CALL YOUR FINANCIAL ADVISER TODAY. MF...Bankruptcy code (IBC), policy rate hikes of 50 bps by RBI...

March 2019

@since inception

M U T U A L F U N D I N V E S T M E N T S A R E S U B J E C T T O M A R K E T R I S K S ,R E A D A L L S C H E M E R E L A T E D D O C U M E N T S C A R E F U L L Y .

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Past performance may or may not be sustained in the future. Returns greater than 1 year period are Compounded Annualised (CAGR). Load is not taken into consideration for computation of above performance(s). #NIFTY 500 (Total Returns Index) ##NIFTY 50 (Total Returns Index). The scheme is managed by Mr. Prashant Jain since June 20, 2003. Different plans viz. Regular Plan and Direct Plan have 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. Returns as on 29th March 2019.

Inception date of the scheme January 01, 1995.

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

HDFC Equity Fund (An Open-ended Equity Scheme Investing Across Large Cap, Mid Cap & Small Cap Stocks) is suitable for investors who are seeking*:

To generate long-term capital appreciation/income

Investments predominantly in equity & equity-related instruments

Riskometer

SIP Performance - Regular Plan - Growth Option

Past performance may or may not be sustained in the future. ̂ Assuming ̀ 10,000 invested systematically on the first Business Day of every month over a period of time. #NIFTY 500 (Total Returns Index). CAGR returns are computed after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. Load is not taken into consideration for computation of above performance(s). The above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital. The AMC/Mutual Fund is not guaranteeing or promising or forecasting any returns. Returns as on March 29, 2019.

Please refer Page No. 53 for performance of other schemes managed by Prashant Jain.

Performance - Regular Plan - Growth Option

Period Scheme Returns (%) Scheme BenchmarkReturns (%)#

Additional BenchmarkReturns (%)##

Value of investment of (`) 10,000

Last 1 Year

Last 3 Years

Last 5 Years

Since Inception

15.11

17.84

15.47

19.01

9.70

15.88

14.42

11.61

16.40

16.10

13.07

N.A

Scheme (`) Benchmark (`)# Additional Benchmark (`)##

11,511

16,348

20,519

6,81,212

10,970

15,546

19,604

1,43,646

11,640

15,637

18,474

N.A.

NAV as at 29th March, 2019 ̀681.212 (per unit)

SIP Investments Since Inception 15 year SIP 10 year SIP 5 year SIP

Total Amount Invested (` ‘000) Market Value as on 29th March, 2019 (`‘000) Returns (Annualised) (%)

Market Value of SIP in Benchmark# (` ‘000)Benchmark Returns (Annualised) (%)#

2,910.0074,159.31

21.93

24,138.0214.84

1,800.006,632.71

15.85

5,130.4012.88

1,200.002,482.34

13.94

2,297.6712.49

600.00814.1212.20

802.3611.61

A SIP of ` 10,000 @

in HDFC Equity Fund would be `7.42 Cr. today ^

2 March 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

March 2019 3

Equity Market Update

FY19 turned out to be an eventful year for capital markets. Sharp rise in oil prices & then a dramatic fall, resolutions of some large NPAs under Indian Bankruptcy code (IBC), policy rate hikes of 50 bps by RBI and then cut by 25 bps, NBFCs liquidity concerns, change of guard at RBI, muted inflation led by lower food prices, INR depreciation etc. were key events. Globally, escalation of trade war, rise in US yields followed by fall in the second half, turmoil in Italy, uncertainty around Brexit, China growth slowdown, reimposition of sanctions by US on Iran & thereafter providing 6 months waiver to 8 countries for importing oil etc. made news.

Few other key developments in FY19 were:

l India’s ranking moving up 23 notches to 77 in the World Bank’s ease of doing business survey in 2019

l VolatilityinGSecyieldsduetofluctuatingoilpricesandFIIflows. l Default by a prominent infrastructure NBFC and rise in NBFC yields l Increase in capital allocation for recapitalization of PSU banks l Merger of Bank of Baroda, Vijaya Bank and Dena Bank l Launch of PM KISAN scheme l Imposition of long term capital gains of 10% on listed shares / MF units. l Rationalization of GST rates on various goods l RisingUSyieldsduringfirsthalfandStrongUSDimpactedflowstoEmerging

markets l DovishstatementsbyUSFedandECBresultedinfallinglobalyieldsinsecond

half

Key Highlights of equity markets in FY19 were:

l S&PBSESEnSEx / NIFTY 50 ended the year with strong returns and outperformed Mid-capandSmallcapindicessignificantly.TheunderperformanceofMid-capand small cap should be viewed in context of strong returns over past 5 years

l Sector divergence was high with role reversal in performance of many sectors (see table below).

l Global indices performancewasmixedwith indices like S&P, FTSE,CACdelivering modest positive returns while most other major indices delivering negative returns. NIFTY 50 outperformed all major world indices in FY19.

The table below gives the details of performance of key domestic and global indices in FY18 & FY19.

% Change in Indices FY 2018 FY 2019S&PBSEIndiaAuto 9.3 (21.7)S&PBSEIndiaBankex 11.4 25.5S&PBSEIndiaCapitalGoods 12.3 (0.0)S&PBSEIndiaFMCG 11.0 14.1S&PBSEIndiaHealthcare (14.1) 9.5S&PBSEIndiaMetal 12.9 (14.8)S&PBSEIndiaPower (6.5) (4.3)S&PBSEIndiaOil&Gas 7.7 4.5S&PBSEIndiaIT 16.7 26.3S&P BSE SENSEX 11.3 17.3NIFTY 50 10.2 14.9NIFTY Midcap 100 9.1 (2.7)NIFTY Smallcap 11.6 (14.4)

% Change in Indices FY 2018 FY 2019S&P 500 11.8 7.3FTSE (3.6) 3.2DAx (1.8) (4.7)CAC 0.9 3.5Nikkei 13.5 (1.2)HangSeng 24.8 (3.5)KOSPI 13.2 (12.5)Shanghai (1.7) (2.5)MSCIEmergingMarketIndex 22.2 (9.6)

With the sharp underperformance of midcaps and smallcaps over the past 12-15 months, valuationsinthisspacehavecorrectedsignificantlyandthusitislogicaltohaveamorebalancedview of markets going forward.

Absolute Returns %As on March 29, 2019 1 year 3 years 5 yearsNIFTY 50 (A) 14.9% 50.2% 73.4%NIFTY Midcap (B) -2.7% 43.2% 112.0%Outperformance vs NIFTY 50 (B – A) -17.6% -7.0% 38.6%NIFTY Smallcap (C) -14.4% 36.6% 80.7%Outperformance vs NIFTY 50 (C – A) -29.3% -13.6% 7.3%

INR ended the year at 69.2 vs USD, down ~6.1% on back of deterioration in CAD, netFIIoutflowsandgeneralstrengtheninginUSD.

In FY19, key commodities corrected on concerns of rise in trade tensions between US and China, expectation of global growth slowdown and other geopolitical concerns. CrudeoilpriceswhichroseinfirsthalfoftheyearcorrectedsharplyinQ3FY19onwaiverof US sanctions on Iran oil exports for six months. But oil resumed its rising trajectory inQ4FY19primarilydrivenbyproductioncutsbyOPECandRussia,fallinsupplyfromVenezuela as well as approaching Iran sanctions waiver expiry. Most other commodity pricesfellonYOYbasiswithpriceofLeadandZincdecliningthemostonaccountofexpected increase in supply.

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

Equity FII’s flows were only USD 0.1 bn in FY19 after 2 consecutive years of robust inflows.However, inflows in domestic Equitymutual funds continued to behealthy. Inflows inFY19 tillFebruaryhavebeen~Rs.110,000crore.Strongdomesticinflowshavehelped the Indianequitymarket toholdupwelldespiteweakFIIflows.

Economy & Equity markets outlook – Steady economic growth, stable macro-economic parameters

l Most economic indicators like credit growth, PMI, capacity utilisation, cement & coalproductionetc.arestable;Externalsituationhasimprovedwithoilpricesofftheirhighs;Inflationoutlookisbenign

l Momentum of capex in roads, railways etc. is likely to sustain l Signs of private capex recovery are visible due to increasing capacity utilisation l GST has largely stabilised and should increase the formalisation of economy l Improving earnings outlook with NPAs and provisioning costs peaking, accelerating

capex and credit growth etc.

NIFTY 50 is trading near 18.2x CY19 (e) and 15.4x CY20 (e) (as on April 1, 2019). These are reasonable multiples especially in view of improving profit growth outlook. Markets thus hold promise over the medium to long term in our opinion. Adverse global events, rise in crude oil prices, sharp moderation in equity oriented mutual funds flows and delays in NPA resolution under NCLT and election outcome that is not to markets liking are key risks in the near term.

Outlook

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

Market Review

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

4 March 2019

Debt Market Update

Thefiscalyear2018-19(FY19)wasamixedyearfor theIndian fixed income market.Theyieldon10-yearbenchmarkGsecwitnessedarisingtrendinthefirsthalfof the year on back of sharp rise in crude oil prices, INR depreciation, increase in repo ratesby50bpsbyRBI&changeinstancetocalibratedtightening,FIIoutflows,healthydomesticgrowth,liquiditytighteningbyGlobalcentralbanksandelevatedcoreinflation.

However,thetrendreversedsinceOctober2018triggeredbyfallincrudeoilprices,benignheadlineinflation,largepurchasesunderopenmarketoperations(OMOs)byRBI,25 bps rate cut by RBI (25 bps more in April 2019) and change in stance to neutral, concerns over global growth, rise in trade tension between US and China and dovish comments by US Federal reserve & other major central banks. The yield on 10-year benchmark Gsec (7.17 GS 2028) which started the year at 7.4%, rose to a high of 8.2% in Sep18 but ended the year at 7.49%, up by mere ~9 bps.

The table below gives a summary view of movement of key rates & liquidity.

FY18 FY19 Change (%)10Yr G-Sec Yield (%, 7.17 GoI 2028) 7.40 7.49 0.09AAA 10Year Corporate Bond Yields (%) 8.14 8.35 0.21AAA 10Y corporate bond spread against 7.17 GS 2028 Yield# (%) 0.61 0.73 0.12

Average liquidity absorbed / (infused) by RBI* (INR bn) (approx.) 1,450 (325)

AverageMIBOROvernightRate(%) 6.09 6.37 0.28

*Average daily liquidity infused / absorbed through Liquidity Adjustment Facility, exports refinance,marginalstandingfacilityandtermrepos/reverserepos# annualised yields.

RBI proactively managed interbank liquidity during the year which turned negative on account of strong growth in currency in circulation and sale of foreign exchange by RBI.Tosupportliquidity,RBIconductedOMOpurchasesofInR3.0trillioninFY19.Further, to meet the seasonal rise in liquidity demand in March 2019, RBI conducted variable rate Term Repo auctions amounting to INR 1,000 billion in four equal tranches. RBI also conducted a USD /INR Buy / Sell swap in end-March 2019 of USD 5 bn to support liquidity.netFIIdebtflowswerenegativewithoutflowsofUSD6.1bnduringFY19asagainstinflowsofUSD18.5bninFY18.

The annual rate of retail inflation,CPIinchedupduringthefirsthalfledbyfirmingcrudepricesbutmoderated in the secondhalfdrivenby fall in food inflation (mainlycereals,pulses,vegetables,fruitsandsugar&confectionery)andfallinoilprices.Onanaverage, headline CPI was largely stable during 11MFY19 vis a vis FY18. Average Core CPI (CPI excluding food, fuel, transportation & housing) rose to 5.7%, up from 4.5% last FY,mainlyonaccountofhighservicesinflation.

Average (%) FY18 11MFY19 Change in %CPI 3.6 3.5 -0.1Food & beverages 2.2 0.7 -1.5Fuel and Light 6.2 6.1 -0.1Housing 6.5 7.0 0.4Core CPI 4.5 5.7 1.2

India’s external situation deteriorated in 9MFY19 primarily due to higher net oil imports and rise in imports of electronic goods. This was partially offset by lower net importsofgold, jewellery&preciousstones.Sharpfall incrudeoilpricespostOct18eased pressure on CAD to certain extent.

India's external situation (USD bn) 9MFY18 9MFY19 Change (YoY, %)Trade Deficit 118 145 22.7%

netOilimports 49 71 44.6%Net Gold imports* 24 18 -22.9%Tradedeficitexoil&gold 46 56 23.2%Net Invisibles exports 83 93 12.9%Current account deficit 36 52 45.5%% of GDP 1.8% 2.6%

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

Driven by widening CAD and net FII outflows, INR depreciated by ~6.1% during theyeartocloseatInR69.2againsttheUSD.However,InRdepreciationwaslargelyinline with depreciation of other emerging market currencies against USD.

India’s GDP growth improved to 7.2% YoY in 9MFY19 (9MFY18: 6.8%) supported by improvement in private consumption growth and momentum in investment activity. Government consumption growth at 8% was healthy too, albeit lower than last year. Growth in Gross Value Added (GVA) also witnessed an uptick to 7.0% in 9MFY19 from 6.6% during comparable period last year primarily led by growth in Industry (especially construction services) and stable services growth. A brief summary of YoY growth of major components of GDP and GVA is given in table below.

Nine months ended 31-12-2017 31-12-2018 Nine months

ended 31-12-2017 31-12-2018

Overall GVA 6.6% 7.0% Overall GDP 6.8% 7.2%Agriculture, forestry and fishing 5.0% 3.8%

Private Consumption 7.0% 8.4%

Industry 6.7% 7.9% Government Consumption 13.2% 8.0%

Construction 8.5% 9.2% Gross Capital Formation 9.8% 10.0%

Service 7.4% 7.3% Exports 5.4% 13.3%PADO* 8.7% 8.0% Imports 18.1% 15.6%

*public administration, defence and other services

In recent developments, the Monetary Policy Committee (MPC) in its bi-monthly meeting held in April 2019, reduced the policy repo rate by 25bps to 6.00% and maintained the policy stance at “neutral”. The reverse repo rate now stands at 5.75% and the cash reserve ratio (CRR) remains unchanged at 4.0%. Further, RBI allowed banks an additional carve out of 2% of their Net Demand and Term Liabilities (NDTL) from Statutory Liquidity Ratio (SLR) holdings, in a phased manner over one year, for the purpose of computing their Liquidity Coverage Ratio (LCR).

Outlook

RBI has reduced the policy rate by 50 bps since the beginning of the year 2019 on backofsubduedinflationandmoderationingrowth.Giventhatnearterminflationoutlookremains benign and growth is moderating, it could provide some further space for further policyeasing.However,anyfutureactionbyRBIislikelytobedatadependentandwemaintain that this rate cut cycle is likely to be a shallow one, in our opinion.

By further increasing the carve out from mandated SLR for the purpose of LCR calculationsby2%,RBIhasimprovedbanks’flexibilitytoprovidecredit.However,ontheflipside,demandfordatedGsecwillbeadverselyimpactedasitfurtherincreasesthealready excess SLR holdings of banks, especially PSU banks.

Large increase in gross market borrowings in FY20 over FY19 along with low demand for government bonds due to excess SLR in the banking system could put upward pressure onyields.Eventhoughthenearterminflationoutlookremainsbenignduetolowfoodprices and range bound oil prices, we prefer to maintain a cautious stance. This is due to a modest uptick in growth expected in FY20, credit growth outpacing deposit growth and likelyfiscalpressures.

In view of the above, the short to medium end of the yield curve continues to offer betterriskadjustedreturnsthanthelongend.Hence,wecontinuetorecommendinvestmentin short to medium duration debt funds.

Market Review continued from previous page...

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

March 2019 5

CONTENTS

PAGE NO.

WEAlTH CREATiON

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

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

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

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

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

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

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

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

HDFc Balanced Advantage Fund ........................................................ 1 4 - 1 5

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

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

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

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

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

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

TAx SAVINGS

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

CHilDREN'S FUTURE

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

RETIREMENT PLANNING

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

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

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

PAGE NO.

REgUlAR iNCOME

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Scheme performance summary - Regular Plans ................................. 54-59

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

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

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

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

gOAl BASED SOlUTiONS

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

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

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

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

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

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

6 March 2019

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.

CATEgORY OF SCHEME: Multi-cap Fund

FUND MANAgER § ¥

Prashant Jain (since June 20, 03)

Total Experience: Over 27 years

iNCEPTiON DATE (Date of Allotment)

January 1, 1995

NAV (AS ON MARCH 29, 2019) NAV PER UNiT (`)

Regular Plan - Growth Option 681.212Regular Plan - Dividend Option 51.473Direct Plan - Growth Option 716.073Direct Plan - Dividend Option 55.290

ASSETS UNDER MANAgEMENT (`) iN CRORE

As on March 31, 2019 22,502.63Average for Month of March, 2019 21,701.38

qUANTiTATiVE DATA

Portfolio Turnover Ratio (Last 1 year) 17.98%

Risk Ration Standard Deviation 4.290%n Beta 1.027n Sharpe Ratio* 0.170

computed for the 3-yr period ended March 31, 2019. Based on month-end NAV. * Risk free rate: 8.80%(Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on March 29, 2019)Including Additional expenses and Goods and Service Tax on Management Fees

Regular: 2.06% Direct: 1.51%

#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 53.

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).

SiP PERFORMANCE ^ - Regular plan - growth OptionSince Inception

SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,910.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 29, 2019 (` ‘000) 74,159.31 6,632.71 2,482.34 814.12 439.08 131.99 Returns (%) 21.93 15.85 13.94 12.20 13.41 19.37 Benchmark Returns (%) # 14.84 12.88 12.49 11.61 11.64 10.33 Additional Benchmark Returns (%) ## N.A. 12.85 12.18 12.17 14.18 15.34

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 March 29, 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 (`)##

Mar 28, 18 Last 1 Year 15.11 9.70 16.40 11,511 10,970 11,640Mar 31, 16 Last 3 Years 17.84 15.88 16.10 16,348 15,546 15,637Mar 31, 14 Last 5 Years 15.47 14.42 13.07 20,519 19,604 18,474Jan 01, 95 Since Inception 19.01 11.61 N.A. 681,212 143,646 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 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60. For FPI Portfolio, refer page no. 68.

This product is suitable for investors who are seeking ~

l to generate long-term capital appreciation / income

l investment predominantly in equity & equity related instruments

Riskometer

Investors understand that their principal will be at moderately high risk

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

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

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

Company Industry+ % to NAV

EqUiTY & EqUiTY RElATED

• State Bank of India Banks 9.98

• IcIcI Bank Ltd. Banks 9.92

• Infosys Ltd. Software 8.81

• Larsen and Toubro Ltd. construction Project 7.94

• Reliance Industries Ltd. Petroleum Products 6.18

• HDFc Bank Ltd. Banks 4.69

• NTPc Ltd. Power 4.33

• ITc Ltd. consumer Non Durables 3.72

• Axis Bank Ltd. Banks 2.86

• Tata consultancy Services Ltd. Software 2.69

Bank of Baroda Banks 2.62

Power Finance corporation Ltd. Finance 2.61

Rural electrification corporation Ltd. Finance 2.48

Power Grid corporation of India Ltd. Power 2.42

Aurobindo Pharma Ltd. Pharmaceuticals 1.90

cESc Ltd. Power 1.90

coal India Ltd. Minerals/Mining 1.87

GAIL (India) Ltd. Gas 1.85

Bharat Petroleum corporation Ltd. Petroleum Products 1.67

Tata Steel Ltd. Ferrous Metals 1.57

Vedanta Ltd. Non - Ferrous Metals 1.46

Kalpataru Power Transmission Ltd. Power 1.45

Housing Development Finance corporation Ltd. £ Finance 1.42

canara Bank Banks 1.22

cipla Ltd. Pharmaceuticals 1.18

Tata chemicals Ltd. chemicals 1.15

Praj Industries Ltd. Industrial capital Goods 1.10

Oracle Financial Services Software Ltd. Software 1.01

Punjab National Bank Banks 1.01

UPL Ltd. Pesticides 1.01

Siemens Ltd. Industrial capital Goods 0.88L&T Technology Services Ltd. Software 0.84BeML Ltd. Industrial capital Goods 0.82cG Power and Industrial Solutions Ltd. Industrial capital Goods 0.65


Bharat Dynamics Ltd. Aerospace & Defence 0.45Time Technoplast Ltd. Industrial Products 0.44Oriental Bank of commerce Banks 0.43Simplex Infrastructures Ltd. construction 0.36Hindustan construction company Ltd. construction Project 0.25container corporation of India Ltd. Transportation 0.19Ramco Systems Ltd. Software 0.15Sub Total 99.48Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 99.49cash, cash Equivalents and Net current Assets 0.51

Grand Total 100.00

• Top Ten Holdings, £ co-sponsor

PORTFOLIO

Industry Allocation of Equity Holding (% of Net Assets)

0.010.190.360.440.451.011.151.461.571.851.873.083.453.72

6.517.858.19

10.1013.50

32.73

0 5 10 15 20 25 30 35

Media & EntertainmentTransportation

ConstructionIndustrial Products

Aerospace & DefencePesticidesChemicals

Non - Ferrous MetalsFerrous Metals

GasMinerals/MiningPharmaceuticals

Industrial Capital GoodsConsumer Non Durables

FinancePetroleum Products

Construction ProjectPower

SoftwareBanks

KEY FACTS

March 2019 7


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).

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) 3,020.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 29, 2019 (` ‘000) 45,145.40 6,497.99 2,634.81 818.65 427.83 126.15 Returns (%) 17.85 15.62 15.05 12.42 11.61 9.80 Benchmark Returns (%) # N.A. 12.88 12.49 11.61 11.64 10.33 Additional Benchmark Returns (%) ## N.A. 12.85 12.18 12.17 14.18 15.34

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 (`)#


(`)##Mar 28, 18 Last 1 Year 6.34 9.70 16.40 10,634 10,970 11,640Mar 31, 16 Last 3 Years 15.93 15.88 16.10 15,568 15,546 15,637Mar 31, 14 Last 5 Years 16.80 14.42 13.07 21,726 19,604 18,474Feb 01, 94 Since Inception 14.51 N.A. N.A. 302,607 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 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 67.



