotment)February 26, 2016

NAV (AS ON MAY 31, 2019) NAV PER UNIT (`)Regular Plan 13.3038Direct Plan 13.9871


qUANTiTATiVE DATAAverage Maturity * 4.47 yearsMacaulay Duration * 3.57 yearsModified Duration * 3.34 yearsYield to Maturity * 7.95%* computed on the invested amount for debt portfolio.


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

EXiT lOADUpon completion of lock-in period: Nil

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

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

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




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


Returns greater than 1 year period are compounded annualized (cAGR). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. The Scheme is in existence for more than 3 years but less than 5 years. For performance of other schemes managed by chirag Setalvad (equities) and Shobhit Mehrotra (Debt), please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 65.



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

Riskometer




n equity 18.72

n G-Sec 29.97




n equity 18.72n Sovereign 29.97n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 23.55n AA+ 6.76n AA/AA- 2.89n A+ & Below 10.32n cash, cash Equivalents and

Net current Assets 7.79

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

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



IcIcI Bank Ltd. Banks 1.58



Sundram Fasteners Ltd. Auto Ancillaries 0.90

Reliance Industries Ltd. Petroleum Products 0.80

Larsen and Toubro Ltd. construction Project 0.78











Avanti Feeds Ltd. consumer Non Durables 0.42






NRB Bearing Ltd. Industrial Products 0.38

Time Technoplast Ltd. Industrial Products 0.38





GNA Axles Ltd. Auto Ancillaries 0.33

Timken India Ltd. Industrial Products 0.31








Poddar Pigments Ltd. chemicals 0.18




Sub Total 18.72

DEBT & DEBT RElATED


• 7.37 GOI 2023 Sovereign 11.55

• 7.68 GOI 2023 Sovereign 10.89


Sub Total 29.97

CREDiT EXPOSURE

• Indian Railways Finance

corporation Ltd. cRISIL - AAA 7.75

• Power Grid corporation of

India Ltd. cRISIL - AAA 7.53

• Starlite Lighting Ltd.

(corporate Guarantee of

Bajaj electrical Ltd.) IcRA - A+(SO) 7.27


• Jamnagar Utilities & Power

Pvt. Ltd. (erstwhile Reliance

Utilities & Power Pvt. Ltd.) cARE - AAA 3.79

• Syndicate Bank cARE - A+ 3.05

• Reliance Jio Infocomm Ltd. cRISIL - AAA 2.93


Power Finance corporation Ltd. cRISIL - AAA 1.55

Sub Total 43.52

Total 73.49


Grand Total 100.00


PORTFOLIO

30 May 2019

CATEgORY OF SCHEME: EqUITY SAVINGS FUND

KEY FACTS

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

CATEgORY OF SCHEME: Equity Savings Fund

FUND MANAgER ¥

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

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

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


iNCEPTiON DATE (Date of Allotment)September 17, 2004



qUANTiTATiVE DATAPortfolio Turnover Ratio 23.42%Average Maturity * 1.72 yearsMacaulay Duration * 1.55 yearsModified Duration * 1.43 yearsYield to Maturity * 8.49%* computed on the invested amount for debt portfolio.


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


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

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








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

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

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

Riskometer



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

Total Amount Invested (` ‘000) 1,770.00 1,200.00 600.00 360.00 120.00 Mkt Value As on May 31, 2019 (` ‘000) 3,733.12 1,955.64 751.66 404.77 126.21 Returns (%) 9.50 9.44 8.96 7.78 9.78 Benchmark Returns (%) # N.A. N.A. N.A. N.A. N.A. Additional Benchmark Returns (%) ## 12.59 12.18 12.37 14.19 16.44

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

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

Returns (%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`) Benchmark

(`)#Additional

Benchmark (`)##

May 31, 18 Last 1 Year 7.04 9.07 12.43 10,704 10,907 11,243May 31, 16 Last 3 Years 11.11 9.03 14.99 13,718 12,962 15,203May 30, 14 Last 5 Years 8.97 8.71 11.92 15,376 15,190 17,571Sep 17, 04 Since Inception 9.38 N.A. 15.44 37,386 N.A. 82,661

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

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

PORTFOLIO





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



EqUiTY & EqUiTY RElATED• Reliance Industries Ltd. Petroleum Products 5.32 1.11• Housing Development Finance corporation

Ltd. £ Finance 5.20 5.20• IcIcI Bank Ltd. Banks 4.62 0.00• NTPc Ltd. Power 3.78 0.01• Infosys Ltd. Software 3.41 0.08• HDFc Bank Ltd. Banks 3.17 0.00• Larsen and Toubro Ltd. construction Project 2.99 0.00• State Bank of India Banks 2.98 0.27Tata Steel Ltd. Ferrous Metals 2.06 1.89GAIL (India) Ltd. Gas 1.63 0.00Vedanta Ltd. Non - Ferrous Metals 1.35 0.00



Aurobindo Pharma Ltd. Pharmaceuticals 1.27 0.75ITc Ltd. consumer Non Durables 1.25 0.14Yes Bank Ltd. Banks 1.23 1.21Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.18 1.18Maruti Suzuki India Ltd. Auto 1.15 1.15Dr Reddys Laboratories Ltd. Pharmaceuticals 0.97 0.97Mahindra & Mahindra Ltd. Auto 0.96 0.76Bajaj Finance Ltd. Finance 0.92 0.92Tata Motors Ltd. Auto 0.87 0.62LIc Housing Finance Ltd. Finance 0.82 0.82Shriram Transport Finance company Ltd. Finance 0.78 0.77Oil & Natural Gas corporation Ltd. Oil 0.77 0.00DLF Ltd. construction 0.73 0.73

PORTFOLIO


0.010.070.140.150.170.200.280.360.400.520.600.740.770.791.031.111.351.73

3.164.03

4.954.96

11.07

0 2 4 6 8 10 12

Media & EntertainmentCement

Auto AncillariesPesticides

Ferrous MetalsFinance

Minerals/MiningTelecom - Services

ChemicalsTransportation

AutoConstruction

OilPharmaceuticals

Industrial Capital GoodsConsumer Non Durables


Construction ProjectSoftware

PowerPetroleum Products

Banks

May 2019 31

Face Value per Unit: ` 10 unless otherwise specified, + Industry classification as recommended by AMFI, cD - certificate of Deposit; cP - commercial Papers. Data is as of May 31, 2019 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 0.67 0.67Tata consultancy Services Ltd. Software 0.62 0.62JSW Steel Ltd. Ferrous Metals 0.60 0.60Tata Global Beverages Ltd. consumer Non Durables 0.56 0.56Bharat Petroleum corporation Ltd. Petroleum Products 0.53 0.00Power Grid corporation of India Ltd. Power 0.52 0.00JMc Projects (India) Ltd. construction 0.50 0.00L&T Technology Services Ltd. Software 0.47 0.00Mahindra & Mahindra Financial Services Ltd. Finance 0.47 0.47The Federal Bank Ltd. Banks 0.46 0.46United Spirits Ltd. consumer Non Durables 0.45 0.45Grasim Industries Ltd. cement 0.40 0.40Gujarat Pipavav Port Ltd. Transportation 0.40 0.00Tata chemicals Ltd. chemicals 0.40 0.00Hindalco Industries Ltd. Non - Ferrous Metals 0.38 0.38centum Electronics Ltd. Industrial capital Goods 0.37 0.00Multi commodity Exchange of India Ltd. Finance 0.37 0.37Texmaco Rail & engineering Ltd. Industrial capital Goods 0.37 0.00Bharti Airtel Ltd. Telecom - Services 0.36 0.00Dabur India Ltd. consumer Non Durables 0.36 0.36Petronet LNG Ltd. Gas 0.34 0.34Adani Power (Mundra) Ltd. (Secured by Shares of Adani Port & SeZ Ltd.) Power 0.33 0.33Ashok Leyland Ltd. Auto 0.33 0.33Tata Motors Ltd. DVR Auto 0.31 0.16Axis Bank Ltd. Banks 0.30 0.07cESc Ltd. Power 0.29 0.00cipla Ltd. Pharmaceuticals 0.29 0.02NHPc Ltd. Power 0.29 0.00UPL Ltd. Pesticides 0.29 0.14coal India Ltd. Minerals/Mining 0.28 0.00century Textiles & Industries Ltd. cement 0.27 0.27Hindustan Unilever Ltd. consumer Non Durables 0.27 0.27Bank of Baroda Banks 0.26 0.00equitas Holdings Ltd. Finance 0.26 0.26escorts Ltd. Auto 0.25 0.25Ncc Ltd. construction Project 0.24 0.24Hero Motocorp Ltd. Auto 0.23 0.23Newgen Software Technologies Ltd. Software 0.23 0.00Hindustan Petroleum corporation Ltd. Petroleum Products 0.22 0.00ITD cementation India Ltd. construction 0.20 0.00Zee entertainment enterprises Ltd. Media & entertainment 0.20 0.20Power Finance corporation Ltd. Finance 0.19 0.00Punjab National Bank Banks 0.18 0.12Ashoka Buildcon Ltd. construction Project 0.17 0.00Jindal Steel & Power Ltd. Ferrous Metals 0.17 0.17The Tata Power company Ltd. Power 0.17 0.16Godrej consumer Products Ltd. consumer Non Durables 0.15 0.15HcL Technologies Ltd. Software 0.15 0.15Raymond Ltd. Textile Products 0.15 0.15Titagarh Wagons Ltd. Industrial capital Goods 0.15 0.00Apollo Tyres Ltd. Auto Ancillaries 0.14 0.00Asian Paints Ltd. consumer Non Durables 0.14 0.14cadila Healthcare Ltd. Pharmaceuticals 0.14 0.14Ambuja cements Ltd. cement 0.13 0.13container corporation of India Ltd. Transportation 0.12 0.00Gujarat State Fertilizers & chemicals Fertilisers 0.12 0.12Bharat Financial Inclusion Ltd. Finance 0.11 0.11Mahanagar Gas Ltd. Gas 0.11 0.01Wockhardt Ltd. Pharmaceuticals 0.11 0.11Max Financial Services Ltd. Finance 0.10 0.10Tata elxsi Ltd. Software 0.10 0.10BeML Ltd. Industrial capital Goods 0.09 0.00Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.09 0.09Lupin Ltd. Pharmaceuticals 0.09 0.09Biocon Ltd. Pharmaceuticals 0.08 0.08Godrej Industries Ltd. consumer Non Durables 0.08 0.08JAIN Irrigation Systems Ltd. Industrial Products 0.08 0.08IRB Infrastructure Developers Ltd. construction 0.07 0.07Kalpataru Power Transmission Ltd. Power 0.07 0.00Orient cement Ltd. cement 0.07 0.00



Tata communications Ltd. Telecom - Services 0.07 0.07Nestle India Ltd. consumer Non Durables 0.06 0.06Sun TV Network Ltd. Media & entertainment 0.06 0.06Adani Ports & Special economic Zone Transportation 0.05 0.05Bharat electronics Ltd. Industrial capital Goods 0.05 0.00IDFc Ltd. Finance 0.05 0.05United Breweries Ltd. consumer Non Durables 0.05 0.05MRF Ltd. Auto Ancillaries 0.04 0.04NBcc (India) Ltd. construction 0.04 0.00Shree cement Ltd. cement 0.04 0.04Strides Pharma Science Ltd. Pharmaceuticals 0.04 0.04Bosch Ltd. Auto Ancillaries 0.03 0.03canFin Homes Ltd. Finance 0.03 0.03IDBI Bank Ltd. Banks 0.03 0.03Indusind Bank Ltd. Banks 0.03 0.03Acc Ltd. cement 0.02 0.02Bajaj Finserv Ltd. Finance 0.02 0.02Bharat Heavy electricals Ltd. Industrial capital Goods 0.02 0.02Godfrey Phillips India Ltd. consumer Non Durables 0.02 0.02Siemens Ltd. Industrial capital Goods 0.02 0.02cholamandalam Investment and Financial company Ltd. Finance 0.01 0.01S chand and company Ltd. Media & entertainment 0.01 0.00Syndicate Bank Banks 0.01 0.01eclerx Services Ltd.

Software @IcIcI Prudential Life Insurance company Ltd.

Finance @MPS Ltd. Software @Sub Total 68.67Preference SharesZee entertainment enterprises Ltd Media & entertainment @Sub Total @Total 68.67DEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)7.16 GOI 2023 Sovereign 1.26Sub Total 1.26CREDiT EXPOSURE • Housing Development Finance

corporation Ltd. £ cRISIL - AAA / IcRA - AAA 3.62• Punjab National Bank cARE - A+ 3.53State Bank of India cARE - AA+ / cRISIL - AA+ 2.83HDFc Bank Ltd. cARE - AA+ 1.81Syndicate Bank cARE - A+ 1.50Mahindra & Mahindra Financial Services Ltd. cARE - AAA / IND - AAA 1.33Reliance Jio Infocomm Ltd. cRISIL - AAA / IcRA - AAA 1.33Union Bank of India cARE - AA- / IND - AA 0.95Power Finance corporation Ltd. cRISIL - AAA 0.87Axis Bank Ltd. cRISIL - AA+ 0.44canara Bank cRISIL - AA 0.43Aarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) 0.21Bank of Baroda cARE - AA 0.18Power Grid corporation of India Ltd. cRISIL - AAA 0.18JM Financial Asset Reconstruction company Ltd. IcRA - AA- 0.01Sub Total 19.22MONEY MARKET INSTRUMENTSCD/CPAxis Bank Ltd. cRISIL - A1+ 0.44Sub Total 0.44Total 20.92Short Term Deposits as margin for Futures & Options 7.48cash, cash Equivalents and Net current Assets 2.93Grand Total 100.00

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

Outstanding exposure in derivative instruments (` in crore) 1,691.99

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 30.14

PORTFOLIO

32 May 2019

CATEgORY OF SCHEME: cONSERVATIVE HYBRID FUND

KEY FACTS


To generate income / capital appreciation by investing primarily in debt securities, money market instruments and moderate exposure to equities.


CATEgORY OF SCHEME: conservative Hybrid Fund

FUND MANAgER ¥

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

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



December 26, 2003


Regular Plan - Growth Option 46.4906Regular Plan - Monthly Dividend Option 13.1578Regular Plan - quarterly Dividend Option 13.9993Direct Plan - Growth Option 48.0500Direct Plan - Monthly Dividend Option 13.7511Direct Plan - quarterly Dividend Option 14.6219



qUANTiTATiVE DATA

Average Maturity * 3.96 yearsMacaulay Duration * 3.14 yearsModified Duration * 2.93 yearsYield to Maturity * 8.11%* computed on the invested amount for debt portfolio.