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

l investment primarily in undervalued stocks

Riskometer


~ 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 following a value investment strategy)HDFC Capital Builder Value Fund



• HDFc Bank Ltd. Banks 9.06• Reliance Industries Ltd. Petroleum Products 4.62• ITc Ltd. consumer Non Durables 4.08• Axis Bank Ltd. Banks 4.06• IcIcI Bank Ltd. Banks 3.58• Vedanta Ltd. Non - Ferrous Metals 3.45• Kotak Mahindra Bank Ltd. Banks 3.36• Bharat Petroleum

corporation Ltd. Petroleum Products 3.31• Indusind Bank Ltd. Banks 3.13• Infosys Ltd. Software 3.07GAIL (India) Ltd. Gas 3.01Larsen and Toubro Ltd. construction Project 2.69YeS Bank Ltd. Banks 2.50Ambuja cements Ltd. cement 2.18Persistent Systems Ltd. Software 2.08Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.99NTPc Ltd. Power 1.81Apollo Tyres Ltd. Auto Ancillaries 1.69Indostar capital Finance Ltd. Finance 1.63Mahindra & Mahindra Ltd. Auto 1.60S H Kelkar and company Ltd. consumer Non Durables 1.40Inox Leisure Ltd. Media & entertainment 1.36Aurobindo Pharma Ltd. Pharmaceuticals 1.35State Bank of India Banks 1.25coal India Ltd. Minerals/Mining 1.23Bajaj consumer care Ltd. consumer Non Durables 1.21Repco Home Finance Ltd. Finance 1.20Bharti Airtel Ltd. Telecom - Services 1.14VRL Logistics Ltd. Transportation 1.11JK cement Ltd. cement 1.10Oracle Financial Services Software Ltd. Software 1.05Wipro Ltd. Software 1.05Advanced enzyme Technologies Ltd.

consumer Non Durables 1.03

Ashoka Buildcon Ltd. construction Project 1.01Bharat Financial Inclusion Ltd. Finance 0.96Max Financial Services Ltd. Finance 0.96Spicejet Ltd. Transportation 0.96Thyrocare Technologies Ltd. Healthcare Services 0.96Dilip Buildcon Ltd. construction 0.94Newgen Software Technologies Ltd. Software 0.94Trent Ltd. Retailing 0.94chambal Fertilizers & chemicals Ltd. Fertilisers 0.92Housing Development Finance corporation Ltd. £ Finance 0.90cipla Ltd. Pharmaceuticals 0.88Indoco Remedies Ltd. Pharmaceuticals 0.87Gujarat Pipavav Port Ltd. Transportation 0.78


Zee entertainment enterprises Ltd. Media & entertainment 0.77Solar Industries India Ltd. chemicals 0.75Voltas Ltd. construction Project 0.70Wonderla Holidays Ltd. Hotels/Resorts & Other

Recreational Activities 0.70Schaeffler India Ltd. Industrial Products 0.68Blue Star Ltd. consumer Durables 0.50Bharat Dynamics Ltd. Aerospace & Defence 0.37entertainment Network (India) Ltd. Media & entertainment 0.34Siti Networks Ltd. Media & entertainment 0.32Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) construction Project 0.31Vodafone Idea Ltd. Telecom - Services @Sub Total 95.84MONEY MARKET iNSTRUMENTSCD/CPNational Bank for Agriculture and Rural Development IND - A1+ 2.16Sub Total 2.16cash margin 0.02 cash, cash Equivalents and Net current Assets 1.98

Grand Total 100.00

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

PORTFOLIO


0.370.500.680.700.750.920.940.940.961.141.231.601.691.812.792.853.013.283.454.715.095.65

7.727.938.19

26.94

0 5 10 15 20 25 30Aerospace & Defence

Consumer DurablesIndustrial Products

Hotels, Resorts & Other Recreational ActivitiesChemicalsFertilisers

ConstructionRetailing

Healthcare ServicesTelecom - Services

Minerals/MiningAuto

Auto AncillariesPower


GasCement

Non - Ferrous MetalsConstruction Project

PharmaceuticalsFinance

Consumer Non DurablesPetroleum Products

SoftwareBanks

KEY FACTS

8 March 2019


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

CATEgORY OF SCHEME: Large-cap Fund

FUND MANAgER § ¥

Prashant Jain (since June 20, 03)


iNCEPTiON DATE (Date of Allotment)October 11, 1996

NAV (AS ON MARCH 29, 2019) NAV PER UNiT (`)Regular Plan - Growth Option 502.703Regular Plan - Dividend Option 48.949Direct Plan - Growth Option 524.074Direct Plan - Dividend Option 51.991

ASSETS UNDER MANAgEMENT (`) iN CROREAs on March 31, 2019 16,609.70Average for Month of March, 2019 15,973.09

qUANTiTATiVE DATAPortfolio Turnover Ratio (Last 1 year) 17.28%Risk Ration Standard Deviation 3.977%n Beta 0.985n Sharpe Ratio* 0.177computed for the 3-yr period ended March 31, 2019. Based on month-end NAV. * Risk free rate: 8.80%(Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on March 29, 2019)Including Additional expenses and Goods and Service Tax on Management FeesRegular: 2.08% Direct: 1.50%


##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 88.87%Mid cap 10.54%

§ 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




SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,700.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 29, 2019 (` ‘000) $$ 39,244.73 6,351.94 2,392.91 817.56 441.59 132.40 Returns (%) $$ 19.97 15.35 13.25 12.37 13.81 20.05 Benchmark Returns (%) # N.A. 13.32 12.66 12.13 13.26 13.17 Additional Benchmark Returns (%) ## 14.57 13.16 12.44 12.68 15.50 16.41



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Mar 28, 18 Last 1 Year 17.11 13.92 18.71 11,711 11,392 11,871Mar 31, 16 Last 3 Years 17.63 16.20 16.64 16,263 15,678 15,857Mar 31, 14 Last 5 Years 14.67 13.81 13.12 19,821 19,089 18,518Oct 11, 96 Since Inception 20.09 N.A. 12.62 612,950 N.A. 144,551

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 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60. For FPI Portfolio, refer page no. 68.


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


EqUiTY & EqUiTY RElATED• IcIcI Bank Ltd. Banks 8.72• State Bank of India Banks 8.50• Reliance Industries Ltd. Petroleum Products 8.45• HDFc Bank Ltd. Banks 7.34• Infosys Ltd. Software 7.28• Larsen and Toubro Ltd. construction Project 6.05• ITc Ltd. consumer Non Durables 4.52• NTPc Ltd. Power 4.47• Axis Bank Ltd. Banks 3.91• Tata consultancy Services Ltd. Software 3.91Power Grid corporation of India Ltd. Power 2.56coal India Ltd. Minerals/Mining 2.46Housing Development Finance corporation Ltd. £ Finance 2.42Hindustan Petroleum corporation Ltd. Petroleum Products 2.17Power Finance corporation Ltd. Finance 1.98Aurobindo Pharma Ltd. Pharmaceuticals 1.72Rural electrification corporation Ltd. Finance 1.43Tata Steel Ltd. Ferrous Metals 1.41GAIL (India) Ltd. Gas 1.37Bharat Petroleum corporation Ltd. Petroleum Products 1.28cESc Ltd. Power 1.24canara Bank Banks 1.15Tata chemicals Ltd. chemicals 1.15Vedanta Ltd. Non - Ferrous Metals 1.14Bank of Baroda Banks 1.10UPL Ltd. Pesticides 1.06Oil & Natural Gas corporation Ltd. Oil 0.90Bank of India Banks 0.80cipla Ltd. Pharmaceuticals 0.77Bharat electronics Ltd. Industrial capital Goods 0.69HcL Technologies Ltd. Software 0.67ABB India Ltd. Industrial capital Goods 0.64Punjab National Bank Banks 0.61Tech Mahindra Ltd. Software 0.61Oracle Financial Services Software Ltd. Software 0.59Indian Oil corporation Ltd. Petroleum Products 0.56Wipro Ltd. Software 0.56Siemens Ltd. Industrial capital Goods 0.55Union Bank of India Banks 0.55Ambuja cements Ltd. cement 0.51


container corporation of India Ltd. Transportation 0.47Hindalco Industries Ltd. Non - Ferrous Metals 0.43Steel Authority of India Ltd. Ferrous Metals 0.38NHPc Ltd. Power 0.26LIc Housing Finance Ltd. Finance 0.04Lupin Ltd. Pharmaceuticals 0.03Sub Total 99.41Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 99.42MONEY MARKET iNSTRUMENTSCD/CPNational Bank for Agriculture and Rural Development IND - A1+ 0.30Sub Total 0.30cash margin 0.11cash, cash Equivalents and Net current Assets 0.17Grand Total 100.00


PORTFOLIO


0.010.470.510.901.061.151.371.571.791.882.462.52

4.525.876.05

8.5312.4613.62

32.68

0 5 10 15 20 25 30 35


CementOil

PesticidesChemicals

GasNon - Ferrous Metals

Ferrous MetalsIndustrial Capital Goods

Minerals/MiningPharmaceuticals

Consumer Non DurablesFinance

Construction ProjectPower

Petroleum ProductsSoftware

Banks

KEY FACTS

March 2019 9

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

CATEgORY OF SCHEME: Mid cap Fund

FUND MANAgER ¥

Chirag Setalvad (since June 25, 07)


iNCEPTiON DATE (Date of Allotment)June 25, 2007





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







SEgMENT-WiSE BREAK-UP OF EqUiTY HOlDiNg (% OF NET ASSETS)Large cap 3.48%Mid cap 68.95%Small cap 19.96%¥ 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) 1,420.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 29, 2019 (` ‘000) 4,600.74 3,177.97 811.80 406.87 123.87 Returns (%) 18.54 18.54 12.08 8.16 6.14 Benchmark Returns (%) # 13.50 13.62 10.19 5.78 1.67 Additional Benchmark Returns (%) ## 11.83 12.18 12.17 14.18 15.34


PERFORMANCE ^ - Regular plan - growth Option

Date Period Scheme Returns

(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 28, 18 Last 1 Year 1.49 -1.85 16.40 10,149 9,815 11,640Mar 31, 16 Last 3 Years 15.83 13.90 16.10 15,527 14,765 15,637Mar 31, 14 Last 5 Years 20.14 17.50 13.07 25,021 22,389 18,474Jun 25, 07 Since Inception 15.82 11.61 10.20 56,284 36,410 31,344

Returns greater than 1 year period are compounded annualized (cAGR). For performance of other schemes managed by chirag Setalvad, please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60.




l investment predominantly in Mid-cap companies

Riskometer




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

Company Industry+ / Rating % to NAV

EqUiTY & EqUiTY RElATED• cholamandalam Investment

and Finance company Ltd. Finance 4.17• Sundram Fasteners Ltd. Auto Ancillaries 3.69• Balkrishna Industries Ltd. Auto Ancillaries 3.63• Aarti Industries Ltd. chemicals 3.25• RBL Bank Ltd. Banks 2.96• Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.96• Voltas Ltd. construction Project 2.94• city Union Bank Ltd. Banks 2.90• Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 2.61Hexaware Technologies Ltd. Software 2.10Trent Ltd. Retailing 1.97Tata chemicals Ltd. chemicals 1.94AIA engineering Ltd. Industrial Products 1.91exide Industries Ltd. Auto Ancillaries 1.89crompton Greaves consumer elec. Ltd. consumer Durables 1.88carborundum Universal Ltd. Industrial Products 1.83Apollo Tyres Ltd. Auto Ancillaries 1.80SKF India Ltd. Industrial Products 1.73Max Financial Services Ltd. Finance 1.70The Federal Bank Ltd. Banks 1.70Indian Bank Banks 1.64Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.61Ipca Laboratories Ltd. Pharmaceuticals 1.61Divis Laboratories Ltd. Pharmaceuticals 1.60TI Financial Holdings Ltd. Finance 1.58VST Industries Ltd. consumer Non Durables 1.58Edelweiss Financial Services Ltd. Finance 1.50Whirlpool of India Ltd. consumer Durables 1.44Atul Ltd. chemicals 1.35Supreme Industries Ltd. Industrial Products 1.29Union Bank of India Banks 1.25Tube Investments of India Ltd. Auto Ancillaries 1.21KEc International Ltd. construction Project 1.19NIIT Technologies Ltd. Software 1.15Reliance Nippon Life Asset Management Ltd. Finance 1.13Arvind Fashions Ltd. Retailing 1.10Dilip Buildcon Ltd. construction 1.08Larsen & Toubro Infotech Ltd. Software 1.08KNR construction Ltd.. construction 1.03Power Finance corporation Ltd. Finance 1.03Blue Star Ltd. consumer Durables 0.97Rural electrification corporation Ltd. Finance 0.97Solar Industries India Ltd. chemicals 0.93Jagran Prakashan Ltd. Media & entertainment 0.92Schaeffler India Ltd. Industrial Products 0.86Punjab National Bank Banks 0.82Karur Vysya Bank Ltd. Banks 0.80MRF Ltd. Auto Ancillaries 0.80Redington (India) Ltd. Transportation 0.80Gujarat Fluorochemicals Ltd. Industrial capital Goods 0.79Greenlam Industries Ltd. consumer Durables 0.74Navneet education Ltd. Media & entertainment 0.73Delta corp Ltd. Hotels/Resorts & Other

Recreational Activities 0.67Bata India Ltd. consumer Durables 0.62Symphony Ltd. consumer Durables 0.61cummins India Ltd. Industrial Products 0.52

Company Industry+ / Rating % to NAVGreenply Industries Ltd. consumer Durables 0.52Grindwell Norton Ltd. Industrial Products 0.49Arvind Ltd. Textile Products 0.48Vesuvius India Ltd. Industrial Products 0.44Mahindra Holidays & Resorts Ind Ltd.

Hotels/Resorts & Other Recreational Activities 0.39

Persistent Systems Ltd. Software 0.35Vardhman Textiles Ltd. Textiles - cotton 0.34Thermax Ltd. Industrial capital Goods 0.28Strides Pharma Science Ltd. Pharmaceuticals 0.23Dhanuka Agritech Ltd. Pesticides 0.17The Anup engineering Ltd. Industrial capital Goods 0.12Sub Total 92.37Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 92.38DEBT & DEBT RElATEDCredit Exposure LIc Housing Finance Ltd. cARE - AAA 0.88Power Finance corporation Ltd. cRISIL - AAA 0.73Sub Total 1.61MONEY MARKET iNSTRUMENTSCD/CP• National Bank for Agriculture

and Rural Development IND - A1+ 3.20Jammu & Kashmir Bank Ltd. cRISIL - A1+ 1.09Sub Total 4.29cash, cash Equivalents and Net current Assets 1.72Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.170.340.480.801.191.581.662.113.073.674.134.68

6.787.478.01

9.0712.0712.0813.02

0 2 4 6 8 101214

PesticidesTextiles - CottonTextile ProductsTransportation

Industrial Capital GoodsConsumer Non DurablesMedia & Entertainment

ConstructionRetailing

Hotels, Resorts & Other Recreational ActivitiesConstruction Project

SoftwareConsumer Durables

ChemicalsPharmaceuticals

Industrial ProductsBanks

FinanceAuto Ancillaries

KEY FACTS

10 March 2019

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



qUANTiTATiVE DATAPortfolio Turnover Ratio (Last 1 year) 5.13%

Risk Ration Standard Deviation 4.417%n Beta 0.582n Sharpe Ratio* 0.217computed for the 3-yr period ended March 31, 2019. Based on month-end NAV. * Risk free rate: 8.80%(Source: FIMMDA MIBOR)


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








SEgMENT-WiSE BREAK-UP OF EqUiTY HOlDiNg (% OF NET ASSETS)Large cap 5.17%Mid cap 17.66%Small cap 65.19%

§ Date of migration from Morgan Stanley Mutual Fund (close of business hours - June 27, 14)



Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,320.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 29, 2019 (` ‘000) 3,586.69 2,883.00 890.75 442.44 123.05 Returns (%) 17.16 16.73 15.86 13.94 4.82 Benchmark Returns (%) # 10.58 10.14 5.14 -0.26 -4.62 Additional Benchmark Returns (%) ## 12.42 12.18 12.17 14.18 15.34




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 28, 18 Last 1 Year 0.92 -13.48 16.40 10,092 8,652 11,640Mar 31, 16 Last 3 Years 20.97 11.95 16.10 17,683 14,023 15,637Mar 31, 14 Last 5 Years 19.82 13.69 13.07 24,687 18,984 18,474Apr 03, 08 Since Inception 14.58 6.86 9.75 44,639 20,736 27,800

Returns greater than 1 year period are compounded annualized (cAGR). For performance of other schemes managed by chirag Setalvad, please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60.




l investment predominantly in Small-cap companies

Riskometer




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

Company Industry+ % to NAVEqUiTY & EqUiTY RElATED• Balkrishna Industries Ltd. Auto Ancillaries 3.54• Aurobindo Pharma Ltd. Pharmaceuticals 3.36• NIIT Technologies Ltd. Software 3.31• Sonata Software Ltd. Software 3.21• chambal Fertilizers &

chemicals Ltd. Fertilisers 2.82• Gujarat Fluorochemicals Ltd. Industrial capital Goods 2.74• Sharda cropchem Ltd. Pesticides 2.66• Indian Bank Banks 2.62Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 2.36chalet Hotels Ltd. Hotels/Resorts & Other

Recreational Activities 2.17NRB Bearing Ltd. Industrial Products 2.12Oriental Bank of commerce Banks 2.09Repco Home Finance Ltd. Finance 2.05Inox Leisure Ltd. Media & entertainment 2.02KEc International Ltd. construction Project 1.99SKF India Ltd. Industrial Products 1.97KeI Industries Ltd. Industrial Products 1.89Firstsource Solutions Ltd. Software 1.85Tata Metaliks Ltd. Ferrous Metals 1.82Bank of Baroda Banks 1.81Kalpataru Power Transmission Ltd. Power 1.72eIH Ltd. Hotels/Resorts & Other

Recreational Activities 1.68Tube Investments of India Ltd. Auto Ancillaries 1.68T. V. Today Network Ltd. Media & entertainment 1.64Great eastern Shipping company Ltd. Transportation 1.62Vardhman Textiles Ltd. Textiles - cotton 1.59Atul Ltd. chemicals 1.50carborundum Universal Ltd. Industrial Products 1.48Finolex Industries Ltd. Industrial Products 1.48Sadbhav engineering Ltd. construction Project 1.35Insecticides (India) Ltd. Pesticides 1.30PNc Infratech Ltd. construction 1.22Nilkamal Ltd. Industrial Products 1.19The Federal Bank Ltd. Banks 1.17Power Mech Projects Ltd. construction Project 1.11Advanced enzyme Technologies Ltd. consumer Non Durables 1.05Orient Refractories Ltd. Industrial Products 0.94Redington (India) Ltd. Transportation 0.88IFGL Refractories Ltd. (formarly known as IFGL Exports Ltd.) Industrial Products 0.82Oriental carbon & chemicals Ltd. chemicals 0.82eclerx Services Ltd. Software 0.76Allahabad Bank Banks 0.75Unichem Laboratories Ltd. Pharmaceuticals 0.73LG Balakrishnan & Bros Ltd. Auto Ancillaries 0.70Kirloskar Ferrous Industries Ltd. Ferrous Metals 0.68Lemon Tree Hotels Ltd. Hotels/Resorts & Other

Recreational Activities 0.66Shaily engineering Plastics Ltd. Industrial Products 0.66Apar Industries Ltd. Industrial capital Goods 0.64Vesuvius India Ltd. Industrial Products 0.64Gabriel India Ltd. Auto Ancillaries 0.63Mcleod Russel India Ltd. consumer Non Durables 0.58Jagran Prakashan Ltd. Media & entertainment 0.57Taj GVK Hotels & Resorts Ltd. Hotels/Resorts & Other

Recreational Activities 0.57Atul Auto Ltd. Auto 0.55Goodyear India Ltd. Auto Ancillaries 0.52

Company Industry+ % to NAVGreenlam Industries Ltd. consumer Durables 0.50GNA Axles Ltd. Auto Ancillaries 0.46Bajaj electricals Ltd. consumer Durables 0.43D B corp Ltd. Media & entertainment 0.29Swaraj engines Ltd. Industrial Products 0.28Merck Ltd. Pharmaceuticals 0.26everest Industries Ltd. cement 0.25V.S.T Tillers Tractors Ltd. Auto 0.18Greenply Industries Ltd. consumer Durables 0.17Banco Products (I) Ltd. Auto Ancillaries 0.16cG Power and Industrial Solutions Ltd. Industrial capital Goods 0.16Time Technoplast Ltd. Industrial Products 0.14Titagarh Wagons Ltd. Industrial capital Goods 0.14Sarla Performance Fibers Ltd. Textiles - Synthetic 0.12corporation Bank Banks 0.08TI Financial Holdings Ltd. Finance 0.06Sub Total 87.96DEBT & DEBT RElATEDCredit Exposure Housing Development Finance corporation Ltd. £ cRISIL - AAA 0.66Sub Total 0.66MONEY MARKET iNSTRUMENTSCD/CP• National Bank for Agriculture

and Rural Development IND - A1+ 5.30• Jammu & Kashmir Bank Ltd. cRISIL - A1+ 2.80LIc Housing Finance Ltd. cRISIL - A1+ 0.33Sub Total 8.43cash margin 0.10cash, cash Equivalents and Net current Assets 2.85Grand Total 100.00• Top Ten Holdings, £ co-sponsor

PORTFOLIO


0.120.250.731.101.221.591.631.722.112.322.502.502.823.683.964.354.454.52

7.447.698.529.13

13.61

0 2 4 6 8 10121416Textiles - Synthetic

CementAuto

Consumer DurablesConstruction

Textiles - CottonConsumer Non Durables

PowerFinance

ChemicalsFerrous MetalsTransportation

FertilisersIndustrial Capital Goods

PesticidesPharmaceuticals

Construction ProjectMedia & Entertainment

Hotels, Resorts & Other Recreational ActivitiesAuto Ancillaries

BanksSoftware

Industrial Products

KEY FACTS

March 2019 11

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 59.92%Mid cap 36.15%Small cap 3.48%§ 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 (`)#


(`)##

Mar 28, 18 Last 1 Year 9.41 6.44 18.71 10,941 10,644 11,871Mar 31, 16 Last 3 Years 12.17 16.61 16.64 14,106 15,844 15,857Mar 31, 14 Last 5 Years 12.80 17.05 13.12 18,253 21,964 18,518Feb 18, 94 Since Inception 11.42 N.A. 11.16 151,155 N.A. 142,845

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 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60. As TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite cAGR of S&P BSe SeNSex PRI values from Feb 18, 94 to Aug 18, 96 and TRI values since Aug 19, 96.



l to generate long-term capital appreciation/income

l investment predominantly in Large cap and Mid cap companies

Riskometer



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



• State Bank of India Banks 8.54• NTPc Ltd. Power 7.98• IcIcI Bank Ltd. Banks 7.26• Infosys Ltd. Software 6.61• Reliance Industries Ltd. Petroleum Products 5.71• ITc Ltd. consumer Non Durables 5.44• HDFc Bank Ltd. Banks 4.15• GAIL (India) Ltd. Gas 3.54• Bharat Petroleum

corporation Ltd. Petroleum Products 3.30• Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 2.65Apollo Tyres Ltd. Auto Ancillaries 2.38Trent Ltd. Retailing 2.01Prestige estates Projects Ltd. construction 1.95Max Financial Services Ltd. Finance 1.85NHPc Ltd. Power 1.79Gujarat State Petronet Ltd. Gas 1.77Divis Laboratories Ltd. Pharmaceuticals 1.62Tata Global Beverages Ltd. consumer Non Durables 1.56Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.53Tata chemicals Ltd. chemicals 1.53Tata Motors Ltd. DVR Auto 1.52castrol India Ltd. Petroleum Products 1.50Hindustan Petroleum corporation Ltd. Petroleum Products 1.47Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.47Vedanta Ltd. Non - Ferrous Metals 1.46Mindtree consulting Ltd. Software 1.44Info edge (India) Ltd. Software 1.40exide Industries Ltd. Auto Ancillaries 1.33Bharat Heavy electricals Ltd. Industrial capital Goods 1.31canara Bank Banks 1.27Oil India Ltd. Oil 1.21Indraprastha Gas Ltd. Gas 1.16Solar Industries India Ltd. chemicals 1.12Shriram Transport Finance company Ltd. Finance 0.97emami Ltd. consumer Non Durables 0.84Reliance Nippon Life Asset Management Ltd. Finance 0.84Dilip Buildcon Ltd. construction 0.80cESc Ltd. Power 0.78


Power Grid corporation of India Ltd. Power 0.75Mahanagar Gas Ltd. Gas 0.74NBcc (India) Ltd. construction 0.65Union Bank of India Banks 0.52Indian Bank Banks 0.50NLc India Ltd. Power 0.40Tata Steel Ltd. Ferrous Metals 0.40Reliance Power Ltd. Power 0.35Larsen and Toubro Ltd. construction Project 0.16Sub Total 99.53cash margin 0.12cash, cash Equivalents and Net current Assets 0.35

Grand Total 100.00

• Top Ten Holdings

PORTFOLIO


0.160.401.211.311.461.522.012.652.653.403.663.714.62

7.217.84

9.4511.9812.05

22.24

0 5 10 15 20 25

Construction ProjectFerrous Metals

OilIndustrial Capital Goods

Non - Ferrous MetalsAuto

RetailingHotels, Resorts & Other Recreational Activities

ChemicalsConstruction

FinanceAuto AncillariesPharmaceuticals

GasConsumer Non Durables

SoftwarePetroleum Products

PowerBanks

KEY FACTS


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,020.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 29, 2019 (` ‘000) $$ 20,491.28 4,350.66 2,150.21 761.72 414.26 127.93 Returns (%) $$ 13.03 10.95 11.24 9.51 9.39 12.70 Benchmark Returns (%) # N.A. N.A. 14.22 12.45 11.08 7.87 Additional Benchmark Returns (%) ## 13.74 13.16 12.44 12.68 15.50 16.41


12 March 2019


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 March 31, 2019 469.27Average for Month of March, 2019 454.85

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) 1,750.00 1,200.00 600.00 360.00 120.00

Mkt Value As on March 29, 2019 (` ‘000) 4,400.82 2,105.02 732.90 395.54 124.89

Returns (%) 11.76 10.84 7.96 6.25 7.76

Benchmark Returns (%) # 12.54 12.49 11.61 11.64 10.33

Additional Benchmark Returns (%) ## 12.78 12.44 12.68 15.50 16.41




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 28, 18 Last 1 Year 0.81 9.70 18.71 10,081 10,970 11,871

Mar 31, 16 Last 3 Years 12.53 15.88 16.64 14,242 15,546 15,857

Mar 31, 14 Last 5 Years 13.68 14.42 13.12 18,979 19,604 18,518

Sep 17, 04 Since Inception 15.26 15.33 15.59 78,798 79,490 82,152

Returns greater than 1 year period are compounded annualized (cAGR). For performance of other schemes managed by Vinay Kulkarni, please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60.




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

Riskometer




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









• Tata Steel Ltd. Ferrous Metals 4.99

• Vedanta Ltd. Non - Ferrous Metals 3.81

• Bharat Petroleum corporation Ltd. Petroleum Products 3.76

• Hindustan Petroleum corporation Ltd. Petroleum Products 3.63

NHPc Ltd. Power 3.40


Elecon Engineering comapny Ltd. Industrial capital Goods 3.15


KEc International Ltd. construction Project 2.87

Bharat electronics Ltd. Industrial capital Goods 2.66

Titagarh Wagons Ltd. Industrial capital Goods 2.62

Axis Bank Ltd. Banks 2.48

Gujarat Pipavav Port Ltd. Transportation 2.38

PNc Infratech Ltd. construction 2.23



Tata Motors Ltd. DVR Auto 1.46

Transport corporation of India Ltd. Transportation 1.38


Bharat Heavy electricals Ltd. Industrial capital Goods 1.28

Tata Motors Ltd. Auto 0.74

Sub Total 97.24

cash, cash Equivalents and Net current Assets 2.76

Grand Total 100.00


PORTFOLIO


1.46

2.20

2.23

2.87

2.96

3.76

3.81

4.99

5.90

7.39

7.39

9.71

16.16

26.41

0 5 10 15 20 25 30

Minerals/Mining

Auto

Construction

Construction Project

Gas

Transportation

Non - Ferrous Metals

Ferrous Metals

Consumer Non Durables

Petroleum Products

Software

Industrial Capital Goods

Power

Banks

KEY FACTS

March 2019 13


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

CATEgORY OF SCHEME: Thematic Fund

FUND MANAgER ¥

Srinivas Rao Ravuri (since March 10, 2008 *)

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


March 10, 2008





qUANTiTATiVE DATA


Risk Ration Standard Deviation 6.301%n Beta 1.407n Sharpe Ratio* 0.014computed for the 3-yr period ended March 31, 2019. Based on month-end NAV. * Risk free rate: 8.80%(Source: FIMMDA MIBOR)



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

EXiT lOAD




PLANS & OPTIONS






Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,330.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 29, 2019 (` ‘000) 2,022.67 1,696.55 638.38 360.94 125.43 Returns (%) 7.32 6.75 2.45 0.17 8.65 Benchmark Returns (%) # 12.74 12.49 11.61 11.64 10.33 Additional Benchmark Returns (%) ## 12.36 12.18 12.17 14.18 15.34




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 28, 18 Last 1 Year -6.68 9.70 16.40 9,332 10,970 11,640Mar 31, 16 Last 3 Years 7.84 15.88 16.10 12,535 15,546 15,637Mar 31, 14 Last 5 Years 10.56 14.42 13.07 16,512 19,604 18,474Mar 10, 08 Since Inception 5.13 9.76 9.63 17,387 28,012 27,638

Returns greater than 1 year period are compounded annualized (cAGR). For performance of other schemes managed by Srinivas Rao Ravuri, please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 61.




l 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 4.62


• JMc Projects (India) Ltd. construction 4.06

• Bharat Petroleum corporation Ltd. Petroleum Products 3.94

• Bank of Baroda Banks 3.88

• Texmaco Rail & engineering Ltd. Industrial capital Goods 3.48

• Hindustan construction company Ltd. construction Project 3.14



centum Electronics Ltd. Industrial capital Goods 2.64


Dilip Buildcon Ltd. construction 2.48

Premier explosives Ltd. chemicals 2.38

BeML Ltd. Industrial capital Goods 2.26

Dynamatic Technologies Ltd. Auto Ancillaries 2.21



Gujarat State Petronet Ltd. Gas 1.96

J.Kumar Infraprojects Ltd. construction 1.95

Ashoka Buildcon Ltd. construction Project 1.68




Simplex Infrastructure Ltd. construction 1.14

cG Power and Industrial Solutions Ltd. Industrial capital Goods 1.12

RITeS Ltd. construction Project 1.12

Ircon International Ltd. construction Project 1.08

Siemens Ltd. Industrial capital Goods 1.08

B L Kashyap & Sons Ltd. construction 0.97


Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) construction Project 0.96

MeP Infrastructure Developers Ltd. Transportation 0.73

corporation Bank Banks 0.54


Oriental Bank of commerce Banks 0.32

Transformers & Rectifiers India Ltd. Industrial capital Goods 0.28

Sub Total 96.84


Grand Total 100.00


PORTFOLIO


1.62

1.66

1.96

2.21

2.38

2.75

2.82

3.94

4.71

8.79

10.60

11.20

15.63

26.57

0 5 10 15 20 25 30


Ferrous Metals

Gas

Auto Ancillaries

Chemicals

Minerals/Mining

Transportation

Petroleum Products

Finance

Power

Construction



Banks

KEY FACTS

14 March 2019

Face Value per Unit: ` 10 unless otherwise specified, + Industry classification as recommended by AMFI, Data is as of March 29, 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 3.41

• Power Finance corporation Ltd. Finance 2.91

ITc Ltd. consumer Non Durables 2.73







HDFc Bank Ltd. Banks 1.66


Hindustan Petroleum corporation Ltd. Petroleum Products 1.39



Tata consultancy Services Ltd. Software 1.04




Just Dial Ltd. Software 0.86

Solar Industries India Ltd. chemicals 0.85

chambal Fertilizers & chemicals Ltd. Fertilisers 0.81




Apollo Tyres Ltd. Auto Ancillaries 0.49



Apar Industries Ltd. Industrial capital Goods 0.38

Savita Oil Technologies Ltd. Petroleum Products 0.38

Ashoka Buildcon Ltd. construction Project 0.37


Mishra Dhatu Nigam Ltd. Ferrous Metals 0.31


DLF Ltd. construction 0.27

Union Bank of India Banks 0.26

Time Technoplast Ltd. Industrial Products 0.24

JMc Projects (India) Ltd. construction 0.21

Orient cement Ltd. cement 0.21

Steel Authority of India Ltd. Ferrous Metals 0.21

ABB India Ltd. Industrial capital Goods 0.18

cochin Shipyard Ltd. Industrial capital Goods 0.18

Oriental Bank of commerce Banks 0.18

Kirloskar Pneumatic Ltd. Industrial Products 0.16



Gujarat Industries Power company Ltd. Power 0.12

S chand and company Ltd. Media & entertainment 0.11



Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 0.10

Texmaco Rail & engineering Ltd. Industrial capital Goods 0.10

RITeS Ltd. construction Project 0.09

Sagar cements Ltd. cement 0.09

J.Kumar Infraprojects Ltd. construction 0.08


Future Supply chain Solutions Ltd. Transportation 0.07

Hindustan construction company Ltd. construction Project 0.07


Syndicate Bank Banks 0.06

Ramco Systems Ltd. Software 0.05

Reliance Nippon Life Asset Management Ltd. Finance 0.05

centum Electronics Ltd. Industrial capital Goods 0.03

container corporation of India Ltd. Transportation 0.02

Allahabad Bank Banks @

Avenue Supermarts Ltd. Retailing @

Sub Total 84.25

EqUiTY RElATED

Embassy Office Parks REIT 0.14

Sub Total 0.14

Total 84.39

PORTFOLIO


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 15.01%Average Maturity * 2.78 yearsMacaulay Duration * 2.46 yearsModified Duration * 2.26 yearsYield to Maturity * 9.27%

* 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).

KEY FACTS

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

March 2019 15


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,020.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 29, 2019 (` ‘000) $$ 60,170.93 6,402.06 2,456.35 791.42 423.11 130.34 Returns (%) $$ 19.58 15.44 13.74 11.05 10.84 16.64 Benchmark Returns (%) # N.A. 11.46 10.94 10.72 11.66 13.82 Additional Benchmark Returns (%) ## N.A. 12.85 12.18 12.17 14.18 15.34



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##Mar 28, 18 Last 1 Year 11.54 13.11 16.40 11,154 11,311 11,640Mar 31, 16 Last 3 Years 15.30 13.18 16.10 15,317 14,490 15,637Mar 31, 14 Last 5 Years 15.35 11.76 13.07 20,410 17,431 18,474Feb 01, 94 Since Inception 18.68 N.A. N.A. 744,127 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 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60. For FPI Portfolio, refer page no. 68.^Past performance may or may not be sustained in the future. Load is not taken into consideration for computation of performance.




l investments in a mix of equity and debt instruments

Riskometer



Portfolio Classification By Asset Class (%)

n equity 84.39

n cP 0.61

n credit Exposure 14.08

n Mutual Fund Units 0.03

n cash, cash Equivalents and Net current Assets 0.89

Portfolio Classification By Rating Class (%)

n equity 84.39n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 3.90n AA+ 7.07n AA/AA- 2.31n A+ & Below 1.41n Mutual Fund Units 0.03n cash, cash Equivalents and Net

current Assets 0.89

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


DEBT & DEBT RElATED

CREDiT EXPOSURE

• State Bank of India cARE - AA+ / cRISIL - AA+ 4.44

• Tata Sons Ltd. cRISIL - AAA 3.29

canara Bank cRISIL - AA 1.60

HDFc Bank Ltd. cARE - AA+ 1.48

IcIcI Bank Ltd. IcRA - AA+ 1.09

Punjab National Bank cARE - A+ 1.05

Union Bank of India cARE - AA- 0.71

Syndicate Bank cARE - A+ 0.31

Axis Bank Ltd. cRISIL - AA+ 0.06

Andhra Bank cARE - A+ 0.05

Sub Total 14.08


MONEY MARKET iNSTRUMENTS

CD/CP

National Bank for Agriculture and Rural Development IND - A1+ 0.61

Sub Total 0.61

MUTUAl FUND UNiTS

HDFc SeNSex Exchange Traded Fund 0.03

Sub Total 0.03

cash margin 0.02


Grand Total 100.00

• Top Ten Holdings, @ Less than 0.01%

PORTFOLIOIndustry Allocation of Equity Holding (% of Net Assets)

0.100.110.300.400.560.630.720.810.901.781.942.052.362.492.562.73

4.807.127.318.34

10.3326.05

0 5 10 15 20 25 30Aerospace & Defence

Media & EntertainmentCement

Industrial ProductsConstruction

Auto AncillariesTransportation

FertilisersNon - Ferrous Metals

ChemicalsIndustrial Capital Goods

GasFerrous Metals

Minerals/MiningPharmaceuticals

Consumer Non DurablesFinance

Petroleum ProductsConstruction Project

PowerSoftware

Banks

16 March 2019


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 3.99




• Aurobindo Pharma Ltd. Pharmaceuticals 2.54

Reliance Industries Ltd. Petroleum Products 2.36

State Bank of India Banks 2.02

Aarti Industries Ltd. chemicals 1.60

Indusind Bank Ltd. Banks 1.59


SKF India Ltd. Industrial Products 1.36



Voltas Ltd. construction Project 1.30

Balkrishna Industries Ltd. Auto Ancillaries 1.15





Atul Ltd. chemicals 0.93

Indian Hotels company Ltd. Hotels/Resorts & Other Recreational Activities 0.93


Yes Bank Ltd. Banks 0.85

TI Financial Holdings Ltd. Finance 0.84

Bharti Airtel Ltd. Telecom - Services 0.73

Tube Investments of India Ltd. Auto Ancillaries 0.69

NIIT Technologies Ltd. Software 0.63

Hexaware Technologies Ltd. Software 0.62

Mahindra Holidays & Resorts Ind Ltd.



Edelweiss Financial Services Ltd. Finance 0.58

Sadbhav engineering Ltd. construction Project 0.58


Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.52


Petronet LNG Ltd. Gas 0.45

Hero Motocorp Ltd. Auto 0.43


VST Industries Ltd. consumer Non Durables 0.42

Allahabad Bank Banks 0.41

Ipca Laboratories Ltd. Pharmaceuticals 0.40

Vardhman Textiles Ltd. Textiles - cotton 0.40

Sharda cropchem Ltd. Pesticides 0.38

Redington (India) Ltd. Transportation 0.37

Tamilnadu Newsprint & Papers Ltd. Paper 0.37

Zensar Technologies Ltd. Software 0.35

carborundum Universal Ltd. Industrial Products 0.33


Jagran Prakashan Ltd. Media & entertainment 0.27

IcIcI Securities Ltd. Finance 0.26


The Federal Bank Ltd. Banks 0.25

MM Forgings Ltd. Industrial Products 0.15

Navneet education Ltd. Media & entertainment 0.14

Greenply Industries Ltd. consumer Durables 0.12

IFB Industries Ltd. consumer Durables 0.12

Persistent Systems Ltd. Software 0.12

Atul Auto Ltd. Auto 0.09

Insecticides (India) Ltd. Pesticides 0.05

Sub Total 69.92

DEBT & DEBT RElATED

gOVERNMENT SECURiTiES (CENTRAl/STATE)

7.16 GOI 2023 Sovereign 1.42


















SUB TOTAL 7.75

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

KEY FACTS PORTFOLIO

INVESTMENT OBjECTiVE

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


CATEgORY OF SCHEME: Aggressive Hybrid Fund

FUND MANAgER ¥

Chirag Setalvad (since April 2, 07) ¤


iNCEPTiON DATE ¤September 11, 2000





qUANTiTATiVE DATA

Portfolio Turnover Ratio (Last 1 year) 8.60%Average Maturity * 3.08 yearsMacaulay Duration * 2.56 yearsModified Duration * 2.41 yearsYield to Maturity * 7.80%

* 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 49.37%Mid cap 12.08%Small cap 8.46%


March 2019 17


CREDiT EXPOSURE

• Tata Sons Ltd. cRISIL - AAA 4.26

• LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 2.48

Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA / IcRA - AAA 2.26

National Bank for Agriculture and Rural Development cRISIL - AAA 1.55

Axis Bank Ltd. cRISIL - AA+ 1.50

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

ONGc Petro additions Ltd. (OPAL) (Put on ONGc Ltd.) cRISIL - AAA(SO) 0.88

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 0.55



cholamandalam Investment and Finance company Ltd. IcRA - AA+ 0.33

HDFc Bank Ltd. cRISIL - AAA 0.22

State Bank of India cRISIL - AA+ 0.22

Mahindra & Mahindra Financial Services Ltd. cARE - AAA 0.20

Tata capital Financial Services Ltd. IcRA - AAA 0.15

Oriental Bank of commerce cARE - A+ 0.13


IcIcI Bank Ltd. cARE - AAA 0.11


Hindalco Industries Ltd. cRISIL - AA 0.04

Sub Total 20.37

Total 28.12

MUTUAl FUND UNiTS

HDFc NIFTY 50 Exchange Traded Fund 0.69

Sub Total 0.69


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) 2,230.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 29, 2019 (` ‘000) 12,615.79 6,290.15 2,590.40 793.73 417.53 127.54 Returns (%) 16.43 15.24 14.74 11.17 9.93 12.05 Benchmark Returns (%) # N.A. 11.46 10.94 10.72 11.66 13.82 Additional Benchmark Returns (%) ## 14.89 12.85 12.18 12.17 14.18 15.34




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 28, 18 Last 1 Year 7.14 13.11 16.40 10,714 11,311 11,640Mar 31, 16 Last 3 Years 13.72 13.18 16.10 14,696 14,490 15,637Mar 31, 14 Last 5 Years 16.10 11.76 13.07 21,087 17,431 18,474Sep 11, 00 Since Inception 15.95 N.A. 13.42 155,911 N.A. 103,475

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



PORTFOLIO


l to generate long-term capital appreciation / income.

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

Riskometer



PRODUCT lABElliNg

PORTFOliO ClASSiFiCATiON BY ASSET ClASS (%)

equity 69.92

G-Sec 7.75

credit Exposure 20.37

Mutual Fund Units 0.69cash, cash Equivalents and Net current Assets 1.27

PORTFOliO ClASSiFiCATiON BY RATiNg ClASS (%)

n equity 69.92n Sovereign 7.75n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 16.85n AA+ 2.71n AA/AA- 0.04n A+ & Below 0.77n Mutual Fund Units 0.69n cash, cash Equivalents and Net

current Assets 1.27

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


0.240.370.370.400.410.450.490.730.770.851.141.341.551.661.841.841.992.533.463.714.11

5.676.056.89

21.06

0 5 10 15 20 25Consumer Durables

PaperTransportation

Textiles - CottonMedia & Entertainment

GasConstruction

Telecom - ServicesAuto


Industrial Capital GoodsHotels, Resorts & Other Recreational Activities

PowerAuto Ancillaries

Industrial ProductsPesticidesChemicals

PharmaceuticalsConsumer Non Durables

Petroleum ProductsFinance

Construction ProjectSoftware

Banks

18 March 2019


Since Inception SIP

10 year SIP

5 Year SIP

3 Year SIP

1 Year SIP

Total Amount Invested (` ‘000) 1,640.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 29, 2019 (` ‘000) 3,142.55 1,879.74 714.69 394.67 125.03 Returns (%) 9.02 8.70 6.95 6.10 7.99 Benchmark Returns (%) # N.A. N.A. 10.13 10.88 12.78 Additional Benchmark Returns (%) ## 11.89 12.18 12.17 14.18 15.34




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 28, 18 Last 1 Year 4.01 12.09 16.40 10,401 11,209 11,640Mar 31, 16 Last 3 Years 7.81 12.21 16.10 12,527 14,118 15,637Mar 31, 14 Last 5 Years 8.86 10.94 13.07 15,285 16,803 18,474Aug 17, 05 Since Inception 8.98 N.A. 13.66 32,277 N.A. 57,201

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



l to generate long-term capital appreciation/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


0.310.370.400.540.800.821.351.662.472.722.863.16

4.364.374.664.725.00

7.499.68

16.81

0 2 4 6 8 1012141618


PowerMedia & Entertainment

Telecom - ServicesPharmaceuticals

TransportationPesticides

AutoIndustrial Capital Goods

Consumer DurablesConsumer Non Durables

Industrial ProductsFinance

Auto AncillariesChemicals

Construction ProjectPetroleum Products

SoftwareBanks


The 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)



August 17, 2005





qUANTiTATiVE DATA

Portfolio Turnover Ratio 96.86%



#BENCHMARK iNDEX: 90% NIFTY 50 Hybrid composite Debt 65:35 Index + 10% Domestic Price of Gold


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.


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.


PLANS & OPTIONS





KEY FACTS

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


n equity 74.55

n Gold & Gold ETF 10.72



n equity 74.55n Gold & Gold ETF 10.72n cash, cash Equivalents and Net

current Assets 14.73

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

March 2019 19

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

% exposure of Derivative


• HDFc Bank Ltd. Banks 8.02 0.00

• Reliance Industries Ltd. Petroleum Products 4.27 0.00

• Infosys Ltd. Software 3.74 0.00

• IcIcI Bank Ltd. Banks 3.64 0.00

• Larsen and Toubro Ltd. construction Project 3.28 0.00

• Housing Development Finance corporation Ltd. £ Finance 3.00 0.00

• NIIT Technologies Ltd. Software 2.88 0.00

• State Bank of India Banks 2.74 0.00

• Oriental carbon & chemicals Ltd. chemicals 2.70 0.00

ITc Ltd. consumer Non Durables 2.31 0.00

Gujarat Fluorochemicals Ltd. Industrial capital Goods 2.12 0.00

Balkrishna Industries Ltd. Auto Ancillaries 2.04 0.00

Aarti Industries Ltd. chemicals 2.02 0.00

Bajaj electricals Ltd. consumer Durables 1.96 0.00

Sonata Software Ltd. Software 1.86 0.00

KEc International Ltd. construction Project 1.72 0.00

Sharda cropchem Ltd. Pesticides 1.66 0.00

Shaily engineering Plastics Ltd. Industrial Products 1.52 0.00

Gabriel India Ltd. Auto Ancillaries 1.45 0.00

Bharat Petroleum corporation Ltd. Petroleum Products 1.37 0.00

Rural Electrification corporation Ltd. Finance 1.37 0.00

Redington (India) Ltd. Transportation 1.35 0.00

carborundum Universal Ltd. Industrial Products 1.32 0.00

Axis Bank Ltd. Banks 1.21 0.00

Firstsource Solutions Ltd. Software 1.20 0.00

Hindustan Petroleum corporation Ltd. Petroleum Products 1.10 0.00

Tata Motors Ltd. DVR Auto 1.09 0.00

Greenply Industries Ltd. consumer Durables 0.90 0.00

VST Industries Ltd. consumer Non Durables 0.85 0.00

Indusind Bank Ltd. Banks 0.83 0.00



Timken India Ltd. Industrial Products 0.83 0.00

Ipca Laboratories Ltd. Pharmaceuticals 0.82 0.00

Bharti Airtel Ltd. Telecom - Services 0.80 0.00

Tata Motors Ltd. Auto 0.78 0.00

Savita Oil Technologies Ltd. Petroleum Products 0.75 0.00

Vesuvius India Ltd. Industrial Products 0.69 0.00

Suprajit engineering Ltd. Auto Ancillaries 0.63 0.00

Apar Industries Ltd. Industrial capital Goods 0.60 0.00

Hero Motocorp Ltd. Auto 0.60 0.00

Banco Products (I) Ltd. Auto Ancillaries 0.54 0.00

Jagran Prakashan Ltd. Media & entertainment 0.54 0.00

Power Grid corporation of India Ltd. Power 0.40 0.00

Tata Steel Ltd. Ferrous Metals 0.37 0.00

Union Bank of India Banks 0.37 0.00

Vedanta Ltd. Non - Ferrous Metals 0.31 0.00

Sub Total 74.55

gOlD

• Gold Bar 1 Kg (0.995 purity) NA 8.70

Sub Total 8.70

MUTUAl FUND UNiTS

HDFc Gold Exchange Traded Fund 2.02

Sub Total 2.02

DEBT & DEBT RElATED

Short Term Deposits as margin for Futures & Options 2.56


Sub Total 14.73

Grand Total 100.00


Outstanding exposure in derivative instruments (` in crore) 3.16

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 2.15


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

PORTFOLIO

20 March 2019

iNVESTMENT 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 MARCH 29, 2019) NAV PER UNiT (`)Growth Option 1,208.11

ASSETS UNDER MANAgEMENT j (`) iN CROREAs on March 31, 2019 324.24Average for Month of March, 2019 290.65


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

TOTAL ExPENSE RATIO (As on March 29, 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 53.

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

Face Value per Unit: ` 761.25, + Industry classification as recommended by AMFI, Data is as of March 29, 2019 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 28, 18 Last 1 Year 16.34 16.40 18.71 11,634 11,640 11,871

Mar 31, 16 Last 3 Years 16.02 16.10 16.64 15,605 15,637 15,857

Dec 09, 15 Since Inception 15.00 15.15 15.52 15,870 15,937 16,109

Returns are compounded annualized (cAGR). * The Scheme does not offer any Plans/Options. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Krishan Kumar Daga, please refer page 53.