##ADDl. BENCHMARK iNDEX: cRISIL 10 year Gilt Index

EXiT lOAD

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

l Any redemption in excess of the limit shall be subject to the following exit load:


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


PLANS & OPTIONS

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


Purchase: (Growth & quarterly Dividend Option) - ` 5,000 and any amount thereafter. (Monthly Dividend Option) - ` 25,000 and any amount thereafter.Additional Purchase : ` 1,000 and any amount thereafter.


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




IcIcI Bank Ltd. Banks 2.18












IRB Infrastructure Developers Ltd. construction 0.66














Texmaco Rail & engineering Ltd. Industrial capital Goods 0.35

Syndicate Bank Banks 0.34


Union Bank of India Banks 0.24


Mishra Dhatu Nigam Ltd. Ferrous Metals 0.16


elecon engineering comapny Ltd. Industrial capital Goods 0.03



Rallis India Ltd. Pesticides @

Tata Motors Ltd. DVR Auto @

Sub Total 24.67

DEBT & DEBT RElATED






GOI 2023 Sovereign 0.24


8.10% Tamil Nadu SDL - Mat 110325 Sovereign 0.08



Sub Total 7.00

CREDiT EXPOSURE

• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA / IcRA - AAA 7.41

• Rural Electrification corporation Ltd.

cARE - AAA / cRISIL - AAA 5.03

• Reliance Industries Ltd. cRISIL - AAA 4.79

• Housing and Urban Development corporation Ltd. £ cARE - AAA 4.15


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

• National Bank for Agriculture & Rural Development cRISIL - AAA 2.44

• Punjab National Bank cARE - A+ 2.32

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

Adani Transmission Ltd. IND - AA+ 1.93

TATA International Ltd. cARE - A+ 1.93

Indian Railways Finance corporation Ltd.


National Highways Authority of India cRISIL - AAA 1.63


Tata Realty and Infrastructure Ltd. cRISIL - AA 1.59

canara Bank IcRA - AA- 1.56


HPcL-Mittal Energy Ltd. IcRA - AA+ 1.37


LIc Housing Finance Ltd. cRISIL - AAA 1.31

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

PORTFOLIO

May 2019 33



l to generate long-term income / capital appreciation

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

Riskometer




Since Inception SIP

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

Total Amount Invested (` ‘000) 1,860.00 1,800.00 1,200.00 600.00 360.00 120.00

Mkt Value As on May 31, 2019 (` ‘000) 4,228.09 3,957.07 1,910.14 722.25 395.18 126.94

Returns (%) 9.88 9.82 9.00 7.36 6.16 10.94

Benchmark Returns (%) # 8.81 8.86 8.89 8.58 8.38 13.22

Additional Benchmark Returns (%) ## 6.63 6.72 7.05 7.19 6.53 14.48




(%)

Benchmark Returns

(%)#


Returns (%) ##



Additional Benchmark (`)##

May 31, 18 Last 1 Year 8.07 10.91 12.20 10,807 11,091 11,220

May 31, 16 Last 3 Years 8.28 8.77 6.75 12,695 12,868 12,165

May 30, 14 Last 5 Years 8.63 9.25 8.23 15,132 15,571 14,859


Returns greater than 1 year period are compounded annualized (cAGR). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. For performance of other schemes managed by Prashant Jain (Equities) and Shobhit Mehrotra (Debt), please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 64.


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


n equity 24.67

n G-Sec, SDL 7.00

n cP 0.76

n cD 1.60n credit Exposure 60.28






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


The Tata Power company Ltd. cRISIL - AA- 1.16

Andhra Pradesh expressway Ltd. (NHAI Annuity) IcRA - AAA(SO) 1.06

Power Grid corporation of India Ltd. cRISIL - AAA 1.01


Kotak Mahindra Bank Ltd. cRISIL - AAA 0.83

Bank of Baroda cARE - AA+ 0.80


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

Shriram city Union Finance Ltd. cARE - AA+ 0.40

EcL Finance Ltd. IcRA - A1+ 0.34


Vedanta Ltd. cRISIL - AA 0.22

Tata Steel Ltd. cARE - AA- 0.17


Tata Motors Ltd. cARE - AA 0.08

Bharati Telecom Ltd. cRISIL - AA+ 0.05

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

Sub Total 60.28

Total 67.28

MONEY MARKET INSTRUMENTS

CD/CP

Axis Bank Ltd. cRISIL - A1+ 1.60

Kotak Mahindra Investments Ltd. cRISIL - A1+ 0.76

Sub Total 2.36


Grand Total 100.00

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

PORTFOLIO

34 May 2019

CATEgORY OF SCHEME: ARBITRAGE FUND

KEY FACTS


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


CATEgORY OF SCHEME: Arbitrage Fund

FUND MANAgER ¥

Krishan Kumar Daga (since September 10, 15)



October 23, 2007


Retail PlanRegular Plan - Growth Option 21.790Regular Plan - Dividend Option 16.185Regular Plan - Quarterly Dividend Option 15.481Direct Plan - Growth Option 22.493Direct Plan - Quarterly Dividend Option 17.044

Wholesale PlanRegular Plan - Growth Option 22.266Regular Plan - Dividend Option 10.413Regular Plan - Monthly Dividend Option 10.838Direct Plan - Growth Option 14.191Direct Plan - Dividend Option 10.801Direct Plan - Monthly Dividend Option 10.518



qUANTiTATiVE DATA

Portfolio Turnover Ratio (Last 1 year) 128.94%Average Maturity * 249 daysMacaulay Duration * 234 daysModified Duration * 204 daysYield to Maturity * 7.78%* 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


• Aurobindo Pharma Ltd. Pharmaceuticals 4.71

• Sun Pharmaceutical Industries Ltd. Pharmaceuticals

4.70


• Housing Development Finance corporation Ltd. £ Finance

3.37

• Hindustan Unilever Ltd. consumer Non Durables 2.86

• Mahindra & Mahindra Ltd. Auto 2.57

• Yes Bank Ltd. Banks 2.04


Adani Ports & Special economic Zone Transportation

1.54

DLF Ltd. construction 1.34

Nestle India Ltd. consumer Non Durables 1.22

Shriram Transport Finance company Ltd. Finance

1.22

Lupin Ltd. Pharmaceuticals 1.21

Dabur India Ltd. consumer Non Durables 1.13


Dr Reddys Laboratories Ltd. Pharmaceuticals 1.06

Adani enterprises Ltd. Trading 1.05



Ncc Ltd. construction Project 0.94

Indiabulls Housing Finance Ltd. Finance 0.72

Hindalco Industries Ltd. Non - Ferrous Metals 0.71

Bharat Financial Inclusion Ltd. Finance 0.69




century Textiles & Industries Ltd. cement 0.63

Ashok Leyland Ltd. Auto 0.60

ITc Ltd. consumer Non Durables 0.59

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

0.57

LIc Housing Finance Ltd. Finance 0.56


Marico Ltd. consumer Non Durables 0.55

Multi commodity Exchange of India Ltd. Finance

0.54

Acc Ltd. cement 0.53

UltraTech cement Ltd. cement 0.49

Godrej consumer Products Ltd. consumer Non Durables 0.48


The Tata Power company Ltd. Power 0.42

Grasim Industries Ltd. cement 0.41



Bajaj Finserv Ltd. Finance 0.37

Petronet LNG Ltd. Gas 0.36

Raymond Ltd. Textile Products 0.36

Mahindra & Mahindra Financial Services Ltd. Finance

0.35




United Spirits Ltd. consumer Non Durables 0.27






Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.20

Godrej Industries Ltd. consumer Non Durables 0.19

IRB Infrastructure Developers Ltd. construction 0.19

Rural electrification corporation Ltd. Finance

0.19

canFin Homes Ltd. Finance 0.18

cadila Healthcare Ltd. Pharmaceuticals 0.17

equitas Holdings Ltd. Finance 0.17

Tech Mahindra Ltd. Software 0.17


IDFc Ltd. Finance 0.16


Tata Global Beverages Ltd. consumer Non Durables 0.16



Tata elxsi Ltd. Software 0.14

Biocon Ltd. Pharmaceuticals 0.13


exide Industries Ltd. Auto Ancillaries 0.12


Motherson Sumi Systems Ltd. Auto Ancillaries 0.10

MRF Ltd. Auto Ancillaries 0.10

National Aluminium company Ltd. Non - Ferrous Metals

0.09

Wockhardt Ltd. Pharmaceuticals 0.09


escorts Ltd. Auto 0.05

Gujarat State Fertilizers & chemicals Fertilisers

0.05

Titan company Ltd. consumer Durables 0.05

Arvind Ltd. Textile Products 0.04

Bharat Petroleum corporation Ltd. Petroleum Products

0.04

colgate-Palmolive (I) Ltd. consumer Non Durables 0.04

Kajaria ceramics Ltd. construction 0.04

NMDc Ltd. Minerals/Mining 0.04

The Federal Bank Ltd. Banks 0.04

IFcI Ltd. Finance 0.03

Shree cement Ltd. cement 0.03

Zee entertainment enterprises Ltd. Media & entertainment

0.03

Ambuja cements Ltd. cement 0.02

Jindal Steel & Power Ltd. Ferrous Metals 0.02


Bharti Infratel Ltd.Telecom - equipment & Accessories

0.01

Birlasoft Ltd. Software 0.01

Oracle Financial Services Software Ltd.

Software 0.01

TV18 Broadcast Ltd. Media & entertainment 0.01

Sub Total 67.59

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

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

May 2019 35


l income over short term.

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

Riskometer

Investors understand that their principal will be at moderately low risk


PERFORMANCE ^ - Wholesale Plan - Regular plan - growth Option


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 6.33 6.03 12.43 10,633 10,603 11,243May 31, 16 Last 3 Years 6.04 5.42 14.99 11,925 11,715 15,203May 30, 14 Last 5 Years 6.45 6.21 11.92 13,672 13,518 17,571Oct 23, 07 Since Inception 7.14 N.A. 8.20 22,266 N.A. 24,958

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Scheme performance is not strictly comparable with that of its Additional Benchmark since the scheme does not take directional call in equity markets but is limited to availing arbitrage opportunities, etc. For performance of other schemes managed by Krishan Kumar Daga, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60.

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



n equity 67.59n AAA/AAA(SO)/A1+/A1+(SO)




n equity 67.59

n cD 3.55



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


DEBT & DEBT RElATED

CREDiT EXPOSURE





IcIcI Bank Ltd. IcRA - AA+ 0.06

Sub Total 4.95


CD/CP

Oriental Bank of commerce cRISIL - A1+ 2.13


Andhra Bank IND - A1+ 0.71

IcIcI Bank Ltd. IcRA - A1+ 0.71

Sub Total 3.55

Short Term Deposits as margin for Futures & Options 18.20


Grand Total 100.00

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

Outstanding exposure in derivative instruments (` in crore) 2,377.61

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 67.60

PORTFOLIOIndustry Allocation of Equity Holding (% of Net Assets)

0.010.040.050.050.250.290.320.350.400.490.681.011.011.041.051.051.541.572.11

3.706.396.77

7.917.96

8.9512.60

0 2 4 6 8 10 12 14

Telecom - Equipment & AccessoriesMedia & Entertainment

Consumer DurablesFertilisers

Minerals/MiningChemicals

Auto AncillariesIndustrial Capital Goods

Textile ProductsGas

PesticidesNon - Ferrous Metals

PowerConstruction Project

Ferrous MetalsTrading

TransportationConstruction

CementBanks

SoftwareAuto

Petroleum ProductsConsumer Non Durables

FinancePharmaceuticals

36 May 2019

CATEgORY OF SCHEME: cORPORATE BOND FUND

KEY FACTSiNVESTMENT OBjECTiVE

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


CATEgORY OF SCHEME: corporate Bond Fund

FUND MANAgER ¥

Anupam Joshi (since October 27, 15)



June 29, 2010


Regular Plan - Growth Option 21.1706Regular Plan - Dividend Option 14.3990Regular Plan - quarterly Dividend Option 10.3777Direct Plan - Growth Option 21.3004Direct Plan - Dividend Option 14.6181Direct Plan - quarterly Dividend Option 10.2722



qUANTiTATiVE DATA

Average Maturity * 3.89 yearsMacaulay Duration * 3.06 yearsModified Duration * 2.86 yearsYield to Maturity * 7.86%* computed on the invested amount.



#BENCHMARK iNDEX: cRISIL composite Bond Fund Index


EXiT lOAD

Nil

PLANS & OPTIONS

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


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




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 9.96 10.68 12.20 10,996 11,068 11,220May 31, 16 Last 3 Years 8.16 7.95 6.75 12,652 12,579 12,165May 30, 14 Last 5 Years 8.62 8.98 8.23 15,126 15,377 14,859Jun 29, 10 Since Inception 8.77 8.13 6.62 21,171 20,095 17,723

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anupam Joshi, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 61.