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

l investment in equity securities covered by the NIFTY 50

Riskometer



j Includes investments made by the schemes of HDFc Mutual Fund aggregating to Rs. 155.97 crores

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










• Kotak Mahindra Bank Ltd. Banks 3.81



Hindustan Unilever Ltd. consumer Non Durables 2.60



Maruti Suzuki India Ltd. Auto 1.89

Bajaj Finance Ltd. Finance 1.53

Asian Paints Ltd. consumer Non Durables 1.44

Mahindra & Mahindra Ltd. Auto 1.34

HcL Technologies Ltd. Software 1.26

NTPc Ltd. Power 1.17

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.13


Tech Mahindra Ltd. Software 1.04

Oil & Natural Gas corporation Ltd. Oil 1.03

Titan company Ltd. consumer Durables 1.02



Bajaj Finserv Ltd. Finance 0.91

UltraTech cement Ltd. cement 0.89

Bajaj Auto Ltd. Auto 0.85



Indian Oil corporation Ltd. Petroleum Products 0.82

Wipro Ltd. Software 0.82

Britannia Industries Ltd. consumer Non Durables 0.78


Dr Reddys Laboratories Ltd. Pharmaceuticals 0.72

Grasim Industries Ltd. cement 0.72







Adani Ports & Special economic Zone Transportation 0.64

Hindalco Industries Ltd. Non - Ferrous Metals 0.64

JSW Steel Ltd. Ferrous Metals 0.64

eicher Motors Ltd. Auto 0.61

Indiabulls Housing Finance Ltd. Finance 0.61

Bharti Infratel Ltd. Telecom - equipment & Accessories 0.57


Zee entertainment enterprises Ltd. Media & entertainment 0.53

Sub Total 99.93


Grand Total 100.00


PORTFOLIO


0.530.570.640.670.750.850.941.021.031.361.481.612.142.423.65

6.089.9910.2711.45

13.6528.83

0 5 10 15 20 25 30 35

Media & EntertainmentTelecom - Equipment & Accessories

TransportationGas

PesticidesMinerals/Mining

Telecom - ServicesConsumer Durables

OilNon - Ferrous Metals

Ferrous MetalsCement

PowerPharmaceuticals

Construction ProjectAuto

FinanceConsumer Non Durables


Banks

KEY FACTS

March 2019 21


EqUiTY & EqUiTY RElATED• HDFc Bank Ltd. Banks 10.63• Reliance Industries Ltd. Petroleum Products 9.94• Housing Development

Finance corporation Ltd. £ Finance 6.92• Infosys Ltd. Software 6.02• IcIcI Bank Ltd. Banks 5.50• ITc Ltd. consumer Non Durables 5.43• Tata consultancy Services Ltd. Software 4.48• Kotak Mahindra Bank Ltd. Banks 3.80• Larsen and Toubro Ltd. construction Project 3.64• Axis Bank Ltd. Banks 3.24Hindustan Unilever Ltd. consumer Non Durables 2.60State Bank of India Banks 2.56Indusind Bank Ltd. Banks 1.94Maruti Suzuki India Ltd. Auto 1.89Bajaj Finance Ltd. Finance 1.53Asian Paints Ltd. consumer Non Durables 1.43Mahindra & Mahindra Ltd. Auto 1.34HcL Technologies Ltd. Software 1.26NTPc Ltd. Power 1.16Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.13Yes Bank Ltd. Banks 1.09Tech Mahindra Ltd. Software 1.04Oil & Natural Gas corporation Ltd. Oil 1.03Titan company Ltd. consumer Durables 1.02Power Grid corporation of India Ltd. Power 0.97Bharti Airtel Ltd. Telecom - Services 0.94Bajaj Finserv Ltd. Finance 0.91UltraTech cement Ltd. cement 0.89coal India Ltd. Minerals/Mining 0.85Bajaj Auto Ltd. Auto 0.84Tata Steel Ltd. Ferrous Metals 0.84Indian Oil corporation Ltd. Petroleum Products 0.82Wipro Ltd. Software 0.82Britannia Industries Ltd. consumer Non Durables 0.77UPL Ltd. Pesticides 0.75Dr Reddys Laboratories Ltd. Pharmaceuticals 0.72Grasim Industries Ltd. cement 0.72Vedanta Ltd. Non - Ferrous Metals 0.72Hero Motocorp Ltd. Auto 0.71


Tata Motors Ltd. Auto 0.68GAIL (India) Ltd. Gas 0.67Bharat Petroleum corporation Ltd. Petroleum Products 0.66Hindalco Industries Ltd. Non - Ferrous Metals 0.64Adani Ports & Special economic Zone Transportation 0.63JSW Steel Ltd. Ferrous Metals 0.63eicher Motors Ltd. Auto 0.61Indiabulls Housing Finance Ltd. Finance 0.61Bharti Infratel Ltd. Telecom - equipment

& Accessories 0.57cipla Ltd. Pharmaceuticals 0.57Zee entertainment enterprises Ltd. Media & entertainment 0.53Sub Total 99.69cash, cash Equivalents and Net current Assets 0.31Grand Total 100.00• Top Ten Holdings, £ co-sponsor


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 105.4375Direct Plan - Growth Option 106.5703



qUANTiTATiVE DATA


TRACKiNg ERROR

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





EXiT lOAD

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

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


PLANS & OPTIONS

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




Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,010.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 29, 2019 (` ‘000) 6,325.87 4,453.12 2,176.58 804.07 440.76 129.24 Returns (%) 12.48 11.23 11.47 11.69 13.68 14.82 Benchmark Returns (%) # 14.49 12.85 12.18 12.17 14.18 15.34 Additional Benchmark Returns (%) ## 14.96 13.16 12.44 12.68 15.50 16.41




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 28, 18 Last 1 Year 15.89 16.40 18.71 11,589 11,640 11,871Mar 31, 16 Last 3 Years 15.53 16.10 16.64 15,408 15,637 15,857Mar 31, 14 Last 5 Years 12.61 13.07 13.12 18,106 18,474 18,518Jul 17, 02 Since Inception 14.92 17.24 17.21 102,109 142,584 142,055

Returns greater than 1 year period are compounded annualized (cAGR). Since inception returns are calculated on ` 10.3260 (allotment price). For performance of other schemes managed by Krishan Kumar Daga, please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.



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


0.530.570.630.670.750.850.941.021.031.361.471.612.132.423.64

6.079.9710.2311.42

13.6228.76

0 5 10 15 20 25 30 35

Media & EntertainmentTelecom - Equipment & Accessories

TransportationGas

PesticidesMinerals/Mining

Telecom - ServicesConsumer Durables

OilNon - Ferrous Metals

Ferrous MetalsCement

PowerPharmaceuticals

Construction ProjectAuto

FinanceConsumer Non Durables


Banks

KEY FACTS

22 March 2019

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 MARCH 29, 2019) NAV PER UNiT (`)Growth Option 4,034.06

ASSETS UNDER MANAgEMENT j (`) iN CROREAs on March 31, 2019 66.91Average for Month of March, 2019 71.57


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

TOTAL ExPENSE RATIO (As on March 29, 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 53.

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

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

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

Face Value per Unit: ` 2,503.61, + Industry classification as recommended by AMFI, Data is as of March 29, 2019 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 28, 18 Last 1 Year 18.64 18.71 16.40 11,864 11,871 11,640

Mar 31, 16 Last 3 Years 16.57 16.64 16.10 15,827 15,857 15,637


Returns are compounded annualized (cAGR). * The Scheme does not offer any Plans/Options. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Krishan Kumar Daga, please refer page 53.


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

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

Riskometer



j Includes investments made by the schemes of HDFc Mutual Fund aggregating to Rs. 30.17 crores

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



































Sub Total 99.96


Grand Total 100.00


PORTFOLIO


0.82

0.87

1.02

1.12

1.15

1.32

2.46

4.29

6.63

10.43

11.21

11.27

14.07

33.30

0 5 10 15 20 25 30 35

Minerals/Mining


Ferrous Metals

Telecom - Services

Oil

Pharmaceuticals

Power


Auto

Finance

Petroleum Products


Software

Banks

KEY FACTS

March 2019 23


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 341.9116Direct Plan - Growth Option 345.9660



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) 2,010.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 29, 2019 (` ‘000) 6,517.10 4,555.75 2,206.61 814.89 448.86 129.83 Returns (%) 12.79 11.49 11.73 12.24 14.95 15.80 Benchmark Returns (%) # 14.96 13.16 12.44 12.68 15.50 16.41 Additional Benchmark Returns (%) ## 14.49 12.85 12.18 12.17 14.18 15.34




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 28, 18 Last 1 Year 18.08 18.71 16.40 11,808 11,871 11,640Mar 31, 16 Last 3 Years 16.16 16.64 16.10 15,661 15,857 15,637Mar 31, 14 Last 5 Years 12.62 13.12 13.07 18,109 18,518 18,474Jul 17, 02 Since Inception 15.20 17.21 17.24 106,312 142,055 142,584

Returns greater than 1 year period are compounded annualized (cAGR). Since inception returns are calculated on ` 32.1610 (allotment price). For performance of other schemes managed by Krishan Kumar Daga, please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.



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

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

Riskometer



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

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



































Sub Total 99.71


Grand Total 100.00


PORTFOLIO


0.82

0.87

1.01

1.12

1.14

1.31

2.45

4.28

6.61

10.39

11.19

11.23

14.05

33.24

0 5 10 15 20 25 30 35

Minerals/Mining


Ferrous Metals

Telecom - Services

Oil

Pharmaceuticals

Power


Auto

Finance

Petroleum Products


Software

Banks

KEY FACTS

24 March 2019


To generate capital appreciation / income from a portfolio, comprising predominantly of equity & equity related instruments.


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) 2,760.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 29, 2019 (` ‘000) $$ 67,087.50 5,708.83 2,278.30 752.95 407.92 126.00 Returns (%) $$ 22.93 14.12 12.33 9.05 8.34 9.57 Benchmark Returns (%) # 15.21 12.88 12.49 11.61 11.64 10.33 Additional Benchmark Returns (%) ## 14.08 12.85 12.18 12.17 14.18 15.34



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Mar 28, 18 Last 1 Year 5.67 9.70 16.40 10,567 10,970 11,640Mar 31, 16 Last 3 Years 14.33 15.88 16.10 14,935 15,546 15,637Mar 31, 14 Last 5 Years 13.83 14.42 13.07 19,102 19,604 18,474Mar 31, 96 Since Inception 23.70 13.93 12.65 1,333,770 201,081 154,912

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 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60. As TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite cAGR of NIFTY 50 PRI values from Mar 29, 96 (Data for March 31, 96 is not available) to Jun 29, 99 and TRI values since Jun 30, 99. As NIFTY 500 TRI data is not available for March 31, 96, benchmark performance is calculated from March 29, 96.




l investment predominantly of equity & equity related instruments

Riskometer



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










• GAIL (India) Ltd. Gas 5.01


• Vedanta Ltd. Non - Ferrous Metals 3.00






Oracle Financial Services Software Ltd. Software 1.89



Solar Industries India Ltd. chemicals 1.08

L&T Technology Services Ltd. Software 1.06







eclerx Services Ltd. Software 0.70




Max Financial Services Ltd. Finance 0.58



Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.45

Persistent Systems Ltd. Software 0.41



ITD cementation India Ltd. construction 0.35

Hindustan construction company Ltd. construction Project 0.29

HSIL Ltd. consumer Durables 0.25

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


MPS Ltd. consumer Non Durables 0.05

Siti Networks Ltd. Media & entertainment 0.03

Sub Total 97.40MONEY MARKET iNSTRUMENTSCD/CPNational Bank for Agriculture and Rural Development IND - A1+ 1.35

Sub Total 1.35cash margin 0.05


Grand Total 100.00

• Top Ten Holdings, @ Less than 0.01%

PORTFOLIO


0.030.210.250.350.580.710.981.081.652.702.743.00

4.564.605.01

6.9510.42

11.8812.43

27.27

0 5 10 15 20 25 30

Media & EntertainmentAuto Ancillaries

Consumer DurablesConstruction

FinanceMinerals/Mining

TransportationChemicals

AutoIndustrial Capital Goods

Ferrous MetalsNon - Ferrous Metals

PharmaceuticalsConsumer Non Durables

GasConstruction ProjectPetroleum Products

PowerSoftware

Banks

KEY FACTS

March 2019 25


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 122.162Direct Plan 128.481



qUANTiTATiVE DATA

Portfolio Turnover Ratio (Last 1 year) 9.09%Average Maturity * 2.29 yearsMacaulay Duration * 1.81 yearsModified Duration * 1.69 yearsYield to Maturity * 7.96%* computed on the invested amount for debt portfolio.





EXiT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan.



lOCK-iN PERiOD

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

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

(¥) Dedicated Fund Manager for Overseas Investments:Mr. 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








Housing Development Finance corporation Ltd. £ Finance 2.46






cholamandalam Investment and Finance company Ltd. Finance 1.69







Motherson Sumi Systems Ltd. Auto Ancillaries 1.15

Schaeffler India Ltd. Industrial Products 1.12

AIA engineering Ltd. Industrial Products 1.02

century Plyboards (India) Ltd. consumer Durables 0.99



Finolex Industries Ltd. Industrial Products 0.94


Larsen & Toubro Infotech Ltd. Software 0.83

Supreme Industries Ltd. Industrial Products 0.82



eIH Ltd. Hotels/Resorts & Other Recreational Activities 0.76

Sonata Software Ltd. Software 0.75



Indian Bank Banks 0.72






VST Industries Ltd. consumer Non Durables 0.65



Swaraj engines Ltd. Industrial Products 0.56

Vesuvius India Ltd. Industrial Products 0.54



Blue Star Ltd. consumer Durables 0.49

Navneet education Ltd. Media & entertainment 0.46


Apollo Tyres Ltd. Auto Ancillaries 0.34

eclerx Services Ltd. Software 0.32



V.S.T Tillers Tractors Ltd. Auto 0.31

Nilkamal Ltd. Industrial Products 0.30

Mcleod Russel India Ltd. consumer Non Durables 0.26

Jyoti Structures Ltd. Power 0.01

Sub Total 66.10

DEBT & DEBT RElATED












Sub Total 7.09

PORTFOLIOKEY FACTS

26 March 2019


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

Total Amount Invested (` ‘000) 2,170.00 1,800.00 1,200.00 600.00 360.00 120.00

Mkt Value As on March 29, 2019 (` ‘000) $ 11,160.30 6,207.44 2,635.20 797.81 422.06 126.59

Returns (%) $ 16.05 15.09 15.06 11.38 10.67 10.51

Benchmark Returns (%) # N.A. 11.46 10.94 10.72 11.66 13.82

Additional Benchmark Returns (%) ## 14.96 12.85 12.18 12.17 14.18 15.34

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(`)##

Mar 28, 18 Last 1 Year 8.17 13.11 16.40 10,817 11,311 11,640

Mar 31, 16 Last 3 Years 14.32 13.18 16.10 14,929 14,490 15,637

Mar 31, 14 Last 5 Years 14.97 11.76 13.07 20,079 17,431 18,474

Mar 02, 01 Since Inception 16.52 N.A. 14.48 158,811 N.A. 115,331

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. 60.


equity 66.10

G-Sec 7.09

cP 2.76

credit Exposure 20.02




l capital appreciation over long term.

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

Riskometer




equity 66.10

Sovereign 7.09

AAA/AAA(SO)/A1+/A1+(SO) & equivalent 17.71

AA+ 5.07


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


CREDiT EXPOSURE

• Tata capital Financial Services Ltd. IcRA - AAA 4.22

• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA 3.72

• L&T Finance Ltd. cARE - AAA 3.67

• Axis Bank Ltd. cRISIL - AA+ 3.58

Mahindra & Mahindra Financial Services Ltd. IND - AAA 1.47

Tata Sons Ltd. cRISIL - AAA 1.32

Hero Fincorp Ltd. IcRA - AA+ 1.09

HDB Financial Services Ltd. cRISIL - AAA 0.55



Sub Total 20.02

Total 27.11


CD/CP

• National Bank for Agriculture and Rural Development IND - A1+ 2.76

Sub Total 2.76


Grand Total 100.00



0.31

0.53

0.57

0.63

0.70

0.70

0.77

0.94

1.41

1.83

2.25

2.43

2.73

3.27

4.28

4.71

7.10

7.13

9.15

14.66

0 2 4 6 8 10 12 14 16

Auto


Construction


Ferrous Metals

Power

Media & Entertainment

Telecom - Services

Pesticides

Consumer Durables

Hotels, Resorts & Other Recreational Activities

Pharmaceuticals


Auto Ancillaries


Petroleum Products

Finance

Industrial Products

Software

Banks

March 2019 27


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 4.60%





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 (`)#


(`)##

Mar 28, 18 Last 1 Year 4.69 9.70 16.40 10,469 10,970 11,640Mar 31, 16 Last 3 Years 16.38 15.88 16.10 15,752 15,546 15,637Feb 25, 16 Since Inception 19.39 19.36 19.62 17,292 17,279 17,394

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 53. The Scheme is in existence for more than 1 year but less than 5 years. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 68.


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

l investment predominantly in equity and equity related instruments.

Riskometer



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

(A notified Tax Savings Cum Pension Scheme)












cholamandalam Investment and Finance company Ltd. Finance 1.82










Bajaj electricals Ltd. consumer Durables 1.32



Sharda cropchem Ltd. Pesticides 1.24


Atul Ltd. chemicals 1.16



Tata Metaliks Ltd. Ferrous Metals 1.02

Finolex Industries Ltd. Industrial Products 1.01


eIH Ltd. Hotels/Resorts & Other Recreational Activities 0.95





Oriental carbon & chemicals Ltd. chemicals 0.94


Great eastern Shipping company Ltd. Transportation 0.84


T. V. Today Network Ltd. Media & entertainment 0.81

KeI Industries Ltd. Industrial Products 0.80



Mcleod Russel India Ltd. consumer Non Durables 0.66






Timken India Ltd. Industrial Products 0.61

GNA Axles Ltd. Auto Ancillaries 0.58









Sub Total 80.76DEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)• 6.84 GOI 2022 Sovereign 3.69

• 7.59 GOI 2026 Sovereign 2.24

Sub Total 5.93CREDiT EXPOSURE • Housing and Urban Development corporation Ltd. cARE - AAA 3.73



Sub Total 4.67Total 10.60cash, cash Equivalents and Net current Assets 8.64

Grand Total 100.00


PORTFOLIO


0.420.510.660.710.901.121.411.631.672.022.652.752.953.753.794.05

5.745.946.046.377.05

18.63

0 2 4 6 8101214161820

PaperAuto

Consumer Non DurablesNon - Ferrous Metals

Industrial Capital GoodsMedia & Entertainment

FertilisersFerrous MetalsTransportation

PowerPesticides

Auto AncillariesPharmaceuticals

Consumer DurablesHotels, Resorts & Other Recreational Activities

ChemicalsConstruction Project

Industrial ProductsPetroleum Products

FinanceSoftware

Banks

KEY FACTS

28 March 2019


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

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

Company Industry+ / Rating % to

NAV




• Housing Development

Finance corporation Ltd. £ Finance 3.62



• Merck Ltd. Pharmaceuticals 2.66






cholamandalam Investment

and Finance company Ltd. Finance 1.56

Sundram Fasteners Ltd. Auto Ancillaries 1.48

NRB Bearing Ltd. Industrial Products 1.32




chambal Fertilizers &

chemicals Ltd. Fertilisers 1.24

Sonata Software Ltd. Software 1.24





Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 1.03

Power Grid corporation of

India Ltd. Power 1.01


Kalpataru Power

Transmission Ltd. Power 0.93

crompton Greaves consumer

electrical Ltd. consumer Durables 0.89

Mahindra Holidays & Resorts

Ind Ltd.

Hotels/Resorts & Other

Recreational Activities 0.89



Shaily engineering Plastics Ltd. Industrial Products 0.70


Hindustan Petroleum

corporation Ltd. Petroleum Products 0.67

Company Industry+ / Rating % to

NAV

Shree Pushkar chemicals &

Fertilisers Ltd. chemicals 0.64














Tamilnadu Newsprint &

Papers Ltd. Paper 0.31



Kirloskar Oil Engines Ltd. Industrial Products 0.17

Sub Total 65.20

DEBT & DEBT RElATED







Sub Total 8.11

CREDiT EXPOSURE

• Jamnagar Utilities & Power

Pvt. Ltd. (erstwhile Reliance

Utilities & Power Pvt. Ltd.) cARE - AAA 3.91

• State Bank of India cRISIL - AA+ 3.29

Power Grid corporation of

India Ltd. cRISIL - AAA 1.92


Reliance Jio Infocomm Ltd. cRISIL - AAA 0.99

Sub Total 11.49

Total 19.60


Grand Total 100.00


PORTFOLIO




FUND MANAgER ¥


Total Experience - Over 21 years &

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



February 25, 2016





qUANTiTATiVE DATA

Portfolio Turnover Ratio 5.29%Average Maturity * 2.23 yearsMacaulay Duration * 1.83 yearsModified Duration * 1.72 yearsYield to Maturity * 7.27%* computed on the invested amount for debt portfolio.





EXiT lOAD


PLANS & OPTIONS




lOCK-iN PERiOD






KEY FACTS

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

March 2019 29


n equity 65.20

n G-Sec 8.11




n equity 65.20n Sovereign 8.11n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 6.82n AA+ 3.29n A+ & Below 1.38n cash, cash Equivalents and Net

current Assets 15.20



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

Riskometer





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 8.66 13.11 16.40 10,866 11,311 11,640

Mar 31, 16 Last 3 Years 15.90 13.18 16.10 15,557 14,490 15,637

Feb 25, 16 Since Inception 18.46 15.69 19.62 16,879 15,690 17,394

Returns greater than 1 year period are compounded annualized (cAGR). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by chirag Setalvad (Equities) and Shobhit Mehrotra (Debt), please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 68.


[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)


0.270.310.340.400.500.530.621.241.311.921.94

3.273.463.58

4.504.754.955.155.81

6.8113.54

0 2 4 6 8 10 12 14 16

Media & EntertainmentPaper

TransportationAuto

Non - Ferrous MetalsIndustrial Capital Goods

Ferrous MetalsFertilisersPesticides

Hotels, Resorts & Other Recreational ActivitiesPower

Auto AncillariesChemicals

Consumer DurablesPharmaceuticals

Construction ProjectIndustrial Products

Petroleum ProductsFinance

SoftwareBanks

.....Contd from previous page

30 March 2019




FUND MANAgER ¥


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



February 26, 2016





qUANTiTATiVE DATA

Average Maturity * 4.53 yearsMacaulay Duration * 3.58 yearsModified Duration * 3.35 yearsYield to Maturity * 8.13%* computed on the invested amount for debt portfolio.




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

EXiT lOAD


PLANS & OPTIONS




lOCK-iN PERiOD









(%)

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 1 year but less than 5 years. For performance of other schemes managed by chirag Setalvad (equities) and Shobhit Mehrotra (Debt), please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 68.



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

Riskometer




n equity 18.44

n G-Sec 30.68




n equity 18.44n Sovereign 30.68n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 22.31n AA+ 6.88n AA/AA- 2.92n A+ & Below 10.58n cash, cash Equivalents and

Net current Assets 8.19

[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 1.53


Sundram Fasteners Ltd. Auto Ancillaries 0.96

Reliance Industries Ltd. Petroleum Products 0.84



Larsen and Toubro Ltd. construction Project 0.71


Infosys Ltd. Software 0.66

Orient Refractories Ltd. Industrial Products 0.63




Avanti Feeds Ltd. consumer Non Durables 0.47



NRB Bearing Ltd. Industrial Products 0.44




Time Technoplast Ltd. Industrial Products 0.40



GNA Axles Ltd. Auto Ancillaries 0.37








Timken India Ltd. Industrial Products 0.27






Poddar Pigments Ltd. chemicals 0.17



Sub Total 18.44

DEBT & DEBT RElATED


• 7.37 GOI 2023 Sovereign 11.81

• 7.68 GOI 2023 Sovereign 11.14


Sub Total 30.68

CREDiT EXPOSURE

• Indian Railways Finance corp. Ltd. cRISIL - AAA 7.84

• Power Grid corporation of India Ltd. cRISIL - AAA 7.61

• Starlite Lighting Ltd. (corporate Guarantee of Bajaj electrical Ltd.) IcRA - A+(SO) 7.45

• State Bank of India cRISIL - AA+ 6.88

• Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cARE - AAA 3.87

• Syndicate Bank cARE - A+ 3.13

• Reliance Jio Infocomm Ltd. cRISIL - AAA 2.99


Sub Total 42.69

Total 73.37


Grand Total 100.00


PORTFOLIOKEY FACTS

March 2019 31

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 35.89%Average Maturity * 1.83 yearsMacaulay Duration * 1.64 yearsModified Duration * 1.51 yearsYield to Maturity * 8.68%* 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) 1,750.00 1,200.00 600.00 360.00 120.00 Mkt Value As on March 29, 2019 (` ‘000) 3,654.13 1,958.71 751.46 406.02 125.39 Returns (%) 9.49 9.48 8.97 8.02 8.57 Benchmark Returns (%) # N.A. N.A. 8.34 8.57 10.03 Additional Benchmark Returns (%) ## 12.52 12.18 12.17 14.18 15.34

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 (`)##

Mar 28, 18 Last 1 Year 6.47 9.40 16.40 10,647 10,940 11,640Mar 31, 16 Last 3 Years 11.73 9.28 16.10 13,939 13,045 15,637Mar 31, 14 Last 5 Years 9.74 9.09 13.07 15,914 15,443 18,474Sep 17, 04 Since Inception 9.38 N.A. 15.43 36,795 N.A. 80,481

^^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. Load is not taken into consideration for computation of performance. For performance of other schemes managed by Vinay Kulkarni (Equities), Krishan Kumar Daga (Equities) and Anil Bamboli (Debt), please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 67.^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 March 29, 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 5.59 1.08• Housing Development Finance

corporation Ltd. £ Finance 4.41 4.41• IcIcI Bank Ltd. Banks 4.11 0.00• Infosys Ltd. Software 3.79 0.08• NTPc Ltd. Power 3.59 0.00• HDFc Bank Ltd. Banks 3.25 0.00• State Bank of India Banks 2.55 0.23Larsen and Toubro Ltd. construction Project 2.50 0.00Yes Bank Ltd. Banks 2.15 2.15Tata Steel Ltd. Ferrous Metals 2.07 1.92ITc Ltd. consumer Non Durables 1.75 0.14



GAIL (India) Ltd. Gas 1.48 0.00Vedanta Ltd. Non - Ferrous Metals 1.46 0.00Aurobindo Pharma Ltd. Pharmaceuticals 1.39 0.83Maruti Suzuki India Ltd. Auto 1.30 1.30Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.29 1.29LIc Housing Finance Ltd. Finance 1.03 0.74Mahindra & Mahindra Ltd. Auto 0.95 0.75Dr Reddys Laboratories Ltd. Pharmaceuticals 0.94 0.94Tata Motors Ltd. Auto 0.82 0.59Shriram Transport Finance company Ltd. Finance 0.80 0.80Bajaj Finance Ltd. Finance 0.75 0.75DLF Ltd. construction 0.73 0.73Power Grid corporation of India Ltd. Power 0.72 0.00

PORTFOLIO


0.020.050.150.150.190.240.250.350.540.570.620.680.680.840.87

1.461.611.63

2.704.674.915.18

10.19

0 2 4 6 8 10 12

Media & EntertainmentCement

Auto AncillariesFerrous Metals

Telecom - ServicesPesticides

Minerals/MiningChemicals

TransportationAuto

FinanceConstruction

OilPharmaceuticals

Industrial Capital GoodsNon - Ferrous Metals

Consumer Non DurablesGas

Construction ProjectSoftware

PowerPetroleum Products

Banks

KEY FACTS

32 March 2019

Face Value per Unit: ` 10 unless otherwise specified, + Industry classification as recommended by AMFI, cD - certificate of Deposit; cP - commercial Papers. Data is as of March 29, 2019 unless otherwise specified.

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



Oil & Natural Gas corporation Ltd. Oil 0.68 0.00JSW Steel Ltd. Ferrous Metals 0.61 0.61Titan company Ltd. consumer Durables 0.58 0.58Tata consultancy Services Ltd. Software 0.53 0.53Bharat Petroleum corporation Ltd. Petroleum Products 0.49 0.00Mahindra & Mahindra Financial Services Ltd. Finance 0.44 0.44Gujarat Pipavav Port Ltd. Transportation 0.43 0.00United Spirits Ltd. consumer Non Durables 0.43 0.43JMc Projects (India) Ltd. construction 0.42 0.00Tata Global Beverages Ltd. consumer Non Durables 0.42 0.42L&T Technology Services Ltd. Software 0.40 0.00The Federal Bank Ltd. Banks 0.39 0.39Hindalco Industries Ltd. Non - Ferrous Metals 0.38 0.38UPL Ltd. Pesticides 0.37 0.13Grasim Industries Ltd. cement 0.36 0.36Dabur India Ltd. consumer Non Durables 0.35 0.35Tata chemicals Ltd. chemicals 0.35 0.00Multi commodity Exchange of India Ltd. Finance 0.34 0.34Petronet LNG Ltd. Gas 0.33 0.33eclerx Services Ltd. Software 0.32 0.00escorts Ltd. Auto 0.32 0.32Texmaco Rail & engineering Ltd. Industrial capital Goods 0.32 0.00Ashok Leyland Ltd. Auto 0.31 0.31Strides Pharma Science Ltd. Pharmaceuticals 0.31 0.31Adani Power (Mundra) Ltd. (Secured by Shares of Adani Port & SeZ Ltd.) Power 0.30 0.30cipla Ltd. Pharmaceuticals 0.30 0.02Tata Motors Ltd. DVR Auto 0.30 0.16Axis Bank Ltd. Banks 0.28 0.06centum Electronics Ltd. Industrial capital Goods 0.28 0.00Havells India Ltd. consumer Durables 0.28 0.28cESc Ltd. Power 0.27 0.00NHPc Ltd. Power 0.27 0.00Ncc Ltd. construction Project 0.26 0.26Bharti Airtel Ltd. Telecom - Services 0.25 0.06coal India Ltd. Minerals/Mining 0.25 0.00Raymond Ltd. Textile Products 0.25 0.25equitas Holdings Ltd. Finance 0.24 0.24Hindustan Unilever Ltd. consumer Non Durables 0.24 0.24Newgen Software Technologies Ltd. Software 0.24 0.00Bank of Baroda Banks 0.23 0.00century Textiles & Industries Ltd. cement 0.23 0.23Zee entertainment enterprises Ltd. Media & entertainment 0.23 0.23ITD cementation India Ltd. construction 0.22 0.00Hero Motocorp Ltd. Auto 0.21 0.21Punjab National Bank Banks 0.20 0.14cadila Healthcare Ltd. Pharmaceuticals 0.18 0.18Hindustan Petroleum corporation Ltd. Petroleum Products 0.18 0.00Jindal Steel & Power Ltd. Ferrous Metals 0.18 0.18Power Finance corporation Ltd. Finance 0.18 0.00The Tata Power company Ltd. Power 0.17 0.17Mahanagar Gas Ltd. Gas 0.16 0.01Apollo Tyres Ltd. Auto Ancillaries 0.15 0.00Ashoka Buildcon Ltd. construction Project 0.15 0.00Reliance Nippon Life Asset Management Ltd. Finance 0.15 0.00Asian Paints Ltd. consumer Non Durables 0.14 0.14Godrej consumer Products Ltd. consumer Non Durables 0.14 0.14HcL Technologies Ltd. Software 0.14 0.14Titagarh Wagons Ltd. Industrial capital Goods 0.14 0.00Ambuja cements Ltd. cement 0.13 0.13Bharat Financial Inclusion Ltd. Finance 0.12 0.12Wockhardt Ltd. Pharmaceuticals 0.12 0.12container corporation of India Ltd. Transportation 0.11 0.00Gujarat State Fertilizers & chemicals Fertilisers 0.11 0.11Tata elxsi Ltd. Software 0.11 0.11Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.10 0.10Biocon Ltd. Pharmaceuticals 0.09 0.09Godrej Industries Ltd. consumer Non Durables 0.09 0.09JAIN Irrigation Systems Ltd. Industrial Products 0.09 0.09Max Financial Services Ltd. Finance 0.09 0.09BeML Ltd. Industrial capital Goods 0.08 0.00IRB Infrastructure Developers Ltd. construction 0.08 0.08Lupin Ltd. Pharmaceuticals 0.08 0.08Mindtree consulting Ltd. Software 0.08 0.08Tata communications Ltd. Telecom - Services 0.08 0.08Sun TV Network Ltd. Media & entertainment 0.07 0.07IDFc Ltd. Finance 0.06 0.06Kalpataru Power Transmission Ltd. Power 0.06 0.00PVR Ltd. Media & entertainment 0.06 0.06Bharat electronics Ltd. Industrial capital Goods 0.05 0.00Hexaware Technologies Ltd. Software 0.05 0.05



KEc International Ltd. construction Project 0.05 0.00Nestle India Ltd. consumer Non Durables 0.05 0.05Orient cement Ltd. cement 0.05 0.00Adani Ports & Special economic Zone Transportation 0.04 0.04MRF Ltd. Auto Ancillaries 0.04 0.04NBcc (India) Ltd. construction 0.04 0.00United Breweries Ltd. consumer Non Durables 0.04 0.04Bosch Ltd. Auto Ancillaries 0.03 0.03canFin Homes Ltd. Finance 0.03 0.03Godfrey Phillips India Ltd. consumer Non Durables 0.03 0.03IcIcI Prudential Life Insurance company Ltd. Finance 0.03 0.03IDBI Bank Ltd. Banks 0.03 0.03Indusind Bank Ltd. Banks 0.03 0.03Reliance Infrastructure Ltd. Power 0.03 0.03Reliance Power Ltd. Power 0.03 0.03Shree cement Ltd. cement 0.03 0.03Acc Ltd. cement 0.02 0.02Bajaj Finserv Ltd. Finance 0.02 0.02Bharat Heavy electricals Ltd. Industrial capital Goods 0.02 0.02Kotak Mahindra Bank Ltd. Banks 0.02 0.02S chand and company Ltd. Media & entertainment 0.02 0.00Siemens Ltd. Industrial capital Goods 0.02 0.02Syndicate Bank Banks 0.02 0.02cholamandalam Investment and Finance company Ltd. Finance 0.01 0.01MPS Ltd. consumer Non Durables @Sub Total 69.33Preference SharesZee entertainment enterprises Ltd Media & entertainment @Sub Total @Total 69.33DEBT & DEBT RElATEDgOVERNMENT SECURiTiES (CENTRAl/STATE)7.16 GOI 2023 Sovereign 1.19Sub Total 1.19CREDiT EXPOSURE • Housing Development Finance corporation

Ltd. £ cRISIL - AAA / IcRA - AAA 3.37• Punjab National Bank cARE - A+ 3.30• State Bank of India cARE - AA+ / cRISIL - AA+ 2.66HDFc Bank Ltd. cARE - AA+ 1.69Syndicate Bank cARE - A+ 1.40Mahindra & Mahindra Financial Services Ltd. cARE - AAA / IND - AAA 1.25Reliance Jio Infocomm Ltd. cRISIL - AAA / IcRA - AAA 1.25Union Bank of India cARE - AA- / IND - AA 0.89Power Finance corporation Ltd. cRISIL - AAA 0.82ONGc Petro additions Ltd. (OPAL) (Put on ONGc Ltd.) cRISIL - AAA(SO) 0.42Axis Bank Ltd. cRISIL - AA+ 0.41canara Bank cRISIL - AA 0.41Aarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) 0.20Power Grid corporation of India Ltd. cRISIL - AAA 0.17Bank of Baroda cARE - AA 0.16JM Financial Asset Reconstruction company Ltd. IcRA - AA- 0.01Sub Total 18.41Total 19.60Short Term Deposits as margin for Futures & Options 8.05cash, cash Equivalents and Net current Assets 3.02Grand Total 100.00

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

Outstanding exposure in derivative instruments (` in crore) 1,841.67



PORTFOLIO

March 2019 33


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

NAV (AS ON MARCH 29, 2019) NAV PER UNIT (`)

Regular Plan - Growth Option 45.8476Regular Plan - Monthly Dividend Option 13.1972Regular Plan - Quarterly Dividend Option 13.8057Direct Plan - Growth Option 47.3537Direct Plan - Monthly Dividend Option 13.7732Direct Plan - Quarterly Dividend Option 14.4100



qUANTiTATiVE DATA





##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 March 29, 2019 unless otherwise specified.






Larsen and Toubro Ltd. construction Project 1.52




















Syndicate Bank Banks 0.40




Texmaco Rail & engineering Ltd. Industrial capital Goods 0.31

Union Bank of India Banks 0.30



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 24.57

DEBT & DEBT RElATED








GOI 2023 Sovereign 0.24


8.10% Tamil Nadu SDL - Mat 110325 Sovereign 0.08


Sub Total 10.99

CREDiT EXPOSURE

• Rural Electrification corporation Ltd.

cARE - AAA / cRISIL - AAA 5.80

• Power Finance corporation Ltd.

cARE - AAA / cRISIL - AAA / IcRA - AAA 5.55

• Reliance Industries Ltd. cRISIL - AAA 4.64

• Reliance Jio Infocomm Ltd. cRISIL - AAA / IcRA - AAA 4.37



• State Bank of India cRISIL - AA+ / cRISIL - AAA 2.54

Housing Development Finance corporation Ltd. £ cRISIL - AAA 2.35


Union Bank of India cARE - AA- / IND - AA 2.25


TATA International Ltd. cARE - A+ 1.88

Adani Transmission Ltd. IND - AA+ 1.57


canara Bank IcRA - AA 1.54

Tata Realty and Infrastructure Ltd. cRISIL - AA 1.53


Indian Railways Finance corporation Ltd.


The Tata Power company Ltd. cRISIL - AA- 1.14

National Highways Authority of India


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

PORTFOLIOKEY FACTS

34 March 2019



l to generate long-term income / capital appreciation

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

Riskometer




Since Inception SIP

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

Total Amount Invested (` ‘000) 1,840.00 1,800.00 1,200.00 600.00 360.00 120.00

Mkt Value As on March 29, 2019 (` ‘000) 4,149.50 3,969.55 1,918.69 724.10 395.27 126.29

Returns (%) 9.90 9.87 9.09 7.48 6.20 10.03

Benchmark Returns (%) # 8.71 8.75 8.73 8.30 7.81 11.33

Additional Benchmark Returns (%) ## 6.36 6.42 6.59 6.41 4.98 10.35




(%)

Benchmark Returns

(%)#


Returns (%) ##



Additional Benchmark (`)##

Mar 28, 18 Last 1 Year 6.09 8.16 6.82 10,609 10,816 10,682

Mar 31, 16 Last 3 Years 8.98 8.78 5.99 12,938 12,865 11,902

Mar 31, 14 Last 5 Years 10.00 9.52 8.05 16,105 15,756 14,724


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


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 24.57

n G-Sec, SDL 10.99

n cP 0.74







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


Andhra Pradesh expressway Ltd. (NHAI Annuity) IcRA - AAA(SO) 1.01

Power Grid corporation of India Ltd. cRISIL - AAA 0.99


Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - c 0.88

Kotak Mahindra Bank Ltd. cRISIL - AAA 0.82

Housing and Urban Development corporation Ltd. cARE - AAA 0.80

Bank of Baroda cARE - AA+ 0.79



Shriram city Union Finance Ltd. cARE - AA+ 0.39

EcL Finance Ltd. IcRA - A1+ 0.33

export - Import Bank of India cRISIL - AAA 0.32


Vedanta Ltd. cRISIL - AA 0.21


Tata Steel Ltd. cARE - AA- 0.16

Daimler Fin Ser (I) Pvt Ltd. IND - AAA 0.09

Tata Motors Ltd. cARE - AA 0.08

Bharati Telecom Ltd. cRISIL - AA+ 0.05

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

Sub Total 60.24

Total 71.23


CD/CP

Kotak Mahindra Investments Ltd. cRISIL - A1+ 0.74

Sub Total 0.74


Grand Total 100.00


PORTFOLIO

March 2019 35


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 21.469Regular Plan - Dividend Option 15.939Regular Plan - Quarterly Dividend Option 15.254Direct Plan - Growth Option 22.138Direct Plan - Quarterly Dividend Option 16.775

Wholesale PlanRegular Plan - Growth Option 21.933Regular Plan - Dividend Option 10.369Regular Plan - Monthly Dividend Option 10.788Direct Plan - Growth Option 13.966Direct Plan - Dividend Option 10.742Direct Plan - Monthly Dividend Option 10.463



qUANTiTATiVE DATA

Portfolio Turnover Ratio (Last 1 year) 133.06%Average Maturity * 340 daysMacaulay Duration * 324 daysModified Duration * 285 daysYield to Maturity * 8.12%* 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)


• Yes Bank Ltd. Banks 5.82


• Sun Pharmaceutical Industries Ltd. Pharmaceuticals

5.63

• Tata consultancy Services Ltd. Software

4.03

• Hindustan Unilever Ltd.consumer Non Durables

2.80

• Mahindra & Mahindra Ltd. Auto 2.70

• Housing Development Finance corporation Ltd. £ Finance

2.37

• Maruti Suzuki India Ltd. Auto 2.23



Adani Ports & Special economic Zone Transportation

1.46

Shriram Transport Finance company Ltd. Finance

1.40

Nestle India Ltd. consumer Non Durables 1.22

Ncc Ltd. construction Project 1.14

Dabur India Ltd. consumer Non Durables 1.08

Adani enterprises Ltd. Trading 1.04

Titan company Ltd. consumer Durables 0.94


Lupin Ltd. Pharmaceuticals 0.88

Dr Reddys Laboratories Ltd. Pharmaceuticals 0.79

Kotak Mahindra Bank Ltd. Banks 0.73

Multi commodity Exchange of India Ltd. Finance

0.72



ITc Ltd. consumer Non Durables 0.65

Hindalco Industries Ltd. Non - Ferrous Metals 0.64

Bharat Financial Inclusion Ltd. Finance 0.62

century Textiles & Industries Ltd. cement 0.62


Strides Pharma Science Ltd. Pharmaceuticals 0.55

Ashok Leyland Ltd. Auto 0.54

LIc Housing Finance Ltd. Finance 0.53

Raymond Ltd. Textile Products 0.52

Marico Ltd. consumer Non Durables 0.50

Godrej consumer Products Ltd. consumer Non Durables 0.47

The Tata Power company Ltd. Power 0.47

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

0.41


DLF Ltd. construction 0.39

Mahindra & Mahindra Financial Services Ltd. Finance

0.36


Bajaj Finserv Ltd. Finance 0.33

United Breweries Ltd. consumer Non Durables 0.32

Havells India Ltd. consumer Durables 0.26

cadila Healthcare Ltd. Pharmaceuticals 0.25

Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.25

equitas Holdings Ltd. Finance 0.24

United Spirits Ltd. consumer Non Durables 0.24

Godrej Industries Ltd. consumer Non Durables 0.22


IDFc Ltd. Finance 0.21

IRB Infrastructure Developers Ltd. construction 0.21


canFin Homes Ltd. Finance 0.19

Tata elxsi Ltd. Software 0.17

Wockhardt Ltd. Pharmaceuticals 0.16

Hindustan Petroleum corporation Ltd. Petroleum Products

0.15

Grasim Industries Ltd. cement 0.13


JAIN Irrigation Systems Ltd. Industrial Products 0.12

The South Indian Bank Ltd. Banks 0.12

MRF Ltd. Auto Ancillaries 0.11

Petronet LNG Ltd. Gas 0.11

National Aluminium company Ltd. Non - Ferrous Metals

0.10


TV18 Broadcast Ltd. Media & entertainment 0.09

Indiabulls Housing Finance Ltd. Finance 0.07

InterGlobe Aviation Ltd. Transportation 0.07

Reliance Infrastructure Ltd. Power 0.07

escorts Ltd. Auto 0.06


Gujarat State Fertilizers & chemicals Fertilisers 0.05

Kajaria ceramics Ltd. construction 0.05

IFcI Ltd. Finance 0.04

Reliance Power Ltd. Power 0.04

exide Industries Ltd. Auto Ancillaries 0.03

Jindal Steel & Power Ltd. Ferrous Metals 0.03


Shree cement Ltd. cement 0.02

The Federal Bank Ltd. Banks 0.02

Oracle Financial Services Software Ltd.

Software 0.01

Acc Ltd. cement @

Balkrishna Industries Ltd. Auto Ancillaries @

Sub Total 69.21

DEBT & DEBT RElATED

CREDiT EXPOSURE

• Punjab National Bank cARE - A+ 2.27


Face Value per Unit: ` 10 unless otherwise specified, + Industry classification as recommended by AMFI, Data is as of March 29, 2019 unless otherwise specified. ....contd on next page

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

36 March 2019


l income over short term.

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

Riskometer

Investors understand that their principal will be at moderately low risk


PERFORMANCE ^ - Wholesale Plan - Regular plan - growth Option


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 28, 18 Last 1 Year 5.49 5.35 16.40 10,549 10,535 11,640Mar 31, 16 Last 3 Years 5.83 5.27 16.10 11,849 11,664 15,637Mar 31, 14 Last 5 Years 6.46 6.27 13.07 13,671 13,550 18,474Oct 23, 07 Since Inception 7.11 N.A. 8.07 21,933 N.A. 24,300

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

Face Value per Unit: ̀ 10 unless otherwise specified, + Industry classification as recommended by AMFI, cD - certificate of Deposit; cP - commercial Papers, Data is as of March 29, 2019 unless otherwise specified.



n equity 69.21n AAA/AAA(SO)/A1+/A1+(SO)




n equity 69.21

n cD 1.46



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





IcIcI Bank Ltd. IcRA - AA+ 0.06

Sub Total 5.86


CD/CP

IcIcI Bank Ltd. IcRA - A1+ 1.46

Sub Total 1.46


Short Term Deposits as margin for Futures & Options 18.99


Grand Total 100.00

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

Outstanding exposure in derivative instruments (` in crore) 2,348.32




0.05

0.09

0.12

0.14

0.16

0.33

0.52

0.65

0.67

0.74

0.77

0.99

1.04

1.14

1.20

1.53

1.88

6.35

6.56

7.08

7.09

7.58

8.18

14.35

0 2 4 6 8 10 12 14 16

Fertilisers

Media & Entertainment

Industrial Products

Auto Ancillaries

Gas


Textile Products

Construction

Pesticides


Cement

Power

Trading


Consumer Durables

Transportation

Ferrous Metals

Auto

Software

Finance

Banks

Petroleum Products


Pharmaceuticals

March 2019 37


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


CATEgORY OF SCHEME: corporate Bond Fund

FUND MANAgER ¥

Anupam Joshi (since October 27, 15)



June 29, 2010


Regular Plan - Growth Option 20.8105Regular Plan - Dividend Option 14.1541Regular Plan - Quarterly Dividend Option 10.2012Direct Plan - Growth Option 20.9357Direct Plan - Dividend Option 14.3678Direct Plan - Quarterly Dividend Option 10.0964



qUANTiTATiVE DATA

Average Maturity * 3.81 yearsMacaulay Duration * 2.95 yearsModified Duration * 2.74 yearsYield to Maturity * 8.11%* 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 (%) ##




(`)##

Mar 28, 18 Last 1 Year 7.74 6.72 6.82 10,774 10,672 10,682Mar 31, 16 Last 3 Years 8.09 7.61 5.99 12,622 12,457 11,902Mar 31, 14 Last 5 Years 8.71 9.10 8.05 15,181 15,450 14,724Jun 29, 10 Since Inception 8.73 7.99 6.35 20,811 19,604 17,145

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

Face Value per Unit: ` 10 unless otherwise specified, cD - certificate of Deposit; cP - commercial Papers, Data is as of March 29, 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)8.40 Rajasthan SDL ISD 130319 MAT 130329 Sovereign 1.608.76% Maharashtra SDL - Mat 220222 Sovereign 1.438.41% Rajasthan SDL - ISD 060319 Mat 060329 Sovereign 0.788.35% Gujarat SDL - ISD 060319 Mat 060329 Sovereign 0.657.42% Maharashtra SDL - Mat 110522 Sovereign 0.458.44% Jharkhand SDL - ISD 270219 Mat 270229 Sovereign 0.438.45% Assam SDL - ISD 060319 Mat 060329 Sovereign 0.438.66% Maharashtra SDL - Mat 250122 Sovereign 0.318.37% Tamil Nadu SDL - ISD 060319 Mat 060329 Sovereign 0.228.16% Karnataka SDL - Mat 200329 Sovereign 0.218.32% Rajasthan SDL - Mat 060229 Sovereign 0.098.64% Tamil Nadu SDL - Mat 060721 Sovereign 0.027.68 GOI 2023 Sovereign 0.01Sub Total 6.63CREDiT EXPOSURE • Housing Development

Finance corporation Ltd. £ cRISIL - AAA 8.38• LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 7.78• Reliance Industries Ltd. cRISIL - AAA / IcRA - AAA 6.68• ONGc Petro additions Ltd.

(OPAL) (Put on ONGc Ltd.) cRISIL - AAA(SO) 5.84• Indiabulls Housing Finance Ltd. cARE - AAA 4.96• Rural Electrification

corporation Ltd. cRISIL - AAA / IND - AAA 4.84• Mahindra & Mahindra

Financial Services Ltd. IND - AAA 4.64• National Highways Authority

of India cARE - AAA / cRISIL - AAA 4.54• HDB Financial Services Ltd. cARE - AAA / cRISIL

- AAA 4.25• Power Finance corporation Ltd. cARE - AAA / cRISIL -

AAA / IcRA - AAA 4.07Power Grid corporation of India Ltd. cRISIL - AAA 3.11Indian Railways Finance corporation Ltd. cRISIL - AAA 2.98

Issuer Rating % to NAVBajaj Finance Ltd. cRISIL - AAA / IND - AAA 2.95National Bank for Agriculture and Rural Development cRISIL - AAA 2.85Bank of Baroda cARE - AAA 2.56State Bank of India cRISIL - AAA 2.20Reliance Jio Infocomm Ltd. cRISIL - AAA 2.15Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) 2.04Food corporation of India (corporate guarantee from Govt of India) cRISIL - AAA(SO) 1.92export - Import Bank of India cRISIL - AAA 1.79NTPc Ltd. cRISIL - AAA 1.64Tata Sons Ltd. cRISIL - AAA 1.13L&T INFRASTRUcTURE FINANcE Ltd. cARE - AAA 1.02Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cARE - AAA 0.78Andhra Pradesh expressway Ltd. (NHAI Annuity) IcRA - AAA(SO) 0.54NHPc Ltd. cARE - AAA 0.43Nabha Power Ltd. (corporate Guarantee of L&T Ltd.) IcRA - AAA(SO) 0.42Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cARE - AAA 0.38Small Industries Development Bank cARE - AAA 0.37Toyota Financial Services India Ltd. cRISIL - AAA 0.25Housing and Urban Development corporation Ltd. cARE - AAA 0.22Gujarat Road and Infra co Ltd. IcRA - AAA(SO) 0.21Kotak Mahindra Prime Ltd. cRISIL - AAA 0.21Daimler Fin Ser (I) Pvt Ltd. IND - AAA 0.19Sub Total 88.32Total 94.95MONEY MARKET iNSTRUMENTSCD/CPTata Sons Ltd. cRISIL - A1+ 1.78Andhra Bank cARE - A1+ 0.40Oriental Bank of commerce cRISIL - A1+ 0.40IDFc First Bank Ltd. cRISIL - A1+ 0.16Sub Total 2.74cash, cash Equivalents and Net current Assets 2.31

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 6.63

n cP 1.78

n cD 0.96




n Sovereign 6.63n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 91.06n cash, cash Equivalents and


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

PORTFOLIOKEY FACTS

38 March 2019


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 15.2551Regular Plan - Dividend Option 14.0466Regular Plan - Quarterly Dividend Option 10.2820Direct Plan - Growth Option 15.9186Direct Plan - Dividend Option 13.9539Direct Plan - Quarterly Dividend Option 10.4013



qUANTiTATiVE DATA

Average Maturity * 2.53 yearsMacaulay Duration * 2.14 yearsModified Duration * 1.97 yearsYield to Maturity * 9.65%

* computed on the invested amount.