Face Value per Unit: ` 10 unless otherwise specified, cD - certificate of Deposit; cP - commercial Papers, Data is as of May 31, 2019 unless otherwise specified.


l income over short to medium term

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

Riskometer



Issuer Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)• 7.27 GOI 2026 Sovereign 4.127.32 GOI 2024 Sovereign 3.317.35 GOI 2024 Sovereign 0.837.42% Maharashtra SDL - Mat 110522 Sovereign 0.417.68 GOI 2023 Sovereign 0.01Sub Total 8.68CREDiT EXPOSURE • LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 8.65• Housing Development

Finance corporation Ltd. £ cRISIL - AAA 6.89• Reliance Industries Ltd. cRISIL - AAA / IcRA - AAA 6.41• Rural Electrification

corporation Ltd. cRISIL - AAA / IND - AAA 5.20• Mahindra & Mahindra

Financial Services Ltd. IND - AAA 4.48• Indiabulls Housing Finance Ltd. cARE - AAA 4.38• National Highways Authority

of India cARE - AAA / cRISIL - AAA 4.14• HDB Financial Services Ltd. cARE - AAA / cRISIL - AAA 3.88• Power Finance corporation Ltd. cARE - AAA / cRISIL -

AAA / IcRA - AAA 3.84National Bank for Agriculture & Rural Development cRISIL - AAA 3.67Power Grid corporation of India Ltd. cRISIL - AAA 2.96Indian Railways Finance corporation Ltd. cRISIL - AAA 2.87Bajaj Finance Ltd. cRISIL - AAA / IND - AAA 2.84Bank of Baroda cARE - AAA 2.47State Bank of India cRISIL - AAA 2.11Reliance Jio Infocomm Ltd. cRISIL - AAA 2.07Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) 1.99NTPc Ltd. cRISIL - AAA 1.75Food corporation of India (corporate guarantee from Govt of India) cRISIL - AAA(SO) 1.40

Issuer Rating % to NAV

export - Import Bank of India cRISIL - AAA 1.26Tata Sons Ltd. cRISIL - AAA 1.09Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cARE - AAA 0.75Andhra Pradesh expressway Ltd. (NHAI Annuity) IcRA - AAA(SO) 0.44NHPc Ltd. cARE - AAA 0.42Nabha Power Ltd. (corporate Guarantee of L&T Ltd.) IcRA - AAA(SO) 0.41Larsen and Toubro Ltd. cRISIL - AAA 0.38Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cARE - AAA 0.37Small Industries Development Bank cARE - AAA 0.36Toyota Financial Services India Ltd. cRISIL - AAA 0.24Housing and Urban Development corporation Ltd. cARE - AAA 0.21Gujarat Road and Infra co Ltd. IcRA - AAA(SO) 0.20Kotak Mahindra Prime Ltd. cRISIL - AAA 0.20Sub Total 78.33Total 87.01MONEY MARKET INSTRUMENTSCD/CPBank of Baroda cRISIL - A1+ 2.30National Bank for Agriculture & Rural Development cRISIL - A1+ 2.29Oriental Bank of commerce cRISIL - A1+ 2.00Tata Sons Ltd. cRISIL - A1+ 1.35Andhra Bank cARE - A1+ 0.38IDFc First Bank Ltd. cRISIL - A1+ 0.15Sub Total 8.47cash, cash Equivalents and Net current Assets 4.52

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 8.68

n cP 1.35

n cD 7.12




n Sovereign 8.68n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 86.80n cash, cash Equivalents and


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

PORTFOLIO

May 2019 37

CATEgORY OF SCHEME: cREDIT RISK FUND

KEY FACTS


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


CATEgORY OF SCHEME: credit Risk Fund

FUND MANAgER ¥

Shobhit Mehrotra (since March 25, 14)



March 25, 2014


Regular Plan - Growth Option 15.4571Regular Plan - Dividend Option 14.2326Regular Plan - quarterly Dividend Option 10.4182Direct Plan - Growth Option 16.1416Direct Plan - Dividend Option 14.1494Direct Plan - quarterly Dividend Option 10.5470



qUANTiTATiVE DATA


#BENCHMARK iNDEX: cRISIL Short Term Bond Fund Index




EXiT lOAD

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


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

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

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


PLANS & OPTIONS

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






(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 7.90 9.24 12.20 10,790 10,924 11,220May 31, 16 Last 3 Years 7.47 7.64 6.75 12,412 12,470 12,165May 30, 14 Last 5 Years 8.56 8.25 8.23 15,086 14,874 14,859Mar 25, 14 Since Inception 8.76 8.36 8.44 15,457 15,168 15,224

The above returns are for Regular Plan - Growth Option. Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. Load is not taken into consideration for computation of performance. For performance of other schemes managed by Shobhit Mehrotra, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 59.


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

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

Riskometer

Investors understand that their principal will be at moderate risk


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


n SDL 0.33



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


8.39% Rajasthan SDL - Mat 150322 Sovereign Sovereign 0.33

Sub Total 0.33

CREDiT EXPOSURE

• HPcL-Mittal Energy Ltd. IcRA - AA+ IcRA - AA+ 4.89

• TATA International Ltd. cARE - A+ IcRA - A 4.51

• Vedanta Ltd. cRISIL - AA cRISIL - AA 3.81

• Rural Electrification corporation Ltd. cARE - AAA / cRISIL - AAA cRISIL - AAA 3.40

• Tata Steel Ltd. cARE - AA / cARE - AA- cARE - AA 3.25

• The Tata Power company Ltd. cARE - AA / cRISIL - AA- cRISIL - AA- 3.18

• Punjab National Bank cARE - A+ IcRA - AA- 2.88

• Muthoot Finance Ltd. cRISIL - AA / IcRA - AA IcRA - AA- 2.83



• Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cARE - AAA / cRISIL - AAA cRISIL - AAA 2.68

• Talwandi Sabo Power Ltd.(corporate Guarantee of Vedanta Ltd.) cRISIL - AA(SO) IND - A+ 2.58

HDFc Bank Ltd. cARE - AA+ cRISIL - AAA 2.56

Dilip Buildcon Ltd. cRISIL - A cRISIL - A 2.53

Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cARE - AAA cRISIL - AAA 2.29

Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA / IcRA - AAA cRISIL - AAA 2.21

DB consolidated Pvt. Ltd. (Dainik Bhaskar Group company) NA - UNRATeD INTERNAL - A-(SO) 1.94

Tata Sky Ltd. (Subsidiary of Tata Sons) cRISIL - AA cRISIL - AA 1.93

Reliance Jio Infocomm Ltd. cRISIL - AAA cRISIL - AAA 1.83

coastal Gujarat Power Ltd. (corporate Guarantee of Tata Power) cARE - AA(SO) cARE - AA(SO) 1.79

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

38 May 2019



Prism Johnson Ltd. IcRA - A- / IND - A- IcRA - A- 1.76

Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) cARE - A(SO) cARE - A(SO) 1.69

Sansar Trust Nov 2018 (PTc of pools from Shriram Transport Finance company Ltd.) IcRA - AAA(SO) IcRA - AAA(SO) 1.37

JM Financial Asset Reconstruction company Ltd. IcRA - AA- cRISIL - AA- 1.27

Shriram city Union Finance Ltd. cRISIL - AA cRISIL - AA 1.27

Bajaj electricals Ltd. IcRA - A+ NA - A+ 1.25

Travis March 2019 (Trust) cRISIL - AA(SO) cRISIL - AA(SO) 1.16

MFL Securitisation Trust LxxxI cRISIL - AAA(SO) cRISIL - AAA(SO) 1.14

Hindalco Industries Ltd. cRISIL - AA cRISIL - AA 1.11

Primat Infrapower & Multiventures Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd. & Dish TV Ltd.) BRIcKWORKS - BBB BRIcKWORKS - BBB 1.08

Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) IcRA - AAA(SO) 1.01

Indiabulls Housing Finance Ltd. cARE - AAA / cRISIL - AAA cRISIL - AA+ 0.99

Power Grid corporation of India Ltd. cRISIL - AAA cRISIL - AAA 0.94

Balin March 2019 cRISIL - A1+(SO) INTeRNAL - AA- 0.94

GeRA Development Private Ltd. cARE - AA- cARE - AA- 0.93

LIc Housing Finance Ltd. cRISIL - AAA cRISIL - AAA 0.93

Adani Transmission Ltd. IND - AA+ IND - AA+ 0.90

Tata Motors Ltd. cARE - AA cRISIL - AA 0.90

Shriram Transport Finance company Ltd. cARE - AA+ / cRISIL - AA+ / IND - AA+ cRISIL - AA+ 0.89

Starlite Lighting Ltd. (corporate Guarantee of Bajaj electrical Ltd.) IcRA - A+(SO) IcRA - A+(SO) 0.87

KEc International Ltd. IcRA - AA- cARE - AA- 0.83

Syndicate Bank cARE - A+ cRISIL - AA 0.82

TATA Housing Development co. Ltd. IcRA - AA cARE - AA 0.81

Simplex Infrastructures Ltd. cARE - A- cARE - A- 0.80

Tata Motors Finance Ltd. cARE - AA cRISIL - AA 0.76

Union Bank of India IND - AA cARE - AA- 0.75

NTPc Ltd. cRISIL - AAA cRISIL - AAA 0.71

Gateway Distriparks Ltd. IND - AA- IND - AA- 0.67

emami Realty Ltd. (Secured with shares of emami Ltd.) BRIcKWORKS - AA-(SO) BRIcKWORKS - AA-(SO) 0.67

Raj Infra Properties Pvt. Ltd. (Secured with shares of emami Ltd.) BRIcKWORKS - AA-(SO) BRIcKWORKS - AA-(SO) 0.67

Bharat Petroleum corporation Ltd. cRISIL - AAA cRISIL - AAA 0.65

Axis Bank Ltd. cRISIL - AA+ cRISIL - AAA 0.64

Indostar capital Finance Ltd. cARE - AA- cARE - AA- 0.64

Aarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.53

Aashman energy Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.53

Divyesh Power Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.53

elena Renewable energy Private Ltd.(Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.53

Pratyash Renewable Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.53

SeI Baskara Power Private Ltd. (Greenko) cARE - AA-(SO) BRIcKWORKS - AA-(SO) 0.53

SeI enerstar Renewable energy Pvt Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.53

SeI Mihir energy Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.53

Shreyas Renewable energy Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.53

Zuvan energy Private Ltd. (Greenko) cARE - AA-(SO) cARE - AA-(SO) 0.53

Tata Realty and Infrastructure Ltd. cRISIL - AA cRISIL - AA 0.48

Andhra Bank cARE - A+ cRISIL - AA 0.46

APL Apollo Tubes Ltd. cARE - AA- cARE - AA- 0.46

Nuvoco Vistas corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) cRISIL - AA cRISIL - AA 0.43

PNB Housing Finance Ltd. IND - AA+ cRISIL - AA+ 0.41



Au Small Finance Bank Ltd. IND - AA- cARE - A+ 0.40

Raviraj Viniyog Pvt. Ltd. (Secured with shares of emami Ltd.) BRIcKWORKS - AA-(SO) BRIcKWORKS - AA-(SO) 0.37

JM Financial credit Solutions Ltd. IcRA - AA cRISIL - AA 0.34

India Infoline Finance Ltd. IcRA - AA cRISIL - AA 0.33

Prabhakar Viniyog Pvt. Ltd. (Secured with shares of emami Ltd.) BRIcKWORKS - AA-(SO) IND - AA-(SO) 0.33

Inox Air Products Pvt. Ltd. cRISIL - AA cRISIL - AA 0.32

L&T Housing Finance Ltd. cARE - AA+ cARE - AAA 0.32

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

edisons Infrapower & Multiventures Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd. & Dish TV Ltd.) BRIcKWORKS - BBB BRIcKWORKS - BBB 0.29

Aarti Industries Ltd. cRISIL - AA- cRISIL - AA- 0.27

Aspire Home Finance corporation Ltd. (Subsidiary of Motilal Oswal Financial Services Ltd.) cRISIL - A+ / IcRA - A+ cRISIL - A+ 0.24

Repco Home Finance Ltd. cARE - AA IcRA - AA- 0.18

Arm Infra & Utilities Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd.) BRIcKWORKS - BBB BRIcKWORKS - BBB 0.17

EcL Finance Ltd. cARE - AA cRISIL - AA 0.17

Indian Railways Finance corporation Ltd. cRISIL - AAA cRISIL - AAA 0.17

Mahanagar Telephone Nigam Ltd. (corporate guarantee from Govt of India) cRISIL - AAA(SO) cRISIL - AAA(SO) 0.17

Housing Development Finance corporation Ltd. £ cRISIL - AAA cRISIL - AAA 0.16

National Highways Authority of India cRISIL - AAA cRISIL - AAA 0.16

Sundaram Finance Ltd. IcRA - AAA IND - AA+ 0.16

Kalpataru Power Transmission Ltd. cRISIL - AA cRISIL - AA 0.15

TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) cRISIL - AA cRISIL - AA 0.15

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

KKR India Financial Services Pvt Ltd. cRISIL - AA+ cRISIL - AA+ 0.14

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

Volkswagen Finance Private Ltd. IND - AAA IND - AAA 0.12

Asian Satellite Broadcast Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd.) BRIcKWORKS - BBB BRIcKWORKS - BBB 0.11

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

Sprit Infrapower & Multiventures Pvt. Ltd. (Secured with shares of Zee entertainment enterprise Ltd. & Dish TV Ltd.) BRIcKWORKS - BBB BRIcKWORKS - BBB 0.06

Tata Sons Ltd. cRISIL - AAA cRISIL - AAA 0.03

Sub Total 96.50

TOTAL 96.83


Grand Total 100.00



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

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

PORTFOLIO

May 2019 39

CATEgORY OF SCHEME: BANKING AND PSU FUND

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


CATEgORY OF SCHEME: Banking and PSU Fund

FUND MANAgER ¥

Anil Bamboli (since March 26, 14)


iNCEPTiON DATE (Date of Allotment)March 26, 2014



qUANTiTATiVE DATAAverage Maturity * 2.68 yearsMacaulay Duration * 2.27 yearsModified Duration * 2.12 yearsYield to Maturity * 8.25%* computed on the invested amount.



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

EXiT lOADNil

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

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


Face Value per Unit: ` 10 unless otherwise specified, Data is as of May 31, 2019 unless otherwise specified.



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##


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


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

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

Riskometer




DEBT & DEBT RElATED

CREDiT EXPOSURE

• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA / IcRA - AAA 7.75

• Bank of Baroda cARE - AA / cARE - AA- / cARE - AAA 7.31

• Power Grid corporation of India Ltd. cRISIL - AAA 6.67

• National Highways Authority of India cRISIL - AAA 6.55

• Food corporation of India (corporate guarantee from Govt of India) cRISIL - AAA(SO) 6.12

• Rural Electrification corporation Ltd. cRISIL - AAA / IND - AAA 5.65

• Mahanagar Telephone Nigam Ltd. (corporate

guarantee from Govt of India)

cARE - AAA(SO) / cRISIL - AAA / cRISIL - AAA(SO) 4.75



Union Bank of India cARE - AA- / IND - AA 4.58

Housing Development Finance corporation Ltd. £ cRISIL - AAA / IcRA - AAA 4.42

TATA International Ltd. cARE - A+ 4.00


export - Import Bank of India cRISIL - AAA 2.17




NTPc Ltd. cRISIL - AAA 1.58


State Bank of India cRISIL - AA+ / cRISIL - AAA 0.88



Indian Railways Finance corporation Ltd. cRISIL - AAA 0.79


Aashman energy Private Ltd. (Greenko) cARE - AA-(SO) 0.37

Divyesh Power Private Ltd. (Greenko) cARE - AA-(SO) 0.37

elena Renewable energy Private Ltd.(Greenko) cARE - AA-(SO) 0.37

Pratyash Renewable Private Ltd. (Greenko) cARE - AA-(SO) 0.37

SeI Baskara Power Private Ltd. (Greenko) cARE - AA-(SO) 0.37

SeI enerstar Renewable energy Pvt Ltd. (Greenko) cARE - AA-(SO) 0.37

SeI Mihir energy Private Ltd. (Greenko) cARE - AA-(SO) 0.37

Shreyas Renewable energy Private Ltd. (Greenko) cARE - AA-(SO) 0.37

Zuvan energy Private Ltd. (Greenko) cARE - AA-(SO) 0.37

Hazaribagh Ranchi expresswayLtd. (NHAI Annuity) cARE - D 0.14

Sub Total 86.96


CD/CP

IDFc First Bank Ltd. cRISIL - A1+ 4.68



Sub Total 7.04


Grand Total 100.00




n cD 7.04




n AAA/AAA(SO)/A1+/A1+(SO) & equivalent 64.27

n AA+ 1.81n AA/AA- 16.03n A+ & Below 11.89n cash, cash Equivalents and


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

PORTFOLIO

40 May 2019

CATEgORY OF SCHEME: GILT FUND


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


CATEgORY OF SCHEME: Gilt Fund

FUND MANAgER ¥

Anil Bamboli (since September 1, 07)



July 25, 2001





qUANTiTATiVE DATA




#BENCHMARK iNDEX: cRISIL Dynamic Gilt Index


EXiT lOAD

Nil

PLANS & OPTIONS

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







(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 9.16 11.93 12.20 10,916 11,193 11,220May 31, 16 Last 3 Years 7.16 7.74 6.75 12,307 12,505 12,165May 30, 14 Last 5 Years 9.02 9.02 8.23 15,405 15,406 14,859Jul 25, 01 Since Inception 7.74 8.29 N.A. 37,879 41,445 N.A.