#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 (%) ##




(`)##

Mar 28, 18 Last 1 Year 5.84 7.55 6.82 10,584 10,755 10,682Mar 31, 16 Last 3 Years 7.54 7.60 5.99 12,431 12,454 11,902Mar 31, 14 Last 5 Years 8.74 8.31 8.05 15,198 14,903 14,724Mar 25, 14 Since Inception 8.79 8.33 8.03 15,255 14,936 14,727

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 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 61.


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

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

Riskometer

Investors understand that their principal will be at moderate risk


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


n SDL 0.32

n cD 1.61



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

KEY FACTS

Company Industry+ / Security Rating

Issuer Rating % to NAV

DEBT & DEBT RElATED


8.39% Rajasthan SDL - Mat 150322 Sovereign Sovereign 0.32

Sub Total 0.32

CREDiT EXPOSURE

• HPcL-Mittal Energy Ltd. IcRA - AA+ IcRA - AA+ 4.62

• TATA International Ltd. cARE - A+ IcRA - A 4.28

• Vedanta Ltd. cRISIL - AA cRISIL - AA 3.62

• Tata Steel Ltd. cARE - AA / cARE - AA- cARE - AA 3.07

• The Tata Power company Ltd. cARE - AA / cRISIL - AA- cRISIL - AA- 3.02

• Rural Electrification corporation Ltd. cARE - AAA / cRISIL - AAA cRISIL - AAA 2.92

• Muthoot Finance Ltd. cRISIL - AA / IcRA - AA IcRA - AA- 2.69

• HDFc Bank Ltd. cARE - AA+ cRISIL - AAA 2.67



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

cARE - AAA / cRISIL - AAA cRISIL - AAA 2.55

• Punjab National Bank cARE - A+ IcRA - AA- 2.50

Talwandi Sabo Power Ltd. (corporate Guarantee of Vedanta Ltd.) cRISIL - AA(SO) IND - A+ 2.45

Dilip Buildcon Ltd. cRISIL - A cRISIL - A 2.40

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

DB consolidated Pvt. Ltd. (Dainik Bhaskar Group company) NA - UNRATeD INTERNAL - A-(SO) 1.87

Reliance Jio Infocomm Ltd. cRISIL - AAA cRISIL - AAA 1.87

Tata Sky Ltd. (Subsidiary of Tata Sons) cRISIL - AA cRISIL - AA 1.81

LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA cRISIL - AAA 1.78

coastal Gujarat Power Ltd. (corporate Guarantee of Tata Power) cARE - AA(SO) cARE - AA(SO) 1.69

Face Value per Unit: ` 10 unless otherwise specified, Data is as of March 29, 2019 unless otherwise specified. ≈ Based on long term rating.

March 2019 39



Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA / IcRA - AAA cRISIL - AAA 1.68

Prism Johnson Ltd. IcRA - A- / IND - A- IcRA - A- 1.67

Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) cARE - A(SO) cARE - A(SO) 1.59

SANSAR TRUST NOV 2018 (PTc of pools from Shriram Transport Finance company Ltd.) IcRA - AAA(SO) IcRA - AAA(SO) 1.49

Adani Transmission Ltd. IND - AA+ IND - AA+ 1.41

Nuvoco Vistas corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) cRISIL - AA cRISIL - AA 1.36

Travis March 2019 (Trust) cRISIL - AA(SO) cRISIL - AA(SO) 1.33

JM Financial Asset Reconstruction company Ltd. IcRA - AA- cRISIL - AA- 1.19

Bajaj electricals Ltd. IcRA - A+ NA - A+ 1.16

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

BRIcKWORKS - A(SO) / BRIcKWORKS - A+(SO) BRIcKWORKS - A(SO) 1.08

Hindalco Industries Ltd. cRISIL - AA cRISIL - AA 1.06

Shriram Transport Finance company Ltd. cARE - AA+ / cRISIL - AA+ / IND - AA+ cRISIL - AA+ 1.00

Balin March 2019 cRISIL - A1+(SO) INTeRNAL - AA- 0.99

Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) IcRA - AAA(SO) 0.95

Indiabulls Housing Finance Ltd. cARE - AAA / cRISIL - AAA cRISIL - AA+ 0.93

Housing Development Finance corporation Ltd. £ cRISIL - AAA cRISIL - AAA 0.92

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

GeRA Development Private Ltd. cARE - AA- cARE - AA- 0.87

Tata Motors Ltd. cARE - AA cRISIL - AA 0.86

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

Syndicate Bank cARE - A+ cRISIL - AA 0.78

KEc International Ltd. IcRA - AA- cARE - AA- 0.77

Simplex Infrastructures Ltd. cARE - A- cARE - A- 0.77

TATA Housing Development company Ltd. IcRA - AA cARE - AA 0.76

Tata Motors Finance Ltd. cARE - AA cRISIL - AA 0.71

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

NTPc Ltd. cRISIL - AAA cRISIL - AAA 0.66

Tata Realty and Infrastructure Ltd. cRISIL - AA cRISIL - AA 0.64

emami Realty Ltd. (Secured with shares of emami Ltd.) BRIcKWORKS - AA-(SO) BRIcKWORKS - AA-(SO) 0.63

Raj Infra Properties Pvt. Ltd. (Secured with shares of emami Ltd.) BRIcKWORKS - AA-(SO) BRIcKWORKS - AA-(SO) 0.63

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

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

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

Axis Bank Ltd. cRISIL - AA+ cRISIL - AAA 0.60

Hinduja Leyland Finance Ltd. cARE - AA- cARE - AA- 0.52

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

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

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

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

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

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

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

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

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

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

Andhra Bank cARE - A+ cRISIL - AA 0.43



APL Apollo Tubes Ltd. cARE - AA- cARE - AA- 0.43

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

PNB Housing Finance Ltd. IND - AA+ cRISIL - AA+ 0.38

Raviraj Viniyog Pvt. Ltd. (Secured with shares of emami Ltd.) BRIcKWORKS - AA-(SO) BRIcKWORKS - AA-(SO) 0.35

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

JM Financial credit Solutions Ltd. IcRA - AA cRISIL - AA 0.32

HDB Financial Services Ltd. cRISIL - AAA cRISIL - AAA 0.31

India Infoline Finance Ltd. IcRA - AA cRISIL - AA 0.31

L&T Finance Ltd. cARE - AAA cARE - AAA 0.31

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

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

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

Prabhakar Viniyog Pvt. Ltd. (Secured with shares of emami Ltd.) BRIcKWORKS - AA-(SO) IND - AA-(SO) 0.30

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

Aarti Industries Ltd. cRISIL - AA- cRISIL - AA- 0.25

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

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

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

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

EcL Finance Ltd. cARE - AA cRISIL - AA 0.17

Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - c cARE - BB 0.17

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

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

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

G R Infraprojects Ltd. cARE - AA- cARE - AA- 0.15

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

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

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

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

NHPc Ltd. IcRA - AAA cRISIL - AAA 0.12

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

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

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

Vijaya Bank cARE - AA- IND - AA- 0.06

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

Tata Sons Ltd. cRISIL - AAA cRISIL - AAA 0.05

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

Sub Total 94.33

TOTAL 94.65

CD/CP

Oriental Bank of commerce cRISIL - A1+ cARE - A+ 1.16

canara Bank cRISIL - A1+ cRISIL - AAA 0.30

Jammu & Kashmir Bank Ltd. cRISIL - A1+ cARE - AA- 0.15

Sub Total 1.61


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 March 29, 2019 unless otherwise specified.

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

PORTFOLIO

40 March 2019

iNVESTMENT 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 * 2.67 yearsMacaulay Duration * 2.31 yearsModified Duration * 2.14 yearsYield to Maturity * 8.46%* 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. 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 March 29, 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. 65.


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 8.92

• National Highways Authority of India cRISIL - AAA 8.46

• Power Grid corporation of India Ltd. cRISIL - AAA 6.95

• Food corporation of India (corporate guarantee from Govt of India) cRISIL - AAA(SO) 6.40

• Bank of Baroda cARE - AA / cARE - AAA 6.09

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

cARE - AAA(SO) / cRISIL - AAA / cRISIL - AAA(SO) 4.92

• Housing Development Finance corporation Ltd. £

cRISIL - AAA / IcRA - AAA 4.59

• Union Bank of India cARE - AA- / IND - AA 4.51


Rural electrification corporation Ltd.

cRISIL - AAA / IND - AAA 4.32

TATA International Ltd. cARE - A+ 4.17

LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 3.20

export - Import Bank of India cRISIL - AAA 2.26






NTPc Ltd. cRISIL - AAA 1.64


Vijaya Bank cARE - AA- 1.35

State Bank of India cRISIL - AA+ / cRISIL - AAA 0.92



Indian Railways Finance corporation Ltd. cRISIL - AAA 0.82


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

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

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

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

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

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

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

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

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

Hazaribagh Ranchiexpressway Ltd. (NHAI Annuity) cARE - c 0.19

Sub Total 90.00


CD/CP

• IDFc First Bank Ltd. cRISIL - A1+ 4.83

Axis Bank Ltd. cRISIL - A1+ 1.57

National Bank for Agriculture and Rural Development IND - A1+ 0.67

Sub Total 7.07


Grand Total 100.00




n cP 0.67

n cD 6.40




n AAA/AAA(SO)/A1+/A1+(SO) & equivalent 66.84

n AA+ 1.87n AA/AA- 16.30n A+ & Below 12.06n 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

PORTFOLIOKEY FACTS

March 2019 41


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 (%) ##




(`)##

Mar 28, 18 Last 1 Year 6.19 7.89 6.82 10,619 10,789 10,682Mar 31, 16 Last 3 Years 7.15 7.33 5.99 12,296 12,359 11,902Mar 31, 14 Last 5 Years 9.36 9.20 8.05 15,641 15,525 14,724Jul 25, 01 Since Inception 7.71 8.21 N.A. 37,202 40,348 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 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 65.


l 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 82.23



n Sovereign 82.23n cash, cash Equivalents and


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


DEBT & DEBT RElATED


• 7.17 GOI 2028 Sovereign 20.78




• 8.60% Rajasthan SDL- Mat 061128 Sovereign 4.47

• 8.21% Rajasthan (UDAY) SDL - Mat 310322 Sovereign 4.41

• 8.61% Uttar Pradesh SDL (UDAY) - Mat 210322 Sovereign 3.41



8.39% Rajasthan SDL - Mat 150322 Sovereign 2.21

8.21% Haryana SDL - Mat 310322 Sovereign 2.20

7.86% Rajasthan SDL (UDAY Scheme- Strip II ) - ISD 230616 Mat 230619 Sovereign 2.17



8.66% Maharashtra SDL - Mat 250122 Sovereign 1.34






Sub Total 69.43

T-BillS

• 91 Days Tbill - Mat 270619 Sovereign 12.80

Sub Total 12.80

Total 82.23


Grand Total 100.00


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

PORTFOLIOKEY FACTS

42 March 2019


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 60.3335Regular Plan - Quarterly Dividend Option 11.7068Regular Plan - Half-Yearly Dividend Option 11.1402Regular Plan - Yearly Dividend Option 12.4684Regular Plan - Normal Dividend Option 12.9251Direct Plan - Growth Option 63.2081Direct Plan - Quarterly Dividend Option 12.3104Direct Plan - Half-Yearly Dividend Option 12.2097Direct Plan - Yearly Dividend Option 13.1351Direct Plan - Normal Dividend Option 13.3088



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 (%) ##




(`)##

Mar 28, 18 Last 1 Year 2.39 6.72 6.82 10,239 10,672 10,682Mar 31, 16 Last 3 Years 5.78 7.61 5.99 11,832 12,457 11,902Mar 31, 14 Last 5 Years 7.88 9.10 8.05 14,611 15,450 14,724Apr 28, 97 Since Inception 8.54 N.A. N.A. 60,334 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 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 65.


l 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 25.09





& equivalent 43.27n AA/AA- 13.52n A+ & Below 14.01n 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 6.09

• 8.39% Rajasthan SDL - Mat 150322 Sovereign 3.45

8.21% Haryana SDL - Mat 310322 Sovereign 3.44

7.42% Maharashtra SDL - Mat 110522 Sovereign 1.76



8.68% Gujarat SDL - Mat 060223. Sovereign 0.70

8.51% Punjab SDL - Mat 100423 Sovereign 0.10


8.26% Maharashtra SDL - ISD 120815 Mat 120825 Sovereign 0.08

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

Sub Total 25.09

CREDiT EXPOSURE

• Power Finance corporation Ltd. cARE - AAA 9.67

• Union Bank of India cARE - AA- 9.50

• Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - c 7.43

• Reliance Industries Ltd. cRISIL - AAA 6.94


• State Bank of India cARE - AAA(SO) / cRISIL - AAA 6.92


• Mahanagar Telephone Nigam Ltd. (corporate guarantee from Govt of India) cARE - AAA(SO) 3.57

Rural electrification corporation Ltd. IND - AAA 3.33


LIc Housing Finance Ltd. cRISIL - AAA 3.29

Reliance Jio Infocomm Ltd. cRISIL - AAA 3.29

Housing Development Finance corporation Ltd. £ IcRA - AAA 3.24

Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cRISIL - AAA 1.94


Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cARE - AAA 0.70



NTPc Ltd. cRISIL - AAA 0.09

Sub Total 70.80

Total 95.89


Grand Total 100.00

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


PORTFOLIOKEY FACTS

March 2019 43


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 40.1867Regular Plan - Quarterly Dividend Option 10.8899Regular Plan - Normal Dividend Option 12.6719Direct Plan - Growth Option 42.1516Direct Plan - Quarterly Dividend Option 11.4961Direct Plan - Normal Dividend Option 13.3299



qUANTiTATiVE DATA






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 (%) ##




(`)##

Mar 28, 18 Last 1 Year 4.88 6.72 6.82 10,488 10,672 10,682Mar 31, 16 Last 3 Years 5.95 7.61 5.99 11,890 12,457 11,902Mar 31, 14 Last 5 Years 7.88 9.10 8.05 14,609 15,450 14,724Sep 11, 00 Since Inception 7.78 N.A. N.A. 40,187 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 hybrid nature of the scheme where a portion of scheme’s investments are made in equity 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 Shobhit Mehrotra, please refer page 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 61.



l income over medium to long term

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

Riskometer





n G-Sec 18.66







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


DEBT & DEBT RElATED


• 7.17 GOI 2028 Sovereign 14.03






9.15 GOI 2024 Sovereign @

Sub Total 18.66

CREDiT EXPOSURE

• Punjab National Bank cARE - A+ 8.99


• Indian Railways Finance corporation Ltd. cARE - AAA / cRISIL - AAA 8.03

• The Tata Power company Ltd. cRISIL - AA- 7.06

• NTPc Ltd. cRISIL - AAA 6.47


• National Bank for Agriculture and Rural Development cRISIL - AAA 6.18

• Reliance Jio Infocomm Ltd. IcRA - AAA 6.07

Power Finance corporation Ltd. cRISIL - AAA 5.67


Tata Steel Ltd. cARE - AA- 3.23

Rural Electrification corporation Ltd. cRISIL - AAA 3.16

National Highways Authority of India cRISIL - AAA 3.09

export - Import Bank of India cRISIL - AA+ 3.06


Sub Total 74.57

Total 93.23


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%

PORTFOLIOKEY FACTS

44 March 2019



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 28, 18 Last 1 Year 6.45 7.55 7.36 10,645 10,755 10,736Mar 31, 16 Last 3 Years 7.52 7.60 6.81 12,426 12,454 12,181Mar 31, 14 Last 5 Years 8.18 8.31 7.37 14,814 14,903 14,265Feb 06, 02 Since Inception 7.90 N.A. 6.07 36,836 N.A. 27,455

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 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 61.


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


CATEgORY OF SCHEME: Medium Duration Fund

FUND MANAgER ¥

Shobhit Mehrotra (since September 1, 07)



February 6, 2002


Regular Plan - Growth Option 36.8364Regular Plan - Dividend Option 13.9766Regular Plan - Fortnightly Dividend Option 10.6084Direct Plan - Growth Option 38.1796Direct Plan - Dividend Option 14.2937Direct Plan - Fortnightly Dividend Option 10.6416



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 3.16

CREDiT EXPOSURE

• Rural Electrification corporation Ltd. cRISIL - AAA 9.02


• HPcL-Mittal Energy Ltd. IcRA - AA+ 7.85

• Power Finance corporation Ltd. cRISIL - AAA 6.86

• Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cARE - AAA 5.68

• Housing Development Finance corporation Ltd. £ cRISIL - AAA 4.59

• H o u s i n g a n d U r b a n Development corporation Ltd. IcRA - AAA 4.55

• Reliance Jio Infocomm Ltd. cRISIL - AAA 4.55

• HDFc Bank Ltd. cARE - AA+ 4.49


Muthoot Finance Ltd. IcRA - AA 3.54

Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) 2.39

Indiabulls Housing Finance Ltd. cRISIL - AAA 2.30



coastal Gujarat Power Ltd. (corporate Guarantee of Tata Power) cARE - AA(SO) 2.25




JM Financial Asset Reconstruction c IcRA - AA- 1.88

Talwandi Sabo Power Ltd. (corporate Guarantee of Vedanta Ltd.) cRISIL - AA(SO) 1.78

Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) cARE - AAA 1.70

Mahanagar Telephone Nigam Ltd. (corporate guarantee from Govt of India) cRISIL - AAA(SO) 0.93




Aarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) 0.43

Aashman energy Private Ltd. (Greenko) cARE - AA-(SO) 0.43

Divyesh Power Private Ltd. (Greenko) cARE - AA-(SO) 0.43

elena Renewable energy Private Ltd.(Greenko) cARE - AA-(SO) 0.43

Pratyash Renewable Private Ltd. (Greenko) cARE - AA-(SO) 0.43

SeI Baskara Power Private Ltd. (Greenko) cARE - AA-(SO) 0.43

SeI enerstar Renewable energy Pvt Ltd. (Greenko) cARE - AA-(SO) 0.43

SeI Mihir energy Private Ltd. (Greenko) cARE - AA-(SO) 0.43

Shreyas Renewable energy Private Ltd. (Greenko) cARE - AA-(SO) 0.43

Zuvan energy Private Ltd. (Greenko) cARE - AA-(SO) 0.43

Sub Total 93.07

Total 96.23


Grand Total 100.00


PORTFOLIOKEY FACTS


n G-Sec 3.16




n Sovereign 3.16n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 56.13n AA+ 12.34n AA/AA- 17.50n A+ & Below 7.10n cash, cash Equivalents and Net

current Assets 3.77

March 2019 45



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 28, 18 Last 1 Year 7.62 7.55 7.36 10,762 10,755 10,736Mar 31, 16 Last 3 Years 7.72 7.60 6.81 12,494 12,454 12,181Mar 31, 14 Last 5 Years 8.36 8.31 7.37 14,937 14,903 14,265Jun 25, 10 Since Inception 8.62 8.16 6.94 20,640 19,888 18,001

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

Face Value per Unit: ` 10 unless otherwise specified, cD - certificate of Deposit; cP - commercial Papers. Data is as of March 29, 2019 unless otherwise specified.


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 20.6395Regular Plan - Fortnightly Dividend Option 10.2466Regular Plan - Normal Dividend Option 13.8773Direct Plan - Growth Option 20.8308Direct Plan - Fortnightly Dividend Option 10.3069Direct Plan - Normal Dividend Option 13.9257



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


8.40 Rajasthan SDL ISD 130319 MAT 130329 Sovereign 0.40


8.38% Gujarat SDL - Mat 270229 Sovereign 0.14


Sub Total 0.79

CREDiT EXPOSURE

• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA 10.79

• Housing Development Finance corporation Ltd. £ cRISIL - AAA / IcRA - AAA 9.01

• Rural Electrification corporation Ltd. cRISIL - AAA / IND - AAA 8.67


• ONGc Petro additions Ltd. (OPAL) (Put on ONGc Ltd.) cRISIL - AAA(SO) 7.35

• Reliance Jio Infocomm Ltd. cRISIL - AAA / cRISIL - AAA(SO) / IcRA - AAA 5.50

• National Bank for Agriculture and Rural Development cRISIL - AAA / IND - AAA 5.46

• Housing and Urban Development corporation Ltd.

cARE - AAA / IcRA - AAA / IND - AAA 3.70

• Reliance Industries Ltd. cRISIL - AAA / IcRA - AAA 3.62


Mahindra & Mahindra Financial Services Ltd. cARE - AAA / IND - AAA 3.44



National Highways Authority of India cARE - AAA / cRISIL - AAA 1.99

SANSAR TRUST NOV 2018 (PTc of pools from Shriram TransportFinance company Ltd.) IcRA - AAA(SO) 1.62


Bajaj Finance Ltd. cRISIL - AAA / IND - AAA 1.32



John Deere Financial India Private Ltd. cRISIL - AAA 1.32



Aditya Birla Finance Ltd. IcRA - AAA / IND - AAA 0.74

Fullerton India Home Finance company Ltd. cARE - AA+ 0.66

Indian Railways Finance corporation Ltd.

cRISIL - AAA / IcRA - AAA 0.66

Talwandi Sabo Power Ltd. (corporate Guarantee of Vedanta Ltd.) cRISIL - AA(SO) 0.66



Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) cARE - c 0.49

canFin Homes Ltd. cARE - AAA 0.45


Toyota Financial Services India Ltd. cRISIL - AAA 0.33

NHPc Ltd. IcRA - AAA 0.26

Sub Total 92.31

Total 93.10


CD/CP

Indusind Bank Ltd. cRISIL - A1+ 1.23

IDFc First Bank Ltd. cRISIL - A1+ 1.17

Andhra Bank cARE - A1+ 0.62

Sub Total 3.02


Grand Total 100.00


PORTFOLIOKEY FACTS


n G-Sec, SDL 0.79

n cD 3.02







46 March 2019


To 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 ¥




November 18, 1999

NAV (AS ON MARCH 29, 2019)^^ NAV PER UNiT (`)

Retail OptionRegular Plan - Growth Option 39.1268Regular Plan - Daily Dividend Reinvestment Option 10.1428Regular Plan - Weekly Dividend Option 10.1853Regular Plan - Monthly Dividend Option 10.1672Direct Plan - Growth Option 40.8619Direct Plan - Daily Dividend Reinvestment Option 10.0655Direct Plan - Weekly Dividend Option 10.2154Direct Plan - Monthly Dividend Option 10.1704Wholesale OptionRegular Plan - Growth Option 41.5522Regular Plan - Daily Dividend Reinvestment Option 10.1574Regular Plan - Weekly Dividend Option 10.1873Regular Plan - Monthly Dividend Option 10.1879



qUANTiTATiVE DATA

Average Maturity * 343 daysMacaulay Duration * 329 daysModified Duration * 296 daysYield to Maturity * 7.86%* computed on the invested amount.



#BENCHMARK iNDEX: cRISIL Liquid Fund Index


EXiT lOAD

Nil

PLANS & OPTIONS

Regular 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.


Retail 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.


^^ calculated on all calendar days.



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 28, 18 Last 1 Year 6.98 7.62 7.36 10,698 10,762 10,736Mar 31, 16 Last 3 Years 7.23 7.20 6.81 12,324 12,313 12,181Mar 31, 14 Last 5 Years 7.52 7.72 7.37 14,364 14,499 14,265Nov 18, 99 Since Inception 7.30 N.A. 6.50 39,127 N.A. 33,894

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




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

Riskometer



Portfolio Classification by Asset Class (%)

n G-Sec, SDL 0.12

n cP 4.56

n cD 38.03



Portfolio Classification by Rating Class (%)



current Assets 1.87

[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)7.65% Karnataka SDL - Mat 061227 Sovereign 0.088.39% Rajasthan SDL - Mat 150320 Sovereign 0.046.84 GOI 2022 Sovereign @Sub Total 0.12CREDiT EXPOSURE • Housing Development

Finance corporation Ltd. £ cRISIL - AAA 5.85• Power Finance corporation Ltd. cRISIL - AAA 4.65• ONGc Petro additions Ltd.

(OPAL) (Put on ONGc Ltd.) cRISIL - AAA(SO) 4.44• National Bank for Agriculture

and Rural Development cRISIL - AAA / IND - AAA 3.94• National Housing Bank cARE - AAA 3.87Power Grid corporation of India Ltd.


Rural electrification corporation Ltd. cRISIL - AAA 2.91Bajaj Finance Ltd. IND - AAA 2.46Nuvoco Vistas corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) cRISIL - AA 2.23LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 2.05Tata capital Financial Services Ltd. cRISIL - AAA / IcRA - AAA 1.73Union Bank of India cARE - AA- 1.61Reliable Devices Trust (PTc banked by receivables from Reliance Retail Ltd.) IcRA - AAA(SO) 1.46Petronet LNG Ltd. cRISIL - AAA 1.36Syndicate Bank cARE - A+ 1.33canara Bank cRISIL - AA 1.31L&T Finance Ltd. cARE - AAA 1.15State Bank of India cRISIL - AA+ 1.15Punjab National Bank cARE - A+ 1.10Tata Motors Ltd. cARE - AA 0.96Housing and Urban Development corporation Ltd. IcRA - AAA 0.77Axis Bank Ltd. cRISIL - AA+ 0.76Shriram Transport Finance company Ltd. IND - AA+ 0.76Vedanta Ltd. cRISIL - AA 0.61TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) cRISIL - AA 0.46Adani Transmission Ltd. IND - AA+ 0.39NRSS xxIx Transmission Ltd. cRISIL - AAA 0.39The Tata Power company Ltd. IcRA - AA- 0.39export - Import Bank of India cRISIL - AAA 0.38Volkswagen Finance Private Ltd. IND - AAA 0.38KKR India Financial Services Pvt Ltd. cRISIL - AA+ 0.32Vijaya Bank cARE - AA- 0.31Indian Railways Finance corporation Ltd. cRISIL - AAA 0.16Bank of Baroda cARE - AA 0.12NTPc Ltd. cRISIL - AAA 0.07

Issuer Rating % to NAVAarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) 0.04Aashman energy Private Ltd. (Greenko) cARE - AA-(SO) 0.04Divyesh Power Private Ltd. (Greenko) cARE - AA-(SO) 0.04elena Renewable energy Private Ltd.(Greenko) cARE - AA-(SO) 0.04Mahindra & Mahindra Financial Services Ltd. IND - AAA 0.04Pratyash Renewable Private Ltd. (Greenko) cARE - AA-(SO) 0.04SeI Baskara Power Private Ltd. (Greenko) cARE - AA-(SO) 0.04SeI enerstar Renewable energy Pvt Ltd. (Greenko) cARE - AA-(SO) 0.04SeI Mihir energy Private Ltd. (Greenko) cARE - AA-(SO) 0.04Shreyas Renewable energy Private Ltd. (Greenko) cARE - AA-(SO) 0.04Zuvan energy Private Ltd. (Greenko) cARE - AA-(SO) 0.04Reliance Jio Infocomm Ltd. cRISIL - AAA 0.03Sub Total 55.42Total 55.54MONEY MARKET iNSTRUMENTSCD/CP • Axis Bank Ltd. cRISIL - A1+ 6.16• Small Industries

Development Bank cRISIL - A1+ / IcRA - A1+ 5.66• National Bank for Agriculture

and Rural Development cRISIL - A1+ 4.46• Indusind Bank Ltd. cRISIL - A1+ 3.66• export - Import Bank of India cRISIL - A1+ 3.60IcIcI Bank Ltd. IcRA - A1+ 3.00The Federal Bank Ltd. cARE - A1+ 2.35canara Bank cRISIL - A1+ 1.90Bank of Baroda cRISIL - A1+ 1.80IDFc First Bank Ltd. cRISIL - A1+ 1.45Kotak Mahindra Bank Ltd. cRISIL - A1+ 1.45Tata Sons Ltd. cRISIL - A1+ 1.26LIc Housing Finance Ltd. cRISIL - A1+ 1.09cooperatieve Rabobank U.A cRISIL - A1+ 1.08Punjab National Bank cARE - A1+ 1.08Indiabulls Housing Finance Ltd. cRISIL - A1+ 0.76India Infoline Finance Ltd. cRISIL - A1+ 0.38Vijaya Bank cRISIL - A1+ 0.38canFin Homes Ltd. IcRA - A1+ 0.36Kotak Mahindra Investments Ltd. cRISIL - A1+ 0.36Deutsche Investments India Pvt Ltd. cRISIL - A1+ 0.35Sub Total 42.59cash, cash Equivalents and Net current Assets 1.87Grand Total 100.00• Top Ten Holdings, £ co-sponsor, @ less than 0.01%

instruments Interest Rate Swap (` in crore) 100.00

PORTFOLIOKEY FACTS

March 2019 47


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 3,884.5857Regular Plan - Daily Dividend Reinvestment Option 1,063.6400Regular Plan - Weekly Dividend Option 1,066.1946Direct Plan - Growth Option 3,919.3189Direct Plan - Daily Dividend Reinvestment Option 1,063.6400Direct Plan - Weekly Dividend Option 1,066.2353



qUANTiTATiVE DATA






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 (%) ##




(`)##

Mar 31, 18 Last 1 Year 7.92 7.59 7.32 10,792 10,759 10,732Mar 31, 16 Last 3 Years 7.20 7.20 6.81 12,313 12,313 12,181Mar 31, 14 Last 5 Years 7.72 7.72 7.37 14,502 14,499 14,265Nov 18, 99 Since Inception 7.27 N.A. 6.50 38,979 N.A. 33,894

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

Face Value per Unit: ` 1,000, cD - certificate of Deposit; cP - commercial Papers. Data is as of March 29, 2019 unless otherwise specified.

n cP 34.61

n cD 64.02







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

• National Bank for Agriculture and Rural Development

cRISIL - A1+ / IND - A1+ 8.40

• Small Industries Development Bank

cARE - A1+ / cRISIL - A1+ / IcRA - A1+ 8.39

• Tata Sons Ltd. cRISIL - A1+ 8.10

• Rural Electrification corporation Ltd. cARE - A1+ 7.70

• IcIcI Bank Ltd. IcRA - A1+ 6.87

• LIc Housing Finance Ltd. cRISIL - A1+ / IcRA - A1+ 6.47

• Indian Bank cRISIL - A1+ 6.41

• Axis Bank Ltd. cRISIL - A1+ 5.57

• Andhra Bank cARE - A1+ 4.87


Punjab National Bank cARE - A1+ 4.69


Power Finance corporation Ltd. cRISIL - A1+ 4.26


canFin Homes Ltd. IcRA - A1+ 4.25

Au Small Finance Bank Ltd. cRISIL - A1+ 2.67

Kotak Mahindra Investments Ltd. cRISIL - A1+ 2.56

The Federal Bank Ltd. cARE - A1+ 2.56

cooperatieve Rabobank U.A cRISIL - A1+ 2.55

Kotak Mahindra Bank Ltd. cRISIL - A1+ 1.72

L&T Finance Ltd. cARE - A1+ 0.43

Deutsche Investments India Pvt Ltd. cRISIL - A1+ 0.42

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

Sub Total 98.63


Grand Total 100.00


PORTFOLIOKEY FACTS

48 March 2019


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. 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)



October 23, 2007


Retail OptionRegular Plan - Growth Option 31.4501Regular Plan - Daily Dividend Reinvestment Option 10.0809Regular Plan - Weekly Dividend Option 10.1616Regular Plan - Monthly Dividend Option 10.1703Wholesale OptionRegular Plan - Growth Option 32.5031Regular Plan - Daily Dividend Reinvestment Option 10.0809Regular Plan - Weekly Dividend Option 10.1619Regular Plan - Monthly Dividend Option 10.1706Direct Plan - Growth Option 32.7035Direct Plan - Daily Dividend Reinvestment Option 10.0809Direct Plan - Weekly Dividend Option 10.1620Direct Plan - Monthly Dividend Option 10.1708



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 (with Reinvestment facility only) and Weekly and Monthly Dividend Option (with Payout and Reinvestment facility).


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





(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 28, 18 Last 1 Year 7.51 7.62 7.36 10,751 10,762 10,736Mar 31, 16 Last 3 Years 7.68 7.20 6.81 12,480 12,313 12,181Mar 31, 14 Last 5 Years 8.22 7.72 7.37 14,839 14,499 14,265Oct 23, 07 Since Inception 8.21 7.54 6.50 24,657 22,976 20,551

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 53. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 61.


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

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

Riskometer





n G-Sec, SDL 0.23

n cP 5.62

n cD 39.98






current Assets 1.94

[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

9.23% Gujarat SDL - Mat 300322 Sovereign 0.05

7.69% Gujarat SDL - Mat 201227 Sovereign @

Sub Total 0.23

CREDiT EXPOSURE


• Power Finance corporation Ltd. cRISIL - AAA 6.03


• Shriram city Union Finance Ltd. cARE - AA+ 4.51

National Bank for Agriculture and Rural Development cRISIL - AAA / IND - AAA 3.46

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

National Housing Bank cARE - AAA 3.23


Rural Electrification corporation Ltd. cRISIL - AAA 2.49


Shriram Transport Finance company Ltd. IND - AA+ 2.24

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+ 1.02


canara Bank cRISIL - AA 0.88

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

Indian Railways Finance corp. Ltd. cRISIL - AAA 0.23

Tata capital Financial Services Ltd. cRISIL - AAA 0.23

Reliance Industries Ltd. cRISIL - AAA 0.05


Sub Total 52.23

Total 52.46


CD/CP

• IcIcI Bank Ltd. IcRA - A1+ 5.13

• Small Industries Development Bank cRISIL - A1+ / IcRA - A1+ 4.66

• National Bank for Agriculture and Rural Development cRISIL - A1+ 4.31

• Export - Import Bank of India cRISIL - A1+ 4.22

• Andhra Bank cARE - A1+ / IND - A1+ 4.03

• Vijaya Bank cRISIL - A1+ 3.57


Oriental Bank of commerce cRISIL - A1+ 2.67

IDFc First Bank Ltd. cRISIL - A1+ 2.32

Bank of Baroda cRISIL - A1+ 2.11

Axis Bank Ltd. cRISIL - A1+ 2.00


JM Financial credit Solutions Ltd. IcRA - A1+ 1.49

Adani Transmission Ltd. IcRA - A1+ 1.06

Indiabulls Housing Finance Ltd. cRISIL - A1+ 0.89

Power Finance corporation Ltd. cRISIL - A1+ 0.88

LIc Housing Finance Ltd. IcRA - A1+ 0.86


India Infoline Finance Ltd. cRISIL - A1+ 0.44

Sub Total 45.60


Grand Total 100.00


Outstanding exposure in derivative instruments Interest Rate Swap (` in crore) 3,150.00

PORTFOLIOKEY FACTS

March 2019 49


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 10.4571Regular Plan - Daily Dividend Reinvestment Option 10.0500Regular Plan - Weekly Dividend Option 10.0751Regular Plan - Monthly Dividend Option 10.0751Direct Plan - Growth Option 10.4744Direct Plan - Daily Dividend Reinvestment Option 10.0500Direct Plan - Weekly Dividend Option 10.0755Direct Plan - Monthly Dividend Option 10.0754



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 15.84

n cD 46.55





n AA+ 3.19

ncash, cash Equivalents and Net current Assets 1.42

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


DEBT & DEBT RElATED

CREDiT EXPOSURE


• National Housing Bank cARE - AAA 3.84

• Rural Electrification corporation Ltd. cRISIL - AAA 3.82



Bajaj Finance Ltd. IND - AAA 2.35

Adani Transmission Ltd. IND - AA+ 1.92

Tata capital Financial Services Ltd. cRISIL - AAA 1.91

Power Finance corporation Ltd. cRISIL - AAA 1.79


Sundaram BNP Paribas Home Finance Ltd. IcRA - AA+ 1.27

Kotak Mahindra Prime Ltd. cRISIL - AAA 1.02



Sub Total 36.19


CD/CP

• Axis Bank Ltd. cRISIL - A1+ 5.99

• National Bank for Agriculture and Rural Development cRISIL - A1+ 5.74

• Andhra Bank cARE - A1+ / IND - A1+ 5.07


• Oriental Bank of commerce cRISIL - A1+ 4.77


• Kotak Mahindra Investments Ltd. cRISIL - A1+ 3.58


Indian Bank cRISIL - A1+ 2.98

Tata Sons Ltd. cRISIL - A1+ 2.98

canara Bank cRISIL - A1+ 2.51

Kotak Mahindra Bank Ltd. cRISIL - A1+ 2.39

LIc Housing Finance Ltd. cRISIL - A1+ / IcRA - A1+ 2.39


Au Small Finance Bank Ltd. cRISIL - A1+ 2.28

Deutsche Investments India Pvt Ltd. cRISIL - A1+ 2.26

JSW Steel Ltd. IcRA - A1+ 1.88

Shriram Transport Finance company Ltd. cRISIL - A1+ 1.50


IcIcI Bank Ltd. IcRA - A1+ 1.25

ScB Inv & Loan (I) Ltd. cRISIL - A1+ 1.25

Vijaya Bank cRISIL - A1+ 0.75

Hongkong & Shanghai Bank Ltd. IND - A1+ 0.63

Sub Total 62.39


Grand Total 100.00



PORTFOLIOKEY FACTS

50 March 2019


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

HDFC liquid FundRegular Plan - Growth Option 3,660.2999Regular Plan - Daily Dividend Reinvestment Option 1,019.8200Regular Plan - Weekly Dividend Option 1,032.6675Regular Plan - Monthly Dividend Option 1,027.9303Direct Plan - Growth Option 3,678.2855Direct Plan - Daily Dividend Reinvestment Option 1,019.8200Direct Plan - Weekly Dividend Option 1,032.6838Direct Plan - Monthly Dividend Option 1,027.9472HDFC liquid Fund - Premium PlanRegular Plan - Growth Option 3,735.7091Regular Plan - Daily Dividend Reinvestment Option 1,225.9800



qUANTiTATiVE DATA






EXiT lOAD

Nil

PLANS & OPTIONS

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


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


^^calculated on all calendar days.



l regular income over short term

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

Riskometer

Investors understand that their principal will be at low risk




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Mar 24, 19 Last 7 days 9.30 9.73 5.90 10,018 10,019 10,011Mar 16, 19 Last 15 days 7.95 8.18 5.75 10,033 10,034 10,024Feb 28, 19 Last 1 Month 7.59 7.90 8.25 10,064 10,067 10,070Mar 31, 18 Last 1 Year 7.32 7.63 7.36 10,732 10,763 10,736Mar 31, 16 Last 3 Years 7.04 7.19 6.81 12,264 12,317 12,185Mar 31, 14 Last 5 Years 7.65 7.72 7.37 14,462 14,505 14,270Oct 17, 00 Since Inception 7.28 N.A. 6.41 36,603 N.A. 31,505

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

n SDL, T-Bills 0.27

n cP 74.80

n cD 23.65


n cash, cash Equivalents and Net current Assets -5.31


n Sovereign 0.27


n AA+ 9.67

n AA/AA- 22.86

n A+ & Below 9.96

n cash, cash Equivalents and Net current Assets -5.31


(An open ended liquid scheme)HDFC Liquid FundKEY FACTS

PORTFOLIO



DEBT & DEBT RElATED


7.86% Rajasthan SDL (UDAY Scheme- Strip II ) - ISD 230616 Mat 230619 Sovereign Sovereign 0.27

Sub Total 0.27

CREDiT EXPOSURE

Housing Development Finance corporation Ltd. £ cRISIL - AAA cRISIL - AAA 1.04

Indian Railways Finance corp. Ltd. cARE - AAA / cRISIL - AAA cRISIL - AAA 0.96

Power Finance corporation Ltd. cRISIL - AAA cRISIL - AAA 0.95

Mahindra & Mahindra Financial Services Ltd. cARE - AAA / IND - AAA cRISIL - AA+ 0.53

Reliance Jio Infocomm Ltd. cRISIL - AAA cRISIL - AAA 0.53

LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA cRISIL - AAA 0.48



National Bank for Agriculture and Rural Development cRISIL - AAA cRISIL - AAA 0.43

ONGc Mangalore Petrochemicals Ltd. IND - AAA IcRA - AA+ 0.40

Bajaj Finance Ltd. cRISIL - AAA / IND - AAA cRISIL - AAA 0.24

L&T Finance Ltd. cARE - AA+ cARE - AAA 0.20

Daimler Fin Ser (I) Pvt Ltd. IND - AAA IND - AAA 0.12

IcIcI Home Finance Ltd. IcRA - AAA cARE - AAA 0.12

Tata capital Financial Services Ltd. cRISIL - AAA / IcRA - AA+ cRISIL - AAA 0.12

HDB Financial Services Ltd. cRISIL - AAA cRISIL - AAA 0.10

Rural Electrification corporation Ltd. cRISIL - AAA cRISIL - AAA 0.07

Fullerton India credit company Ltd. cARE - AAA IND - AA+ 0.06

Kotak Mahindra Prime Ltd. cRISIL - AAA cRISIL - AAA 0.06

Sundaram Finance Ltd. cRISIL - AA+ IND - AA+ 0.06

Volkswagen Finance Private Ltd. IND - AAA IND - AAA 0.04

March 2019 51



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



cholamandalam Investment and Finance company Ltd. IcRA - AA+ cARE - AA 0.02

Housing and Urban Development corporation Ltd. cARE - AAA cARE - AAA 0.02

NTPc Ltd. cRISIL - AAA cRISIL - AAA 0.02

Power Grid corporation of India Ltd. cRISIL - AAA cRISIL - AAA 0.02

Sub Total 6.59

TOTAL 6.86


CD/CP

• Indian Oil corporation Ltd. cRISIL - A1+ / IcRA - A1+ cRISIL - AAA 8.15

• Tata Sons Ltd. cRISIL - A1+ cRISIL - AAA 6.25

• Reliance Industries Ltd. cARE - A1+ / cRISIL - A1+ cRISIL - AAA 5.41

• PNB Housing Finance Ltd. cARE - A1+ / cRISIL - A1+ cRISIL - AA+ 4.91

• NTPc Ltd. cARE - A1+ / cRISIL - A1+ / IcRA - A1+ cRISIL - AAA 4.33

• IcIcI Bank Ltd. IcRA - A1+ cRISIL - AAA 4.17

• Bharti Airtel Ltd. IcRA - A1+ cRISIL - AA 3.92

• Oil & Natural Gas corporation Ltd. cARE - A1+ cARE - AAA 3.90

• Oriental Bank of commerce cRISIL - A1+ cARE - A+ 3.49

• Axis Bank Ltd. cRISIL - A1+ cRISIL - AAA 3.20

National Bank for Agriculture and Rural Development cRISIL - A1+ / IcRA - A1+ cRISIL - AAA 3.11

Indusind Bank Ltd. cRISIL - A1+ IcRA - AA 3.08

L&T Finance Ltd. cARE - A1+ / IcRA - A1+ cARE - AAA 2.73

TATA Teleservices Ltd. cRISIL - A1+ cARE - A+ 2.72

Syndicate Bank cRISIL - A1+ cRISIL - AA 2.63

Hindustan Zinc Ltd. cRISIL - A1+ cRISIL - AAA 2.33

Punjab National Bank cARE - A1+ IcRA - AA- 2.33

Reliance Retail Ltd. cARE - A1+ cRISIL - AAA 2.33

Tata Motors Finance Ltd. cARE - A1+ / cRISIL - A1+ cRISIL - AA 2.02

National Housing Bank cRISIL - A1+ cRISIL - AAA 1.94

The South Indian Bank Ltd. cARE - A1+ cARE - A+ 1.87

Reliance Jio Infocomm Ltd. cRISIL - A1+ cRISIL - AAA 1.71

Vijaya Bank cRISIL - A1+ IND - AA- 1.59

Tata Teleservices (Maharashtra) Ltd. cRISIL - A1+ cARE - A+ 1.57

Adani Ports & Special economic Zone cARE - A1+ / IcRA - A1+ / IND - A1+ cRISIL - AA- 1.48

Bharat Heavy electricals Ltd. cARE - A1+ cRISIL - AA+ 1.24

Mahindra & Mahindra Financial Services Ltd. cRISIL - A1+ cRISIL - AA+ 1.09

Power Grid corporation of India Ltd. cARE - A1+ cRISIL - AAA 1.09

Bajaj Finance Ltd. IcRA - A1+ cRISIL - AAA 1.02



Andhra Bank cARE - A1+ cRISIL - AA 0.78

BAJAJ Housing Finance Ltd. cRISIL - A1+ cRISIL - AAA 0.78

canFin Homes Ltd. cARE - A1+ cARE - AAA 0.78

Tata capital Financial Services Ltd. cRISIL - A1+ / IcRA - A1+ cRISIL - AAA 0.74

LIc Housing Finance Ltd. cRISIL - A1+ cRISIL - AAA 0.70

Magma Fincorp Ltd. cRISIL - A1+ cARE - AA- 0.63

Tata Motors Finance Solutions Ltd. cARE - A1+ cRISIL - AA 0.62

JSW Steel Ltd. IcRA - A1+ IND - AA- 0.53

SBI Global Factors Ltd. cRISIL - A1+ cRISIL - AAA 0.51

canara Bank cRISIL - A1+ cRISIL - AAA 0.47

Hindustan Petroleum corporation Ltd. cRISIL - A1+ cRISIL - AAA 0.47

Muthoot Finance Ltd. cRISIL - A1+ IcRA - AA- 0.47

United Spirits Ltd. cRISIL - A1+ / IcRA - A1+ cRISIL - AA+ 0.47

Deutsche Investments India Pvt Ltd. cRISIL - A1+ INTeRNAL - AA 0.43

Hinduja Leyland Finance Ltd. cRISIL - A1+ cARE - AA- 0.43

T V Sundram Iyengar & Sons Pvt Ltd. IcRA - A1+ IcRA - AA 0.41

Vedanta Ltd. cRISIL - A1+ cRISIL - AA 0.39

essel Mining and Industries Ltd. cARE - A1+ cRISIL - AA- 0.31

GIc Housing Finance Ltd. cRISIL - A1+ cRISIL - AA+ 0.31

TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) cARE - A1+ cRISIL - AA 0.31

Trapti Trading & Investments Pvt Lt IcRA - A1+ INTeRNAL - A 0.31

Ford credit India Pvt Ltd. IND - A1+ IND - AAA 0.20

Axis Finance Ltd. IND - A1+ IND - AAA 0.19

BMW India Financial Services Pvt. L cRISIL - A1+ cRISIL - AAA 0.16

Hero Fincorp Ltd. IcRA - A1+ cRISIL - AA+ 0.16

L&T Finance Holdings Ltd. cARE - A1+ cARE - AA+ 0.16

ScB Inv & Loan (I) Ltd. cRISIL - A1+ cRISIL - AA 0.16

Shriram Transport Finance company Ltd. cRISIL - A1+ cRISIL - AA+ 0.16

TATA Housing Development co Ltd. cARE - A1+ cARE - AA 0.16

TATA PROJEcTS Ltd. IND - A1+ IND - AA 0.16

Aditya Birla Money Ltd. cRISIL - A1+ INTERNAL - AA+ 0.12

HSBc InvestDirect Financial Services (India) Ltd. IND - A1+ IND - AAA 0.12

Julius Baer capital (India) Private IcRA - A1+ INTeRNAL - AAA 0.12

Rural Electrification corporation Ltd. cARE - A1+ cRISIL - AAA 0.08

Small Industries Development Bank IcRA - A1+ cRISIL - AAA 0.04

Sub Total 98.45

cash, cash Equivalents and Net current Assets -5.31

Grand Total 100.00


52 March 2019


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 2,811.6489Regular Plan - Daily Dividend Reinvestment Option 1,042.6600Direct Plan - Growth Option 2,822.3774Direct Plan - Daily Dividend Reinvestment Option 1,042.6600



qUANTiTATiVE DATA

Average Maturity * 2 daysMacaulay Duration * 2 daysModified Duration * 1 dayYield to Maturity * 6.50%* 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 (%) ##




(`)##

Mar 24, 19 Last 7 days 6.06 6.32 5.90 10,012 10,012 10,011Mar 16, 19 Last 15 days N.A. N.A. N.A. N.A. N.A. N.A.Feb 28, 19 Last 1 Month 6.00 6.22 8.25 10,051 10,053 10,070Mar 31, 18 Last 1 Year 6.21 6.31 7.36 10,621 10,631 10,736Mar 31, 16 Last 3 Years 6.09 6.17 6.81 11,940 11,969 12,185Mar 31, 14 Last 5 Years 6.67 6.81 7.37 13,812 13,903 14,270Feb 06, 02 Since Inception 6.21 N.A. 6.07 28,116 N.A. 27,464

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

Face Value per Unit: ` 1,000, Data is as of March 29, 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

PORTFOLIOKEY FACTS

March 2019 53

Performance details of Schemes managed by respective Fund Managers

Sr. No. Name of the Fund Manager Funds Managed Page no.