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 62.


l credit risk free returns over medium to long term

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

Riskometer




n G-Sec, SDL, T-Bills 88.47



n Sovereign 88.47n 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 19.20




• 8.60% Rajasthan SDL- Mat 061128 Sovereign 4.42

• 8.59% Andhra Pradesh SDL - Mat 230123 Sovereign 4.34

• 8.60% Madhya Pradesh SDL - Mat 230123 Sovereign 4.34

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

• 8.61% Uttar Pradesh SDL (UDAY) - Mat 210322 Sovereign 3.30



8.39% Rajasthan SDL - Mat 150322 Sovereign 2.14

8.21% Haryana SDL - Mat 310322 Sovereign 2.13


7.86% Rajasthan SDL (UDAY Scheme- Strip II ) - ISD 230616 Mat 230619 Sovereign 2.09

8.66% Maharashtra SDL - Mat 250122 Sovereign 1.30








Sub Total 75.99

T-BillS

• 91 Days Tbill - Mat 270619 Sovereign 12.48

Sub Total 12.48

Total 88.47


Grand Total 100.00


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

PORTFOLIO

May 2019 41

CATEgORY OF SCHEME: DYNAMIc BOND FUND


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


CATEgORY OF SCHEME: Dynamic Bond Fund

FUND MANAgER ¥

Anil Bamboli (since February 16, 04)



April 28, 1997


Regular Plan - Growth Option 59.8899Regular Plan - quarterly Dividend Option 11.6206Regular Plan - Half-Yearly Dividend Option 11.0581Regular Plan - Yearly Dividend Option 12.3766Regular Plan - Normal Dividend Option 12.8302Direct Plan - Growth Option 62.7970Direct Plan - quarterly Dividend Option 12.2303Direct Plan - Half-Yearly Dividend Option 12.1303Direct Plan - Yearly Dividend Option 13.0497Direct Plan - Normal Dividend Option 13.2223



qUANTiTATiVE DATA






EXiT lOAD

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

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


PLANS & OPTIONS

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







(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 3.05 10.68 12.20 10,305 11,068 11,220May 31, 16 Last 3 Years 4.97 7.95 6.75 11,566 12,579 12,165May 30, 14 Last 5 Years 7.08 8.98 8.23 14,080 15,377 14,859Apr 28, 97 Since Inception 8.43 N.A. N.A. 59,890 N.A. N.A.

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 61.


l income over medium to long term

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

Riskometer





n G-Sec, SDL 24.60





& equivalent 44.46n AA/AA- 13.82n A+ & Below 13.20n 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 6.66


• 8.39% Rajasthan SDL - Mat 150322 Sovereign 3.78

8.21% Haryana SDL - Mat 310322 Sovereign 3.76

7.42% Maharashtra SDL - Mat 110522 Sovereign 1.93

8.68% Gujarat SDL - Mat 060223 Sovereign 0.77



8.51% Punjab SDL - Mat 100423 Sovereign 0.11


8.26% Maharashtra SDL - ISD 120815 Mat 120825 Sovereign 0.09

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

Sub Total 24.60

CREDiT EXPOSURE

• Power Finance corporation Ltd. cARE - AAA 9.84

• Union Bank of India cARE - AA- 9.44

• Reliance Industries Ltd. cRISIL - AAA 7.63

• State Bank of India cRISIL - AAA 7.57


• Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - D 5.98


• Mahanagar Telephone Nigam Ltd. (corporate

guarantee from Govt of India) cARE - AAA(SO) 3.93

Rural electrification corporation Ltd. IND - AAA 3.64




Housing Development Finance corporation Ltd. £ IcRA - AAA 2.21

Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cRISIL - AAA 2.13


Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cARE - AAA 0.76


NTPc Ltd. cRISIL - AAA 0.10

Sub Total 71.48

Total 96.08


Grand Total 100.00

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


PORTFOLIO

42 May 2019

CATEgORY OF SCHEME: MEDIUM TO LONG DURATION FUND

KEY FACTS


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

CATEgORY OF SCHEME: Medium to Long Duration Fund

FUND MANAgER ¥

Shobhit Mehrotra (since September 11, 07)



September 11, 2000


Regular Plan - Growth Option 40.8924Regular Plan - quarterly Dividend Option 11.0811Regular Plan - Normal Dividend Option 12.8946Direct Plan - Growth Option 42.9238Direct Plan - quarterly Dividend Option 11.7067Direct Plan - Normal Dividend Option 13.5740



qUANTiTATiVE DATA

Average Maturity * 5.37 yearsMacaulay Duration * 4.08 yearsModified Duration * 3.82 yearsYield to Maturity * 8.13%* computed on the invested amount for debt portfolio.





EXiT lOAD

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

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


PLANS & OPTIONS

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






(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 8.20 10.68 12.20 10,820 11,068 11,220May 31, 16 Last 3 Years 6.03 7.95 6.75 11,919 12,579 12,165May 30, 14 Last 5 Years 7.55 8.98 8.23 14,399 15,377 14,859Sep 11, 00 Since Inception 7.81 N.A. N.A. 40,892 N.A. N.A.

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Shobhit Mehrotra, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 59.



l income over medium to long term

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

Riskometer





n G-Sec 19.87







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


DEBT & DEBT RElATED


• 7.17 GOI 2028 Sovereign 10.53






9.15 GOI 2024 Sovereign @

Sub Total 19.87

CREDiT EXPOSURE

• Indian Railways Finance corporation Ltd.


• The Tata Power company Ltd. cRISIL - AA- 9.18

• NTPc Ltd. cRISIL - AAA 8.49



• Punjab National Bank cARE - A+ 6.31


• Tata Steel Ltd. cARE - AA- 4.19

• Rural Electrification corporation Ltd. cRISIL - AAA 4.13

National Highways Authority of India cRISIL - AAA 4.11

export - Import Bank of India cRISIL - AA+ 4.01




Sub Total 70.27

Total 90.14


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%

PORTFOLIO

May 2019 43

CATEgORY OF SCHEME: MEDIUM DURATION FUND



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 8.44 9.24 7.86 10,844 10,924 10,786May 31, 16 Last 3 Years 7.61 7.64 6.79 12,462 12,470 12,180May 30, 14 Last 5 Years 8.09 8.25 7.31 14,758 14,874 14,238Feb 06, 02 Since Inception 7.92 N.A. 6.08 37,462 N.A. 27,781

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Shobhit Mehrotra, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 59.

KEY FACTS


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


CATEgORY OF SCHEME: Medium Duration Fund

FUND MANAgER ¥

Shobhit Mehrotra (since September 1, 07)



February 6, 2002


Regular Plan - Growth Option 37.4619Regular Plan - Dividend Option 14.2139Regular Plan - Fortnightly Dividend Option 10.6041Direct Plan - Growth Option 38.8814Direct Plan - Dividend Option 14.5565Direct Plan - Fortnightly Dividend Option 10.6373



qUANTiTATiVE DATA






EXiT lOAD

Nil

PLANS & OPTIONS

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






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

investments in Debt and Money Market Instruments

Riskometer




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


DEBT & DEBT RElATED



Sub Total 1.45

CREDiT EXPOSURE

• LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 9.62

• Rural Electrification corporation Ltd. cRISIL - AAA 8.71

• Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cARE - AAA 6.07

• Housing Development Finance corporation Ltd. £ cRISIL - AAA 4.91


• Housing and Urban Development corporation Ltd. IcRA - AAA 4.85

• HDFc Bank Ltd. cARE - AA+ 4.82

• HPcL-Mittal Energy Ltd. IcRA - AA+ 4.31


• Muthoot Finance Ltd. IcRA - AA 3.77

Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) 2.57

Indian Railways Finance corporation Ltd. cRISIL - AAA 2.47

NHPc Ltd. cARE - AAA 2.47

Indiabulls Housing Finance Ltd. cRISIL - AAA 2.45


coastal Gujarat Power Ltd. (corporate Guarantee of Tata Power) cARE - AA(SO) 2.42



JM Financial Asset Reconstruction company Ltd. IcRA - AA- 2.04

Talwandi Sabo Power Ltd. (corporate Guarantee of Vedanta Ltd.) cRISIL - AA(SO) 1.90



Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cARE - AAA 1.83

Mahanagar Telephone Nigam Ltd. (corporateguarantee from Govt of India) cRISIL - AAA(SO) 1.00




Aarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) 0.45

Aashman energy Private Ltd. (Greenko) cARE - AA-(SO) 0.45

Divyesh Power Private Ltd. (Greenko) cARE - AA-(SO) 0.45

elena Renewable energy Private Ltd.(Greenko) cARE - AA-(SO) 0.45

Pratyash Renewable Private Ltd. (Greenko) cARE - AA-(SO) 0.45

SeI Baskara Power Private Ltd. (Greenko) cARE - AA-(SO) 0.45

SeI enerstar Renewable energy Pvt Ltd. (Greenko) cARE - AA-(SO) 0.45

SeI Mihir energy Private Ltd. (Greenko) cARE - AA-(SO) 0.45

Shreyas Renewable energy Private Ltd. (Greenko) cARE - AA-(SO) 0.45

Zuvan energy Private Ltd. (Greenko) cARE - AA-(SO) 0.45

Sub Total 91.55

Total 93.00


CD/CP


Sub Total 2.41


Grand Total 100.00


PORTFOLIO


n G-Sec 1.45

n cD 2.41




n Sovereign 1.45n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 57.64n AA+ 9.13n AA/AA- 19.58n A+ & Below 7.61n cash, cash Equivalents and Net

current Assets 4.59

44 May 2019

CATEgORY OF SCHEME: SHORT DURATION FUND



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 8.86 9.24 7.86 10,886 10,924 10,786May 31, 16 Last 3 Years 7.69 7.64 6.79 12,488 12,470 12,180May 30, 14 Last 5 Years 8.24 8.25 7.31 14,867 14,874 14,238Jun 25, 10 Since Inception 8.62 8.18 6.94 20,932 20,196 18,215

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 62.

Face Value per Unit: ` 10 unless otherwise specified, cD - certificate of Deposit; cP - commercial Papers. Data is as of May 31, 2019 unless otherwise specified.

KEY FACTS


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


CATEgORY OF SCHEME: Short Duration Fund

FUND MANAgER ¥

Anil Bamboli (since June 25, 10)



June 25, 2010


Regular Plan - Growth Option 20.9324Regular Plan - Fortnightly Dividend Option 10.2361Regular Plan - Normal Dividend Option 14.0743Direct Plan - Growth Option 21.1320Direct Plan - Fortnightly Dividend Option 10.2964Direct Plan - Normal Dividend Option 14.1256



qUANTiTATiVE DATA






EXiT lOAD

Nil

PLANS & OPTIONS

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






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

Riskometer




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


DEBT & DEBT RElATED


8.60% Madhya Pradesh SDL - Mat 230123 Sovereign 0.65




8.39% Rajasthan SDL - Mat 150320 Sovereign 0.05

Sub Total 1.15

CREDiT EXPOSURE

• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA 10.29

• Rural Electrification corporation Ltd. cRISIL - AAA / IND - AAA 8.64

• National Bank for Agriculture & Rural Development cRISIL - AAA / IND - AAA 8.37


• Housing Development Finance corporation Ltd. £

cRISIL - AAA / IcRA - AAA 6.45

• Reliance Jio Infocomm Ltd. cRISIL - AAA / cRISIL - AAA(SO) / IcRA - AAA 5.25

• Housing and Urban Development corporation Ltd.

cARE - AAA / IcRA - AAA / IND - AAA 5.14

• Reliance Industries Ltd. cRISIL - AAA / IcRA - AAA 3.46


• Tata Sons Ltd. cRISIL - AAA 3.29

National Highways Authority of India cARE - AAA / cRISIL - AAA 2.54


Larsen and Toubro Ltd. cRISIL - AAA 2.23


Sansar Trust Nov 2018(PTc of pools from ShriramTransport Finance company Ltd.) IcRA - AAA(SO) 1.34

Bajaj Finance Ltd. cRISIL - AAA / IND - AAA 1.26

cholamandalam Investment and Financial company Ltd. IcRA - AA+ 1.26


John Deere Financial India Private Ltd. cRISIL - AAA 1.26

Sundaram Finance Ltd. cRISIL - AAA 1.26




Fullerton India Home Finance company Ltd. cARE - AA+ 0.63

Indian Railways Finance corporation Ltd.

cRISIL - AAA / IcRA - AAA 0.63

Talwandi Sabo Power Ltd. (corporate Guarantee of Vedanta Ltd.) cRISIL - AA(SO) 0.62

Shriram city Union Finance Ltd. cRISIL - AA 0.61



canFin Homes Ltd. IcRA - AA+ 0.43

Aditya Birla Finance Ltd. IcRA - AAA / IND - AAA 0.38


Toyota Financial Services India Ltd. cRISIL - AAA 0.31

Bank of Baroda cARE - AA- 0.26

NHPc Ltd. IcRA - AAA 0.25

Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - D 0.23

Sub Total 85.77

Total 86.92


CD/CP

Indusind Bank Ltd. cRISIL - A1+ 1.19


Sub Total 2.32


Grand Total 100.00


PORTFOLIO


n G-Sec, SDL 1.15

n cD 2.32







May 2019 45

CATEgORY OF SCHEME: LOW DURATION FUND

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

CATEgORY OF SCHEME: Low Duration Fund

FUND MANAgER ¥



iNCEPTiON DATE (Date of Allotment)November 18, 1999

NAV (AS ON MAY 31, 2019)^^ NAV PER UNiT (`)Retail OptionRegular Plan - Growth Option 39.6405Regular Plan - Daily Dividend Reinvestment Option 10.1428Regular Plan - Weekly Dividend Option 10.1733Regular Plan - Monthly Dividend Option 10.1553Direct Plan - Growth Option 41.4411Direct Plan - Daily Dividend Reinvestment Option 10.0655Direct Plan - Weekly Dividend Option 10.2035Direct Plan - Monthly Dividend Option 10.1585


qUANTiTATiVE DATAAverage Maturity * 351 daysMacaulay Duration * 328 daysModified Duration * 296 daysYield to Maturity * 7.61%* computed on the invested amount.