1 Mr. Prashant Jain HDFC Equity Fund 06

HDFC Top 100 Fund 08

HDFC Balanced Advantage Fund 14-15

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

2 Mr. Vinay Kulkarni HDFC Focused 30 Fund 12

HDFC Growth Opportunities Fund 11

HDFC TaxSaver 24

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

3 Mr. Srinivas Rao Ravuri HDFC Infrastructure Fund 13

Close ended schemes 54

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

HDFC Small Cap Fund 10

HDFC Long Term Advantage Fund 54

HDFC Hybrid Equity Fund 16-17

HDFC Children’s Gift Fund 25-26

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

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

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

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

5 Mr. Miten Lathia HDFC Capital Builder Value Fund 07

HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 58

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


HDFC Index Fund - SEnSEx Plan 23

HDFC Index Fund - nIFTY 50 Plan 21

HDFC SEnSEx ETF 22

HDFC nIFTY 50 ETF 20

HDFC Gold Exchange Traded Fund 57

HDFC Gold Fund 57


Closed ended schemes (Co-managed) 58-59

7 Mr. Shobhit Mehrotra HDFC Income Fund 43

HDFC Medium Term Debt Fund 44

HDFC Floating Rate Debt Fund 48

HDFC Credit Risk Debt Fund 38-39

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

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

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

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

Close ended schemes 54-55

8 Mr. Anil Bamboli HDFC Dynamic Debt Fund 42

HDFC Short Term Debt Fund 43

HDFC Gilt Fund 41

HDFC Money Market Fund 47

HDFC Ultra Short Term Fund 49

HDFC Overnight Fund 51

HDFC Banking and PSU Debt Fund 40



HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 58


Closed ended schemes (Co-managed) 58-59

9 Mr. Anupam Joshi HDFC Liquid Fund 50-51

HDFC Corporate Bond Fund 37

HDFC Low Duration Fund 46


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

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

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

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

54 March 2019

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

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

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

SRINIvAS RAO RAvURI

HDFC EOF - II - 1126D MAy 2017 (1) NAv as on Mar 29, 2019 ` 10.7890


(%)

Benchmark Returns

(%)#


Returns (%) ##

value of ` 10,000 invested

Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 7.63 9.70 16.40 10,763 10,970 11,640Jun 15, 17 Since Inception 4.34 9.48 12.94 10,789 11,755 12,427

# nIFTY 500 (Total Returns 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 - 1100D JUNE 2017 (1) NAv as on Mar 29, 2019 ` 10.4370


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 9.12 9.70 16.40 10,912 10,970 11,640Jul 17, 17 Since Inception 2.55 7.87 11.14 10,437 11,373 11,965


HDFC HOF - I - 1140D NOvEMBER 2017 (1) NAv as on Mar 29, 2019 ` 9.5440


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year -0.35 7.80 16.40 9,965 10,780 11,640Dec 06, 17 Since Inception -3.50 6.45 13.26 9,544 10,853 11,771

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

CHIRAG SETALvAD

HDFC LONG TERM ADvANTAGE FUND NAv as on Mar 29, 2019 ` 365.018


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 10.85 18.71 16.40 11,085 11,871 11,640Mar 31, 16 Last 3 Years 17.17 16.64 16.10 16,072 15,857 15,637Mar 31, 14 Last 5 Years 15.48 13.12 13.07 20,533 18,518 18,474Jan 02, 01 Since Inception 21.79 14.25 14.51 365,018 113,678 118,470

# 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 Mar 29, 2019 ` 14.0958


(%)

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 1183D JANUARy 2016 (1) NAv as on Mar 29, 2019 ` 12.7145


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 7.16 6.72 7.36 10,716 10,672 10,736Mar 31, 16 Last 3 Years 7.72 7.61 6.81 12,494 12,457 12,181Jan 12, 16 Since Inception 7.77 7.78 6.83 12,715 12,721 12,363

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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1155D FEBRUARy 2016 (1) NAv as on Mar 29, 2019 ` 12.6668


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



March 2019 55


SHOBHIT MEHROTRA....CONTINUED





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 8.39 6.72 7.36 10,839 10,672 10,736Mar 31, 16 Last 3 Years 9.36 7.61 6.81 13,073 12,457 12,181Mar 04, 16 Since Inception 9.38 7.98 6.81 13,167 12,657 12,242




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 6.71 6.72 7.36 10,671 10,672 10,736Mar 23, 17 Since Inception 7.26 6.18 6.62 11,517 11,285 11,379




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1172D APRIL 2017 (1) NAv as on Mar 29, 2019 ` 11.4055


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 7.12 6.72 7.36 10,712 10,672 10,736Apr 11, 17 Since Inception 6.92 6.10 6.67 11,406 11,234 11,352




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1166D MAy 2017 (1) NAv as on Mar 29, 2019 ` 11.4918


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 7.37 6.72 7.36 10,737 10,672 10,736May 09, 17 Since Inception 7.64 6.12 6.84 11,492 11,187 11,330


HDFC FMP 1136D JUNE 2017 (1) NAv as on Mar 29, 2019 ` 11.3331


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1430D JULy 2017 (1) NAv as on Mar 29, 2019 ` 11.0952


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 7.55 6.72 7.36 10,755 10,672 10,736Aug 01, 17 Since Inception 6.47 4.71 6.87 11,095 10,793 11,165


ANIL BAMBOLI

HDFC CHARITy FUND FOR CANCER CURE - DEBT PLAN^

NAv as on Mar 29, 2019 ` 10.0303


(%)

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).

56 March 2019


ANIL BAMBOLI....CONTINUED



HDFC FMP 1846D AUGUST 2013 (1) NAv as on Mar 29, 2019 ` 15.9433


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 7.09 6.72 7.36 10,709 10,672 10,736Mar 31, 16 Last 3 Years 7.19 7.61 6.81 12,311 12,457 12,181Mar 31, 14 Last 5 Years 8.21 9.10 7.37 14,833 15,450 14,265Aug 14, 13 Since Inception 8.65 9.22 7.56 15,943 16,422 15,066

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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 7.70 6.72 7.36 10,770 10,672 10,736Mar 31, 16 Last 3 Years 7.55 7.61 6.81 12,434 12,457 12,181Mar 31, 14 Last 5 Years 9.20 9.10 7.37 15,527 15,450 14,265Feb 05, 14 Since Inception 9.28 9.13 7.44 15,791 15,674 14,466




(%)

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 Mar 29, 2019 ` 12.2941


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 7.94 6.72 7.36 10,794 10,672 10,736Sep 15, 16 Since Inception 8.49 6.33 6.68 12,294 11,682 11,779

# 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 Mar 29, 2019 ` 11.7495


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 7.84 6.72 7.36 10,784 10,672 10,736Jan 12, 17 Since Inception 7.57 5.19 6.57 11,750 11,182 11,510




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 7.51 6.72 7.36 10,751 10,672 10,736Feb 22, 17 Since Inception 7.14 6.42 6.65 11,555 11,394 11,444




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



March 2019 57







(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



KRISHAN KUMAR DAGA

HDFC GOLD EXCHANGE TRADED FUND* NAv as on Mar 29, 2019 ` 2884.983

Date Period Scheme Returns (%)

Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Mar 28, 18 Last 1 Year 1.27 2.41 10,127 10,241Mar 31, 16 Last 3 Years 1.76 2.88 10,536 10,889Mar 31, 14 Last 5 Years 1.62 2.74 10,838 11,448Aug 13, 10 Since Inception 5.62 6.43 16,025 17,129

# 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 Mar 29, 2019 ` 10.283


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Mar 28, 18 Last 1 Year 2.02 2.41 10,202 10,241Mar 31, 16 Last 3 Years 2.64 2.88 10,813 10,889Mar 31, 14 Last 5 Years 0.21 2.74 10,107 11,448nov 01, 11 Since Inception 0.38 2.11 10,283 11,672

# 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 Mar 29, 2019 ` 10.0080


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 28, 18 Last 1 Year 5.73 5.35 16.40 10,573 10,535 11,640Mar 27, 17 Since Inception 6.24 4.92 14.85 11,290 11,011 13,201

# 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 (`)#


(`)##Mar 28, 18 Last 1 Year 7.37 6.72 7.36 10,737 10,672 10,736Mar 31, 16 Last 3 Years 7.60 7.61 6.81 12,452 12,457 12,181Mar 16, 16 Since Inception 7.69 7.87 6.81 12,523 12,584 12,215

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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#






(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#






(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 28, 18 Last 1 Year 6.89 6.72 7.36 10,689 10,672 10,736Apr 21, 16 Since Inception 7.36 7.48 6.75 12,318 12,358 12,114




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 28, 18 Last 1 Year 7.03 6.72 7.36 10,703 10,672 10,736May 31, 16 Since Inception 8.59 7.51 6.78 12,623 12,272 12,037




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 28, 18 Last 1 Year 6.79 6.72 7.36 10,679 10,672 10,736May 05, 16 Since Inception 8.56 7.48 6.76 12,687 12,325 12,087




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 28, 18 Last 1 Year 7.37 6.72 7.36 10,737 10,672 10,736Jun 08, 16 Since Inception 7.69 7.52 6.77 12,310 12,256 12,016




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#






(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#




58 March 2019



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

ANUPAM JOSHI....CONTINUED



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 28, 18 Last 1 Year 7.10 6.72 7.36 10,710 10,672 10,736Jul 07, 16 Since Inception 7.56 7.23 6.73 12,198 12,096 11,943


HDFC FMP 1161D JUL y 2016 (1) NAv as on Mar 29, 2019 ` 12.4440


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Mar 28, 18 Last 1 Year 8.00 6.72 7.36 10,800 10,672 10,736Jul 27, 16 Since Inception 8.53 6.86 6.70 12,444 11,939 11,892




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



CO-MANAGED By MITEN LATHIA & ANIL BAMBOLI

HDFC DyNAMIC PE RATIO FUND OF FUNDS NAv as on Mar 29, 2019 ` 18.8280


(%)

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 - II - 1160D JANUARy 2016 NAv as on Mar 29, 2019 ` 12.3417


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Hybrid Short Duration Debt 25:75 Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 5 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Anil Bamboli since inception.

HDFC DAF - II - 1099D MARCH 2016 NAv as on Mar 29, 2019 ` 11.9567


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



March 2019 59


KRISHAN KUMAR DAGA & ANIL BAMBOLI....CONTINUED

HDFC DAF - II - 1111D APRIL 2016 NAv as on Mar 29, 2019 ` 11.9399


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC DAF - III - 1304D AUGUST 2016 NAv as on Mar 29, 2019 ` 11.5690


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC DAF - III - 1267D OCTOBER 2016 NAv as on Mar 29, 2019 ` 11.3937


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 6.22 11.15 7.36 10,622 11,115 10,736Oct 25, 16 Since Inception 5.53 10.05 6.60 11,394 12,614 11,675


HDFC DAF - III - 1224D NOvEMBER 2016 NAv as on Mar 29, 2019 ` 11.3142


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 6.19 9.77 7.36 10,619 10,977 10,736Dec 07, 16 Since Inception 5.50 9.69 6.58 11,314 12,377 11,583


60 March 2019

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

PRASHANT JAIN

HDFC EQUITy FUND NAv as on Mar 29, 2019 ` 716.073


(%)

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 Mar 29, 2019 ` 524.074


(%)

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 Mar 29, 2019 ` 209.082


(%)

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 Mar 29, 2019 ` 83.110


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##



HDFC GROWTH OPPORTUNITIES FUND NAv as on Mar 29, 2019 ` 116.829


(%)

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 Mar 29, 2019 ` 549.835


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



CHIRAG SETALvAD

HDFC MID-CAP OPPORTUNITIES FUND NAv as on Mar 29, 2019 ` 59.405


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 2.60 -1.85 16.40 10,260 9,815 11,640Mar 31, 16 Last 3 Years 17.01 13.90 16.10 16,006 14,765 15,637Mar 31, 14 Last 5 Years 21.30 17.50 13.07 26,244 22,389 18,474Jan 01, 13 Since Inception 20.24 14.15 12.71 31,600 22,835 21,104

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

HDFC SMALL CAP FUND NAv as on Mar 29, 2019 ` 47.768


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 2.45 -13.48 16.40 10,245 8,652 11,640Mar 31, 16 Last 3 Years 22.57 11.95 16.10 18,394 14,023 15,637Mar 31, 14 Last 5 Years 21.31 13.69 13.07 26,253 18,984 18,474Jan 01, 13 Since Inception 19.26 10.80 12.71 30,026 18,967 21,104

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

HDFC HyBRID EQUITy FUND NAv as on Mar 29, 2019 ` 56.700


(%)

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 Mar 29, 2019 ` 128.481


(%)

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 Mar 29, 2019 ` 378.587


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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


March 2019 61


SRINIvAS RAO RAvURI

HDFC EOF - II - 1126D MAy 2017 (1) NAv as on Mar 29, 2019 ` 11.0710


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC EOF - II - 1100D JUNE 2017 (1) NAv as on Mar 29, 2019 ` 10.7520


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC INFRASTRUCTURE FUND NAv as on Mar 29, 2019 ` 18.295


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year -5.90 9.70 16.40 9,410 10,970 11,640Mar 31, 16 Last 3 Years 8.71 15.88 16.10 12,842 15,546 15,637Mar 31, 14 Last 5 Years 11.55 14.42 13.07 17,268 19,604 18,474Jan 01, 13 Since Inception 8.25 13.21 12.71 16,405 21,695 21,104


HDFC HOF - I - 1140D NOvEMBER 2017 (1) NAv as on Mar 29, 2019 ` 9.7670


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 1.43 7.80 16.40 10,143 10,780 11,640Dec 06, 17 Since Inception -1.78 6.45 13.26 9,767 10,853 11,771

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

SHOBHIT MEHROTRA

HDFC INCOME FUND NAv as on Mar 29, 2019 ` 42.1516


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC MEDIUM TERM DEBT FUND NAv as on Mar 29, 2019 ` 38.1796


(%)

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 Mar 29, 2019 ` 32.7035


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC CREDIT RISK DEBT FUND NAv as on Mar 29, 2019 ` 15.9186


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





62 March 2019




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


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March 2019 63




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 7.66 6.72 7.36 10,766 10,672 10,736Aug 01, 17 Since Inception 6.58 4.71 6.87 11,114 10,793 11,165


KRISHAN KUMAR DAGA

HDFC ARBITRAGE FUND - WHOLESALE PLAN NAv as on Mar 29, 2019 ` 13.966


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 6.02 5.35 16.40 10,602 10,535 11,640Mar 31, 16 Last 3 Years 6.37 5.27 16.10 12,031 11,664 15,637Apr 07, 14 Since Inception 6.94 6.29 13.15 13,966 13,551 18,499

# nIFTY 50 Arbitrage Index ## nIFTY 50 (Total Returns Index). The Scheme is in existence for more than 1 year but less than 5 years. Scheme performance is not strictly comparable with that of its Additional Benchmark since the scheme does not take directional call in equity markets but is limited to availing arbitrage opportunities, etc.

HDFC INDEX FUND - SENSEX PLAN NAv as on Mar 29, 2019 ` 345.9660


(%)

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 Mar 29, 2019 ` 106.5703


(%)

Benchmark Returns

(%)#


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Scheme (`)

Benchmark (`)#


(`)##



HDFC GOLD FUND NAv as on Mar 29, 2019 ` 10.5308


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Mar 28, 18 Last 1 Year 2.48 2.41 10,248 10,241Mar 31, 16 Last 3 Years 3.11 2.88 10,959 10,889Mar 31, 14 Last 5 Years 0.64 2.74 10,325 11,448Jan 01, 13 Since Inception -0.78 0.59 9,523 10,373

# 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 Mar 29, 2019 ` 10.0080


(%)

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 Mar 29, 2019 ` 3678.2855


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 24, 19 Last 7 days 9.40 9.73 5.90 10,018 10,019 10,011Mar 16, 19 Last 15 days 8.06 8.18 5.75 10,033 10,034 10,024Feb 28, 19 Last 1 Month 7.69 7.90 8.25 10,065 10,067 10,070Mar 31, 18 Last 1 Year 7.43 7.63 7.36 10,743 10,763 10,736Mar 31, 16 Last 3 Years 7.15 7.19 6.81 12,301 12,317 12,185Mar 31, 14 Last 5 Years 7.74 7.72 7.37 14,521 14,505 14,270Dec 31, 12 Since Inception 8.07 8.02 7.17 16,239 16,190 15,416

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 Mar 29, 2019 ` 20.9357


(%)

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 Mar 29, 2019 ` 40.8619


(%)

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64 March 2019





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March 2019 65




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ANIL BAMBOLI

HDFC DyNAMIC DEBT FUND NAv as on Mar 29, 2019 ` 63.2081


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC SHORT TERM DEBT FUND NAv as on Mar 29, 2019 ` 20.8308


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC GILT FUND NAv as on Mar 29, 2019 ` 38.1252


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC BANKING AND PSU DEBT FUND NAv as on Mar 29, 2019 ` 15.2372


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC MONEy MARKET FUND NAv as on Mar 29, 2019 ` 3919.3189


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 31, 18 Last 1 Year 8.14 7.59 7.32 10,814 10,759 10,732Mar 31, 16 Last 3 Years 7.41 7.20 6.81 12,387 12,313 12,181Mar 31, 14 Last 5 Years 7.90 7.72 7.37 14,622 14,499 14,265Dec 31, 12 Since Inception 8.18 8.02 7.17 16,336 16,184 15,411


HDFC OvERNIGHT FUND NAv as on Mar 29, 2019 ` 2822.3774


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 24, 19 Last 7 days 6.16 6.32 5.90 10,012 10,012 10,011Mar 16, 19 Last 15 days n.A. n.A. n.A. n.A. n.A. n.A.Feb 28, 19 Last 1 Month 6.10 6.22 8.25 10,052 10,053 10,070Mar 31, 18 Last 1 Year 6.29 6.31 7.36 10,629 10,631 10,736Mar 31, 16 Last 3 Years 6.15 6.17 6.81 11,962 11,969 12,185Mar 31, 14 Last 5 Years 6.74 6.81 7.37 13,856 13,903 14,270Dec 31, 12 Since Inception 7.04 7.12 7.17 15,302 15,373 15,416

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 Mar 29, 2019 ` 10.0303


(%)

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 Mar 29, 2019 ` 16.2177


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 7.43 6.72 7.36 10,743 10,672 10,736Mar 31, 16 Last 3 Years 7.52 7.61 6.81 12,425 12,457 12,181Mar 31, 14 Last 5 Years 8.54 9.10 7.37 15,060 15,450 14,265Aug 14, 13 Since Inception 8.98 9.22 7.56 16,218 16,422 15,066





66 March 2019




(%)

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(%)

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(`)##


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



(%)

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HDFC FMP 1218D DECEMBER 2016 (1) NAv as on Mar 29, 2019 ` 11.8635


(%)

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March 2019 67


MITEN LATHIA

HDFC CAPITAL BUILDER vALUE FUND NAv as on Mar 29, 2019 ` 319.453


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



CO-MANAGED By PRASHANT JAIN & SHOBHIT MEHROTRA

HDFC HyBRID DEBT FUND NAv as on Mar 29, 2019 ` 47.3537


(%)

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 Mar 29, 2019 ` 19.818


(%)

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 Mar 29, 2019 ` 33.4780


(%)

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 Mar 29, 2019 ` 39.0290


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

CO-MANAGED By KRISHAN KUMAR DAGA & ANIL BAMBOLI

HDFC DAF - II - 1160D JANUARy 2016 NAv as on Mar 29, 2019 ` 12.9578


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC DAF - II - 1099D MARCH 2016 NAv as on Mar 29, 2019 ` 12.5777


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC DAF - II - 1111D APRIL 2016 NAv as on Mar 29, 2019 ` 12.4327


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC DAF - III - 1304D AUGUST 2016 NAv as on Mar 29, 2019 ` 12.0572


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





68 March 2019

Managing Portfolio Since

Returns (%) (As on March 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 18.84 16.85 n.A.

Benchmark- MSCI India (Total Returns) 13.61 13.45 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)


HDFC DAF - III - 1267D OCTOBER 2016 NAv as on Mar 29, 2019 ` 11.8950


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 8.09 11.15 7.36 10,809 11,115 10,736Oct 25, 16 Since Inception 7.42 10.05 6.60 11,895 12,614 11,675


HDFC DAF - III - 1224D NOvEMBER 2016 NAv as on Mar 29, 2019 ` 11.7819


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Mar 28, 18 Last 1 Year 8.22 9.77 7.36 10,822 10,977 10,736Dec 07, 16 Since Inception 7.37 9.69 6.58 11,782 12,377 11,583


CO-MANAGED By CHIRAG SETALvAD & SHOBHIT MEHROTRA

HDFC RETIREMENT SAvINGS FUND - EQUITy PLAN

NAv as on Mar 29, 2019 ` 18.165


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 500 (Total Returns Index) ## nIFTY 50 (Total Returns Index). The Scheme is in existence for more than 1 year but less than 5 years

HDFC RETIREMENTSAvINGS FUND - HyBRID EQUITy PLAN

NAv as on Mar 29, 2019 ` 17.747


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC RETIREMENT SAvINGS FUND - HyBRID DEBT PLAN

NAv as on Mar 29, 2019 ` 13.7566


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

KRISHAN KUMAR DAGA & ANIL BAMBOLI....CONTINUED

March 2019 69

DIvIDEND HISTORy ^

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

HDFC 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 (`)




Jan 24, 19 10.439 0.050 0.050 10.799 0.050 0.050Feb 21, 19 10.420 0.050 0.050 10.785 0.050 0.050Mar 22, 19 10.417 0.050 0.050 10.789 0.050 0.050

Monthly Dividend Option (Past 3 months)

Record Date Wholesale Plan Wholesale Plan - Direct Plan

Cum Div NAv (`)




Jan 24, 19 10.854 0.050 0.050 10.523 0.050 0.050Feb 21, 19 10.836 0.050 0.050 10.508 0.050 0.050Mar 22, 19 10.835 0.050 0.050 10.510 0.050 0.050

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 (`)




Jan 25, 19 28.413 0.310 0.310 29.901 0.310 0.310Feb 25, 19 27.865 0.310 0.310 29.368 0.310 0.310Mar 25, 19 29.399 0.310 0.310 31.024 0.310 0.310

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 (`)




Jan 25, 19 13.0436 0.0800 0.0741 13.5880 0.0800 0.0741Feb 25, 19 12.9356 0.0800 0.0741 13.4857 0.0800 0.0741Mar 25, 19 13.1884 0.0800 0.0741 13.7585 0.0800 0.0741

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

70 March 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 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 (`)




Jan 28, 19 1,031.9180 4.0468 3.7473 1,031.9970 4.1037 3.8000Feb 25, 19 1,031.6748 3.8716 3.5851 1,031.7540 3.9286 3.6379Mar 25, 19 1,031.8269 3.9812 3.6866 1,031.9063 4.0383 3.7395

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

Record Date Wholesale Option Wholesale Option - Direct Plan

Cum Div NAv (`)




Jan 28, 19 10.2111 0.0483 0.0447 10.2123 0.0491 0.0455 Feb 25, 19 10.1996 0.0400 0.0370 10.2008 0.0408 0.0378Mar 25, 19 10.2132 0.0498 0.0461 10.2143 0.0506 0.0468

Record Date Retail Option

Cum Div NAv (`)


Individuals & HUF Others

Jan 28, 19 10.2095 0.0471 0.0436 Feb 25, 19 10.1981 0.0389 0.0360Mar 25, 19 10.2116 0.0486 0.0450

HDFC Low Duration FundMonthly Dividend Option (Past 3 months)

Record Date Retail Option Retail Option - Direct Plan

Cum Div NAv (`)




Jan 28, 19 10.2031 0.0455 0.0421 10.2103 0.0488 0.0452Feb 25, 19 10.1911 0.0368 0.0341 10.1983 0.0402 0.0372Mar 25, 19 10.2093 0.0499 0.0462 10.2165 0.0533 0.0494

Record Date Wholesale Option

Cum Div NAv (`)


Individuals & HUF Others

Jan 28, 19 10.2275 0.0486 0.0450Feb 25, 19 10.2155 0.0400 0.0370Mar 25, 19 10.2336 0.0530 0.0491

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 (`)




Jan 28, 19 10.1146 0.0465 0.0431 10.1169 0.0482 0.0446Feb 25, 19 10.1068 0.0409 0.0379 10.1091 0.0426 0.0394Mar 25, 19 10.1150 0.0468 0.0434 10.1173 0.0485 0.0449

March 2019 71

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