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

EXiT lOADNil

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

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

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



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 7.93 7.73 7.86 10,793 10,773 10,786May 31, 16 Last 3 Years 7.23 7.19 6.79 12,330 12,316 12,180May 30, 14 Last 5 Years 7.49 7.65 7.31 14,355 14,465 14,238Nov 18, 99 Since Inception 7.30 N.A. 6.51 39,641 N.A. 34,296

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anupam Joshi, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60.




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

Riskometer



Portfolio Classification by Asset Class (%)

n G-Sec, SDL 2.61

n cP 9.68

n cD 31.93



Portfolio Classification by Rating Class (%)



current Assets 3.71

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

Issuer Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)7.27 GOI 2026 Sovereign 1.277.32 GOI 2024 Sovereign 0.967.35 GOI 2024 Sovereign 0.327.65% Karnataka SDL - Mat 061227 Sovereign 0.06Sub Total 2.61CREDiT EXPOSURE • Housing Development

Finance corporation Ltd. £ cRISIL - AAA 7.66• LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 6.72• Power Finance corporation Ltd. cRISIL - AAA 3.93• National Housing Bank cARE - AAA 3.77• National Bank for Agriculture

& Rural Development cRISIL - AAA / IND - AAA 3.19Rural electrification corporation Ltd. cRISIL - AAA 2.67Bajaj Finance Ltd. cARE - AAA / IND - AAA 2.31Nuvoco Vistas corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) cRISIL - AA 1.82Power Grid corporation of India Ltd. cRISIL - AAA 1.75Union Bank of India cARE - AA- 1.31Bank of Baroda cARE - AA / cARE - AA- 1.25Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) 1.20Petronet LNG Ltd. cRISIL - AAA 1.10Syndicate Bank cARE - A+ 1.08canara Bank cRISIL - AA 1.06L&T Finance Ltd. cARE - AAA 0.94State Bank of India cRISIL - AA+ 0.94Punjab National Bank cARE - A+ 0.90Shriram Transport Finance company Ltd. cRISIL - AA+ / IND - AA+ 0.90Tata capital Financial Services Ltd. IcRA - AAA 0.78Tata Motors Ltd. cARE - AA 0.78Housing and Urban Development corporation Ltd. IcRA - AAA 0.69TATA capital Housing Finance Ltd. cRISIL - AAA 0.63Axis Bank Ltd. cRISIL - AA+ 0.62Shriram city Union Finance Ltd. cRISIL - AA 0.61Vedanta Ltd. cRISIL - AA 0.50TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) cRISIL - AA 0.38Adani Transmission Ltd. IND - AA+ 0.31export - Import Bank of India cRISIL - AAA 0.31NRSS xxIx Transmission Ltd. cRISIL - AAA 0.31The Tata Power company Ltd. IcRA - AA- 0.31Volkswagen Finance Private Ltd. IND - AAA 0.31KKR India Financial Services Pvt Ltd. cRISIL - AA+ 0.27Hinduja Leyland Finance Ltd. cARE - AA- 0.22Indian Railways Finance corporation Ltd. cRISIL - AAA 0.13NTPc Ltd. cRISIL - AAA 0.05

Issuer Rating % to NAVAarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) 0.03Aashman energy Private Ltd. (Greenko) cARE - AA-(SO) 0.03Divyesh Power Private Ltd. (Greenko) cARE - AA-(SO) 0.03elena Renewable energy Private Ltd.(Greenko) cARE - AA-(SO) 0.03Mahindra & Mahindra Financial Services Ltd. IND - AAA 0.03Pratyash Renewable Private Ltd. (Greenko) cARE - AA-(SO) 0.03Reliance Jio Infocomm Ltd. cRISIL - AAA 0.03SeI Baskara Power Private Ltd. (Greenko) cARE - AA-(SO) 0.03SeI enerstar Renewable energy Pvt Ltd. (Greenko) cARE - AA-(SO) 0.03SeI Mihir energy Private Ltd. (Greenko) cARE - AA-(SO) 0.03Shreyas Renewable energy Private Ltd. (Greenko) cARE - AA-(SO) 0.03Zuvan energy Private Ltd. (Greenko) cARE - AA-(SO) 0.03Sub Total 52.07Total 54.68MONEY MARKET INSTRUMENTSCD/CP • Small Industries

Development BankcARE - A1+ / cRISIL - A1+ / IcRA - A1+ 5.66

• National Bank for Agriculture & Rural Development cRISIL - A1+ 5.14

• Axis Bank Ltd. cRISIL - A1+ 5.06• Indusind Bank Ltd. cRISIL - A1+ 3.00• Export - Import Bank of India cRISIL - A1+ 2.96Bank of Baroda cRISIL - A1+ 2.72canFin Homes Ltd. cARE - A1+ / IcRA - A1+ 2.11IcIcI Bank Ltd. IcRA - A1+ 2.07The Federal Bank Ltd. cARE - A1+ 1.93Tata Motors Ltd. cRISIL - A1+ 1.22IDFc First Bank Ltd. cRISIL - A1+ 1.19Kotak Mahindra Bank Ltd. cRISIL - A1+ 1.19LIc Housing Finance Ltd. cRISIL - A1+ 1.19Punjab National Bank cARE - A1+ 1.19Tata Sons Ltd. cRISIL - A1+ 1.04National Housing Bank cRISIL - A1+ 0.93cooperatieve Rabobank U.A cRISIL - A1+ 0.89Indiabulls Housing Finance Ltd. cRISIL - A1+ 0.62Hero Fincorp Ltd. cRISIL - A1+ 0.60India Infoline Finance Ltd. cRISIL - A1+ 0.31Kotak Mahindra Investments Ltd. cRISIL - A1+ 0.30Deutsche Investments India Pvt Ltd. cRISIL - A1+ 0.29Sub Total 41.61cash, cash Equivalents and Net current Assets 3.71Grand Total 100.00• Top Ten Holdings, £ co-sponsor, @ less than 0.01%


PORTFOLIO

46 May 2019

CATEgORY OF SCHEME: MONEY MARKET FUND

KEY FACTS


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


CATEgORY OF SCHEME: Money Market Fund

FUND MANAgER ¥

Anil Bamboli (since July 25, 12)



November 18, 1999


Regular Plan - Growth Option 3,936.1440Regular Plan - Daily Dividend Reinvestment Option 1,063.6400Regular Plan - Weekly Dividend Option 1,064.6746Direct Plan - Growth Option 3,972.7088Direct Plan - Daily Dividend Reinvestment Option 1,063.6400Direct Plan - Weekly Dividend Option 1,064.7156



qUANTiTATiVE DATA

Average Maturity * 260 daysMacaulay Duration * 259 daysModified Duration * 234 daysYield to Maturity * 7.28%* computed on the invested amount.



#BENCHMARK iNDEX: cRISIL Liquid Fund Index


EXiT lOAD

Nil

PLANS & OPTIONS

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


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

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




(%) $$

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 8.17 7.73 7.86 10,817 10,773 10,786May 31, 16 Last 3 Years 7.18 7.19 6.79 12,313 12,316 12,180May 30, 14 Last 5 Years 7.67 7.65 7.31 14,479 14,465 14,238Nov 18, 99 Since Inception 7.28 N.A. 6.51 39,497 N.A. 34,296

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 62.

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

n cP 36.35

n cD 61.59







l income over short term

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

Riskometer



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


DEBT & DEBT RElATED


CD/CP

• Small Industries Development Bank

cARE - A1+ / cRISIL - A1+ / IcRA - A1+ 8.67

• Tata Sons Ltd. cRISIL - A1+ 8.66

• National Bank for Agriculture & Rural Development cRISIL - A1+ / IND - A1+ 8.53

• Rural Electrification corporation Ltd. cARE - A1+ 7.44

• LIc Housing Finance Ltd. cRISIL - A1+ / IcRA - A1+ 6.66

• Axis Bank Ltd. cRISIL - A1+ 6.62

• Indian Bank cRISIL - A1+ 5.78

• Indusind Bank Ltd. cRISIL - A1+ 4.85

• Andhra Bank cARE - A1+ 4.71

• IDFc First Bank Ltd. cRISIL - A1+ 4.56

Punjab National Bank cARE - A1+ 4.54

Power Finance corporation Ltd. cRISIL - A1+ 4.12

canFin Homes Ltd. IcRA - A1+ 4.11


IcIcI Bank Ltd. IcRA - A1+ 3.73

Au Small Finance Bank Ltd. cRISIL - A1+ 2.58


The Federal Bank Ltd. cARE - A1+ 2.48

cooperatieve Rabobank U.A cRISIL - A1+ 2.47

Kotak Mahindra Bank Ltd. cRISIL - A1+ 1.66

Kotak Mahindra Prime Ltd. cRISIL - A1+ 1.64

L&T Finance Ltd. cARE - A1+ 0.42

Deutsche Investments India Pvt Ltd. cRISIL - A1+ 0.41


Sundaram BNP Paribas Home Finance Ltd. cRISIL - A1+ 0.41

Sub Total 97.94


Grand Total 100.00


PORTFOLIO

May 2019 47

CATEgORY OF SCHEME: FLOATER FUND

KEY FACTS

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

CATEgORY OF SCHEME: Floater Fund

FUND MANAgER ¥

Shobhit Mehrotra (since October 23, 2007)


iNCEPTiON DATE (Date of Allotment)October 23, 2007

NAV (AS ON MAY 31, 2019) NAV PER UNIT (`)Wholesale OptionRegular Plan - Growth Option 32.9589Regular Plan - Daily Dividend Reinvestment Option 10.0809Regular Plan - Weekly Dividend Option 10.1499Regular Plan - Monthly Dividend Option 10.1585Direct Plan - Growth Option 33.1707Direct Plan - Daily Dividend Reinvestment Option 10.0809Direct Plan - Weekly Dividend Option 10.1500Direct Plan - Monthly Dividend Option 10.1587


qUANTITATiVE DATAAverage Maturity * 306 daysMacaulay Duration * 277 daysModified Duration * 248 daysYield to Maturity * 7.78%* computed on the invested amount.




EXiT lOADNil

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

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





(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 31, 18 Last 1 Year 8.39 7.73 7.86 10,839 10,773 10,786May 31, 16 Last 3 Years 7.68 7.19 6.79 12,485 12,316 12,180May 30, 14 Last 5 Years 8.18 7.65 7.31 14,820 14,465 14,238Oct 23, 07 Since Inception 8.21 7.54 6.51 25,003 23,264 20,795

Returns greater than 1 year period are compounded annualized (cAGR). Since Inception returns are calculated on ` 13.1821 (allotment price). Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Shobhit Mehrotra, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 59.


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

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

Riskometer





n G-Sec, SDL 2.75

n cP 5.90

n cD 31.29






current Assets 6.26

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


DEBT & DEBT RElATED





7.65% Karnataka SDL - Mat 061227 Sovereign 0.18


7.69% Gujarat SDL - Mat 201227 Sovereign @

Sub Total 2.75

CREDiT EXPOSURE


• Housing Development Finance corporation Ltd. £ cRISIL - AAA 6.38


• Shriram city Union Finance Ltd. cARE - AA+ 4.50

• National Bank for Agriculture & Rural Development cRISIL - AAA / IND - AAA 3.45

• Axis Bank Ltd. cRISIL - A1+ / cRISIL - AA+ 3.37

National Housing Bank cARE - AAA 3.22

Rural Electrification corporation Ltd. cRISIL - AAA 2.72



Shriram Transport Finance company Ltd. IND - AA+ 2.23

Housing and Urban Development corporation Ltd. IcRA - AAA 1.36

Indiabulls Housing Finance Ltd. cARE - AAA 1.13


State Bank of India cARE - AA+ / cRISIL - AA+ 1.03


canara Bank cRISIL - AA 0.87

HPcL-Mittal Energy Ltd. IcRA - AA+ 0.75

NRSS xxIx Transmission Ltd. cRISIL - AAA 0.68


Gujarat Road and Infra co Ltd. cARE - AAA(SO) 0.46

Bharti Airtel Ltd. cRISIL - AA 0.45

Volkswagen Finance Private Ltd. IND - AAA 0.45

HDB Financial Services Ltd. cRISIL - AAA 0.23

Reliance Industries Ltd. cRISIL - AAA 0.05


Sub Total 53.80

Total 56.55


CD/CP


• Small Industries Development Bank cRISIL - A1+ / IcRA - A1+ 4.70

• IcIcI Bank Ltd. cRISIL - A1+ / IcRA - A1+ 4.70

• Export - Import Bank of India cRISIL - A1+ 4.27



Bank of Baroda cRISIL - A1+ 1.96


JM Financial credit Solutions Ltd. IcRA - A1+ 1.51


Andhra Bank cARE - A1+ 1.32

Adani Transmission Ltd. IcRA - A1+ 1.08

Indiabulls Housing Finance Ltd. cRISIL - A1+ 0.90


LIc Housing Finance Ltd. IcRA - A1+ 0.87


India Infoline Finance Ltd. cRISIL - A1+ 0.45

Sub Total 37.19


Grand Total 100.00

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

Outstanding exposure in derivative instruments Interest Rate Swap (` in crore) 6,410.00

PORTFOLIO

48 May 2019

CATEgORY OF SCHEME: ULTRA SHORT DURATION FUND


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


CATEgORY OF SCHEME: Ultra Short Duration Fund

FUND MANAgER ¥

Anil Bamboli (since September 25, 18)



September 25, 2018


Regular Plan - Growth Option 10.5974Regular Plan - Daily Dividend Reinvestment Option 10.0500Regular Plan - Weekly Dividend Option 10.0613Regular Plan - Monthly Dividend Option 10.0693Direct Plan - Growth Option 10.6204Direct Plan - Daily Dividend Reinvestment Option 10.0500Direct Plan - Weekly Dividend Option 10.0617Direct Plan - Monthly Dividend Option 10.0617



qUANTiTATiVE DATA




#BENCHMARK iNDEX: cRISIL Ultra Short Term Debt Index


EXiT lOAD

Nil

PLANS & OPTIONS

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






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

securities and money market instruments

Riskometer




n cP 36.28

n cD 22.24





n AA+ 1.62n AA/AA- 0.16


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


DEBT & DEBT RElATED

CREDiT EXPOSURE

• Housing Development Finance corporation Ltd. £ cRISIL - AAA / IcRA - AAA 8.22


• National Housing Bank cARE - AAA 3.24


Rural electrification corporation Ltd. cRISIL - AAA 2.82


National Bank for Agriculture & Rural Development cRISIL - AAA / IND - AAA 2.03

Mahindra & Mahindra Financial Services Ltd. cARE - AAA / IND - AAA 1.61

Bajaj Finance Ltd. IND - AAA 1.49

Tata capital Financial Services Ltd. cRISIL - AAA 1.21

Kotak Mahindra Prime Ltd. cRISIL - AAA 1.14


Sundaram BNP Paribas Home Finance Ltd. IcRA - AA+ 0.81

UltraTech cement Ltd. cRISIL - AAA 0.65



cholamandalam Investment and Financial company Ltd. IcRA - AA 0.16

Sub Total 37.58


CD/CP

• Hindustan Petroleum corporation Ltd. cRISIL - A1+ 6.43

• Small Industries Development Bank cARE - A1+ 5.53

• Housing and Urban Development corporation Ltd. IND - A1+ 3.97

• IDFc First Bank Ltd. cRISIL - A1+ 3.81



• IcIcI Bank Ltd. IcRA - A1+ 3.04

Andhra Bank cARE - A1+ 2.45




Muthoot Finance Ltd. cRISIL - A1+ 2.01

Indian Bank cRISIL - A1+ 1.91

Tata Sons Ltd. cRISIL - A1+ 1.91

TATA capital Housing Finance Ltd. cRISIL - A1+ 1.58

Kotak Mahindra Bank Ltd. cRISIL - A1+ 1.54

LIc Housing Finance Ltd. cRISIL - A1+ / IcRA - A1+ 1.54




JSW Steel Ltd. IcRA - A1+ 1.21

Shriram Transport Finance company Ltd. cRISIL - A1+ 0.96


ScB Inv & Loan (I) Ltd. cRISIL - A1+ 0.80

Sundaram BNP Paribas Home Finance Ltd. cRISIL - A1+ 0.79

Hero Fincorp Ltd. cRISIL - A1+ 0.78

Tata capital Financial Services Ltd. IcRA - A1+ 0.78

Ford credit India Pvt Ltd. IND - A1+ 0.40

Hongkong & Shanghai Bank Ltd. IND - A1+ 0.40



Sub Total 58.52


Grand Total 100.00



PORTFOLIO

May 2019 49

CATEgORY OF SCHEME: LIqUID FUND


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


CATEgORY OF SCHEME: Liquid Fund

FUND MANAgER ¥




October 17, 2000

NAV (AS ON MAY 31, 2019)^^ NAV PER UNiT (`)

HDFC liquid FundRegular Plan - Growth Option 3,704.2368Regular Plan - Daily Dividend Reinvestment Option 1,019.8200Regular Plan - Weekly Dividend Option 1,031.8884Regular Plan - Monthly Dividend Option 1,027.1551Direct Plan - Growth Option 3,723.0574Direct Plan - Daily Dividend Reinvestment Option 1,019.8200Direct Plan - Weekly Dividend Option 1,031.8995Direct Plan - Monthly Dividend Option 1,027.1664



qUANTiTATiVE DATA






EXiT lOAD

Nil

PLANS & OPTIONS

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


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


^^calculated on all calendar days.



l regular income over short term

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

Riskometer

Investors understand that their principal will be at low risk




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 24, 19 Last 7 days 7.25 7.60 14.27 10,014 10,015 10,027May 16, 19 Last 15 days 7.39 7.97 11.25 10,030 10,033 10,046Apr 30, 19 Last 1 Month 7.34 8.06 9.02 10,062 10,068 10,077May 31, 18 Last 1 Year 7.41 7.73 7.86 10,741 10,773 10,786May 31, 16 Last 3 Years 6.99 7.19 6.79 12,247 12,316 12,180May 30, 14 Last 5 Years 7.59 7.65 7.31 14,421 14,465 14,238Oct 17, 00 Since Inception 7.28 N.A. 6.42 37,042 N.A. 31,869

Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anupam Joshi, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60.

n SDL, T-Bills 15.56

n cP 61.23

n cD 17.15




n Sovereign 15.56


n AA+ 0.03



(An open ended liquid scheme)HDFC Liquid Fund

PORTFOLIO

Company Rating % to NAV

DEBT & DEBT RElATED


7.86% Rajasthan SDL (UDAY Scheme- Strip II ) - ISD 230616 Mat 230619 Sovereign 0.19

7.85% Andhra Pradesh SDL - Mat 220719 Sovereign 0.10


7.93% Andhra Pradesh SDL - Mat 080719 Sovereign 0.03

Sub Total 0.36

T-BillS

• 91 Days TBill - Mat 150819 Sovereign 4.50

• 91 Days Tbill - ISD 090519 Mat 080819 Sovereign 3.39

91 Days TBill - Mat 220819 Sovereign 2.59



91 Days Tbill - Mat 270619 Sovereign 0.88












Sub Total 15.20


50 May 2019


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


CREDiT EXPOSURE


Indian Railways Finance corporation Ltd. cARE - AAA / cRISIL - AAA 0.79




ONGc Mangalore Petrochemicals Ltd. IND - AAA 0.35

Tata capital Financial Services Ltd. cRISIL - AAA / IcRA - AA+ 0.23

Toyota Financial Services India Ltd. cRISIL - AAA 0.23


L&T Infrastructure Finance Ltd. cARE - AAA 0.14

Power Grid corporation of India Ltd. cARE - AAA / cRISIL - AAA 0.14

IcIcI Home Finance Ltd. IcRA - AAA 0.09

Kotak Mahindra Prime Ltd. cRISIL - AAA 0.06

Rural Electrification corporation Ltd. cRISIL - AAA 0.05

Bajaj Finance Ltd. IND - AAA 0.03

Daimler Financial Services India Private Ltd. IND - AAA 0.03

Volkswagen Finance Private Ltd. IND - AAA 0.03

Housing and Urban Development corporation Ltd. cARE - AAA 0.01

Sub Total 5.97

TOTAL 21.53


CD/CP

• National Bank for Agriculture & Rural Development cRISIL - A1+ / IcRA - A1+ 7.74

• Indian Oil corporation Ltd. cRISIL - A1+ / IcRA - A1+ 6.03

• Tata Sons Ltd. cRISIL - A1+ 4.50

• NTPc Ltd. cARE - A1+ / cRISIL - A1+ / IcRA - A1+ 3.96

• Reliance Industries Ltd. cRISIL - A1+ / IcRA - A1+ 3.83

• Steel Authority of India Ltd. cARE - A1+ 3.73

• Reliance Retail Ltd. cARE - A1+ 2.84

• IcIcI Bank Ltd. IcRA - A1+ 2.72

Bank of Baroda cRISIL - A1+ 2.58

Axis Bank Ltd. cRISIL - A1+ / IcRA - A1+ 2.18

Bajaj Finance Ltd. cRISIL - A1+ 2.08

Reliance Jio Infocomm Ltd. cRISIL - A1+ 1.80

Tata Teleservices (Maharashtra) Ltd. cRISIL - A1+ 1.73

Tata Teleservices Ltd. cRISIL - A1+ 1.72

Hindustan Zinc Ltd. cRISIL - A1+ 1.70

Adani Ports & Special economic Zone cARE - A1+ 1.68

LIc Housing Finance Ltd. cRISIL - A1+ 1.64

National Housing Bank cRISIL - A1+ 1.62

Syndicate Bank cRISIL - A1+ 1.59


The South Indian Bank Ltd. cARE - A1+ / cRISIL - A1+ 1.34

PNB Housing Finance Ltd. cARE - A1+ / cRISIL - A1+ 1.29

canara Bank cRISIL - A1+ 1.26


Oil & Natural Gas corporation Ltd. cARE - A1+ 1.13



Tata Motors Finance Ltd. cARE - A1+ / cRISIL - A1+ 0.97

Bharat Heavy electricals Ltd. cARE - A1+ 0.91

Bank of India cRISIL - A1+ 0.86

Aditya Birla Finance Ltd. IcRA - A1+ 0.79


TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) cARE - A1+ 0.57

Tata Steel Ltd. IcRA - A1+ 0.57


Housing and Urban Development corporation Ltd. cARE - A1+ 0.48


chambal Fertilizers & chemicals Ltd. cRISIL - A1+ 0.39

JSW Steel Ltd. IcRA - A1+ 0.39

Andhra Bank IND - A1+ 0.34

Larsen and Toubro Ltd. cRISIL - A1+ 0.34

Muthoot Finance Ltd. cRISIL - A1+ 0.34

SBI cards & Payment Services P. Ltd. cRISIL - A1+ 0.34

Tata Projects Ltd. cRISIL - A1+ 0.34


National Fertilizers Ltd. IcRA - A1+ 0.31

Tata capital Financial Services Ltd. cRISIL - A1+ 0.28

Aditya Birla capital Ltd. cRISIL - A1+ 0.23

BASF India Ltd. cRISIL - A1+ 0.23

Julius Baer capital (India) Private cRISIL - A1+ / IcRA - A1+ 0.23

Kotak Securities Ltd. cRISIL - A1+ 0.23

Nirma Ltd. cRISIL - A1+ 0.23

Tata Realty and Infrastructure Ltd. cRISIL - A1+ 0.23


Magma Fincorp Ltd. cRISIL - A1+ 0.22

SBI Global Factors Ltd. cRISIL - A1+ 0.22

Tata Motors Finance Solutions Ltd. cARE - A1+ 0.22

T V Sundram Iyengar & Sons Pvt Ltd. IcRA - A1+ 0.17

Axis Finance Ltd. IND - A1+ 0.14

ScB Inv & Loan (I) Ltd. cRISIL - A1+ 0.12

Hindustan Petroleum corporation Ltd. cRISIL - A1+ 0.11

L&T Finance Holdings Ltd. cARE - A1+ 0.11

Redington (India) Ltd. IcRA - A1+ 0.11

Shriram Transport Finance company Ltd. cRISIL - A1+ 0.11

TGS Investment & Trade Pvt Ltd. IcRA - A1+ 0.11

UPL Ltd. cRISIL - A1+ 0.11

Aditya Birla Money Ltd. cRISIL - A1+ 0.09

Turquoise Investments & Finance Pvt Ltd. cRISIL - A1+ 0.09

Grasim Industries Ltd. cRISIL - A1+ 0.06

Small Industries Development Bank cARE - A1+ 0.06

Toyota Financial Services India Ltd. cRISIL - A1+ 0.06

L&T Finance Ltd. cRISIL - A1+ 0.03

Sub Total 78.38


Grand Total 100.00


May 2019 51

CATEgORY OF SCHEME: OVERNIGHT FUND

KEY FACTS


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


CATEgORY OF SCHEME: Overnight Fund

FUND MANAgER ¥

Anil Bamboli (since July 25, 12)



February 06, 2002


Regular Plan - Growth Option 2,838.8062Regular Plan - Daily Dividend Reinvestment Option 1,042.6600Direct Plan - Growth Option 2,850.1154Direct Plan - Daily Dividend Reinvestment Option 1,042.6600



qUANTiTATiVE DATA

Average Maturity * 2 dayMacaulay Duration * 2 dayModified Duration * 2 dayYield to Maturity * 5.64%* computed on the invested amount.



#BENCHMARK iNDEX: cRISIL Overnight Index


EXiT lOAD

Nil

PLANS & OPTIONS

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


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

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




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

May 24, 19 Last 7 days 5.72 5.94 14.27 10,011 10,011 10,027May 16, 19 Last 15 days 5.71 5.95 11.25 10,023 10,024 10,046Apr 30, 19 Last 1 Month 5.73 5.93 9.02 10,049 10,050 10,077May 31, 18 Last 1 Year 6.20 6.34 7.86 10,620 10,634 10,786May 31, 16 Last 3 Years 6.06 6.15 6.79 11,930 11,961 12,180May 30, 14 Last 5 Years 6.59 6.73 7.31 13,766 13,856 14,238Feb 06, 02 Since Inception 6.21 N.A. 6.08 28,388 N.A. 27,781

Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 52. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 62.

Face Value per Unit: ` 1,000, Data is as of May 31, 2019 unless otherwise specified.






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

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

Riskometer

Investors understand that their principal will be at low risk


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



Grand Total 100.00

PORTFOLIO

52 May 2019

Performance details of Schemes managed by respective Fund Managers

Sr. No. Name of the Fund Manager Funds Managed Page no.1 Mr. Prashant Jain HDFC Equity Fund 05

HDFC Top 100 Fund 07

HDFC Balanced Advantage Fund 13-14

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

2 Mr. Vinay Kulkarni HDFC Focused 30 Fund 11

HDFC Growth Opportunities Fund 10

HDFC TaxSaver 23

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

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

HDFC Small Cap Fund 09

HDFC Long Term Advantage Fund 53

HDFC Hybrid Equity Fund 15-16

HDFC Children’s Gift Fund 24-25

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

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

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

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

4 Mr. Miten Lathia HDFC Capital Builder Value Fund 06

HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 57

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


HDFC Index Fund - SEnSEx Plan 22

HDFC Index Fund - nIFTY 50 Plan 20

HDFC SEnSEx ETF 21

HDFC nIFTY 50 ETF 19

HDFC Gold Exchange Traded Fund 55

HDFC Gold Fund 55


Closed ended schemes (Co-managed) 57

6 Mr. Shobhit Mehrotra HDFC Income Fund 42

HDFC Medium Term Debt Fund 43

HDFC Floating Rate Debt Fund 47

HDFC Credit Risk Debt Fund 37-38

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

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

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

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

Close ended schemes 53

7 Mr. Anil Bamboli HDFC Dynamic Debt Fund 41

HDFC Short Term Debt Fund 42

HDFC Gilt Fund 40

HDFC Money Market Fund 46

HDFC Ultra Short Term Fund 48

HDFC Overnight Fund 50

HDFC Banking and PSU Debt Fund 39



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

Close ended schemes 53-55

Closed ended schemes (Co-managed) 57

8 Mr. Anupam Joshi HDFC Liquid Fund 49-50

HDFC Corporate Bond Fund 36

HDFC Low Duration Fund 45

Close ended schemes 55-56

9 Mr. Srinivas Rao Ravuri HDFC Infrastructure Fund 12


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

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

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

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

3 Mr. Srinivas Rao Ravuri HDFC Infrastructure Fund 12


May 2019 53

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

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

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

CHIRAG SETALVAD

HDFC LONG TERM ADVANTAGE FUND NAV as on May 31, 2019 ` 371.714


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 10.24 13.70 12.43 11,024 11,370 11,243May 31, 16 Last 3 Years 15.28 15.65 14.99 15,320 15,470 15,203May 30, 14 Last 5 Years 13.52 11.91 11.92 18,864 17,566 17,571Jan 02, 01 Since Inception 21.69 14.28 14.53 371,714 116,886 121,679

# S&P BSE SEnSEx (Total Returns Index) ## nIFTY 50 (Total Returns Index). The scheme is managed by Mr. Chirag Setalvad since April 02, 2007.

SHOBHIT MEHROTRA

HDFC FMP 3360D MARCH 2014 (1) NAV as on May 31, 2019 ` 14.3343


(%)

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 May 31, 2019 ` 13.4979


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 3 years but less than 5 years. The scheme is managed by Mr. Shobhit Mehrotra since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 7.47 10.68 7.86 10,747 11,068 10,786Mar 23, 17 Since Inception 7.09 6.88 6.65 11,617 11,568 11,514

# 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. Shobhit Mehrotra since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1172D APRIL 2017 (1) NAV as on May 31, 2019 ` 11.5629


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 8.77 10.68 7.86 10,877 11,068 10,786Apr 11, 17 Since Inception 7.03 6.82 6.70 11,563 11,515 11,487




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1166D MAy 2017 (1) NAV as on May 31, 2019 ` 11.6216


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 8.08 10.68 7.86 10,808 11,068 10,786May 09, 17 Since Inception 7.57 6.87 6.86 11,622 11,467 11,464


HDFC FMP 1136D JUNE 2017 (1) NAV as on May 31, 2019 ` 11.4546


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 7.57 10.68 7.86 10,757 11,068 10,786Jun 08, 17 Since Inception 7.11 5.94 6.86 11,455 11,208 11,402


HDFC FMP 1430D JULy 2017 (1) NAV as on May 31, 2019 ` 11.2611


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 9.98 10.68 7.86 10,998 11,068 10,786Aug 01, 17 Since Inception 6.70 5.68 6.89 11,261 11,064 11,297


ANIL BAMBOLI

HDFC CHARITy FUND FOR CANCER CURE - DEBT PLAN^

NAV as on May 31, 2019 ` 10.1882


(%)

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 May 31, 2019 ` 16.1472


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 7.49 10.68 7.86 10,749 11,068 10,786May 31, 16 Last 3 Years 7.13 7.95 6.79 12,295 12,579 12,180May 30, 14 Last 5 Years 7.95 8.98 7.31 14,665 15,377 14,238Aug 14, 13 Since Inception 8.62 9.40 7.54 16,147 16,833 15,244

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

54 May 2019




HDFC FMP 1175D JANUARy 2014 (1) NAV as on May 31, 2019 ` 15.9628


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 8.04 10.68 7.86 10,804 11,068 10,786May 31, 16 Last 3 Years 7.39 7.95 6.79 12,385 12,579 12,180May 30, 14 Last 5 Years 8.89 8.98 7.31 15,318 15,377 14,238Feb 05, 14 Since Inception 9.19 9.33 7.43 15,963 16,066 14,637




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1111D SEPTEMBER 2016 (1) NAV as on May 31, 2019 ` 12.4311


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 8.11 10.68 7.86 10,811 11,068 10,786Sep 15, 16 Since Inception 8.37 6.88 6.70 12,431 11,974 11,919

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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1218D DECEMBER 2016 (1) NAV as on May 31, 2019 ` 11.9304


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 9.22 10.68 7.86 10,922 11,068 10,786Jan 12, 17 Since Inception 7.70 5.90 6.61 11,930 11,462 11,646




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 9.14 10.68 7.86 10,914 11,068 10,786Feb 22, 17 Since Inception 7.23 7.08 6.68 11,716 11,679 11,580




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



ANIL BAMBOLI....CONTINUED

May 2019 55







(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



KRISHAN KUMAR DAGA

HDFC GOLD EXCHANGE TRADED FUND* NAV as on May 31, 2019 ` 2920.891

Date Period Scheme Returns (%)

Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

May 31, 18 Last 1 Year 1.74 2.80 10,174 10,280May 31, 16 Last 3 Years 2.45 3.55 10,752 11,104May 30, 14 Last 5 Years 2.85 3.97 11,512 12,154Aug 13, 10 Since Inception 5.65 6.47 16,224 17,361

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

HDFC GOLD FUND NAV as on May 31, 2019 ` 10.417


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

May 31, 18 Last 1 Year 1.27 2.80 10,127 10,280May 31, 16 Last 3 Years 2.38 3.55 10,732 11,104May 30, 14 Last 5 Years 2.13 3.97 11,113 12,154nov 01, 11 Since Inception 0.54 2.24 10,417 11,830

# 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 May 31, 2019 ` 10.179


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 18 Last 1 Year 6.56 6.03 12.43 10,656 10,603 11,243Mar 27, 17 Since Inception 6.54 5.22 15.00 11,480 11,171 13,559

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

ANUPAM JOSHI



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 18 Last 1 Year 8.20 10.68 7.86 10,820 11,068 10,786May 31, 16 Last 3 Years 9.19 7.95 6.79 13,019 12,579 12,180Mar 23, 16 Since Inception 9.26 8.10 6.83 13,262 12,818 12,345

# CRISIL Composite Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 3 years but less than 5 years. The scheme is managed by Mr. Anupam Joshi since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 18 Last 1 Year 7.33 10.68 7.86 10,733 11,068 10,786May 31, 16 Last 3 Years 8.40 7.95 6.79 12,739 12,579 12,180May 31, 16 Since Inception 8.40 7.95 6.79 12,739 12,579 12,180




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 18 Last 1 Year 7.08 10.68 7.86 10,708 11,068 10,786May 31, 16 Last 3 Years 8.41 7.95 6.79 12,740 12,579 12,180May 05, 16 Since Inception 8.36 7.91 6.78 12,798 12,633 12,231




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 18 Last 1 Year 7.94 10.68 7.86 10,794 11,068 10,786Jun 08, 16 Since Inception 7.63 7.96 6.78 12,448 12,563 12,159

# 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 (`)#




56 May 2019




ANUPAM JOSHI....CONTINUED



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#






(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 18 Last 1 Year 7.81 10.68 7.86 10,781 11,068 10,786Jul 07, 16 Since Inception 7.51 7.70 6.75 12,337 12,399 12,085




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##May 31, 18 Last 1 Year 8.48 10.68 7.86 10,848 11,068 10,786Jul 27, 16 Since Inception 8.44 7.36 6.72 12,592 12,238 12,033




(%)

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 (`)#


(`)##



SRINIVAS RAO RAVURI

HDFC EOF - II - 1126D MAy 2017 (1) NAV as on May 31, 2019 ` 10.9480


(%)

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. Srinivas Rao Ravuri since inception.

HDFC EOF - II - 1100D JUNE 2017 (1) NAV as on May 31, 2019 ` 10.5600


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 7.74 12.43 13.70 10,774 11,243 11,370Jul 17, 17 Since Inception 2.95 11.64 13.24 10,560 12,289 12,619


HDFC HOF - I - 1140D NOVEMBER 2017 (1) NAV as on May 31, 2019 ` 9.8810


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 4.14 7.46 12.43 10,414 10,746 11,243Dec 06, 17 Since Inception -0.80 8.18 13.66 9,881 11,235 12,089

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

May 2019 57



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

CO-MANAGED By MITEN LATHIA & ANIL BAMBOLI

HDFC DyNAMIC PE RATIO FUND OF FUNDS NAV as on May 31, 2019 ` 19.0602


(%)

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 May 31, 2019 ` 11.7162


(%)

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

HDFC DAF - III - 1267D OCTOBER 2016 NAV as on May 31, 2019 ` 11.5358


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 7.13 10.61 7.86 10,713 11,061 10,786Oct 25, 16 Since Inception 5.65 10.17 6.63 11,536 12,862 11,814


HDFC DAF - III - 1224D NOVEMBER 2016 NAV as on May 31, 2019 ` 11.4590


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 7.11 10.06 7.86 10,711 11,006 10,786Dec 07, 16 Since Inception 5.65 9.76 6.61 11,459 12,596 11,721

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

58 May 2019

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

PRASHANT JAIN

HDFC EQUITy FUND NAV as on May 31, 2019 ` 732.811


(%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 invested Scheme

(`)Benchmark

(`)#Additional

Benchmark (`)##


# nIFTY 500 (Total Returns Index) ## nIFTY 50 (Total Returns Index).

HDFC TOP 100 FUND NAV as on May 31, 2019 ` 538.186


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##


# nIFTY 100 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index).

HDFC BALANCED ADVANTAGE FUND NAV as on May 31, 2019 ` 214.151


(%)

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 May 31, 2019 ` 84.527


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##



HDFC GROWTH OPPORTUNITIES FUND NAV as on May 31, 2019 ` 117.140


(%)

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 May 31, 2019 ` 557.503


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



CHIRAG SETALVAD

HDFC MID-CAP OPPORTUNITIES FUND NAV as on May 31, 2019 ` 58.467


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year -2.25 -4.19 12.43 9,775 9,581 11,243May 31, 16 Last 3 Years 14.13 11.71 14.99 14,864 13,940 15,203May 30, 14 Last 5 Years 17.03 13.33 11.92 21,970 18,705 17,571Jan 01, 13 Since Inception 19.35 13.46 12.82 31,101 22,477 21,675

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

HDFC SMALL CAP FUND NAV as on May 31, 2019 ` 47.276


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year -2.99 -15.50 12.43 9,701 8,450 11,243May 31, 16 Last 3 Years 19.66 8.81 14.99 17,132 12,884 15,203May 30, 14 Last 5 Years 18.88 7.39 11.92 23,762 14,291 17,571Jan 01, 13 Since Inception 18.51 10.18 12.82 29,717 18,625 21,675

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

HDFC HyBRID EQUITy FUND NAV as on May 31, 2019 ` 57.477


(%)

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 May 31, 2019 ` 129.419


(%)

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 May 31, 2019 ` 385.889


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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


May 2019 59


SHOBHIT MEHROTRA

HDFC INCOME FUND NAV as on May 31, 2019 ` 42.9238


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC MEDIUM TERM DEBT FUND NAV as on May 31, 2019 ` 38.8814


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC FLOATING RATE DEBT FUND NAV as on May 31, 2019 ` 33.1707


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC CREDIT RISK DEBT FUND NAV as on May 31, 2019 ` 16.1416


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 3 years but less than 5 years. 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 (`)#


(`)##

May 31, 18 Last 1 Year 10.09 10.68 7.86 11,009 11,068 10,786Aug 01, 17 Since Inception 6.81 5.68 6.89 11,282 11,064 11,297




60 May 2019


KRISHAN KUMAR DAGA

HDFC ARBITRAGE FUND - WHOLESALE PLAN NAV as on May 31, 2019 ` 14.191


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 6.87 6.03 12.43 10,687 10,603 11,243May 31, 16 Last 3 Years 6.58 5.42 14.99 12,106 11,715 15,203May 30, 14 Last 5 Years 6.91 6.21 11.92 13,969 13,518 17,571Apr 07, 14 Since Inception 7.03 6.38 13.27 14,191 13,748 19,000

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

HDFC INDEX FUND - SENSEX PLAN NAV as on May 31, 2019 ` 355.5230


(%)

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 May 31, 2019 ` 109.4159


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC GOLD FUND NAV as on May 31, 2019 ` 10.6745


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

May 31, 18 Last 1 Year 1.70 2.80 10,170 10,280May 31, 16 Last 3 Years 2.84 3.55 10,875 11,104May 30, 14 Last 5 Years 2.57 3.97 11,355 12,154Jan 01, 13 Since Inception -0.55 0.78 9,653 10,513

# 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 May 31, 2019 ` 10.179


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

ANUPAM JOSHI

HDFC LIQUID FUND NAV as on May 31, 2019 ` 3723.0574


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 24, 19 Last 7 days 7.35 7.60 14.27 10,014 10,015 10,027May 16, 19 Last 15 days 7.49 7.97 11.25 10,031 10,033 10,046Apr 30, 19 Last 1 Month 7.44 8.06 9.02 10,063 10,068 10,077May 31, 18 Last 1 Year 7.52 7.73 7.86 10,752 10,773 10,786May 31, 16 Last 3 Years 7.10 7.19 6.79 12,284 12,316 12,180May 30, 14 Last 5 Years 7.68 7.65 7.31 14,481 14,465 14,238Dec 31, 12 Since Inception 8.05 8.00 7.17 16,437 16,387 15,594

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

HDFC CORPORATE BOND FUND NAV as on May 31, 2019 ` 21.3004


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC LOW DURATION FUND NAV as on May 31, 2019 ` 41.4411


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 8.85 10.68 7.86 10,885 11,068 10,786May 31, 16 Last 3 Years 9.85 7.95 6.79 13,256 12,579 12,180Mar 23, 16 Since Inception 9.91 8.10 6.83 13,516 12,818 12,345




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 7.49 10.68 7.86 10,749 11,068 10,786May 31, 16 Last 3 Years 8.93 7.95 6.79 12,925 12,579 12,180May 31, 16 Since Inception 8.93 7.95 6.79 12,925 12,579 12,180




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 7.24 10.68 7.86 10,724 11,068 10,786May 31, 16 Last 3 Years 8.91 7.95 6.79 12,918 12,579 12,180May 05, 16 Since Inception 8.88 7.91 6.78 12,988 12,633 12,231




May 2019 61




(%)

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 (`)#


(`)##



ANIL BAMBOLI

HDFC DyNAMIC DEBT FUND NAV as on May 31, 2019 ` 62.7970


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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




62 May 2019



HDFC SHORT TERM DEBT FUND NAV as on May 31, 2019 ` 21.1320


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC GILT FUND NAV as on May 31, 2019 ` 38.8427


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC BANKING AND PSU DEBT FUND NAV as on May 31, 2019 ` 15.4929


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC MONEy MARKET FUND NAV as on May 31, 2019 ` 3972.7088


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 8.39 7.73 7.86 10,839 10,773 10,786May 31, 16 Last 3 Years 7.40 7.19 6.79 12,387 12,316 12,180May 30, 14 Last 5 Years 7.86 7.65 7.31 14,602 14,465 14,238Dec 31, 12 Since Inception 8.18 8.00 7.17 16,558 16,387 15,594


HDFC OVERNIGHT FUND NAV as on May 31, 2019 ` 2850.1154


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 24, 19 Last 7 days 5.82 5.94 14.27 10,011 10,011 10,027May 16, 19 Last 15 days 5.81 5.95 11.25 10,024 10,024 10,046Apr 30, 19 Last 1 Month 5.83 5.93 9.02 10,050 10,050 10,077May 31, 18 Last 1 Year 6.29 6.34 7.86 10,629 10,634 10,786May 31, 16 Last 3 Years 6.12 6.15 6.79 11,952 11,961 12,180May 30, 14 Last 5 Years 6.66 6.73 7.31 13,810 13,856 14,238Dec 31, 12 Since Inception 7.02 7.10 7.17 15,452 15,527 15,594

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 May 31, 2019 ` 10.1882


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC FMP 1846D AUGUST 2013 (1) NAV as on May 31, 2019 ` 16.4336


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 7.83 10.68 7.86 10,783 11,068 10,786May 31, 16 Last 3 Years 7.46 7.95 6.79 12,409 12,579 12,180May 30, 14 Last 5 Years 8.28 8.98 7.31 14,890 15,377 14,238Aug 14, 13 Since Inception 8.95 9.40 7.54 16,434 16,833 15,244




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





May 2019 63




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1218D DECEMBER 2016 (1) NAV as on May 31, 2019 ` 12.0471


(%)

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 May 2019


MITEN LATHIA

HDFC CAPITAL BUILDER VALUE FUND NAV as on May 31, 2019 ` 318.870


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



SRINIVAS RAO RAVURI

HDFC INFRASTRUCTURE FUND NAV as on May 31, 2019 ` 18.523


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year -3.69 6.46 12.43 9,631 10,646 11,243May 31, 16 Last 3 Years 6.75 14.35 14.99 12,166 14,954 15,203May 30, 14 Last 5 Years 6.33 12.35 11.92 13,598 17,910 17,571Jan 01, 13 Since Inception 8.23 13.11 12.82 16,610 22,037 21,675


HDFC HOF - I - 1140D NOVEMBER 2017 (1) NAV as on May 31, 2019 ` 10.1220


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC EOF - II - 1126D MAy 2017 (1) NAV as on May 31, 2019 ` 11.2450


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC EOF - II - 1100D JUNE 2017 (1) NAV as on May 31, 2019 ` 10.8850


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



CO-MANAGED By PRASHANT JAIN & SHOBHIT MEHROTRA

HDFC HyBRID DEBT FUND NAV as on May 31, 2019 ` 48.0500


(%)

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 May 31, 2019 ` 20.079


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. The scheme is managed by Mr. Anil Bamboli & Miten Lathia since June 28, 2014.

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

HDFC MULTI - ASSET FUND NAV as on May 31, 2019 ` 33.8330


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

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

HDFC EQUITy SAVINGS FUND NAV as on May 31, 2019 ` 39.7090


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

CO-MANAGED By KRISHAN KUMAR DAGA & ANIL BAMBOLI

HDFC DAF - III - 1304D AUGUST 2016 NAV as on May 31, 2019 ` 12.2188


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





May 2019 65


HDFC DAF - III - 1267D OCTOBER 2016 NAV as on May 31, 2019 ` 12.0492


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

May 31, 18 Last 1 Year 8.74 10.61 7.86 10,874 11,061 10,786Oct 25, 16 Since Inception 7.44 10.17 6.63 12,049 12,862 11,814


HDFC DAF - III - 1224D NOVEMBER 2016 NAV as on May 31, 2019 ` 11.9416


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



CO-MANAGED By CHIRAG SETALVAD & SHOBHIT MEHROTRA

HDFC RETIREMENT SAVINGS FUND - EQUITy PLAN

NAV as on May 31, 2019 ` 18.262


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 500 (Total Returns Index) ## nIFTY 50 (Total Returns Index). The Scheme is in existence for more than 3 years but less than 5 years

HDFC RETIREMENTSAVINGS FUND - HyBRID EQUITy PLAN

NAV as on May 31, 2019 ` 18.054


(%)

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 3 years but less than 5 years

HDFC RETIREMENT SAVINGS FUND - HyBRID DEBT PLAN

NAV as on May 31, 2019 ` 13.9871


(%)

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 3 years but less than 5 years



Managing Portfolio Since

Returns (%) (As on May 31, 2019)

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

Category I - FPI Portfolio (managed under a bilateral agreement under Regulation 24(b) and subject to applicable laws)

March 22, 2016 19.90 16.01 n.A.

Benchmark- MSCI India (Total Returns) 10.63 12.45 n.A.Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualised (CAGR). The above returns are computed using the Time Weighted Rate of Return (TWRR) methodology, to make them more comparable with the mutual fund scheme's returns. Inception date is March 22, 2016. The performance is not comparable with the performance of the aforementioned scheme(s) of HDFC Mutual Fund due to differing investment objective/s and fundamental differences in asset allocation, investment strategy and the regulatory environment. The said disclosure is pursuant to SEBI Circular no. Cir/IMD/DF/7/2012 dated February 28, 2012 pertaining to Regulation 24(b) of SEBI (Mutual Funds) Regulations, 1996. FPI - Foreign Portfolio Investor.

PERFORMANCE OF CATEGORy I - FPI PORTFOLIO (MANAGED By PRASHANT JAIN)

KRISHAN KUMAR DAGA & ANIL BAMBOLI....CONTINUED

66 May 2019

DIVIDEND HISTORy ^

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

HDFC Equity Fund (Past 3 years) Dividend Option

Record Date Regular Plan Direct Plan

Cum Div NAV (`)

Dividend per Unit (`) For Cum Div NAV (`)

Dividend per Unit (`) For

Individuals & HUF Others Individuals & HUF Others

Mar 23, 17 54.903 5.00 5.00 56.993 5.00 5.00Mar 22, 18 55.480 5.50 5.50 58.320 5.50 5.50Mar 20, 19 56.417 5.25 5.25 60.153 5.25 5.25

HDFC Top 100 Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 09, 17 52.759 4.50 4.50 54.388 4.50 4.50Mar 06, 18 54.454 6.00 6.00 56.705 6.00 6.00Mar 07, 19 52.212 5.50 5.50 55.052 5.50 5.50

HDFC Capital Builder Value Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 01, 17 28.767 3.00 3.00 29.796 3.00 3.00Feb 22, 18 31.809 3.50 3.50 33.423 3.50 3.50Feb 21, 19 26.710 2.75 2.75 28.618 2.75 2.75

HDFC Focused 30 Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 01, 17 20.219 2.00 2.00 21.216 2.00 2.00Feb 22, 18 21.508 2.25 2.25 22.914 2.25 2.25Feb 21, 19 16.853 1.75 1.75 18.257 1.75 1.75

HDFC Arbitrage Fundnormal Dividend Option (Past 3 months)

Record Date Wholesale Plan Direct Plan

Cum Div NAV (`)




Mar 22, 19 10.417 0.050 0.050 10.789 0.050 0.050Apr 18, 19 10.412 0.050 0.050 10.790 0.050 0.050 May 23, 19 10.422 0.050 0.050 10.807 0.050 0.050

Monthly Dividend Option (Past 3 months)

Record Date Wholesale Plan Wholesale Plan - Direct Plan

Cum Div NAV (`)




Mar 22, 19 10.835 0.050 0.050 10.510 0.050 0.050Apr 18, 19 10.832 0.050 0.050 10.510 0.050 0.050 May 23, 19 10.844 0.050 0.050 10.524 0.050 0.050

HDFC Growth Opportunities Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Feb 23, 17 22.342 2.25 2.25 24.880 2.25 2.25Mar 01, 18 22.901 2.25 2.25 25.854 2.25 2.25Feb 28, 19 19.807 2.00 2.00 22.663 2.00 2.00

HDFC Mid-Cap Opportunities Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 23, 17 31.806 2.25 2.25 36.789 2.25 2.25Mar 01, 18 34.912 3.00 3.00 41.189 3.00 3.00Feb 28, 19 28.574 2.50 2.50 34.574 2.50 2.50

HDFC Small Cap Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 01, 17 22.892 2.00 2.00 24.040 2.00 2.00Mar 22, 18 28.810 2.75 2.75 30.776 1.00 1.00Mar 27, 19 25.955 2.50 2.50 30.135 0.99 0.99

HDFC Hybrid Equity Fund (Past 3 quarters) Dividend Option


Cum Div NAV (`)




Sep 25, 18 12.214 0.320 0.320 12.822 0.320 0.320 Dec 26, 18 11.943 0.320 0.320 12.587 0.320 0.320Mar 25, 19 12.108 0.320 0.320 12.807 0.320 0.320

HDFC Balanced Advantage Fund (Past 3 months) Dividend Option


Cum Div NAV (`)




Mar 25, 19 29.399 0.310 0.310 31.024 0.310 0.310Apr 25, 19 29.177 0.310 0.310 30.824 0.310 0.310 May 27, 19 30.151 0.310 0.310 31.891 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 (`)




Mar 25, 19 13.1884 0.0800 0.0741 13.7585 0.0800 0.0741Apr 25, 19 13.0583 0.0800 0.0741 13.6317 0.0800 0.0741 May 27, 19 13.2473 0.0800 0.0741 13.8391 0.0800 0.0741

Quarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Sep 25, 18 13.9404 0.2400 0.2222 14.4729 0.2400 0.2222 Dec 26, 18 14.0426 0.2400 0.2222 - - -Mar 25, 19 14.0128 0.2400 0.2222 14.6109 0.2400 0.2222

HDFC Equity Savings Fund (Past 3 quarters) Dividend Option


Cum Div NAV (`)




Sep 25, 18 11.4350 0.2210 0.2210 12.1760 0.2210 0.2210 Dec 26, 18 11.1540 0.2210 0.2210 11.9350 0.2210 0.2210Mar 25, 19 11.2450 0.2210 0.2210 12.0810 0.2210 0.2210

May 2019 67

DIVIDEND HISTORy ^

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

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


Cum Div NAV (`)




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

HDFC Income Fund (Past 3 quarters) Quarterly Dividend Option


Cum Div NAV (`)




Sep 25, 18 10.7248 0.0500 0.0463 11.2729 0.0500 0.0463 Dec 26, 18 11.0359 0.1500 0.1389 11.6180 0.1500 0.1389Mar 25, 19 11.0099 0.1000 0.0926 11.6145 0.1000 0.0926

HDFC Dynamic Debt FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Sep 25, 18 11.7741 0.0500 0.0463 12.3239 0.0500 0.0463 Dec 26, 18 12.1230 0.1500 0.1389 12.7115 0.1500 0.1389Mar 25, 19 11.8119 0.1000 0.0926 12.4131 0.1000 0.0926

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


Cum Div NAV (`)




Mar 26, 18 11.3726 0.1000 0.0926 12.3307 0.1000 0.0926Sep 25, 18 11.2951 0.1000 0.0926 - - -Mar 25, 19 11.4552 0.2500 0.2315 - - -

yearly (Dividend Option) (Past 3 years)


Cum Div NAV (`)




Mar 27, 17 13.8526 0.8500 0.7875 14.3149 0.8500 0.7875Mar 26, 18 13.0626 0.4000 0.3706 13.6262 0.4000 0.3706Mar 25, 19 12.9184 0.3500 0.3241 13.5824 0.3500 0.3241

HDFC Corporate Bond FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Sep 25, 18 10.2690 0.0731 0.0677 10.1666 0.0745 0.0690 Dec 26, 18 10.5053 0.2431 0.2251 10.3997 0.2423 0.2244Mar 25, 19 10.4446 0.1952 0.1807 10.3385 0.1941 0.1797

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


Cum Div NAV (`)




Sep 25, 18 10.9269 0.0500 0.0463 11.2391 0.0500 0.0463 Dec 26, 18 11.3169 0.1500 0.1389 11.6527 0.1500 0.1389Mar 25, 19 11.2988 0.1000 0.0926 11.6502 0.1000 0.0926

HDFC Liquid FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




Mar 25, 19 1,031.8269 3.9812 3.6866 1,031.9063 4.0383 3.7395Apr 30, 19 1,033.8228 5.4188 5.0179 1,033.9252 5.4926 5.0862 May 27, 19 1,031.8414 3.9916 3.6962 1,031.9178 4.0466 3.7472

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

Record Date Wholesale Option Wholesale Option - Direct Plan

Cum Div NAV (`)




Mar 25, 19 10.2132 0.0498 0.0461 10.2143 0.0506 0.0468Apr 30, 19 10.2178 0.0531 0.0492 10.2194 0.0542 0.0502 May 27, 19 10.2243 0.0578 0.0535 10.2254 0.0586 0.0542

Record Date Retail Option

Cum Div NAV (`)


Individuals & HUF Others

Mar 25, 19 10.2116 0.0486 0.0450Apr 30, 19 10.2157 0.0516 0.0478 May 27, 19 - - -

HDFC Low Duration FundMonthly Dividend Option (Past 3 months)

Record Date Retail Option Retail Option - Direct Plan

Cum Div NAV (`)




Mar 25, 19 10.2093 0.0499 0.0462 10.2165 0.0533 0.0494Apr 30, 19 10.2063 0.0478 0.0442 10.2149 0.0522 0.0483 May 27, 19 10.2184 0.0565 0.0523 10.2254 0.0597 0.0553

Record Date Wholesale Option

Cum Div NAV (`)


Individuals & HUF Others

Feb 25, 19 10.2155 0.0400 0.0370Apr 30, 19 10.2320 0.0519 0.0480 May 27, 19 - - -

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


Cum Div NAV (`)




Sep 25, 18 10.3274 0.0533 0.0493 10.4663 0.0680 0.0630 Dec 26, 18 10.5547 0.2168 0.2007 10.6929 0.2312 0.2141Mar 25, 19 10.4479 0.1401 0.1297 10.5812 0.1509 0.1397

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


Cum Div NAV (`)




Mar 25, 19 10.1150 0.0468 0.0434 10.1173 0.0485 0.0449Apr 30, 19 10.1295 0.0573 0.0530 10.1326 0.0595 0.0551 May 27, 19 10.1188 0.0438 0.0406 10.1210 0.0511 0.0474

68 May 2019

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

to in Clauses above and will be bound by it.

WANT TO HAVE THE LATEST INFORMATION ABOUT US?

Visit us at www.hdfcfund.com

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

For any query or suggestions:-

Investors may contact us at:[email protected]

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SMS: HDFCMF to 56767

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

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

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